<SEC-DOCUMENT>0001213900-19-025539.txt : 20200901
<SEC-HEADER>0001213900-19-025539.hdr.sgml : 20200901
<ACCEPTANCE-DATETIME>20191206165359
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-19-025539
CONFORMED SUBMISSION TYPE:	DRS
PUBLIC DOCUMENT COUNT:		16
FILED AS OF DATE:		20191206
<PUBLIC-REL-DATE>20200901
DATE AS OF CHANGE:		20191209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VS Trust
		CENTRAL INDEX KEY:			0001793497
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				846704517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-02945
		FILM NUMBER:		191273648

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD, SUITE 340
		CITY:			MOUNT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		2039986005

	MAIL ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD, SUITE 340
		CITY:			MOUNT KISCO
		STATE:			NY
		ZIP:			10549
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY STYLE="margin:0;padding:0;border-width:0;text-justify-trim: punctuation; margin: 0; padding: 10pt;"><DIV STYLE="margin:0;padding:0;border-width:0;width:600px;margin: 0 auto;">
	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;text-align:center;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">As filed with the Securities and Exchange Commission on </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">December</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">6</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">, 2019</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-right:24pt;margin-top:4pt;text-align:right;margin-top:4pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Registration No.&#x00a0;333-</FONT></P>
		<DIV STYLE="border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 4.0pt 0in; margin-left: 0in; margin-right: 0.0pt;"><P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">&#x00a0;</FONT></P></DIV>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:4pt;margin-top:4pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">__________________________</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:4pt;margin-top:4pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">FORM&#x00a0;S-1<BR>REGISTRATION STATEMENT<BR></FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">UNDER THE SECURITIES ACT OF 1933</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">____________________________________________</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:2pt;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:16pt;">VS TRUST</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;">(Exact name of registrant as specified in its charter)</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">____________________________________________</FONT></P>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 23.84%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Delaware</FONT></P>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 4.44%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 25.32%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">6221</FONT></P>
					</TD>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 4.44%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 23.84%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">84-6704517</FONT></P>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.28%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 23.84%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">(State of Organization<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">)</FONT></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 4.44%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 25.32%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">(Primary Standard Industrial <BR>Classification Code Number)</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 23.84%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">(I.R.S. Employer <BR>Identification Number)</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 6.28%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">&#x00a0;</TD>
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		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">____________________________________________</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:3pt;text-align:center;margin-top:3pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">100 S. Bedford Road, Suite 340</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Mt. Kisco, NY  10549</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">(</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">866</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">) </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">261</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-</FONT></FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">0</FONT></FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">273</FONT></FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;">(Address, including zip code, and telephone number, including area code, of</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;">registrant&#x2019;s principal executive offices)</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">____________________________________________</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Justin Young</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Volatility Shares LLC</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">100 S. Bedford Road, Suite 340</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Mt. Kisco, NY  10549</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">(</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">866) </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">261</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-</FONT></FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">0273</FONT></FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">____________________________________________</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Copies to:</FONT></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">

						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Barry Pershkow</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">c/o Chapman and Cutler LLP</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">1717 Rhode Island Avenue NW</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Suite 800</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Washington, DC 20036</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Morrison Warren</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Walt Draney</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">c/o Chapman and Cutler LLP</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">111 West Monroe Street</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Chicago, IL 60603</FONT></P>
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		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">____________________________________________</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:4pt;text-align:center;margin-top:4pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Approximate date of commencement of proposed sale to the public:</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;">As promptly as practicable after the effective date of this Registration Statement.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:5pt;margin-top:5pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box:&#x00a0;<FONT CLASS="CharOverride-3" STYLE="font-family:'Wingdings 2', sans-serif;">S</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:5pt;margin-top:5pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#x00a0;<FONT CLASS="CharOverride-3" STYLE="font-family:'Wingdings 2', sans-serif;">&#x00a3;</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:5pt;margin-top:5pt;">If this Form is a post<FONT CLASS="nobreak">-effective</FONT> amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#x00a0;<FONT CLASS="CharOverride-3" STYLE="font-family:'Wingdings 2', sans-serif;">&#x00a3;</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:5pt;margin-top:5pt;">If this Form is a post<FONT CLASS="nobreak">-effective</FONT> amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#x00a0;<FONT CLASS="CharOverride-3" STYLE="font-family:'Wingdings 2', sans-serif;">&#x00a3;</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:5pt;margin-top:5pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a&#x00a0;non<FONT CLASS="nobreak">-accelerated</FONT>&#x00a0;filer, smaller reporting company, or an emerging growth company. See the definitions of &#x201c;large accelerated filer,&#x201d; &#x201c;accelerated filer,&#x201d; &#x201c;smaller reporting company,&#x201d; and &#x201c;emerging growth company&#x201d; in Rule&#x00a0;12b<FONT CLASS="nobreak">-2</FONT>&#x00a0;of the Exchange Act.</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-15" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-top:1pt;width: 26.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Large&#x00a0;accelerated&#x00a0;filer</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-right:0pt;padding-top:1pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;width: 26.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Smaller&#x00a0;reporting&#x00a0;company</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-top:2pt;width: 26.67%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Emerging&#x00a0;growth&#x00a0;company</P>
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		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:5pt;margin-top:5pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#x00a0;7(a)(2)(B) of the Securities Act.&#x00a0;<FONT CLASS="CharOverride-3" STYLE="font-family:'Wingdings 2', sans-serif;">&#x00a3;</FONT></P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">&#x00a0;</FONT></P>


	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">CALCULATION OF REGISTRATION FEE</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-21" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Title of Securities to be Registered</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" COLSPAN="2" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Proposed <BR>Maximum <BR>Aggregate <BR>Offering Price</FONT><FONT CLASS="superscript" STYLE="vertical-align:super;font-size:58%;">(1)</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" COLSPAN="2" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Amount of <BR>Registration Fee</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">-1x Short VIX Futures ETF <BR>Common Units of Beneficial Interest</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><FONT CLASS="CharOverride-5" STYLE="font-style:normal;font-weight:bold;">$</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 12.39%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">&#x00a0;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
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						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><FONT CLASS="CharOverride-5" STYLE="font-style:normal;font-weight:bold;">$</FONT></P>
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		<P CLASS="Tablefootnotef" STYLE="margin-top: 0in;  border: none; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">____________</P><P CLASS="Tablefootnote_f" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:10pt;">(1)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(d) under the Securities Act of 1933, as amended (&#x201c;1933 Act&#x201d;).</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#x00a0;8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&#x00a0;8(a), may determine.</FONT></P>
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		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:0pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:20pt;">VS TRUST</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-bottom:6pt;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">__________________________________________________</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:0pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:16pt;">Common Units of Beneficial Interest</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:0pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">__________________________________________________</FONT></P>
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						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Title of Securities to be Registered</FONT></P>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 27.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Benchmark</FONT></P>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 25.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Proposed Maximum Aggregate </FONT><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Offering Price</FONT></P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 44.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-1x</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> Short VIX Futures ETF (SVIX)</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 27.99%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Short VIX Futures Index</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 25.21%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">$&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</P>
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		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">VS Trust (the &#x201c;Trust&#x201d;) is a Delaware statutory trust. The Trust may from time to time offer to sell common units of beneficial interest (&#x201c;Shares&#x201d;) of the <FONT CLASS="nobreak">-1x</FONT> Short VIX Futures ETF (the &#x201c;Fund&#x201d;). Shares represent units of fractional undivided beneficial interest in and ownership of a series of the Trust. The Fund&#x2019;s Shares will be offered on a continuous basis. The Shares of the Fund are listed for trading on CBOE BZX Exchange, Inc. (the &#x201c;Exchange&#x201d;) under the ticker symbol shown above next to the Fund&#x2019;s name.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks daily investment results, before fees and expenses, that correspond to the performance of the Short VIX Futures Index (the &#x201c;Index&#x201d;) for a single day, not for any other period. A &#x201c;single day&#x201d; is measured from the time the Fund calculates its net asset value (&#x201c;NAV&#x201d;) to the time of the Fund&#x2019;s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. (Eastern Time). Please see the section entitled <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Summary &#x2014; Creation and Redemp</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">tion Transactions&#x201d;</FONT> for additional details on the NAV calculation time for the Fund.  The Index measures the daily inverse (i.e., opposite) performance of a portfolio of first- and second<FONT CLASS="nobreak">-month</FONT> futures contracts on the CBOE Volatility Index, commonly known as the &#x201c;VIX.&#x201d;</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks to achieve its investment objective through the appropriate amount of exposure to the VIX futures contracts included in the Index. The Fund also has the ability to engage in options transactions, swaps, forward contracts and other instruments in order to achieve its investment objective, in the manner and to the extent described herein.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is not benchmarked to the inverse of the widely referenced VIX. The Index and the inverse of the VIX are two separate measurements and can be expected to perform very differently. As such, the Fund can be expected to perform very differently from the inverse (<FONT CLASS="nobreak">-1x</FONT>) of the performance of the VIX over any period.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-bottom:8pt;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">__________________________________________________</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:0pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">INVESTING IN THE SHARES INVOLVES SIGNIFICANT RISKS. PLEASE REFER TO THE SECTION ENTITLED &#x201c;</FONT><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;text-decoration:underline;">RISK FACTORS</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">&#x201d;.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE FUND PRESENTS SIGNIFICANT RISKS NOT APPLICABLE TO OTHER TYPES OF FUNDS, INCLUDING RISKS RELATING TO INVESTING IN AND SEEKING EXPOSURE TO VIX FUTURES CONTRACTS. THE FUND IS NOT APPROPRIATE FOR ALL INVESTORS. AN INVESTOR SHOULD ONLY CONSIDER AN INVESTMENT IN THE FUND IF HE OR SHE UNDERSTANDS THE CONSEQUENCES OF SEEKING DAILY INVESTMENT RESULTS AND THE IMPACT OF COMPOUNDING ON THE FUND&#x2019;S PERFORMANCE.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE RETURN OF THE FUND FOR A PERIOD LONGER THAN A SINGLE DAY IS THE RESULT OF ITS RETURN FOR EACH DAY COMPOUNDED OVER THE PERIOD AND USUALLY WILL DIFFER IN AMOUNT AND POSSIBLY EVEN DIRECTION FROM EITHER THE INVERSE OF THE VIX OR THE INVERSE OF A PORTFOLIO OF SHORT</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-TERM</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX FUTURES CONTRACTS FOR THE SAME PERIOD. THESE DIFFERENCES CAN BE SIGNIFICANT.</FONT></P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE FUND&#x2019;S INVESTMENTS MAY BE ILLIQUID AND/OR HIGHLY VOLATILE AND THE FUND MAY EXPERIENCE LARGE LOSSES FROM BUYING, SELLING OR HOLDING SUCH INVESTMENTS. AN INVESTOR IN THE FUND COULD POTENTIALLY LOSE THE FULL PRINCIPAL VALUE OF HIS/HER INVESTMENT WITHIN A SINGLE DAY OR OVERNIGHT.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE FUND GENERALLY IS INTENDED TO BE USED ONLY FOR SHORT</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-TERM</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> TIME HORIZONS. SHAREHOLDERS WHO INVEST IN THE FUND SHOULD ACTIVELY MANAGE AND MONITOR THEIR INVESTMENT, AS FREQUENTLY AS DAILY.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Short VIX Futures Index and the VIX are two separate indices and can be expected to perform very differently.  The VIX is a non</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-investable</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> index that measures the implied volatility of the S&amp;P 500. For these purposes, &#x201c;implied volatility&#x201d; is a measure of the expected volatility (</FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">i.e.</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">, the rate and magnitude of variations in performance) of the S&amp;P 500 over the next 30 days. The VIX does not represent the actual volatility of the S&amp;P 500. The VIX is calculated based on the prices of a constantly changing portfolio of S&amp;P 500 put and call options. The Short VIX Futures Index, the Index used by the Fund, consists of short</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-term</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX futures contracts. As such, the performance of the Index can be expected to be very different from an inverse of the actual volatility of the S&amp;P 500 or an inverse of the actual performance of the VIX.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The potential upside of an investment in the Fund may be limited. Gains, if any, may be subject to significant and unexpected reversals. The Fund is generally intended to be used only for short</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-term</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> investment horizons. Investors holding Shares of the Fund beyond short</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-term</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> periods have an increased risk of losing all or a substantial portion of their investment.</FONT> <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Shareholders who invest in the Fund should actively manage and monitor their investments, as frequently as daily.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Fund will distribute to shareholders a Schedule K</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-1</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> that will contain information regarding the income and expenses of the Fund.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">NEITHER THE TRUST NOR THE FUND IS A MUTUAL FUND OR ANY OTHER TYPE OF INVESTMENT COMPANY AS DEFINED IN THE INVESTMENT COMPANY ACT OF 1940 (THE &#x201c;1940 ACT&#x201d;), AND NEITHER IS SUBJECT TO REGULATION THEREUNDER. SHAREHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED WITH OWNERSHIP OF SHARES IN AN INVESTMENT COMPANY REGISTERED UNDER THE 1940 ACT. SEE RISK FACTOR ENTITLED &#x201c;SHAREHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED WITH OWNERSHIP OF SHARES IN AN INVESTMENT COMPANY REGISTERED UNDER THE 1940 ACT IN PART ONE OF THIS PROSPECTUS FOR MORE INFORMATION.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund continuously offers and redeems Shares in blocks of at least 10,000 Shares (each such block, a &#x201c;Creation Unit&#x201d;). Only Authorized Participants (as defined herein) may purchase and redeem Shares from the Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with the Trust and Volatility Shares LLC (the &#x201c;Sponsor&#x201d;). Shares are offered to Authorized Participants in Creation Units at the Fund&#x2019;s NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per<FONT CLASS="nobreak">-Share</FONT> market price. The form of Authorized Participant Agreement and the related Authorized Participant Procedures Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants will not receive from the Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public. An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee<FONT CLASS="nobreak">-based</FONT> brokerage accounts.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">These securities have not been approved or disapproved by the United States Securities and Exchange Commission (the &#x201c;SEC&#x201d;) or any state securities commission nor has the SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-align:center;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">__________________________________________________</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-align:center;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[Date]</FONT></P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Shares are neither interests in nor obligations of the Sponsor, Wilmington Trust Company (the &#x201c;Trustee&#x201d;), or any of their respective affiliates. The Shares are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">This Prospectus has two parts: the offered series disclosure and the general pool disclosure. These parts are bound together and are incomplete if not distributed together to prospective participants.</FONT></P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">COMMODITY FUTURES TRADING COMMISSION<BR>RISK DISCLOSURE STATEMENT</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A DESCRIPTION OF EACH EXPENSE TO BE CHARGED TO THIS POOL, AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, IN THE SECTION ENTITLED &#x201c;CHARGES&#x201d;.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, IN THE SECTION ENTITLED &#x201c;RISK FACTORS&#x201d;.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-UNITED</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY ENGAGE IN SWAPS TRANSACTIONS. SWAPS TRANSACTIONS, LIKE OTHER FINANCIAL TRANSACTIONS, INVOLVE A VARIETY OF SIGNIFICANT RISKS. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR SWAP TRANSACTION NECESSARILY DEPEND UPON THE TERMS OF THE TRANSACTION AND YOUR CIRCUMSTANCES. IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE SOME COMBINATION OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING RISK, LIQUIDITY RISK, AND OPERATIONAL RISK.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">HIGHLY CUSTOMIZED SWAPS TRANSACTIONS IN PARTICULAR MAY INCREASE LIQUIDITY RISK, WHICH MAY RESULT IN A SUSPENSION OF REDEMPTIONS. HIGHLY LEVERAGED TRANSACTIONS MAY EXPERIENCE SUBSTANTIAL GAINS OR LOSSES IN VALUE AS A RESULT OF RELATIVELY SMALL CHANGES IN THE VALUE OR LEVEL OF AN UNDERLYING OR RELATED MARKET FACTOR. IN EVALUATING THE RISKS AND CONTRACTUAL OBLIGATIONS ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT A SWAP TRANSACTION MAY, IN CERTAIN INSTANCES, BE MODIFIED OR TERMINATED ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY NEGOTIATED TERMS. THEREFORE, IT MAY NOT BE POSSIBLE FOR THE COMMODITY POOL OPERATOR TO MODIFY, TERMINATE, OR OFFSET THE POOL&#x2019;S OBLIGATIONS OR THE POOL&#x2019;S EXPOSURE TO THE RISKS ASSOCIATED WITH A TRANSACTION PRIOR TO ITS SCHEDULED TERMINATION DATE.</FONT></P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE REGISTRATION STATEMENT OF THE TRUST. INVESTORS CAN READ AND COPY THE ENTIRE REGISTRATION STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN WASHINGTON, D.C.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">__________________________________________________</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE TRUST WILL FILE QUARTERLY AND ANNUAL REPORTS WITH THE SEC. INVESTORS CAN READ AND COPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON, D.C. PLEASE CALL THE SEC AT 1</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-800-SEC-0330</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> FOR FURTHER INFORMATION.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE FILINGS OF THE TRUST ARE POSTED AT THE SEC WEBSITE AT </FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">WWW.SEC.GOV</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">.</FONT> </P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">REGULATORY NOTICES</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST, THE FUND, THE SPONSOR, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, OR SALE OF THE SHARES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE ANY SUCH OFFER, SOLICITATION, OR SALE.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-align:center;margin-top:8pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">__________________________________________________</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. SEE &#x201c;PLAN OF DISTRIBUTION&#x201d; IN PART TWO OF THIS PROSPECTUS.</FONT></P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;">VS TRUST</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:5pt;margin-top:5pt;">TABLE OF CONTENTS</P>
		<TABLE CLASS="No-Table-Style _idGenTablePara-1" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T01">PART ONE</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">1</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T02">OFFERED SERIES DISCLOSURE</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">1</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T03">SUMMARY</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">1</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T04">Important Information About the Fund</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">1</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T05">Overview</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">2</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T06">The Fund</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">2</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T07">The Index</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">2</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T08">The Sponsor</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">3</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T09">Purchases and Sales in the Secondary Market</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">3</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T10">Creation and Redemption Transactions</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">3</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T11">Breakeven Amounts</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">4</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T12">Important Tax Information</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">4</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T13">RISK FACTORS</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">5</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T14">Risks Specific to the Fund</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">5</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T15">Risks Applicable to Investing in VIX Futures Contracts and Other Financial Instruments</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">13</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T16">Risks Related to Regulation and Federal Income Tax Consequences</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">17</P>
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						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T17">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">21</P>
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						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T18">DESCRIPTION OF THE FUND&#x2019;S INDEX</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">22</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T19">The Short VIX Futures Index</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">22</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T20">Information about the Index Licensor</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">24</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T21">INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGY</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">25</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T22">Investment Objective</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">25</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T23">Principal Investment Strategies</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">25</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T24">PERFORMANCE OF THE OFFERED COMMODITY POOLS OPERATED BY THE COMMODITY POOL OPERATOR</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">32</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T25">MANAGEMENT&#x2019;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">33</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T26">CHARGES</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">33</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T27">Breakeven Table</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">33</P>
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						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T28">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">35</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T29">Status of the Fund</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">36</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T30">U.S. Shareholders</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">37</P>
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						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T31">PART TWO</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">47</P>
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						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T32">GENERAL POOL DISCLOSURE</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">47</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T33">USE OF PROCEEDS</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">47</P>
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						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T34">WHO MAY SUBSCRIBE</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">47</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T35">CREATION AND REDEMPTION OF SHARES</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">47</P>
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						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T36">Creation Procedures</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">48</P>
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						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T37">Redemption Procedures</A></P>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">50</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T38">Creation and Redemption Transaction Fee</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">51</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T39">Special Settlement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">51</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T40">LITIGATION</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">52</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T41">DESCRIPTION OF THE SHARES; THE FUND; CERTAIN MATERIAL TERMS OF THE TRUST AGREEMENT</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">53</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T42">Description of the Shares</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">53</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T43">Principal Office; Location of Records; Fiscal Year</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">53</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T44">The Fund</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">53</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T45">The Trustee</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">54</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:40pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T46">The Sponsor</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">54</P>
					</TD>
				</TR>

		</TABLE>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;text-indent:0pt;">i</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<TABLE CLASS="No-Table-Style _idGenTablePara-1" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T47">Duties of the Sponsor</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">56</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T48">Ownership or Beneficial Interest in the Fund</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">57</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T49">Commodity Sub-Adviser</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">57</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T50">Management; Voting by Shareholders</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">57</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T51">Recognition of the Trust and the Fund in Certain States</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">57</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T52">Possible Repayment of Distributions Received by Shareholders</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">57</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T53">Shares Freely Transferable</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">57</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T54">Book-Entry Form</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">58</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T55">Reports to Shareholders</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">58</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T56">Net Asset Value</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">58</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T57">Indicative Optimized Portfolio Value (&#x201c;IOPV&#x201d;)</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">59</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T58">Termination Events</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">59</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T59">DISTRIBUTIONS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">60</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T60">THE ADMINISTRATOR<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT><FONT CLASS="CharOverride-8" STYLE="font-style:normal;font-weight:normal;">AND SUB-ADMINISTRATOR</FONT></A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">60</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T62">THE TRANSFER AGENT AND FUND ACCOUNTANT</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">60</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T61">THE CUSTODIAN</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">60</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T63">THE MARKETING AGENT</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">61</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T64">THE SECURITIES DEPOSITORY; BOOK-ENTRY ONLY SYSTEM; GLOBAL SECURITY</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">62</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T65">SHARE SPLITS OR REVERSE SPLITS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">63</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T66">CONFLICTS OF INTEREST</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">63</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T67">Sponsor</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">63</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T68">FCMs</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">63</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T69">MATERIAL CONTRACTS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">65</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T70">Commodity Sub-Adviser Agreement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">65</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T71">Fund Administration Servicing Agreement and Fund Sub-Administration Servicing Agreement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">65</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T72">Transfer Agency Service Agreement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">65</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T73">Fund Accounting Servicing Agreement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">66</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T74">Custody Agreement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">66</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T75">Marketing Agent Agreement</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">66</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T76">PURCHASES BY EMPLOYEE BENEFIT PLANS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">67</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T77">General</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">67</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T78">Plan Assets</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">67</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T79">Ineligible Purchasers</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">67</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T80">PLAN OF DISTRIBUTION</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">69</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T81">Buying and Selling Shares</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">69</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T82">Authorized Participants</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">69</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T83">Likelihood of Becoming a Statutory Underwriter</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">69</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T84">General</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">70</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T85">LEGAL MATTERS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">71</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T86">EXPERTS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">71</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T87">WHERE INVESTORS CAN FIND MORE INFORMATION</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">71</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T88">RECENT FINANCIAL INFORMATION AND ANNUAL REPORTS</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">71</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T89">PRIVACY POLICY</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">72</P>
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						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T90">The Trust&#x2019;s Commitment to Investors</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
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						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">72</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T91">The Information the Trust Collects About Investors</A></P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">72</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T92">How the Trust Handles Investors&#x2019; Personal Information</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">72</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T93">How the Trust Safeguards Investors&#x2019; Personal Information</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">72</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T94">INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">73</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="background: #CCEEFF;height:12pt;">
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						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T95">FUTURES COMMISSION MERCHANTS</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">74</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T96">Litigation and Regulatory Disclosure Relating to FCMs</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">74</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 91.01%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:30pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;"><A HREF="#T97">Margin Levels Expected to be Held at the FCMs</A></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 7.71%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;text-align:center;">75</P>
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		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;text-indent:0pt;">ii</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T01"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PART ONE</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T02"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">OFFERED SERIES DISCLOSURE</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:0pt;margin-top:0pt;"><A NAME="T03"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SUMMARY</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Investors should read the following summary together with the more detailed information in this Prospectus before investing in Shares of the Fund, including the information under the caption &#x201c;Risk Factors&#x201d; and all exhibits to this Prospectus and the information incorporated by reference in this Prospectus, including the financial statements and the notes to those financial statements in the Trust&#x2019;s Annual Report on Form 10</FONT><FONT CLASS="nobreak"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">-K</FONT></FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> and the Quarterly Reports on Form 10</FONT><FONT CLASS="nobreak"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">-Q</FONT></FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">, when available. Please see the section entitled &#x201c;Incorporation by Reference of Certain Documents&#x201d; in Part Two of this Prospectus.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">For ease of reference, any references throughout this Prospectus to various actions taken by the Fund are actually actions taken by the Trust on behalf of the Fund.</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T04"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Important Information About the Fund</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-30">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:10pt;padding-right:10pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE FUND PRESENTS SIGNIFICANT RISKS NOT APPLICABLE TO OTHER TYPES OF FUNDS, INCLUDING RISKS RELATING TO INVESTING IN VIX FUTURES CONTRACTS. THE FUND IS NOT APPROPRIATE FOR ALL INVESTORS. AN INVESTOR SHOULD ONLY CONSIDER AN INVESTMENT IN THE FUND IF HE OR SHE UNDERSTANDS THE CONSEQUENCES OF SEEKING DAILY INVESTMENT RESULTS AND THE IMPACT OF COMPOUNDING ON THE FUND&#x2019;S PERFORMANCE.</FONT></P>
						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE RETURN OF THE FUND FOR A PERIOD LONGER THAN A SINGLE DAY IS THE RESULT OF ITS RETURN FOR EACH DAY COMPOUNDED OVER THE PERIOD AND USUALLY WILL DIFFER IN AMOUNT AND POSSIBLY EVEN DIRECTION FROM EITHER THE INVERSE OF THE VIX OR THE INVERSE OF A PORTFOLIO OF SHORT</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-TERM</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX FUTURES CONTRACTS FOR THE SAME PERIOD. THESE DIFFERENCES CAN BE SIGNIFICANT.</FONT></P>
						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE FUND&#x2019;S INVESTMENTS MAY BE ILLIQUID AND/OR HIGHLY VOLATILE AND THE FUND MAY EXPERIENCE LARGE LOSSES FROM BUYING, SELLING OR HOLDING SUCH INVESTMENTS. AN INVESTOR IN THE FUND COULD POTENTIALLY LOSE THE FULL PRINCIPAL VALUE OF HIS/HER INVESTMENT WITHIN A SINGLE DAY.</FONT></P>
						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SHAREHOLDERS WHO INVEST IN THE FUND SHOULD ACTIVELY MANAGE AND MONITOR THEIR INVESTMENTS, AS FREQUENTLY AS DAILY.</FONT></P>
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				</TR>

		</TABLE>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">An investor should only consider an investment in the Fund if he or she understands the consequences of seeking exposure to VIX futures contracts. The Fund is benchmarked to the Short VIX Futures Index; the Fund is not benchmarked to an inverse of the VIX. The Short VIX Futures Index and the inverse of the VIX are two separate measurements and can be expected to perform very differently.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The VIX is a non<FONT CLASS="nobreak">-investable</FONT> index that measures the implied volatility of the S&amp;P 500. For these purposes, &#x201c;implied volatility&#x201d; is a measure of the expected volatility (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the rate and magnitude of variations in performance) of the S&amp;P 500 over the next 30 days. The VIX does not represent the actual volatility of the S&amp;P 500. The VIX is calculated based on the prices of a constantly changing portfolio of S&amp;P 500 put and call options. The Short VIX Futures Index, the Index used by the Fund, consists of short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts. As such, the performance of the Short VIX Futures Index, and therefore the performance of the Fund, can be expected to be very different from the actual volatility of the S&amp;P 500 or the inverse performance of the VIX. As a result, the performance of the Fund also can be expected to be very different from the inverse (<FONT CLASS="nobreak">-1x</FONT>) of the actual volatility of the S&amp;P 500, or the inverse (<FONT CLASS="nobreak">-1x</FONT>) performance of either the VIX or a portfolio of short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The potential upside of an investment in the Fund may be limited. Gains, if any, may be subject to significant and unexpected reversals. The Fund is generally intended to be used only for short<FONT CLASS="nobreak">-term</FONT> investment horizons. Investors holding Shares of the Fund beyond short<FONT CLASS="nobreak">-term</FONT> periods have an increased risk of losing all or a substantial portion of their investment. Shareholders who invest in the Fund should actively manage and monitor their investments, as frequently as daily.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">1</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks daily investment results, before fees and expenses, that correspond to the performance of the Index for a single day, not for any other period. The return of the Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount and possibly even direction from the performance of the inverse (<FONT CLASS="nobreak">-1x</FONT>) performance of either the VIX or a portfolio of short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts over the same period. These differences can be significant. </P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T05"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Overview</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is benchmarked to the Short VIX Futures Index (the &#x201c;Index&#x201d;), an index that measures the daily inverse performance of a hypothetical portfolio of first and second month VIX futures contracts. The Fund is not benchmarked to the inverse of the VIX itself. The VIX is a non<FONT CLASS="nobreak">-investable</FONT> index that measures the implied volatility of the S&amp;P 500. </P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-31">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:10pt;padding-right:10pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE PERFORMANCE OF THE FUND CAN BE EXPECTED TO BE VERY DIFFERENT FROM THE ACTUAL INVERSE (</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-1X</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">) PERFORMANCE OF THE VIX OR A PORTFOLIO OF SHORT</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-TERM</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX FUTURES CONTRACTS.  DAILY REBALANCING AND THE COMPOUNDING OF EACH DAY&#x2019;S RETURN OVER TIME MEANS THAT THE RETURN OF THE FUND FOR A PERIOD LONGER THAN A SINGLE DAY WILL BE THE RESULT OF EACH DAY&#x2019;S RETURNS COMPOUNDED OVER THE PERIOD, WHICH WILL VERY LIKELY DIFFER FROM THE RETURN OF THE INVERSE OF THE VIX OR A PORTFOLIO OF SHORT</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-TERM</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX FUTURES CONTRACTS OVER THE SAME PERIOD. THESE DIFFERENCES CAN BE SIGNIFICANT. MOREOVER, THE FUND WILL LOSE MONEY IF THE INDEX&#x2019;S PERFORMANCE IS FLAT OVER TIME, AND THE FUND CAN LOSE MONEY REGARDLESS OF THE PERFORMANCE OF THE INDEX, THE INVERSE PERFORMANCE OF THE VIX OR THE INVERSE PERFORMANCE OF A PORTFOLIO OF SHORT</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-TERM</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX FUTURES CONTRACTS, AS A RESULT OF DAILY REBALANCING, THE INDEX&#x2019;S VOLATILITY, COMPOUNDING AND OTHER FACTORS.</FONT></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks to engage in daily rebalancing to position its portfolio so that its exposure to the Index is consistent with its daily investment objective. The impact of changes to the value of the Index each day will affect whether the Fund&#x2019;s portfolio needs to be rebalanced. The time and manner in which the Fund rebalances its portfolio may vary from day to day and also will depend upon market conditions and other circumstances.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T06"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Fund</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund intends to invest in Financial Instruments to gain the appropriate exposure to the Index in the manner and to the extent described herein. &#x201c;Financial Instruments&#x201d; are instruments whose value is derived from the value of an underlying asset, rate or benchmark (such asset, rate or benchmark, a &#x201c;Reference Asset&#x201d;) and include futures contracts, options transactions, swap agreements, forward contracts and similar instruments or transactions.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In seeking to achieve the Fund&#x2019;s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of Financial Instruments that the Sponsor believes, in combination, should produce daily returns consistent with the Fund&#x2019;s objective.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is not actively managed by traditional methods (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.,</FONT> by effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market conditions with a view toward obtaining positive results under all market conditions). The Fund seeks to remain fully invested at all times in Financial Instruments and money market instruments that, in combination, provide exposure to the Index consistent with its investment objective, even during periods in which the Index is flat or moving in a manner which causes the value of the Fund to decline.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor has the power to change the Fund&#x2019;s investment objective, benchmark or investment strategy, and may liquidate the Fund, at any time, without shareholder approval, subject to applicable regulatory requirements.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T07"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Index</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Index measures the daily inverse performance of a portfolio of first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain a consistent time to maturity of the futures contracts.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">2</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Index is calculated daily at 4:00 p.m. (Eastern time) from the average price of the VIX futures contracts between 3.45 p.m. and 4:00 p.m. (Eastern time). </P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">More detailed information about the construction of the Index can be found on page 22 under <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Description of t</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">he Fund&#x2019;s Index</FONT>.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T08"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Sponsor</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Volatility Shares LLC, a Delaware limited liability company, serves as the Trust&#x2019;s Sponsor and commodity pool operator. The principal office of the Sponsor and the Fund is located at 100 South Bedford Road, Suite 340; Mount Kisco, NY 10549. The telephone number of the Sponsor and the Fund is (203) 998<FONT CLASS="nobreak">-6005</FONT>.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">More detailed information about the Sponsor of the Index can be found on page 54 under <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">The Sponsor</FONT>.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T09"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Purchases and Sales in the Secondary Market</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares of the Fund are listed on CBOE BZX Exchange, Inc. (the &#x201c;Exchange&#x201d;) under the ticker symbol of SVIX.  Secondary market purchases and sales of Shares are subject to ordinary brokerage commissions and charges.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T10"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Creation and Redemption Transactions</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Only an Authorized Participant may purchase (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, create) or redeem Shares with the Fund. Authorized Participants may create and redeem Shares only in blocks of at least 10,000 Shares (each such block, a &#x201c;Creation Unit&#x201d;) in the Fund. An &#x201c;Authorized Participant&#x201d; is a broker<FONT CLASS="nobreak">-dealer</FONT> that is a member of a national clearing agency and that has entered into an Authorized Participant Agreement with the Sponsor. Creation Units are offered to Authorized Participants at the Fund&#x2019;s NAV. Creation Units in the Fund are expected to be created when there is sufficient demand for Shares in the Fund that the market price per Share is at a premium to the NAV per Share. Authorized Participants will likely sell such Shares to the public at prices that are expected to reflect, among other factors, the trading price of the Shares of the Fund and the supply of and demand for the Shares at the time of sale. Similarly, it is expected that Creation Units in the Fund will be redeemed when the market price per Share of the Fund is at a discount to the NAV per Share. The Sponsor expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients will tend to cause the public trading price of the Shares to track the NAV per Share of the Fund over time. Retail investors seeking to purchase or sell Shares on any day effect such transactions in the secondary market at the market price per Share, rather than in connection with the creation or redemption of Creation Units.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A creation transaction, which is subject to acceptance by Foreside Fund Services, LLC (the &#x201c;Marketing Agent&#x201d;), generally takes place when an Authorized Participant deposits a specified amount of cash (unless as provided otherwise in this Prospectus) in exchange for a specified number of Creation Units. Similarly, Shares can be redeemed only in Creation Units, generally for cash (unless as provided otherwise in this Prospectus). Except when aggregated in Creation Units, Shares are not generally redeemable individually. The prices at which creations and redemptions occur are based on the next calculation of the NAV after an order is received in proper form, as described in the Authorized Participant Agreement and the related Authorized Participant Procedures Handbook. The manner by which Creation Units are purchased and redeemed is governed by the terms of this Prospectus, the Authorized Participant Agreement and Authorized Participant Procedures Handbook. Creation and redemption orders are not effective until accepted by the Marketing Agent and may be rejected or revoked. By placing a purchase order, an Authorized Participant agrees to deposit cash (unless as provided otherwise in this Prospectus) with the Fund&#x2019;s Custodian.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Creation and redemption transactions must be placed each day the Marketing Agent by the create/redeem cut<FONT CLASS="nobreak">-off</FONT> time (stated below) to receive that day&#x2019;s NAV, or earlier if, for example, the Exchange or other exchange material to the valuation or operation of the Fund closes before such cut<FONT CLASS="nobreak">-off</FONT> time. See the section entitled <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Net Asset Value&#x201d;</FONT> for additional information about NAV calculations.</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 48.72%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Create/Redeem Cut</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-off</FONT></FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">NAV Calculation Time</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 48.72%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">2:00 p.m. (Eastern Time)</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">4:00 p.m. (Eastern Time)</FONT></P>
					</TD>
				</TR>

		</TABLE>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">3</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T11"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Breakeven Amounts</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund will be profitable only if returns from the Fund&#x2019;s investments exceed its &#x201c;breakeven amount.&#x201d; The Estimated breakeven amount is set forth in the table below. The estimated breakeven amount represents the estimated amount of trading income that the Fund would need to achieve during one year to offset the Fund&#x2019;s estimated fees, costs and expenses, net of any interest income earned by the Fund on its investments. Estimated amounts do not represent actual results, which may be different. It is not possible to predict whether the Fund will break even at the end of the first twelve months of an investment or any other period. See section <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Charges &#x2014; Breakeven Table,&#x201d;</FONT> for more detailed tables showing Breakeven Amounts.</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-21" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 27.24%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Fund Name</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 26.60%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Breakeven Amount (% Per <BR>Annum of Average Daily NAV)*</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 22.12%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Assumed Selling Price <BR>Per Shares*</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 20.19%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Breakeven Amount <BR>($ for the Assumed <BR>Selling Price Per <BR>Shares)*</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-26" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 27.24%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">&#x2013;1x Short VIX Futures ETF</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 26.60%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">2.08%</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 22.12%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">$15.00</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 20.19%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;text-align:center;">0.31</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Tablefootnotef" STYLE="margin-top: 0in;  border: none; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">____________</P><P CLASS="Tablefootnote_f" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:10pt;">*&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;The breakeven analysis set forth in this table assumes that the Shares have a constant NAV equal to the amount shown. The amount approximates the NAV of such Shares on <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[launch date]</FONT>, rounded to the nearest $5. The actual NAV of the Fund differs and is likely to change on a daily basis. The numbers in this chart have been rounded to the nearest 0.01.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T12"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Important Tax Information</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Please note that the Fund will distribute to shareholders a Schedule K<FONT CLASS="nobreak">-1</FONT> that will contain information regarding the income and expense items of the Fund. The Schedule K<FONT CLASS="nobreak">-1</FONT> is a complex form and shareholders may find that preparing tax returns may require additional time or may require the assistance of an accountant or other tax preparer, at an additional expense to the shareholder.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">4</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T13"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">RISK FACTORS</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-38">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:10pt;padding-right:10pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund may be highly volatile and generally is intended for short</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">-term</FONT></FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;"> investment purposes only.</FONT></P>
						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Investing in the Fund involves significant risks not applicable to other types of investments. You could potentially lose the full principal value of your investment within a single day. Before you decide to purchase any Shares, you should consider carefully the risks described below together with all of the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus.</FONT></P>
						<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">-effective</FONT></FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;"> amendment or in other reports filed with the SEC in the future.</FONT></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T14"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Risks Specific to the Fund</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition to the risks described elsewhere in this <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Risk Factors&#x201d;</FONT> section, the following risks apply to the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Due to the compounding of daily returns, the Fund&#x2019;s returns over a period longer than a single day will likely differ in amount and possibly even direction from the inverse of the VIX or the inverse of a portfolio of short-term VIX futures contracts over the same period.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund has an investment objective to seek daily investment results, before fees and expenses, that track an Index designed to express the daily inverse performance of a theoretical portfolio of first and second month VIX futures contracts. The Fund seeks investment results for a single day only, as measured from NAV calculation time to NAV calculation time, and not for any other period (see <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Summary &#x2014; Creation and Redemption Transactions&#x201d; </FONT>for the typical NAV calculation time of the Fund). The return of the Fund for a period<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>longer than a single day is the result of its return for each day compounded over the period and usually will differ from the return the inverse (<FONT CLASS="nobreak">-1x</FONT>) performance of either the VIX or a portfolio of short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts over the same period.  Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period&#x2019;s returns are calculated. The effect of compounding becomes more pronounced as index volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the holding period of an investment in Shares of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund will lose money if the Index&#x2019;s performance is flat over time, and the Fund can lose money regardless of the performance of the Index, as a result of daily rebalancing, fees, the Index&#x2019;s volatility, compounding and other factors. Longer holding periods, higher index volatility, inverse exposure and leverage each affect the impact of compounding on the Fund&#x2019;s returns. Daily compounding of the Fund&#x2019;s investment returns can dramatically and adversely affect performance, especially during periods of high volatility. Volatility has a negative impact on the Fund&#x2019;s performance and the volatility of the Index may be at least as important to the Fund&#x2019;s return for a period as the return of the Index.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is not appropriate for all investors and presents significant risks not applicable to other types of funds An investor should only consider an investment in the Fund if he or she understands the consequences of seeking investment results for a single day. Shareholders who invest in the Fund should actively manage and monitor their investments, as frequently as daily.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">These effects are caused by compounding, which exists in all investments, but has a more significant impact in inverse funds. In general, during periods of higher Index volatility, compounding will cause the Fund&#x2019;s returns for periods longer than a single day to be less than the return of the inverse (<FONT CLASS="nobreak">-1x</FONT>) performance of either the VIX or a portfolio of short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts over the same period. This effect becomes more pronounced as volatility increases. Actual results for a particular period are also dependent on the magnitude of the Index return in addition to the Index volatility.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">5</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Correlation risk.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In order to achieve a high degree of correlation with the Index, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under or overexposed to the Index may prevent the Fund from achieving a high degree of correlation with the Index. Market disruptions or closures, large movements of assets into or out of the Fund, large rebalances, regulatory restrictions, market volatility, accountability levels, position limits, margin requirements, and daily price fluctuation limits set by the exchanges and other factors will adversely affect the Fund&#x2019;s ability to adjust exposure to requisite levels. The target amount of portfolio exposure may be impacted by changes to the value of the Index each day. Other things being equal, more significant movement, up or down, will require more significant adjustments to the Fund&#x2019;s portfolio. Because of this, it is unlikely that the Fund will be perfectly exposed at the end of each day, and the likelihood of being materially under- or overexposed is higher on days when the index levels are volatile at or near the close of the trading day. These risks are particularly acute for the Fund due to the high degree of volatility in VIX futures contracts.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which the Fund rebalances its portfolio may vary from day to day at the discretion of the Sponsor depending upon market conditions and other circumstances. Unlike other funds that do not rebalance their portfolios as frequently, the Fund may be subject to increased trading costs associated with daily portfolio rebalancing. The effects of these trading costs have been estimated and included in the Breakeven Table. See <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Charges &#x2014; Breakeven Table&#x201d;</FONT> below.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Risk of after-market or overnight events impacting the next opening market price.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Global and domestic, political, social or economic events that occur after the end of trading of Fund Shares on domestic Exchanges can have a significant impact on the market price of Fund Shares when the trading of Fund Shares resumes on the following day.<FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;"> </FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Changes to the index and the daily rebalancing of the Fund may impact trading in the underlying futures contracts</FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Changes to the Index and daily rebalancing may cause the Fund to adjust its portfolio positions. This trading activity will contribute to the trading volume of the underlying futures contracts and may adversely affect the market price of such underlying futures contracts.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Market price risk.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The intraday performance of Shares traded in the secondary market generally will be different from the performance of the Fund when measured from one NAV calculation<FONT CLASS="nobreak">-time</FONT> to the next. </P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund seeks to achieve its investment objective even during periods when the performance of the Index is flat or when the Index is moving in a manner that may cause the value of the Fund to decline.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is not actively managed by traditional methods (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.</FONT>, by effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market considerations with a view toward obtaining positive results under all market conditions). The Fund seeks to remain fully invested at all times in Financial Instruments and money market instruments that, in combination, provide exposure to the Index consistent with its investment objective. This is the case even during periods in which the Index is flat or moving in a manner which causes the value of the Fund to decline. A Fund can lose money regardless of the performance of the Index, due to the effects of daily rebalancing, volatility, fees, compounding and other factors.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">A number of factors may affect the Fund&#x2019;s ability to produce returns that correlate to the returns of the Index.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">While the Fund seeks to meet its investment objective, there is no guarantee it will do so. Factors that may affect the Fund&#x2019;s ability to meet its investment objective include: (1) the Sponsor&#x2019;s or Sub<FONT CLASS="nobreak">-Adviser</FONT>&#x2019;s ability to purchase and sell Financial Instruments in a manner that correlates to the Fund&#x2019;s objective; (2) an imperfect correlation between the performance of the Financial Instruments held by the Fund and the performance of the Index; (3) bid<FONT CLASS="nobreak">-ask</FONT> spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs and margin requirements associated with the use of Financial Instruments and commission costs; (5) holding or trading Financial Instruments in a market that has become illiquid or disrupted; (6) the Fund&#x2019;s Share prices being </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">6</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">rounded to the nearest cent and/or valuation methodologies; (7) changes to the Index that are not disseminated in advance; (8) the need to conform the Fund&#x2019;s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by the Fund obtaining exposure to only a representative sample of the components of the Index, overweighting or underweighting certain components of the Index or obtaining exposure to assets that are not included in the Index.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Being materially under- or overexposed to the Index may prevent the Fund from achieving a high degree of correlation with the Index. Market disruptions or closures, large movements of assets into or out of the Fund, large rebalances, regulatory restrictions, or market volatility and other factors will adversely affect the Fund&#x2019;s ability to maintain a high degree of correlation.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Possible illiquid markets may cause or exacerbate losses.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. Market disruptions or volatility can also make it difficult to liquidate a position or find a swap counterparty at a reasonable cost.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Market illiquidity may cause losses for the Fund. The large size of the positions which the Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Fund will typically invest in Financial Instruments related to a single benchmark, which in many cases is highly concentrated. Limits imposed by counterparties, exchanges or other regulatory organizations, such as accountability levels, position limits and daily price fluctuation limits, may contribute to a lack of liquidity with respect to some Financial Instruments.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Fees are charged regardless of the Fund&#x2019;s returns and may result in depletion of assets.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is subject to the fees and expenses described herein which are payable irrespective of the Fund&#x2019;s returns, as well as the effects of commissions, trading spreads, and embedded financing, borrowing costs and fees associated with swaps, futures contracts, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality, short<FONT CLASS="nobreak">-term</FONT> fixed<FONT CLASS="nobreak">-income</FONT> or similar securities. These fees and expenses have a negative impact on Fund returns.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The policies of S&amp;P and the Chicago Board Options Exchange (the &#x201c;CBOE&#x201d;) and changes that affect the composition and valuation of the S&amp;P 500, the VIX or the Index could affect the value of an investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The policies of S&amp;P and the CBOE concerning the calculation of the level of the S&amp;P 500, the VIX and the Index, and any additions, deletions or substitutions of equity securities, options or futures contracts in the above indexes, respectively, and the manner in which changes affecting the equity securities, options contracts or futures contracts are reflected in the indexes outlined above, could affect the level of such indexes and, therefore, the value of the Shares. S&amp;P can add, delete or substitute the equity securities underlying the S&amp;P 500 or make other methodological changes that could change the level of the S&amp;P 500. S&amp;P and CBOE can also add, delete or substitute the futures contracts underlying the Index or make other methodological changes that could change the level of the Index. The changing of equity securities included in the S&amp;P 500 may affect the S&amp;P 500, as a newly added equity security may perform better or worse than the equity security or securities it replaces. Such a change may also affect the value of the put and call options used to calculate the level of the VIX. The changing of the futures contracts underlying the Index may affect the performance of the Index in similar ways. Additionally, S&amp;P and CBOE may alter, discontinue or suspend calculation or dissemination of the S&amp;P 500 or the Index. Any of these actions could adversely affect the value of the Shares. S&amp;P and CBOE have no obligation to consider shareholder interests in calculating or revising the S&amp;P 500 or the Index. The CBOE can make methodological changes to the calculation of the VIX that could affect the value of VIX futures contracts and, consequently, the value of the Shares. There can be no assurance that the CBOE will not change the VIX calculation methodology in a way which may affect the value of the Shares. Additionally, the CBOE may alter, discontinue or suspend calculation or dissemination of the VIX and/or the exercise settlement value. Any of these actions could adversely affect the value of the Shares.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">7</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Calculation of the Index may not be possible or feasible under certain events or circumstances that are beyond the reasonable control of the Sponsor, which in turn may adversely impact both the Index and/or the Shares, as applicable. Additionally, Index calculations may be disrupted by rollover disruptions, rebalancing disruptions and/or market emergencies, which may have an adverse effect on the value of the Shares.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund may be subject to counterparty risks.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund may use derivatives such as swap agreements, options and forward contracts (collectively referred to herein as &#x201c;derivatives&#x201d;) in the manner described herein as a means to achieve its investment objective. The use of derivatives by the Fund exposes the Fund to counterparty risks.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="CharOverride-7" STYLE="text-decoration:underline;">Regulatory Treatment</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Derivatives are generally traded in over<FONT CLASS="nobreak">-the-counter</FONT> (&#x201c;OTC&#x201d;) markets and have only recently become subject to comprehensive regulation in the United States. Cash<FONT CLASS="nobreak">-settled</FONT> forwards are generally regulated as &#x201c;swaps&#x201d;, whereas physically settled forwards are generally not subject to regulation or subject to the federal securities laws (in the case of securities).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Title VII of the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act (as defined below) (&#x201c;Title VII&#x201d;) created a regulatory regime for derivatives, with the Commodity Futures Trading Commission (the &#x201c;CFTC&#x201d;) responsible for the regulation of swaps and the SEC responsible for the regulation of &#x201c;security<FONT CLASS="nobreak">-based</FONT> swaps.&#x201d; The SEC requirements have largely yet to be made effective, but the CFTC requirements are largely in place. The CFTC requirements have included rules for some of the types of transactions in which the Fund will engage, including mandatory clearing and exchange trading for certain categories of swaps, reporting, and margin for uncleared swaps. Title VII also created new categories of regulated market participants, such as &#x201c;swap dealers,&#x201d; &#x201c;security<FONT CLASS="nobreak">-based</FONT> swap dealers,&#x201d; &#x201c;major swap participants,&#x201d; and &#x201c;major security<FONT CLASS="nobreak">-based</FONT> swap participants&#x201d; who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could impact materially and adversely the Fund, the markets in which the Fund trades and the counterparties with which the Fund engages in transactions.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As noted, the CFTC rules do not apply to all of the physically settled forward contracts entered into by the Fund. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodities Exchange Act of 1934 (&#x201c;CEA&#x201d;) in connection with the Fund&#x2019;s physically settled forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="CharOverride-7" STYLE="text-decoration:underline;">Counterparty Credit Risk</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund will be subject to the credit risk of the counterparties to derivatives. In the case of cleared derivatives, the Fund will have credit risk to the clearing corporation in a similar manner as the Fund would for futures contracts. In the case of uncleared derivatives, the Fund will be subject to the credit risk of the counterparty to the transaction &#x2014; typically a single bank or financial institution. As a result, the Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared derivatives entered into as part of the Fund&#x2019;s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund could suffer significant losses on these contracts and the value of an investor&#x2019;s investment in the Fund may decline.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund has sought to mitigate these risks by generally requiring that the counterparties for the Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets the Fund may invest in swap agreements, options or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Fund will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Fund typically enters into transactions only with major, global financial institutions.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">OTC derivatives of the type that may be utilized by the Fund are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">8</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund&#x2019;s benchmark has a dramatic intraday move that would cause a material decline in the Fund&#x2019;s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund&#x2019;s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund&#x2019;s benchmark reverses all or part of its intraday move by the end of the day.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, cleared derivatives benefit from daily marking<FONT CLASS="nobreak">-to-market</FONT> and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a Futures Commission Merchant (&#x201c;FCM&#x201d;) in cleared swaps customer accounts, which are required by CFTC regulations to be separate from its proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions (described above) but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of customer segregated funds, under which the clearing house may access all of the commingled customer segregated funds of a defaulting clearing broker. Uncleared derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a &#x201c;swap dealer&#x201d; with the CFTC. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of the Fund, subject to applicable law.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The counterparty risk for cleared derivatives transactions is generally lower than for uncleared OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is the Fund&#x2019;s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund may change its investment objectives, Index and strategies, and may be liquidated, at any time.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor has the authority to change the Fund&#x2019;s investment objective, Index or investment strategy at any time without shareholder approval. Although such changes may be subject to applicable regulatory approvals, the Sponsor may determine to operate the Fund in accordance with its new investment objective, Index or strategy while those approvals are pending. The Sponsor also has the authority to liquidate the Fund at any time without shareholder approval. Changes in the Fund&#x2019;s investment objective, Index or strategy, as well as the liquidation of the Fund, may occur without shareholder approval and with limited advance notice to shareholders and may expose shareholders to losses on their investments in the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund may change its investment objective, Index or strategies and may liquidate at a time that is disadvantageous to shareholders.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A change to the investment objective, Index or strategies or the liquidation of the Fund could occur at a time that is disadvantageous to shareholders. When the Fund&#x2019;s assets are sold as part of the Fund&#x2019;s liquidation, the resulting proceeds distributed to shareholders may be less than those that may be realized in a sale outside of a liquidation context.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">9</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund uses investment techniques that may be considered aggressive.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Some investment techniques of the Fund, such as its use of Financial Instruments, may be considered aggressive. Risks associated with Financial Instruments include potentially dramatic price changes (losses) in the value of the instruments and imperfect correlations between the price of the contract and the underlying Reference Asset. The use of Financial Instruments may increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk assumed.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Historical correlation trends between the Index and other asset classes may not continue or may reverse, limiting or eliminating any potential diversification or other benefit from owning the Fund.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">To the extent that an investor purchases the Fund seeking diversification benefits based on the historic correlation (whether positive or negative) between the Fund or the Index and other asset classes, such historic correlation may not continue or may reverse itself. In this circumstance, the diversification or other benefits sought may be limited or non<FONT CLASS="nobreak">-existent</FONT>. The diversification or other benefits sought by an investor in the Fund may also become limited or cease to exist if the Sponsor determines to change the Fund&#x2019;s benchmark or otherwise modify the Fund&#x2019;s investment objective or strategy.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The lack of active trading markets for the Shares may result in losses upon the sale or disposition of such Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Although the Shares are publicly listed and traded on the Exchange, there can be no guarantee that an active trading market for the Shares will develop or be maintained. If investors need to sell their Shares at a time when an active market for such Shares does not exist, the price investors receive for their Shares, assuming that investors are able to sell them at all, likely will be lower than the price that investors would receive if an active market did exist.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Investors may be adversely affected by redemption or creation orders that are subject to postponement, suspension or rejection under certain circumstances.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A Fund may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which the Exchange or any other exchange, marketplace or trading center, deemed to affect the normal operations of the Fund, is closed, or when trading is restricted or suspended on such exchanges in the Fund&#x2019;s futures contracts, (2) any period during which an emergency exists as a result of which the fulfilment of a purchase order or the redemption distribution is not reasonably practicable, or (3) such other period as the Sponsor determines to be necessary for the protection of the shareholders of the Fund. In addition, the Fund will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfilment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant&#x2019;s redemption proceeds if the NAV of the Fund declines during the period of delay. The Fund disclaims any liability for any loss or damage that may result from any such suspension or postponement. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying holdings.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The NAV per Share may not correspond to the market price per Share.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The NAV per Share of the Fund changes as fluctuations occur in the market value of the Fund&#x2019;s portfolio. Investors should be aware that the public trading price per Share of the Fund may be different from the NAV per Share of the Fund (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the secondary market price may trade at a premium or discount to NAV). The price at which an investor may be able to sell Shares at any time, especially in times of market volatility, may be significantly less than the NAV per Share of the Fund at the time of sale. Consequently, an Authorized Participant may be able to create or redeem a Creation Unit of the Fund at a discount or a premium to the public trading price per Share of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Authorized Participants or their customers may have an opportunity to realize a profit if they can purchase a Creation Unit at a discount to the public trading price of the Shares of the Fund or can redeem a Creation Unit at a premium over the public trading price of the Shares of the Fund. The Sponsor expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients and customers will tend to cause the public trading price to track the NAV per Share of the Fund closely over time.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">10</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Investors who purchase Shares in the secondary market and pay a premium purchase price over the Fund&#x2019;s indicative optimized portfolio value (&#x201c;IOPV&#x201d;) could incur significant losses in the event such investor sells the Fund Shares at a time when such premium is no longer present in the marketplace.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Also, the NAV of a Share may not correspond to its market price due to differences in timing. NAV is typically calculated as of 4:00 p.m. (Eastern Time). The Shares of the Fund trade on the Exchange during the hours the Exchange is open for trading, typically from 9:30 a.m. to 4:00 p.m. (Eastern Time). </P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Investors may be adversely affected by an overstatement or understatement of the Fund&#x2019;s NAV due to the valuation method employed or errors in the NAV calculation.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under normal circumstances, the NAV of the Fund reflects the value of the Financial Instruments held by the Fund, as of the time the NAV is calculated. The NAV of the Fund includes, in part, any unrealized profits or losses on open Financial Instrument positions. Additionally, in calculating the NAV of the Fund, VIX futures contracts are valued using the Time Weighted Average Price (TWAP) of the futures during the last 15 minutes of NYSE&#x2019;s regular trading session, rather than from the VIX futures&#x2019; settlement price. In certain circumstances (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.</FONT>, if the Sponsor believes market quotations do not accurately reflect fair value of an investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such position for such day. The fair value of an investment determined by the Sponsor may be different from other value determinations of the same investment. Such fair value prices generally would be determined based on available inputs about the current value of the underlying Reference Assets and would be based on principles that the Sponsor deems fair and equitable. Errors in calculation of the Fund&#x2019;s NAV also may cause the Fund NAV to be overstated or understated and may affect the performance of the Fund and the value of an investment in the Shares.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The number of underlying components included in the Index may impact volatility, which could adversely affect an investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Index for the Fund is concentrated solely in VIX futures contracts. Investors should be aware that other volatility indexes may be more diversified in terms of both the number and variety of instruments included or in terms of the volatility exposure offered. Concentration in fewer underlying components may result in a greater degree of volatility in an index and the NAV of the fund which tracks that index under specific market conditions and over time.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Competing claims of intellectual property rights may adversely affect the Fund and an investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor believes that it has properly licensed or obtained the appropriate consent of all necessary parties with respect to intellectual property rights. However, other third parties could allege ownership as to such rights and may bring legal action asserting their claims. The expenses in litigating, negotiating, cross<FONT CLASS="nobreak">-licensing</FONT> or otherwise settling such claims may adversely affect the Fund. Additionally, as a result of such action, the Fund could potentially change its investment objective, strategies or benchmark. Each of these factors could have a negative impact on the performance of the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Authorized Participants with large holdings in the Fund are able to effect transactions which could adversely affect an investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the event that one or more Authorized Participants which have substantial interests in the Shares withdraw from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in investors incurring a loss on their investment.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors&#x2019; investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Only Authorized Participants may create or redeem Creation Units. All other investors that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount to NAV per Share or the IOPV.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">11</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Exchange may halt trading in the Shares of the Fund, which would adversely impact investors&#x2019; ability to sell Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Trading in Shares of the Fund may be halted due to market conditions or, in light of the Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading in Shares of the Fund inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to &#x201c;circuit breaker&#x201d; rules that require trading to be halted for a specified period based on a specified decline or rise in a market index or in the price of the Fund&#x2019;s Shares. There can be no assurance that the requirements necessary to maintain the listing of the Shares of the Fund will continue to be met or will remain unchanged.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The value of the Shares will be adversely affected because the Fund is required to indemnify Wilmington Trust Company (the &#x201c;Trustee&#x201d;) </FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">and/</FONT><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">or the Sponsor.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under the Trust Agreement, the Trustee and the Sponsor each has the right to be indemnified for any liability or expense incurred without gross negligence or wilful misconduct. That means the Sponsor may require the assets of the Fund to be sold in order to cover losses or liability suffered by it or by the Trustee. Any such sale would decrease the value of an investment in the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Although the Shares are limited liability investments, certain circumstances, such as the bankruptcy of the Fund, could increase a shareholder&#x2019;s liability.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares are limited liability investments; investors may not lose more than the amount that they invest plus any gains or income recognized on their investment. However, shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of the Trust Agreement.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The insolvency of an FCM or clearing organization or the failure of an FCM or clearing organization to properly segregate Fund assets held as margin on futures transactions may result in losses to the Fund.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The CEA requires FCMs to segregate client assets received as margin on futures transactions from their own proprietary assets. However, if an FCM fails to properly segregate Fund assets deposited as margin, these assets might not be fully protected in the event of the FCM&#x2019;s bankruptcy. In such event, the Fund may not be able to recover any assets held by the FCM, or may recover only a limited portion of such assets.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Furthermore, customer funds held at a clearing organization in connection with any futures contracts are permitted to be held in a commingled omnibus account that does not identify the name of the clearing member&#x2019;s individual customers. A clearing organization may use assets held in such accounts to satisfy payment obligations of a defaulting customer of the FCM to the clearing organization. As a result, in the event of a default of one or more of the FCM&#x2019;s other clients together with the bankruptcy or insolvency of the FCM, the Fund may not be able to recover the assets deposited by the FCM on behalf of the Fund with the clearing organization.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the event of a bankruptcy or insolvency of any exchange or a clearing house, the Fund could experience a loss of the funds deposited through its FCM as margin with the exchange or clearing house, a loss of any profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">There may be circumstances that could prevent or make it impractical for the Fund to operate in a manner consistent with its investment objective and principal investment strategy.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">There may be circumstances outside the control of the Sponsor and/or the Fund that could prevent or make it impractical to re<FONT CLASS="nobreak">-position</FONT> the Fund&#x2019;s portfolio investments, to process purchase or redemption orders, or to otherwise operate the Fund in a manner consistent with its investment objective and principal investment strategy. Examples of such circumstances include: market disruptions; significant market volatility, particularly late in a trading day; natural disasters; public service disruptions or utility problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the aforementioned parties, as well as the Depository Trust Company (&#x201c;DTC&#x201d;), the National Securities Clearing Corporation (&#x201c;NSCC&#x201d;), or any other participant in the trading or operation of the Fund; and other extraordinary events.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">12</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">While the Sponsor has implemented and tested a business and a disaster recovery plan designed to address circumstances such as those described above, these and other circumstances may prevent the Fund from being operated in a manner consistent with its investment objective and/or principal investment strategy.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Fund and its service providers are susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber<FONT CLASS="nobreak">-attacks</FONT> include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber<FONT CLASS="nobreak">-attacks</FONT> may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial<FONT CLASS="nobreak">-of-service</FONT> attacks on websites. Cyber security failures or breaches of the Fund&#x2019;s third<FONT CLASS="nobreak">-party</FONT> service providers (including, but not limited to, the index provider, the Sponsor, the Commodity Sub<FONT CLASS="nobreak">-Adviser</FONT> the Administrator, Sub<FONT CLASS="nobreak">-</FONT><FONT CLASS="nobreak">A</FONT><FONT CLASS="nobreak">dministrator</FONT>, Custodian, FCM and Transfer Agent) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result. While the Fund has established business continuity plans and systems to prevent such cyber<FONT CLASS="nobreak">-attacks</FONT>, there are inherent limitations in such plans and risk management systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund&#x2019;s service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Investors cannot be assured of the Sponsor&#x2019;s continued services, the discontinuance of which may be detrimental to the Fund.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Investors cannot be assured that the Sponsor will be able to continue to service the Fund for any length of time. If the Sponsor discontinues its activities on behalf of the Fund, the Fund may be adversely affected, as there may be no entity servicing the Fund for a period of time. If the Sponsor&#x2019;s registrations with the CFTC or memberships in the NFA were revoked or suspended, the Sponsor would no longer be able to provide services and/or to render advice to the Fund. If the Sponsor were unable to provide services and/or advice to the Fund, the Fund would be unable to pursue its investment objectives unless and until the Sponsor&#x2019;s ability to provide services and advice to the Fund was reinstated or a replacement for the Sponsor as commodity pool operator could be found. Such an event could result in termination of the Fund.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T15"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Risks Applicable to Investing in VIX Futures Contracts and Other Financial Instruments</FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">VIX futures contracts can be highly volatile and the Fund may experience sudden and large losses when buying, selling or holding such instruments; you can lose all or a portion of your investment within a single day.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Investments linked to equity market volatility, including VIX futures contracts, can be highly volatile and may experience sudden, large and unexpected losses. For example, in 2018, similar indexes which were comprised of VIX futures contracts, had their largest one<FONT CLASS="nobreak">-day</FONT> move ever of approximately 96%. In the future, the Index could have even larger single<FONT CLASS="nobreak">-day</FONT> or intraday moves, up or down, that could cause investors to lose all or a substantial portion of their investment in a short period of time. VIX futures contracts are unlike traditional futures contracts and are not based on a tradable reference asset. The VIX is not directly investable, and the settlement price of a VIX futures contract is based on the calculation that determines the level of the VIX. As a result, the behavior of a VIX futures contract may be different from a traditional futures contract whose settlement price is based on a specific tradable asset and may differ from an investor&#x2019;s expectations. The market for VIX futures contracts may fluctuate widely based on a variety of factors including changes in overall market movements, political and economic events and policies, wars, acts of terrorism, natural disasters, changes in interest rates or inflation rates. High volatility may have an adverse impact on the performance of the Fund. An investor in the Fund could potentially lose the full principal of his or her investment within a single day.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">13</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Daily rebalancing of the futures contracts underlying the Index may impact trading in the underlying futures contracts.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The daily rebalancing of the futures contracts underlying the Index may impact trading in such futures contracts and adversely affect the value of the Fund. For example, such trading may cause the Fund&#x2019;s Futures Commission Merchants (&#x201c;FCMs&#x201d;) to adjust their hedges. The trading activity associated with such transactions will contribute to the existing trading volume of the underlying futures contracts and may adversely affect the market price of such underlying futures contracts and in turn the level of the Index.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund generally is intended to be used as a trading tool for short-term investment horizons and investors holding shares of the Fund over longer-term periods may be subject to increased risk of loss.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund generally is intended to be used only for short<FONT CLASS="nobreak">-term</FONT> investment horizons. An investor in the Fund can lose all or a substantial portion of his or her investment within a single day. The longer an investor&#x2019;s holding period in the Fund, the greater the potential for loss.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Fund is benchmarked to the Index. It is not benchmarked to the inverse of the VIX; the performance of the Fund should be expected to vary from the inverse (-1x) performance of either the VIX or a portfolio of short-term VIX futures contracts over the same period. As a result, the Index and the Fund should be expected to perform very differently from the inverse performance of either the VIX or a portfolio of short-term VIX futures contracts over all periods of time.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The performance of the Index is based on the value of the VIX short<FONT CLASS="nobreak">-term</FONT> futures contracts that comprise the Index. While there is a relationship between the performance of the Index and future levels of the VIX, the performance of the Index is not directly linked to the inverse performance of the VIX, to the realized volatility of the S&amp;P 500 or to the options that underlie the calculation of the VIX. As a result, the Index and the Fund should be expected to perform very differently from the inverse performance of either the VIX or a portfolio of short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts over all periods of time. In many cases, the Index and the Fund will underperform the inverse of the VIX. Further, the performance of the Index and the Fund should not be expected to represent the realized volatility of the S&amp;P 500 or the inverse thereof.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The VIX seeks to measure the market&#x2019;s current expectation of 30<FONT CLASS="nobreak">-day</FONT> volatility of the S&amp;P 500 Index, as reflected by the prices of near<FONT CLASS="nobreak">-term</FONT> S&amp;P 500 options. The market&#x2019;s current expectation of the possible rate and magnitude of movements in an index is commonly referred to as the &#x201c;implied volatility&#x201d; of the index. Because S&amp;P 500 options derive value from the possibility that the S&amp;P 500<FONT CLASS="Super" STYLE="vertical-align:super;font-size:58%;">&#x00ae;</FONT> may experience movement before such options expire, the prices of near<FONT CLASS="nobreak">-term</FONT> S&amp;P 500 options are used to calculate the implied volatility of the S&amp;P 500.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The VIX is not an investable index. It is not practical to invest in the VIX as it is comprised of a constantly changing portfolio of options on the S&amp;P 500. Rather, the VIX is designed to serve as a market volatility forecast. The Fund is not benchmarked to the performance of the VIX or the realized volatility of the S&amp;P 500 and, in fact, can be expected to perform very differently from the VIX and the realized volatility of the S&amp;P 500 over all periods of time.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The prices of futures contracts based on a non<FONT CLASS="nobreak">-investable</FONT> index such as the VIX may behave differently from the prices of futures contracts whose settlement price is based on a tradeable asset.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As noted, the Fund is benchmarked against an underlying index of VIX short<FONT CLASS="nobreak">-term</FONT> futures contracts. The value of a VIX futures contract is based on the expected value of the VIX at a future point in time, specifically the expiration date of the VIX futures contract. Therefore, a VIX futures contract represents the forward implied volatility of the VIX, and the forward implied volatility of the S&amp;P 500, over the 30<FONT CLASS="nobreak">-day</FONT> period following the expiration of such contract. As a result, a change in the VIX today will not necessarily result in a corresponding movement in the price of VIX futures contracts since the price of the VIX futures contracts is based on expectations of the performance of the VIX at a future point in time. For example, a VIX futures contract purchased in March that expires in May, in effect, is a forward contract on what the level of the VIX, as a measure of 30<FONT CLASS="nobreak">-day</FONT> implied volatility of the S&amp;P 500, will be on the May expiration date. The forward volatility reading of the VIX may not correlate directly to the current volatility reading of the VIX because the implied volatility of the S&amp;P 500 at a future expiration date may be different from the current implied volatility of the S&amp;P 500. As a result, the Index and the Fund should be expected to perform very differently from the VIX over all periods of time.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">14</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Any increase or decrease in the level of the VIX may impact Fund performance</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The potential gains of short exposure to VIX futures contracts is limited due to significant and unexpected reversals in the level of the VIX and corresponding VIX futures contracts which will have a negative impact on the performance of the Fund. Additionally, rebalancing during these reversals can significantly increase costs and negatively impact performance of the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Potential negative impact from rolling futures positions</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund invests in or has exposure to VIX futures contracts and is subject to risks related to &#x201c;rolling&#x201d; such futures contracts, which is the process by which the Fund closes out a futures position prior to its expiration month and purchases an identical futures contract with a later expiration date. The Fund does not intend to hold futures contracts through expiration, but instead intends to &#x201c;roll&#x201d; its positions as they approach expiration. The contractual obligations of a buyer or seller holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. As explained further below, the price of futures contracts further from expiration may be higher (a condition known as &#x201c;contango&#x201d;) or lower (a condition known as &#x201c;backwardation&#x201d;), which can impact the Fund&#x2019;s returns.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the &#x201c;rolling process&#x201d; of the more nearby futures contract would take place at a price that is lower than the price of the more distant futures contract. This pattern of higher prices for longer expiration futures contracts is often referred to as &#x201c;contango.&#x201d; Alternatively, when the market for these contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the &#x201c;rolling process&#x201d; of the more nearby futures contract would take place at a price that is higher than the price of the more distant futures contract. This pattern of higher prices for shorter expiration futures contracts is referred to as &#x201c;backwardation.&#x201d; The presence of contango in the relevant futures contracts at the time of rolling would be expected to positively affect the Fund. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">There have been extended periods in which contango or backwardation has existed in the VIX futures contract markets, and such periods may occur in the future. These extended periods have in the past, and may in the future, cause significant and sustained losses. Additionally, because of the frequency with which the Fund may roll futures contracts, the impact of such contango or backwardation on Fund performance may be greater than it would have been if the Fund rolled futures contracts less frequently.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The value of the Shares of the Fund relates directly to the value of, and realized gain or loss from, the Financial Instruments and other assets held by the Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by the Fund, including, but not limited to:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Prevailing market prices and forward volatility levels of the U.S. and global stock markets, the S&amp;P 500, the equity securities included in the S&amp;P 500 and prevailing market prices of options on the S&amp;P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&amp;P 500 and the VIX or VIX futures contracts;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Interest rates;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Inflation rates and investors&#x2019; expectations concerning inflation rates;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Economic, financial, political, regulatory, geographical, judicial and other events that affect the level of the Index or the market price or forward volatility of the U.S. and global stock markets, the equity securities included in the S&amp;P 500, the S&amp;P 500, the VIX or the relevant futures or option contracts on the VIX;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;list-style-type:none;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Supply and demand as well as hedging activities in the listed and over<FONT CLASS="nobreak">-the-counter</FONT> (&#x201c;OTC&#x201d;) equity derivatives markets;</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">15</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;list-style-type:none;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The level of margin requirements;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The position limits imposed by FCMs and Exchanges;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Disruptions in trading of the S&amp;P 500, futures contracts on the S&amp;P 500 or options on the S&amp;P 500</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The level of contango or backwardation in the VIX futures contracts market; and</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The trading activity of other funds following similar indexes or trading similar strategies </P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Each of these factors could have a negative impact on the value of the Fund. These factors interrelate in complex ways, and the effect of one factor on the market value of the Fund may offset or enhance the effect of another factor.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Margin requirements for VIX futures contracts and position limits imposed by FCMs and Exchanges may limit the Fund&#x2019;s ability to achieve sufficient exposure and prevent the Fund from achieving its investment objective.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The term &#x201c;margin&#x201d; refers to the minimum amount the Fund must deposit and maintain with its FCM in order to establish an open position in futures contracts. The minimum amount of margin required in connection with a particular futures contract is set by the exchange on which such contract is traded and is subject to change at any time during the term of the contract. Futures contracts are customarily bought and sold on margins that represent a percentage of the aggregate purchase or sales price of the contract.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">When the Fund has an open futures contract position, it is subject to daily variation margin calls by an FCM that could be substantial in the event of adverse price movements. Because futures contracts may require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. A fund with open positions is subject to maintenance or variance margin on its open positions. If the Fund has insufficient cash to meet daily variation margin requirements, it may need to sell Financial Instruments at a time when such sales are disadvantageous. Futures markets are highly volatile and the use of or exposure to futures contracts may increase volatility of the Fund&#x2019;s NAV.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">VIX futures contracts in particular have been subject to periods of sudden and extreme volatility. As a result, margin requirements for VIX futures contracts are higher than those for most other types of futures contracts. In addition, the FCMs utilized by the Fund may impose margin requirements in addition to those imposed by the exchange. Margin requirements are subject to change, and may be raised in the future by either or both the exchange and the FCMs. High margin requirements could prevent the Fund from obtaining sufficient exposure to VIX futures contracts and may adversely affect the Fund&#x2019;s ability to achieve its investment objective. An FCM&#x2019;s failure to return required margin to the Fund on a timely basis may cause the Fund to delay redemption settlement dates and/or restrict, postpone or limit the right of redemption.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Futures contracts are subject to liquidity risk. Certain of the FCMs utilized by the Fund have imposed their own &#x201c;position limits&#x201d; on the Fund. Position limits restrict the amount of exposure to futures contracts the Fund can obtain through such FCMs. As a result, the Fund may need to transact through a number of FCMs to achieve its investment objective. If enough FCMs are not willing to transact with the Fund, or if the position limits imposed by such FCMs do not provide sufficient exposure, the Fund may not be able to achieve its investment objective.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The Index may underperform other asset classes and may underperform other indices or benchmarks based upon VIX futures contracts, which can have an adverse impact on the value of the Fund&#x2019;s shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is linked to an Index maintained by a third<FONT CLASS="nobreak">-party</FONT> provider unaffiliated with the Fund or the Sponsor. There can be no guarantee or assurance that the methodology used by the third<FONT CLASS="nobreak">-party</FONT> provider to create the Index will result in the Fund achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. It is also possible that third parties may attempt to manipulate the value of the Index or the VIX. The Index may underperform other asset classes and may underperform other indices or benchmarks based upon the VIX futures contracts. Each of these factors could have a negative impact on the performance of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Calculation of a benchmark may not be possible or feasible under certain events or circumstances that are beyond the reasonable control of the Sponsor, which in turn may adversely impact both the benchmark and/or the value of the Shares as applicable. Additionally, benchmark calculations are subject to error and may be disrupted by rollover disruptions, rebalancing disruptions and/or market emergencies, which may have an adverse effect on the value of the Shares.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">16</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, the CBOE can make methodological changes to the calculation of the VIX that could affect the value of VIX futures contracts and, consequently, the value of the Fund&#x2019;s Shares. There can be no assurance that the CBOE will not change the VIX calculation methodology in a way which may affect the value of the Fund&#x2019;s Shares. The CBOE may also alter, discontinue or suspend calculation or dissemination of the VIX and/or exercise settlement value. S&amp;P Dow Jones Indices may also make changes to the equity securities underlying the S&amp;P 500 or the futures contracts included in the Index, or make other methodological changes that could change the level of the S&amp;P 500. Any of these actions could adversely affect the value of the Fund&#x2019;s Shares.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">It may not be possible to gain exposure to the Index using exchange-traded Financial Instruments.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund intends to utilize exchange<FONT CLASS="nobreak">-traded</FONT> Financial Instruments. However, it may not be possible to gain exposure to the Index with these Financial Instruments. If these Financial Instruments cease to be traded on regulated exchanges, they may be replaced with Financial Instruments traded on trading facilities that are subject to lesser degrees of regulation or, in some cases, no substantive regulation. As a result, trading in such Financial Instruments, and the manner in which prices and volumes are reported by the relevant trading facilities, may not be subject to the provisions of, and the protections afforded by, the Commodity Exchange Act or other applicable statutes and related regulations that govern trading on regulated U.S. futures exchanges. In addition, many electronic trading facilities have only recently initiated trading and do not have significant trading histories.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T16"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Risks Related to Regulation and Federal Income Tax Consequences</FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is not subject to registration or regulation under the 1940 Act. Consequently, shareholders do not have the regulatory protections provided to investors in investment companies registered under the 1940 Act. These protections include, but are not limited to, provisions in the 1940 Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under limited circumstances), require a board of directors that must include disinterested directors, limit leverage, impose a fiduciary duty on the fund&#x2019;s managers with respect to the receipt of compensation for services, require shareholder approval for certain fundamental changes, limit sales loads, and require proper valuation of fund assets.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Shareholders&#x2019; tax liability will exceed cash distributions on the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Shareholders of the Fund are subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their share of the Fund&#x2019;s taxable income, whether or not they receive cash distributions from the Fund. The Fund does not currently expect to make distributions with respect to capital gains or ordinary income. Accordingly, shareholders of the Fund will not receive cash distributions equal to their share of the Fund&#x2019;s taxable income or the tax liability that results from such income. A Fund&#x2019;s income, gains, losses and deductions are allocated to shareholders on a monthly basis. If you own Shares in the Fund at the beginning of a month and sell them during the month, you are generally still considered a shareholder through the end of that month.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The U.S. Internal Revenue Service (the &#x201c;IRS&#x201d;) could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the Shares if the IRS does not accept the assumptions or conventions utilized by the Fund.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. federal income tax rules applicable to partnerships, which the Fund is anticipated to be treated as under the Internal Revenue Code of 1986, as amended (the &#x201c;Code&#x201d;), are complex and their application is not always clear. Moreover, the rules generally were not written for, and in some respects are difficult to apply to, publicly traded interests in partnerships. The Fund applies certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, deduction, loss and credit to shareholders in a manner that reflects the shareholders&#x2019; economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable Regulations (as defined below). It is possible therefore that the IRS will successfully assert that these assumptions or conventions do not satisfy the technical requirements of the Code or the Treasury regulations promulgated thereunder (the &#x201c;Regulations&#x201d;) and will require that items of income, gain, deduction, loss and credit be adjusted or reallocated in a manner that could be adverse to investors.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">17</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Shareholders will receive partner information tax returns on Schedule K-1, which could increase the complexity of tax returns.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The partner information tax returns on Schedule K<FONT CLASS="nobreak">-1</FONT>, which the Fund will distribute to shareholders, will contain information regarding the income items and expense items of the Fund. If you have not received Schedule K<FONT CLASS="nobreak">-1s</FONT> from other investments, you may find that preparing your tax return may require additional time, or it may be necessary for you to retain an accountant or other tax preparer, at an additional expense to you, to assist you in the preparation of your return.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Investors could be adversely affected if the current treatment of long-term capital gains under current U.S. federal income tax law is changed or repealed in the future.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under current law, long<FONT CLASS="nobreak">-term</FONT> capital gains are taxed to non<FONT CLASS="nobreak">-corporate</FONT> investors at reduced U.S. federal income tax rates. This tax treatment may be adversely affected, changed or repealed by future changes in, or the expiration of, tax laws at any time.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Shareholders of the Fund may recognize significant amounts of ordinary income and short-term capital gain.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Due to the investment strategy of the Fund, the Fund may realize and pass through to shareholders significant amounts of ordinary income and short<FONT CLASS="nobreak">-term</FONT> capital gains as opposed to long<FONT CLASS="nobreak">-term</FONT> capital gains, which generally are taxed at a preferential rate. The Fund&#x2019;s income, gains, losses and deductions are allocated to shareholders on a monthly basis. If you own Shares in the Fund at the beginning of a month and sell them during the month, you are generally still considered a shareholder through the end of that month.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Changes in U.S. federal income tax law could affect an investment in the Shares.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Recently enacted legislation commonly known as the &#x201c;Tax Cuts and Jobs Act&#x201d; has made significant changes to U.S. federal income tax rules. As of the date of this registration statement, the long<FONT CLASS="nobreak">-term</FONT> impact of the Tax Cuts and Jobs Act, including on the Shares, is unclear. Prospective investors are urged to consult their tax advisors regarding the effect of the Tax Cuts and Jobs Act prior to investing in the Shares.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES OF THE FUND; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.</FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Regulatory changes or actions, including the implementation of new legislation, may alter the operations and profitability of the Fund.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The U.S. derivatives markets and market participants have been subject to comprehensive regulation, not only by the CFTC but also by self<FONT CLASS="nobreak">-regulatory</FONT> organizations, including the NFA and the exchanges on which the derivatives contracts are traded and/or cleared. As with any regulated activity, changes in regulations may have unexpected results. For example, changes in the amount or quality of the collateral that traders in derivatives contracts are required to provide to secure their open positions, or in the limits on number or size of positions that a trader may have open at a given time, may adversely affect the ability of the Fund to enter into certain transactions that could otherwise present lucrative opportunities. Considerable regulatory attention has been focused on non<FONT CLASS="nobreak">-traditional</FONT> investment pools which are publicly distributed in the United States. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Fund or the ability of the Fund to continue to implement its investment strategy.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of swaps, forwards and futures transactions in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on the Fund is impossible to predict, but could be substantial and adverse.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">18</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In particular, the Dodd<FONT CLASS="nobreak">-Frank</FONT> Wall Street Reform and Consumer Protection Act (the &#x201c;Dodd<FONT CLASS="nobreak">-Frank</FONT> Act&#x201d;) has made and will continue to make sweeping changes to the way in which the U.S. financial system is supervised and regulated. Title VII of the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act sets forth a legislative framework for OTC derivatives, including certain Financial Instruments, such as swaps, in which the Fund may invest. Title VII of the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act makes broad changes to the OTC derivatives market, grants significant new authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and, pursuant to regulations that have been and will continue to be adopted by the regulators, requires the clearing and exchange trading of many types of OTC derivatives transactions.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Pursuant to regulations adopted by the CFTC, swap dealers are required to be registered and are subject to various regulatory requirements, including, but not limited to, margin, recordkeeping, reporting and various business conduct requirements, as well as proposed minimum financial capital requirements.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Pursuant to the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act, regulations adopted by the CFTC and the federal banking regulators that are now in effect require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with the Fund. These requirements may increase the amount of collateral the Fund is required to provide and the costs associated with providing it.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">OTC swap agreements submitted for clearing are subject to minimum initial and variation margin requirements set by the relevant clearing house, as well as margin requirements mandated by the CFTC, SEC and/or federal banking regulators. Swap dealers also typically demand the unilateral ability to increase the Fund&#x2019;s collateral requirements for cleared swap agreements beyond any regulatory and clearing house minimums. Such requirements may make it more difficult and costly for investment funds, such as the Fund, to enter into customized transactions. They may also render certain strategies in which the Fund might otherwise engage impossible or so costly that they will no longer be economical to implement. If the Fund decides to execute swap agreements through such exchanges or execution facilities, the Fund would be subject to the rules of the exchange or execution facility, which would bring additional risks and liabilities, and potential requirements under applicable regulations and under rules of the relevant exchange or execution facility.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">With respect to cleared OTC derivatives, the Fund will not face a clearing house directly but rather will do so through a swap dealer that is registered with the CFTC or SEC and that acts as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet its obligations to its clearing member. This risk could arise due to a default by the clearing member on its obligations to the clearing house triggered by a customer&#x2019;s failure to meet its obligations to the clearing member.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Swap dealers also are required to post margin to the clearing houses through which they clear their customers&#x2019; trades instead of using such margin in their operations, as was widely permitted before Dodd<FONT CLASS="nobreak">-Frank</FONT>. This has increased and will continue to increase the swap dealers&#x2019; costs, and these increased costs are generally passed through to other market participants such as the Fund in the form of higher upfront and mark<FONT CLASS="nobreak">-to-market</FONT> margin, less favorable trade pricing, and the imposition of new or increased fees, including clearing account maintenance fees.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">While certain regulations have been promulgated and are already in effect, the full impact of the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act on the Fund remains uncertain. The legislation and the related regulations that have been and may be promulgated in the future may negatively impact the Fund&#x2019;s ability to meet its investment objective either through limits on its investments or requirements imposed on it or any of its counterparties. In particular, new requirements, including capital requirements and mandatory clearing of OTC derivatives transactions, which may increase derivative counterparties&#x2019; costs and are expected to generally be passed through to other market participants in the form of higher upfront and mark<FONT CLASS="nobreak">-to-market</FONT> margin, less favorable trade pricing, and the imposition of new or increased fees, including clearing house account maintenance fees, may increase the cost of the Fund&#x2019;s investments and the cost of doing business, which could adversely affect investors.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Regulatory and exchange accountability levels may restrict the creation of Creation Units and the operation of the Trust.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Many U.S. commodities exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as &#x201c;daily price fluctuation limits&#x201d; or &#x201c;daily limits.&#x201d; Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may </P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">19</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">be suspended for specified periods during the trading day. In addition, the CFTC, U.S. futures exchanges and certain non<FONT CLASS="nobreak">-U</FONT>.S. exchanges have established limits referred to as &#x201c;speculative position limits&#x201d; or &#x201c;accountability levels&#x201d; on the maximum net long or short futures positions that any person may hold or control in derivatives traded on such exchanges.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In connection with these limits, the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act has required the CFTC to adopt regulations establishing speculative position limits applicable to regulated futures and OTC derivatives and impose aggregate speculative position limits across regulated U.S. futures, OTC positions and certain futures contracts traded on non<FONT CLASS="nobreak">-U</FONT>.S. exchanges. In December 2016, the CFTC re<FONT CLASS="nobreak">-proposed</FONT> rules on position limits with respect to the 25 physical delivery commodity futures and options contracts, as well as to swaps that are economically equivalent to such contracts. The re<FONT CLASS="nobreak">-proposed</FONT> position limits would apply with respect to contracts traded on all U.S. and certain foreign exchanges on an aggregate basis. In addition, the CFTC proposed amendments to the requirement of U.S. commodities exchanges to establish corresponding speculative position limits (the &#x201c;Position Limit Rules&#x201d;). The re<FONT CLASS="nobreak">-proposed</FONT> Position Limit Rules are based on the position limit rules previously proposed in 2013 by the CFTC. In December 2016, the CFTC also adopted final regulations requiring that all accounts owned or managed by an entity that is responsible for such accounts&#x2019; trading decisions, their principals and their affiliates would be aggregated for position limit purposes. The CFTC is expected to reconsider the re<FONT CLASS="nobreak">-proposed</FONT> Position Limit Rules in 2019.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Although it is unclear what future position limit rules will be, the Sponsor and the Sub<FONT CLASS="nobreak">-Adviser</FONT> are subject to current position and accountability limits established by the CFTC and exchanges. Accordingly, it may be required to reduce the size of outstanding positions or not enter into new positions that would otherwise be taken for the Fund or not trade certain markets on behalf of the Fund in order to comply with those limits or any futures limits established by the CFTC and the relevant exchanges. Derivatives contract prices could move to a limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of derivatives positions and potentially subjecting the Fund to substantial losses or periods in which the Fund does not create additional Creation Units. Modification of trades made by the Trust, if required, could adversely affect the Trust&#x2019;s operations and profitability and limit the Trust&#x2019;s ability to reinvest income in additional contracts, create additional Creation Units, or add to existing positions in the desired amount.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, the Sponsor or the Sub<FONT CLASS="nobreak">-Adviser</FONT> may be required to liquidate certain open positions in order to ensure compliance with the speculative position limits at unfavorable prices, which may result in substantial losses for the Fund. There also can be no assurance that the Sponsor or Sub<FONT CLASS="nobreak">-Adviser</FONT> will liquidate positions held on behalf of all the Sponsor&#x2019;s or Sub<FONT CLASS="nobreak">-Adviser</FONT>&#x2019;s accounts, respectively, including any proprietary accounts, in a proportionate manner. In the event the Sponsor or Sub<FONT CLASS="nobreak">-Adviser</FONT> chooses to liquidate a disproportionate number of positions held on behalf of the Fund at unfavorable prices, the Fund may incur substantial losses and the value of the Shares may be adversely affected.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Further, in October 2012, CFTC rules became effective, which require each registered FCM to establish risk<FONT CLASS="nobreak">-based</FONT> limits on position and order size. As a result, the Trust&#x2019;s FCMs may be required to reduce their internal limits on the size of the positions they will execute or clear for the Fund, and the Trust may seek to use additional FCMs, which may increase the costs for the Fund and adversely affect the value of the Shares.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust may apply to the CFTC or to the relevant exchanges for relief from certain position limits. If the Trust is unable to obtain such relief, the Fund&#x2019;s ability to issue new Creation Units, or the Fund&#x2019;s ability to reinvest income in additional futures contracts, may be limited to the extent these activities cause the Trust to exceed applicable position limits. Limiting the size of the Fund may affect the correlation between the price of the Shares, as traded on an exchange, and the net asset value of the Fund. Accordingly, the inability to create additional Creation Units or add to existing positions in the desired amount could result in Shares trading at a premium or discount to NAV.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">20</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T17"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">This Prospectus and the documents incorporated by reference in this Prospectus contain &#x201c;forward<FONT CLASS="nobreak">-looking</FONT> statements&#x201d; within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#x201c;1933 Act&#x201d;) and Section 21E of the Securities Exchange Act of 1934, as amended (the &#x201c;1934 Act&#x201d;) that are subject to risks and uncertainties. Investors can identify these forward<FONT CLASS="nobreak">-looking</FONT> statements by the use of expressions such as &#x201c;may,&#x201d; &#x201c;will,&#x201d; &#x201c;expect,&#x201d; &#x201c;anticipate,&#x201d; &#x201c;believe,&#x201d; &#x201c;intend,&#x201d; &#x201c;plan,&#x201d; &#x201c;project,&#x201d; &#x201c;should,&#x201d; &#x201c;estimate&#x201d;, &#x201c;seek&#x201d; or any negative or other variations on such expression. These forward<FONT CLASS="nobreak">-looking</FONT> statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Risk Factors&#x201d;</FONT> and elsewhere in this Prospectus and the documents incorporated by reference in this Prospectus, and unknown, that could cause the actual results, performance, prospects or opportunities of the Fund to differ materially from those expressed in, or implied by, these forward<FONT CLASS="nobreak">-looking</FONT> statements.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Except as expressly required by federal securities laws, the Trust assumes no obligation to update publicly any forward<FONT CLASS="nobreak">-looking</FONT> statements, whether as a result of new information, future events or otherwise. Investors should not place undue reliance on any forward<FONT CLASS="nobreak">-looking</FONT> statements.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">21</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T18"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">DESCRIPTION OF THE FUND&#x2019;S INDEX</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T19"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Short VIX Futures Index</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Short VIX Futures Index is an excess return index designed to express the daily inverse performance of a theoretical portfolio of first and second month VIX futures contracts that are rolled daily. The theoretical portfolio consists of the two nearest term monthly VIX futures contracts that are rolled daily so that the nearest month VIX futures contract is rolled to the second nearest month VIX futures contracts in equal daily fractional amounts. This portfolio rolling seeks to maintain a constant weighted average time to maturity of approximately one month.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Index is designed to exhibit a reduced sensitivity to instantaneous price fluctuations in the VIX futures contracts by determining its daily settlement price from the Time Weighted Average Price (TWAP) of its theoretical portfolio of futures during the last 15 minutes of NYSE&#x2019;s regular trading session, rather than from the VIX futures&#x2019; settlement price.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">These rules and the formula may be changed from time to time, and without notice by the Sponsor, S&amp;P, and/or the CBOE.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Index is calculated according to the following methodology:</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Calculation of the Index:</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">On any Business Day (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">t</FONT>) when the Index is calculated, the Index value is determined as follows: </P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:48pt;margin-top:8pt;"><IMG ALT="" SRC="image_001.jpg" STYLE="height:10.24px;width:199.68px;max-width:100%;"></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Where:</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Business Day (<FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">t</FONT>) is defined as any day when the CFE market is open.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:0pt;margin-top:0pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">index</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">t</FONT> = The Index Settlement value on any Business Day (t) the Index is calculated.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:0pt;margin-top:0pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">index</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">t</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">&#x2013;</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">1</FONT> = The Index Settlement value on the preceding Business Day (t<FONT CLASS="nobreak">-1</FONT>).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">PDR</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">t</FONT> = <FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">Portfolio Daily Return</FONT> on any Business Day (t) is determined as follows:</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:48pt;margin-top:8pt;"><IMG ALT="" SRC="image_002.jpg" STYLE="height:42.24px;width:334.08px;max-width:100%;"></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Where:</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">CW</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">m</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">1,</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">t</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">&#x2013;1</FONT>= Contract Weight and represents the notional dollar weighting of the shortest dated monthly VIX Futures Contract (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">m1</FONT>) calculated at the settlement on any Business Day (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">t</FONT><FONT CLASS="nobreak"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">-1</FONT></FONT>) as follows:</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;text-indent:48pt;margin-top:8pt;"><IMG ALT="" SRC="image_003.jpg" STYLE="height:19.2px;width:87.04px;max-width:100%;"></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Note &#x2014; Because Contract Weight represents the notional dollar weighting of m1 and m2, the actual number of contracts of m1 and m2 will vary depending on their notional value.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">Where:</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:7pt;margin-top:7pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">RD</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">rem</FONT> = <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Roll Days Remaining</FONT> and is determined each Business Day as the number of remaining Business Days within a <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Roll Period</FONT> beginning with, and including, the following Business Day, and ending with, but excluding, the following CBOE VIX monthly Futures Settlement Date (usually a Wednesday). The number of business days does not consider, and therefore continues to include as Business Days, any new holidays introduced intra<FONT CLASS="nobreak">-month</FONT>, or unscheduled market closures.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:7pt;margin-top:7pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">RD</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">tot </FONT>= <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Roll Days Total</FONT> and is determined at the beginning of a new <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Roll Period </FONT>as the total number of Business Days within a <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Roll Period</FONT> beginning with, and including, the monthly CBOE VIX Futures Settlement Date (usually a Wednesday), and ending with, but excluding, the following CBOE VIX monthly Futures Settlement Date. The number of Business Days stays constant if a new holiday is introduced intra<FONT CLASS="nobreak">-month</FONT> after the CBOE VIX Futures Settlement Date, or in the case of an unscheduled market closure.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">22</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Note &#x2014; On each </FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">B</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">usiness </FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">D</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">ay a fraction of the theoretical portfolio&#x2019;s m1 VIX futures holding sold and an equal dollar notional amount of the longer dated m2 futures is bought. The fraction rolled each </FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">B</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">usiness </FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">D</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">ay is therefore proportional to the number of m1 futures contracts held on </FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">B</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">usiness </FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">D</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">ay t1 and inversely proportional to the number of days in the Roll Period RD</FONT><FONT CLASS="Italic---Sub" STYLE="font-style:italic;font-weight:normal;vertical-align:sub;font-size:58%;">tot</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">CP</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">m1,</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">t</FONT>= Contract Reference Price of the shortest dated monthly VIX Futures Contract (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">m1</FONT>) on any Business Day (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">t</FONT>) determined as the average of 180 &#x2018;last&#x2019; prices for <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">m1</FONT> taken every 5 seconds beginning 14 minutes and 55&#x00a0;seconds before the closing time of the regular trading session on the NYSE and ending at the closing time of the NYSE&#x00a0;&#x2014;&#x00a0;usually the average of every 5 seconds between 3.45.05 PM ET and 4.00.00 pm ET each Business Day.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="CharOverride-11" STYLE="font-style:italic;font-weight:normal;">CRP</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">m1,</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;">t</FONT><FONT CLASS="CharOverride-13" STYLE="font-size:58%;vertical-align:sub;">&#x2013;1</FONT><FONT CLASS="CharOverride-12" STYLE="font-size:58%;font-style:italic;font-weight:normal;vertical-align:sub;"> </FONT>= Contract Reference Price of the shortest dated monthly VIX Futures Contract (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">m1</FONT>) on the previous Business Day (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">t</FONT><FONT CLASS="nobreak"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">-1</FONT></FONT>) determined as the average of 180 &#x2018;last&#x2019; prices for <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">m1</FONT> taken every 5 seconds beginning 14 minutes and 55 seconds before the closing time of the regular trading session on the NYSE and ending at the closing time of the NYSE &#x2014; usually the average of every 5 seconds between 3.45.05 PM ET and 4.00.00 pm ET each Business Day.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;">The <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Roll Period</FONT> starts on the CBOE VIX Monthly Futures Settlement Date &#x2014; usually the Wednesday falling 30&#x00a0;calendar days before the S&amp;P 500 option expiration for the following month - and runs to the Tuesday prior to the subsequent month&#x2019;s CBOE VIX Monthly Futures Settlement Date. On the Business Day after the current roll period ends the following roll period begins.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">VIX Futures Contracts</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;">The Index is comprised of VIX futures contracts. VIX futures contracts were first launched for trading by the CBOE in 2004. VIX futures contracts allow investors to invest based on their view of the forward implied market volatility of the S&amp;P 500. Investors that believe the forward implied market volatility of the S&amp;P 500 will increase may buy VIX futures contracts. Conversely, investors that believe that the forward implied market volatility of the S&amp;P 500 will decline may sell VIX futures contracts.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;">While the VIX represents a measure of the current expected volatility of the S&amp;P 500 over the next 30 days, the prices of VIX futures contracts are based on the current expectation of the expected 30<FONT CLASS="nobreak">-day</FONT> volatility of the S&amp;P 500 on the expiration date of the futures contract. Since the VIX and VIX futures contracts are two distinctly different measures, the VIX and VIX futures contracts generally behave quite differently.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">An important consequence of the spot/forward relationship between the VIX and VIX futures contracts (and therefore between the VIX and the Fund) that investors should understand is that the price of a VIX futures contract can be lower, equal to or higher than the VIX, depending on whether the market expects volatility to be lower, equal to or higher in the 30</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-day</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> forward period covered by the VIX futures contract than in the 30</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-day</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> spot period covered by the VIX. Therefore the performance of VIX Futures contracts should be expected to be very different than the performance of the VIX as there is no direct relationship between the two measures. As a result, since the performance of the Fund is linked to the performance of the VIX futures contracts included in the Index, the Fund should be expected to perform very differently from the VIX.</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The VIX</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;">The VIX is an index designed to measure the implied volatility of the S&amp;P 500 over 30 days in the future. The VIX is calculated based on the prices of certain put and call options on the S&amp;P 500. The VIX is reflective of the premium paid by investors for certain options linked to the level of the S&amp;P 500.</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>During periods of rising investor uncertainty, including periods of market instability, the implied level of volatility of the S&amp;P 500 typically increases and, consequently, the prices of options linked to the S&amp;P 500 typically increase (assuming all other relevant factors remain constant or have negligible changes). This, in turn, causes the level of the VIX to increase.</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>During periods of declining investor uncertainty, the implied level of volatility of the S&amp;P 500 typically decreases and, consequently, the prices of options linked to the S&amp;P 500 typically decrease (assuming all other relevant factors remain constant or have negligible changes). This, in turn, causes the level of the VIX to decrease.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:6pt;margin-top:6pt;">Volatility, and the level of the VIX, can increase (or decrease) without warning. The VIX was developed by the CBOE and is calculated, maintained and published by the CBOE. The CBOE may change the methodology used to determine the VIX and has no obligation to continue to publish, and may discontinue the publication of, the VIX. The VIX is reported by Bloomberg Finance L.P. under the ticker symbol &#x201c;VIX.&#x201d;</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">23</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">The S&amp;P 500</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The S&amp;P 500 is an index that measures large<FONT CLASS="nobreak">-cap</FONT> U.S. stock market performance. It is a float<FONT CLASS="nobreak">-adjusted</FONT> market capitalization weighted index of 500 U.S. operating companies and real estate investment trusts selected by the S&amp;P U.S. Index Committee through a non<FONT CLASS="nobreak">-mechanical</FONT> process that factors in criteria such as liquidity, price, market capitalization and financial viability. Reconstitution occurs both on a quarterly and ongoing basis. S&amp;P publishes the S&amp;P 500. The daily calculation of the current value of the S&amp;P 500 is based on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular time compared to the aggregate average initial market value of the common stocks of 500 similar companies at the time of the inception of the S&amp;P 500. The 500 companies are not the 500 largest publicly traded companies and not all 500 companies are listed on the Exchange. S&amp;P chooses companies for inclusion in the S&amp;P 500 with the objective of achieving a distribution by broad industry groupings that approximates the distribution of these groupings in the common stock population of the U.S. equity market. S&amp;P may from time to time, in its sole discretion, add companies to, or delete companies from, the S&amp;P 500 to achieve the objectives stated above. Relevant criteria employed by S&amp;P include the viability of the particular company, the extent to which that company represents the industry group to which it is assigned, the extent to which the company&#x2019;s common stock is widely held and the market value and trading activity of the common stock of that company.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T20"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Information about the Index Licensor</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">THE FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY S&amp;P AND ITS AFFILIATES OR CBOE. S&amp;P AND CBOE MAKE NO REPRESENTATION, CONDITION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK MARKET PERFORMANCE AND/OR OF GROUPS OF ASSETS OR ASSET CLASSES AND/OR TO ACHIEVE ITS STATED OBJECTIVE AND/OR TO FORM THE BASIS OF A SUCCESSFUL INVESTMENT STRATEGY, AS APPLICABLE. S&amp;P&#x2019;S AND CBOE&#x2019;S ONLY RELATIONSHIP TO VS TRUST ON BEHALF OF ITS APPLICABLE SERIES AND VOLATILITY SHARES LLC IS THE LICENSING OF CERTAIN TRADEMARKS AND TRADE NAMES AND OF THE INDEX WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY S&amp;P AND CBOE WITHOUT REGARD TO VS TRUST ON BEHALF OF ITS APPLICABLE SERIES AND VOLATILITY SHARES LLC OR THE FUND. S&amp;P AND CBOE HAVE NO OBLIGATION TO TAKE THE NEEDS OF VS TRUST ON BEHALF OF ITS APPLICABLE SERIES AND VOLATILITY SHARES LLC OR THE OWNERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. S&amp;P AND CBOE ARE NOT ADVISORS TO THE FUND AND ARE NOT RESPONSIBLE FOR AND HAVE NOT PARTICIPATED IN THE DETERMINATION OF THE PRICES AND AMOUNT OF THE FUND OR THE TIMING OF THE ISSUANCE OR SALE OF THE FUND OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE FUND SHARES ARE TO BE CONVERTED INTO CASH. S&amp;P AND CBOE HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING, OR TRADING OF THE FUND.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">NEITHER S&amp;P, ITS AFFILIATES NOR THIRD PARTY LICENSORS, INCLUDING CBOE, GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND S&amp;P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS, INCLUDING CBOE, SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&amp;P AND CBOE MAKE NO WARRANTY, CONDITION OR REPRESENTATION, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VS TRUST ON BEHALF OF ITS APPLICABLE SERIES AND VOLATILITY SHARES LLC, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. S&amp;P AND CBOE MAKE NO EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR CONDITIONS, AND EXPRESSLY DISCLAIM ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AND ANY OTHER EXPRESS OR IMPLIED WARRANTY OR CONDITION WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&amp;P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS, INCLUDING CBOE, HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS) RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">24</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T21"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGY</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T22"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Investment Objective</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks daily investment results, before fees and expenses, that correspond to the performance of the Index for a single day. <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Fund does not seek to achieve its stated objective over a period</FONT> <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">greater than a single day. </FONT>A &#x201c;single day&#x201d; is measured from the time the Fund calculates its NAV to the time of the Fund&#x2019;s next NAV<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT>calculation.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Index measures the daily inverse performance of a portfolio of first and second month VIX futures contracts.  This theoretical portfolio is rolled each day to maintain a consistent time to maturity of the futures contracts. The Index is calculated daily at 4:00 p.m. (Eastern time) and at a value calculated from the average price for the futures contracts between 3:45 p.m. (Eastern time) and 4:00 p.m. (Eastern time). Through this price averaging process &#x2014; known as the Time Weighted Average Price (or TWAP) &#x2014; the Index is designed to exhibit a reduced sensitivity to instantaneous price fluctuations in the futures contracts.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the Fund is successful in meeting its objective, its value on a given day, before fees and expenses, should gain approximately as much on a percentage basis as the level of the Index. Conversely, its value on a given day, before fees and expenses, should lose approximately as much on a percentage basis as the level of the Index. </P>
		<TABLE CLASS="No-Table-Style TableOverride-1" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-39">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:1pt;border-left-width:1pt;border-right-width:1pt;border-top-width:1pt;padding-left:10pt;padding-right:10pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day because mathematical compounding prevents the Fund from achieving such results. Results for the Fund over periods of time greater than a single day should not be expected to be a simple return of the Index. The Fund&#x2019;s returns will likely differ in amount and possibly even direction from the inverse of either the VIX or a portfolio of short</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-term</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> VIX futures contracts over the same period. These differences can be significant. The Fund will lose money if the Index&#x2019;s performance is flat over time, and the Fund can lose money regardless of the performance of the Index, as a result of daily rebalancing, fees, the Index&#x2019;s volatility, compounding and other factors. Daily compounding of the Fund&#x2019;s investment returns can dramatically and adversely affect its longer</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-term</FONT></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> performance, especially during periods of high volatility. Volatility has a negative impact on the Fund&#x2019;s performance and may be at least as important to the Fund&#x2019;s return for a period as the return of the Index</FONT></P>
						<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Fund is benchmarked to the Index, which is a measurement of a hypothetical portfolio of first and second month VIX futures contracts. The Fund is not benchmarked to the inverse of the VIX, which is calculated based on the prices of put and call options on the S&amp;P 500.</FONT></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T23"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Principal Investment Strategies</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In seeking to achieve the Fund&#x2019;s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions that the Sponsor believes, in combination, should produce daily returns consistent with the Fund&#x2019;s objective.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund intends to meet its investment objective by taking short positions in first and second month VIX futures contracts, though it may invest in any one of, or combinations of, Financial Instruments (e.g., futures contracts, options contracts and swap transactions), such that the Fund typically has exposure intended to approximate the Index at the time of its NAV calculation.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">More specifically, in the event that accountability rules, price limits, position limits, margin limits or other exposure limits are reached with respect to VIX futures contracts, the Sponsor may cause the Fund to obtain exposure to the Index through the use of options contracts or swap transactions referencing the VIX futures contracts. The Fund may also invest in swaps if the market for a specific futures contract experiences emergencies (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.</FONT>, natural disaster, terrorist attack or an act of God) or disruptions (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.</FONT>, a trading halt or a flash crash) or in situations where the Sponsor deems it impractical or inadvisable to buy or sell futures contracts (such as during periods of market volatility or illiquidity).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund also may hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short<FONT CLASS="nobreak">-term</FONT> fixed<FONT CLASS="nobreak">-income</FONT> or similar securities (such as shares of money market funds) as collateral for Financial Instruments and pending investment in Financial Instruments.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">25</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund is not actively managed by traditional methods (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.,</FONT> by effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market conditions with a view toward obtaining positive results under all market conditions). The Fund seeks to remain fully invested at all times in Financial Instruments and money market instruments that, in combination, provide exposure to the Index consistent with its investment objective without regard to market conditions, trends or direction.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks to position its portfolio so that its exposure to the Index is consistent with its investment objective. The time and manner in which the Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. The impact of the Index&#x2019;s movements each day will affect whether the Fund&#x2019;s portfolio needs to be rebalanced and the amount of such rebalance.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The amount of exposure the Fund has to a specific combination of Financial Instruments may differ and may be changed without shareholder approval at any given time. Currently, the Fund seeks to be, under normal market conditions and absent any unforeseen circumstances, fully exposed to short positions in short<FONT CLASS="nobreak">-term</FONT> VIX futures contracts.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The amount of the Fund&#x2019;s exposure should be expected to change from time to time at the discretion of the Sponsor based on market conditions and other factors.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, the Sponsor has the power to change the Fund&#x2019;s investment objective, benchmark or investment strategy at any time, without shareholder approval, subject to applicable regulatory requirements.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Futures Contracts </FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A futures contract is a standardized contract traded on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of a particular underlying asset at a specified time and place or alternatively may call for cash settlement. Futures contracts are traded on a wide variety of underlying assets, including bonds, interest rates, agricultural products, stock indexes, currencies, energy, metals, economic indicators and statistical measures. The notional size and calendar term futures contracts on a particular underlying asset are identical and are not subject to any negotiation, other than with respect to price and the number of contracts traded between the buyer and seller. The Fund generally deposits cash and/or securities with an FCM for its open positions in futures contracts, which may, in turn, transfer such deposits to the clearinghouse to protect the clearing house against non<FONT CLASS="nobreak">-payment</FONT> by the Fund. The clearing house becomes substituted for each counterparty to a futures contract, and, in effect, guarantees performance. In addition, the FCM may require the Fund to deposit collateral in excess of the clearing house&#x2019;s margin requirements for the FCM&#x2019;s own protection.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Certain futures contracts, including stock index contracts, VIX futures contracts and certain commodity futures contracts settle in cash. The cash settlement amount reflects the difference between the contract purchase/sale price and the contract settlement price. The cash settlement mechanism avoids the potential for either side to have to deliver the underlying asset. For other futures contracts, the contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying asset or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. The difference between the price at which the futures contract is purchased or sold and the price paid for the offsetting sale or purchase, after allowance for brokerage commissions and exchange fees, constitutes the profit or loss to the trader.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Futures contracts involve, to varying degrees, elements of market risk and exposure to loss in excess of the amounts of variation margin, which are the amounts of cash that the Fund agrees to pay to or receive from FCMs equal to the daily fluctuation in the value of a futures contract. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the level of the underlying benchmark and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Fund since futures contracts are exchange traded and the exchange&#x2019;s clearing house, as counterparty to all exchange<FONT CLASS="nobreak">-traded</FONT> futures contracts, effectively guarantees futures contracts against default. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Fund to substantial losses. If trading is not possible or if the Fund determines not to close a futures position in anticipation of adverse price movements, the Fund may be required to make daily cash payments of variation margin.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">26</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Futures Account Agreements</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund has entered into a written agreement (each, a &#x201c;Futures Account Agreement&#x201d;) with one or more FCMs governing the terms of futures transactions of the Fund cleared by such FCM. Each FCM has its own agreement and other documentation used for establishing customer relationships. As such, the terms of the Futures Account Agreement and other documentation that the Fund has with a particular FCM may differ in material respects from that with another FCM.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Most Futures Account Agreements do not require the FCM to enter into new transactions or maintain existing transactions with the Fund. In general, each FCM is permitted to terminate its agreement with the Fund at any time in its sole discretion. In addition, an FCM generally will have the discretion to set margin requirements and/or position limits that would be in addition to any margin requirements and/or position limits required by applicable law, set by the exchange, or set by the clearing house that clears the futures contracts in which the Fund transacts. As a result, the Fund&#x2019;s ability to engage in futures transactions or maintain open positions in such contracts will be dependent on the willingness of its FCMs to continue to accept or maintain such transactions on terms that are economically appropriate for the Fund&#x2019;s investment strategy.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">When the Fund has an open futures contract position, it is subject to daily variation margin calls by an FCM that could be substantial in the event of adverse price movements. Because futures contracts may require only a small initial investment in the form of a deposit or margin, they may involve a high degree of leverage. A Fund with open positions is subject to maintenance or variance margin on its open positions. If the Fund has insufficient cash to meet daily variation margin requirements, it may need to sell Financial Instruments at a time when such sales are disadvantageous. Futures markets are highly volatile and the use of or exposure to futures contracts may increase volatility of the Fund&#x2019;s NAV.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Margin posted by the Fund to an FCM typically will be held by relevant exchange&#x2019;s clearing house (in the case of clearing house<FONT CLASS="nobreak">-required</FONT> margin) or the FCM (in the case of &#x201c;house&#x201d; margin requirements of the FCM). In the event that market movements favorable to the Fund result in the Fund having posted more margin than is required, the Fund typically would have a right to return of margin from the FCM. However, the timing of such return may be uncertain. As a result, it is possible that the Fund may face liquidity constraints including potential delays in its ability to pay redemption proceeds, where margin is not immediately returned by an FCM.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the event that the Fund fails to comply with its obligations under a Futures Account Agreement (including, for example, failing to deliver the margin required by an FCM on a timely basis), the Futures Account Agreement typically will provide the FCM with broad discretion to take remedial action against the Fund. Among other things, the FCM typically will have the right, upon the occurrence of such a failure by the Fund, to terminate any or all futures contracts in the Fund&#x2019;s account with that FCM, to sell the collateral posted as margin by the Fund, to close out any open positions of the Fund in whole or in part, and to cancel any or all pending transactions with the Fund. Futures Account Agreements typically provide that the Fund will remain liable for paying to the relevant FCM, on demand, the amount of any deficiency in the Fund&#x2019;s account with that FCM.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Futures Account Agreement between the Fund and an FCM generally requires the Fund to indemnify and hold harmless the FCM, its directors, officers, employees, agents and affiliates (collectively, &#x201c;indemnified persons&#x201d;) from and against all claims, damages, losses and costs (including reasonable attorneys&#x2019; fees) incurred by the indemnified persons, in connection with: (1) any failure by the Fund to perform its obligations under the Futures Account Agreement and the FCM&#x2019;s exercise of its rights and remedies thereunder; (2) any failure by the Fund to comply with applicable law; (3) any action reasonably taken by the indemnified persons pursuant to the Futures Account Agreement to comply with applicable law; and (4) any actions taken by the FCM in reliance on instructions, notices and other communications that the FCM and its relevant personnel, as applicable, reasonably believes to originate from a person authorized to act on behalf of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">To the extent that the Fund trades in futures contracts on U.S. exchanges, the assets deposited by the Fund with the FCMs (or another eligible financial institution, as applicable) as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may be invested only in a limited range of instruments &#x2014; principally U.S. government obligations to margin futures and forward contract positions.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund currently uses each of the following firms as an FCM: Advantage Futures LLC, [insert name] and [insert name]. The FCMs used by the Fund may change from time to time. The above discussion relating to an </P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">27</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;">FCM also would apply to other firms that serve as an FCM to the Fund in the future. Each FCM in its capacity as a registered FCM, serves as a clearing broker to the Trust and the Fund and certain other funds of the Trust and as such arranges for the execution and clearing of the Fund&#x2019;s futures transactions. Each FCM acts as clearing broker for many other funds and individuals. A variety of executing brokers may execute futures transactions on behalf of the Fund. The executing brokers will give<FONT CLASS="nobreak">-up</FONT> all such transactions to an FCM as applicable. Each FCM is registered as an FCM with the CFTC, is a member of the NFA and a clearing member of the CBOT, CME, NYMEX, or another major U.S. commodity exchange. No FCM is affiliated with or acts as a supervisor of the Trust, the Fund, the Sponsor, the Sub<FONT CLASS="nobreak">-Adviser</FONT>, the Trustee, the Administrator, Sub<FONT CLASS="nobreak">-Administrator</FONT>, Transfer Agent, or the Custodian. No FCM acts as an underwriter or sponsor of the offering of the Shares, or has passed upon the merits of participating in this offering or has passed upon the adequacy of this Prospectus or on the accuracy of the information contained herein. No FCM provides any commodity trading advice regarding the Fund&#x2019;s trading activities. Investors should not rely upon an FCM in deciding whether to invest in the Fund or retain their interests in the Fund. Prospective investors should also note that the Sponsor may select additional clearing brokers or replace any FCM as the Fund&#x2019;s clearing broker.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Options</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market. Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund&#x2019;s orders to close out open options positions.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Swap Agreements</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Swaps are contracts that have traditionally been entered into primarily by institutional investors in OTC markets for a specified period ranging from a day to many years. Certain types of swaps may be cleared, and certain types are, in fact, required to be cleared. The types of swaps that may be cleared are generally limited to only swaps where the most liquidity exists and a clearing organization is willing to clear the trade on standardized terms. Swaps with customized terms or those for which significant market liquidity does not exist are generally not able to be cleared.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In a standard swap transaction, the parties agree to exchange the returns on, among other things, a particular predetermined security, commodity, interest rate, or index for a fixed or floating rate of return (the &#x201c;interest rate leg,&#x201d; which will also include the cost of borrowing for short swaps) in respect of a predetermined notional amount. The notional amount of the swap reflects the extent of the Fund&#x2019;s total investment exposure under the swap.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the case of futures contracts<FONT CLASS="nobreak">-based</FONT> indexes, such as those used by the Fund, the reference interest rate typically is zero, although a financing spread or fee is generally still applied. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to the notional amount and the benchmark returns to which the swap is linked. Swaps are usually closed out on a net basis, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the two payment streams are netted out in a cash settlement on the payment date specified in the agreement, with the parties receiving or paying, as the case may be, only the net amount of the </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">28</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">two payments. Thus, while the notional amount reflects the Fund&#x2019;s total investment exposure under the swap (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the entire face amount or principal of a swap), the net amount is the Fund&#x2019;s current obligations (or rights) under the swap. That is the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement on any given termination date.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Swaps may also expose the Fund to liquidity risk. Although the Fund may have the ability to terminate a swap at any time, doing so may subject the Fund to certain early termination charges. In addition, there may not be a liquid market within which to dispose of an outstanding swap even if a permitted disposal might avoid an early termination charge. Uncleared swaps generally are not assignable except by agreement between the parties to the swap, and generally no party or purchaser has any obligation to permit such assignments.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Swaps involve, to varying degrees, elements of market risk and exposure to loss in excess of the amount which would be reflected on the Fund&#x2019;s Statement of Financial Condition. In addition to market risk and other risks, the use of swaps also comes with counterparty credit risk &#x2014; <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the inability of a counterparty to a swap to perform its obligations. A Fund that invests in swaps bears the risk of loss of the net amount, if any, expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. The Fund enters or intends to enter into swaps only with major, global financial institutions. However, there are no limitations on the percentage of its assets the Fund may invest in swaps with a particular counterparty.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A Fund that invests in swaps may use various techniques to minimize counterparty credit risk. A Fund that invests in swaps generally enters into arrangements with its counterparties whereby both sides exchange collateral on a mark<FONT CLASS="nobreak">-to-market</FONT> basis. In addition, the Fund may post &#x201c;initial margin&#x201d; or &#x201c;independent amount&#x201d; to counterparties in swaps. Such collateral serves as protection for the counterparty in the event of a failure by the Fund and is in addition to any mark<FONT CLASS="nobreak">-to-market</FONT> collateral that (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the Fund may post initial margin to the counterparty even where the counterparty would owe money to the Fund if the swap were to be terminated). The amount of initial margin posted by the Fund may vary depending on the risk profile of the swap. The collateral, whether for mark<FONT CLASS="nobreak">-to-market</FONT> or for initial margin, generally consists of cash and/or securities.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Collateral posted by the Fund to a counterparty in connection with uncleared derivatives transactions is generally held for the benefit of the counterparty in a segregated tri<FONT CLASS="nobreak">-party</FONT> account at a third<FONT CLASS="nobreak">-party</FONT> custodian to protect the counterparty against non<FONT CLASS="nobreak">-payment</FONT> by the Fund. In the event of a default by the Fund where the counterparty is owed money in the uncleared swap transaction, such counterparty will seek withdrawal of this collateral from the segregated account.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Collateral posted by the counterparty to the Fund is typically held for the benefit of the Fund in a segregated tri<FONT CLASS="nobreak">-party</FONT> account at a third<FONT CLASS="nobreak">-party</FONT> custodian. In the event of a default by the counterparty where the Fund is owed money in the uncleared swap transaction, the Fund will seek withdrawal of this collateral from the segregated account. The Fund may incur certain costs exercising its right with respect to the collateral.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Notwithstanding the use of collateral arrangements, to the extent any collateral provided to the Fund is insufficient or there are delays in accessing the collateral, the Fund will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Money Market Instruments</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Money market instruments are short<FONT CLASS="nobreak">-term</FONT> debt instruments that have a remaining maturity of 397 days or less and exhibit high quality credit profiles. Money market instruments may include U.S. government securities, securities issued by governments of other developed countries and repurchase agreements.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">U.S. Derivatives Exchanges</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Derivatives exchanges, including swap execution facilities that are required under the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act, provide centralized market facilities for trading derivatives in which multiple persons have the ability to execute or trade contracts by accepting bids and offers from multiple participants. Members of, and trades executed on, a particular exchange are subject to the rules of that exchange. Among the principal exchanges in the United States are the CBOE (which includes the CBOE Futures Exchange (the &#x201c;CFE&#x201d;)), the Chicago Mercantile Exchange (&#x201c;CME&#x201d;) (which includes, among others, the Chicago Board of Trade (&#x201c;CBOT&#x201d;) and the New York Mercantile Exchange (the &#x201c;NYMEX&#x201d;) and the Intercontinental Exchange (&#x201c;ICE&#x201d;)).</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">29</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Each derivatives exchange in the United States has an associated &#x201c;clearing house.&#x201d; Clearing houses provide services designed to transfer credit risk and ensure the integrity of trades. Once trades between members of an exchange have been confirmed and/or cleared, the clearing house becomes substituted for each buyer and each seller of contracts traded on the exchange and, in effect, becomes the other party to each trader&#x2019;s open position in the market. Thereafter, each party to a trade looks only to the clearing house for performance. The clearing house generally establishes some sort of security or guarantee fund to which all clearing members of the exchange must contribute. This fund acts as an emergency buffer which is intended to enable the clearing house to meet its obligations with regard to the other side of an insolvent clearing member&#x2019;s contracts. Furthermore, clearing houses require margin deposits and continuously mark positions to market to provide some assurance that their members will be able to fulfil their contractual obligations. Thus, members effecting derivatives transactions on an organized exchange or clearing an OTC derivatives transaction through a clearing house do not bear the risk of the insolvency of the party on the opposite side of the trade; their credit risk is limited to the respective solvencies of their commodity broker and the clearing house. The clearing house &#x201c;guarantee&#x201d; of performance on open positions does not run to customers. If a member firm goes bankrupt, customers could lose money.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the Fund decides to execute derivatives transactions through such derivatives exchanges &#x2014; and especially if it decides to become a direct member of one or more exchanges or swap execution facilities &#x2014; the Fund would be subject to the rules of the exchange or swap executive facility, which would bring additional risks and liabilities, and potential additional regulatory requirements.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Regulations</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Derivatives exchanges in the United States are subject to regulation under the CEA, by the CFTC, the governmental agency having responsibility for regulation of derivatives exchanges and trading on those exchanges. Following the adoption of the Dodd<FONT CLASS="nobreak">-Frank</FONT> Act, the CFTC also has authority to regulate OTC derivatives markets, including certain OTC foreign exchange markets.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The CFTC has exclusive authority to designate exchanges for the trading of specific futures contracts and to prescribe rules and regulations of the marketing of each. The CFTC also regulates the activities of &#x201c;commodity pool operators&#x201d; and the CFTC has adopted regulations with respect to certain of such persons&#x2019; activities. Pursuant to its authority, the CFTC requires a commodity pool operator, such as the Sponsor, to keep accurate, current and orderly records with respect to each pool it operates. The CFTC may suspend, modify or terminate the registration of any registrant for failure to comply with CFTC rules or regulations. Suspension, restriction or termination of the Sponsor&#x2019;s registration as a commodity pool operator would prevent it, until such time (if any) as such registration were to be reinstated, from managing, and might result in the termination of the Fund. If the Sponsor were unable to provide services and/or advice to the Fund, the Fund would be unable to pursue its investment objective unless and until the Sponsor&#x2019;s ability to provide services and advice to the Fund was reinstated or a replacement for the Sponsor as commodity pool operator could be found. Such an event could result in termination of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The CEA requires all FCMs to meet and maintain specified fitness and financial requirements, segregate customer funds from proprietary funds and account separately for all customers&#x2019; funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC. </P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The CEA also gives the states certain powers to enforce its provisions and the regulations of the CFTC.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under certain circumstances, the CEA grants shareholders the right to institute a reparations proceeding before the CFTC against the Sponsor (as a registered commodity pool operator), an FCM, as well as those of their respective employees who are required to be registered under the CEA. Shareholders may also be able to maintain a private right of action for certain violations of the CEA.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Pursuant to authority in the CEA, the NFA has been formed and registered with the CFTC as a registered futures association. At the present time, the NFA is the only self<FONT CLASS="nobreak">-regulatory</FONT> organization for commodities professionals other than exchanges. As such, the NFA promulgates rules governing the conduct of commodity professionals and disciplines those professionals that do not comply with such standards. The CFTC has delegated to the NFA responsibility for the registration of commodity pool operators, FCMs, swap dealers, commodity trading advisors, introducing brokers and their respective associated persons and floor brokers. The Sponsor is a member of the NFA (the Fund itself is not required to become members of the NFA). As an NFA member, the Sponsor is subject to NFA standards relating to fair trade practices, financial condition, and consumer protection. </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">30</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The CEA and CFTC regulations prohibit market abuse and generally require that all futures exchange<FONT CLASS="nobreak">-based</FONT> trading be conducted in compliance with rules designed to ensure the integrity of market prices and without any intent to manipulate prices. CFTC regulations and futures exchange rules also impose limits on the size of the positions that a person may hold or control as well as standards for aggregating certain positions. The rules of the CFTC and the futures exchanges also authorize special emergency actions to halt, suspend or limit trading overall or to restrict, halt, suspend or limit the trading of an individual trader or to otherwise impose special reporting or margin requirements.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund&#x2019;s investments in Financial Instruments will be subject to regulation under the CEA and traded pursuant to CFTC and applicable exchange regulations.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Daily Limits</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Most U.S. futures exchanges (but generally not foreign exchanges or banks or dealers in the cases of swap agreements) limit the amount of fluctuation in some futures contract or options contract prices during a single day by regulations. These regulations specify what are referred to as &#x201c;daily price fluctuation limits&#x201d; or more commonly &#x201c;daily limits.&#x201d; Once the daily limit has been reached in a particular futures contract, no trades may be made at a price beyond that limit.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Margin</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">&#x201c;Initial&#x201d; or &#x201c;original&#x201d; margin is the minimum dollar amount that a counterparty to a cleared derivatives contract must deposit with its commodity broker in order to establish an open position. &#x201c;Maintenance&#x201d; or &#x201c;variation&#x201d; margin is the amount (generally less than initial margin) to which a trader&#x2019;s account may decline before he must deliver additional margin so as to maintain open positions. A margin deposit is like a cash performance bond. It helps assure the futures trader&#x2019;s performance of the futures contracts he purchases or sells.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The minimum amount of margin required in connection with a particular futures contract is set by the exchange on which such contract is traded and is subject to change at any time during the term of the contract. Futures contracts are customarily bought and sold on margins that represent a percentage of the aggregate purchase or sales price of the contract.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Brokerage firms may require higher amounts of margin than exchange minimums. These requirements may change without warning.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Margin requirements are computed each day or intraday by a commodity broker and the relevant exchange. At the close of each trading day or intraday, each open futures contract is marked to market, that is, the gain or loss on the position is calculated from the prior day&#x2019;s close. When the market value of a particular open futures contract position changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the commodity broker. If the margin call is not met within a reasonable time, the broker may close out the customer&#x2019;s position.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">31</P>




	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T24"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PERFORMANCE OF THE OFFERED COMMODITY POOLS OPERATED BY <BR> THE COMMODITY POOL OPERATOR</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">The following performance information is presented in accordance with CFTC regulations</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">All summary performance information is as of December<FONT CLASS="nobreak"> </FONT>31, 2019. Performance information is set forth, in accordance with CFTC regulations, since the Fund&#x2019;s inception of trading. As a newly operating Fund, the Fund does not yet have any accounting or performance history.</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Name of Pool</FONT>:</P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">-1x Short VIX Futures ETF</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Type of Pool:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Public, Exchange<FONT CLASS="nobreak">-listed</FONT> Commodity Pool</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">Date of Inception of Trading:</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[insert]</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Aggregate Gross Capital Subscriptions<FONT CLASS="Super" STYLE="vertical-align:super;font-size:58%;">1</FONT> as of December<FONT CLASS="nobreak"> </FONT>31, 2019</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">N/A</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Aggregate Net Capital Subscriptions<FONT CLASS="Super" STYLE="vertical-align:super;font-size:58%;">2</FONT> as of December<FONT CLASS="nobreak"> </FONT>31, 2019</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">N/A</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">Net Asset Value as of December</FONT><FONT CLASS="nobreak" STYLE="font-size:9pt;"> </FONT><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">31, 2019</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">N/A</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Net Asset Value per Share<FONT CLASS="Super" STYLE="vertical-align:super;font-size:58%;">3</FONT> as of December<FONT CLASS="nobreak"> </FONT>31, 2019</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[insert]</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Worst Monthly Loss:<FONT CLASS="Super" STYLE="vertical-align:super;font-size:58%;">4</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">N/A</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 59.78%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Worst Peak<FONT CLASS="nobreak">-to-Valley</FONT> Loss:<FONT CLASS="Super" STYLE="vertical-align:super;font-size:58%;">5</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.94%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">N/A</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">See accompanying Footnotes to Performance Information.</FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Footnotes to Performance Information</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;text-indent:-24pt;margin-top:8pt;">1.&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x201c;Aggregate Gross Capital Subscriptions&#x201d; is the aggregate of all amounts ever contributed to the pool, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">including</FONT> those of investors who subsequently redeemed their investments.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;text-indent:-24pt;margin-top:8pt;">2.&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x201c;Aggregate Net Capital Subscriptions&#x201d; is the aggregate of all amounts ever contributed to the pool, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">excluding</FONT> those of investors who subsequently redeemed their investments.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;text-indent:-24pt;margin-top:8pt;">3.&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x201c;Net Asset Value per Share&#x201d; is the net asset value, based on the pricing policies of the Trust and determined in accordance with Generally Accepted Accounting Principles (&#x201c;GAAP&#x201d;), of the pool divided by the total number of Shares outstanding as of December<FONT CLASS="nobreak"> </FONT>31, 2019. </P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;text-indent:-24pt;margin-top:8pt;">4.&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0; &#x201c;Worst Monthly Loss&#x201d; is the largest single month loss sustained during the most recent five calendar years and year<FONT CLASS="nobreak">-to-date</FONT> (or since inception of the Fund, if the Fund has had less than five calendar years of performance), expressed as a percentage. &#x201c;Loss&#x201d; as used in this section of the Prospectus means losses experienced by the relevant pool over the specified period and is calculated on a rate of return basis, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, dividing net performance by beginning equity. Loss is measured on the basis of monthly returns only, and does not reflect intra<FONT CLASS="nobreak">-month</FONT> figures.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;text-indent:-24pt;margin-top:8pt;">5.&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x201c;Worst Peak<FONT CLASS="nobreak">-to-Valley</FONT> Loss&#x201d; is the largest percentage decline in Net Asset Value per Share over the most recent five calendar years and year to date (or since inception of the Fund, if the Fund has had less than five calendar years of performance). This need not be a continuous decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns. Worst Peak<FONT CLASS="nobreak">-to-Valley</FONT> Loss represents the greatest percentage decline from any month<FONT CLASS="nobreak">-end</FONT> Net Asset Value per Share that occurs without such month<FONT CLASS="nobreak">-end</FONT> Net Asset Value per Share being equalled or exceeded as of a subsequent month<FONT CLASS="nobreak">-end</FONT>. A Peak<FONT CLASS="nobreak">-to-Valley</FONT> loss that begins prior to the beginning of the most recent five calendar years and ends within the most recent five calendar year period is deemed to have occurred during such five calendar year period.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">32</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T25"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">MANAGEMENT&#x2019;S DISCUSSION AND ANALYSIS OF <BR>FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As a newly operating Fund, the Fund does not yet have any accounting or performance history.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T26"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">CHARGES</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T27"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Breakeven Table</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The projected twelve month breakeven analysis for the Fund is set forth in the Breakeven Table below. For purposes of calculating the amounts in the Breakeven Table for the Fund, the analysis assumes that the constant NAV is equal to the amount shown. This amount approximates the NAV of such Shares on <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[insert date]</FONT>.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Dollar Amount and Percentage of Expenses</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" COLSPAN="3" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 30.77%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">-1x Short VIX Futures ETF</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">Expenses</FONT><FONT CLASS="superscript" STYLE="vertical-align:super;font-size:58%;">(1)</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">$</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="bold" STYLE="font-style:normal;font-weight:bold;">%</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Selling price per share</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">15.00</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Management fee</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.20</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">1.35</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Brokerage commissions and fees</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.07</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.44</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody-ind_1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:20pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Variable create/redeem fees<FONT CLASS="superscript" STYLE="vertical-align:super;font-size:58%;">(2)</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.00</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.00</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Other expenses<FONT CLASS="superscript" STYLE="vertical-align:super;font-size:58%;">(3)</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.04</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.29</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Total fees and expenses</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.31</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">2.08</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Interest income<FONT CLASS="superscript" STYLE="vertical-align:super;font-size:58%;">(4)</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.00</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.00</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-9" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 67.95%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Amount of trading income required for the NAV at the end of one year to equal&#x00a0;the initial selling price per share (12-Month breakeven)<FONT CLASS="superscript" STYLE="vertical-align:super;font-size:58%;">(5)</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 14.10%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">0.31</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">2.08</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Tablefootnotef" STYLE="margin-top: 0in;  border: none; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">____________</P><P CLASS="Tablefootnote_f" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:10pt;">(1)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;The breakeven analysis set forth in this table assumes that the Shares have a constant NAV equal to the amount shown. This amount approximates the NAV of such Shares on <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[insert date]</FONT>. The actual NAV of the Fund differs and is likely to change on a daily basis. The numbers provided in this chart have been rounded to the nearest 0.01. The breakeven analysis reflects all fees and expenses, including estimated rebalancing expenses that are anticipated to be incurred by the Fund during a year of an investor&#x2019;s investment.</P>
		<P CLASS="Tablefootnote_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:0pt;">(2)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Authorized Participants are generally required to pay variable create and redeem fees of up to 0.20% of the value of each order they place. These variable transaction fees offset brokerage commissions incurred by the Fund and are reflected in &#x201c;Brokerage commissions and fees.&#x201d; Please see <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Creation and Redemption of Shares &#x2014; Creation and Redemption Transaction Fee.&#x201d;</FONT></P>
		<P CLASS="Tablefootnote_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:0pt;">(3)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Other Fund Fees and Expenses are an estimate based on an allocation to the Fund of the total estimated expenses anticipated to be incurred by the Trust on behalf of the Fund, net of any expenses or sponsor fee waived by the Sponsor, and include: Professional fees (primarily legal, auditing and tax<FONT CLASS="nobreak">-preparation</FONT> related costs); Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Distributor, costs related to regulatory compliance activities and other costs related to the trading activities of the Fund); Business Permits and Licenses; General and Administrative expenses (primarily insurance and printing), and Other Expenses. The expenses presented are based on estimated expenses for the current fiscal year, and do not represent the maximum amounts payable under the contracts with third<FONT CLASS="nobreak">-party</FONT> service providers. The per<FONT CLASS="nobreak">-share</FONT> cost of these fixed or estimated fees has been calculated assuming that the Fund has $50<FONT CLASS="nobreak"> </FONT>million in assets. The Sponsor can elect to pay (or waive reimbursement for) certain fees or expenses that would generally be paid by the Fund, although it has no contractual obligation to do so. Any election to pay or waive reimbursement for fees and expenses that would generally be paid by the Fund can be changed at the discretion of the Sponsor.</P>
		<P CLASS="Tablefootnote_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:0pt;">(4)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Based on applying a haircut to the average three month Treasury Bill rate for the quarter ended <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[insert date]</FONT>.</P>
		<P CLASS="Tablefootnote_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:0pt;">(5)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Investors may pay customary brokerage commissions in connection with purchases of the Shares. Because such brokerage commission rates will vary from investor to investor, such brokerage commissions have not been included in the Breakeven Table. Investors are encouraged to review the terms of their brokerage accounts for applicable charges. The breakeven amount reflected in the Breakeven Table reflects the breakeven amount for investors in the secondary market. The breakeven amount for each Authorized Participant is equal to the sum of the breakeven amount for the Fund plus the amount of transaction fees paid by each Authorized Participant for the Fund.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">33</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Management Fee</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund pays the Sponsor a management fee (the &#x201c;Management Fee&#x201d;), monthly in arrears, in an amount equal to <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">1.35</FONT>% per annum of its average daily net assets. &#x201c;Average daily net assets&#x201d; is calculated by dividing the month<FONT CLASS="nobreak">-end</FONT> net assets of the Fund by the number of calendar days in such month.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">No other Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Sponsor&#x2019;s trading advisory services and the other services provided to the Fund that the Sponsor pays directly.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Licensing and Index Calculation Fee</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund pays S&amp;P and the CBOE a licensing fee for use of the Index as the index for the Fund and related data.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Recurring and Non-Recurring Fees and Expenses</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund pays all of its fees and expenses, including recurring, non<FONT CLASS="nobreak">-recurring</FONT>, routine and unusual fees and expenses.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Selling Commission</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a customary commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges. The price at which an Authorized Participant sells a Share may be higher or lower than the price paid by such Authorized Participant in connection with the creation of such Share in a Creation Unit.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Brokerage Commissions and Fees</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund pays all of its respective brokerage commissions, including applicable exchange fees, NFA fees and give<FONT CLASS="nobreak">-up</FONT> fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for the Fund&#x2019;s investments in CFTC regulated investments. On average, total charges paid to FCMs are expected to be less than $7.00 per round<FONT CLASS="nobreak">-turn</FONT> trade, although brokerage commissions and trading fees are determined on a contract<FONT CLASS="nobreak">-by-contract</FONT> basis. The Fund bears other transaction costs including the effects of trading spreads and financing costs/fees, if any, associated with the use of Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short<FONT CLASS="nobreak">-term</FONT> fixed<FONT CLASS="nobreak">-income</FONT> or similar securities (such as shares of money market funds).</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">34</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T28"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The following discussion describes the material U.S. federal (and certain state and local) income tax considerations associated with the purchase, ownership and disposition of Shares as of the date hereof by U.S. Shareholders (as defined below) and non<FONT CLASS="nobreak">-U</FONT>.S. Shareholders (as defined below). Except where noted, this discussion deals only with Shares held as capital assets by shareholders who acquired Shares by purchase and does not address special situations, such as those of:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>dealers in securities or commodities;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>financial institutions;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>regulated investment companies;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>real estate investment trusts;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>partnerships and persons in their capacity as partners;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>tax<FONT CLASS="nobreak">-exempt</FONT> organizations;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>insurance companies;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>persons holding Shares as a part of a hedging, integrated or conversion transaction or a straddle;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>accrual method taxpayers subject to special tax accounting rules as a result of their use of financial statements;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>traders in securities that elect to use a mark<FONT CLASS="nobreak">-to-market</FONT> method of accounting for their securities holdings; or</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>persons liable for alternative minimum tax.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Furthermore, the discussion below is based upon the provisions of the Code, the Regulations, and administrative and judicial interpretations thereof, all as of the date hereof, and such authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those described below.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A &#x201c;U.S. Shareholder&#x201d; of Shares means a beneficial owner of Shares that is for U.S. federal income tax purposes:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>an individual that is a citizen or resident of the United States;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>a corporation (or other entity taxable as a corporation) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>an estate the income of which is subject to U.S. federal income taxation regardless of its source; or</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>a trust if it (1) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of such trust or (2) has a valid election in effect under applicable Regulations to be treated as a U.S. person.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A &#x201c;non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder&#x201d; of Shares means a beneficial owner of Shares that is for U.S. federal income tax purposes:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>an individual that is a non<FONT CLASS="nobreak">-resident</FONT> alien;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>a foreign corporation;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>a foreign estate; or</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>a foreign trust.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If an investor is a partner of a partnership holding Shares, the Trust urges such investor to consult its own tax advisor.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">35</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">No statutory, administrative or judicial authority directly addresses the treatment of Shares or instruments similar to Shares for U.S. federal income tax purposes. As a result, the Trust cannot assure investors that the IRS or the courts will agree with the tax consequences described herein. A different treatment from that described below could adversely affect the amount, timing and character of income, gain or loss in respect of an investment in the Shares.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">If an investor is considering the purchase of Shares, the Trust urges investors to consult their own tax advisor concerning the particular U.S. federal income tax consequences to investors of the purchase, ownership and disposition of Shares, as well as any consequences to investors arising under the laws of any other taxing jurisdiction</FONT>.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T29"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Status of the Fund</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under Section 7704 of the Code, unless certain exceptions apply, a publicly traded partnership is generally treated and taxed as a corporation, and not as a partnership, for U.S. federal income tax purposes. A partnership is a publicly traded partnership if (1) interests in the partnership are traded on an established securities market or (2)&#x00a0;interests in the partnership are readily tradable on a secondary market or the substantial equivalent thereof. The Fund is a publicly traded partnership. If 90% or more of the income of a publicly traded partnership during each taxable year consists of &#x201c;qualifying income&#x201d; and the partnership is not required to register under the 1940 Act, it will be treated as a partnership, and not as an association or publicly traded partnership taxable as a corporation, for U.S.&#x00a0;federal income tax purposes (the &#x201c;qualifying income exception&#x201d;). Qualifying income includes dividends, interest, capital gains from the sale or other disposition of stocks and debt instruments and, in the case of a partnership a principal activity of which is the buying and selling of commodities or certain positions with respect to commodities, income and gains derived from certain swap agreements or regulated futures or forward contracts with respect to commodities. The Fund anticipates that at least 90% of its gross income for each taxable year will constitute qualifying income within the meaning of Section 7704(d) of the Code.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Chapman and Cutler LLP has acted as counsel to the Trust in connection with this registration statement. Under current law and assuming full compliance with the terms of the Trust Agreement (and other relevant documents) and based on factual representations made by the Fund, in the opinion of Chapman and Cutler LLP, the Fund is classified as a partnership for U.S. federal income tax purposes. The factual representations upon which Chapman and Cutler LLP has relied are: (1) the Fund has not elected and will not elect to be treated as a corporation for U.S. federal income tax purposes; and (2) for each taxable year, 90% or more of the Fund&#x2019;s gross income has been and is expected to continue to be qualifying income. Shareholders should be aware that opinions of counsel are not binding on the IRS, and no assurance can be given that the IRS will not challenge the conclusions set forth in such opinion. The Sponsor will use its best efforts to operate the Fund in such manner as is necessary for the Fund to continue to meet the qualifying income exception.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">While it is expected that the Fund will operate so that it will qualify to be treated for U.S. federal income tax purposes as a partnership, and not as an association or a publicly traded partnership taxable as a corporation, given the highly complex nature of the rules governing partnerships, the ongoing importance of factual determinations, the lack of direct guidance with respect to the application of tax laws to the activities the Fund is undertaking and the possibility of future changes in the Fund&#x2019;s circumstances, it is possible that the Fund will not so qualify for any particular year. Chapman and Cutler LLP has no obligation to advise the Fund or its shareholders of any subsequent change in the matters stated, represented or assumed, or of any subsequent change in the applicable law. The Fund&#x2019;s taxation as a partnership depends on the Fund&#x2019;s ability to meet, on a continuing basis, through actual operating results, the qualifying income exception, the compliance of which will not be reviewed by Chapman and Cutler LLP. Accordingly, no assurance can be given that the actual results of the Fund&#x2019;s operations for any taxable year will satisfy the qualifying income exception.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If for any reason the Fund becomes taxable as a corporation for U.S. federal income tax purposes, the Fund&#x2019;s items of income and deduction would not pass through to the Fund&#x2019;s shareholders and shareholders would be treated for U.S. federal income tax purposes as stockholders in a corporation. The Fund would be required to pay income tax at corporate rates on its net income. Distributions by the Fund to the shareholders would constitute dividend income taxable to such shareholders, to the extent of the Fund&#x2019;s earnings and profits, and the payment of these distributions would not be deductible by the Fund. These consequences would have a material adverse effect on the Fund, the Fund&#x2019;s shareholders and the value of the Shares.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">36</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If at the end of any taxable year the Fund fails to meet the qualifying income exception, the Fund may still qualify as a partnership if the Fund is entitled to relief under the Code for an inadvertent termination of partnership status. This relief will be available if (1) the failure is cured within a reasonable time after discovery, (2) the failure is determined by the IRS to be inadvertent, and (3) the Fund agrees to make such adjustments or to pay such amounts as are determined by the IRS. It is not possible to state whether the Fund would be entitled to this relief in any or all circumstances. It also is not clear under the Code whether this relief is available for the Fund&#x2019;s first taxable year as a publicly traded partnership. If this relief provision is not applicable to a particular set of circumstances involving the Fund, it will not qualify as a partnership for U.S. federal income tax purposes. Even if this relief provision applies and the Fund retains its partnership qualification, the Fund or its shareholders (during the failure period) will be required to pay such amounts as determined by the IRS.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The remainder of this discussion assumes that the Fund qualifies to be taxed as a partnership for U.S. federal income tax purposes.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T30"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">U.S. Shareholders</FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Treatment of Fund Income</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A partnership generally does not incur U.S. federal income tax liability. Instead, each partner of a partnership is required to take into account its share of items of income, gain, loss, deduction and other items of the partnership. Accordingly, each shareholder in the Fund is required to include in income its allocable share of the Fund&#x2019;s income, gain, loss, deduction and other items for the Fund&#x2019;s taxable year ending with or within its taxable year. In computing a partner&#x2019;s U.S. federal income tax liability, such items must be included, regardless of whether cash distributions are made by the partnership. Thus, shareholders in the Fund may be required to take into account taxable income without a corresponding current receipt of cash if the Fund generates taxable income but does not make cash distributions in an amount equal to, or if the shareholder is not able to deduct, in whole or in part, such shareholder&#x2019;s allocable share of the Fund&#x2019;s expenses or capital losses. The Fund&#x2019;s taxable year ends on December 31 unless otherwise required by law. The Fund uses the accrual method of accounting.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Shareholders must take into account their share of ordinary income realized by the Fund&#x2019;s investments, including from accruals of interest on the U.S. Treasury securities or other cash and cash equivalents held in the Fund&#x2019;s portfolio. The Fund may hold U.S. Treasury securities or other debt instruments with &#x201c;acquisition discount&#x201d; or &#x201c;original issue discount,&#x201d; in which case shareholders in the Fund are required to include accrued amounts in taxable income on a current basis even though receipt of those amounts may occur in a subsequent year. The Fund may also acquire</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Treasury securities with &#x201c;market discount.&#x201d; Upon disposition of such obligations, gain would generally be required to be treated as interest income to the extent of the market discount, and shareholders in the Fund would be required to include as ordinary income their share of such market discount that accrued during the period the obligations were held by the Fund. Income or loss from transactions involving certain derivative instruments, such as periodic and certain non<FONT CLASS="nobreak">-periodic</FONT> payments in swap transactions, will also generally constitute ordinary income or loss and may result in recognition of taxable income to a U.S. Shareholder on a current basis even though receipt of those amounts may occur in a subsequent year.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The character and timing of income that the Fund earns from the positions in its investment strategy depends on the particular U.S. federal income tax treatment of each such position. The U.S. federal income tax treatment of certain positions is not always clear, and the IRS and the U.S. Congress (&#x201c;Congress&#x201d;) sometimes take steps which change the manner in which certain positions are taxed. For example, the IRS has issued guidance indicating that a position that certain taxpayers were previously accounting for as prepaid forward contracts for U.S. federal income tax purposes should, instead, be accounted for under the U.S. federal income tax rules for non<FONT CLASS="nobreak">-dollar</FONT> denominated debt instruments. The IRS has also released a Notice (the &#x201c;IRS Notice&#x201d;) seeking comments from practitioners about the application of U.S. federal income tax rules to certain derivative positions, including derivative positions in commodities. The IRS Notice asks for comments about, among other questions, when investors in these positions should have income, the character of income and gain or loss from these positions and whether the U.S. federal &#x201c;constructive ownership&#x201d; rules should apply to these positions. It is not possible to predict what changes, if any, will be adopted or when any such changes would take effect. However, any such changes could affect the amount, timing and character of income, gain and loss in respect of the Fund&#x2019;s investments, possibly with retroactive effect. As the Fund passes through its items of income, gain and loss to shareholders, any change in the manner in which the Fund accounts for these items could have an adverse impact on the shareholders of the Fund.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">37</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Code generally applies a &#x201c;mark<FONT CLASS="nobreak">-to-market</FONT>&#x201d; system of taxing unrealized gains and losses on, and otherwise provides for special rules of taxation with respect to, Section 1256 Contracts (as defined herein). A Section 1256 Contract includes certain regulated futures contracts, certain non<FONT CLASS="nobreak">-equity</FONT> options and certain non<FONT CLASS="nobreak">-U</FONT>.S. currency forward contracts. The Sponsor expects substantially all of the Fund&#x2019;s futures contracts and foreign currency forward contracts to qualify as Section 1256 Contracts. Swap agreements and non<FONT CLASS="nobreak">-currency</FONT> forward contracts are generally not Section 1256 Contracts. Section 1256 Contracts held by the Fund at the end of a taxable year of the Fund will be treated for U.S. federal income tax purposes as if they were sold by the Fund at its fair market value on the last Business Day of the taxable year. The net gain or loss, if any, resulting from these deemed sales (known as &#x201c;marking<FONT CLASS="nobreak">-to-market</FONT>&#x201d;), together with any gain or loss resulting from any actual sales of Section 1256 Contracts (or other termination of the Fund&#x2019;s obligations under such contracts), must be taken into account by the Fund in computing its taxable income for the year. If a Section 1256 Contract held by the Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on the sale will be adjusted to reflect the gain or loss previously taken into account under the mark<FONT CLASS="nobreak">-to-market</FONT> rules.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Capital gains and losses from Section 1256 Contracts generally are characterized as short<FONT CLASS="nobreak">-term</FONT> capital gains or losses to the extent of 40% of the gains or losses and as long<FONT CLASS="nobreak">-term</FONT> capital gains or losses to the extent of 60% of the gains or losses. Shareholders of the Fund will generally take into account their <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">pro rata</FONT> share of the long<FONT CLASS="nobreak">-term</FONT> capital gains and losses and short<FONT CLASS="nobreak">-term</FONT> capital gains and losses from Section 1256 Contracts held by the Fund. If a non<FONT CLASS="nobreak">-corporate</FONT> taxpayer incurs a net capital loss for a year, the portion of the loss, if any, which consists of a net loss on Section 1256 Contracts may, at the election of the taxpayer, be carried back three years. A loss carried back to a year by a non<FONT CLASS="nobreak">-corporate</FONT> taxpayer may be deducted only to the extent (1) the loss does not exceed the net gain on Section 1256 Contracts for the year and (2) the allowance of the carryback does not increase or produce a net operating loss for the year. Due to the Fund&#x2019;s investment strategy, it is also likely that a significant portion of any capital gain or loss realized by the Fund with respect to non<FONT CLASS="nobreak">-Section</FONT> 1256 Contracts will be short<FONT CLASS="nobreak">-term</FONT>.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Allocation of the Fund&#x2019;s Gains and Losses</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">For U.S. federal income tax purposes, a shareholder&#x2019;s distributive share of the Fund&#x2019;s income, gain, loss, deduction and other items is determined by the Trust Agreement, unless an allocation under the agreement does not have &#x201c;substantial economic effect,&#x201d; in which case the allocations will be determined in accordance with the &#x201c;partners&#x2019; interests in the partnership.&#x201d; Subject to the discussions below under <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;&#x2014; Monthly Allocation and</FONT> <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Revaluation Conventions&#x201d; </FONT>and<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> &#x201c;&#x2014; Section 754 Election,&#x201d; </FONT>the allocations pursuant to the Trust Agreement should be considered to have substantial<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>economic effect or deemed to be made in accordance with the partners&#x2019; interests in the partnership.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the allocations provided by the Trust Agreement were successfully challenged by the IRS, the amount of income or loss allocated to shareholders for U.S. federal income tax purposes under the agreement could be increased or reduced, or the character of the income or loss could be modified.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As described in more detail below, the U.S. tax rules that apply to partnerships are complex and their application is not always clear. Additionally, the rules generally were not written for, and in some respects are difficult to apply to, publicly traded partnerships. The Fund applies certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, deduction, loss and credit to shareholders in a manner that reflects the economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable Regulations. It is possible, therefore, that the IRS will successfully assert that assumptions made and/or conventions used do not satisfy the technical requirements of the Code or the Regulations and will require that tax items be adjusted or reallocated in a manner that could adversely impact an investor.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Monthly Allocation and Revaluation Conventions</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In general, the Fund&#x2019;s taxable income and losses are determined monthly and are apportioned among the shareholders of the Fund in proportion to the number of Shares treated as owned by each of them as of the close of the last trading day of the preceding month; <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT>, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">however</FONT>, such items for the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over<FONT CLASS="nobreak">-allotment</FONT> option occurs shall be allocated to the shareholders as of the opening of the Exchange on the first Business Day of the next succeeding month. By investing in Shares, a U.S. Shareholder agrees that, in the absence of an administrative determination or judicial ruling to the contrary, it will report income and loss under the monthly </P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">38</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">allocation and revaluation conventions described below, except for the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over<FONT CLASS="nobreak">-allotment</FONT> option occurs, in which case the allocation shall take place as described above.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under the monthly allocation convention, whoever is treated for U.S. federal income tax purposes as holding Shares as of the close of the last trading day of the preceding month will be treated as continuing to hold the Shares until immediately before the close of the last trading day of the following month. For the initial month of the Fund&#x2019;s operations, the shareholders at the close of trading at month<FONT CLASS="nobreak">-end</FONT> received that month&#x2019;s allocation. As a result, a holder who has disposed of Shares prior to the close of the last trading day of a month may be allocated income, gain, loss and deduction realized after the date of transfer.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Code generally requires that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis. It is possible that transfers of Shares could be considered to occur for U.S. federal income tax purposes when the transfer is completed without regard to the Fund&#x2019;s monthly convention for allocating income and deductions. If this were to occur, the Fund&#x2019;s allocation method might be deemed to violate that requirement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, for any month in which a creation or redemption of Shares takes place, the Fund generally credits or debits, respectively, the &#x201c;book&#x201d; capital accounts of the holders of existing Shares with any unrealized gain or loss in the Fund&#x2019;s assets. This results in the allocation of items of the Fund&#x2019;s income, gain, loss, deduction and credit to existing holders of Shares to account for the difference between the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or old Shares are redeemed, or the reverse section 704(c) allocations. The intended effect of these allocations is to allocate any built<FONT CLASS="nobreak">-in</FONT> gain or loss in the Fund&#x2019;s assets at the time of a creation or redemption of Shares to the investors that economically have earned such gain or loss.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As with the other allocations described above, the Fund generally uses a monthly convention for purposes of the reverse section 704(c) allocations. More specifically, the Fund generally credits or debits, respectively, the &#x201c;book&#x201d; capital accounts of the holders of existing Shares with any unrealized gain or loss in the Fund&#x2019;s assets based on a calculation utilizing the creation/redemption price of the Fund&#x2019;s Shares during the month in which the creation or redemption transaction takes place, rather than the fair market value of its assets at the time of such creation or redemption (the &#x201c;revaluation convention&#x201d;). As a result, it is possible that, for U.S. federal income tax purposes, (1) a purchaser of newly issued Shares will be allocated some or all of the unrealized gain in the Fund&#x2019;s assets at the time it acquires the Shares or (2) a purchaser of newly issued Shares will not be allocated its entire share in the loss in the Fund&#x2019;s assets accruing after the time of such acquisition. Furthermore, the applicable Regulations generally require that the &#x201c;book&#x201d; capital accounts will be adjusted based on the fair market value of partnership property on the date of adjustment and do not explicitly allow the adoption of a monthly revaluation convention. The Sponsor, in an attempt to eliminate book<FONT CLASS="nobreak">-tax</FONT> disparities, allocates items of income, gain, or loss for U.S. federal income tax purposes among the shareholders under the principles of the remedial method of Section 1.704<FONT CLASS="nobreak">-3</FONT>(d) of the Regulations.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Code and applicable Regulations generally require that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis, and that adjustments to &#x201c;book&#x201d; capital accounts be made based on the fair market value of partnership property on the date of adjustment. The Code and Regulations do not contemplate monthly allocation or revaluation conventions.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the IRS does not accept the Fund&#x2019;s monthly allocation or revaluation convention, the IRS may contend that taxable income or losses of the Fund must be reallocated among the shareholders. If such a contention were sustained, the holders&#x2019; respective tax liabilities would be adjusted to the possible detriment of certain holders. The Sponsor is authorized to revise the Fund&#x2019;s allocation and revaluation methods in order to comply with applicable law or to allocate items of partnership income and deductions in a manner that reflects more accurately the shareholders&#x2019; interests in the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Section 754 Election</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund has made the election permitted by Section 754 of the Code. Such an election, once made, is irrevocable without the consent of the IRS. The making of such election by the Fund generally has the effect of requiring a purchaser of Shares in the Fund to adjust, utilizing the lowest closing price during the month, its proportionate share of the basis in the Fund&#x2019;s assets, or the inside basis, pursuant to Section 743(b) of the Code to fair market value (as reflected in the purchase price for the purchaser&#x2019;s Shares), as if it had acquired a direct interest </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">39</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">in the Fund&#x2019;s assets. The Section 743(b) adjustment is attributed solely to a purchaser of Shares and is not added to the basis of the Fund&#x2019;s assets associated with all of the other shareholders. Depending on the relationship between a holder&#x2019;s purchase price for Shares and its unadjusted share of the Fund&#x2019;s inside basis at the time of the purchase, the Section 754 election may be either advantageous or disadvantageous to the holder as compared to the amount of gain or loss a holder would be allocated absent the Section 754 election.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The calculations under Section 754 of the Code are complex, and there is little legal authority concerning the mechanics of the calculations, particularly in the context of publicly traded partnerships. Therefore, in making the election under Section 754 of the Code, the Fund applies certain conventions in determining and allocating the Section 743 basis adjustments to help reduce the complexity of those calculations and the resulting administrative costs to the Fund. It is possible that the IRS will successfully assert that some or all of such conventions utilized by the Fund do not satisfy the technical requirements of the Code or the Regulations and, thus, will require different basis adjustments to be made.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In order to make the basis adjustments permitted by Section 754, the Fund is required to obtain information regarding each holder&#x2019;s secondary market transactions in Shares, as well as creations and redemptions of Shares. The Fund seeks such information from the record holders of Shares, and, by purchasing Shares, each beneficial owner of Shares will be deemed to have consented to the provision of such information by the record owner of such beneficial owner&#x2019;s Shares. Notwithstanding the foregoing, however, there can be no guarantee that the Fund will be able to obtain such information from record owners or other sources, or that the basis adjustments that the Fund makes based on the information it is able to obtain will be effective in eliminating disparity between a holder&#x2019;s outside basis in its share of the Fund interests and its share of inside basis.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Treatment of Distributions</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Distributions of cash by a partnership are generally not taxable to the distributee to the extent the amount of cash does not exceed the distributee&#x2019;s tax basis in its partnership interest. Thus, any cash distributions made by the Fund will be taxable to a shareholder only to the extent such distributions exceed the shareholder&#x2019;s tax basis in the partnership interests it is treated as owning. (See <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;&#x2014; U.S. Shareholders &#x2014; Tax Basis in Shares&#x201d;</FONT> below.) Any cash distributions in excess of a shareholder&#x2019;s tax basis generally will be considered to be gain from the sale or exchange of the Shares. See <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;&#x2014; U.S.</FONT> <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Shareholders &#x2014; Disposition of Shares&#x201d; </FONT>below. The Fund does not currently expect to make any cash distributions.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Creation and Redemption of Creation Units</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Shareholders, other than Authorized Participants (or holders for which an Authorized Participant is acting), generally will not recognize gain or loss as a result of an Authorized Participant&#x2019;s creation or redemption of a Creation Unit. If the Fund disposes of assets in connection with the redemption of a Creation Unit, however, the disposition may give rise to gain or loss that will be allocated in part to investors. An Authorized Participant&#x2019;s creation or redemption of a Creation Unit may also affect an investor&#x2019;s share of the Fund&#x2019;s tax basis in its assets, which could affect the amount of gain or loss allocated to an investor on the sale or disposition of portfolio assets by the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Disposition of Shares</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If a U.S. Shareholder transfers Shares of the Fund, in a sale or other taxable disposition, the U.S. Shareholder will generally be required to recognize gain or loss measured by the difference between the amount realized on the sale and the U.S. Shareholder&#x2019;s adjusted tax basis in the Shares. The amount realized will include the U.S.&#x00a0;Shareholder&#x2019;s share of the Fund&#x2019;s liabilities, as well as any proceeds from the sale. The gain or loss recognized will generally be taxable as capital gain or loss.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Capital gain of non<FONT CLASS="nobreak">-corporate</FONT> U.S. Shareholders is eligible to be taxed at reduced rates when the Shares are held for more than one year. The maximum rate is currently 20%. Capital gain of corporate U.S. Shareholders is taxed at the same rate as ordinary income. Any capital loss recognized by a U.S. Shareholder on a sale of Shares will generally be deductible only against capital gains, except that a non<FONT CLASS="nobreak">-corporate</FONT> U.S. Shareholder may generally also offset up to $3,000 per year of ordinary income.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">40</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Medicare Tax on Investment Income</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Certain U.S. Shareholders that are individuals, estates or trusts must pay an additional 3.8% tax on their &#x201c;net investment income.&#x201d; U.S.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Shareholders should consult their own tax advisors regarding the effect, if any, of this tax on their investment in the Fund.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Tax Basis in Shares</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A U.S. Shareholder&#x2019;s initial tax basis in the partnership interests it is treated as holding will equal the sum of (1) the amount of cash paid by such U.S. Shareholder for its Shares and (2) such U.S. Shareholder&#x2019;s share of the Fund&#x2019;s liabilities. A U.S. Shareholder&#x2019;s tax basis in the Shares will be increased by (1) the U.S. Shareholder&#x2019;s share of the Fund&#x2019;s taxable income, including capital gain, (2) the U.S. Shareholder&#x2019;s share of the Fund&#x2019;s income, if any, that is exempt from tax and (3) any increase in the U.S. Shareholder&#x2019;s share of the Fund&#x2019;s liabilities. A U.S. Shareholder&#x2019;s tax basis in Shares will be decreased (but not below zero) by (1) the amount of any cash distributed (or deemed distributed) to the U.S. Shareholder, (2) the U.S. Shareholder&#x2019;s share of the Fund&#x2019;s losses and deductions, (3) the U.S. Shareholder&#x2019;s share of the Fund&#x2019;s expenditures that is neither deductible nor properly chargeable to its capital account and (4) any decrease in the U.S. Shareholder&#x2019;s share of the Fund&#x2019;s liabilities.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Limitations on Deductibility of Certain Losses and Expenses</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The deductibility for U.S. federal income tax purposes of a U.S. Shareholder&#x2019;s share of losses and expenses of the Fund is subject to certain limitations, including, but not limited to, rules providing that: (1) a U.S.&#x00a0;Shareholder may not deduct the Fund&#x2019;s losses that are allocated to it in excess of its adjusted tax basis in its Shares; (2)&#x00a0;individuals and personal holding companies may not deduct the losses allocable to a particular &#x201c;activity&#x201d; in excess of the amount that they are considered to have &#x201c;at risk&#x201d; with respect to the activity and (3) the ability of individuals to take certain itemized deductions (including the Management Fees) is suspended for taxable years 2018 through 2025. To the extent that a loss or expense that cannot be deducted currently is allocated to a U.S. Shareholder, such U.S. Shareholder may be required to report taxable income in excess of its economic income or cash distributions on the Shares. Prospective shareholders are urged to consult their own tax advisors with regard to these and other limitations on the ability to deduct losses or expenses with respect to an investment in the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under Section 709(b) of the Code, amounts paid or incurred to organize a partnership may, at the election of the partnership, be treated as deferred expenses, which are allowed as a deduction ratably over a period of not less than 180<FONT CLASS="nobreak"> </FONT>months. The Fund has elected to treat such expenses as ratably deductible over 180<FONT CLASS="nobreak"> </FONT>months, beginning with the month the Fund is considered to have started its investment activities for federal tax purposes. A non<FONT CLASS="nobreak">-corporate</FONT> U.S. Shareholder&#x2019;s allocable share of such organizational expenses would constitute miscellaneous itemized deductions, which are not deductible for taxable years 2018 through 2025. Expenditures in connection with the issuance and marketing of Shares (so<FONT CLASS="nobreak">-called</FONT> &#x201c;syndication fees&#x201d;) are not eligible for the 180<FONT CLASS="nobreak">-month</FONT> amortization provision and are not deductible.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Transferor/Transferee Allocations</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In general, the Fund&#x2019;s taxable income and losses are determined monthly and are apportioned among the Fund&#x2019;s shareholders in proportion to the number of Shares owned by each of them as of the close of the last trading day of the preceding month; <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT>, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">however</FONT>, such items for the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over<FONT CLASS="nobreak">-allotment</FONT> option occurs shall be allocated to the shareholders as of the opening of the Exchange on the first Business Day of the next succeeding month. With respect to any Share that was not treated as outstanding as of the close of the last trading day of the preceding month, the first person that is treated as holding such Share (other than an underwriter or other person holding in a similar capacity and except with respect to the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over<FONT CLASS="nobreak">-allotment</FONT> option occurs) for U.S. federal income tax purposes will be treated as holding such Share for this purpose as of the close of the last trading day of the preceding month. As a result, a shareholder transferring its Shares may be allocated income, gain, loss and deduction realized after the date of transfer.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">41</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Section 706 of the Code generally requires that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis. It is possible that transfers of Shares could be considered to occur for U.S. federal income tax purposes when the transfer is completed without regard to the Fund&#x2019;s convention for allocating income and deductions. In that event, the Fund&#x2019;s allocation method might be considered a monthly convention that does not literally comply with that requirement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the IRS treats transfers of Shares as occurring throughout each month and a monthly convention is not allowed by the Regulations (or only applies to transfers of less than all of a shareholder&#x2019;s Shares), or if the IRS otherwise does not accept the Fund&#x2019;s convention, the IRS may contend that taxable income or losses of the Fund must be reallocated among the shareholders. If such a contention were sustained, the shareholders&#x2019; respective tax liabilities would be adjusted to the possible detriment of certain shareholders. The Fund&#x2019;s Sponsor is authorized to revise the Fund&#x2019;s methods of allocation between transferors and transferees (as well as among shareholders whose interests otherwise vary during a taxable period).</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:10pt;margin-top:10pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Tax Reporting by The Fund</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Information returns will be filed with the IRS as required with respect to income, gain, loss, deduction and other items derived from Shares of the Fund. The Fund will file a partnership return with the IRS and a Schedule K<FONT CLASS="nobreak">-</FONT><FONT CLASS="nobreak">1</FONT> to the shareholders.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:10pt;margin-top:10pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Treatment of Securities Lending Transactions Involving Shares</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A shareholder whose Shares are loaned to a &#x201c;short seller&#x201d; to cover a short sale of Shares may be considered as having disposed of those Shares. If so, such shareholder would no longer be a beneficial owner of a <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">pro rata</FONT> portion of the partnership interests with respect to those Shares during the period of the loan and may recognize gain or loss from the disposition. As a result, during the period of the loan, (1) any of the Fund&#x2019;s income, gain, loss, deduction or other items with respect to those Shares would not be reported by the shareholder, and (2) any cash distributions received by the shareholder as to those Shares could be fully taxable, likely as ordinary income. Accordingly, shareholders who desire to avoid the risk of income recognition from a loan of their Shares to a short seller are urged to modify any applicable brokerage account agreements to prohibit their brokers from borrowing their Shares.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:10pt;margin-top:10pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Audits and Adjustments to Tax Liability</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under the Code, adjustments in tax liability with respect to the Fund&#x2019;s items generally will be made at the Fund level in a partnership proceeding rather than in separate proceedings with each shareholder. Pursuant to the Trust Agreement, the Sponsor will represent the Fund as the &#x201c;partnership representative&#x201d; of the Fund. A&#x00a0;partnership&#x2019;s designated &#x201c;partnership representative&#x2019; has broad authority to resolve a partnership audit and any such resolution will be binding on all partners. Shareholders will have no statutory right to notice and will have no right to participate in the audit proceeding. </P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Underpayments of tax are determined and paid at the partnership level following any adjustment to the partnership&#x2019;s items of income, gain, loss, deduction or credit. Adjustments resulting from an IRS audit may require each shareholder to adjust a prior year&#x2019;s liability, and possibly may result in an audit of its return. Any audit of a shareholder&#x2019;s return could result in adjustments not related to the Fund&#x2019;s returns as well as those related to the Fund&#x2019;s returns.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:10pt;margin-top:10pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Foreign Tax Credits</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Subject to generally applicable limitations, and new rules enacted by the Tax Cuts and Jobs Act, U.S. Shareholders will be able to claim foreign tax credits with respect to certain foreign income taxes paid or incurred by the Fund, withheld on payments made to the Trust or paid by the Trust on behalf of Fund shareholders (if any of such foreign income taxes are so paid, incurred or withheld). U.S. Shareholders must include in their gross income, for U.S. federal income tax purposes, both their share of the Fund&#x2019;s items of income and gain and also their share of the amount which is deemed to be the shareholder&#x2019;s portion of foreign income taxes paid with respect to, or withheld from interest or other income derived by, the Fund. U.S. Shareholders may then subtract from their U.S. federal income tax the amount of such taxes withheld, or else treat such foreign taxes as deductions from gross income; however, as in the case of investors receiving income directly from foreign sources, the tax credit or deduction described above is subject to certain limitations. Even if the shareholder is unable to claim a credit, he or she must include all amounts described above in income. U.S. Shareholders are urged to consult their tax advisors regarding this election and its consequences to them.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">42</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Tax Shelter Disclosure Rules</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">There are circumstances under which certain transactions must be disclosed to the IRS in a disclosure statement attached to a taxpayer&#x2019;s U.S. federal income tax return. (A copy of such statement must also be sent to the IRS Office of Tax Shelter Analysis.) In addition, the Code imposes a requirement on certain &#x201c;material advisors&#x201d; to maintain a list of persons participating in such transactions, which list must be furnished to the IRS upon written request. These provisions can apply to transactions not conventionally considered to involve abusive tax planning. Consequently, it is possible that such disclosure could be required by the Fund or the shareholders (1) if a shareholder incurs a loss (in each case, in excess of a threshold computed without regard to offsetting gains or other income or limitations) from the disposition (including by way of withdrawal) of Shares, or (2) possibly in other circumstances. Furthermore, the Fund&#x2019;s material advisors could be required to maintain a list of persons investing in the Fund pursuant to the Code. While the tax shelter disclosure rules generally do not apply to a loss recognized on the disposition of an asset in which the taxpayer has a qualifying basis (generally a basis equal to the amount of cash paid by the taxpayer for such asset), such rules will apply to a taxpayer recognizing a loss with respect to interests in a pass<FONT CLASS="nobreak">-through</FONT> entity (such as the Shares) even if its basis in such interests is equal to the amount of cash it paid. In addition, significant penalties may be imposed in connection with a failure to comply with these reporting requirements. U.S. Shareholders are urged to consult their tax advisors regarding the tax shelter disclosure rules and their possible application to them.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Shareholders should consult their own tax advisors regarding any tax reporting or filing obligations they may have as a result of their acquisition, ownership or disposition of Shares.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Non-U.S. Shareholders</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Except as described below, the Fund anticipates that a non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder will not be subject to U.S. federal income tax on such shareholder&#x2019;s distributive share of the Fund&#x2019;s income, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT> that such income is not considered to be income of the shareholder that is effectively connected with the conduct of a trade or business within the United States. In the case of an individual non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder, such shareholder will be subject to U.S. federal income tax on gains on the sale of Shares in the Fund&#x2019;s or such shareholder&#x2019;s distributive share of gains if such shareholder is present in the United States for 183 days or more during a taxable year and certain other conditions are met.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the income from the Fund is &#x201c;effectively connected&#x201d; with a U.S. trade or business carried on by a non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder (and, if certain income tax treaties apply, is attributable to a U.S. permanent establishment), then such shareholder&#x2019;s share of any income and any gains realized upon the sale or exchange of Shares will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens and residents and domestic corporations. Non<FONT CLASS="nobreak">-U</FONT>.S. Shareholders that are corporations may also be subject to a 30% U.S. branch profits tax (or lower treaty rate, if applicable) on their effectively connected earnings and profits that are not timely reinvested in a U.S. trade or business. If the Fund has any &#x201c;effectively connected income,&#x201d; then a non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder would also be subject to a 10% withholding tax upon a sale or exchange of such non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder&#x2019;s Shares. The IRS has temporarily suspended this withholding for interests in publicly traded partnerships until regulations implementing such withholding are issued.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">To the extent any interest income allocated to a non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder is considered &#x201c;portfolio interest,&#x201d; generally neither the allocation of such interest income to the non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder nor a subsequent distribution of such interest income to the non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder will be subject to withholding, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT> that the non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder is not otherwise engaged in a trade or business in the United States and provides the Fund with a timely and properly completed and executed IRS Form W<FONT CLASS="nobreak">-8BEN</FONT>, Form W<FONT CLASS="nobreak">-8BEN-E</FONT>, or other applicable form. In general, &#x201c;portfolio interest&#x201d; is interest paid on debt obligations issued in registered form, unless the &#x201c;recipient&#x201d; owns 10% or more of the voting power of the issuer.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Non<FONT CLASS="nobreak">-U</FONT>.S. Shareholders that are individuals will be subject to U.S. federal estate tax on the value of U.S. situs property owned at the time of their death (unless a statutory exemption or tax treaty exemption applies). It is unclear whether partnership interests such as the Shares will be considered U.S. situs property. Accordingly, non<FONT CLASS="nobreak">-U</FONT>.S. Shareholders may be subject to U.S. federal estate tax on all or part of the value of the Shares owned at the time of their death.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">43</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Non<FONT CLASS="nobreak">-U</FONT>.S. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Shares.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Foreign Account Tax Compliance</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act (&#x201c;FATCA&#x201d;) generally impose a reporting and 30% withholding tax regime with respect to certain items of U.S.&#x00a0;source income (including dividends and interest) (&#x201c;Withholdable Payments&#x201d;). Pursuant to recently proposed regulations, the U.S. Treasury Department has indicated its intent to eliminate the requirements under FATCA of withholding on gross proceeds from the sale or other disposition of property that can produce U.S. source interest or dividends. The U.S. Treasury Department has indicated that taxpayers may rely on these proposed regulations pending their finalization. As a general matter, the rules are designed to require U.S. persons&#x2019; direct and indirect ownership of non<FONT CLASS="nobreak">-U</FONT>.S. accounts and non<FONT CLASS="nobreak">-U</FONT>.S. entities to be reported to the IRS. The 30% withholding tax regime applies if there is a failure to provide required information regarding U.S. ownership. The withholding rules generally apply to Withholdable Payments.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The rules may subject a non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder&#x2019;s share of Withholdable Payments received by the Fund to 30% withholding tax unless such shareholder provides information, representations and waivers of non<FONT CLASS="nobreak">-U</FONT>.S. law as may be required to comply with the provisions of the rules, including information regarding certain U.S. direct and indirect owners of such non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder. A non<FONT CLASS="nobreak">-U</FONT>.S. Shareholder that is treated as a &#x201c;foreign financial institution&#x201d; will generally be subject to withholding unless it agrees to report certain information to the IRS regarding its U.S. accountholders and those of its affiliates.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Prospective shareholders should consult their own advisors regarding the requirements under FATCA with respect to their own situation.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Regulated Investment Companies (&#x201c;RICs&#x201d;)</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The treatment of a RIC&#x2019;s investment in the Fund will depend, in part, on whether the Fund is classified as a qualified publicly traded partnership (a &#x201c;PTP&#x201d;) for purposes of the RIC rules. RICs are only allowed to invest up to 25% of their assets in qualified PTPs and to treat gross income and gross gains derived from such investments as qualifying income for purposes of certain rules relevant to determining whether an entity qualifies as a RIC.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Similarly, interests in a qualified PTP are treated as issued by such PTP and a RIC is not required to look through to the underlying partnership assets when testing compliance with certain asset diversification or gross income tests applicable to determining whether an entity qualified as a RIC. On the other hand, an investment by a RIC in a publicly traded partnership that is not a qualified PTP is not counted against the 25% limit on a RIC&#x2019;s investments in qualified PTPs and the RIC is treated as owning its proportionate share of the partnership&#x2019;s gross assets and earning its proportionate share of the partnership&#x2019;s gross income and gross gains for purposes of the asset and income tests relevant to determining whether an entity qualifies as a RIC.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">It is intended that the Fund is and will continue to be a qualified PTP. The IRS has previously privately ruled that positions in regard to an index similar to the Index produced income permissible under the RIC qualification tests. If the income of the Fund were determined to be permissible under the RIC qualification tests, it will not affect the classification of the Fund as a partnership. However, under such circumstances, the Fund would not be a qualified PTP. Prospective RIC investors should consult a tax advisor regarding the treatment of an investment in the Fund under current tax rules and in light of their particular circumstances.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Tax-Exempt Organizations</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">An organization that is otherwise exempt from U.S. federal tax is nonetheless subject to taxation with respect to its &#x201c;unrelated business taxable income&#x201d; (&#x201c;UBTI&#x201d;), to the extent that its UBTI from all sources exceeds $1,000 in any taxable year. Except as noted below with respect to certain categories of exempt income, UBTI generally includes income or gain derived (either directly or through a partnership) from a trade or business, the conduct of which is substantially unrelated to the exercise or performance of the organization&#x2019;s exempt purpose or function.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">44</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">UBTI generally does not include passive investment income, such as dividends, interest and capital gains, whether realized by the organization directly or indirectly through a partnership (such as the Fund) in which it is a partner. This type of income is exempt, subject to the discussion of &#x201c;unrelated debt<FONT CLASS="nobreak">-financed</FONT> income&#x201d; below, even if it is realized from securities<FONT CLASS="nobreak">-trading</FONT> activity that constitutes a trade or business.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">UBTI includes not only trade or business income or gain as described above, but also &#x201c;unrelated debt<FONT CLASS="nobreak">-financed</FONT> income.&#x201d; This latter type of income generally consists of (1) income derived by an exempt organization (directly or through a partnership) from income producing property with respect to which there is &#x201c;acquisition indebtedness&#x201d; at any time during the taxable year and (2) gains derived by an exempt organization (directly or through a partnership) from the disposition of property with respect to which there is acquisition indebtedness at any time during the twelve<FONT CLASS="nobreak">-month</FONT> period ending with the date of the disposition. The Fund does not expect to incur a significant amount of acquisition indebtedness with respect to its assets.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">To the extent the Fund recognizes gain from property with respect to which there is &#x201c;acquisition indebtedness,&#x201d; the portion of the gain that will be treated as UBTI will be equal to the amount of the gain multiplied by a fraction, the numerator of which is the highest amount of the &#x201c;acquisition indebtedness&#x201d; with respect to the property during the twelve month period ending with the date of their disposition, and the denominator of which is the &#x201c;average amount of the adjusted basis&#x201d; of the property during the period that such property is held by the Fund during the taxable year. In determining the unrelated debt<FONT CLASS="nobreak">-financed</FONT> income of the Fund, an allocable portion of deductions directly connected with the Fund&#x2019;s debt<FONT CLASS="nobreak">-financed</FONT> property will be taken into account. In making such a determination, for instance, a portion of losses from debt<FONT CLASS="nobreak">-financed</FONT> securities (determined in the manner described above for evaluating the portion of any gain that would be treated as UBTI) would offset gains treated as UBTI. Any tax<FONT CLASS="nobreak">-exempt</FONT> shareholder that recognizes UBTI will be required to compute such UBTI separately for each line of unrelated business if such shareholder has more than one unrelated trade or business. A charitable remainder trust is subject to a 100% federal excise tax on any UBTI that it earns; in view of the potential for UBTI, the Shares may not be a suitable investment for a charitable remainder trust.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Certain tax<FONT CLASS="nobreak">-exempt</FONT> shareholders that are private educational institutions will be subject to a 1.4% excise tax on their net investment income.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Certain State and Local Taxation Matters</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Prospective shareholders should consider, in addition to the U.S. federal income tax consequences described above, the potential state and local tax consequences of investing in the Shares.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">State and local laws often differ from U.S. federal income tax laws with respect to the treatment of specific items of income, gain, loss, deduction and credit. A shareholder&#x2019;s distributive share of the taxable income or loss of the Fund generally will be required to be included in determining the shareholder&#x2019;s reportable income for state and local tax purposes in the jurisdiction in which the shareholder is a resident. The Fund may conduct business in one or more jurisdictions that will subject a shareholder to tax (and require a shareholder to file an income tax return with the jurisdiction with respect to the shareholder&#x2019;s share of the income derived from that business). A prospective shareholder should consult its tax advisor with respect to the availability of a credit for such tax in the jurisdiction in which the shareholder is resident.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Backup Withholding</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In certain circumstances, shareholders may be subject to backup withholding on certain payments paid to them if they do not establish that they are exempt from the backup withholding rules or if they do not furnish their correct taxpayer identification number (in the case of individuals, their social security number) and certain certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to an investor may be refunded or credited against an investor&#x2019;s U.S. federal income tax liability, if any, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided </FONT>that the required information is furnished to the IRS.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Shareholders should be aware that certain aspects of the U.S. federal, state and local income tax treatment regarding the purchase, ownership and disposition of Shares are not clear under existing law. Thus, shareholders are urged to consult their own tax advisors to determine the tax consequences of ownership of the Shares in their particular circumstances, including the application of U.S. federal, state, local and foreign tax laws.</FONT></P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">45</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Euroclear System</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Any participant of the Euroclear System that holds Shares in the Euroclear System will be deemed to have represented to and agreed with the Fund and Euroclear Bank as a condition to Shares being in the Euroclear System to furnish to the Euroclear Bank (a) its tax identification number, (b) notice of whether it is (i) a person who is not a United States person, (ii) a foreign government, an international organization or any wholly owned agency or instrumentality of either of the foregoing or (iii) a tax exempt identity, and (c) such other information as the Euroclear Bank may request from time to time in order to comply with its United States tax reporting obligations. If a participant in the Euroclear System fails to provide such information, Euroclear Bank may, amongst other courses of action, block trades in the Shares and related income distributions of such participant.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">46</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T31"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PART TWO</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T32"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">GENERAL POOL DISCLOSURE</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">This Prospectus has two parts: the offered series disclosure and the general pool disclosure. These parts are bound together and are incomplete if not distributed together to prospective participants.</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T33"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">USE OF PROCEEDS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund seeks to use substantially all of the proceeds of the offering of Shares of the Fund to make portfolio investments in a manner consistent with its investment objective. The Fund also may hold cash or cash equivalents, such as U.S. Treasury securities or other high credit quality, short<FONT CLASS="nobreak">-term</FONT> fixed<FONT CLASS="nobreak">-income</FONT> or similar securities (such as shares of money market funds) as collateral for Financial Instruments and pending investment in Financial Instruments. To the extent that the Fund does not invest the proceeds of the offering of the Shares in the manner described above on the day such proceeds are received, such proceeds may be deposited with the Custodian.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Commodity Sub<FONT CLASS="nobreak">-Adviser</FONT>, a registered commodity trading adviser, is responsible for the management of all Fund investments, including cash management activities of the Fund, such as investing in cash equivalents that may be used as margin for the Fund&#x2019;s portfolio holdings. </P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T34"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">WHO MAY SUBSCRIBE</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Only Authorized Participants may create or redeem Creation Units. Each Authorized Participant must (1) be a registered broker<FONT CLASS="nobreak">-dealer</FONT> or other securities market participant such as a bank or other financial institution which is not required to register as a broker<FONT CLASS="nobreak">-dealer</FONT> to engage in securities transactions, (2) be a member of a national clearing agency, and (3) have entered into an agreement with the Sponsor (an Authorized Participant Agreement).</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T35"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">CREATION AND REDEMPTION OF SHARES</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund creates and redeems Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of at least 10,000 Shares. Except when aggregated in Creation Units, the Shares are not redeemable securities.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The manner by which Creation Units are purchased and redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook, and all such procedures are at the discretion of the Sponsor. By placing a purchase order, an Authorized Participant agrees to deposit cash or Financial Instruments with the Custodian of the Fund (unless as provided otherwise by this Prospectus).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If permitted by the Sponsor in its sole discretion with respect to the Fund, an Authorized Participant may also agree to enter into or arrange for an exchange of a futures contract for related position (&#x201c;EFCRP&#x201d;) or block trade with the Fund whereby the Authorized Participant would also transfer to the Fund a number and type of exchange<FONT CLASS="nobreak">-traded</FONT> futures contracts at or near the closing settlement price for such contracts on the purchase order date. Similarly, the Sponsor in its sole discretion may agree with an Authorized Participant to use an EFCRP to effect an order to redeem Creation Units.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">An EFCRP is a technique permitted by the rules of certain futures exchanges that, as utilized by the Fund in the Sponsor&#x2019;s discretion, would allow the Fund to take a position in a futures contract from an Authorized Participant, or give futures contracts to an Authorized Participant, in the case of a redemption, rather than to enter the futures exchange markets to obtain such a position. An EFCRP by itself will not change either party&#x2019;s net risk position materially. Because the futures position that the Fund would otherwise need to take in order to meet its investment objective can be obtained without unnecessarily impacting the financial or futures markets or their pricing, EFCRPs can generally be viewed as transactions beneficial to the Fund. A block trade is a technique that permits the Fund to obtain a futures position without going through the market auction system and can generally be viewed as a transaction beneficial to the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Authorized Participants pay a fixed transaction fee of up to $500 in connection with each order to create or redeem a Creation Unit in order to compensate the Administrator, Sub<FONT CLASS="nobreak">-Administrator</FONT>, the Custodian and the Transfer Agent of the Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">47</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">transaction fee to the Fund of up to 0.20% of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Fund to other investors.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The form of Authorized Participant Agreement and the related Authorized Participant Procedures Handbook set forth the procedures for the creation and redemption of Creation Units and for the payment of cash or Financial Instruments required for such creations and redemptions. The Sponsor may delegate its duties and obligations under the form of Authorized Participant Agreement to the Administrator, Sub<FONT CLASS="nobreak">-Administrator</FONT>, the Custodian and the Transfer Agent without consent from any shareholder or Authorized Participant. The form of Authorized Participant Agreement, the related procedures attached thereto and the Authorized Participant Procedures Handbook may be amended by the Sponsor without the consent of any shareholder or Authorized Participant. Authorized Participants who purchase Creation Units from the Fund receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Fund, and no such person has any obligation or responsibility to the Sponsor or the Fund to effect any sale or resale of Shares.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Authorized Participants are cautioned that some of their activities may result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the 1933 Act, as described in &#x201c;Plan of Distribution.&#x201d;</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Each Authorized Participant must be registered as a broker<FONT CLASS="nobreak">-dealer</FONT> under the 1934 Act and regulated by the Financial Industry Regulatory Authority, Inc. (&#x201c;FINRA&#x201d;), or exempt from being, or otherwise not required to be, so regulated or registered, and must be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may be regulated under federal and state banking laws and regulations. Each Authorized Participant must have its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Authorized Participants may act for their own accounts or as agents for broker<FONT CLASS="nobreak">-dealers</FONT>, custodians and other securities market participants that wish to create or redeem Creation Units.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Persons interested in purchasing Creation Units should contact the Sponsor or the Administrator to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants are only able to redeem their Shares through an Authorized Participant.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Pursuant to the Authorized Participant Agreement, the Sponsor agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The following description of the procedures for the creation and redemption of Creation Units is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and the form of Authorized Participant Agreement are filed as exhibits to the Registration Statement of which this Prospectus is a part.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T36"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Creation Procedures</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">On any Business Day, an Authorized Participant may place an order with the Marketing Agent to create one or more Creation Units.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Purchase orders must be placed by 2:00 p.m. (Eastern time). The cut<FONT CLASS="nobreak">-off</FONT> time may be earlier if, for example, the Exchange or other exchange material to the valuation or operation of the Fund closes before the cut<FONT CLASS="nobreak">-off</FONT> time. If a purchase order is received prior to the applicable cut<FONT CLASS="nobreak">-off</FONT> time, the day on which the Marketing Agent receives a valid purchase order is the purchase order date. If the purchase order is received after the applicable cut<FONT CLASS="nobreak">-off</FONT> time, the purchase order date will be the next Business Day. Purchase orders are irrevocable. By placing a purchase order, and prior to delivery of such Creation Units, an Authorized Participant&#x2019;s DTC account will be charged the non<FONT CLASS="nobreak">-refundable</FONT> transaction fee due for the purchase order.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">48</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Determination of Required Payment</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The total payment required to create each Creation Unit is the value of the Creation Unit on the purchase order date plus the applicable transaction fees.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Delivery of Cash</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Cash required for settlement will typically be transferred to the Custodian through: (1) the Continuous Net Settlement (the &#x201c;CNS&#x201d;) clearing process of NSCC, as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a Delivery Versus Payment (&#x201c;DVP&#x201d;) basis, which is the procedure in which the buyer&#x2019;s payment for securities is due at the time of delivery. Security delivery and payment are simultaneous. If the Custodian does not receive the cash by the market close on the first Business Day following the purchase order date (&#x201c;T+1&#x201d;), such order may be charged interest for delayed settlement or cancelled. The Sponsor reserves the right to extend the deadline for the Custodian to receive the cash required for settlement up to the second Business Day following the purchase order date (&#x201c;T+2&#x201d;). In the event a purchase order is cancelled, the Authorized Participant will be responsible for reimbursing the Fund for all costs associated with cancelling the order including costs for repositioning the portfolio. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may apply for special settlement. The Creation Unit will be delivered to the Authorized Participant upon the Custodian&#x2019;s receipt of the purchase amount.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Delivery of Exchange of Futures Contract for Related Position (&#x201c;EFCRP&#x201d;) Futures Contracts or Block Trades</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the event that the Sponsor shall have determined to permit the Authorized Participant to transfer futures contracts pursuant to an EFCRP or to engage in a block trade purchase of futures contracts from the Authorized Participant with respect to the Fund, as well as to deliver cash, in the creation process, futures contracts required for settlement must be transferred directly to the Fund&#x2019;s account at its FCM. If the cash is not received by the market close on the second Business Day following the purchase order date (T+2); such order may be charged interest for delayed settlements or cancelled. In the event a purchase order is cancelled, the Authorized Participant will be responsible for reimbursing the Fund for all costs associated with cancelling the order including costs for repositioning the portfolio. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. The Creation Unit will be delivered to the Authorized Participant upon the Custodian&#x2019;s receipt of the cash purchase amount and the futures contracts.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Suspension or Rejection of Purchase Orders</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In respect of the Fund, the Sponsor may, in its discretion, suspend the right to purchase, or postpone the purchase settlement date: (1) for any period during which any of the Exchange, CBOE, CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Fund is closed or when trading is suspended or restricted on such exchanges in any of the underlying VIX futures contracts; (2)&#x00a0;for any period during which an emergency exists as a result of which the fulfilment of a purchase order is not reasonably practicable; or (3) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor also may reject a purchase order if:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>It determines that the purchase order is not in proper form;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The Sponsor believes that the purchase order would have adverse tax consequences to the Fund or its shareholders;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The order would be illegal; or</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Creation Units.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">None of the Sponsor, the Administrator, Sub<FONT CLASS="nobreak">-Administrator</FONT> or the Custodian will be liable for the suspension or rejection of any purchase order.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">49</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T37"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Redemption Procedures</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The procedures by which an Authorized Participant can redeem one or more Creation Units mirror the procedures for the creation of Creation Units. On any Business Day, an Authorized Participant may place an order with the Marketing Agent to redeem one or more Creation Units. Redemption orders must be received prior to 2:00 p.m. (Eastern time), or earlier if, for example, the Exchange or other exchange material to the valuation or operation of the Fund closes before the cut<FONT CLASS="nobreak">-off</FONT> time. If a redemption order is received prior to the applicable cut<FONT CLASS="nobreak">-off</FONT> time, the day on which the Marketing Agent receives a valid redemption order is the redemption order date. If the redemption order is received after the applicable cut<FONT CLASS="nobreak">-off</FONT> time, the redemption order date will be the next day. Redemption orders are irrevocable. Individual shareholders may not redeem directly from the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">By placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC&#x2019;s book<FONT CLASS="nobreak">-entry</FONT> system to the applicable Fund not later than noon (Eastern Time), on the first Business Day immediately following the redemption order date (T+1). The Sponsor reserves the right to extend the deadline for the Fund to receive the Creation Units required for settlement up to the second Business Day following the redemption order date (T+2). By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant must wire to the Custodian the non<FONT CLASS="nobreak">-refundable</FONT> transaction fee due for the redemption order or any proceeds due will be reduced by the amount of the fee payable. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may apply for special settlement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Upon request of an Authorized Participant made at the time of a redemption order, the Sponsor at its sole discretion may determine, in addition to delivering redemption proceeds, to transfer futures contracts to the Authorized Participant pursuant to an EFCRP or to a block trade sale of futures contracts to the Authorized Participant.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Determination of Redemption Proceeds</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The redemption proceeds from the Fund consist of the cash redemption amount and, if permitted by the Sponsor in its sole discretion with respect to the Fund, an EFCRP or block trade with the Fund as described in <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;&#x2014; Creation and Redemption of Shares&#x201d;</FONT> above. The cash redemption amount is equal to the NAV of the number of Creation Unit(s) of the Fund requested in the Authorized Participant&#x2019;s redemption order as of the time of the calculation of the Fund&#x2019;s NAV on the redemption order date, less transaction fees and any amounts attributable to any applicable EFCRP or block trade.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Delivery of Redemption Proceeds</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The redemption proceeds due from the Fund are delivered to the Authorized Participant at noon (Eastern Time), on the second Business Day immediately following the redemption order date if, by such time on such Business Day immediately following the redemption order date, the Fund&#x2019;s DTC account has been credited with the Creation Units to be redeemed. The Fund should be credited through: (1) the CNS clearing process of NSCC, as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a DVP basis. If the Fund&#x2019;s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent whole Creation Units are received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent any remaining whole Creation Units are received if: (1) the Sponsor receives the fee applicable to the extension of the redemption distribution date which the Sponsor may, from time to time, determine, and (2) the remaining Creation Units to be redeemed are credited to the Fund&#x2019;s DTC account by noon (Eastern Time), on such next Business Day. Any further outstanding amount of the redemption order may be cancelled. The Authorized Participant will be responsible for reimbursing the Fund for all costs associated with cancelling the order including costs for repositioning the portfolio.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund&#x2019;s DTC account by noon (Eastern Time), on the second Business Day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC&#x2019;s book<FONT CLASS="nobreak">-entry</FONT> system on such terms as the Sponsor may determine from time to time.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">50</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the event that the Authorized Participant shall have requested, and the Sponsor shall have determined to permit the Authorized Participant to receive futures contracts pursuant to an EFCRP, as well as the cash redemption proceeds, in the redemption process, futures contracts required for settlement shall be transferred directly from the Fund&#x2019;s account at its FCM to the account of the Authorized Participant at its FCM.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Suspension or Rejection of Redemption Orders</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In respect of the Fund, the Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which any of the Exchange, CBOE, CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Fund is closed or when trading is suspended or restricted on such exchanges in any of the underlying VIX futures contracts; (2) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or (3) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor will reject a redemption order if the order is not in proper form as described in the form of Authorized Participant Agreement or if the fulfilment of the order might be unlawful.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T38"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Creation and Redemption Transaction Fee</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">To compensate Foreside Fund Services, LLC for services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs, an Authorized Participant may be required to pay a fixed transaction fee to Foreside Fund Services, LLC of up to $500 per order to create or redeem Creation Units and may pay a variable transaction fee to the Fund of up to 0.20% of the value of a Creation Unit. An order may include multiple Creation Units. The transaction fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T39"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Special Settlement</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor may allow for early settlement of purchase or redemption orders. Such arrangements may result in additional charges to the Authorized Participant.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">51</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T40"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">LITIGATION</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">There is no outstanding litigation against VS Trust.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Each FCM is a clearing member of the CBOT, CME, NYMEX, or another major U.S. commodity exchange. From time to time, each FCM (in its capacity as a commodities broker) and its respective principals may be involved in numerous legal actions, some of which individually and all of which in the aggregate, seek significant or indeterminate damages. However, except for the actions described in the section entitled <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Futures Commission Merchants &#x2014; Litigation and Regulatory Disclosure</FONT> <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Relating to FCMs&#x201d; </FONT>beginning on<FONT CLASS="nobreak"> </FONT>74, each FCM has advised the Sponsor that during the five years preceding the<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>date of this Prospectus there has been no material administrative, civil, or criminal action against it or any of its respective principals.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">52</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T41"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">DESCRIPTION OF THE SHARES; THE FUND; CERTAIN MATERIAL TERMS <BR> OF THE TRUST AGREEMENT</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The following summary describes in brief the Shares and certain aspects of the operation of the Trust, the Fund, and the respective responsibilities of the Trustee and the Sponsor concerning the Trust and the material terms of the Trust Agreement. Prospective investors should carefully review the Trust Agreement filed as an exhibit to the Registration Statement of which this Prospectus is a part and consult with their own advisors concerning the implications to such prospective investors of investing in a series of a Delaware statutory trust. Capitalized terms used in this section and not otherwise defined shall have such meanings assigned to them under the Trust Agreement.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T42"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Description of the Shares</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund issues common units of beneficial interest, or Shares, which represent units of fractional undivided beneficial interest in and ownership of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares may be purchased from the Fund or redeemed on a continuous basis, but only by Authorized Participants and only in Creation Units. Individual Shares may not be purchased or redeemed from the Fund. Shareholders that are not Authorized Participants may not purchase or redeem any Shares or Creation Units from the Fund.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T43"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Principal Office; Location of Records; Fiscal Year</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust is organized as a statutory trust under the Delaware Statutory Trust Act (&#x201c;DSTA&#x201d;). The Trust is managed by the Sponsor, whose office is located at 100 South Bedford Road, Suite 340; Mount Kisco, NY 10549.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The books and records of the Fund are maintained as follows: all marketing materials are maintained at the offices of U.S. Bancorp Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202. Creation Unit creation and redemption books and records, certain financial books and records and certain trading and related documents received from FCMs are maintained by U.S. Bank National Association, 1555 N. Rivercenter Dr. Milwaukee, Wisconsin 53212.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">All other books and records of the Fund are maintained at the Fund&#x2019;s principal office, c/o Volatility Shares LLC 100 South Bedford Road, Suite 340; Mount Kisco, NY 10549.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Certain Trust books and records are available for inspection and copying (upon payment of reasonable reproduction costs) by Fund shareholders or their representatives for purposes reasonably related to such shareholder&#x2019;s interest as a beneficial owner during regular business hours as provided in the Trust Agreement. The Sponsor will maintain and preserve the Trust&#x2019;s books and records for a period of not less than six years.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The fiscal year of the Fund ends on December 31 of each year.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T44"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Fund</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust is formed and operated in a manner such that the Fund is liable only for obligations attributable to the Fund and shareholders of the Fund are not subject to the losses or liabilities of any other series of the Trust. If any creditor or shareholder in the Fund asserted against the Fund a valid claim with respect to its indebtedness or Shares, the creditor or shareholder would only be able to recover money from that particular Fund and its assets. Accordingly, the debts, liabilities, obligations and expenses, or collectively, claims, incurred, contracted for or otherwise existing solely with respect to a the Fund are enforceable only against the assets of the Fund, and not against any other series of the Trust or the Trust generally, or any of their respective assets. The assets of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of the Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares or Creation Units in the Fund. This limitation on liability is referred to as the &#x201c;Inter<FONT CLASS="nobreak">-Series</FONT> Limitation on Liability.&#x201d; The Inter<FONT CLASS="nobreak">-Series</FONT> Limitation on Liability is expressly provided for under the DSTA, which provides that if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only against the assets of such series and not against the assets of any other series of the Trust or the Trust generally.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">53</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T45"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Trustee</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Wilmington Trust Company, a Delaware trust company, is the sole Trustee of the Trust. The rights and duties of the Trustee and the Sponsor with respect to the offering of the Shares and Fund management and the shareholders are governed by the provisions of the DSTA and by the Trust Agreement. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the DSTA. The Trustee does not owe any other duties to the Trust, the Sponsor or the shareholders of the Fund. The Trustee&#x2019;s principal offices are located at 1100 North Market Street, Wilmington, Delaware 19890. The Trustee is unaffiliated with the Sponsor.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trustee is permitted to resign upon at least sixty (60) days&#x2019; notice to the Trust, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT>, that any such resignation will not be effective until a successor Trustee is appointed by the Sponsor. The Trustee is compensated by the Fund, as appropriate, and is indemnified by the Fund, as appropriate, against any expenses it incurs relating to or arising out of the formation, operation or termination of the Fund, as appropriate, or the performance of its duties pursuant to the Trust Agreement, except to the extent that such expenses result from the gross negligence or wilful misconduct of the Trustee. The Sponsor has the discretion to replace the Trustee.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Only the assets of the Trust and the Sponsor are subject to issuer liability under the federal securities laws for the information contained in this Prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the Shares. The Trustee&#x2019;s liability in connection with the issuance and sale of the Shares is limited solely to the express obligations of the Trustee set forth in the Trust Agreement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under the Trust Agreement, the Sponsor has exclusive management and control of all aspects of the Trust&#x2019;s business. The Trustee has no duty or liability to supervise the performance of the Sponsor, nor will the Trustee have any liability for the acts or omissions of the Sponsor. The shareholders have no voice in the day<FONT CLASS="nobreak">-to-day</FONT> management of the business and operations of the Fund and the Trust, other than certain limited voting rights as set forth in the Trust Agreement. In the course of its management of the business and affairs of the Fund and the Trust, the Sponsor may, in its sole and absolute discretion, appoint an affiliate or affiliates of the Sponsor as additional sponsors and retain such persons, including affiliates of the Sponsor, as it deems necessary to effectuate and carry out the purposes, business and objectives of the Trust.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Because the Trustee has no authority over the Trust&#x2019;s operations, the Trustee itself is not registered in any capacity with the CFTC.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T46"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Sponsor</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Volatility Shares LLC, is the Sponsor of the Trust and the Fund. As noted above, the Sponsor has exclusive management and control of all aspects of the business of the Fund. The Trustee has no duty or liability to supervise the performance of the Sponsor, nor will the Trustee have any liability for the acts or omissions of the Sponsor.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor serves as the Trust&#x2019;s commodity pool operator.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Specifically, with respect to the Trust, the Sponsor:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>selects the Fund&#x2019;s service providers;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>negotiates various agreements and fees;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>performs such other services as the Sponsor believes that the Trust may require from time to time;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>selects the FCM and Financial Instrument counterparties, if any; and</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>oversees the Commodity Sub<FONT CLASS="nobreak">-Adviser</FONT>&#x2019;s management of the Fund&#x2019;s portfolio of commodities and other assets, including cash equivalents.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares are not deposits or other obligations of the Sponsor, the Trustee or any of their respective subsidiaries or affiliates or any other bank, are not guaranteed by the Sponsor, the Trustee or any of their respective&#x00a0;subsidiaries or affiliates or any other bank and are not insured by the Federal Deposit Insurance Corporation (the&#x00a0;&#x201c;FDIC&#x201d;) or any other governmental agency. An investment in the Shares of the Fund offered hereby is speculative and involves a high degree of risk.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">54</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The principal office of the Sponsor is located at 100 South Bedford Road, Suite 340; Mount Kisco, NY 10549. The telephone number of the Sponsor is (866) 261<FONT CLASS="nobreak">-0273</FONT>.</P>
		<P CLASS="H5" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Background and Principals</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor currently serves as the commodity pool operator of the Trust and the Fund. The Sponsor is registered as a commodity pool operator with the CFTC and is a member in good standing of the NFA. The Sponsor&#x2019;s membership with the NFA was originally approved on October<FONT CLASS="nobreak"> </FONT>14, 2019. Its membership with the NFA is currently effective. The Sponsor&#x2019;s registration as a commodity pool operator was originally approved on October<FONT CLASS="nobreak"> </FONT>14, 2019. Its registration as a commodity pool operator is currently effective. As a registered commodity pool operator, with respect to the Trust, the Sponsor must comply with various regulatory requirements under the CEA, and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The NFA approved the Sponsor as a Swaps Firm on October<FONT CLASS="nobreak"> </FONT>14, 2019. The Sponsor is also subject to periodic inspections and audits by the CFTC and NFA. Its principal place of business is 100 South Bedford Road, Suite 340; Mount Kisco, NY 10549, and its telephone number is (866) 261<FONT CLASS="nobreak">-0273</FONT>. The registration of the Sponsor with the CFTC and its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has recommended or approved the Sponsor, the Trust and the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In its capacity as a commodity pool operator, the Sponsor is an organization which operates or solicits funds for commodity pools; that is, an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts.</P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold-Italic" STYLE="font-style:italic;font-weight:bold;">Executive Officers of the Trust and Principals and Significant Employees of the Sponsor</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;">


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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 45.83%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Name</P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 52.88%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">Position</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 45.83%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Justin Young*</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 52.88%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal of the Sponsor</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 45.83%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">Stuart Barton*</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 52.88%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal of the Sponsor</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 45.83%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">Guillermo Trias*</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 52.88%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal of the Sponsor</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 45.83%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">Michael Venuto*</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 52.88%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal of the Sponsor</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-12" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 45.83%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-size:9pt;">Daniel Carlson</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 52.88%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal of the Sponsor, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer of the Trust</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Tablefootnotef" STYLE="margin-top: 0in;  border: none; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">____________</P><P CLASS="Tablefootnote_f" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:2;margin-top:10pt;">*&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Denotes principal of the Sponsor who supervises persons who participate in making trading decisions for the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The following is a biographical summary of the business experience of the executive officers of the Trust and the principals and significant employees of the Sponsor.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Justin Young</FONT> holds a BA in American Studies from Georgetown University. Since April 2017, he has served as Managing Partner of Invest in Vol LLC (investment adviser); from August 2015 to April 2017, he was Vice President of Rex Shares LLC (ETF sponsor); from April 2011 to August 2015 he was Head of Capital Markets for Global X Management Co., (investment adviser); and from July 2009 to April 2011 he was an Associate of NYSE Euronext (national securities exchange). </P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Stuart Barton</FONT> holds a PhD in Economic History from the University of Cambridge, an MBA from the University of Surrey, and a B.Sc in engineering from the University of Cape Town. Since March 2017, he has served as Managing Partner of Invest in Vol LLC (investment adviser); from September 2016 to March 2017 he was Chief Investment Officer of Rex Shares (ETF sponsor); from September 2014 to September 2017 he was Managing Partner at Corpus Capital Partners LLC (commodity pool operator); from October 2010 to September 2014 he was a Ph.D. Candidate (completed Ph.D.) at the University of Cambridge, UK; from January 2008 to October 2010 he was unemployed and engaged in travel; from June 2007 to January 2008 he was Senior Equity Derivatives Trader at HSBC&#x2019;s Hong Kong office (investment bank); from September 2004 to June 2007 he was Senior Equity Derivatives Trader at Barclays Capital PLC in New York (broker<FONT CLASS="nobreak">-dealer</FONT>); and from August 2001 to September&#x00a0;2004 he was Equity Derivatives Trader at Barclays Capital PLC in London. </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">55</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guillermo Trias</FONT> holds a degree in Business Administration from CUNEF and an MBA from Northwestern University Kellogg School of Management in Chicago. Since October 2015, he has served as Partner and Chief Executive Officer of Toroso Investments (investment adviser); from August 2015 to September 2015 he was unemployed; from August 2013 to August 2015 he was Executive Vice president of Global X Management Co. (investment adviser); from February 2012 to August 2013 he was Senior Vice President of Global X Management Co. (investment adviser); from December 2011 to February 2012 he was unemployed; from January 2010 to December 2011 he was Managing Partner of MC Capital Advisors (investment adviser); and from February 2004 to December 2009 he was Founder and CEO for Solex Partners (technology).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Michael Venuto </FONT>studied Philosophy and Religion at North Carolina State University. Since August 2012, he has served as the CIO and Co<FONT CLASS="nobreak">-Founder</FONT> of Toroso Investments (investment adviser); from March 2012 to August 2012, he was a consultant for Global X Management Co. (investment adviser); and from December 2001 to March 2012 he was a Director of Horizon Kinetics (investment adviser).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Daniel Carlson</FONT> received a Bachelor of Science degree from the University of Illinois.  Since March 2012, he has served as co<FONT CLASS="nobreak">-founder</FONT>, CFO and CCO for Toroso Investments, LLC (investment adviser); from July 2011 to March 2012, he was in the process of forming Toroso Investments, LLC; and from April 2008 to July 2011 he served as the Chief Marketing Officer of Avatar Associates (asset manager).</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><A NAME="T47"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;color:#000000;">Duties of the Sponsor</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The general fiduciary duties which would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), are replaced by the terms of the Trust Agreement (to which terms all shareholders, by subscribing to the Shares, are deemed to consent).</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust Agreement provides that the Sponsor and its affiliates shall have no liability to the Trust or to any shareholder for any loss suffered by the Trust arising out of any action or inaction of the Sponsor or its affiliates or their respective directors, officers, shareholders, partners, members, managers or employees (the &#x201c;Sponsor Related Parties&#x201d;), if the Sponsor Related Parties, in good faith, determined that such course of conduct was in the best interests of the Fund and such course of conduct did not constitute gross negligence or wilful misconduct by the Sponsor Related Parties. The Trust has agreed to indemnify the Sponsor Related Parties against claims, losses or liabilities based on their conduct relating to the Trust, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT> that the conduct resulting in the claims, losses or liabilities for which indemnity is sought did not constitute gross negligence or wilful misconduct and was done in good faith and in a manner reasonably believed to be in the best interests of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under Delaware law, a beneficial owner of a statutory trust (such as a shareholder of the Fund) may, under certain circumstances, institute legal action on behalf of himself and all other similarly situated beneficial owners (a&#x00a0;&#x201c;class action&#x201d;) to recover damages for violations of fiduciary duties, or on behalf of a statutory trust (a &#x201c;derivative action&#x201d;) to recover damages from a third party where there has been a failure or refusal to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights under the federal securities laws and the rules and regulations promulgated thereunder by the SEC. Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from the Sponsor where the losses result from a violation by the Sponsor of the anti<FONT CLASS="nobreak">-fraud</FONT> provisions of the federal securities laws.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Under certain circumstances, shareholders also have the right to institute a reparations proceeding before the CFTC against the Sponsor (a registered commodity pool operator), an FCM, as well as those of their respective employees who are required to be registered under the CEA, and the rules and regulations promulgated thereunder. Private rights of action are conferred by the CEA. Investors in futures and in commodity pools may, therefore, invoke the protections provided thereunder.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The foregoing summary describing in general terms the remedies available to shareholders under federal law is based on statutes, rules and decisions as of the date of this Prospectus. As this is a rapidly developing and changing area of the law, shareholders who believe that they may have a legal cause of action against any of the foregoing parties should consult their own counsel as to their evaluation of the status of the applicable law at such time.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">56</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T48"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Ownership or Beneficial Interest in the Fund</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor, its principals, as well as their affiliates, reserve the right to trade commodity interests for their own accounts including Shares of this Fund. Fund investors will not be permitted to inspect the records of such person&#x2019;s trades or any written policies related to such trading.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T49"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Commodity </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Sub-Adviser</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">CSat Investment Advisory, L.P., d/b/a Exponential ETFs, 625 Avis Drive, Ann Arbor, Michigan 48108, serves as the commodity sub<FONT CLASS="nobreak">-adviser</FONT> to the Fund, pursuant to a commodity sub<FONT CLASS="nobreak">-advisory</FONT> agreement (the &#x201c;Commodity Sub<FONT CLASS="nobreak">-Advisory</FONT> Agreement&#x201d;). Under the Commodity Sub<FONT CLASS="nobreak">-Advisory</FONT> Agreement, the Sub<FONT CLASS="nobreak">-Adviser</FONT> determines what commodity interests are to be purchased and sold for the Fund, consistent with the Index, and what portion of the Fund&#x2019;s assets shall be held uninvested in cash. Dr. Claes Goran Fornell, Ph.D, the Founding Partner and Chairman of Exponential, owns a controlling interest therein. Pursuant to the Commodity Sub<FONT CLASS="nobreak">-Advisory</FONT> Agreement, the Sponsor has agreed to pay for the services and facilities provided by the Sub<FONT CLASS="nobreak">-Adviser</FONT> through sub<FONT CLASS="nobreak">-advisory</FONT> fees. The Fund does not directly pay the Sub<FONT CLASS="nobreak">-Adviser</FONT>. The portfolio managers primarily responsible for the day<FONT CLASS="nobreak">-to-day</FONT> management of the Fund are:</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Charles A. Ragauss, CFA. From April 2016 to the present, Mr.<FONT CLASS="nobreak"> </FONT>Ragauss has served as Managing Director of CSat Investment Advisory, LP.  From November 2009 to April 2016, he served as Assistant Vice President and Product Manager at Huntington National Bank.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Eric Kelly</FONT> holds a Bachelor&#x2019;s degree from the University of Michigan. Since August 2019, he has served as Portfolio Manager for CSat Investment Advisory, L.P. d/b/a Exponential ETFs; from November 2018 through August 2019, he was unemployed; from September 2013 through November 2018, he served as Associate Director for Institutional Investment Consulting; from October 2011 through September 2013, he served as a Client Associate at Bank of America Merrill Lynch; from June 2011 through October 2011, he was unemployed; and from January 2011 through June 2011, he served as a Junior Trader at TFG Investments.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T50"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Management; Voting by Shareholders</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The shareholders of the Fund take no part in the management or control, and have no voice in the Trust&#x2019;s operations or business.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor has the right unilaterally to amend the Trust Agreement as it applies to the Fund <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">provided</FONT> that the shareholders have the right to vote only if expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the shareholders by the Sponsor in its sole discretion. No amendment affecting the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T51"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Recognition of the Trust and the Fund in Certain States</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">A number of states do not have &#x201c;statutory trust&#x201d; statutes such as that under which the Trust has been formed in the State of Delaware. It is possible, although unlikely, that a court in such a state could hold that, due to the absence of any statutory provision to the contrary in such jurisdiction, the shareholders, although entitled under Delaware law to the same limitation on personal liability as stockholders in a private corporation for profit organized under the laws of the State of Delaware, are not so entitled in such state.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T52"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Possible Repayment of Distributions Received by Shareholders</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares are limited liability investments; investors may not lose more than the amount that they invest plus any profits recognized on their investment. However, shareholders of the Fund could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of the Trust Agreement.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T53"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Shares Freely Transferable</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares of the Fund are listed for trading on the Exchange and provide institutional and retail investors with direct access to the Fund. The Fund&#x2019;s Shares may be bought and sold on the Exchange like any other exchange<FONT CLASS="nobreak">-listed</FONT> security.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">57</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T54"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Book-Entry Form</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the Trust with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Trust Agreement, shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (&#x201c;DTC Participants&#x201d;), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&#x201c;Indirect Participants&#x201d;), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Shares are only transferable through the book<FONT CLASS="nobreak">-entry</FONT> system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or&#x00a0;by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T55"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Reports to Shareholders</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor or elected third<FONT CLASS="nobreak">-party</FONT> service providers will furnish an annual report of the Fund in the manner required by the rules and regulations of the SEC as well as any reports required by the CFTC and the NFA, including, but not limited to, annual audited financial statements of the Fund examined and certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Fund. Monthly account statements conforming to CFTC and NFA requirements are posted on the Sponsor&#x2019;s website at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.volatilityshares.com</FONT>. Shareholders of record will also be provided with appropriate information to permit them to file U.S. federal and state income tax returns with respect to Shares held. Additional reports may be posted on the Sponsor&#x2019;s website at the discretion of the Sponsor or as required by regulatory authorities.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor will notify shareholders of any substantial change in the fees paid by the Trust or of any material changes to the Fund by filing with the SEC a supplement to this Prospectus and a Form 8<FONT CLASS="nobreak">-K</FONT>, as applicable, which will be publicly available at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.sec.gov</FONT> and at the Sponsor&#x2019;s website at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.volatilityshares.com</FONT>. </P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T56"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Net Asset Value</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The net asset value (&#x201c;NAV&#x201d;) in respect of the Fund means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of the Fund, consistently applied under the accrual method of accounting. In particular, the NAV includes any unrealized profit or loss on open futures contracts (and Financial Instruments, if any), and any other credit or debit accruing to the Fund but unpaid or not received by the Fund. The NAV per Share of the Fund is computed by dividing the value of the net assets of the Fund (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, the value of its total assets less total liabilities) by its total number of Shares outstanding. Expenses and fees are accrued daily and taken into account for purposes of determining the NAV. The Fund&#x2019;s NAV is calculated on each day other than a day when the Exchange is closed for regular trading. <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Fund computes its NAV only once each Business Day as of 4:00 p.m. (Eastern Time) (the &#x201c;NAV Calculation Time&#x201d;)</FONT>, or an earlier time as set forth on <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.volatilityshares.com. </FONT>For example, the Fund may calculate its NAV as of an earlier time if the Exchange or other exchange material to the valuation or operation of the Fund closes early.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In calculating the NAV of the Fund, the VIX futures contracts are valued using the Time Weighted Average Price (TWAP) of the futures during the last 15 minutes of NYSE&#x2019;s regular trading session, rather than from the VIX futures&#x2019; settlement price. The value of the Fund&#x2019;s non<FONT CLASS="nobreak">-exchange-traded</FONT> Financial Instruments typically is determined by applying the then<FONT CLASS="nobreak">-current</FONT> disseminated levels for the Index to the terms of the Fund&#x2019;s non<FONT CLASS="nobreak">-exchange-traded</FONT> Financial Instruments.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In certain circumstances (<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">e.g.</FONT>, if the Sponsor believes market quotations do not accurately reflect the fair value of the Fund investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such investment for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying VIX futures contract and would be based on principles that the Sponsor deems fair and equitable.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund may use a variety of money market instruments. Money market instruments generally will be valued using market prices or at amortized cost.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">58</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T57"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Indicative Optimized Portfolio Value (&#x201c;IOPV&#x201d;)</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The IOPV is an indicator of the value of the Fund&#x2019;s net assets at the time the IOPV is disseminated. The IOPV is calculated and disseminated every 15 seconds during a normal Business Day. A Business Day is defined as a day the United States equity markets are open for trading on the NYSE. The IOPV may cease calculating at an earlier time if the Exchange or other information material to the valuation or operation of the Fund closes early. The IOPV is generally calculated using the prior day&#x2019;s closing net assets of the Fund as a base and updating throughout the Business Day changes in the value of the Financial Instruments held by the Fund. The IOPV should not be viewed as an actual real time update of the NAV because NAV is calculated only once at the end of each Business Day. The IOPV also should not be viewed as a precise value of the Shares. Because the market price per Share may differ from the IOPV, the price at which an investor may be able to sell Shares at any time, and especially in times of market volatility, may be significantly less than the IOPV at the time of sale. Neither the Fund nor the Sponsor is liable for any errors in the calculation of the IOPV or any failure to disseminate IOPV.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Exchange disseminates the IOPV. In addition, the IOPV is published on the Exchange&#x2019;s website and is available through on<FONT CLASS="nobreak">-line</FONT> information services such as Bloomberg Finance L.P. and/or Reuters.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T58"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Termination Events</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust, or, as the case may be, the Fund, may be dissolved at any time and for any reason by the Sponsor with written notice to the shareholders.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">59</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T59"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">DISTRIBUTIONS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor does not expect to make distributions. Depending on the Fund&#x2019;s performance and an investor&#x2019;s own tax situation, an investor&#x2019;s income tax liability for his, her or its allocable share of the Fund&#x2019;s net ordinary income or loss and capital gain or loss may exceed the capital gains an investor may realize from selling his, her or its Shares of the Fund in a taxable year.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T60"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE ADMINISTRATOR</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> AND SUB-ADMINISTRATOR</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust, on behalf of itself and on behalf of the Fund, has appointed Tidal ETF Services LLC (the &#x201c;Administrator&#x201d;) as the Administrator of the Fund. The  Administrator has entered into a fund administration agreement (the &#x201c;Fund Administration Servicing Agreement&#x201d;) with the Trust (for itself and on behalf of the Fund) in connection therewith. A copy of the Fund Administration Servicing Agreement is available for inspection at Administrator&#x2019;s offices identified below. The Administrator is located at 898 N. Broadway, Suite<FONT CLASS="nobreak"> </FONT>2, Massapequa, New York 11758. Pursuant to the Fund Administration Servicing Agreement between the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative and management services (other than investment advisory services). Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator may serve as the Trust&#x2019;s principal executive officer, principal financial officer, and principal accounting officer. The Administrator oversees the payment of Fund<FONT CLASS="nobreak">-related</FONT> expenses, and the Administrator manages the Trust&#x2019;s relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee from the Fund. The Administrator also is entitled to certain out<FONT CLASS="nobreak">-of-pocket</FONT> expenses for the services mentioned above.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Administrator has engaged a sub<FONT CLASS="nobreak">-administrator</FONT> to provide, from time to time, some of the services that the Administrator has agreed to provide the Fund.  In that regard, the Administrator has engaged U.S. Bancorp Fund Services, LLC to serve as the sub<FONT CLASS="nobreak">-administrator</FONT> (&#x201c;Sub<FONT CLASS="nobreak">-Administrator</FONT>&#x201d;) of the Fund. U.S. Bancorp Fund Services, LLC is located at 615 East Michigan Street, Milwaukee, Wisconsin 53202.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T62"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE TRANSFER AGENT</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> AND FUND ACCOUNTANT</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Bancorp Fund Services, LLC serves as the transfer agent (&#x201c;Transfer Agent&#x201d;) and fund accountant (&#x201c;Fund Accountant&#x201d;) of the Fund. U.S. Bancorp Fund Services, LLC is located at 615 East Michigan Street, Milwaukee, Wisconsin 53202.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Transfer Agent has entered into a transfer agency servicing agreement (the &#x201c;Transfer Agency Servicing Agreement&#x201d;). The Fund Accountant has entered into a fund accounting servicing agreement (the &#x201c;Fund Accounting Servicing Agreement&#x201d;). Pursuant to the terms of the Transfer Agency Servicing Agreement, the Transfer Agent is responsible for processing purchase and redemption orders from Authorized Participants and maintaining records of the ownership of the Fund. As compensation for the services it provides, the Transfer Agent receives a fee from the Fund. Pursuant to the terms of the Fund Accounting Servicing Agreement, the Fund Accountant is responsible for portfolio accounting services, expense accrual and payment services, fund valuation and financial reporting services, tax accounting services and compliance control services. As compensation for the services it provides, the Fund Accountant receives a fee from the Fund.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T61"></A>THE CUSTODIAN</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Bank National Association (the &#x201c;Custodian&#x201d;) serves as the Custodian of the Fund and has entered into a custody agreement (the &#x201c;Custody Agreement&#x201d;) with the Trust (for itself and on behalf of the Fund) in connection therewith. Pursuant to the terms of the Custody Agreement, the Custodian is responsible for the holding and safekeeping of assets delivered to it by the Fund, and performing various administrative duties in accordance with instructions delivered to the Custodian by the Fund. As compensation for the services it provides, the Custodian receives a fee from the Fund.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">60</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T63"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE MARKETING AGENT</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Foreside Fund Services, LLC (the &#x201c;Marketing Agent&#x201d;) serves as the Marketing Agent of the Fund. Its principal duties are: (i) to work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the 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; and (iv) review and approve, prior to use, all Trust marketing materials for compliance with applicable SEC and FINRA advertising rules.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Marketing Agent retains all marketing materials separately for the Fund, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As compensation for the services it provides, the Marketing Agent receives a fee from the Fund.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">61</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T64"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE SECURITIES DEPOSITORY; BOOK-ENTRY ONLY SYSTEM; GLOBAL SECURITY</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">DTC acts as securities depository for the Shares. DTC is a limited purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a &#x201c;clearing corporation&#x201d; within the meaning of the New York Uniform Commercial Code, and a &#x201c;clearing agency&#x201d; registered pursuant to the provisions of section 17A of the 1934 Act. DTC was created to hold securities of DTC Participants and to facilitate the clearance and settlement of transactions in such securities among the DTC Participants through electronic book<FONT CLASS="nobreak">-entry</FONT> changes. This eliminates the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC has agreed to administer its book<FONT CLASS="nobreak">-entry</FONT> system in accordance with its rules and bylaws and the requirements of law.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Individual certificates will not be issued for the Shares. Instead, global certificates are signed by the Sponsor on behalf of the Fund, registered in the name of Cede &amp; Co., as nominee for DTC, and deposited with the Trust on behalf of DTC. The global certificates evidence all of the Shares of the Fund outstanding at any time. The representations, undertakings and agreements made on the part of the Fund in the global certificates are made and intended for the purpose of binding only the Fund and not the Trustee or the Sponsor individually.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Upon the settlement date of any creation, transfer or redemption of Shares, DTC credits or debits, on its book<FONT CLASS="nobreak">-entry</FONT> registration and transfer system, the amount of the Shares so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The Sponsor and the Authorized Participants designate the accounts to be credited and charged in the case of creation or redemption of Shares.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Beneficial ownership of the Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares are shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants) and the records of Indirect Participants (with respect to shareholders that are not DTC Participants or Indirect Participants). Shareholders are expected to receive from or through the DTC Participant maintaining the account through which the shareholder has purchased their Shares a written confirmation relating to such purchase.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Shareholders that are not DTC Participants may transfer the Shares through DTC by instructing the DTC Participant or Indirect Participant through which the shareholders hold their Shares to transfer the Shares. Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance with the rules of DTC. Transfers are made in accordance with standard securities industry practice.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">DTC may decide to discontinue providing its service with respect to Creation Units and/or the Shares of the Fund by giving notice to the Trust and the Sponsor. Under such circumstances, the Sponsor will either find a replacement for DTC to perform its functions at a comparable cost or, if a replacement is unavailable, terminate the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The rights of the shareholders generally must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of DTC. Because the Shares can only be held in book<FONT CLASS="nobreak">-entry</FONT> form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial intermediary through which they hold the Shares to receive the benefits and exercise the rights described in this section. Investors should consult with their broker or financial institution to find out about procedures and requirements for securities held in book<FONT CLASS="nobreak">-entry</FONT> form through DTC.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Any participant of the Euroclear System that holds shares of the Fund in the Euroclear System will be deemed to have represented to and agreed with the applicable Fund and Euroclear Bank as a condition to the Fund shares being in the Euroclear System to furnish to the Euroclear Bank (a) its tax identification number, (b) notice of whether it is (i) a person who is not a United States person, (ii) a foreign government, an international organization or any wholly owned agency or instrumentality of either of the foregoing or (iii) a tax exempt identity, and (c) such other information as the Euroclear Bank may request from time to time in order to comply with its United States tax reporting obligations. If a participant in the Euroclear System fails to provide such information, Euroclear Bank may, amongst other courses of action, block trades in the Fund shares and related income distributions of such participant.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">62</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T65"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SHARE SPLITS OR REVERSE SPLITS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">If the Sponsor believes that the per Share price of the Fund in the secondary market has fallen outside a desirable trading price range, the Sponsor may direct the Trust to declare a split or reverse split in the number of Shares outstanding and, if necessary in the Sponsor&#x2019;s opinion, to make a corresponding change in the number of Shares of the Fund constituting a Creation Unit.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T66"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">CONFLICTS OF INTEREST</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T67"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Sponsor</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the course of providing services, the Sponsor, its principals, officers, employees and their affiliates may simultaneously recommend the sale of a particular investment position for one account while recommending the purchase of the same investment position for another account if such recommendations are consistent with each client&#x2019;s investment strategies. The Sponsor also may recommend the purchase or sale of investment positions that may also be recommended by Sponsor affiliates.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor, its principals, officers and employees (and members of their families) and affiliates may participate directly or indirectly as investors in the Sponsor&#x2019;s clients, such as the Fund. Thus, the Sponsor may recommend to clients the purchase or sale of investment positions in which it, or its officers, employees or related persons have a financial interest. The Sponsor may give advice and take actions in the performance of its duties to its clients that differ from the advice given or the timing and nature of actions taken, with respect to other clients&#x2019; accounts and/or employees&#x2019; accounts that may invest in some of the same investment positions recommended to clients.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, the Sponsor, its affiliates and principals may trade for their own accounts. Consequently, non<FONT CLASS="nobreak">-customer</FONT> and proprietary trades may be executed and cleared through any FCM or prime broker utilized by clients. It is possible that the Sponsor, including its officers and employees, may buy or sell investment positions or other instruments that the Sponsor has recommended to, or purchased for, its clients and may engage in transactions for their own accounts in a manner that is inconsistent with the Sponsor&#x2019;s recommendations to a client. Personal transactions by the Sponsor, including its officers and employees, may raise potential conflicts of interest when such persons trade in an investment position that is owned by, or considered for purchase or sale for, a client, including conflicts that would arise if such proprietary accounts were to trade ahead of client accounts, place trades that are opposite to the trades of client accounts (such as the Fund), or receive preferential treatment in terms of allocation of resources or of investment opportunities. The Sponsor has adopted policies and procedures designed to detect and prevent such conflicts of interest and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with any fiduciary duty owned by the Sponsor to its clients and in accordance with applicable law.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T68"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">FCMs</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">An FCM or its affiliates may own stock in, or have some other form of ownership interest in, one or more U.S. or foreign exchanges or swap execution facilities (each, a &#x201c;Trading Facility&#x201d;) or CFTC<FONT CLASS="nobreak">-registered</FONT> derivatives clearing organization (each, a &#x201c;Clearing House&#x201d;) where the Fund&#x2019;s transactions in futures, options, swaps (as defined in the CEA), forwards or other commodity derivatives (&#x201c;Contracts&#x201d;) may be executed and/or cleared. As a result, an FCM or its affiliates may receive financial or other benefits related to its ownership interest when Contracts are executed on a given Trading Facility or cleared through a given Clearing House, and the FCM would, in such circumstances, have an incentive to cause Contracts to be executed on that Trading Facility or cleared by that Clearing House. In addition, employees and officers of an FCM or its affiliates may also serve on the board of directors or on one or more committees of a Trading Facility or Clearing House.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, Trading Facilities and Clearing Houses may from time to time have in place other arrangements that provide their members or participants with volume, market<FONT CLASS="nobreak">-making</FONT> or other discounts or credits, may call for members or participants to pre<FONT CLASS="nobreak">-pay</FONT> fees based on volume thresholds, or may provide other incentive or arrangements that are intended to encourage market participants to trade on or direct trades to that Trading Facility or Clearing House. An FCM or its affiliates may participate in and obtain financial benefits from such incentive programs.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">When providing execution services to the Fund (either in conjunction with clearing services or in an execution<FONT CLASS="nobreak">-only</FONT> capacity), an executing broker may direct orders to affiliated or unaffiliated market<FONT CLASS="nobreak">-makers</FONT>, FCMs, other executing firms, individual brokers or brokerage groups for execution. When such affiliated or unaffiliated </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">63</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">parties are used, they may, where permitted, agree to price concessions, volume discounts or refunds, rebates or similar payments in return for receiving such business. Likewise, where permitted by law and the rules of the applicable Trading Facility, an FCM may solicit a counterparty to trade opposite your order or enter into transactions for its own account or the account of other counterparties that may, at times, be adverse to your interests in a Contract. In such circumstances, that counterparty may make payments and/or pay a commission to the FCM in connection with that transaction. The results of the Fund&#x2019;s transactions may differ from the results achieved by the FCM for its own account, its affiliates, or for other customers.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In addition, where permitted by applicable law (including, where applicable, the rules of the applicable Trading Facility), an FCM, its directors, officers, employees and affiliates may act on the other side of the Fund&#x2019;s order or transaction by the purchase or sale for an account, or the execution of a transaction with a counterparty, in which the FCM or a person affiliated with the FCM has a direct or indirect interest, or may affect any such order with a counterparty that provides the FCM or its affiliates with discounts related to fees for Contracts or other products. In cases where an FCM has a counterparty, the FCM or its affiliates may be doing so because of the enhanced profit potential resulting from acting as executing broker or counterparty.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">An FCM or its affiliates may act as, among other things, an investor, research provider, placement agent, underwriter, distributor, remarketing agent, structurer, securitizer, lender, investment manager, investment adviser, commodity trading advisor, municipal advisor, market maker, trader, prime broker, introducing broker or clearing broker. In those and other capacities, an FCM, its directors, officers, employees and affiliates may take or hold positions in, or advise other customers and counterparties concerning, or publish research or express a view with respect to, a Contract or with a related financial instrument that may not be consistent with, or may be contrary to, the Fund&#x2019;s interests. Unless otherwise disclosed in writing, an FCM is not necessarily acting in the Fund&#x2019;s best interest and are not assessing the suitability for the Fund of any Contract or related financial instrument. Acting in one or more of the capacities noted above may give an FCM or its affiliates access to information relating to markets, investments and products. An FCM and its affiliates are under no duty to make any such information available to the Sponsor, except to the extent the FCM has agreed in writing or as may be required under applicable law.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">64</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T69"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">MATERIAL CONTRACTS</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T70"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Commodity </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Sub-Advis</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">ory</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> Agreement </FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">CSat Investment Advisory, LP d/b/a Exponential ETFs, is a commodity trading adviser and serves as the Fund&#x2019;s Commodity Sub<FONT CLASS="nobreak">-Adviser</FONT> pursuant to the terms of the Commodity Sub<FONT CLASS="nobreak">-Advisory</FONT> Agreement between the Sponsor and the Sub<FONT CLASS="nobreak">-Adviser</FONT>. Subject always to the supervision of Sponsor, the Commodity Sub<FONT CLASS="nobreak">-Adviser</FONT> will furnish an investment program in respect of, make investment decisions for, and place all orders for the purchase and sale of futures contracts, forward contracts, options contracts, swap contracts and other commodity interests, consistent with the investment objectives and restrictions of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Commodity Sub<FONT CLASS="nobreak">-Advisory</FONT> Agreement has no set term and may be terminated by either the Sponsor or the Commodity Sub<FONT CLASS="nobreak">-Adviser</FONT> upon 120 days written notice.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T71"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Fund Administration Servicing Agreement </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">and Fund Sub-Administration Servicing Agreement</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Tidal ETF Services LLC serves as the Fund&#x2019;s Administrator pursuant to the terms of the Fund Administration Servicing Agreement between the Trust, on behalf of itself and on behalf of the Fund, and the Administrator. The Administrator provides officers or employees of the Administrator to serve as the Trust&#x2019;s principal executive officer, principal financial officer and principal accounting officer, the Administrator coordinates the payment of Fund<FONT CLASS="nobreak">-related</FONT> expenses, and the Administrator manages the Trust&#x2019;s relationships with its various service providers.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund Administration Servicing Agreement has an initial term of three years and, after the initial term, will continue in effect for additional one<FONT CLASS="nobreak">-year</FONT> terms unless earlier terminated. Notwithstanding the foregoing, beginning in the second year of the Fund Administration Servicing Agreement, the Trust may terminate the Fund Administration Servicing Agreement on at least ninety (90) days&#x2019; prior written notice to the Administrator, and either party may terminate the Fund Administration Servicing Agreement at any time upon thirty (30) days&#x2019; prior written notice to the other party if the other party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law. In its capacity as Administrator, Tidal ETF Services LLC is indemnified under the Fund Administration Servicing Agreement.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Bancorp Fund Services, LLC serves as the Sub<FONT CLASS="nobreak">-Administrator</FONT>. U.S. Bancorp Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sub<FONT CLASS="nobreak">-Administration</FONT> Servicing Agreement has an initial term of three years and, after the initial term, will continue in effect for additional one<FONT CLASS="nobreak">-year</FONT> terms unless earlier terminated. Notwithstanding the foregoing, beginning in the second year of the Sub<FONT CLASS="nobreak">-Administration</FONT> Servicing Agreement, the Trust may terminate the Sub<FONT CLASS="nobreak">-Administration</FONT> Servicing Agreement on at least ninety (90) days&#x2019; prior written notice to the Sub<FONT CLASS="nobreak">-Administrator</FONT>, and either party may terminate the Sub<FONT CLASS="nobreak">-Administration</FONT> Servicing Agreement at any time upon thirty (30) days&#x2019; prior written notice to the other party if the other party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law. In its capacity as Sub<FONT CLASS="nobreak">-Administrator</FONT>, U.S.&#x00a0;Bancorp Fund Services, LLC is indemnified under the Fund Sub<FONT CLASS="nobreak">-Administration</FONT> Servicing Agreement.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T72"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Transfer Agency Servic</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">ing</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> Agreement</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Bancorp Fund Services, LLC serves as the Fund&#x2019;s Transfer Agent. Pursuant to the Transfer Agency Servicing Agreement between the Trust, on behalf of itself and the Fund, and the Transfer Agent, the Transfer Agent serves as the Fund&#x2019;s transfer agent in connection with certain other activities. The Transfer Agent&#x2019;s services include, among other things, assisting the Fund with the issuance and redemption of Creation Units to and from Authorized Participants, recording the issuance of Creation Units and maintaining a record of the total number of Creation Units that are authorized, issued and outstanding based upon data provided to the Transfer Agent by the Fund or the Sponsor.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Transfer Agency Servicing Agreement has an initial term of three years and, after the initial term, will continue in effect for additional one<FONT CLASS="nobreak">-year</FONT> terms unless earlier terminated. Notwithstanding the foregoing, beginning in the second year of the Transfer Agency Servicing Agreement, the Trust may terminate the Transfer Agency Servicing Agreement on at least ninety (90) days&#x2019; prior written notice to the Transfer Agent, and either party may terminate the Transfer Agency Servicing Agreement at any time upon thirty (30) days&#x2019; prior written notice to the </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">65</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">other party if the other party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law. In its capacity as Transfer Agent, U.S. Bancorp Fund Services, LLC is indemnified under the Transfer Agency Servicing Agreement.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T73"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Fund Accounting </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Servicing </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Agreement</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Bancorp Fund Services, LLC serves as the Fund Accountant. U.S. Bancorp Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund Accounting Servicing Agreement has an initial term of three years and, after the initial term, will continue in effect for additional one<FONT CLASS="nobreak">-year</FONT> terms unless earlier terminated. Notwithstanding the foregoing, beginning in the second year of the Fund Accounting Servicing Agreement, the Trust may terminate the Fund Accounting Servicing Agreement on at least ninety (90) days&#x2019; prior written notice to the Fund Accountant, and either party may terminate the Fund Accounting Servicing Agreement at any time upon thirty (30) days&#x2019; prior written notice to the other party if the other party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law. In its capacity as Fund Accountant, U.S. Bancorp Fund Services, LLC is indemnified under the Fund Accounting Servicing Agreement.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T74"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Custody Agreement</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">U.S. Bank National Association serves as the Fund&#x2019;s Custodian. Pursuant to the Custody Agreement between the Trust, on its own behalf and on behalf of the Fund, and the Custodian, the Custodian serves as custodian of all securities and cash at any time delivered to the Custodian by the Fund during the term of the Custody Agreement and has authorized the Custodian to hold its securities in its name or the names of its nominees. Pursuant to the terms of the Custody Agreement, the Custodian may deposit and/or maintain the investment assets of the Fund in a securities depository and may appoint a sub<FONT CLASS="nobreak">-custodian</FONT> to hold investment assets of the Fund. The Custodian establishes and maintains one or more securities accounts and cash accounts for the Fund pursuant to the Custody Agreement. The Custodian maintains separate and distinct books and records segregating the assets of the Fund.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Custody Agreement has an initial term of three years and, after the initial term, will continue in effect for additional one<FONT CLASS="nobreak">-year</FONT> terms unless earlier terminated. Notwithstanding the foregoing, beginning in the second year of the Custody Agreement, the Trust may terminate the Custody Agreement on at least ninety (90) days&#x2019; prior written notice to the Custodian, and either party may terminate the Custody Agreement at any time upon thirty (30)&#x00a0;days&#x2019; prior written notice to the other party if the other party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Upon termination of the Custody Agreement, the parties agree to cooperate in the execution of documents and performance of other actions necessary or desirable in order to facilitate the succession of a new custodian. Upon the date set forth in such notice, the Custodian shall deliver directly to the successor custodian all Fund&#x2019;s assets. In its capacity as Custodian, U.S. Bank National Association is indemnified under the Custody Agreement.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T75"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Marketing Agent Agreement</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Pursuant to the Marketing Agent Agreement between the Trust and Foreside Fund Services, LLC, Foreside Fund Services, LLC assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing of Shares including reviewing and approving marketing materials.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Marketing Agent Agreement becomes effective on the date of the offering of the Shares of the Fund and the will continue for a two year period continuing automatically for successive periods of one year unless sooner terminated.  Notwithstanding, this Marketing Agent Agreement may be terminated, without the payment of any penalty, upon no less than 60 days&#x2019; written notice, by either the Client or by Foreside.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">66</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T76"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PURCHASES BY EMPLOYEE BENEFIT PLANS</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T77"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">General</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The following section sets forth certain consequences under the Employee Retirement Income Security Act of 1974, as amended (&#x201c;ERISA&#x201d;), and the Code, which a fiduciary of an &#x201c;employee benefit plan&#x201d; as defined in and subject to ERISA or of a &#x201c;plan&#x201d; as defined in and subject to Section 4975 of the Code who has investment discretion should consider before deciding to invest the plan&#x2019;s assets in the Fund (such &#x201c;employee benefit plans&#x201d; and &#x201c;plans&#x201d; being referred to herein as &#x201c;Plans,&#x201d; and such fiduciaries with investment discretion being referred to herein as &#x201c;Plan Fiduciaries&#x201d;). The following summary is not intended to be complete, but only to address certain questions under ERISA and the Code which are likely to be raised by the Plan Fiduciary&#x2019;s own counsel.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In general, the terms &#x201c;employee benefit plan&#x201d; as defined in and subject to Title I of ERISA and &#x201c;plan&#x201d; as defined in Section 4975 of the Code together refer to any plan or account of various types which provide retirement benefits or welfare benefits to an individual or to an employer&#x2019;s employees and their beneficiaries. Such plans and accounts include, but are not limited to, corporate pension and profit<FONT CLASS="nobreak">-sharing</FONT> plans, &#x201c;simplified employee pension plans,&#x201d; plans for self<FONT CLASS="nobreak">-employed</FONT> individuals (including partners), individual retirement accounts described in Section 408 of the Code and medical plans.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Each Plan Fiduciary must give appropriate consideration to the facts and circumstances that are relevant to an investment in the Fund, which may include, among other things, the role that such an investment would play in the Plan&#x2019;s overall investment portfolio. Each Plan Fiduciary, before deciding to invest in the Fund, must be satisfied that such investment is prudent for the Plan, that the investments of the Plan, including the investment in the Fund, are diversified so as to minimize the risk of large losses and that an investment in the Fund complies with the Plan documents and that the purchase will not result in any non<FONT CLASS="nobreak">-exempt</FONT> prohibited transaction under ERISA or Section 4975 of the Code.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">EACH PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES ON BEHALF OF A PLAN MUST CONSULT WITH ITS OWN LEGAL AND TAX ADVISORS BEFORE DOING SO. AN INVESTMENT IN A FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE FUND IS NOT INTENDED AS A COMPLETE INVESTMENT PROGRAM.</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T78"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Plan Assets</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">ERISA and a regulation issued thereunder by the U.S. Department of Labor contain rules for determining when an investment by a Plan in an equity interest of an entity will result in the underlying assets of such entity being considered to constitute assets of the Plan for purposes of ERISA and Section 4975 of the Code ( <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">i.e.</FONT>, &#x201c;plan assets&#x201d;). Those rules provide that assets of an entity will not be considered assets of a Plan which purchases an equity interest in the entity if one or more exceptions apply, including (1) an exception applicable if the equity interest purchased is a &#x201c;publicly offered security&#x201d; (the &#x201c;Publicly Offered Security Exception&#x201d;), and (2) an exception applicable if equity interests purchased by a plan are not significant.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Publicly Offered Security Exception applies if the equity interest is a security that is (1) &#x201c;freely transferable,&#x201d; (2) part of a class of securities that is &#x201c;widely held&#x201d; and (3) either (a) part of a class of securities registered under Section 12(b) or 12(g) of the 1934 Act, or (b) sold to the Plan as part of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security is a part is registered under the 1934 Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust expects that the Publicly Offered Security Exception should apply with respect to the Shares of the Fund.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T79"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Ineligible Purchasers</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Among other considerations, Shares generally may not be purchased with the assets of a Plan if the Sponsor, the FCMs or any of their respective affiliates, any of their respective employees or any employees of their respective affiliates: (1) has investment discretion with respect to the investment of such plan assets; (2) has authority or responsibility to give or regularly gives investment advice with respect to such plan assets, for a fee, and pursuant to </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">67</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;text-indent:0pt;margin-top:8pt;text-indent:0pt;">an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to such plan assets and that such advice will be based on the particular investment needs of the Plan; or (3) is an employer maintaining or contributing to such Plan. A party that is described in clause (1) or (2) of the preceding sentence would be a fiduciary under ERISA and the Code with respect to the Plan, and unless an exemption applies, any such purchase might result in a &#x201c;prohibited transaction&#x201d; under ERISA and the Code.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in Shares of the Fund is based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that will not make the foregoing statements incorrect or incomplete.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER ATTORNEY AND FINANCIAL ADVISORS AS TO THE PROPRIETY OF AN INVESTMENT IN SHARES IN LIGHT OF THE CIRCUMSTANCES OF THE PARTICULAR PLAN AND CURRENT TAX LAW.</FONT></P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">68</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T80"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PLAN OF DISTRIBUTION</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T81"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Buying and Selling Shares</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Most investors buy and sell Shares in secondary market transactions through brokers. Shares of the Fund trade on the Exchange under the ticker symbol listed in this Prospectus. Shares are bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker, most investors incur customary brokerage commissions and charges.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T82"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Authorized Participants</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund continuously offers Shares in Creation Units to Authorized Participants. Shares of the Fund are to be offered to Authorized Participants in Creation Units at the Fund&#x2019;s NAV.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Authorized Participants may offer to the public, from time to time, Shares of the Fund from any Creation Units they create. Shares of the Fund offered to the public by Authorized Participants are offered at a per Share market price that varies depending on, among other factors, the trading price of the Shares of the Fund on the Exchange, the NAV per Share and the supply of and demand for the Shares at the time of the offer. Shares initially comprising the same Creation Unit but offered by Authorized Participants to the public at different times may have different offering prices. Additionally, the price at which an Authorized Participant sells a Share may be higher or lower than the price paid by such Authorized Participant in connection with the creation of such Share in a Creation Unit.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Authorized Participants do not receive from the Fund, the Sponsor or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public, although investors are expected to be charged a customary commission by their brokers in connection with the purchase and sale of Shares that varies from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">As of the date of this Prospectus, <FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">[insert AP names] </FONT>have each executed an Authorized Participant Agreement and are the only Authorized Participants.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T83"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Likelihood of Becoming a Statutory Underwriter</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund issues Shares in Creation Units to Authorized Participants from time to time in exchange for cash. Because new Shares can be created and issued on an ongoing basis at any point during the life of the Fund, a &#x201c;distribution,&#x201d; as such term is used in the 1933 Act, will be occurring. An Authorized Participant, other broker<FONT CLASS="nobreak">-dealer</FONT> firm or its client could be deemed a statutory underwriter, and thus would be subject to the prospectus delivery and liability provisions of the 1933 Act, if it purchased a Creation Unit from the Fund, broke the Creation Unit down into the constituent Shares and sold the Shares to its customers; or if it chose to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. A determination of whether one is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker<FONT CLASS="nobreak">-dealer</FONT> or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to categorization as an underwriter. Authorized Participants, other broker<FONT CLASS="nobreak">-dealers</FONT> and other persons are cautioned that some of their activities may result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the 1933 Act.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Dealers who are neither Authorized Participants nor &#x201c;underwriters&#x201d; but are participating in a distribution (as&#x00a0;contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an &#x201c;unsold allotment&#x201d; within the meaning of section 4(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by section 4(3) of the 1933 Act.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">69</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T84"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">General</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors who purchase or sell Shares through a commission/fee based brokerage account may pay commissions/fees charged by the brokerage account. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The offering of Creation Units is being made in compliance with FINRA Rule 2310. Accordingly, the Authorized Participants may not make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of Shares. In any event, the maximum amount of all items of value, including compensation paid from the offering proceeds and in the form of &#x201c;trail commissions,&#x201d; to be paid to FINRA members, including to Foreside Fund Services, LLC, in connection with the offering of the Shares by the Fund will not exceed 10% of gross offering proceeds.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">70</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T85"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">LEGAL MATTERS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Chapman and Cutler LLP has advised the Sponsor in connection with the Shares being offered. Chapman and Cutler LLP also advises the Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust and the Fund. Chapman and Cutler LLP has prepared the sections <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Material U.S. Federal Income Tax Considerations&#x201d; </FONT>with respect to U.S. federal income tax laws and<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> &#x201c;Purchases By Employee Benefit Plans&#x201d; </FONT>with<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>respect to ERISA. Chapman and Cutler LLP has not represented, nor will it represent, the Trust, the Fund or the shareholders in matters relating to the Trust or the Fund and no other counsel has been engaged to act on their behalf.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Chapman and Cutler LLP has represented the Trust in connection with the legality of the Shares being offered hereby.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Certain opinions of counsel have been filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T86"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">EXPERTS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The combined financial statements of VS Trust, the individual financial statements the Fund comprising VS Trust, management&#x2019;s assessment of the effectiveness of internal control over financial reporting of VS Trust, and management&#x2019;s assessment of the effectiveness of internal control over financial reporting the Fund comprising VS Trust (which assessments are included in Management&#x2019;s Annual Report on Internal Control over Financial Reporting), incorporated in this Prospectus by reference to VS Trust&#x2019;s Annual Report on Form 10<FONT CLASS="nobreak">-K</FONT> for the year ended December<FONT CLASS="nobreak"> </FONT>31, 2019, as amended, have been so incorporated in reliance on the report of Tait, Weller &amp; Baker, LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T87"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">WHERE INVESTORS CAN FIND MORE INFORMATION</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust has filed a Registration Statement on Form S<FONT CLASS="nobreak">-1</FONT> with the SEC under the 1933 Act. This Prospectus constitutes part of the Registration Statement filed by the Trust for itself and on behalf of the Fund. Additionally, as further discussed under <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Incorporation by Reference of Certain</FONT> <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Documents,&#x201d; </FONT>we have incorporated by reference certain historical information. This Prospectus does not contain all of the information set forth in such<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>Registration Statement, certain portions of which have been omitted pursuant to the rules and regulations of the SEC, including, without limitation, certain exhibits thereto (for example, the form of the Authorized Participant Agreement). The descriptions contained herein of agreements included as exhibits to the Registration Statement are necessarily summaries and may not be complete; the exhibits themselves may be inspected without charge at the Public Reference Room maintained by the SEC at 100 F Street, NE, Washington, DC 20549, and copies of all or part thereof may be obtained from the SEC upon payment of the prescribed fees. Investors may obtain information on the operation of the Public Reference Room by calling the SEC at 1<FONT CLASS="nobreak">-800-SEC-0330</FONT>. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of such site is <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.sec.gov</FONT>.</P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T88"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">RECENT FINANCIAL INFORMATION AND ANNUAL REPORTS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">You should read the financial statements and the notes to those financial statements in the Trust&#x2019;s Annual Report on Form 10<FONT CLASS="nobreak">-K</FONT>, along with any amendments thereto, when they become available and which will be incorporated by reference into this Prospectus and, subsequent to the date of this Prospectus, future filings with the SEC will be automatically deemed incorporated into this Prospectus, including subsequent financial statements, data and related notes with respect to the Fund. Please refer to the section entitled <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Incorporation by Reference of Certain</FONT> <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Documents&#x201d; </FONT>in this Prospectus. The Sponsor will furnish an annual report of the Fund in the manner required by the rules and regulations of the SEC as<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>well as with those reports required by the CFTC and the NFA, including, but not limited to, annual audited financial statements of the Fund examined and certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Fund. Monthly account statements conforming to CFTC and NFA requirements, as well as the current annual and quarterly reports and other filings made with the SEC, are posted on the Sponsor&#x2019;s website at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.volatilityshares.com</FONT>. Shareholders of record will also be provided with appropriate information to permit them to file U.S. federal and state income tax returns with respect to Shares held. Additional reports may be posted on the Sponsor&#x2019;s website at the discretion of the Sponsor or as required by regulatory authorities.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">71</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T89"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PRIVACY POLICY</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T90"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Trust&#x2019;s Commitment to Investors</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor and the Trust are committed to respecting the privacy of personal information investors entrust to the Trust in the course of doing business.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T91"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">The Information the Trust Collects About Investors</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor, on behalf of the Trust, collects non<FONT CLASS="nobreak">-public</FONT> personal information from various sources. For instance, forms may include names, addresses, and social security numbers. The Fund receives information from transactions in investors&#x2019; accounts, including account balances, and from correspondence between investors and the Fund or third parties, such as the Fund&#x2019;s service providers. The Sponsor, on behalf of the Fund, uses such information provided by investors or their representative to process transactions, to respond to inquiries from investors, to deliver reports, products, and services, and to fulfil legal and regulatory requirements.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T92"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">How the Trust Handles Investors&#x2019; Personal Information</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor does not disclose any non<FONT CLASS="nobreak">-public</FONT> personal information about investors to anyone unless permitted by law or approved by the affected investor. The Sponsor may share information about investors with certain third parties who are not affiliated with the Trust to process or service a transaction that investors have requested or as permitted by law. For example, sharing information with non<FONT CLASS="nobreak">-affiliated</FONT> third parties that maintain or service investors&#x2019; accounts for the Fund is essential.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor may also share information with companies that perform administrative or marketing services for the Fund including research firms. When the Fund enters into such a relationship, such third parties&#x2019; use of customer&#x2019;s information is restricted and they are prohibited from sharing it or using it for any purposes other than those for which they were hired. The Sponsor also requires service providers to maintain physical, electronic and procedural safeguards that comply with federal standards to guard investors&#x2019; non<FONT CLASS="nobreak">-public</FONT> personal information.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T93"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">How the Trust Safeguards Investors&#x2019; Personal Information</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor maintains physical, electronic, and procedural safeguards to protect investors&#x2019; personal information. Within the Fund, access to personal information is restricted to those employees who require access to that information in order to provide products or services to customers such as processing transactions and handling inquiries. Use of customer information is restricted and customer information is required to be held in strict confidence.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Sponsor will adhere to the policies and practices described in this notice for both current and former customers of the Fund.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">72</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T94"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The SEC allows the Trust to &#x201c;incorporate by reference&#x201d; into this Prospectus certain information that the Trust files with the SEC, meaning it can disclose important information to an investor by referring to those documents on file with the SEC.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The information that the Trust incorporates by reference is an important part of this Prospectus and later information that we will file with the SEC will automatically update and supersede some of this information. We incorporate by reference any future filings we make with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act. The Trust also incorporates by reference the documents listed below:</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Any statement contained in a document that is incorporated by reference will be modified or superseded for all purposes to the extent that a statement contained in this Prospectus (or in any other document that is subsequently filed with the SEC and incorporated by reference) modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this Prospectus except as so modified or superseded.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust also incorporates by reference any future filings, other than current reports furnished under Item&#x00a0;2.02 or Item 7.01 of Form 8<FONT CLASS="nobreak">-K</FONT> and exhibits filed on such form that are related to such items, made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the 1934 Act, in each case, other than those documents or the portions of those documents deemed to be furnished and not filed in accordance with SEC rules, until the offering of the securities under the registration statement of which this Prospectus forms a part is terminated or completed. Information in such future filings updates and supplements the information provided in this Prospectus. Any statements in any such future filings will be deemed to modify and supersede any information in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that statements in the later filed document modify or replace such earlier statements.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Trust will provide to you an electronic copy of the filings that have been incorporated by reference in this Prospectus upon your request, at no cost. In addition, the Trust will also provide you with information regarding the other series of the Trust upon your request, at no cost. Any request may be made by writing or calling at the following address or telephone number:</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;text-align:center;margin-top:8pt;">VS Trust<BR>c/o Volatility Shares LLC<BR>100 South Bedford Road, Suite 340<BR>Mount Kisco, NY 10549<BR>Telephone: (866) 261<FONT CLASS="nobreak">-0273</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">These documents may also be accessed through the web at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.volatilityshares.com</FONT> or as described under <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">&#x201c;Where Investors Can Find More</FONT> <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Information.&#x201d; </FONT>The information and other content contained on or linked from the website are not incorporated by reference in this Prospectus and should<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT>not be considered a part of this Prospectus.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Annual, quarterly and current reports and other information are on file with the SEC. You may read and copy these materials at the SEC&#x2019;s Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1<FONT CLASS="nobreak">-800-SEC-0330</FONT>. The SEC maintains an internet site at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.sec.gov</FONT> that contains reports, proxy and information statements and other information regarding the Trust and the Fund.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">73</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><A NAME="T95"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">FUTURES COMMISSION MERCHANTS</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund intends to use Advantage Futures LLC, each in its capacity as a registered FCM, as its FCM. Each of Advantage Futures LLC,<FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> </FONT>in its capacity as a registered FCM, serves as a clearing broker to the Trust and the Fund and as such arranges for the execution and clearing of the Fund&#x2019;s futures transactions. Each FCM acts as clearing broker for many other funds and individuals. A variety of executing brokers may execute futures transactions on behalf of the Fund. The executing brokers will give up all such transactions to an FCM.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Investors should be advised that no FCM is affiliated with or acts as a supervisor of the Fund or the Fund&#x2019;s commodity pool operators, commodity trading advisors, investment managers, trustees, general partners, administrators, transfer agents, registrars or organizers, as applicable. Additionally, no FCM is acting as an underwriter or sponsor of the offering of any Shares or interests in the Fund or has passed upon the merits of participating in this offering.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">No FCM has passed upon the adequacy of this Prospectus or on the accuracy of the information contained herein. Additionally, no FCM provides any commodity trading advice regarding the Fund&#x2019;s trading activities. Investors should not rely upon any such FCM in deciding whether to invest in the Fund or retain their interests in the Fund. Investors should also note that the Fund may select additional clearing brokers or replace any FCM as the Fund&#x2019;s clearing broker.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T96"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Litigation and Regulatory Disclosure Relating to FCMs</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">Advantage Futures LLC (&#x201c;Advantage&#x201d; or the &#x201c;Company&#x201d;), a Delaware limited liability company, is a registered futures commission merchant and a member of the National Futures Association. Advantage Futures LLC is also a full clearing member of CME Group (Chicago Board of Trade, Chicago Mercantile Exchange, NYMEX, COMEX and KCBOT), NFX (Nasdaq Futures Exchange), ICE Futures Europe, ICE Clear Europe, Options Clearing Corp., and CBOE Futures Exchange, and a non<FONT CLASS="nobreak">-clearing</FONT> member of Eurex. Its main office is located at 231 S. LaSalle Street, 14th Floor, Chicago, Illinois 60604 and the office telephone number is (312) 800<FONT CLASS="nobreak">-7000</FONT>.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">At any given time in the normal course of business, Advantage may be involved in or the subject to litigation, investigations, arbitration matters or regulatory reviews, which may or may not seek significant damages. The Company is currently involved in the following litigation matters.</P>
		<P CLASS="H6" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:underline;text-indent:0;text-transform:none;widows:1;text-indent:24pt;margin-top:12pt;">Advantage v. H.A.L./Hal v. Guinan</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-left:24pt;text-indent:0pt;margin-top:8pt;">In September 2017, the Company filed a lawsuit against H.A.L. NY Holdings, LLC (&#x201c;HAL&#x201d;) and Ahron Feferkorn to collect a debit balance. HAL and Feferkorn offered to enter an offer of judgement, which the court entered in November 2017. The Court subsequently entered a modified judgment in January 2018. In March 2018, HAL filed a lawsuit in the U.S. District Court for the Southern District of New York against the Company&#x2019;s CEO seeking damages for the liquidations at issue in the Company&#x2019;s complaint against HAL and Feferkorn. The case was transferred to the U.S. District for the Northern District of Illinois and, on behalf of the Company&#x2019;s CEO, the Company filed a motion to dismiss the complaint in December 2018. Currently the proceedings are ongoing.</P>
		<P CLASS="H6" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:underline;text-indent:0;text-transform:none;widows:1;text-indent:24pt;margin-top:12pt;">Advantage v. Herm LLC, et al.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-left:24pt;text-indent:0pt;margin-top:8pt;">In February 2018, the Company was named as a defendant in multiple reparations claims, and the Company filed its own complaints against these customers in federal and state court in Illinois in March 2018. The complaints relate to debit balances incurred by the customers when the Company liquidated their under<FONT CLASS="nobreak">-margined</FONT> accounts, managed by the same commodity trading advisor, on February<FONT CLASS="nobreak"> </FONT>5, 2018. As of October 2019 a few clients have entered into settlement agreements and are no longer party to the lawsuits. Currently, these proceedings are ongoing.</P>
		<P CLASS="H6" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:underline;text-indent:0;text-transform:none;widows:1;text-indent:24pt;margin-top:12pt;">Edwin Johnson v. Advantage Futures, et al.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-left:24pt;text-indent:0pt;margin-top:8pt;">In June 2018, Edwin Johnson filed a complaint against the Company and two Company employees in the Circuit Court of Cook County. The Company filed a motion to dismiss and was successful in obtaining a dismissal for one of the employee defendants. In January  2019, the Company filed an Answer to the Complaint on behalf of the Company and employee. These proceedings are ongoing.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">74</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">In the five years preceding the date of this disclosure, the Commodity Futures Trading Commission (&#x201c;CFTC&#x201d;) filed an enforcement action against the Company and two of its principals. In September 2016, Advantage, its CEO, Joseph M. Guinan, Jr. and former Chief Risk Officer, William Steele, entered into a settlement agreement with the CFTC to pay a $1.5<FONT CLASS="nobreak"> </FONT>million civil monetary penalty for failure to diligently supervise certain commodity interest accounts, risk management failures and making inaccurate statements through the submissions of its required risk manuals and annual CCO report (&#x201c;CFTC Order&#x201d;). According to the CFTC Order, Advantage failed to diligently supervise the handling of accounts. The CFTC Order finds that three exchanges independently notified Advantage that they had observed the same Advantage customer engaging in a problematic pattern of trading in several contract markets, consistent with spoofing and/or manipulative or deceptive trading, but that Advantage did not promptly or thoroughly investigate the identified trading activity, or otherwise increase scrutiny over or further inquire into the customer&#x2019;s trading in other markets, but ultimately the Company discontinued the customer&#x2019;s trading. As part of the settlement agreement entered into with the CFTC, Advantage has undertaken steps to implement strengthened procedures related to its Risk Management Program and Risk Department to prevent and detect violations of the Commodity Exchange Act and CFTC regulations thereunder. Advantage also engaged a qualified third party consultant to review and assess Advantage&#x2019;s policies, procedures, operations, and manuals; to make recommendations regarding best practices in Advantage&#x2019;s control processes and procedures, supervision, and compliance programs to prevent future violations; and to assist in reviewing and updating procedures as necessary. As required by the CFTC Order, a report outlining recommendations along with an affidavit that the Company implemented the procedures was  filed with the CFTC within the required time frame. Additionally, the third party consultant conducted a review of Advantage in accordance with AICPA SSAE 16 with a final report submitted to CFTC as required by the CFTC Order.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">All regulatory actions (including enforcement action noted above) taken against the Company by any Exchange, CFTC or NFA are documented and summarized on the NFA website at:</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;"><FONT CLASS="italic" STYLE="font-style:italic;font-weight:normal;">http://www.nfa.futures.org/basicnet/CaseInfo.aspx?entityid=0327359&amp;type=reg</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><A NAME="T97"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Margin Levels Expected to be Held at the FCMs</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">While the portfolio composition may vary over time, it is not expected that, as of any daily rebalance, the Fund will have short futures exposure greater than one times (1x) the Fund&#x2019;s assets (although this is possible in some circumstances. It currently is anticipated that the Fund could have as much as 100% of its assets held in segregated accounts as collateral for its transactions in futures contracts and other Financial Instruments.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:24pt;text-transform:none;widows:2;margin-top:8pt;">The Fund receives the income on any securities or other property of the Fund transferred to the FCMs to fulfil requirements for margin to be held by the FCMs in respect of commodity interests, and receive a negotiated portion of any income derived by the FCMs in respect of any cash transferred to the FCMs and held for this purpose.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">75</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PART II</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Information Not Required in Prospectus</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item&#x00a0;13. Other Expenses of Issuance and Distribution.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">The following chart reflects estimated amounts required to prepare and file this Registration Statement and complete the offering of the Shares.</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" COLSPAN="2" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 15.38%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Approximate <BR>Amount*</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Securities and Exchange Commission Registration Fee*</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">$</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.68%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">FINRA Filing Fee</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">$</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.68%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Printing Expenses</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">$</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.68%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Fees of Certified Public Accountants</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">
						<P CLASS="Tbody_rightalign" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">$</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.68%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Fees of Counsel</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" VALIGN="bottom">
						<P CLASS="Tbody_rule1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">$</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.68%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 83.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;">Total</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" VALIGN="bottom">
						<P CLASS="Tbody_rule2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;">$</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 13.68%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" VALIGN="bottom">

					</TD>
				</TR>

		</TABLE>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 14. Indemnification of Directors and Officers.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">The amended and restated Trust Agreement of the Trust provides for, and as amended from&#x00a0;time<FONT CLASS="nobreak">-to-time</FONT>,&#x00a0;will provide for, the indemnification of the Sponsor. The Sponsor (including Covered Persons as will be provided under each amended and restated Trust Agreement) shall be indemnified by the Trust (or any Fund separately to the extent the matter in question relates to a single Fund or is otherwise disproportionate), against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Sponsor may be or may have been involved as a party or otherwise or with which such Sponsor may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as the Sponsor or by reason of his or her being or having been the Sponsor except with respect to any matter as to which such Sponsor shall have been finally adjudicated in any such action, suit or other proceeding not to have acted in good faith in the reasonable belief that such Sponsor&#x2019;s action was in the best interests of the Trust and except that the Sponsor shall not be indemnified against any liability to the Trust or its Shareholders by reason of wilful misconduct or gross negligence of such Sponsor.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 15. Recent Sales of Unregistered Securities.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">None.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-1</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 16. Exhibits and Financial Statement Schedules.</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">The following documents (unless otherwise indicated) are filed herewith and made a part of this Registration Statement:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(a)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Exhibits.&#x00a0;&#x00a0;&#x00a0;&#x00a0;The following exhibits are filed herewith:</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-16" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">

						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Exhibit <BR>Number</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-right:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Description of Document</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">3.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs12019ex3-1_vstrust.htm">Certificate of Trust</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">4.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex4-1_vstrust.htm">Trust Agreement</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">4.2</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex4-2_vstrust.htm">Form of Authorized Participant Agreement</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">5.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;">Opinion of Chapman &amp; Cutler LLP as to legality</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">5.2</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;">Opinion of Richards, Layton &amp; Finger, P.A. as to Delaware law</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">8.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;">Opinion of Chapman &amp; Cutler LLP as to income tax matters</P>
					</TD>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-1_vstrust.htm">Form of Sponsor Agreement</A></P>
					</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.2</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-2_vstrust.htm">Form of Transfer Agency Servicing Agreement</A></P>
					</TD>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.3</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-3_vstrust.htm">Form of Custody Agreement</A></P>
					</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.4</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-4_vstrust.htm">Form of Marketing Agent Agreement</A></P>
					</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.5</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-5_vstrust.htm">Form of Futures Account Agreement</A></P>
					</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.6</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-6_vstrust.htm">Form of Commodity Sub-Advisory Agreement</A></P>
					</TD>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.7</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-7_vstrust.htm">Form of Administration Servicing Agreement</A></P>
					</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.8</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-8_vstrust.htm">Form of Sub-Administration Servicing Agreement</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">10.9</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;"><A HREF="drs2019ex10-9_vstrust.htm">Form of Fund Accounting Servicing Agreement</A></P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">23.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;">Consent of Chapman &amp; Cutler LLP</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">23.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;">Consent of Richards, Layton &amp; Finger, P.A.</P>
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				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 8.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">23.2</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 89.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-10pt;text-transform:none;widows:1;margin-left:0pt;text-indent:0pt;">Consent of Tait, Weller &amp; Baker LLP</P>
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				</TR>

		</TABLE>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(b)&#x00a0;&#x00a0;&#x00a0;&#x00a0;The following financial statements are included in the Prospectus:</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 17. Undertakings.</FONT></P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(a)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;The undersigned registrant hereby undertakes:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(1)&#x00a0;&#x00a0;&#x00a0;&#x00a0;To file, during any period in which offers or sales are being made, a post<FONT CLASS="nobreak">-effective</FONT> amendment to this registration statement</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(i)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;To include any prospectus required by section 10(a)(3) of the Securities Act of 1933, as amended;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(ii)&#x00a0;&#x00a0;&#x00a0;&#x00a0;To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post<FONT CLASS="nobreak">-effective</FONT> amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;margin-top:8pt;">Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&#x00a0;per cent change in the maximum aggregate offering price set forth in the &#x201c;Calculation of Registration Fee&#x201d; table in the effective registration statement;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(iii)&#x00a0;&#x00a0;&#x00a0;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-left:24pt;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Provided</FONT>,&#x00a0;<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">however</FONT>, that:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(A)&#x00a0;&#x00a0;&#x00a0;&#x00a0;Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form&#x00a0;S&#x2013;8, and the information required to be included in a post<FONT CLASS="nobreak">-effective</FONT> amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the </P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-2</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;text-indent:0pt;margin-top:8pt;text-indent:0pt;">registrant pursuant to section&#x00a0;13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement; and</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(B)&#x00a0;&#x00a0;&#x00a0;&#x00a0;Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S&#x2013;3 or Form F&#x2013;3 and the information required to be included in a post<FONT CLASS="nobreak">-effective</FONT> amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&#x00a0;424(b) that is part of the registration statement.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(2)&#x00a0;&#x00a0;&#x00a0;&#x00a0;That, for the purpose of determining any liability under the Securities Act of 1933, each such post<FONT CLASS="nobreak">-effective</FONT> amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">bona&#x00a0;fide</FONT>&#x00a0;offering thereof.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(3)&#x00a0;&#x00a0;&#x00a0;&#x00a0;To remove from registration by means of a post<FONT CLASS="nobreak">-effective</FONT> amendment any of the securities being registered which remain unsold at the termination of the offering.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(4)&#x00a0;&#x00a0;&#x00a0;&#x00a0;That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(i)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;If the registrant is relying on Rule 430B:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:24pt;text-indent:0pt;margin-top:8pt;">That each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to this offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule&#x00a0;430A, shall be deemed to be part of and included in this registration statement as of the date it is first used after effectiveness.&#x00a0;<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">Provided</FONT>,&#x00a0;<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">however</FONT>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into a registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(5)&#x00a0;&#x00a0;&#x00a0;&#x00a0;That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:24pt;text-indent:0pt;margin-top:8pt;">The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(i)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(ii)&#x00a0;&#x00a0;&#x00a0;&#x00a0;Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(iii)&#x00a0;&#x00a0;&#x00a0;The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or their securities provided by or on behalf of the undersigned registrant; and</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(iv)&#x00a0;&#x00a0;&#x00a0;Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-top:8pt;">(b)&#x00a0;&#x00a0;&#x00a0;&#x00a0;Insofar as indemnification for liabilities under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the provisions described in Item 14 above, or otherwise, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-3</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;text-indent:0pt;margin-top:8pt;text-indent:0pt;">registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of their respective counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:72pt;margin-top:8pt;">(i)&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;The undersigned registrant hereby undertakes that:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:96pt;margin-top:8pt;">(1)&#x00a0;&#x00a0;&#x00a0;&#x00a0;For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#x00a0;424(b)(1) or (4)&#x00a0;or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:-24pt;text-transform:none;widows:1;margin-left:96pt;margin-top:8pt;">(2)&#x00a0;&#x00a0;&#x00a0;&#x00a0;For the purpose of determining any liability under the Securities Act of 1933, each post<FONT CLASS="nobreak">-effective</FONT> amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial&#x00a0;<FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">bona fide</FONT>&#x00a0;offering thereof.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-4</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;border-style:solid;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SIGNATURES</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Massapequa, State of New York, on December<FONT CLASS="nobreak"> </FONT>6, 2019.</P>
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					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 46.58%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">VS Trust</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 46.58%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 46.58%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">/s/ Daniel Carlson</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Name:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Daniel Carlson</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Title:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal Executive Officer</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>
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					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 46.58%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">/s/ Daniel Carlson</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Name:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Daniel Carlson</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Titles:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal Executive Officer, VS Trust</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal Financial Officer, VS Trust</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Principal Accounting Officer, VS Trust</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Date:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">December<FONT CLASS="nobreak"> </FONT>6, 2019</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:2;margin-top:8pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed, on behalf of the Sponsor, by the following persons in the capacities and on the dates indicated.</P>
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					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 46.58%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">/s/ Justin Young</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Name:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Justin Young</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Titles:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Member of the Sponsor (Director)</P>
					</TD>
				</TR>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Date:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">December<FONT CLASS="nobreak"> </FONT>6, 2019</P>
					</TD>
				</TR>

		</TABLE>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 46.58%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">/s/ Stuart Barton</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Name:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Stuart Barton</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Titles:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Member of the Sponsor (Director)</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 52.14%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">Date:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 38.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;widows:1;">December<FONT CLASS="nobreak"> </FONT>6, 2019</P>
					</TD>
				</TR>

		</TABLE>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;color:#000000;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-decoration:none;text-indent:0;text-transform:none;widows:1;margin: 10px 0px 10px 0pt; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-5</P>



</DIV></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>filename2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt">State of Delaware</FONT></TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Secretary of State</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"> Division of Corporations</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delivered 02:48 PM 10/24/2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">FILED 02:48 PM 10/24/2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">SR 20197720214 - File Number 7670577</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VS TRUST</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Certificate of Trust of VS Trust (the &ldquo;Trust&rdquo;), is being duly executed and filed by the undersigned trustees (constituting
all of the trustees of the Trust), to form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code, &sect; 3801
<U>et</U>&nbsp;<U>se.q</U>.) (the &ldquo;Act&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 90pt 0pt 61.2pt; text-indent: 32.4pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Name</U>. The name of the statutory trust formed hereby is VS Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.2pt; text-indent: 32.4pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<U>Delaware Trustee</U>. The name and the business address of the trustee of the Trust with a principal place of business in the
State of Delaware are Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.8pt 0pt 61.2pt; text-indent: 32.4pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<U>Effective Date</U>. This Certificate of Trust shall be effective upon filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.2pt; text-indent: 32.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.6pt; text-indent: 32.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN WITNESS WHEREOF, the undersigned,
being all of the trustees of the Trust, have executed this Certificate of Trust in accordance with Section 3811 of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.6pt; text-indent: 32.4pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DELAWARE
    TRUSTEE:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington
    Trust, National Association, as Delaware Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    <FONT STYLE="font-size: 10pt">David&nbsp;B.&nbsp;Young</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David&nbsp;B.&nbsp;Young
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vice President</FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUST AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
following agreement is entered into as of, October 24, 2019, by VOLATILITY SHARES LLC, a Delaware limited liability company, and
WILMINGTON TRUST, NATIONAL ASSOCIATION, as the Delaware trustee, for the purpose of establishing a Delaware statutory trust in
accordance with the provisions hereinafter set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>DEFINITIONS</U>.&nbsp;
</B>Whenever used herein, unless otherwise defined or required by the context or specifically provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Adjusted Capital Account</U>&rdquo;
means with respect to any Shareholder, such Shareholder&rsquo;s Capital Account as of the end of the relevant fiscal year or other
applicable period after giving effect to the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Credit to such Capital Account any amounts
which such Shareholder is obligated to restore pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(c) or is deemed to
be obligated to restore to the Trust pursuant to the second to last sentences of Treasury Regulation Sections 1.704-2(g)(1) and
1.704-2(i)(5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Debit to such Capital Account the items
described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5)&nbsp;and (6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. The &ldquo;Adjusted Capital Account&rdquo; of a Shareholder in respect of a Share shall be the amount that
such Adjusted Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from and after
the date on which such Share was first issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Administrator</U>&rdquo; means
any Person from time to time engaged to provide administrative services to the Trust pursuant to authority granted by the Sponsor
or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo; An &ldquo;Affiliate&rdquo;
of a &ldquo;Person&rdquo; means (i)&nbsp;any Person directly or indirectly owning, controlling or holding with power to vote 10%
or more of the outstanding voting securities of such Person, (ii)&nbsp;any Person 10% or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held with power to vote by such Person, (iii)&nbsp;any Person, directly or indirectly,
controlling, controlled by or under common control of such Person, (iv)&nbsp;any employee, officer, director, member, manager or
partner of such Person, or (v)&nbsp;if such Person is an employee, officer, director, member, manager or partner, any Person for
which such Person acts in any such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Authorized Participant</U>&rdquo;
means a Person that is a DTC participant and has entered into an Authorized Participant Agreement which, at the relevant time,
is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Authorized Participant Agreement</U>&rdquo;
means an agreement among the Trust with respect to a Fund, the Sponsor and an Authorized Participant, which may be amended or supplemented
from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Beneficial Owners</U>&rdquo; means
owners of beneficial interests in Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo; means
any day that the Shares trade on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Capital Account</U>&rdquo; means
the capital account maintained for a Shareholder. The &ldquo;Capital Account&rdquo; of a Shareholder in respect of a Share shall
be the amount that such Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from
and after the date on which such Share was first issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Capital Contributions</U>&rdquo;
means the amounts of cash or other consideration contributed and agreed to be contributed to the Trust by any Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>CEA</U>&rdquo; means the Commodity
Exchange Act, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Certificate of Trust</U>&rdquo;
means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware pursuant to
Section&nbsp;3810 of the Delaware Trust Statute as amended or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo; means the United
States Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Commodity Pool Operator</U>&rdquo;
means any Person engaged by the Sponsor or the Trust who, in connection therewith, solicits, accepts, or receives monies or in-kind
contributions for the purpose of trading in any commodity for future delivery or commodity option on or subject to the rules of
any contract market for the benefit of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Commodity Trading Advisor</U>&rdquo;
means any Person from time to time who engages in commodity trading and related activities for the benefit of the Trust pursuant
to authority granted by the Sponsor or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Common Shares</U>&rdquo; means
any Shares that are not Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Corporate Trust Office</U>&rdquo;
means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office
at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate
Trust Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Covered Person</U>&rdquo; means
the Trustee, the person acting as Trustee ( in its individual or corporate capacity), the Sponsor and their respective Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Creation Unit</U>&rdquo; means
the minimum number of Shares of a Fund that may be created at any one time, which shall be 50,000 or such greater or lesser number
as the Sponsor may determine from time to time for each Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Creation Unit Capital Contribution</U>&rdquo;
of a Fund means a Capital Contribution made by an Authorized Participant when purchasing a Creation Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Delaware Trust Statute</U>&rdquo;
means the Delaware Statutory Trust Act, Chapter&nbsp;38 of Title&nbsp;12 of the Delaware Code, 12 Del. C. &sect;&nbsp;3801&nbsp;<I>et
seq</I>., as the same may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Depreciation</U>&rdquo; means,
for each fiscal year of the Trust or other applicable period, an amount equal to the federal income tax depreciation, amortization
or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset
Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation
shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization
or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis;&nbsp;<I>provided</I>,&nbsp;<I>however</I>,
that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Depository</U>&rdquo; means The
Depository Trust Company, or such other depository of Shares as may be selected by the Sponsor as specified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Depository Agreement</U>&rdquo;
means the Letter of Representations relating to each Fund from the Sponsor to the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Distributor</U>&rdquo; means any
Person from time to time engaged to provide distribution services or related services to the Trust pursuant to authority granted
by the Sponsor or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Exchange</U>&rdquo; means the
Cboe BZX Exchange, Inc. or, if the Shares of any Fund shall cease to be listed on the Cboe BZX Exchange, Inc. and are listed on
one or more other exchanges, the exchange on which the Shares of such Fund are principally traded, as determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Fund</U>&rdquo; means an established
and designated Series of Shares of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Gross Asset Value</U>&rdquo; means,
with respect to any asset, the asset&rsquo;s adjusted basis for federal income tax purposes, except as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The initial Gross Asset Value of any
asset contributed by a Shareholder to the Trust shall be the gross fair market value of such asset as determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Gross Asset Values of all Trust
assets shall be adjusted to equal their respective gross fair market values, as determined by the Sponsor using such reasonable
method of valuation as it may adopt, as of the following times:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) the acquisition of an additional
interest in the Trust by a new or existing Shareholder in exchange for more than a&nbsp;<I>de minimis</I>&nbsp;Capital Contribution,
if the Sponsor reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests
of the Shareholders in the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) the distribution by the Trust
to a Shareholder of more than a&nbsp;<I>de minimis</I>&nbsp;amount of property as consideration for an interest in the Trust, if
the Sponsor reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of
the Shareholders in the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii) the liquidation of the Trust
within the meaning of Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(g); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv) at such other times as the
Sponsor shall reasonably determine necessary or advisable in order to comply with Treasury Regulation Sections 1.704-1(b) and 1.704-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Gross Asset Value of any Trust asset
distributed to a Shareholder shall be the gross fair market value of such asset on the date of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Gross Asset Values of Trust assets
shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section&nbsp;734(b)
or Code Section&nbsp;743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts
pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(m);&nbsp;<I>provided</I>,&nbsp;<I>however</I>, that Gross Asset
Values shall not be adjusted pursuant to this subsection (d)&nbsp;to the extent that the Sponsor reasonably determines that an
adjustment pursuant to subsection (b)&nbsp;above is necessary or appropriate in connection with a transaction that would otherwise
result in an adjustment pursuant to this subsection (d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) If the Gross Asset Value of a Trust
asset has been determined or adjusted pursuant to subsection (a), subsection (b)&nbsp;or subsection (d)&nbsp;above, such Gross
Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing
Net Income and Net Losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Internal Revenue Service</U>&rdquo;
or &ldquo;<U>IRS</U>&rdquo; means the U.S. Internal Revenue Service or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Liquidation Date</U>&rdquo; means
the date on which an event giving rise to the dissolution of the Trust occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Net Asset Value of a Fund</U>&rdquo;
at any time means the total assets of a Fund including, but not limited to, all cash and cash equivalents or other debt securities
less total expenses and liabilities of such Fund, determined on the basis of generally accepted accounting principles in the United
States, consistently applied under the accrual method of accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Net Asset Value per Creation Unit
of a Fund</U>&rdquo; means the product obtained by multiplying the Net Asset Value per Share of a Fund by the number of Shares
comprising a Creation Unit at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Net Asset Value per Share of a
Fund</U>&rdquo; means the Net Asset Value of a Fund divided by the number of Shares of the Fund outstanding on the date of calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Net Income</U>&rdquo; and &ldquo;<U>Net
Loss</U>&rdquo; mean for each fiscal year or other applicable period, an amount equal to the Trust&rsquo;s taxable income or loss
for such fiscal year or period, determined in accordance with Section&nbsp;703(a) of the Code (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Section&nbsp;703(a)(1) of the Code shall be included in taxable
income or loss), with the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Any income of the Trust that is exempt
from federal income tax or excluded from federal gross income and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition shall be added to such taxable income or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Any expenditures of the Trust described
in Section&nbsp;705(a)(2)(B) of the Code or treated as Section&nbsp;705(a)(2)(B) expenditures pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(i),
and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition, shall be subtracted from
such taxable income or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) In the event the Gross Asset Value of
any Trust asset is adjusted pursuant to any provision of this Agreement in accordance with the definition of Gross Asset Value,
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing
Net Income and Net Loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Gain or loss resulting from any disposition
of any Trust asset with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference
to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such asset differs from its
Gross Asset Value;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) In lieu of the depreciation, amortization,
and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account
Depreciation for such fiscal year or other applicable period, computed in accordance with the definition of Depreciation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) Notwithstanding any other provision
of this definition, any items which are allocated pursuant to Article IV, Section&nbsp;8(c) shall not be taken into account in
computing Net Income or Net Loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Nonrecourse Deductions</U>&rdquo;
has the meaning given in Treasury Regulation Section&nbsp;1.704-2(b)(1). The amount of Nonrecourse Deductions for a fiscal year
or other applicable period equals the net increase, if any, in the amount of Trust Minimum Gain during such fiscal year or period
reduced by any distributions during such fiscal year or period of proceeds of a Nonrecourse Liability that are allocable to an
increase in Trust Minimum Gain, determined according to the provisions of Treasury Regulation Sections 1.704-2(c) and 1.704-2(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Nonrecourse Liability</U>&rdquo;
has the meaning set forth in Treasury Regulation Section&nbsp;1.704-2(b)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Outstanding</U>&rdquo; means,
with respect to Shares or any class of Shares, all Shares of that class that are issued by the Trust and reflected as outstanding
on the Trust&rsquo;s books and records as of the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Partnership Representative</U>&rdquo;
means &ldquo;partnership representative&rdquo; under I.R.C. &sect; 6223.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Percentage Interest</U>&rdquo;
means, as of any date of determination, (i)&nbsp;as to any Common Shares, the product obtained by multiplying (a)&nbsp;100% less
the percentage applicable to the Shares referred to in clause (iii)&nbsp;by (b)&nbsp;the quotient obtained by dividing (x)&nbsp;the
number of such Common Shares by (y)&nbsp;the total number of all Outstanding Common Shares, (ii)&nbsp;as to any other Shares, the
percentage established for such Shares by the Sponsor as a part of the issuance of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo; means any natural
person, partnership, limited liability company, trust (including a statutory trust), corporation, association, or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Preferred Shares</U>&rdquo; means
a class of Shares that entitles such Shareholders to a preference or priority over the Shareholders of any other class of Shares
in (i)&nbsp;the right to share Net Income or Net Loss or items thereof, (ii)&nbsp;the right to share in Trust&rsquo;s distributions,
and/or (iii)&nbsp;rights upon dissolution or liquidation of the Trust. &ldquo;<U>Preferred Shares</U>&rdquo; shall not include
Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo; means the
final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and
declared effective thereby, as the same may at any time and from time to time be amended or supplemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Redemption Distribution</U>&rdquo;
means the cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant Agreement, to
be delivered in satisfaction of a redemption of a Redemption Unit as specified in Article IX Section&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Redemption Order</U>&rdquo; shall
have the meaning assigned thereto in Article IX Section&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Redemption Order Date</U>&rdquo;
shall have the meaning assigned in the Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Redemption Unit</U>&rdquo; means
the minimum number of Shares of a Fund that may be redeemed, which shall be the number of Shares of such Fund constituting a Creation
Unit on the relevant Redemption Order Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Registration Statement</U>&rdquo;
means a registration statement on Form&nbsp;S-1, as it may be amended or supplemented from time to time, filed with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) pursuant to which the Trust registered the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Required Allocations</U>&rdquo;
means (i)&nbsp;any limitation imposed on any allocation of Net Losses under Article IV, Section&nbsp;8(a) and (ii)&nbsp;any allocation
of an item of income, gain, loss or deduction pursuant to Article IV, Sections&nbsp;8(c)(i), 8(c)(ii), 8(c)(iii), 8(c)(vi) or 8(c)(viii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Series</U>&rdquo; means a series
of Shares established pursuant to the terms of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Shareholders</U>&rdquo; means
the registered holders of Shares of a Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Shareholder Minimum Gain</U>&rdquo;
means an amount, with respect to each Shareholder Nonrecourse Debt, that would result if such Shareholder Nonrecourse Debt were
treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section&nbsp;1.704-2(i)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Shareholder Nonrecourse Debt</U>&rdquo;
has the meaning given to the term &ldquo;partner nonrecourse debt&rdquo; in Treasury Regulation Section&nbsp;1.704-2(b)(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Shareholder Nonrecourse Deductions</U>&rdquo;
has the meaning given to the term &ldquo;partner nonrecourse deduction&rdquo; in Treasury Regulation Section&nbsp;1.704-2(i)(2).
The amount of Shareholder Nonrecourse Deductions with respect to a Shareholder Nonrecourse Debt for a fiscal year or other applicable
period equals the net increase, if any, in the amount of Shareholder Minimum Gain during such fiscal year or other applicable period
attributable to such Shareholder Nonrecourse Debt, reduced by any distributions during that fiscal year or other applicable period
to the Shareholder that bears the economic risk of loss for such Shareholder Nonrecourse Debt to the extent that such distributions
are from the proceeds of such Shareholder Nonrecourse Debt and are allocable to an increase in Shareholder Minimum Gain attributable
to such Shareholder Nonrecourse Debt, determined according to the provisions of Treasury Regulation Sections 1.704-2(h) and 1.704-2(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Shares</U>&rdquo; means the equal
proportionate units of undivided beneficial interest in a Fund and may include fractions of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Sponsor</U>&rdquo; means Volatility
Shares LLC, or any substitute or designee of the then Sponsor therefor as provided herein, or any successor thereto by merger or
operation of law. Sponsor shall also mean any person directly or indirectly instrumental in organizing each Fund or any person
who will manage or participate in the management of each Fund any other person who regularly performs or selects the persons who
perform services for the Funds. Sponsor does not include wholly independent third parties such as attorneys, accountants and underwriters
whose only compensation is for professional services rendered in connection with the offering of the Shares. The term &ldquo;Sponsor&rdquo;
shall be deemed to include its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Sponsor Agreement</U>&rdquo; means
an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor&rsquo;s compensation and the amount
to be charged as a Transaction Fee, as it may be amended or supplemented from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo; means, with
respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly
or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member
or similar interest of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Transaction Fee</U>&rdquo; shall
mean a non-refundable transaction fee to be payable by an Authorized Participant to the Administrator and/or Fund in connection
with each purchase of a Creation Unit by an Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Treasury Regulations</U>&rdquo;
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions
of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trust</U>&rdquo; means VS Trust,
the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and affairs of which are governed by this
Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trust Agreement</U>&rdquo; means
this Amended and Restated Trust Agreement as the same may at any time or from time to time be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trustee</U>&rdquo; means Wilmington
Trust, National Association or any successor thereto as provided herein, acting not in its individual or corporate capacity but
solely as the Delaware trustee of the Trust acting under Article III Section 5 of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trust Estate</U>&rdquo; means,
with respect to a Fund, all property and cash held by such Fund, and all proceeds therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trust Minimum Gain</U>&rdquo;
means that amount determined in accordance with the principles of Treasury Regulation Section&nbsp;1.704-2(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURPOSE OF TRUST AND OFFICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>NAME</U></B>.
The Trust shall be known as &ldquo;<U>VS Trust</U>&rdquo; and the Sponsor shall conduct the business of the Trust under that name
or any other name as it may from time to time determine provided that the Sponsor may, without Shareholder approval, change the
name of the Trust or any Series or Class (as defined in Article IV Section&nbsp;1) of Shares thereof that may be established from
time to time. Any name change of the Trust shall become effective upon the filing of a properly executed certificate of amendment
or a restated certificate pursuant to Section&nbsp;3810 of the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2. &nbsp;<U>BUSINESS OFFICES</U>.&nbsp;
</B>The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place
or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and
the Shareholders. Initially, the principal office of the Trust shall be at: c/o Volatility Shares, LLC, 100 South Bedford Road,
Suite 340, Mount Kisco, NY 10549. The principle office of the Trustee shall be at the Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3.&nbsp; <U>DECLARATION
OF TRUST</U>.</B>&nbsp; The Trust hereby acknowledges that the Trust has received the sum of $350 for each Fund in bank accounts
in the name of each Fund controlled by the Sponsor from the Sponsor, and hereby declares that it shall hold such sum in trust,
upon and subject to the conditions set forth herein for the use and benefit of the Shareholders of each Fund. It is the intention
of the parties hereto that the Trust shall continue to be a statutory trust organized in series, or Funds, under the Delaware Trust
Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties
hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment
or any form of legal relationship other than a Delaware statutory trust. Nothing in this Trust Agreement shall be construed to
make the Shareholders partners or members of a joint stock association. The Sponsor shall not be liable to any person for the failure
of the Trust or any Fund to qualify as a publicly traded partnership under the Code or any comparable provision of the laws of
any State or other jurisdiction where such treatment is sought. The Trustee is hereby authorized to file, and will file or has
filed the certificate of trust required by Section&nbsp;3810 of the Delaware Trust Statute in connection with the formation of
the Trust under the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4.&nbsp; <U>PURPOSES AND
POWERS</U>.</B>&nbsp; The purposes of the Trust and each Fund shall be to (a)&nbsp;directly or indirectly trade, buy, sell, spread
or otherwise acquire, hold, dispose and redeem swap agreements, forward contracts, options on forward contracts, futures contracts
or options on futures contracts or other derivative instruments which provide exposure to a Fund&rsquo;s benchmark; (b)&nbsp;buy
or sell cash equivalents or other short term fixed instruments; (c)&nbsp;engage in any other transaction designed to facilitate
the Fund&rsquo;s ability to track its benchmark, the inverse of its benchmark or a stated multiple thereof; (d)&nbsp;enter into
any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes; or (e)&nbsp;engage
in any other lawful business activity for which a Delaware statutory trust may be organized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;5.&nbsp; <U>TAX TREATMENT</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) By accepting Shares or interests therein,
the Shareholders and/or Beneficial Owners each (i)&nbsp;expresses its intention that the Shares of each Fund will qualify under
applicable tax law as interests in a publicly traded partnership taxed as a partnership which holds the Trust Estate of each Fund
for their benefit, (ii)&nbsp;agrees that it will file its own Federal, state and local income, franchise and other tax returns
in a manner that is consistent with the treatment of each Fund as a publicly traded partnership taxed as a partnership in which
each of the Shareholders thereof is a beneficiary and (iii)&nbsp;agrees to use reasonable efforts to notify the Sponsor promptly
upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares of each Fund with respect
to the treatment of the Shares of such Fund as anything other than interests in a publicly traded partnership taxed as a partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Sponsor shall prepare or cause to
be prepared and filed each Fund&rsquo;s tax returns as a publicly traded partnership taxed as a partnership for Federal, state
and local tax purposes. Each Fund hereby indemnifies, to the full extent permitted by law, the Sponsor from and against any damages
or losses (including attorneys&rsquo; fees) arising out of or incurred in connection with any action taken or omitted to be taken
by it in carrying out its responsibilities under this Section&nbsp;5(b),&nbsp;<I>provided</I>&nbsp;such action taken or omitted
to be taken does not constitute fraud, gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Each Shareholder shall furnish the Sponsor
with information necessary to enable the Sponsor to comply with U.S. federal income tax information reporting requirements in respect
of such Shareholder&rsquo;s Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Trust shall make the election under
Section&nbsp;754 of the Code in accordance with applicable regulations thereunder, subject to the reservation of the right to seek
to revoke any such election upon the Sponsor&rsquo;s determination that such revocation is in the best interests of the Shareholders.
Notwithstanding any other provision herein contained, for the purposes of computing the adjustments under Section&nbsp;743(b) of
the Code, the Sponsor shall be authorized (but not required) to adopt a convention whereby the price paid by a transferee of a
Share will be deemed to be the lowest quoted closing price of the Shares on any Exchange on which such Shares are traded during
the calendar month in which such transfer is deemed to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) Except as otherwise provided herein,
the Sponsor shall determine whether the Trust should make any other elections permitted by the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) The Sponsor shall designate one Shareholder
as the Partnership Representative (as defined in the Code). The Partnership Representative is authorized and required to represent
the Trust (at the Trust&rsquo;s expense) in connection with all examinations of the Trust&rsquo;s affairs by tax authorities, including
resulting administrative and judicial proceedings, and to expend Trust funds for professional services and costs associated therewith.
Each Shareholder agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably
required by the Tax Matters Partner to conduct such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) Notwithstanding any other provision
of this Agreement, the Sponsor is authorized to take any action that may be required to cause the Trust and other Subsidiaries
of the Trust to comply with any withholding requirements established under the Code or any other federal, state, local or foreign
law including pursuant to Sections&nbsp;1441, 1442, 1445 and 1446 of the Code. To the extent that the Trust is required or elects
to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Shareholder
(including by reason of Section&nbsp;1446 of the Code), the Sponsor may treat the amount withheld as a distribution of cash pursuant
to Article IV, Section&nbsp;7 or Article X, Section&nbsp;1 in the amount of such withholding from such Shareholder. Any increase
or decrease in withholding tax incurred by the Trust or any Subsidiary of the Trust resulting from the identity, nationality, residence
or status of a Shareholder shall be allocable to and reduce the distributions of such Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;6.&nbsp; <U>LEGAL TITLE</U>.</B>&nbsp;
Legal title to all of the Trust Estate of each Fund shall be vested in the Trust as a separate legal entity;&nbsp;<I>provided</I>,&nbsp;<I>however</I>,
that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Sponsor may cause
legal title to the Trust Estate or any portion thereof to be held by or in the name of the Sponsor or any other Person (other than
a Shareholder or the Trustee) as nominee. The Trust shall be a separate legal entity in accordance with Section 3801(g) of the
Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SPONSOR; THE TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>MANAGEMENT OF
THE TRUST</U>.</B>&nbsp; Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the business and affairs of
the Trust shall be managed by the Sponsor (and not the Trustee) with such powers of delegation by the Sponsor as may be permitted
by law. The Trustee shall have not power or authority to manage the business and affairs of the Trust, and the Trustee shall only
have the powers, duties, and obligations set forth in Section 5 of this Article III. The Sponsor shall have power to conduct the
business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the
State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths,
territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do
all such other things and execute all such instruments as it deems necessary, proper or desirable in order to promote the interests
of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the
Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption
shall be in favor of a grant of power to the Sponsor. The enumeration of any specific power in this Trust Agreement shall not be
construed as limiting the aforesaid power. The powers of the Sponsor may be exercised without order of or resort to any court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2.&nbsp; <U>AUTHORITY OF
SPONSOR</U>.</B>&nbsp; In addition to and not in limitation of any rights and powers conferred by law or other provisions of this
Trust Agreement, the Sponsor shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient
or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation,
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) To enter into, execute, deliver and
maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments,
and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and
sale of the Shares and the conduct of Trust activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) To establish, maintain, deposit into,
sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions (including,
with the Trustee or any of the Trustee&rsquo;s Affiliates), and execute and/or accept any instrument or agreement incidental to
the Trust&rsquo;s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the
Sponsor in the Sponsor&rsquo;s name shall be deemed executed and accepted on behalf of the Trust by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) To deposit, withdraw, pay, retain and
distribute each Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) To supervise the preparation and filing
of the Registration Statement, the Prospectus and any supplements and amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) To pay or authorize the payment of distributions
to the Shareholders and expenses of each Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) To make any elections on behalf of the
Trust under the Code, or any other applicable U.S. federal or state tax law as the Sponsor shall determine to be in the best interests
of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) In the sole discretion of the Sponsor,
to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) To adopt disclosure and financial reporting
information gathering and control policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) To make any necessary determination
or decision in connection with the preparation of the Trust&rsquo;s financial statements and amendments thereto, and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) To prepare, file and distribute, if
applicable, any periodic reports or updates that may be required under the Securities Exchange Act of 1934, the CEA, or the rules
and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k) Execute, file, record and/or publish
all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification
and operation of the Trust and for the conduct of its business in all appropriate jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l) Appoint and remove independent public
accountants to audit the accounts of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m) Employ attorneys to represent the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n) Adopt, implement or amend, from time
to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or
desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o) Enter into a Distribution Agreement
with the Distributor and discharge the duties and responsibilities of the Trust and the Sponsor thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p) For each Fund, enter into an Authorized
Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Fund and the Sponsor
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q) For each Fund, in connection with purchase
of a Creation Unit, receive Creation Unit Capital Contributions from Authorized Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r) For each Fund, receive from Authorized
Participants and process or cause the Distributor or Administrator, as applicable, to process properly submitted Redemption Orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s) Cause the Trust to enter into one or
more custodian agreements, including with the Sponsor, on terms and conditions acceptable to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t) Authorize the Trust, for the Trust or
any Fund or Class, to enter into one or more administration, transfer agency and accounting agreements and agreements for such
other services necessary or appropriate to carry out the business and affairs of the Trust with any party or parties on terms and
conditions acceptable to the Sponsor, including but not limited to agreements the Trustee, legal counsel and an independent registered
public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u) For each Fund, receive a Redemption
Order from a redeeming Authorized Participant through the Depository, and thereupon cancel or cause to be cancelled, the Shares
to be redeemed in connection with the Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v) Interact with the Depository as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w) Enter into the Sponsor Agreement on
terms and conditions acceptable to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x) Prosecute, defend, settle or compromise
actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust&rsquo;s interests. The Sponsor
shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit
or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the
Funds&rsquo; assets on a pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(y) Delegate those of its duties hereunder
as it shall determine from time to time to one or more officers of the Trust, the Administrator, Distributor, Commodity Trading
Advisors, Commodity Pool Operators or other Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(z) In general, to carry on any other business
in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment
of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association
with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid
business or purposes, objects or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing clauses shall be construed
both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner
the general powers of the Sponsor. Any action by one or more of the Sponsor hereunder shall be deemed an action on behalf of the
Trust or the applicable Series or Class, and not an action in an individual capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3. &nbsp;<U>PAYMENT OF EXPENSES
BY THE TRUST</U>.</B>&nbsp; The Sponsor is authorized to pay or cause to be paid out of the principal or income of the Trust any
expenses of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4.&nbsp; <U>TRUSTEE TERM;
RESIGNATION</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Wilmington Trust, National Association
has been appointed and hereby agrees to serve as the Trustee of the Trust solely for purposes of satisfying the requirements of
Section 3807 of the Delaware Trust Statute. The Trust shall have only one trustee unless otherwise determined by the Sponsor and
agreed in writing by the Trustee. The Trustee shall serve until such time as the Sponsor removes the Trustee or the Trustee resigns
and a successor Trustee is appointed by the Sponsor in accordance with the terms of Section&nbsp;7 of this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Trustee may resign at any time upon
the giving of at least sixty&nbsp;days&rsquo; advance written notice to the Trust;&nbsp;<I>provided</I>, that such resignation
shall not become effective unless and until a successor Trustee shall have been appointed by the Sponsor in accordance with Section&nbsp;7
of this Article or by the Court of Chancery of the State of Delaware. If the Sponsor does not appoint a successor Trustee within
such sixty day period, the Trustee may apply, at the sole cost and expense of the Trust, to the Court of Chancery of the State
of Delaware for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section&nbsp;5.&nbsp;
<U>POWERS OF TRUSTEE</U></B>. Notwithstanding any other provision of this Trust Agreement, the Trustee shall not be entitled to
exercise any of the powers, nor shall the Trustee have any of the duties and responsibilities, of the Sponsor or any other party
described in this Trust Agreement. The Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements
of Section&nbsp;3807 of the Delaware Trust Statute. Notwithstanding anything to the contrary herein, the Trustee shall have only
the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties (including, fiduciary
duties), obligations and liabilities with respect to the business and affairs of the Trust or any Fund. The Trustee shall have
the power and authority to execute and file certificates as required by the Delaware Trust Statute and directed by the Sponsor
in writing and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide reasonable notice
to the Sponsor of its performance of any of the foregoing, except that any document for which the Trustee accepts service of process
on the Trust in the State of Delaware, the Trustee shall promptly provide notice of same to the Sponsor The Sponsor shall reasonably
keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect
the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. The Sponsor shall provide
the Trustee with all reasonable information request by the Trustee. Notwithstanding anything to the contrary herein, t</FONT>o
the extent that, at law or in equity, the Trustee has duties (including fiduciary duties), obligations and liabilities relating
thereto to the Trust, the other parties hereto, the Sponsor, or any Beneficial Owners, it is hereby understood and agreed by the
other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly
set forth in Sections 4, 5, 6, 7, and 9 of this Article III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;6.&nbsp; <U>COMPENSATION
AND EXPENSES OF THE TRUSTEE</U></B>. The Trustee shall be entitled to receive from the Sponsor or an Affiliate of the Sponsor (including
the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to
be reimbursed by the Sponsor or an Affiliate of the Sponsor (including the Trust) for reasonable out-of-pocket expenses incurred
by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses
and disbursements of counsel and such other agents as the Trustee may employ in its discretion in connection with the exercise
and performance of its rights and duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;7. &nbsp;<U>SUCCESSOR TRUSTEE</U></B>.
Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument
to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section&nbsp;3807 of the Delaware Trust Statute.
Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance
of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the
outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor Trustee
shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement,
with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations
under this Trust Agreement. The outgoing Trustee shall have no duties to oversee the appointment of a successor Trustee to act
in conformity with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;8.&nbsp; <U>LIABILITY OF
TRUSTEE</U></B>. Except as otherwise provided in this Article&nbsp;III, in accepting the trust continued hereby, Wilmington Trust,
National Association acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against
Wilmington Trust, National Association by reason of the transactions contemplated by this Trust Agreement and any other agreement
to which the Trust or any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof.
In particular, but not by way of limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Trustee shall have no liability
or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency,
value or validity of any Trust Estate or the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Trustee shall not be liable for
any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Trustee shall not have any liability
for the acts or omissions of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Trustee shall not have any duty
or obligation to supervise or monitor the performance of any obligations of the Sponsor, or warn or apprise any party concerning
instances in which the Trustee would or might have exercised the Trustee&rsquo;s own discretion in a manner different from the
manner of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) No provision of this Trust Agreement
shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) Under no circumstances shall the Trustee
be liable for indebtedness evidenced by or other obligations of the Trust or any Fund arising under this Trust Agreement or any
other agreements to which the Trust is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Trust Agreement, or to appear in, institute, conduct or defend any
action or litigation under this Trust Agreement or any other agreements to which the Trust or any Fund is a party, at the request,
order or direction of the Sponsor or any Shareholders unless the Sponsor or such Shareholders have offered to Wilmington Trust,
National Association(in its capacity as Trustee and its individual or corporate capacity) security or indemnity satisfactory to
it against the costs, expenses and liabilities that may be incurred by Wilmington Trust, National Association (including, without
limitation, the reasonable fees and expenses of its counsel) therein or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) The Trustee shall not be required to
take any action hereunder or otherwise if the Trustee shall have reasonably determined, or shall have been advised by counsel,
that such action is likely to result in liability on the part of the Trustee or is contrary to the terms hereof or is otherwise
contrary to law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) Whenever the Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this Trust Agreement, or is unsure as to the application,
intent, interpretation or meaning of any provision of this Trust Agreement, the Trustee shall give reasonable notice (in such form
as shall be appropriate under the circumstances) to the Sponsor requesting instruction as to the course of action to be adopted,
and, to the extent the Trustee acts in good faith in accordance with any such instruction received, the Trustee shall not be liable
on account of such action to any Person. If the Trustee shall not have received appropriate instructions within ten calendar days
of sending such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action which is consistent, in
its view, with this Trust Agreement, and the Trustee shall have no liability to any Person for any such action or inaction, and
may also, at the sole cost and expense of the Trust, petition the Court of Chancery of the State of Delaware for instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) The Trustee shall have no liability
whatsoever to any Person except for its own bad faith violation of the contractual covenant of good faith and fair dealing within
the meaning of Section 3806(c) of the Delaware Trust Statute proved by clear and convincing evidence in the Court of Chancery of
the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k) Under no circumstance shall the Trustee,
in its individual or corporate capacity or in its capacity as Trustee, or any member, partner, shareholder, director, officer,
employee, agent, affiliate or advisor of the Trustee or their respective Affiliates be personally liable for any representation,
warranty, covenant, agreement, liability or indebtedness of the Trust, as all such representations, warranties, covenants, agreements,
liabilities or indebtedness of the Trust are those of the Trust as an entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l) In the exercise or administration of
its duties hereunder, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with
any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys
shall have been selected by the Trustee in good faith and (ii) may consult with counsel, accountants and other skilled persons
to be selected in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith
by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m) In accepting and performing its duties
hereunder the Trustee acts solely as trustee hereunder and not in its individual or corporate capacity, and all persons having
any claim against the Trustee or the Trust by reason of the transactions contemplated by this Trust Agreement shall look only to
the Trust for payment or satisfaction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n) The Trustee may
conclusively rely and shall be fully protected, and shall incur no liability to anyone, in acting or refraining from acting in
good faith and in reliance upon any signature, instrument, notice, resolution, request, instruction, direction, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the
proper party or parties. The Trustee may accept a certified copy of a resolution of any governing body of any person as conclusive
evidence that such resolution has been duly adopted by such person and that the same is in full force and effect. As to any fact
or matter the manner of ascertainment of which is not specifically prescribed herein or whenever the Trustee shall deem it desirable
that a fact or matter be proved or established prior to taking, suffering or omitting any action hereunder (including direction
by the Sponsor with respect to such action), the Trustee may for all purposes hereof rely on a certificate, signed by any officer
of the party delivering the certificate, and such certificate shall constitute full protection to the Trustee for any action taken
or omitted to be taken by it in good faith in reliance thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) The recitals or
other statements contained herein shall not be taken as the statements of the Trustee, and the Trustee does not assume any responsibility
for their correctness. The Trustee shall not be personally responsible for or in respect of, and the Delaware Trustee makes no
representations as to, the title to, or value or condition of, the property of the Trust or any part thereof nor as to the validity
or sufficiency of this Trust Agreement or any related certificate, instrument or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p) No provision of
this Trust Agreement shall require the Trustee to expend or risk its personal funds or otherwise incur any financial liability
in the performance of its rights or powers hereunder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 9. <U>INDEMNIFICATION OF TRUSTEE</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Trust (or, in furtherance on Article
IV Section 4(b)(ii), any Fund separately to the extent the matter in question relates to a Fund or is otherwise disproportionate)
shall indemnify and hold harmless the Trustee and its Affiliates against all claims, losses, liabilities and expenses, including
but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably
incurred by the Trustee and its Affiliates, in connection with the defense or disposition of any action, suit or other proceeding,
whether civil or criminal, before any court or administrative or legislative body, in which such the Trustee or its Affiliates
may be or may have been involved as a party or otherwise or with which the Trustee or its Affiliates may be or may have been threatened,
while in office or thereafter, by reason of any alleged act or omission as a Trustee or its Affiliates or by reason of his or her
being or having been such a Trustee or Affiliate except with respect to any matter as to which such Trustee or Affiliate shall
have been finally adjudicated in any such action, suit or other proceeding to have acted with a bad faith violation of the implied
contractual covenant of good faith and fair dealing within the meaning of Section 3806(c) of the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Expenses, including counsel fees, so
incurred by any such the Trustee or its Affilates (but excluding amounts paid in satisfaction of judgments, in compromise or as
fines or penalties) shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such Trustee or Affiliate to repay amounts so paid to the Trust if
it is ultimately determined that indemnification of such expenses is not authorized under this Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>DIVISION OF
BENEFICIAL INTEREST</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The beneficial interests in the Trust
shall at all times be divided into an unlimited number of Shares, without par value. The Sponsor may authorize the division of
Shares into separate Series (which may be referred to as &ldquo;<U>Funds</U>&rdquo;) and the division of Series into separate classes
of Shares (each a &ldquo;<U>Class</U>&rdquo;). The different Series shall be established and designated, and the variations in
the relative rights and preferences as among the different Series and Classes shall be fixed and determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Unless the Sponsor determines otherwise,
no Share shall have any priority or preference over any other Share of the same Class of a Series with respect to dividends or
distributions upon termination of the Trust or of such Class or Series. Unless the Sponsor determines otherwise, all dividends
and distributions shall be made ratably among all Shareholders of a particular Class of a Series from the assets held with respect
to such Series according to the number of Shares of such Class of such Series held of record by such Shareholder on the record
date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive
or other right to subscribe to any additional Shares or other securities issued by the Trust or any Series. The Sponsor may from
time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Sponsor may issue Shares of any
Fund or Class thereof for such consideration and on such terms as it may determine (or for no consideration), all without action
or approval of the Shareholders thereof. All Shares when so issued on the terms determined by the Sponsor shall be fully paid and
non-assessable. Every Shareholder and Beneficial Owner, by virtue of having purchased or otherwise acquired an interest in a Share,
shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. Shareholders shall not
have any preemptive rights to acquire additional Shares except as otherwise determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2.&nbsp; <U>OWNERSHIP OF
SHARES</U>.</B>&nbsp; The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the
Trust, which books shall separately record the Shares of each Series and Class. No certificates evidencing the ownership of Shares
shall be issued except as the Sponsor may otherwise determine from time to time. The record books of the Trust as kept by the Trust
or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and Class
and as to the number of Shares of each Series and Class held from time to time by each Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3.&nbsp; <U>STATUS OF SHARES
AND LIMITATION OF PERSONAL LIABILITY</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The death, incapacity, dissolution,
termination or bankruptcy of a Shareholder during the existence of the Trust shall not operate to dissolve or terminate the Trust
or any Series or Class thereof, nor entitle the representative of such Shareholder to an accounting or to take any action in court
or elsewhere against the Trust, the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder
under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust
Estate or right to call for a partition or division of the same or for an accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Shareholders shall be entitled to
the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general
corporation law of Delaware and no Shareholders shall be liable for claims against, or debts of the Trust or the applicable Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4.&nbsp; <U>ESTABLISHMENT
AND DESIGNATION OF SERIES OR CLASS</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The establishment and designation of
any Series or Class of Shares shall be effective upon the adoption by the Sponsor of a written instrument that sets forth such
establishment and designation, whether directly in such instrument or by reference to, or approval of, another document that sets
forth each such Series or Class of Shares including in a Registration Statement. The relative rights and preferences of each Series
and Class of Shares thereof shall be as set forth herein and as set forth in such Registration Statement, except to the extent
otherwise provided in the instrument establishing such Series or Class of Shares. Each Series established pursuant to this Section&nbsp;4
shall be considered separate from each other Series as set forth in this Article IV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Shares of each Series or Class established
pursuant to this Section&nbsp;4, except to the extent otherwise provided in the instrument establishing such Series or Class, shall
have the following relative rights and preferences:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) The Trust Estate of each Fund
shall be held in separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted
for in such separate and distinct records separately from the other assets of the Trust and every other Series and are referred
to as &ldquo;assets belonging to&rdquo; that Series. The assets belonging to a Series shall belong only to that Series for all
purposes, and to no other Series, and shall be subject only to the rights of creditors of that Series. Any assets, income, earnings,
profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series shall
be allocated between and among one or more Series as the Sponsor deems fair and equitable. Each such allocation shall be conclusive
and binding upon the Shareholders of all Series for all purposes, and such assets, earnings, income, profits or funds, or payments
and proceeds thereof shall be referred to as assets belonging to that Series. The assets belonging to a Series shall be so recorded
upon the books of the Trust, and shall be held in trust for the benefit of the Shareholders of that Series. The assets belonging
to a Series shall be charged with the liabilities of that Series and all expenses, costs, charges and reserves attributable to
that Series, except that liabilities, expenses, costs, charges and reserves allocated solely to a particular Class, if any, shall
be borne by that Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) The debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the
assets of such Series only, and not against the assets of the Trust generally or of any other Series and, unless otherwise provided
by the Sponsor, none of the debts, liabilities, obligations, expenses incurred, contracted for or otherwise existing with respect
to the Trust generally or any other Series shall be enforceable against the assets of such Series. Any general liabilities, expenses,
costs, charges or reserves of the Trust which are not readily identifiable as being held with respect to any particular Series
shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner and on such basis as the
Sponsor in its sole discretion deems fair and equitable. Notice of the contractual limitation on liabilities among Series described
in the first sentence of this paragraph may, in the Sponsor&rsquo;s discretion, be set forth in the certificate of trust of the
Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware
pursuant to the Delaware Trust Statute, and upon the giving of such notice in the certificate of trust, the statutory provisions
of Section&nbsp;3804 of the Delaware Trust Statute relating to limitations on liabilities among Series (and the statutory effect
under Section&nbsp;3804 of the Delaware Trust Statute of setting forth such notice in the certificate of trust) shall become applicable
to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look
only to the assets of that Series to satisfy or enforce any debt, with respect to that Series. No Shareholder or former Shareholder
of any Series shall have a claim on or any right to any assets allocated or belonging to any other Series, except to the extent
that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such
other Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Notwithstanding any other provisions
of this Trust Agreement, no distribution including, without limitation, any distribution paid upon termination of the Trust or
of any Series or Class with respect to, nor any redemption or repurchase of, the Shares of any Series or Class shall be effected
by the Trust other than from the assets held with respect to such Series, nor shall any Shareholder of any particular Series otherwise
have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has
such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion to determine which
items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and
binding upon the Shareholders. Any Shares of a Series acquired, through purchase, exchange or otherwise, by another Series shall
not be deemed cancelled, unless the Sponsor affirmatively determines otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Except to the extent otherwise provided
in the instrument establishing such Series, all the Shares of each particular Series shall represent an equal proportionate interest
in the assets held with respect to that Series (subject to the liabilities held with respect to that Series and such rights and
preferences as may have been established and designated with respect to Classes of Shares within such Series).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) Except to the extent otherwise provided
in the instrument establishing such Series, any fractional Share of a Series shall carry proportionately all the rights and obligations
of a whole Share of that Series, including rights with respect to voting, receipt of dividends and distributions, redemption of
Shares and termination of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) The Sponsor shall have the authority
to provide that the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other
Series of Shares in conformity with such requirements and procedures as may be established by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;5.&nbsp; <U>ESTABLISHMENT
OF INITIAL FUND OF THE TRUST.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Without limiting the authority of the
Sponsor set forth in Section&nbsp;4 to establish and designate any further Series without requiring an amendment of this Trust
Agreement, the Sponsor hereby establishes and designates the initial Series (the &ldquo;<U>Initial Fund</U>&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The relative rights and preferences
of the Initial Fund shall be as set forth in the Registration Statement for such Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B>Section&nbsp;6.&nbsp; <U>OFFER
OF SHARES, PROCEDURES FOR CREATION AND ISSUANCE OF CREATION UNITS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Subject to the Sponsor establishing
alternative procedures from time to time in its sole discretion, the procedures relating to the creation and issuance of Creation
Units will be set forth in the Authorized Participant Agreements and Authorized Participant Handbooks for each Fund (which may
be amended from time to time in accordance with the provisions of the Authorized Participant Agreements and any such amendment
will not constitute an amendment of this Trust Agreement), and will govern the Trust with respect to the creation and issuance
of Creation Units. The number of Creation Units which may be issued by each Fund is limited only by the number of outstanding shares
of a Fund or the Trust, as the case may be, that are registered for sale with the SEC. Unless the Sponsor determines otherwise,
certificates for Creation Units will not be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp; <U>Rejection</U>. For each Fund,
the Sponsor shall have the absolute right, but shall have no obligation, to reject any Creation Unit Capital Contribution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;7.&nbsp; <U>DISTRIBUTIONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Distributions on Shares may be paid
with such frequency as the Sponsor may determine, which may be daily or otherwise, to the Shareholders, from such of the income
and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. Except to the
extent the Sponsor otherwise determines, all distributions on Shares thereof shall be distributed pro rata to the Shareholders
in proportion to the total outstanding Shares held by such Shareholders at the date and time of record established for the payment
of such distribution. Such distributions may be made in cash or Shares as determined by the Sponsor or pursuant to any program
that the Sponsor may have in effect at the time for the election by each Shareholder of the mode of the making of such distribution
to that Shareholder. Nothing in this Section&nbsp;7 shall obligate the Sponsor to cause the Trust to make any distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;8. &nbsp;<U>ALLOCATIONS
FOR CAPITAL ACCOUNT PURPOSES</U>.&nbsp; </B>For purposes of maintaining the Capital Accounts and in determining the rights of the
Shareholders among themselves, the Trust&rsquo;s Net Income and Net Loss shall be allocated among the Shareholders in each fiscal
year or other applicable period (or portion thereof) as provided herein below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) <U>Net Income and Net Loss</U>. After
giving effect to the allocations set forth in this Article IV, Section&nbsp;8(c), 8(d) and 8(e), Net Income or Net Loss for each
fiscal year or other applicable period shall be allocated to the Shareholders in accordance with their respective Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) <U>Allocation upon Termination</U>.
With respect to all Article IV, Section&nbsp;8(a) allocations following a Liquidation Date, such allocations shall be made after
Capital Account balances have been adjusted by all other allocations provided under this Article IV, Section&nbsp;8 and after giving
effect to all distributions during such fiscal year or other applicable period; provided, however, that solely for purposes of
this Article IV, Section&nbsp;8(b), Capital Accounts shall not be adjusted for distributions made pursuant to Article X, Section&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) <U>Mandatory Allocations</U>. Notwithstanding
any other provision of this Article IV, Section&nbsp;8, the following special allocations shall be made for such taxable period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) <U>Trust Minimum Gain Chargeback</U>.
Notwithstanding any other provision of this Article IV Section&nbsp;8, if there is a net decrease in Trust Minimum Gain during
any Trust fiscal year or other applicable period, then, subject to the exceptions set forth in Treasury Regulation Sections 1.704-2(f)(2),
(3), (4)&nbsp;and (5), each Shareholder shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent
periods) in an amount equal to such Shareholder&rsquo;s share of Trust Minimum Gain, as determined in accordance with Treasury
Regulation Section&nbsp;1.704-2(g). This Article IV, Section&nbsp;8(c)(i) is intended to comply with the Trust Minimum Gain chargeback
requirement in Treasury Regulation Section&nbsp;1.704-2(f) and shall be interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) <U>Chargeback of Shareholder
Minimum Gain</U>. Notwithstanding the other provisions of this Article IV, Section&nbsp;8 (other than Article IV, Section&nbsp;8(c)(i)),
if there is a net decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year
or other applicable period, then, subject to the exception set forth in Treasury Regulation Section&nbsp;1.704-2(i)(4), each Shareholder
with a share of Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury
Regulation Section&nbsp;1.704-2(i)(5), shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent
periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4). This Article IV, Section&nbsp;8(c)(ii)
is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section&nbsp;1.704-2(i)(4)
and shall be interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii) <U>Qualified Income Offset</U>.
Notwithstanding any other provision of this Article IV, Section&nbsp;8 (other than Article IV, Section&nbsp;8(c)(i) and (ii)),
in the event any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation
Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6)&nbsp;that cause an increase in an Adjusted Capital Account deficit of such Shareholder,
items of Trust income and gain shall be specially allocated to such Shareholder in an amount and manner sufficient to eliminate,
to the extent required by the Treasury Regulations promulgated under Section&nbsp;704(b) of the Code, the deficit balance in its
Adjusted Capital Account. This Article IV, Section&nbsp;8(c)(iii) is intended to qualify and be construed as a &ldquo;qualified
income offset&rdquo; within the meaning of Treasury Regulation Section&nbsp;1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv) <U>No Excess Deficit</U>.
To the extent that any Shareholder has or would have, as a result of an allocation of Net Loss (or item thereof), an Adjusted Capital
Account deficit, such amount of Net Loss (or item thereof) shall be allocated to the other Shareholders in accordance with this
Article IV, Section&nbsp;8, but in a manner which will not produce an Adjusted Capital Account deficit as to any such Shareholder.
To the extent such allocation would result in all Shareholders having Adjusted Capital Account deficits, such Net Loss (or item
thereof) shall be allocated in accordance with Article IV, Section&nbsp;8(a). Any allocations of Net Loss (or item thereof) pursuant
to this Article IV, Section&nbsp;8(c)(iv) shall be reversed with a corresponding amount of Net Profits in subsequent years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v) <U>Nonrecourse Deductions</U>.
Nonrecourse Deductions for any taxable period shall be allocated to the Shareholders in accordance with their respective Percentage
Interests. If the Sponsor determines that the Trust&rsquo;s Nonrecourse Deductions should be allocated in a different ratio to
satisfy the safe harbor requirements of the Treasury Regulations promulgated under Section&nbsp;704(b) of the Code, the Sponsor
is authorized, upon notice to the other Shareholders, to revise the prescribed ratio to the numerically closest ratio that does
satisfy such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vi) <U>Shareholder Nonrecourse
Deductions</U>. Shareholder Nonrecourse Deductions for any taxable period shall be allocated 100% to the Shareholder that bears
the economic risk of loss with respect to the Shareholder Nonrecourse Debt to which such Shareholder Nonrecourse Deductions are
attributable in accordance with Treasury Regulation Section&nbsp;1.704-2(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vii) <U>Nonrecourse Liabilities</U>.
Nonrecourse Liabilities of the Trust described in Treasury Regulation Section&nbsp;1.752-3(a)(3) shall be allocated among the Shareholders
in a manner chosen by the Sponsor and consistent with such Treasury Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(viii) <U>Code Section&nbsp;754
Adjustments</U>. To the extent an adjustment to the adjusted tax basis of any Trust asset pursuant to Section&nbsp;734(b) or 743(b)
of the Code is required, pursuant to Treasury Regulation Section&nbsp;1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially
allocated to the Shareholders in a manner consistent with the manner in which their Capital Accounts are required to be adjusted
pursuant to such Section of the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ix) <U>Curative Allocation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A) The Required Allocations are
intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Shareholders that, to the extent
possible, all Required Allocations shall be offset either with other Required Allocations or with special allocations of other
items of Trust income, gain, loss or deduction pursuant to this Article IV, Section&nbsp;8 (c)(ix). Therefore, notwithstanding
any other provision of this Article IV, Section&nbsp;8 (other than the Required Allocations), the Sponsor shall make such offsetting
special allocations of Trust income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Shareholder&rsquo;s Capital Account balance is, to the extent possible, equal to the Capital Account
balance such Shareholder would have had if the Required Allocations were not part of this Agreement and all Trust items were allocated
pursuant to the economic agreement among the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B) The Sponsor shall, with respect
to each fiscal year or other applicable period, (1)&nbsp;apply the provisions of Article IV, Section&nbsp;8(c)(ix)(A) in whatever
order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2)&nbsp;divide
all allocations pursuant to Article IV, Section&nbsp;8 (c)(ix)(A) among the Shareholders in a manner that is likely to minimize
such economic distortions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;9. &nbsp;<U>ALLOCATIONS
FOR TAX PURPOSES</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Except as otherwise provided herein,
for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among the Shareholders in the
same manner as its correlative item of &ldquo;book&rdquo; income, gain, loss or deduction is allocated pursuant to Article IV,
Section&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) In accordance with Sections 704(b) and
704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed
to the Trust shall solely for federal income tax purposes, be allocated among the Shareholders so as to take into account any variation
between the adjusted basis of such property to the Trust for federal income tax purposes and the initial Gross Asset Value. If
the Gross Asset Value of any Trust asset is adjusted as described in the definition of Gross Asset Value, subsequent allocations
of income, gain, loss and deduction with respect to such Trust asset shall take into account any variation between the adjusted
basis of such Trust Asset for federal income tax purposes and its Gross Asset Value in the same manner as under Section&nbsp;704(c)
of the Code and the Treasury Regulations thereunder. In furtherance of the foregoing, the Trust shall employ any method under Section&nbsp;704(c)
of the Code selected by the Sponsor. The Sponsor, in an attempt to eliminate book-tax disparities, expects items of income, gain,
or loss will be allocated for U.S. federal income tax purposes among the Members under the principles of the remedial method of
Treasury Regulations Section&nbsp;1.704-3(d). Allocations pursuant to this Section&nbsp;9(b) are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account in computing, any Shareholder&rsquo;s Capital
Account or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) For the proper administration of the
Trust and for the preservation of uniformity of the Shares (or any class or classes thereof), the Sponsor shall (i)&nbsp;adopt
such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery deductions;
(ii)&nbsp;make special allocations for federal income tax purposes of income (including gross income) or deductions; (iii)&nbsp;amend
the provisions of this Agreement as appropriate (x)&nbsp;to reflect the proposal or promulgation of Treasury Regulations under
Section&nbsp;704(b) or Section&nbsp;704(c) of the Code or (y)&nbsp;otherwise to preserve or achieve uniformity of the Shares (or
any class or classes thereof); and (iv)&nbsp;adopt and employ such methods for (A)&nbsp;the maintenance of Capital Accounts for
book and tax purposes, (B)&nbsp;the determination and allocation of adjustments under Sections 704(c), 734 and 743 of the Code,
(C)&nbsp;the determination and allocation of taxable income, tax loss and items thereof under this Agreement and pursuant to the
Code, (D)&nbsp;the determination of the identities and tax classification of Shareholders, (E)&nbsp;the provision of tax information
and reports to the Shareholders, (F)&nbsp;the adoption of reasonable conventions and methods for the valuation of assets and the
determination of tax basis, (G)&nbsp;the allocation of asset values and tax basis, (H)&nbsp;the adoption and maintenance of accounting
methods, (I)&nbsp;the recognition of the transfer of Shares, (J)&nbsp;tax compliance and other tax-related requirements, including
the use of computer software, and to use filing and reporting procedures similar to those employed by publicly-traded partnerships
and limited liability companies, as it determines in its sole discretion are necessary and appropriate to execute the provisions
of this Agreement and to comply with federal, state and local tax law, and to achieve uniformity of Shares within a class. The
Sponsor may adopt such conventions, make such allocations and make such amendments to this Agreement as provided in this Article
IV, Section&nbsp;9(c) only if such conventions, allocations or amendments would not have a material adverse effect on the Shareholders,
the holders of any class or classes of Shares issued and Outstanding or the Trust, and if such allocations are consistent with
the principles of Section&nbsp;704 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) All items of income, gain, loss, deduction
and credit recognized by the Trust for federal income tax purposes and allocated to the Shareholders in accordance with the provisions
hereof shall be determined without regard to any election under Section&nbsp;754 of the Code that may be made by the Trust; provided,
however, that such allocations, once made, shall be adjusted (in the manner determined by the Sponsor) to take into account those
adjustments permitted or required by Sections 734 and 743 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) In the event the Trust becomes listed
on a Exchange or other major exchange, unless the Sponsor determines otherwise, each item of Trust income, gain, loss and deduction
shall, for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis and shall be allocated
to the Shareholders as of the opening of such Exchange on the first business day of each month; provided, however, such items for
the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration
of the over-allotment option occurs shall be allocated to the Shareholders as of the opening of such Exchange on the first Business
Day of the next succeeding month; and provided, further, that gain or loss on a sale or other disposition of any assets of the
Trust or any other extraordinary item of income or loss realized and recognized other than in the ordinary course of business,
as determined by the Sponsor, shall be allocated to the Shareholders as of the opening of Exchange on the first business day of
the month in which such gain or loss is recognized for federal income tax purposes. The Sponsor may revise, alter or otherwise
modify such methods of allocation to the extent permitted or required by Section&nbsp;706 of the Code and the regulations or rulings
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) Allocations that would otherwise be
made to a Shareholder under the provisions of this Article IV shall instead be made to the beneficial owner of Shares held by a
nominee in any case in which the nominee has furnished the identity of such owner to the Trust in accordance with Section&nbsp;6031(c)
of the Code or any other method determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1. &nbsp;<U>OFFICERS</U>.
</B>The Sponsor may appoint officers, who shall be agents of the Trust with such titles and duties as the Sponsor shall specify.
Any number of offices may be held by the same person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2.&nbsp; <U>APPOINTMENT
OF OFFICERS</U>. </B>&nbsp;The officers of the Trust shall be appointed by the Sponsor, and each shall serve at the pleasure of
the Sponsor, subject to the rights, if any, an officer may have under any contract of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3.&nbsp; <U>REMOVAL AND
RESIGNATION OF OFFICERS</U>.</B>&nbsp; Subject to the rights, if any, of an officer under any contract of employment, any officer
may be removed, either with or without cause, by the Sponsor. Any officer may resign at any time by giving written notice to the
Trust. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice;
and unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any
resignation is without prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4. &nbsp;<U>AUTHORITY TO
ACT</U>.&nbsp; </B>Subject to the supervision and oversight of the Sponsor, the officers of the Trust are delegated the authority
to act on behalf of the Trust consistent with the parameters and powers of their position as outlined from time to time by the
Sponsor, including to prepare, negotiate, deliver and execute documents, agreements, plans, registration statements, any and all
applications for exemptive orders, and any amendments or supplements thereto, that the officers or any of them believe, with advice
of counsel, are necessary or desirable for the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE VI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>LIMITATION OF LIABILITY, FIDUCIARY DUTY
AND INDEMNITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>LIABILITY OF
COVERED PERSONS</U>.</B>&nbsp; Subject to Article III as to the Trustee which provides greater protection to the Trustee, a Covered
Person shall have no liability to the Trust, any Fund or to any Shareholder or Beneficial Owner or other Covered Person for any
loss suffered by the Trust or any Fund which arises out of any action or inaction of such Covered Person if such Covered Person,
in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such course
of conduct did not constitute gross negligence or willful misconduct of such Covered Person. Subject to the foregoing, and Article
III as to the Trustee, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment
of all or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such
return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the applicable Fund
without any rights of contribution from the Sponsor or any other Covered Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2.&nbsp; <U>FIDUCIARY DUTY
OF COVERED PERSONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) To the extent that, at law or in equity,
a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Funds, the Shareholders
or to any other Person, a Covered Person acting under this Trust Agreement shall not be liable to the Trust, the Funds, the Shareholders
or to any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement,
to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of a Covered Person otherwise
existing at law or in equity are agreed by the parties hereto and the Shareholders to replace such other duties and liabilities
of such Covered Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Unless otherwise expressly provided
herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-indent: -13.5pt">(i) whenever a conflict of
interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, the Trustee or any Shareholder
or any other Person, on the other hand; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 13.5pt">(ii)</TD><TD>whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor shall act in
a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other Person, the Sponsor
shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest
of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating
to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or
principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor
shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of
the Sponsor at law or in equity or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Sponsor and any Affiliate of the
Sponsor may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently
or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement
or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the
Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason
of the fact that the Sponsor pursues or acquires for, or directs such opportunity to another Person or does not communicate such
opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of
this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses
derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed
wrongful or improper. Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial
or other transaction with the Trust, the Shareholders or any Affiliate of the Trust or the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3. &nbsp;<U>COMPENSATION
TO THE SPONSOR</U>.</B>&nbsp; The Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth
in the Sponsor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4. &nbsp;<U>OTHER BUSINESS
OF SHAREHOLDERS</U>.</B>&nbsp; Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer,
director, employee or other person holding a legal or beneficial interest in an entity which is a Shareholder, may engage in or
possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of
such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or improper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;5.&nbsp; <U>INDEMNIFICATION
OF COVERED PERSONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) For the purpose of this Section, &ldquo;<U>Covered
Person</U>&rdquo; includes any Person who is or was a Trustee, Sponsor or officer of the Trust and does not include the Trustee.
Indemnification of the Trustee is as set forth in Article III Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Trust (or, in furtherance on Article
IV Section&nbsp;4(b)(ii), any Fund separately to the extent the matter in question relates to a Fund or is otherwise disproportionate)
shall indemnify and hold harmless each Covered Person against all claims, losses, liabilities and expenses, including but not limited
to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by
any Covered Person, in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party
or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of
any alleged act or omission as a Covered Person or by reason of his or her being or having been such a Covered Person except with
respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding
not to have acted in good faith in the reasonable belief that such Covered Person&rsquo;s action was in the best interests of the
Trust and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders by reason of
willful misconduct or gross negligence of such Covered Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Expenses, including counsel fees, so
incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties)
shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt
of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that
indemnification of such expenses is not authorized under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;6. &nbsp;<U>OTHER CONTRACTUAL
RIGHTS</U>.&nbsp; </B>Nothing contained in Section&nbsp;5 shall affect any right to indemnification to which persons other than
Sponsor and officers of this Trust may be separately entitled by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE VII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SHAREHOLDERS&rsquo; VOTING POWERS AND
MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>VOTING POWERS</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Except as required under applicable
Federal law or under the rules or regulations of an Exchange, the Shareholders shall have no voting rights hereunder (including
with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the
Trust or any other matters that under the Delaware Trust Statute default voting rights are provided to holders of beneficial interests.)
The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its
sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or
no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders&rsquo; right to vote on any specific matter,
the Shareholders&rsquo; right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further
approval by the Sponsor or the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) On each matter, if any, submitted to
a vote of Shareholders, unless the Sponsor determines otherwise, all Shares of all Series and Classes shall vote together as a
single class; provided, however, that: (i)&nbsp;as to any matter with respect to which a separate vote of any Series or Class is
required by applicable law or is required by attributes applicable to any Series or Class, such requirements as to a separate vote
by that Series or Class shall apply; (ii)&nbsp;unless the Sponsor determine that this clause (ii)&nbsp;shall not apply in a particular
case, to the extent that a matter referred to in clause (i)&nbsp;above affects more than one Series or Class and the interests
of each such Series or Class in the matter are identical, then the Shares of all such affected Series or Classes shall vote together
as a single class; and (iii)&nbsp;as to any matter which does not affect the interests of a particular Series or Class, only the
holders of Shares of the one or more affected Series or Classes shall be entitled to vote. As determined by the Sponsor, in its
sole discretion, without the vote or consent of Shareholders, on any matter submitted to a vote of Shareholders either (i)&nbsp;each
whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled
to a proportionate fractional vote or (ii)&nbsp;each dollar of Net Asset Value (number of Shares owned times Net Asset Value per
share of the Trust, if no Series shall have been established or of such Series or Class, as applicable) shall be entitled to one
vote on any matter on which such Shares are entitled to vote and each fractional dollar amount shall be entitled to a proportionate
fractional vote. Without limiting the power of the Trustees in any way to designate otherwise in accordance with the preceding
sentence, the Sponsor hereby establishes that each whole Share shall be entitled to one vote as to any matter on which it is entitled
to vote and each fractional Share shall be entitled to a proportionate fractional vote. Shares may be voted in person or by proxy
or in any manner determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2. &nbsp;<U>VOTING POWER
AND MEETINGS</U></B>. Meetings of the Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or
by this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3. &nbsp;<U>PLACE OF MEETINGS</U>.&nbsp;
</B>A meeting of Shareholders shall be held at any place designated by the Sponsor or an officer of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4.&nbsp; <U>NOTICE OF SHAREHOLDERS&rsquo;
MEETING</U>.</B>&nbsp; All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not
less than seven nor more than one hundred and twenty days before the date of the meeting in the manner determined by the Sponsor.
The notice shall specify: (a)&nbsp;the place, date and hour of the meeting; and (b)&nbsp;the general nature of the business to
be transacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;5.&nbsp; <U>ADJOURNED MEETING;
NOTICE</U>.&nbsp; </B>Any Shareholders&rsquo; meeting, whether or not a quorum is present, may be adjourned from time to time by
the Sponsor or by the vote of a majority of the Shares of the Class, Series or Trust, as the case may be, represented at that meeting,
either in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be given
of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless
the adjournment is for more than sixty days from the date set for the original meeting, in which case the Sponsor shall set a new
record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned
meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;6.&nbsp; <U>VOTING PROCEDURE</U>.</B>&nbsp;
The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit a proxy ballot containing the voting instructions
of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph,
internet or other electronic media, provided however, that the Sponsor or an officer of the Trust may limit or delineate the types
of media and methods by which a Shareholder may submit voting instructions. On any matter any Shareholder may vote part of the
shares in favor of the proposal and refrain from voting the remaining shares or vote them against the proposal, but if the Shareholder
fails to specify the number of shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the
Shareholder&rsquo;s approving vote is with respect to the total shares that the Shareholder is entitled to vote on such proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;7.&nbsp; <U>QUORUM AND REQUIRED
VOTE</U></B>. Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or
by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders&rsquo;
meeting. When any one or more Series or Classes is to vote as a single Class separate from any other Shares, thirty-three and one-third
percent (33 1/3%) of the Shares of each such Series or Classes entitled to vote shall constitute a quorum at a Shareholder&rsquo;s
meeting of that Series or Class. Any meeting of Shareholders may be adjourned consistent with the provisions of Section&nbsp;5
above, whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the
meeting shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;8. &nbsp;<U>ACTION BY WRITTEN
CONSENT</U></B>. Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares
entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement
or federal law) or holding a majority (or such larger proportion as aforesaid) of the Shares of any Series or Class entitled to
vote separately on the matter consent to the action in writing or by other electronic means (such as via telephone or the internet)
and such written consent or a record of such electronic consent is filed with the records of the meetings of Shareholders. Such
consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;9. &nbsp;<U>RECORD DATES</U></B>.
For the purpose of determining the Shareholders of any Series or Class who are entitled to vote or act at any meeting or any adjournment
thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred and twenty days before the date
of any meeting of Shareholders, as the record date for determining the Shareholders of such Series or Class having the right to
notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record
date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date. For the purpose
of determining the Shareholders of any Series or Class who are entitled to receive payment of any dividend or of any other distribution,
the Sponsor may from time to time fix a date, which shall be before the date for the payment of such dividend or such other payment,
as the record date for determining the Shareholders of such Series or Class having the right to receive such dividend or distribution.
Without fixing a record date the Sponsor may for voting and/or distribution purposes close the register or transfer books for one
or more Series for all or any part of the period between a record date and a meeting of Shareholders or the payment of a distribution.
Nothing in this Section shall be construed as precluding the Sponsor from setting different record dates for different Series or
Classes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;10.&nbsp; <U>WAIVER OF NOTICE
BY CONSENT OF ABSENT SHAREHOLDERS</U>.</B>&nbsp; Any Shareholder may waive notice, which waiver may be submitted by U.S. mail,
overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver
of notice need not specify either the business to be transacted or the purpose of any meeting of Shareholders. Attendance by a
person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of
the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance
at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if
that objection is expressly made at the beginning of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;11. &nbsp;<U>PROXIES</U>.&nbsp;
</B>Every person entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized
by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the
Shareholder&rsquo;s name is placed on the proxy (whether by manual signature, typewriting, telephonic or internet transmission
or otherwise) by the Shareholder or the Shareholder&rsquo;s attorney-in-fact. A validly authorized proxy which does not state that
it is irrevocable shall continue in full force and effect unless (i)&nbsp;revoked by the person executing it before the vote pursuant
to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance
at the meeting and voting in person by, the person executing that proxy; or (ii)&nbsp;written notice of the death or incapacity
of the maker of that proxy is received by the Trust before the vote pursuant to that proxy is counted; provided however, that no
proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE VIII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RECORDS AND REPORTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>MAINTENANCE
OF SHARE REGISTER</U>.</B>&nbsp; The Trust shall keep at its principal office or at the office of its transfer agent or registrar,
if either be appointed and as determined by the Sponsor, a record of its Shareholders, containing the names and addresses of all
Shareholders and the number and series of shares held by each Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2. &nbsp;<U>MAINTENANCE
OF OTHER RECORDS</U>.&nbsp; </B>The accounting books and records and minutes of proceedings of the Shareholders and the Sponsor
shall be prepared, maintained, and kept at such place or places designated by the Sponsor or in the absence of such designation,
at the principal office of the Trust. The minutes shall be kept in written form and the accounting books and records shall be kept
either in written form or in any other form capable of being converted into written form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE IX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REDEMPTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp;<U>REDEMPTION OF
CREATION UNITS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Subject to the Sponsor establishing
alternative procedures from time to time in its sole discretion, the procedures relating to the redemption of Creation Units are
fully set forth in Authorized Participant Agreement and Authorized Participant Handbook for each Fund (which may be amended from
time to time in accordance with the provisions of the Participant Agreement and any such amendment will not constitute an amendment
of this Trust Agreement), and will govern the Trust with respect to redemption of Creation Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Subject to deduction of any tax or other
governmental charges due thereon, and subject to the Sponsor&rsquo;s establishment of alternative procedures the redemption distribution
shall consist of cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant Agreement
in an amount equal to the Net Asset Value per Creation Unit of a Fund multiplied by the number of Creation Unit(s) of such Fund
requested in the Authorized Participant&rsquo;s redemption order as of the time of the calculation of such Fund&rsquo;s Net Asset
Value per Share on the redemption order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Sponsor may, in its sole discretion,
suspend the right of redemption, or postpone any redemption settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE X</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1. &nbsp;<U>TERMINATION
OF TRUST, SERIES OR CLASS</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Unless terminated as provided herein,
the Trust, and any Series or Class thereof, shall continue without limitation of time. The Trust, or any Series or Class thereof,
may be dissolved at any time and for any reason by the Sponsor with written notice to the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Upon dissolution of the Trust (or any
Series or Class, as the case may be), after paying or making reasonable provision for all charges, taxes, expenses, claims and
liabilities of the Trust, or severally, with respect to each Series or Class (or the applicable Series or Class, as the case may
be), whether due or accrued or anticipated as may be determined by the Sponsor and otherwise complying with Section&nbsp;3808 of
the Delaware Trust Statute, the Trust shall, in accordance with the Delaware Trust Statute and such procedures as the Sponsor considers
appropriate, distribute the remaining assets in kind or reduce the remaining assets held, severally, with respect to each Series
or Class (or the applicable Series or Class, as the case may be), to distributable form in cash or shares or other securities,
or any combination thereof, and distribute the proceeds held with respect to each Series or Class (or the applicable Series or
Class, as the case may be), to the Shareholders of that Series or Class, as a Series or Class, ratably according to the number
of Shares of that Series or Class held by the several Shareholders on the date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Upon the completion of the winding up
of the Trust in accordance with the Delaware Trust Statute and this Trust Agreement, the Sponsor shall cause and direct in writing
that the Trustee to file a certificate of cancellation with the Secretary of State of the State of Delaware in accordance with
the provisions of Section&nbsp;3810 of the Delaware Trust Statute and thereupon, the Trust and this Trust Agreement (other than
Article VI Section&nbsp;6) shall terminate. The provisions of Article VI Section&nbsp;6 and Article III Sections 8 and 9 shall
survive the termination of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;2. &nbsp;<U>MERGER AND CONSOLIDATION</U></B>.
The Sponsor may cause (i)&nbsp;the Trust to be merged into or consolidated with, converted to or to sell all or substantially all
of its assets to, another trust or entity; (ii)&nbsp;a Series of the Trust to be consolidated with, or to sell all or substantially
all of its assets to, another Series of the Trust or another series of another trust or company; (iii)&nbsp;the Shares of a Class
of a Series to be converted into another Class of the same Series; (iv)&nbsp;the Shares of the Trust or any Series to be converted
into beneficial interests in another statutory trust (or series thereof); or (v)&nbsp;the Shares of the Trust or any Series to
be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the avoidance of doubt, the Sponsor,
with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i)&nbsp;&ndash; (v)&nbsp;above
without any vote or other action of the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;3. &nbsp;<U>FILING OF COPIES,
REFERENCES AND HEADINGS</U></B>. The original or a copy of this Trust Agreement and of each restatement and/or amendment hereto
shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on
a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to
any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified
by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this instrument and
in any such restatements and/or amendment, references to this Trust Agreement, and all expressions like &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;
and &ldquo;hereunder&rdquo;, shall be deemed to refer to this instrument as amended or affected by any such restatements and/or
amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or
affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include
the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. This Trust Agreement may be
executed in any number of counterparts each of which shall be deemed an original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;4.&nbsp; <U>APPLICABLE LAW</U></B>.
This Trust Agreement is created under and is to be governed by and construed and administered according to the laws of the State
of Delaware and the Delaware Trust Statute; provided, however, that there shall not be applicable to the Trust, the Sponsor, the
Trustee or this Trust Agreement, any provisions of the laws (statutory or common) of the State of Delaware, other than the Delaware
Trust Statute, pertaining to trusts that relate to or regulate, in a manner inconsistent with the terms hereof, (i)&nbsp;the filing
with any court or governmental body or agency of trustee accounts or schedule of trustee fees and charges, (ii)&nbsp;affirmative
requirements to post bonds for trustees, officers, agents or employees of a trust, (iii)&nbsp;the necessity for obtaining court
or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv)&nbsp;fees
or other sums payable to trustees, officers, agents or employees of a trust, (v)&nbsp;the allocation of receipts and expenditures
to income and principal, (vi)&nbsp;restrictions or limitations on the permissible nature, amount or concentration of trust investments
or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii)&nbsp;the establishment
of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;5.&nbsp;<U>PROVISIONS IN
CONFLICT WITH LAW OR REGULATIONS</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The provisions of this Trust Agreement
are severable, and if the Sponsor determines, with the advice of counsel, that any of such provisions are in conflict with any
other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted a part of the Trust
Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the Trust Agreement or
render invalid any action taken or omitted prior to such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) If any provision of the Trust Agreement
shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision
in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the
Trust Agreement in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;6.&nbsp; <U>STATUTORY TRUST
ONLY</U></B>. It is the intention of the parties hereto to create a statutory trust pursuant to the Delaware Trust Statute. It
is not the intention of the parties hereto to create a general partnership, limited partnership, joint stock association, corporation,
bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Trust Statute. Nothing in this
Trust Agreement shall be construed to make the Shareholders, either by themselves or with the Trustee and the Sponsor, partners
or members of a joint stock association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;7. &nbsp;<U>CONTRACTS AND
INSTRUMENTS; HOW EXECUTED</U>.</B>&nbsp; The Sponsor may authorize any officer or officers, agent or agents, to enter into any
contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific
instances; and unless so authorized or ratified by the Sponsor or within the agency power of an officer, no officer, agent, or
employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render
it liable for any purpose or for any amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;8. &nbsp;<U>FISCAL YEAR</U>.</B>&nbsp;
The fiscal year of the Trust and of each Series shall be fixed and refixed or changed from time to time by resolution of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;9. &nbsp;<U>COUNTERPARTS</U>.</B>&nbsp;
The Trust Agreement may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and
such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original
counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section&nbsp;1.&nbsp; <U>AMENDMENT</U>.&nbsp;
</B>This Trust Agreement may be amended without Shareholder approval, and all Shareholders purchase Shares with notice that it
may be so amended except to the extent expressly required under Delaware or applicable federal law. The Sponsor may, without any
Shareholder vote, amend or otherwise supplement this Trust Agreement by making an amendment, a trust instrument supplemental hereto
or an amended and restated Trust Agreement; provided, that Shareholders shall have the right to vote on any amendment if expressly
required under Delaware or federal law or rules or regulations under an Exchange, or submitted to them by the Sponsor in its sole
discretion; and provided, further, that no amendment affecting the rights, duties, obligations, or liabilities of the Trustee shall
be binding upon or effective against the Trustee unless consented to by the Trustee in writing prior to such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto do
hereby make and enter into this Amended and Restated Trust Agreement as of the date first-above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VOLATILITY SHARES LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON TRUST, NATIONAL ASSOCIATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Sponsor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 36%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Justin Young</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Trust Agreement of VS
Trust]</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.2&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF VS TRUST<BR>
AUTHORIZED PARTICIPANT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Authorized Participant Agreement (the
&ldquo;Agreement&rdquo;), dated as of __________, is entered into by and among ________________ (the &ldquo;Authorized Participant&rdquo;),
VS Trust, a Delaware statutory trust (the &ldquo;Trust&rdquo;), and Volatility Shares LLC, a Delaware limited liability company,
as sponsor of the Trust (the &ldquo;Sponsor&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Trust Agreement of the
Trust, as amended (the &ldquo;Trust Agreement&rdquo;) as currently in effect and described in the Prospectus (defined below), units
of fractional undivided beneficial interest in and ownership of the Trust (the &ldquo;Shares&rdquo;) may be created or redeemed
by the Sponsor for an Authorized Participant in aggregations of a minimum of ten thousand (10,000) Shares (each aggregation, a
&ldquo;Creation Unit&rdquo;). Creation Units are offered only pursuant to a registration statement of the Trust on Form S-1, as
amended (Registration No.: 333-________), as declared effective by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and
as the same may be amended from time to time thereafter or any successor registration statement in respect of Shares of the Trust
(collectively, the &ldquo;Registration Statement&rdquo;) together with the prospectus of the Trust (the &ldquo;Prospectus&rdquo;)
included therein. Under the Trust Agreement, the Sponsor is authorized to issue Creation Units to, and redeem Creation Units from,
authorized participants, only through the facilities of the Depository Trust Company (&ldquo;DTC&rdquo;), or a successor depository,
and only in exchange for cash. This Agreement and the Procedures (defined below) set forth the specific procedures by which the
Authorized Participant may create or redeem Creation Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because new Shares can be created and issued
on an ongoing basis, at any point during the valid existence of the Trust, a &ldquo;distribution,&rdquo; as such term is used in
the Securities Act of 1933, as amended (&ldquo;1933 Act&rdquo;), may be occurring. The Authorized Participant is cautioned that
some of its activities may result in its being deemed a participant in a distribution in a manner which would render it a statutory
underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should
review the &ldquo;Plan of Distribution&rdquo; portion of the Prospectus and consult with its own counsel in connection with entering
into this Agreement and submitting Orders (defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used but not defined in
this Agreement shall have the meanings assigned to such terms in the Trust Agreement or Authorized Participant Procedures Handbook
set forth in Attachment A hereto (the &ldquo;Procedures&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To give effect to the foregoing premises
and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1. <B><I>Order Placement</I></B>.
To place orders for the Sponsor (or its agent) to create or redeem one or more Creation Units, the Authorized Participant must
follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the Procedures described in Attachment
A, as each may be amended, modified or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement is intended to set forth
certain premises and the procedures by which the Authorized Participant may purchase and/or redeem (i) through the Continuous Net
Settlement (&ldquo;CNS&rdquo;) clearing processes of NSCC as such processes have been enhanced to effect purchases and redemptions
of Units, such processes being referred to herein as the &ldquo;CNS Clearing Process,&rdquo; or (ii) outside the CNS Clearing Process
(i.e., through the manual process of The Depository Trust Company (&ldquo;DTC&rdquo;)) (the &ldquo;DTC Process&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Solely with respect to Purchase Orders or
Redemption Orders effected through the CNS Clearing Process, the Authorized Participant hereby authorizes the Transfer Agent to
transmit to the NSCC on behalf of the Authorized Participant such instructions consistent with the instructions issued by the Authorized
Participant to the Transfer Agent. The Authorized Participant agrees to be bound by the terms of such instructions issued by the
Transfer Agent and reported to NSCC as though such instructions were issued by the Authorized Participant directly to NSCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2. <B><I>Status, Representations
and Warranties of the Parties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) The Authorized
Participant represents and warrants and covenants the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i) The Authorized Participant is a
participant of DTC (as such a participant, a &ldquo;DTC Participant&rdquo;). If the Authorized Participant ceases to be a DTC
Participant, the Authorized Participant shall give prompt notice to the Sponsor of such event, and this Agreement shall
terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii) Unless Section
2(a)(iii) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act
of 1934, as amended (&ldquo;1934 Act&rdquo;), and is a member in good standing of the Financial Industry Regulatory Authority
(the &ldquo;FINRA&rdquo;), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a
member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the
nature of its business so requires. In connection with the purchase or redemption of Creation Units and any related offers or
sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership in good
standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all
applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated
thereunder, and with the FINRA By-Laws and Conduct Rules of FINRA if it is a FINRA member, to the extent the foregoing
relates to the Authorized Participant&rsquo;s transactions in and activities with respect to Shares, and that it will not
offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii) If the Authorized
Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the
United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii)
above, the Authorized Participant will, in connection with such offers and sales, (i) observe the applicable laws of the
jurisdiction in which such offer and/or sale is made, (ii) comply with the prospectus delivery and other requirements of the
1933 Act, and the regulations promulgated thereunder, and (iii) if the Authorized Participant is not otherwise required to be
registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, conduct its business in accordance with
the FINRA Conduct Rules, in each case, to the extent the foregoing relates to the Authorized Participant&rsquo;s transactions
in, and activities with respect to, Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iv) The Authorized Participant has
policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money
laundering laws and regulations, including applicable provisions of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the &ldquo;USA PATRIOT Act&rdquo;), and the
regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(v) The Authorized
Participant acknowledges that in addition to satisfying the prospectus delivery and disclosure requirements of the 1933 Act,
it and any other participant in the distribution of the Shares purchased by the Authorized Participant may have an obligation
to comply with the prospectus delivery requirements under the Commodity Exchange Act (the &ldquo;CEA&rdquo;). The Sponsor
agrees that if it becomes aware of any new delivery or disclosure requirement under the 1933 Act or the CEA relating to
Shares, other than the current obligation to deliver the Prospectus, it shall use reasonable efforts to advise the Authorized
Participant of such requirement(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(vi) The Authorized Participant agrees
not to enforce against the Trust and Sponsor any patent rights with respect to the business of the Trust. For avoidance of
doubt, this provision will only be effective during time periods in which the Agreement is in effect and shall not survive
termination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) The Sponsor
represents and warrants that on the date hereof and at each time of purchase by the Authorized Participant of a Creation Unit
from the Trust (each such time, the &ldquo;Time of Purchase&rdquo;), that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i) on the effective date of the
Registration Statement and at each Time of Purchase, the Trust&rsquo;s Registration Statement shall be effective and no stop
order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted
or, to the Sponsor&rsquo;s knowledge, will then be contemplated by the SEC; the Registration Statement complied when it
became effective and complies at the Time of Purchase in all material respects with the requirements of the 1933 Act, and the
Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of
the 1933 Act; and the conditions to the use of Form S-1 have been satisfied; the Registration Statement did not when it
became effective and does not at the Time of Purchase contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, the Prospectus did
not, as of its date and does not at the Time of Purchase, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and, the documents comprising the Disclosure Package (as defined
below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained
in the Registration Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity with
information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to
the Sponsor expressly for use therein. The &ldquo;Disclosure Package&rdquo; is the Prospectus and any amendments and
supplements thereto at the Time of Purchase and any free writing prospectus as defined in Rule 405 of the 1933 Act (a
&ldquo;FWP&rdquo;) prepared by, for or on behalf of the Sponsor before the Time of Purchase and intended for general
distribution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii) the Sponsor has
been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be validly
existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and
authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iv) at the time the
Sponsor makes an offer of Shares following the filing of the Registration Statement, neither the Trust nor the Sponsor will
be an &ldquo;ineligible issuer&rdquo; as defined in Rule 405 of the 1933 Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(v) the Sponsor shall
provide to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in
reasonable quantities upon request, the Sponsor will promptly notify the Authorized Participant when a revised, supplemented
or amended Prospectus is available, the Sponsor will deliver or otherwise make available to the Authorized Participant copies
of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Participant
to comply with any obligation the Authorized Participant may have to deliver such Prospectus to customers or in response to
the Authorized Participant&rsquo;s reasonable request, the Sponsor will make such revised, supplemented or amended Prospectus
available to the Authorized Participant no later than the effective date thereof, and the Sponsor will be deemed to have
complied with this paragraph when the Authorized Participant has received such revised, supplemented or amended Prospectus at
the address indicated below the signature line of the Authorized Participant in such number of hard copies as to enable the
Authorized Participant to comply with any obligation it may have to deliver such Prospectus to customers or as it may have
reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) The Sponsor, on its own behalf and
in its capacity as sponsor of the Trust, agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i) to endeavor, upon
receipt of request from the Authorized Participant therefore, to file a post-effective amendment to the Registration
Statement removing any reference to the Authorized Participant thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii) to advise the Authorized
Participant promptly, confirming such advice in writing, of any request by the SEC for amendments or supplements to the
Registration Statement or the Prospectus or for additional information with respect thereto, or of notice of institution of
proceedings for, or the entry of, a stop order suspending the effectiveness of the Registration Statement, and, if the SEC
should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the
lifting or removal of such order as soon as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3. <B><I>Orders</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) All orders to create or redeem
Creation Units shall be made in accordance with the terms of the Trust Agreement, this Agreement and the Procedures. Each
party will comply with such foregoing terms and procedures to the extent applicable to it. The Sponsor may issue, or caused
to be issued, additional or other procedures from time to time relating to the manner of creating or redeeming Creation Units
which are not related to the Procedures, and the Authorized Participant will comply with such procedures of which it has
received notice delivered in accordance with Section 16(c) within a commercially reasonable time following receipt of such
notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) The Authorized Participant acknowledges
and agrees that each order to create a Creation Unit (a &ldquo;Purchase Order&rdquo;) and each order to redeem a Creation Unit
(a &ldquo;Redemption Order&rdquo;, and each Purchase Order and Redemption Order, an &ldquo;Order&rdquo;) delivered to the Sponsor,
or the Sponsor&rsquo;s designee, may not be revoked by the Authorized Participant after the specified Cut-off Time for the applicable
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) The Sponsor may, in its discretion, suspend
the right of repurchase, or postpone the purchase settlement date, (i) for any period during which any of the CBOE, CFE, CME (including
CBOT and NYMEX) or ICE is closed other than for customary holidays or weekend closings or when trading is suspended or restricted
on such exchanges in any of the underlying commodities; (ii) for any period during which an emergency exists as a result of which
the fulfillment of a purchase order is not reasonably practicable; or (iii) for such other period as the Sponsor determines to
be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or
damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 27pt">The Sponsor, or its designee, shall
also have the absolute right, but shall have no obligation, to reject any Purchase Order (i) determined by the Sponsor, or its
designee, not to be in proper form; (ii) that the Sponsor, or its designee, has determined would have adverse tax consequences
to the Trust or to the Beneficial Owners; (iii) the acceptance or receipt of which could, in the opinion of counsel to the Sponsor
be unlawful; or (iv) if circumstances outside the control of the Sponsor, or its designee, make it for all practical purposes not
feasible to process creations of Creation Units. The Sponsor shall not be liable to any person by reason of the rejection of any
Purchase Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d) The Sponsor, or its designee, shall reject
any Redemption Order the fulfillment of which its counsel advises would be illegal under applicable laws and regulations, and the
Sponsor, or its designee, shall have no liability to any person for rejecting a Redemption Order in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(e) The Sponsor may, in its discretion, suspend
the right of redemption, or postpone the applicable Redemption Settlement Time, for any period during which any of the CBOE, CFE,
CME (including CBOT and NYMEX) or ICE is closed other than for customary holidays or weekend closings or when trading is suspended
or restricted on such exchanges in any of the underlying commodities: (i) for any period during which an emergency exists as a
result of which the redemption distribution is not reasonably practicable; or (ii) for such other period as the Sponsor determines
to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss
or damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(f) The Authorized Participant hereby consents
to the use of recorded telephone lines whether or not such use is reflected in the Procedures. In the event that the Sponsor, the
Trust, or any of their affiliated persons becomes legally compelled to disclose to any third party any recording involving communications
with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable advance written notice
identifying the recordings to be so disclosed, together with copies of such recordings, so that the Authorized Participant may
seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that
such protective order or other remedy is not obtained, or the Participant waives its right to seek such protective order or remedy,
the Sponsor, the Trust, or any of their affiliated persons, as the case may be, agrees to furnish only that portion of the recorded
conversation that, according to legal counsel, is legally required to be furnished and will exercise its best efforts to obtain
a protective order or other reliable assurance that confidential treatment will be accorded the recorded conversation. The Sponsor,
the Trust, and their affiliated persons shall not otherwise disclose to any third party any recording involving communications
with the Authorized Participant without the Authorized Participant&rsquo;s express written consent, except the Sponsor and the
Trust may disclose to a regulatory or self-regulatory organization, to the extent required by applicable rule or law, recordings
involving communications with the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4. <B><I>Fees</I></B>. To compensate
US Bank for services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs,
an Authorized Participant is required to pay a fixed transaction fee of $500 per order to create or redeem Creation Units and a
variable transaction fee of up to 0.20% of the value of a Creation Unit. An order may include multiple Creation Units. The transaction
fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5. <B><I>Authorized Persons.</I></B>
Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant
shall deliver to the Sponsor, or its designee, a certificate, duly certified as appropriate by its secretary or other duly authorized
official, in the form of Exhibit A, setting forth the names and signatures of all persons authorized to give instructions relating
to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each,
an &ldquo;Authorized Person&rdquo;). The Sponsor may accept and rely upon such certificate as conclusive evidence of the facts
set forth therein and shall consider such certificate to be in full force and effect until the Sponsor, or its designee, receives
a superseding certificate bearing a subsequent date and duly certified as described above. Upon the termination or revocation of
authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of
such fact to the Sponsor and such notice shall be effective upon receipt by the Sponsor. The Sponsor shall issue, or caused to
be issued, to each Authorized Person a unique personal identification number (the &ldquo;PIN Number&rdquo;) by which such Authorized
Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The
PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after
issuance, the Authorized Person&rsquo;s PIN Number is changed, the new PIN Number shall become effective on a date mutually agreed
upon by the Authorized Participant and the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6. <B><I>Redemption</I></B>. The
Authorized Participant represents and warrants that it will not initiate a Redemption Order (as described in the Procedures) with
the Sponsor for the purpose of redeeming a Creation Unit unless (i) it owns outright or has the right or authority to tender for
redemption the Creation Units to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Creation Units
have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement
or any other arrangement which, under the circumstances, would preclude the delivery of such Creation Units to the Sponsor on the
second Business Day following the Redemption Order Date. A &ldquo;Business Day&rdquo; means any day other than a day when any of
CBOE, CFE, CME (including CBOT and NYMEX) or ICE is closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7. <B><I>Role of Authorized Participant.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) The Authorized Participant acknowledges
that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant shall have no authority to act as
agent for the Trust or the Sponsor in any matter or in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) The Authorized Participant will make itself
and its employees available, upon reasonable request, during normal business hours to consult with the Sponsor or its designees
concerning the performance of the Authorized Participant&rsquo;s responsibilities under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) Notwithstanding the provisions of Section
7(b), the Authorized Participant will maintain records of all sales of Creation Units made by or through it and, upon reasonable
request of the Sponsor, except if prohibited by applicable law and subject to any privacy obligations or other obligations arising
under federal or state securities laws it may have to its customers, will furnish the Sponsor with the names and addresses of the
purchasers of such Creation Units and the number of Creation Units purchased if and to the extent that the Sponsor has been requested
to provide such information to the Commodities Futures Trading Commission, Securities Exchange Commission, Financial Industry Regulatory
Authority, or Internal Revenue Service (&ldquo;Fund Regulators&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d) The Authorized Participant, as a DTC Participant,
agrees that it shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes
hereunder or in accordance with the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(e) The Authorized Participant agrees, subject
to any privacy, confidentiality or other obligations it may have to its customers arising under federal or state securities laws
or the applicable rules of any self-regulatory organization, to assist the Sponsor in ascertaining certain information regarding
sales of Shares made by or through the Authorized Participant upon request of the Trust or the Sponsor that is necessary for the
Trust to comply with its obligations to distribute information to its shareholders under applicable state or federal securities
laws; provided that consistent with market practice, the Authorized Participant may undertake to deliver prospectuses, proxy material,
annual and other reports of the Trust or other similar information that the Trust is obligated to deliver to its shareholders to
the Authorized Participant&rsquo;s customers that custody Shares with the Authorized Participant, after receipt from the Trust
or the Sponsor of sufficient quantities to allow mailing thereof to such customers. The Sponsor agrees that the names and addresses
and other information concerning the Authorized Participant&rsquo;s customers are and shall remain the sole property of the Authorized
Participant, and none of the Sponsor, the Trust or any of their respective affiliates shall use such names, addresses or other
information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except
for servicing and informational mailings related to the Trust referred to in this Section 7(d) of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8. <B><I>Indemnification.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) The Authorized Participant hereby indemnifies
and holds harmless the Sponsor, its respective direct or indirect affiliates (as defined below) and its respective directors, sponsors,
partners, members, managers, officers, employees and agents (each, an &ldquo;AP Indemnified Party&rdquo;) from and against any
losses, liabilities, damages, costs and expenses (including reasonable attorney&rsquo;s fees and the reasonable cost of investigation)
incurred by such AP Indemnified Party as a result of: (i) any breach by the Authorized Participant of any provisions of this Agreement
that relates to the Authorized Participant, including its representations, warranties and covenants; (ii) any failure on the part
of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized
Participant to comply with applicable laws and rules and regulations of self-regulatory organizations to the extent the foregoing
relates to the Authorized Participant&rsquo;s transactions in, and activities with respect to, Shares under this Agreement, except
that the Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was
caused by the Authorized Participant&rsquo;s adherence to instructions given or representations made by the Sponsor or any AP Indemnified
Party, as applicable; (iv) any actions of such AP Indemnified Party in reasonable reliance upon any instructions issued by the
Authorized Participant in accordance with the Procedures believed by the AP Indemnified Party to be genuine and to have been given
by the Authorized Participant, except to the extent that the Authorized Participant had previously revoked a PIN Number used in
giving such instructions or representations (where applicable) and such revocation was given by the Authorized Participant and
received by the Trust in accordance with the terms of Section 5 hereto; or (v) (A) any representation by the Authorized Participant,
its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent
with the Trust&rsquo;s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell
Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing
material and sales literature described in Section 12(b) or any alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein when read together with the Prospectus, in light of the circumstances
under which they were made, not misleading to the extent that such statement or omission relates to the Shares or any AP Indemnified
Party, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at
the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material fact
in connection with such representation, statement or omission necessary to make such representation, statement or omission not
misleading. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph with respect
to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant
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 AP Indemnified Party (or after the AP Indemnified Party shall have received
notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve
the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought
otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability
under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the AP Indemnified Party in the suit, and who shall not, except with the consent of the AP Indemnified
Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit,
it will reimburse the AP Indemnified Party for the reasonable fees and expenses of any counsel retained by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) The Sponsor hereby agrees to indemnify
and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents,
and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a &ldquo;Sponsor Indemnified
Party&rdquo;) from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys&rsquo; fees
and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor
of any provision of this Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor to perform any obligation
of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws and the rules and regulations
of any governmental entity or any self-regulatory organization; (iv) any untrue statements or omissions made in any promotional
material or sales literature furnished to the Authorized Participant or otherwise approved in writing by the Trust; (v) actions
of such Sponsor Indemnified Party in reasonable reliance upon any instructions issued or representations made by the Sponsor or
the Trust in accordance with this Agreement or Attachment A hereto reasonably believed by the Authorized Participant to be genuine
and to have been given by the Sponsor or the Trust; or (vi) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement of the Trust as originally filed with the SEC or in any amendment thereof, or in the Prospectus,
or in any amendment thereof or supplement thereto, or arising out of or based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements
in the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant
expressly for use in the Registration Statement or the Prospectus. The Sponsor shall not be liable under its indemnity agreement
contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified
Party shall have notified the Sponsor 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 Sponsor Indemnified Party (or after
the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Sponsor
of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such
action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from
such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Sponsor
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it
and satisfactory to the Sponsor Indemnified Party in the suit and who shall not, except with the consent of the Sponsor Indemnified
Party, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit, it will reimburse the Sponsor
Indemnified Party in the suit for the reasonable fees and expenses of any counsel retained by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) No indemnifying party, as described in
paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party or the Sponsor Indemnified Party,
as the case may be, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending
or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional
release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability arising out of such action
or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf
of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d) The Sponsor and the Authorized Participant
agree promptly to notify each other of the commencement of any proceedings or litigation against it and, in the case of the Sponsor,
against any of the Sponsor&rsquo;s officers or directors, in connection with the issuance and sale of the Shares or in connection
with the Registration Statement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9. <B><I>Liability</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) <B><I>Limitation of Liability</I></B>.
Neither the Sponsor nor the Authorized Participant shall be liable to each other or to any other person for any damages arising
out of any mistake or error in data provided to any of them by a third party or out of any interruption or delay in the electronic
means of communications used by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) <B><I>Tax Liability</I></B>. The Authorized
Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax
and any other similar tax or government charge applicable to the creation or redemption of any Creation Unit made pursuant to this
Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the
Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify
such party for any such payment, together with any applicable penalties, additions to tax or interest thereon upon reasonable notice
thereof; provided, however, that the Authorized Participant shall not indemnify the Trust or the Sponsor for any tax or charge
or any penalties, additions to tax or interest thereon to the extent that such payments result from the Sponsor&rsquo;s, the Trust&rsquo;s,
or their designee&rsquo;s willful misconduct, negligence, or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"> (c) <B><I>Fund Liability. </I></B> In accordance
with Section [__] of the Trust Agreement, the Authorized Participant agrees and consent to look solely to the assets of the particular
Fund in controversy for payment in respect of any claim against or obligation of such Fund. A Fund&rsquo;s assets include only
those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular
Fund, including, without limitation, fund delivered to the Trust for the purchase of Shares in such Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10. <B><I>Acknowledgment</I></B>.
The Authorized Participant acknowledges receipt of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust,
and represents that it has reviewed and understands such documents. The Sponsor and the Trust agree to process Orders, or cause
its agents to process Orders, in accordance with the provisions of the Prospectus of the Trust, the Trust Agreement, and the Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11. <B><I>Effectiveness and Termination</I></B>.
Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first
set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties
unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon written notice to the Authorized Participant by the
Sponsor in the event of a material breach by the Authorized Participant of this Agreement or the procedures described or incorporated
herein; (iii) immediately in the circumstances described in Section 16(j); or (iv) at such time as the Trust is terminated pursuant
to the Trust Agreement. This Agreement supersedes any prior agreement between the parties hereto with respect to the subject matter
contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 12. <B><I>Marketing Materials; Representations
Regarding Shares; Identification in Registration Statement.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) The Authorized Participant represents,
warrants and covenants that (i) it will not, in connection with any sale or solicitation of a sale of Shares, make, or permit any
of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations
not inconsistent with (A) the then-current Prospectus of the Trust, (B) printed information approved by the Sponsor as information
supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by
the Sponsor, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish
any information or material relating to the Shares or any AP Indemnified Party that are inconsistent with the Trust&rsquo;s then-current
Prospectus. Copies of the then-current Prospectus of the Trust and any such printed supplemental information will be supplied by
the Sponsor to the Authorized Participant in reasonable quantities upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) Notwithstanding the foregoing or anything
to the contrary in this Agreement, the Authorized Participant and its affiliates may without the written approval of the Sponsor
or the Trust prepare and circulate in the regular course of their businesses research, sales literature, reports, and other similar
materials that include information, opinions or recommendations relating to the Shares, provided that such research, sales literature,
reports, and other similar materials comply with applicable FINRA rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) The Authorized Participant hereby agrees
that for the term of this Agreement the Sponsor, or its designee, may deliver the then-current Prospectus, and any revisions, supplements
or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (&ldquo;PDF&rdquo;) via
electronic mail to (or to such other address as may be provided by the Authorized Participant from time to time) in lieu of delivering
the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice
to the Sponsor, or the Sponsor&rsquo;s designee, and, whether or not such agreement is in effect, the Authorized Participant may,
at any time, request reasonable quantities of the Prospectus, and any revisions, supplements or amendments thereto or recirculation
thereof, in paper form from the Sponsor or its designee. The Authorized Participant acknowledges that it has the capability to
access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the
Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Participant, make available, or
cause to be made available, at no cost the software and technical assistance necessary to allow the Authorized Participant to access,
view and print the PDF version of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d) For as long as this Agreement is effective,
if required by the SEC, the Authorized Participant agrees to be identified as an authorized participant of the Trust (i) in the
section of the Prospectus included within the Registration Statement entitled &ldquo;Creation and Redemption of Shares&rdquo; and
in any other section as may be required by the SEC and (ii) on the Trust&rsquo;s website. Upon the termination of this Agreement,
(i) during the period prior to when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will
remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of
the termination of this Agreement and, during the period after when the Sponsor qualifies and in its sole discretion elects to
file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant
as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust&rsquo;s website to remove any identification
of the Authorized Participant as an authorized participant of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13. <B><I>Certain Covenants of the
Sponsor</I></B>. The Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) to advise the Authorized Participant promptly
of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus
then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during
such time, to prepare and furnish, at the expense of the Trust, to the Authorized Participant promptly such amendments or supplements
to such Prospectus as may be necessary to reflect any such change;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) to furnish directly or cause to be furnished
to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the
filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule
429 under the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the
Prospectus, such customary documents and certificates in form and content as reasonably requested and agreed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) to cause the Trust to file a post-effective
amendment to the Registration Statement no less frequently than once per calendar quarter on or about the same time that the Trust
files a quarterly or annual report pursuant to Section 13 or 15(d) of the 1934 Act (including the information contained in such
report), until such time as the Trust&rsquo;s reports filed pursuant to Section 13 or 15(d) of the 1934 Act are incorporated by
reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14<B><I>. Force Majeure.</I></B>
No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations
under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any
breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire or communication facilities,
any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national
bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for
any reason, to perform its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 15. <B><I>Ambiguous Instructions.
</I></B>If a Purchase Order Form or a Redemption Order Form contains order terms that differ from the information provided in the
telephone call at the time of issuance of the applicable order number, the Sponsor will use commercially reasonable efforts to
contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized
Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts
the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Sponsor. If the Sponsor is not
able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding
any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete
or are illegible, the Order will be deemed invalid and the Sponsor will attempt to contact one of the Authorized Persons of the
Authorized Participant to request retransmission of the Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16. <B><I>Miscellaneous</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a) <B><I>Amendment and Modification</I></B>.
This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the
Trust and the Sponsor, without consent of the Authorized Participant from time to time by the following procedure. After the amendment,
modification or supplement has been agreed to, the Sponsor will mail a copy of the proposed amendment, modification or supplement
to the Authorized Participant in accordance with Section 16(c) below. For the purposes of this Agreement, mail will be deemed received
by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within
fifteen (15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement,
the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment,
modification or supplement of any VS Trust Authorized Participant Agreement (other than this Agreement), the Sponsor will promptly
mail a copy of such amendment, modification or supplement to the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b) <B><I>Waiver of Compliance</I></B>. Any
failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party
entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver,
or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate
as a waiver of, or estoppel with respect to, any subsequent or other failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c) <B><I>Notices</I></B>. Except as otherwise
specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given
in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return
receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic
facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mail, postage
prepaid. For avoidance of doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing,
all notices to the Trust shall be given or sent to the Sponsor. All notices shall be directed to the address or telephone or facsimile
numbers indicated below the signature line of the parties on the signature page hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(d) <B><I>Successors and Assigns</I></B>. This
Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors
and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(e) <B><I>Assignment</I></B>. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent
of the other parties, which shall not be unreasonably withheld, except that any entity into which a party hereto may be merged
or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which
such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall
be the successor of the party under this Agreement and except that the Sponsor may delegate its obligations hereunder to the Distributor
or the Administrator by advance written notice to the Authorized Participant. The party resulting from any such merger, conversion,
consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions
hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee
or Sponsor at such time such successor qualifies as a successor trustee or Sponsor under the terms of the Trust Agreement. Furthermore,
the Authorized Participant may assign its rights, interests or obligations hereunder to an affiliate without mutual written consent
of any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(f) <B><I>Governing Law; Consent to Jurisdiction</I></B>.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws
that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity,
construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit
or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim
of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint
or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party&rsquo;s
address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of any claim arising under or
in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(g) <B><I>Counterparts</I></B>. This Agreement
may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which,
when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of
this Agreement as to any party hereto to produce or account for more than one such counterpart executed and delivered by such party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(h) <B><I>Interpretation</I></B>. The article
and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the
parties and shall not in any way affect the meaning or interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i) <B><I>Entire Agreement</I></B>. This Agreement
and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement,
supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however,
that the Authorized Participant shall not be deemed by this provision to be a party to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(j) <B><I>Severance</I></B>. If any provision
of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra national body
or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be
invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the
other provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement
will not substantially impair the respective benefits, obligations, or expectations of the parties to this Agreement. If this Agreement
as so modified substantially impairs the respective benefits, obligations, or expectations of the parties to this Agreement, it
shall be subject to immediate termination upon written notice by the terminating party delivered in accordance with Section 16(c)
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(k) <B><I>No Strict Construction</I></B>. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rule of strict construction will be applied against any party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(l) <B><I>Survival</I></B>. Sections 8 (Indemnification)
and 17 (No Promotion) hereof shall survive the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(m) <B><I>Other Usages</I></B>. The following
usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality
shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) &ldquo;including&rdquo;
means &ldquo;including, but not limited to.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17. <B><I>No Promotion.</I></B>
Except as provided in Section 12(d) of this Agreement, each of the Trust and the Sponsor agrees that it will not, without the prior
written consent of the Authorized Participant in each instance, (i) use in advertising, publicity or otherwise the name of the
Authorized Participant or any affiliate of the Authorized Participant, or any partner or employee of the Authorized Participant,
nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned
by the Authorized Participant or its affiliates, or (ii) represent, directly or indirectly, that any product or any service provided
by the Trust or the Sponsor has been approved or endorsed by the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">IN WITNESS WHEREOF, the Authorized Participant,
the Trust and the Sponsor, on behalf of the Trust, have caused this Agreement to be executed by their duly authorized representatives
as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">VOLATILITY SHARES LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Sponsor of VS Trust</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">VS TRUST</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">AUTHORIZED PARTICIPANT</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FORM OF AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following are the names, titles and
signatures of all persons (each an &ldquo;Authorized Person&rdquo;) authorized to give instructions relating to any activity contemplated
by the Authorized Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant
to the VS Trust Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Participant:</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 20%">Certified By<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ATTACHMENT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED PARTICIPANT PROCEDURES HANDBOOK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_001">INTRODUCTION</A></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VS TRUST</B></FONT></A></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURCHASE OF CREATION UNITS</B></FONT></A></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUSPENSION OR REJECTION OF PURCHASE ORDERS</FONT></A></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REDEMPTION OF SHARES</B></FONT></A></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUSPENSION OR REJECTION OF REDEMPTION ORDERS</FONT></A></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX A &ndash; CONTACT INFORMATION</B></FONT></A></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_008">APPENDIX B &ndash; PRODUCT INFORMATION</A></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_009">APPENDIX C &ndash; GLOSSARYOF TERMS</A></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_001"></A><B>INTRODUCTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Volatility Shares LLC (&ldquo;Sponsor&rdquo;) and U.S. Bancorp
Fund Services, LLC (&ldquo;US Bank&rdquo;) welcome you as an Authorized Participant (&ldquo;AP&rdquo;) for VS Trust (the &ldquo;Trust&rdquo;).
Only APs are permitted to directly purchase or redeem Shares of a Fund directly with the Trust. Definitions used in this Procedures
Handbook can be found in the Glossary in Appendix C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Procedures Handbook details the procedures for placing
and processing Purchase Orders and Redemption Orders in Creation Units. All Orders must be made in accordance with terms and procedures
set forth herein. Sponsor or US Bank may send you updates or supplements to this Procedures Handbook from time to time, as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please note that before an AP may place any Purchase Order,
it must sign the Authorized Participant Agreement and return it to US Bank. In addition, each AP must receive from US Bank a personal
identification number (&ldquo;PIN&rdquo;). This PIN helps identify the AP and authenticate instructions the AP provides to US Bank.
An AP&rsquo;s PIN must be kept confidential and be provided only to those persons who are authorized to give instructions relating
to Orders on behalf of the AP. A list of all authorized traders must be sent to US Bank with the Authorized Participant Agreement,
but may be amended in writing as necessary. Only authorized traders will be allowed to place Orders for Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_002"></A><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">VS Trust seek to provide daily investment results, before fees
and expenses, that correspond to the performance of a particular index or benchmark for a single day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Fund</B></P></TD>
    <TD STYLE="width: 2%">
</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Index or Benchmark</B></P></TD>
    <TD STYLE="width: 2%">
</TD>
    <TD STYLE="width: 31%; border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Objective</B></P></TD>
    <TD STYLE="width: 2%">
</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Description</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 8.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1x Short VIX Futures ETF</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short VIX Futures Index</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, that correspond to the performance of the Short VIX Futures Index for a single day, not for any other period.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Short VIX Futures Index measures the daily inverse (i.e., opposite) performance of a portfolio of first- and second-month futures contracts on the CBOE Volatility Index, commonly known as the &ldquo;VIX.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If permitted by the Sponsor in its sole discretion with respect
to the Fund, an Authorized Participant may also agree to enter into or arrange for an exchange of a futures contract for related
position (&ldquo;EFCRP&rdquo;) or block trade with the Fund whereby the Authorized Participant would also transfer to the Fund
a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase
order date. Similarly, the Sponsor in its sole discretion may agree with an Authorized Participant to use an EFCRP to effect an
order to redeem Creation Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An EFCRP is a technique permitted by the rules of certain futures
exchanges that, as utilized by the Fund in the Sponsor&rsquo;s discretion, would allow the Fund to take a position in a futures
contract from an Authorized Participant, or give futures contracts to an Authorized Participant, in the case of a redemption, rather
than to enter the futures exchange markets to obtain such a position. An EFCRP by itself will not change either party&rsquo;s net
risk position materially. Because the futures position that the Fund would otherwise need to take in order to meet its investment
objective can be obtained without unnecessarily impacting the financial or futures markets or their pricing, EFCRPs can generally
be viewed as transactions beneficial to the Fund. A block trade is a technique that permits the Fund to obtain a futures position
without going through the market auction system and can generally be viewed as a transaction beneficial to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_003"></A><B>PURCHASE OF CREATION UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will offer, issue and sell Shares of a Fund only in
Creation Unit Aggregations of a specified number of Shares (10,000), or such other amount of Shares as designated in the relevant
Fund&rsquo;s Prospectus, through US Bank on a continuous basis, without a sales load, at their NAV per Share next determined after
receipt of a Purchase Order on any Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Determination of Required Payment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The total payment required to create each Creation Unit is the
value of the Creation Unit on the purchase order date plus the applicable transaction fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of Cash</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Creation Units for each Fund will normally be exchanged only
for cash. Creation Units are sold at their NAV, plus a transaction fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash required for settlement will typically be transferred to
the Custodian through: (1) the Continuous Net Settlement (the &ldquo;CNS&rdquo;) clearing process of NSCC, as such processes have
been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a Delivery Versus Payment
(&ldquo;DVP&rdquo;) basis, which is the procedure in which the buyer&rsquo;s payment for securities is due at the time of delivery.
Security delivery and payment are simultaneous. If the Custodian does not receive the cash by the market close on the first Business
Day following the purchase order date (&ldquo;T+1&rdquo;), such order may be charged interest for delayed settlement or cancelled.
The Sponsor reserves the right to extend the deadline for the Custodian to receive the cash required for settlement up to the second
Business Day following the purchase order date (&ldquo;T+2&rdquo;). In the event a purchase order is cancelled, the Authorized
Participant will be responsible for reimbursing the Fund for all costs associated with cancelling the order including costs for
repositioning the portfolio. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may
apply for special settlement. The Creation Unit will be delivered to the Authorized Participant upon the Custodian&rsquo;s receipt
of the purchase amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of Exchange of Futures Contract for Related Position
(&ldquo;EFCRP&rdquo;) Futures Contracts or Block Trades</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the Sponsor shall have determined to permit
the Authorized Participant to transfer futures contracts pursuant to an EFCRP or to engage in a block trade purchase of futures
contracts from the Authorized Participant with respect to the Fund, as well as to deliver cash, in the creation process, futures
contracts required for settlement must be transferred directly to the Fund&rsquo;s account at its FCM. If the cash is not received
by the market close on the second Business Day following the purchase order date (T+2); such order may be charged interest for
delayed settlements or cancelled. In the event a purchase order is cancelled, the Authorized Participant will be responsible for
reimbursing the Fund for all costs associated with cancelling the order including costs for repositioning the portfolio. At its
sole discretion, the Sponsor may agree to a delivery date other than T+2. The Creation Unit will be delivered to the Authorized
Participant upon the Custodian&rsquo;s receipt of the cash purchase amount and the futures contracts.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Eligibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To be eligible to place a Purchase Order with US Bank, an AP
must be a DTC Participant.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Cut-Off Time
for Purchase Orders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US Bank must receive all Purchase Orders to purchase Creation
Unit Aggregations no later than the times listed below (or such earlier times if so designated). APs should reference the password-protected
Volatility Shares website for cut-off exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Fund</B></P></TD>
    <TD STYLE="width: 2%">
</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Cut-Off Time</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1x Short VIX Futures ETF </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2:00 P.M. (Eastern)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Purchase Orders are received by a Fund&rsquo;s identified
Cut-off Time and are accepted by US Bank, the Purchase Order will be processed based on the NAV of the Fund as next determined.
The date on which a Purchase Order to purchase Creation Unit Aggregations is placed is referred to as the &ldquo;Transmittal Date.&rdquo;
An AP placing orders for Creation Unit Aggregations of a Fund should afford sufficient time to permit proper submission of the
order to US Bank prior to the identified Cut-off Time on the Transmittal Date. Purchase Orders received after the Cut-off Time
will be processed the next Business Day.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Transmittal
of Purchase Orders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchase Orders may be transmitted by an AP to US Bank via telephone,
facsimile or the internet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By telephone:</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By internet:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Economic or market disruptions, or telephone or other communication
failure may impede the ability to reach US Bank or an AP.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Transaction
Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.2pt 0pt 0">A Transaction Fee may be charged for each Creation
Unit. If applicable, the Transaction Fee may consist of a fixed fee and may also include a variable fee as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fixed Transaction Fee Per <BR>
Purchase Order</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: bottom; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Variable Transaction Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">-1x Short VIX Futures ETF</P></TD>
    <TD>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">$500 per transaction</P></TD>
    <TD>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">Up to 20 basis points per unit
        created</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Receipt of Purchase Order</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Purchase Order is deemed received by US Bank on the Transmittal
Date if (i) such order is received by US Bank not later than the specified Cut-off Time on such Transmittal Date; and (ii) all
other applicable procedures set forth in this Procedures Handbook are properly followed. Each Fund reserves the right to reject
a Purchase Order for the reasons set forth in the Prospectus, which are specified below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once a Fund has received and accepted a Purchase Order, upon
next determination of the NAV of the Shares, US Bank will confirm the issuance of a Creation Unit of Shares, against receipt of
payment, at such NAV. US Bank will then transmit a confirmation of acceptance to the AP that placed the Purchase Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of Creation Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When Cash is received by the Custodian on the second (2nd) Business
Day (or earlier) after the Creation, the Shares will be released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Settlement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchase Orders for a Fund normally settle on a T+2 basis. At
its sole discretion, the Sponsor may require a settlement cycle shorter than T+2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U><A NAME="a_004"></A>Suspension or Rejection of Purchase Orders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In respect of the Fund, the Sponsor may, in its discretion,
suspend the right to purchase, or postpone the purchase settlement date: (1) for any period during which any of the Exchange, CBOE,
CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Fund is closed or when
trading is suspended or restricted on such exchanges in any of the underlying VIX futures contracts; (2) for any period during
which an emergency exists as a result of which the fulfillment of a purchase order is not reasonably practicable; or (3) for such
other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to
any person or in any way for any loss or damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor also may reject a purchase order if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>It determines that the purchase order is not in proper form;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The Sponsor believes that the purchase order would have adverse tax consequences to the Fund or its shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The order would be illegal; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of
Creation Units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of the Sponsor, the Administrator, Sub-Administrator or
the Custodian will be liable for the suspension or rejection of any purchase order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_005"></A><B>REDEMPTION OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of a Fund may be redeemed only in Creation Unit Aggregations
of a specified number of a minimum of Shares (10,000), or such other amount of Shares as designated in the relevant Fund&rsquo;s
Prospectus, through US Bank on a continuous basis, without a sales load, at their NAV next determined after receipt of a Redemption
Order on any Business Day. The Trust will not redeem Shares in amounts less than the Creation Unit Aggregation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By placing a redemption order, an Authorized Participant agrees
to deliver the Creation Units to be redeemed through DTC&rsquo;s book-entry system to the applicable Fund not later than noon (Eastern
Time), on the first Business Day immediately following the redemption order date (T+1). The Sponsor reserves the right to extend
the deadline for the Fund to receive the Creation Units required for settlement up to the second Business Day following the redemption
order date (T+2). By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant must
wire to the Custodian the non-refundable transaction fee due for the redemption order or any proceeds due will be reduced by the
amount of the fee payable. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may
apply for special settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon request of an Authorized Participant made at the time of
a redemption order, the Sponsor at its sole discretion may determine, in addition to delivering redemption proceeds, to transfer
futures contracts to the Authorized Participant pursuant to an EFCRP or to a block trade sale of futures contracts to the Authorized
Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Determination of Redemption Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The redemption proceeds for a Creation Unit of a Fund will normally
consist solely of cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The redemption proceeds from the Fund consist of the cash redemption
amount and, if permitted by the Sponsor in its sole discretion with respect to the Fund, an EFCRP or block trade with the Fund
as described above. The cash redemption amount is equal to the NAV of the number of Creation Unit(s) of the Fund requested in the
Authorized Participant&rsquo;s redemption order as of the time of the calculation of the Fund&rsquo;s NAV on the redemption order
date, less transaction fees and any amounts attributable to any applicable EFCRP or block trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of Redemption Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The redemption proceeds due from the Fund are delivered to the
Authorized Participant at noon (Eastern Time), on the second Business Day immediately following the redemption order date if, by
such time on such Business Day immediately following the redemption order date, the Fund&rsquo;s DTC account has been credited
with the Creation Units to be redeemed. The Fund should be credited through: (1) the CNS clearing process of NSCC, as such processes
have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a DVP basis. If the Fund&rsquo;s
DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered
to the extent whole Creation Units are received. Any remainder of the redemption distribution is delivered on the next Business
Day to the extent any remaining whole Creation Units are received if: (1) the Sponsor receives the fee applicable to the extension
of the redemption distribution date which the Sponsor may, from time to time, determine, and (2) the remaining Creation Units to
be redeemed are credited to the Fund&rsquo;s DTC account by noon (Eastern Time), on such next Business Day. Any further outstanding
amount of the redemption order may be cancelled. The Authorized Participant will be responsible for reimbursing the Fund for all
costs associated with cancelling the order including costs for repositioning the portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor is also authorized to deliver the redemption distribution
notwithstanding that the Creation Units to be redeemed are not credited to the Fund&rsquo;s DTC account by noon (Eastern Time),
on the second Business Day immediately following the redemption order date if the Authorized Participant has collateralized its
obligation to deliver the Creation Units through DTC&rsquo;s book-entry system on such terms as the Sponsor may determine from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the Authorized Participant shall have requested,
and the Sponsor shall have determined to permit the Authorized Participant to receive futures contracts pursuant to an EFCRP, as
well as the cash redemption proceeds, in the redemption process, futures contracts required for settlement shall be transferred
directly from the Fund&rsquo;s account at its FCM to the account of the Authorized Participant at its FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Eligibility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To be eligible to place Redemption Orders with US Bank, an AP
must be a DTC Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cut-Off Time for Redemption Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US Bank must receive all Redemption Orders to redeem Creation
Unit Aggregations no later than the times listed below (or such earlier times if so designated). APs should reference the password-protected
Volatility Shares website for cut-off exceptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: -37.5pt">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: -37.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cut-Off Time</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">-1x Short VIX Futures ETF</P></TD>
    <TD>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">2:00 P.M. (Eastern)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Redemption Orders are received by a Fund&rsquo;s identified
Cut-off Time and are accepted by US Bank, the Redemption Order will be processed based on the NAV of the Fund as next determined
on such date. The date on which a Redemption Order to redeem Creation Unit Aggregations is placed is referred to as the &ldquo;Transmittal
Date.&rdquo; An AP placing a Redemption Order for Creation Unit Aggregations of a Fund should afford sufficient time to permit
proper submission of the order to US Bank prior to the identified Cut-off Time on the Transmittal Date. Requests received after
the Cut-off Time will be processed the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Transmittal of Redemption Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption Orders may be transmitted by an AP to US Bank by
telephone, facsimile or the internet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By telephone:</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By internet:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Economic or market disruptions, or telephone or other communication
failure may impede the ability to reach US Bank or an AP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Transaction Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Transaction Fee may be charged for each Creation Unit redeemed.
The Transaction Fee may consist of a fixed fee and may also include a variable fee as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: left; vertical-align: bottom; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; vertical-align: bottom; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fixed Transaction Fee Per <BR>
Redemption Order</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; vertical-align: bottom; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Variable Transaction Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">-1x Short VIX Futures ETF</P></TD>
    <TD>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">$500 per transaction</P></TD>
    <TD>
</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">Up to 20 basis points per unit
        created</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Settlement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption Orders customarily settle on a T+2 basis. Redemption
Orders which may settle earlier than T+2 may be subject to a charge, which shall be calculated as determined by the Trust or Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U><A NAME="a_006"></A>Suspension or Rejection of Redemption Orders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In respect of the Fund, the Sponsor may, in its discretion,
suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which any of the Exchange,
CBOE, CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Fund is closed
or when trading is suspended or restricted on such exchanges in any of the underlying VIX futures contracts; (2) for any period
during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or (3) for such
other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to
any person or in any way for any loss or damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor will reject a redemption order if the order is not
in proper form as described in the form of Authorized Participant Agreement or if the fulfillment of the order might be unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_007"></A><B><U>APPENDIX A &ndash; CONTACT INFORMATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%"><B><I>PHONE NUMBERS:</I></B></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><B>CREATION/REDEMPTION ORDERS</B></TD>
    <TD><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>(FOR AUTHORIZED PARTICIPANTS ONLY)</B></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>GENERAL VOLATILITY SHARES LLC INFORMATION</B></TD>
    <TD><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>INDEX RECEIPT AGENT/</B></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><B>TRANSFER AGENT/CUSTODIAN</B></TD>
    <TD><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADDRESS:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%"><B>All Correspondence Via U.S. Mail to:</B></TD>
    <TD STYLE="width: 20%"><B>US Bank</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Attn: VS Trust</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><B><I>INTERNET:</I></B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: -0.5in"><B>CREATION/REDEMPTION ORDERS</B></TD>
    <TD STYLE="padding-right: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>(FOR AUTHORIZED PARTICIPANTS ONLY</B></TD>
    <TD><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL </B></FONT><B>VOLATILITY SHARES LLC <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION</FONT></B></TD>
    <TD><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_008"></A><B><U>APPENDIX B &ndash; PRODUCT INFORMATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tickers</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Trading Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intraday Indicative Value (IIV)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAV Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Div. Equivalent Payment (Est. Cash Component Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balancing Amount per Creation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unit Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares Outstanding Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WSJ Price/Bloomberg Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Information</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NSCC Instruction Symbol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP #</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NSCC Instruction CUSIP #</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax ID #</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares Per Creation Unit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead Market Maker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><U>APPENDIX C &ndash; GLOSSARY
OF TERMS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Administrator&rdquo; means Tidal ETF Services LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;AP&rdquo; means Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Business Day&rdquo; means any day other than a day when
any of the NYSE Arca, AMEX, the New York Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, IntercontinentalExchange/New
York Board of Trade, the London Metal Exchange or the NYMEX is closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Cash&rdquo; shall mean same day funds in United States
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;CBOE&rdquo; means the Chicago Board Options Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;CBOT&rdquo; means the Chicago Board of Trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;CFE&rdquo; means the CBOE Futures Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;CME&rdquo; means the Chicago Mercantile Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Creation&rdquo; means the act of creating a Creation
Unit Aggregation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Creation Unit&rdquo; and &ldquo;Creation Unit Aggregation&rdquo;
mean an aggregation of a specified number of Shares of a particular Fund of the Trust as stated in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Custodian&rdquo; means the Fund&rsquo;s custodian, U.S.
Bank National Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Cut-off Time&rdquo; means the time that a Purchase Order
must be transmitted to US Bank to be deemed received. All times are Eastern Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;DTC&rdquo; means The Depository Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;DTC Participant&rdquo; refers to a participant in the
facilities of the Depository Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;DVP&rdquo; means Delivery Versus Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;US Bank&rdquo; means U.S. Bancorp Fund Services, LLC
, the Sub-Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Fund&rdquo; means a series of VS Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Procedures Handbook&rdquo; means the VS Trust Authorized
Participant Procedures Handbook, as supplemented or amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;ICE&rdquo; means Intercontinental Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;IIV&rdquo; means Intraday Indicative Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;NAV&rdquo; means net Asset value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;NYMEX&rdquo; means New York Mercantile Exchange, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Orders&rdquo; means any order to purchase or redeem Creation
Unit Aggregations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;PIN&rdquo; means a unique personal identification number
assigned to each AP that helps identify the AP and authenticate instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Prospectus&rdquo; means the Trust&rsquo;s then current
prospectus and statement of additional information included in its effective registration statement, as supplemented or amended
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Purchase Orders&rdquo; refers to the action of placing
and processing orders to purchase Creation Unit Aggregations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Redemption Orders&rdquo; refers to the action of placing
and processing orders to redeem Creation Unit Aggregations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Shares&rdquo; means the shares represented in a Creation
Unit Aggregation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Sponsor&rdquo; means the Funds&rsquo; sponsor, Volatility
Shares LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Transaction Fee&rdquo; is a fixed dollar fee charged
for each Creation Unit regardless of the number of Creations per Fund per Business Day for an AP and applicable variable fee charged
based on the total value of Creation Aggregation Units purchased or redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Transfer Agent&rdquo; means U.S. Bancorp Fund Services,
LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Transmittal Date&rdquo; means the date on which a Purchase
Order to purchase Creation Unit Aggregations is placed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Trust&rdquo; means the VS Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Trustee&rdquo; means the Wilmington Trust Company.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">14</P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-10.1
<SEQUENCE>5
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
OF SPONSOR AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4%; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
SPONSOR AGREEMENT (the &ldquo;<B>Agreement</B>&rdquo;) is dated as of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;between
Volatility Shares LLC, a Delaware limited liability corporation (&ldquo;Sponsor&rdquo;) and VS Trust, a statutory trust organized
under the laws of Delaware (the &ldquo;Trust&rdquo;), both for itself and on behalf of each of its currently operating series
(each, a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
    Trust and the Funds</U>. The Trust and each of the Funds may be deemed commodity pools for purposes of the Commodity Exchange
    Act of 1934 (the &ldquo;Commodity Exchange Act&rdquo;) and the applicable regulations of the Commodity Futures Trading Commission
    (the &ldquo;CFTC&rdquo;). Each of the Funds is sponsored by the Sponsor, a commodity pool operator registered under the Commodity
    Exchange Act. Neither the Trust nor any Fund is an investment company under the Investment Company Act of 1940 and neither
    is required to register thereunder. The Sponsor is not registered as an investment adviser under the Investment Advisers Act
    of 1940 and is not required to register thereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Appointment</U>.
    The Trust hereby appoints Sponsor as commodity pool operator for the Funds, with full power to supervise and direct the investment
    of the assets of the Funds as set forth herein. Sponsor hereby accepts such appointment and agrees to render services on the
    terms and conditions set forth in this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
    Direction</U>. Sponsor will manage the Funds in accordance with Sponsor&rsquo;s best judgment and consistent with the Funds&rsquo;
    investment objectives and investment strategies outlined in the Funds&rsquo; prospectus and registration statement on Form
    S-1.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Reporting;
    Record Keeping</U>. Sponsor shall advise the Trust, at such times as the Trust may specify, of any Fund investments made and
    the reasons for making a particular investment. Sponsor will be available at reasonable times to discuss the management of
    the Funds with the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing Fund management
    are intended solely for the benefit of the Trust and the Funds, and the Trust agrees that it will not disseminate such reports
    to any other party (other than the Funds&rsquo; service providers) without the prior consent of Sponsor, except as may be
    required by applicable law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records
    as are required to be made or maintained by it in its capacity as commodity pool operator of the Funds.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other
    Accounts</U>. The Trust understands and acknowledges that Sponsor may perform commodity trading advisory and operating services
    for various persons other than the Funds. The Funds acknowledge that Sponsor may give advice and take action concerning other
    investing pools that may be the same as, similar to or different from the advice given, or the timing and nature of action
    taken, concerning the Funds. Except to the extent necessary to perform Sponsor&rsquo;s obligations under this Agreement, nothing
    herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to
    engage in any other business or to devote time and attention to the management or other aspects of any other business, whether
    of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fees
    and Expenses</U>. The Trust, on behalf of each Fund, shall pay Sponsor fees for its services as Sponsor hereunder and reimburse
    expenses of Sponsor as determined by Sponsor and the Trust, on behalf of each Fund, from time to time, all as set forth in
    the registration statements or reports of the Trust publicly available on the EDGAR system of the Securities and Exchange
    Commission (&ldquo;EDGAR filings&rdquo;). The Sponsor and the Trust, on behalf of each Fund, agree that material changes to
    the fee payment and expense reimbursement structure shall not become effective prior to 30 days after such changes are described
    in one or more EDGAR filings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations;
    Indemnification</U>. The Trust represents and warrants that: (a)&nbsp;it has been duly organized and is validly existing under
    the law of the state of its organization, (b)&nbsp;it is duly authorized to execute, deliver and perform this Agreement and
    has taken all action necessary to authorize its execution, delivery and performance, including the obtaining of any necessary
    governmental consents, (c)&nbsp;the execution, delivery and performance of this Agreement, including the Investment Guidelines,
    does not and will not conflict with or violate any provision of law, rule, regulation, governing document of the Trust, contract,
    deed of trust, or other instrument to which the Trust is a party or to which any of the Trust or Funds&rsquo; property is
    subject, (d)&nbsp;this Agreement is a valid and binding obligation enforceable against the Trust in accordance with its terms
    (subject to applicable insolvency or similar laws affecting creditors&rsquo; rights generally and subject, as to enforceability,
    to equitable principles of general application) and (e)&nbsp;each Fund will be comprised of assets that are owned by each
    such Fund as principal, and will not be subject to either (i)&nbsp;the Employee Retirement Income Security Act of 1974, as
    amended, or the Investment Company Act, or (ii)&nbsp;any lien, security interest or other similar encumbrance (other than
    in favor of the Clearing FCM or the CME clearinghouse). The Trust shall hold Sponsor harmless from any liabilities, damages
    or expenses, including attorney&rsquo;s fees, incurred by Sponsor for any actions taken by Sponsor acting in reasonable reliance
    upon such representations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CFTC
    Registration</U>. Sponsor represents and warrants that it is registered with the CFTC or National Futures Association, as
    applicable, as a commodity pool operator.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liability</U>.
    Sponsor will be liable only for losses to the Funds that are the direct result of Sponsor&rsquo;s bad faith, gross negligence,
    willful or reckless misconduct or breach of the express terms of this Agreement. Except as set forth in the foregoing sentence,
    neither Sponsor nor its officers, employees or agents shall be liable hereunder for any act or omission or for any error of
    judgment in managing the Funds. Sponsor shall not be responsible for any special, indirect or consequential damages, or any
    loss incurred by reason of any act or omission, by the Funds or any broker, dealer, futures commission merchant or custodian
    used hereunder or any authorized representative of the foregoing. Notwithstanding the foregoing, nothing herein shall in any
    way constitute a waiver or limitation of any rights that the Trust or the Funds may have under the federal securities laws
    or other applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Tax
    Filings</U>. Except as described in EDGAR filings, Sponsor will not be responsible for making any tax credit or similar claim
    or any legal filing on the Trust&rsquo;s or Funds&rsquo; behalf.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing
    Law/Disputes</U>. This Agreement is entered into in accordance with and shall be governed by the laws of the State of New
    York;&nbsp;<I>provided, however</I>, that in the event that any law of the State of New York shall require that the laws of
    another state or jurisdiction be applied in any proceeding, such New York law shall be superseded by this paragraph, and the <FONT STYLE="font: 10pt Times New Roman, Times, Serif">remaining
    laws of the State of New York shall nonetheless be applied in such proceeding. Each party agrees that in the event that any
    dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right
    it may otherwise have to (a)&nbsp;seek punitive damages, or (b)&nbsp;request a jury trial.</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination</U>.
    This Agreement may be terminated at any time by either party upon 30 days&rsquo; prior written notice to the other party.
    Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be
    affected by termination of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Assignment</U>.
    Neither party shall assign this Agreement without the written consent of the other party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>License
    to Use Marks</U>. The Trust has been granted, pursuant to separate agreement, a no-fee license to use all service marks or
    trademarks which the Sponsor or its affiliates have or may register for use in connection with financial services.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>.
    All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties at their
    respective addresses.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sponsor
shall comply with, and be entitled to act on, any instructions reasonably believed to be from an authorized representative of
the Trust. Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions,
without being required to determine the authenticity of the authorization or authority of the persons providing such instructions.</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</U>.
    In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms
    and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid
    and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence that
    the invalidated provision was an essential economic term of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Integration;
    Amendment</U>. This Agreement together with any other written agreements between the parties entered into concurrently with
    this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and supersede
    all previous oral or written negotiations, commitments and understandings related thereto. This Agreement may not be amended
    or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one
    party of any obligation of the other hereunder shall be considered a waiver of any other obligation of such party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Further
    Assurances</U>. Each party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable
    for the implementation of this Agreement and the consummation of the transactions contemplated hereby.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Headings</U>.
    The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</U>.
    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which
    taken together shall be deemed to be one and the same instrument.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VS
    TRUST</B></FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME]</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TITLE]</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VOLATILITY
    SHARES LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME]</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TITLE]</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>filename6.htm
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRANSFER AGENT SERVICING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS AGREEMENT is made and entered into
as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
by and between <B>VS TRUST</B>, a Delaware statutory trust (the &ldquo;Trust&rdquo;) and <B>U.S. BANCORP FUND SERVICES, LLC d/b/a
U.S. BANK GLOBAL FUND SERVICES</B>, a Wisconsin limited liability company (<B>&ldquo;Fund Services&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, The Trust intends to issue in respect
of its portfolios listed on Exhibit A attached hereto (each a &ldquo;Fund&rdquo; or an &ldquo;ETF Series&rdquo;) an exchange-traded
class of shares known as &ldquo;ETF Shares&rdquo; for each ETF Series. The ETF Shares shall be created in bundles called &ldquo;Creation
Units.&rdquo; Each Fund shall create and redeem ETF Shares only in Creation Units principally in kind for portfolio securities
of the particular ETF Series (&ldquo;Deposit Securities&rdquo;), as more fully described in the current prospectus and statement
of additional information of each Fund, included in the Fund&rsquo;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 &ldquo;Authorized Participants&rdquo;
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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, each Fund will ordinarily issue
for purchase and redeem shares of the Fund (the &ldquo;Shares) only in aggregations of Shares known as Creation Units (currently
10,000 shares) principally in kind or in cash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, The Depository Trust Company, a
limited purpose trust company organized under the laws of the State of New York (&ldquo;DTC&rdquo;), or its nominee Cede &amp;
Company, will be the registered owner (the &ldquo;Shareholder&rdquo;) of all Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 &ldquo;Fund&rdquo; and collectively the
&ldquo;Funds&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Appointment of Fund Services as Transfer Agent</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Services and Duties of Fund Services</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fund Services shall provide the following
transfer agent and dividend disbursing agent services to each Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>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 (&ldquo;Marketing Agent&rdquo;) 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&rsquo; custodian, U.S. Bank N.A. (&ldquo;Custodian&rdquo;), pursuant to that such purchase orders register the appropriate
number of book entry only the Funds&rsquo; Units in the name of The Depository Trust Company (&ldquo;DTC&rdquo;) or its nominee
as a unit holder (each an &ldquo;Authorized Participant&rdquo;) 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&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Prepare and transmit by means of DTC&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>On behalf of the Funds, Fund Services shall issue the Funds&rsquo; Units in Creation Baskets for settlement with purchasers
through DTC as the purchaser is authorized to receive. Beneficial ownership of the Funds&rsquo; 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&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Fund Services shall not issue on behalf of the Funds any of the Funds&rsquo; 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&rsquo;
Units has been suspended or discontinued, and Fund Services shall be entitled to rely upon such Instructions or written notification;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>The Funds&rsquo; 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">F.</TD><TD>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&rsquo; Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">G.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">H.</TD><TD>Prepare and transmit to the Trust and the Trust&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">J.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">K.</TD><TD>Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">L.</TD><TD>Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">M.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">N.</TD><TD>Maintain those books and records of the Trust specified by the Trust and agreed upon by Fund Services;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">O.</TD><TD>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&nbsp;day and with respect to each Authorized
Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">P.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Q.</TD><TD>Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to the Trust&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">R.</TD><TD>Confirm the name, U.S. taxpayer identification number and principle place of business of each Authorized Participant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">S.</TD><TD>Fund Services shall record the issuance of the Funds&rsquo; 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&rsquo; 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&rsquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">T.</TD><TD>Subject to and in accordance with Section&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">U.</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">V.</TD><TD>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&rsquo;s Global Certificate, and those services set forth on Exhibit B attached hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">W.</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Lost Shareholder Due Diligence Searches and Servicing</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust hereby acknowledges that Fund
Services has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule&nbsp;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&nbsp;C attached hereto.
If a shareholder remains lost and the shareholder&rsquo;s account unresolved after completion of the mandatory Rule&nbsp;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&rsquo;s representative or executor) to conduct a more in-depth search in order to locate the lost shareholder
before the shareholder&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Anti-Money Laundering and Red Flag Identity Theft Prevention
Programs</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 (&ldquo;USA Patriot&rdquo;) Act of 2001 and the Bank Secrecy Act (collectively the
&ldquo;AML Acts&rdquo;) and shall comply with the AML Acts and applicable regulations adopted thereunder (collectively, the &ldquo;Applicable
AML Laws&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s identity
(collectively, the &ldquo;Procedures&rdquo;). Further, the Trust and Fund Services have each determined that the Procedures, as
part of the Trust&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on this determination, the Trust hereby
instructs and directs Fund Services to implement the Procedures on the Trust&rsquo;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&rsquo;s anti-money laundering and identity theft responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fund Services agrees to provide to the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="padding-right: 0.5in">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="padding-right: 0.5in">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="padding-right: 0.5in">Any reports received by Fund Services from any government agency or applicable industry self-regulatory
organization pertaining to Fund Services&rsquo; Anti-Money Laundering Program or the Red Flag Identity Theft Prevention Program
on behalf of the Trust;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="padding-right: 0.5in">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="padding-right: 0.5in">Certified annual and quarterly reports of its monitoring and customer identification activities
pursuant to the Procedures on behalf of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo; implementation of the Procedures, on behalf of the Trust, as they may request, and
(ii) permit such federal regulators to inspect Fund Services&rsquo; implementation of the Procedures on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Compensation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fund Services shall be compensated for providing
the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>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:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>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:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>It is a registered transfer agent under the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Standard of Care; Indemnification; Limitation of Liability</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left">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&rsquo;
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&rsquo; 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 &ldquo;Board&rdquo;), except for any and all claims, demands, losses, expenses, and liabilities
arising out of or relating to Fund Services&rsquo; 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&rsquo;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&rsquo; fees) sustained in connection with Fund Services provision of services pursuant to this Agreement.
As used in this paragraph, the term &ldquo;Fund Services&rdquo; shall include Fund Services&rsquo; directors, officers and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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&rsquo;
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&rsquo; 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 &ldquo;Trust&rdquo; shall include
the Trust&rsquo;s directors, trustees, officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left">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&rsquo;s prior written consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left">The indemnity and defense provisions set forth in this Section&nbsp;7 shall indefinitely survive the
termination and/or assignment of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Data Necessary to Perform Services</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Proprietary and Confidential Information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Records</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo; 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)&nbsp;through (12)&nbsp;and (b)(1)), and other applicable federal
securities laws and created pursuant to the performance of the Administrator&rsquo;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 &ldquo;Fund
Records&rdquo;) 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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;it shall be responsible for the accuracy and completeness of any Fund Records not created
by the Administrator; and (e)&nbsp;it shall be responsible for ensuring the Trust&rsquo;s or the Funds&rsquo; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Compliance with Laws</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo;s portfolio investments as set forth in such Fund&rsquo;s current prospectus and statement of additional information.
Fund Services&rsquo; services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the
Board of Trustee&rsquo;s oversight responsibility with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Term of Agreement; Amendment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 (&ldquo;Termination Upon Direction&rdquo;). 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&rsquo;s
Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Early Termination</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD>all fees associated with converting services to successor service provider;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD>all reasonable and documented miscellaneous costs associated with a-c above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Duties in the Event of Termination</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that, in connection with the
termination of this Agreement, a successor to any of Fund Services&rsquo; 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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Assignment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>17.</B></TD><TD STYLE="text-align: justify"><B>No Agency Relationship</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Services Not Exclusive</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Invalidity</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s address set forth below, or such other address(es)
as may be specified in writing by one party to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice to Fund Services shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">U.S. Bank Global Fund Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">615 East Michigan Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Milwaukee, WI 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notice to the Trust shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Justin Young</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">100 S Bedford Rd., Suite 340</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Mt. Kisco, NY 10549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Multiple Originals</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Fidelity Bond</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Entire Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>24.</B></TD><TD STYLE="text-align: justify"><B>Limited Recourse</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>25.</B></TD><TD STYLE="text-align: justify"><B>No Third Party Rights</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Construction</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any reference in this Agreement to a form,
statute or regulation shall include any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES ON THE FOLLOWING PAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-indent: 0in">By:</TD>
    <TD STYLE="width: 35%; text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Name:&nbsp;</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Title:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Date:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. BANCORP FUND SERVICES, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A to the Transfer Agent Servicing
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Separate Series of VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Name of Series</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>filename7.htm
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUSTODY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS AGREEMENT is made and entered into
as of [   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
by and between <B>VS TRUST, </B>a Delaware statutory trust (the &ldquo;Trust&rdquo;) and <B>U.S. BANK NATIONAL ASSOCIATION</B>,
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 &ldquo;Custodian&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act (&ldquo;CEA&rdquo;) and is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;)
by means of a registration statement on Form S-1 or Form S-3, as applicable (each a &ldquo;Registration Statement&rdquo;) under
the Securities Act of 1933, as amended (&ldquo;1933 Act&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTAIN DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever used in this Agreement, the following
words and phrases shall have the meanings set forth below unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.01 <U>&ldquo;Authorized
Person&rdquo;</U> 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 <U>Exhibit&nbsp;A</U> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.02 <U>&ldquo;Book-Entry
System&rdquo;</U> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No.&nbsp;300, 31&nbsp;CFR&nbsp;306,
in Subpart&nbsp;B of 31&nbsp;CFR&nbsp;Part 350, or in such book-entry regulations of federal agencies as are substantially in the
form of such Subpart&nbsp;O.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.03 <U>&ldquo;Business
Day&rdquo;</U> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.04 <U>&ldquo;CFTC&rdquo;</U>
shall mean the Commodity Futures Trading Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.05 <U>&ldquo;Eligible
Foreign Custodian&rdquo;</U> has the meaning set forth in Rule&nbsp;17f-5(a)(1), including a majority-owned or indirect subsidiary
of a U.S. Bank (as defined in Rule&nbsp;17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian
(as set forth in Rule&nbsp;17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section&nbsp;2(a)(5)
of the 1940 Act) meeting the requirements of a custodian under Section&nbsp;17(f) of the 1940 Act; the term does not include any
Eligible Securities Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.06 <U>&ldquo;Eligible
Securities Depository&rdquo;</U> shall mean a system for the central handling of securities as that term is defined in Rules&nbsp;17f-4
and 17f-7 under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.07 <U>&ldquo;Foreign
Securities&rdquo;</U> means any of a Fund&rsquo;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&rsquo;s transactions in such
investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.08 <U>&ldquo;Fund
Custody Account&rdquo;</U> shall mean any of the accounts in the name of a Fund, which is provided for in Section&nbsp;3.2 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.09 <U>&ldquo;FINRA&rdquo;</U>
shall mean the Financial Industry Regulatory Authority, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.10 <U>&ldquo;IRS&rdquo;</U>
shall mean the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.11 <U>&ldquo;NFA&rdquo;</U>
shall mean the National Futures Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.12 <U>&ldquo;Officer&rdquo;</U>
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.13 <U>&ldquo;Proper
Instructions&rdquo;</U> shall mean Written Instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.14 <U>&ldquo;SEC&rdquo;</U>
shall mean the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.15 <U>&ldquo;Securities&rdquo;</U>
shall include, without limitation, common and preferred stocks, bonds, derivatives contracts, call options, put options, debentures,
notes, bank certificates of deposit, bankers&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.16 <U>&ldquo;Securities
Depository&rdquo;</U> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section&nbsp;17A
of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.17 <U>&ldquo;Shares&rdquo;</U>
shall mean, with respect to a Fund, the shares of common stock issued by the Fund on account of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.18 <U>&ldquo;Sub-Custodian&rdquo;</U>
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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.19 <U>&ldquo;Written
Instructions&rdquo;</U> shall mean (i)&nbsp;written communications received by the Custodian and signed by an Authorized Person
(ii)&nbsp;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)&nbsp;communications between electronic devices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPOINTMENT OF CUSTODIAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.01 <U>Appointment</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.02 <U>Documents to
be Furnished</U>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution
of the Agreement to the Custodian by the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>A copy of the Trust&rsquo;s declaration of trust, certified by the Secretary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>A copy of the Trust&rsquo;s bylaws, certified by the Secretary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>A copy of the current prospectus of each Fund (the &ldquo;Prospectus&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as <U>Exhibit&nbsp;D</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.03 <U>Notice of Appointment
of Transfer Agent</U>. 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&rsquo;s obligation to provide such written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>ARTICLE III.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUSTODY OF CASH AND SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.01 <U>Segregation</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.02 <U>Fund Custody
Accounts</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.03 <U>Appointment
of Agents.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i)&nbsp;Eligible
Securities Depositories or (ii)&nbsp;Eligible Foreign Custodians that are members of the Sub-Custodian&rsquo;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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>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&rsquo;s eligibility under applicable rules and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>In performing its delegated responsibilities as foreign custody manager to place or maintain a Fund&rsquo;s assets with a Sub-Custodian,
the Custodian will determine that the Fund&rsquo;s assets will be subject to reasonable care, based on the standards applicable
to custodians in the country in which the Fund&rsquo;s assets will be held by that Sub-Custodian, after considering all factors
relevant to safekeeping of such assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>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&rsquo;s arrangements. Such
reports shall include an analysis of the custody risks associated with maintaining assets with any Securities Depository.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>With respect to its responsibilities under this Agreement, including without limitation, Section&nbsp;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&rsquo;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)&nbsp;the Sub-Custodian&rsquo;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)&nbsp;whether the Sub-Custodian has
the requisite financial strength to provide reasonable care for Fund assets; (iii)&nbsp;the Sub-Custodian&rsquo;s general reputation
and standing and, in the case of a Securities Depository, the Securities Depository&rsquo;s operating history and number of participants;
(iv)&nbsp;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)&nbsp;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&rsquo;s consent to service of process in the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD>The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing
basis (i)&nbsp;the appropriateness of maintaining a Fund&rsquo;s assets with a Sub-Custodian or Eligible Foreign Custodians who
are members of a Sub-Custodian&rsquo;s network; (ii)&nbsp;the performance of the contract governing a Fund&rsquo;s arrangements
with such Sub-Custodian or Eligible Foreign Custodian&rsquo;s members of a Sub-Custodian&rsquo;s network; and (iii)&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.04 <U>Delivery of
Assets to Custodian</U>. The Trust shall deliver, or cause to be delivered, to the Custodian all of a Fund&rsquo;s Securities,
cash and other investment assets, including (i)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.05 <U>Securities
Depositories and Book-Entry Systems</U>. 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>Securities of a Fund kept in a Book-Entry System or Securities Depository shall be kept in an account (&ldquo;Depository Account&rdquo;)
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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>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)&nbsp;receipt of advice from the Book-Entry System or Securities Depository that such Securities have
been transferred to the Depository Account; and (ii)&nbsp;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)&nbsp;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)&nbsp;the making of an entry on the records
of the Custodian to reflect such transfer and payment for the account of the Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD>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)&nbsp;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)&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD>With respect to its responsibilities under this Section&nbsp;3.05, the Custodian hereby warrants to the Trust, on behalf of
each Fund, that it agrees to (i)&nbsp;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)&nbsp;provide, promptly upon request by the Fund,
such reports as are available concerning the Custodian&rsquo;s internal accounting controls and financial strength, and (iii)&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.06 <U>Disbursement
of Moneys from Fund Custody Account</U>. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from a Fund Custody
Account including, but not limited to, the following cases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>For the purchase of Securities for a Fund but only in accordance with Section&nbsp;4.01 of this Agreement and only (i)&nbsp;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&nbsp;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&nbsp;3.05 above; (ii)&nbsp;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)&nbsp;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&nbsp;3.09 below; and (iv)&nbsp;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&rsquo;s account at a Book-Entry System or Securities Depository with such Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>In connection with the conversion, exchange or surrender, as set forth in Section&nbsp;3.07(f) below, of Securities owned by
a Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>For the payment of any dividends or capital gain distributions declared by a Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>In payment of the redemption price of Shares as provided in Section&nbsp;5.01 below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(h)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.07 <U>Delivery of
Securities from Fund Custody Account</U>. 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>Upon the sale of Securities for the account of a Fund but only against receipt of payment therefor in cash, by certified or
cashier&rsquo;s check or bank credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section&nbsp;3.05
above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>To an offeror&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>To the issuer thereof or its agent (i)&nbsp;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)&nbsp;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>To the broker selling the Securities, for examination in accordance with the &ldquo;street delivery&rdquo; custom;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD>Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by a Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(h)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(j)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(k)</TD><TD>Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of a Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(l)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(m)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(n)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(o)</TD><TD>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&rsquo;s own negligence, fraud or willful
misconduct.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.08 <U>Actions Not
Requiring Proper Instructions</U>. Unless otherwise instructed by a Fund, the Custodian shall with respect to all Securities held
for the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>Subject to Section&nbsp;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>Present for payment and, subject to Section&nbsp;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>Surrender interim receipts or Securities in temporary form for Securities in definitive form;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.09 <U>Registration
and Transfer of Securities</U>. 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">3.10 <U>Futures
and Options.</U> 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 (&ldquo;Tri-Party Agreement&rdquo;), 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 (&ldquo;Margin Account&rdquo;), 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 &ldquo;margin&rdquo; deposits or other collateral intended to secure the Fund&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.11 <U>Records</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for a Fund,
including (i)&nbsp;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)&nbsp;ledgers (or other records) reflecting (A)&nbsp;Securities
in transfer, (B)&nbsp;Securities in physical possession, (C)&nbsp;monies and Securities borrowed and monies and Securities loaned
(together with a record of the collateral therefor and substitutions of such collateral), (D)&nbsp;dividends and interest received,
and (E)&nbsp;dividends receivable and interest receivable; (iii)&nbsp;canceled checks and bank records related thereto; and (iv)&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.12 <U>Fund Reports
by Custodian</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.13 <U>Other Reports
by Custodian</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.14 <U>Proxies and
Other Materials</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.15 <U>Information
on Corporate Actions</U>. 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, &ldquo;Corporate Events&rdquo;). 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
&ldquo;Notification Deadline&rdquo;); 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IV.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURCHASE AND SALE OF INVESTMENTS OF THE
FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.01 <U>Purchase of
Securities</U>. Promptly upon each purchase of Securities for a Fund, Written Instructions shall be delivered to the Custodian,
specifying (i)&nbsp;the name of the issuer or writer of such Securities, and the title or other description thereof, (ii)&nbsp;the
number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii)&nbsp;the date of purchase and
settlement, (iv)&nbsp;the purchase price per unit, (v)&nbsp;the total amount payable upon such purchase, and (vi)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.02 <U>Liability for
Payment in Advance of Receipt of Securities Purchased</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.03 <U>Sale of Securities</U>.
Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying: (i)&nbsp;the
name of the issuer or writer of such Securities, and the title or other description thereof; (ii)&nbsp;the number of shares, principal
amount (and accrued interest, if any), or other units sold; (iii)&nbsp;the date of sale and settlement, (iv)&nbsp;the sale price
per unit; (v)&nbsp;the total amount payable upon such sale; and (vi)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.04 <U>Delivery of
Securities Sold</U>. Notwithstanding Section&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.05 <U>Payment for
Securities Sold</U>. 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)&nbsp;proceeds from the sale of Securities which it has been instructed to deliver against
payment; (ii)&nbsp;proceeds from the redemption of Securities or other assets of the Fund; and (iii)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.06 <U>Advances by
Custodian for Settlement</U>. The Custodian may, in its sole discretion and from time to time, advance funds to a Fund to facilitate
the settlement of the Fund&rsquo;s transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon
demand made by Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SALE AND REDEMPTION OF FUND SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.01 <U>Transfer of
Funds</U>. 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&rsquo;s transfer agent, as known to the Custodian, shall be an
Authorized Person for purposes of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.02 <U>No Duty Regarding
Paying Banks</U>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section&nbsp;5.01 above, the Custodian
shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VI.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SEGREGATED ACCOUNTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>which constitute collateral for loans of Securities made by the Fund; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPENSATION OF CUSTODIAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.01 <U>Compensation</U>.
The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set
forth on <U>Exhibit&nbsp;C</U> 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 1&frac12; % per month after the due date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.02 <U>Overdrafts</U>.
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 <U>Exhibit&nbsp;C</U> hereto (as amended from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VIII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPRESENTATIONS AND WARRANTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.01 <U>Representations
and Warranties of the Trust</U>. 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.02 <U>Representations
and Warranties of the Custodian</U>. 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IX</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONCERNING THE CUSTODIAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.01 <U>Standard of
Care</U>. 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&rsquo;s (or a Sub-Custodian&rsquo;s)
refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.02 <U>Actual Collection
Required</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.03 <U>No Responsibility
for Title, etc.</U> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.04 <U>Limitation
on Duty to Collect</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.05 <U>Reliance Upon
Documents and Instructions</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">9.06 <U>Cooperation</U>.
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&rsquo;s independent accountants with respect to the Custodian&rsquo;s activities hereunder in connection with (i)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s standard of care as set
forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE X.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEMNIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.01 <U>Indemnification
by Trust</U>. Each Fund, severally and not jointly, shall indemnify and hold harmless the Custodian, any Sub-Custodian and any
nominee thereof (each, an &ldquo;Indemnified Party&rdquo; and collectively, the &ldquo;Indemnified Parties&rdquo;) from and against
any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys&rsquo;
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)&nbsp;from the fact that Securities are registered in the name of any such nominee, (ii)&nbsp;from any
action taken or omitted to be taken by the Custodian or such Sub-Custodian (a)&nbsp;at the request or direction of or in reliance
on the advice of the Fund, or (b)&nbsp;upon Proper Instructions, or (iii)&nbsp;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 &ldquo;Custodian&rdquo; and &ldquo;Sub-Custodian&rdquo; 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&rsquo;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&rsquo; fees) sustained in connection with the Custodian provision of services pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.02 <U>Indemnification
by Custodian</U>. 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&rsquo; 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&rsquo;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 &ldquo;Fund&rdquo; shall include the Fund&rsquo;s officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.03 <U>Security</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>If the Custodian advances cash or Securities to a Fund for any purpose, either at the Fund&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>In the event that a Fund is, except as provided in Section&nbsp;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&rsquo; fees) (except such indebtedness as may arise from its or its nominee&rsquo;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)&nbsp;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)&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.04 <U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any
provision of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>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&nbsp;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&rsquo;s prior
written consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>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)&nbsp;any other series of the Trust other than the applicable Fund to which such obligations relate,
(ii)&nbsp;any assets of any person or entity under the management of the Adviser of the Fund or (iii)&nbsp;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XI.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORCE MAJEURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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)&nbsp;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)&nbsp;shall
use its best efforts to ameliorate the effects of any such failure or delay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B>PROPRIETARY AND CONFIDENTIAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XIII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EFFECTIVE PERIOD; TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.01 <U>Effective
Period</U>. This Agreement shall become effective as of the date first written above and will continue in effect for a period of
two (2) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.02 <U>Termination</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.03 <U>Early Termination</U>.
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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>All monthly fees through the life of the Agreement including the repayment of any negotiated discounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>All miscellaneous fees associated with converting services to successor service provider;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>All reasonable and documented costs associated with (a) thru (c) above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.04 <U>Appointment
of Successor Custodian</U>. 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)&nbsp;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)&nbsp;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">13.05 <U>Failure
to Appoint Successor Custodian</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XIV.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CLASS ACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XV.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">15.01 <U>Compliance
with Laws</U>. 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&rsquo;s services hereunder shall not relieve the Trust of its responsibilities
for assuring such compliance with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.02 <U>Amendment</U>.
This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.03 <U>Assignment</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">15.04 <U>Governing
Law</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.05 <U>No Agency
Relationship</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.06 <U>Services Not
Exclusive</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.07 <U>Invalidity.</U>
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.08 <U>Notices</U>.
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&rsquo;s
address set forth below, or such other address(es) as may be specified in writing by one party to the other party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Notice to the Custodian shall
be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">U.S. Bank N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">U.S. Bank Tower<B><BR>
</B>425 Walnut Street, Cincinnati,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">OH 45202 | CN-OH-W6TC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Global Fund Custody Support Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Phone: 513.632.2443</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fax: 844.206.1025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Notice to the Trust shall be
sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Attn: Justin Young</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-indent: 8.65pt">100 S Bedford Rd., Suite 340</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-indent: 8.65pt">Mt. Kisco, NY 10549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.09 <U>Multiple Originals</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.10 <U>No Waiver</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.11 <U>References
to Custodian</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.12 <U>Insurance</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.13 <U>Entire Agreement</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.14. <U>Trust Limitations</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.15 <U>Construction</U>.
Any reference in this Agreement to a form, statute or regulation shall include any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES ON THE FOLLOWING PAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. BANK NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AUTHORIZED PERSONS &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below are the names and specimen
signatures of the persons authorized by the Trust to administer the Fund Custody Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid"><B>Name</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid"><B>Telephone/Fax Number</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid"><B>Signature</B></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Separate Series of VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Name of Series</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit D to the Custody Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VS Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your &ldquo;yes&rdquo; or &ldquo;no&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______ YES</P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 61%">U.S. Bank is authorized to provide the Fund&rsquo;s name, address and security position to requesting companies whose stock is owned by the Company.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>_______ NO</TD>
    <TD>&nbsp;</TD>
    <TD>U.S. Bank is NOT authorized to provide the Fund&rsquo;s name, address and security position to requesting companies whose stock is owned by the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">29</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>filename8.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARKETING AGENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>THIS AGREEMENT</B> is made and entered
into as of ___________________________, by and among&#9;<B>VS Trust, </B>Delaware trust (the &ldquo;Trust&rdquo;), <B>Volatility
Shares LLC</B>, a Delaware limited liability company (the &ldquo;Sponsor&rdquo; and collectively with the Trust, as &ldquo;Client&rdquo;),
and <B>Foreside Fund Services, LLC</B>, a Delaware limited liability company (&ldquo;Foreside&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, the Sponsor
is registered with the Commodity Futures Trading Commission (the &ldquo;CFTC&rdquo;) as a commodity pool operator, is a member of
the National Futures Association (&ldquo;NFA&rdquo;), and is subject to the Commodity Exchange Act, as amended (the &ldquo;CEA&rdquo;),
and all of the relevant rules and regulations promulgated thereunder (collectively, the &ldquo;Commodities Rules&rdquo;) and serves
as the commodity pool operator of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, 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 &ldquo;Fund&rdquo; and collectively the &ldquo;Funds&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS,</B> the Client
has filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a Registration Statement (including a Prospectus
(&ldquo;Prospectus&rdquo;) for each Fund under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;) (collectively,
&ldquo;Registration Statement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, the Trust
intends to create and redeem shares of beneficial interest (the &ldquo;Shares&rdquo;) of each Fund only in creation unit aggregations
(&ldquo;Creation Unit&rdquo;) on a continuous basis, and list the Shares on one or more national securities exchanges;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, Foreside
is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;), and is a member
of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, Foreside
is willing to provide certain services for the Client on the terms and conditions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>NOW THEREFORE,</B> 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Wherever they are used
herein, the following terms have the following respective meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&ldquo;Prospectus&rdquo;
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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&ldquo;Registration Statement&rdquo;
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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Duties of Foreside</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: left">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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(ii)
maintain copies of confirmations of Creation Unit creation and redemption order acceptances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0.5in">(iii) maintain
telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent/Index Receipt Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0.5in">(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 (&ldquo;Marketing Materials&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: left">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Duties of the Client</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(ii) The
Client agrees that it will take all actions necessary to register, and maintain the registration of, the Shares under the 1933
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(iii)
Foreside acknowledges and agrees that the Trust reserves the right to suspend sales and Foreside&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Representations, Warranties and Covenants of the Client.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">the execution, delivery and performance of this Agreement are within its power and have been duly
authorized by all necessary action;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: left">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">the Registration Statement and each Fund&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: left">the Registration Statement and each Fund&rsquo;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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: left">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&rsquo;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&rsquo;s Prospectus in light of the circumstances in which made, not misleading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: left">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Representations, Warranties and Covenants of Foreside.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: left">Foreside agrees to comply with all FINRA rules applicable to its duties and obligations under this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Compensation.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Indemnification.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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 &ldquo;Foreside Indemnitees&rdquo;), 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, &ldquo;Losses&rdquo;)
that any Foreside Indemnitee may incur arising out of or relating to (i) Foreside&rsquo;s provision of services to the Funds in
accordance with the terms and conditions of this Agreement; (ii) the Client&rsquo;s breach of any of its obligations, representations,
warranties or covenants contained in this Agreement; (iii) the Client&rsquo;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</FONT> provided, however, that the Client&rsquo;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 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
other information filed or made public by the Client</FONT> 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<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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 &ldquo;Client Indemnitees&rdquo;), free and harmless from and against any and all Losses that any Client Indemnitee may incur
arising out of or based upon</FONT> (i) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreside&rsquo;s
breach of any of its obligations, representations, warranties or covenants contained in this Agreement</FONT> (ii) Foreside&rsquo;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 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
use in such </FONT>Prospectus, sales literature and advertising materials or other information filed or made public by the Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in"><B>8. Limitations
on Damages. </B>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in"><B>9. Force
Majeure. </B>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Duration and Termination.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: left">Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty,
upon no less than 60 days&rsquo; written notice, by either the Client or by Foreside.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">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&rsquo;s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As
used in this Agreement, &ldquo;Confidential Information&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Notwithstanding the foregoing, a party may
disclose the other&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>12. Notices.
</B>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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: justify">(i)&nbsp;&nbsp;<B>To Foreside:</B></TD>
    <TD STYLE="width: 46%; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: justify">(ii)&nbsp;&nbsp;<B>If to the Client:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreside Fund Services, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Legal Department</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Three Canal Plaza, Suite 100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Portland, ME 04101</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone: (207) 553-7110</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Facsimile: (207) 553-7151</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Email: legal@foreside.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.45pt">With a copy to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 74.45pt">etp-services@foreside.com</P>

</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VS Trust</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Justin Young</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 South Bedford Road, Suite 340</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mt. Kisco, NY 10549</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Phone: 646-499-0917</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Email: jyoung@volatilityshares.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: left"><B>Modifications. </B>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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: left"><B>Governing Law. </B>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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15.</B></TD><TD STYLE="text-align: left"><B>Assignment.</B> 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&rsquo; representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not
be construed to be an assignment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: left"><B>Entire Agreement. </B>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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Survival.
</B>The provisions of Sections 7, 8, 9, 11, 14, 17, </FONT>18 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
</FONT>19 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of this Agreement shall survive any termination
of this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Limitation of Liability.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: left">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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19.</B></TD><TD STYLE="text-align: left"><B>Miscellaneous. </B>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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VS Trust</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VolatilityShares LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Foreside Fund Services, LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Fairbanks, Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Funds:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">-1x Short UIX Futures ETF (SVIX)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">B-1</P>

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>ADVANTAGE FUTURES CLIENT AGREEMENT</B></P>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">In consideration of Advantage
Futures LLC (&ldquo;Advantage&rdquo;) accepting and maintaining for the undersigned Client (&ldquo;Client&rdquo;) one or more accounts
(collectively referred to as &ldquo;the Account&rdquo;) and Advantage&rsquo;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 (&ldquo;EFP&rdquo;,) or any
similar instruments which may be purchased, sold or cleared by or through a futures commission merchant (individually a &ldquo;Contract&rdquo;
or collectively, &ldquo;Contracts&rdquo;). Client agrees to the terms and conditions as set forth below in this Futures Client
Agreement (&ldquo;Agreement&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>1. Applicable Rules
and Regulations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">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 &ldquo;rule or law&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT>, <FONT STYLE="font-family: Times New Roman, Times, Serif">or
agents to comply with such rule or law. Advantage&rsquo;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 &ldquo;Affiliates&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>2. Payment Obligations
of Client.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: left">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 (&ldquo;NFA&rdquo;), Securities and Exchange Commission (&ldquo;SEC&rdquo;), 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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>3. Acknowledgment
of Risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>4. Risk
of Loss; Limitation of Liability.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">(a) All transactions
effected for the Account and all fluctuations in the market prices of the Contracts carried in the Account are at
Client&rsquo;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&rsquo;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&rsquo;s orders due to malfunctions of
communications facilities or systems or other causes beyond Advantage&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">(b) Client consents to Advantage&rsquo;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,
&ldquo;Automated Systems&rdquo;). 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 &ldquo;System Failure&rdquo;), could cause substantial damage, expense or liability to the
Client.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 35%">Rev 08/20/2018</TD><TD STYLE="width: 30%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 35%; text-align: right">Advantage Futures Client Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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 </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 35%">Rev 08/20/2018</TD><TD STYLE="width: 30%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 35%; text-align: right">Advantage Futures Client Agreement</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>5. Remedies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">In the event (a) Client dies
or becomes incapacitated; (b) Advantage is unable to contact Client due to Client&rsquo;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&rsquo;s part to the Client or any third party. The above remedies are solely for Advantage&rsquo;s
protection and any non-resort or partial resort to those remedies shall not relieve Client of any of its obligations under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>Client acknowledges that
in the event that Client does not maintain margin as required by Advantage or that Client&rsquo;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&rsquo;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&rsquo;s Account, reduce margin requirements, or reduce any risk to Advantage.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>6. Margin
Requirements.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(a)</B></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">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&rsquo;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.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s account without
prior notice.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(c)</B></TD><TD STYLE="text-align: left">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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(d)</B></TD><TD STYLE="text-align: left">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&rsquo;s failure at any time to request a deposit of margin shall not constitute a waiver of Advantage&rsquo;s
rights to do so at any time thereafter, nor shall it create any liability of Advantage to Client.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>7. Market
Information and Recommendations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">Any trading recommendation or
market information furnished to Client by Advantage is incidental to the conduct of Advantage&rsquo;s business as a futures commission
merchant and shall not serve as the primary basis for Client&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>8. Recording.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s
use of such recordings in any proceeding or as Advantage otherwise deems appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9. Foreign Currency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>10. Interest.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>11. Security Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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 &ldquo;Collateral&rdquo;), 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&rsquo;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&rsquo;s Collateral interchangeably between the
Account and any of Client&rsquo;s accounts with Advantage&rsquo;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 (&ldquo;UCC&rdquo;), Client
agrees that to the extent that it is effecting transactions in government securities, Advantage is acting as Client&rsquo;s securities
intermediary and Client&rsquo;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 </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintained on the books of Advantage
shall be treated as a financial asset for purposes of the UCC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(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&rsquo;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&rsquo;
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&rsquo;s property under applicable rules or laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>12. Trading Authorization.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">Advantage is authorized to purchase
and sell Contracts for the Account in accordance with Client&rsquo;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 &ldquo;delegate,&rdquo; and collectively,
the &ldquo;delegates&rdquo;). Client understands if it wishes to transmit order instructions electronically, it will comply with
Advantage&rsquo;s Electronic Access Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>13. User Name and
Password Security.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s user name and password.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>14. Sales.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
sales of Collateral made pursuant to Sections 5 or 11 hereof may be made according to Advantage&rsquo;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, </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">including, without limitation, through
exchange for physical (&ldquo;EFP&rdquo;) 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&rsquo;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&rsquo;s right to sell any Financial Instrument or other Collateral. Failure
to act in such circumstances will not constitute a waiver of Advantage&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>15. Trading Limitations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;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 (&ldquo;CFTC&rdquo;), 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&rsquo;s positions in government securities at any time without notice to Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>16. Liquidation
Instructions for Expiring Futures Contracts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s position
or make or receive delivery on Client&rsquo;s behalf upon such terms and conditions as Advantage deems advisable, and neither
Advantage&rsquo;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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>17. Options
Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s option positions may be automatically exercised or become worthless if Client does not tender
exercise notice or delivery instructions by the designated deadlines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>18. Notices
and Communications.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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 (&ldquo;email&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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 &ldquo;in writing&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;in
writing.&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>19. Client
Documents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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 &ldquo;in
writing&rdquo;. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>20. Joint
Accounts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B> </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the decedent, or which occurred
during liquidation of the Account of the interests of the respective parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><B>21. Termination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>22. Representations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s behalf, and any person specifically
designated to act on Client&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>23. Special
Provisions for Managed Accounts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
will deliver to Advantage a copy of such third party&rsquo;s written trading authorization or Client&rsquo;s acknowledgment of
such authorization in a form acceptable to Advantage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>24. Client Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s banks or any credit agency, for purposes of
verifying information contained on the Client Account Application Form or otherwise supplied to Advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>25. Privacy Notice.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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 (&ldquo;GDPR&rdquo;) and other UK and European
privacy laws and applicable US privacy laws (the &ldquo;Privacy Laws&rdquo;). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>26. USA Patriot
Notice.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s identity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>27. Inactive Accounts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s request to reactivate such inactive
Account.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28. </B></FONT><B><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Binding
Effect of Agreement.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s personal representatives and permitted successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>29. Modifications.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>30. Governing Law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>31. Consent to Jurisdiction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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&rsquo;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 </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR THE CLIENT AGREEMENT BETWEEN
CLIENT AND ADVANTAGE MAY NOT BE ENFORCED IN OR BY SUCH COURT OR ARBITRATION PROCEEDING.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>32. Waiver of Jury
Trial.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">CLIENT HEREBY WAIVES A TRIAL
BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION HEREWITH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>33. Limitation of
Actions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>34. Risk Acknowledgement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;s margin deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>35. Indemnification.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>36. Indemnification
and Payment of Advantage Litigation Expenses.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;Advantage Indemnified Parties&rdquo;)
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&rsquo; and
attorneys&rsquo; 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 </FONT><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo; fees, incurred by any of the Advantage Indemnified Parties in expending and enforcing any of the provisions
of this Agreement or any related agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo; fees incurred by such Advantage Indemnified Parties to defend themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>37. Advantage
Affiliates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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 (&ldquo;SIPC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>38. Banking.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left"><B>39. Headings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>40.
Acknowledgment by Clients of Introducing Brokers (&ldquo;IB&rdquo;) and Commodity Trading Advisors (&ldquo;CTA&rdquo;).</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">IF THE ACCOUNT IS INTRODUCED
BY AN IB OR BY A CTA, IT IS BEING CARRIED ON ADVANTAGE&rsquo;S BOOKS ON A &ldquo;FULLY DISCLOSED BASIS.&rdquo; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>41. Acknowledgment
Relating to Government Securities Transactions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: left">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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>42. Client Acknowledgments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
Disclosure Statement for Futures and Options</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CFTC
Rule 1.55 Disclosure Document - Advantage Futures LLC</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Electronic
Trading and Order Routing Systems Disclosure Statement</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Direct
Order Transmittal Client Disclosure Statement</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disclosure
Pursuant to Commodity Futures Trading Commission Rule 1.46 (e)(1)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Privacy
Notice</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advantage
Futures LLC Electronic Access Policy</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">NFA
Investor Advisory -Futures and Virtual Currencies Including Bitcoin</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CFTC
Customer Advisory: Understanding the Risks of Virtual Currency Trading</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Electronic
Trading Guidelines &ndash; Montreal Exchange</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Australian
Securities and Investments Commission Notification</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Special
Notice or Foreign Brokers and Foreign Traders (For non-US accountsonly)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>43. Acceptance of Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0">This Agreement shall constitute an effective contract
between Advantage and Client upon acceptance and execution by an officer of Advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">VS TRUST</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Client &ndash; Please Print</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">NOV, 22, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name &amp; Title &ndash; For Entity Accounts &ndash; Please Print</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">STUART BARTON, MANAGER, VOLATILITY SHARES</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Joint Client &ndash; Please Print</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature of Joint Client</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For Internal Purpose Only</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accepted and Approved by:</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Officer of Advantage Futures LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 35%">Rev 08/20/2018</TD><TD STYLE="width: 30%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 35%; text-align: right">Advantage Futures Client Agreement</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.6</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMMODITY SUB-ADVISORY AGREEMENT</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">AGREEMENT dated as of the
day of , 2019, between Volatility Shares, LLC, a limited liability company with its principal place of business in New York (herein
called the &ldquo;Sponsor&rdquo;), and Csat Investment Advisory, L.P. d/b/a Exponential ETFs, a limited partnership with its principal
place of business in Michigan (herein called the &ldquo;Commodity Sub-Adviser&rdquo;) (the &ldquo;Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">WHEREAS, the Sponsor is the
sponsor of VS Trust, a Delaware statutory trust (herein called the &ldquo;Trust&rdquo;), a trust that will issues publicly offered
shares in exchange-traded investment products;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">WHEREAS, the Sponsor wishes
to retain the Commodity Sub-Adviser to assist the Sponsor in providing advisory services in connection with such series of the
Trust as now or hereafter may be identified on Exhibit B hereto as such schedule may be amended from time to time with the consent
of the parties hereto (each herein called a &ldquo;Fund&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">WHEREAS, the Commodity Sub-Adviser
is willing to provide such services to the Sponsor upon the terms and conditions and for the compensation set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and mutual covenants herein contained, and intending to be legally bound hereby, it is agreed between the parties
hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">1. <U>Appointment</U>. Sponsor
hereby appoints Commodity Sub-Advisor to provide commodity sub-advisory services to each Fund in the management of the Fund&rsquo;s
commodity investments for the period commencing on the Effective Date and Time (as defined in Section 13 below) and on the terms
set forth in this Agreement. Commodity Sub-Advisor accepts such appointment and agrees to furnish the services herein set forth
for the compensation herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">2. <U>Services to be Performed</U>.
Subject always to the supervision of Sponsor, Commodity Sub-Advisor will furnish an investment program in respect of, make investment
decisions for, and place all orders for the purchase and sale of futures contracts, forward contracts, options on futures contracts
and other commodity interests (&ldquo;<U>Commodity Interests</U>&rdquo;), all on behalf of the Fund and as described in the Fund&rsquo;s
effective registration statement (the &ldquo;<U>Registration Statement</U>&rdquo;), consistent with the investment objectives and
restrictions of the Fund described therein. In the performance of its duties, Commodity Sub-Advisor will satisfy its fiduciary
duties to the Fund, will select and monitor the Fund&rsquo;s investments in Commodity Interests and will comply with the provisions
of the Fund&rsquo;s Trust Agreement (the &ldquo;<U>Trust Agreement</U>&rdquo;) as filed with the Registration Statement, as the
Trust Agreement may be amended from time to time (to the extent Commodity Sub-Advisor has been notified in writing of such amendments
at least 90 days prior to effectiveness), and the Fund&rsquo;s investment objectives, policies and restrictions as disclosed in
the Registration Statement, as such investment objectives, policies and restrictions may be amended from time to time (to the extent
Commodity Sub-Advisor has been notified in writing of such amendments at least 90 days prior to effectiveness). Sponsor will provide
Commodity Sub-Advisor with current copies of the Fund&rsquo;s organizational documents, prospectus and any amendments thereto,
and any written objectives (as contained in the investment guidelines, if any), policies, procedures or limitations not appearing
therein as they may be relevant to Commodity Sub-Advisor&rsquo;s performance under this Agreement, all of which will be binding
on Commodity Sub-Advisor upon receipt thereof from Sponsor at least 90 days prior to effectiveness. Commodity Sub-Advisor and Sponsor
will each make its officers and employees available to the other from time to time at reasonable times to review investment policies
of the Fund and to consult with each other regarding the investment affairs of the Fund. Commodity Sub-Advisor will report to Sponsor
with respect to Commodity Sub-Advisor&rsquo;s services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All commissions and expenses arising from the
trading of Commodity Interests, or other transactions in the course of the administration of the Fund&rsquo;s account, shall be
charged to the Fund&rsquo;s account with its clearing broker(s). If requested by Commodity Sub-Advisor, Sponsor shall deliver to
Commodity Sub-Advisor, and renew when necessary, a commodity trading authorization appointing Commodity Sub-Advisor as the Fund&rsquo;s
agent and attorney-in-fact for the purpose of trading Commodity Interests on behalf of the Fund. All trades for the account of
the Fund directed by Commodity Sub-Advisor shall be made through such clearing broker or brokers as agreed between Sponsor and
Commodity Sub-Adviser (each, a &ldquo;<U>clearing broker</U>&rdquo;). Notwithstanding the foregoing, Commodity Sub-Advisor may
place orders for Commodity Interest transactions for the Fund through executing brokers or floor brokers selected by Commodity
Sub-Advisor and may execute on behalf of the Fund &ldquo;give-up&rdquo; agreements with such executing brokers or floor brokers
where necessary; provided that Commodity Sub-Advisor will provide Sponsor and the Fund on a quarterly basis with a list of the
executing brokers or floor brokers Commodity Sub-Advisor is then using, and Sponsor may, within 5 days of receiving such list after
consultation with Commodity Sub-Advisor, object to the use of an executing broker or floor broker because the Sponsor reasonably
believes the use of such executing broker or floor broker would be detrimental to the Fund and its investors, and Commodity Sub-Advisor
shall cease using such broker on behalf of the Fund. Any over-the-counter contracts in Commodity Interests transacted for the Fund&rsquo;s
account will be effected through the clearing broker or its affiliates, as agreed upon between Commodity Sub-Advisor and Sponsor.
Commodity Sub-Advisor from time to time may select other dealers through which any such contracts will be traded, with the prior
written consent of Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Commodity Sub-Advisor further agrees that it:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>will use the same degree of skill and care in providing
such services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>will conform to all applicable rules and regulations
of the United States Commodity Futures Trading Commission (the &ldquo;<U>CFTC</U>&rdquo;) in all material respects and in addition
will conduct its activities under this Agreement in accordance with any applicable regulations of any governmental or self-regulatory
authority pertaining to its commodity trading advisory activities;</TD>
</TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>will report regularly to Sponsor and will make appropriate
persons available for the purpose of reviewing with representatives of Sponsor on a regular basis the management of the Fund&rsquo;s
Commodity Interests, including, without limitation, review of the general investment strategies of the Fund with respect to Commodity
Sub-Advisor&rsquo;s management of the Fund&rsquo;s Commodity Interests and the performance of the Fund&rsquo;s Commodity Interests
in relation to standard industry indices and passively managed commodity index tracking funds and general conditions affecting
the marketplace, and will provide various other reports from time to time as reasonably requested by Sponsor;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>will not, without the prior written approval of Sponsor,
materially deviate or change the Fund&rsquo;s guidelines governing diversification, concentration and portfolio rebalancing of
the Fund&rsquo;s investments in individual commodities and commodity groups;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD>will monitor the pricing of the Fund&rsquo;s Commodity
Interests, and events relating to the commodity markets in which the Fund trades, and will notify Sponsor promptly of any market
events or other situations that come to its attention (particularly those that may occur after the close of a foreign market in
which the Fund&rsquo;s Commodity Interests may primarily trade but before the time at which the Fund&rsquo;s Commodity Interests
are priced on a given day) that may materially impact the pricing of one or more of the Fund&rsquo;s Commodity Interests. In addition,
Commodity Sub-Advisor will assist Sponsor in evaluating the impact that such an event may have on the net asset value of the Fund
and in determining a recommended fair value of the affected asset or assets; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD>will prepare such books and records with respect to
the Fund&rsquo;s Commodity Interests as reasonably requested by Sponsor and will furnish Sponsor such periodic and special reports
as Sponsor may reasonably request.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">3. <U>Preparation of Materials</U>.
Commodity Sub-Advisor will cooperate with the Fund in the Fund&rsquo;s endeavors to prepare and update, or cause to be prepared
and updated, if necessary, the Registration Statement and a prospectus and disclosure document included therein (the &ldquo;<U>Prospectus</U>&rdquo;),
promotional brochures or other marketing materials as well as any other materials reasonably requested or required by Sponsor in
connection with the organization, operation, or marketing of the Fund or the registration or renewal of registration of the Shares
(as defined in the Prospectus) for sale to the public in all applicable jurisdictions (collectively, with the Registration Statement
and Prospectus, the &ldquo;<U>Materials</U>&rdquo;). In this regard, Commodity Sub-Advisor will furnish to Sponsor such information
as may be reasonably requested for inclusion in such Materials. Moreover, Commodity Sub-Advisor agrees to provide to Sponsor such
information as Sponsor requests in order for Sponsor to make all necessary disclosures regarding Commodity Sub-Advisor, its principals,
its trading performance, customer accounts and otherwise as are required in the reasonable judgment of Sponsor to be made in such
Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">4. <U>Representations and
Warranties of Sponsor</U>. Sponsor hereby represents and warrants to Commodity Sub-Advisor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>Sponsor is duly formed and validly existing as a Delaware
limited liability company, with full power to carry out its obligations under this Agreement and the Trust Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>This Agreement has been duly and validly authorized,
executed and delivered by, and is a valid and binding contract of, Sponsor, enforceable in accordance with its terms.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>Sponsor has met, and will continue to meet for so
long as this Agreement remains in effect, any applicable federal or state requirements, or the applicable requirements of any
regulatory agency or self-regulatory organization, necessary to be met in order to perform services for the Fund pursuant to this
Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>Sponsor is a commodity pool operator duly registered
with the CFTC and is a member in good standing of the National Futures Association (&ldquo;<U>NFA</U>&rdquo;). Sponsor shall maintain
such registration and membership in good standing during the term of this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD>The Materials do not and will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they are made, not misleading, or omit to state any material information required
to be disclosed therein under the Commodity Exchange Act of 1936 (&ldquo;CEA&rdquo;), the Securities Act of 1933, and the rules
promulgated thereunder; provided, however, that this representation and warranty shall not apply to any statements or omissions
made in reliance upon and in conformity with information furnished to Sponsor by or on behalf of Commodity Sub-Advisor as to it,
including, without limitation, all references to Commodity Sub-Advisor and its affiliates, controlling persons, members, directors,
officers and employees, as well as to Commodity Sub-Advisor&rsquo;s trading approach and past performance record, which has been
or may be provided by Commodity Sub-Advisor for inclusion in the Materials.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD>Shares of the Fund will be offered and sold in compliance
with the requirements set forth in the Registration Statement, the Prospectus, the Trust Agreement and CFTC Regulation 4.12(c)
(&ldquo;<U>Rule 4.12(c)</U>&rdquo;). In connection with the offer and sale of the Shares, Sponsor will, and Sponsor will use its
reasonable efforts to ensure that any third party selling agents will, comply fully at all times with all federal, state and foreign
securities laws, the CEA, Rule 4.12(c), and all rules and regulations applicable to the offer and sale of the Shares to the public.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD>The representations and warranties made in this Agreement
by Sponsor shall be continuing during the term of this Agreement, and if at any time any event has occurred which would make or
tend to make any of the foregoing not true, Sponsor will promptly notify Commodity Sub-Advisor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">5. <U>Representations and
Warranties of Commodity Sub-Advisor</U>. Commodity Sub-Advisor hereby represents and warrants to the Fund and Sponsor that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>The information and materials relating to Commodity
Sub-Advisor, its businesses, principals, and past performance record that has been requested by Sponsor, has been delivered to
Sponsor and is current, accurate and complete in all material respects, and the Commodity Sub-Advisor is in compliance with all
federal and state applicable laws, rules and regulations. Commodity Sub-Advisor will provide Sponsor with updated or amended copies
of any such materials when and if such materials are updated or amended.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>Commodity Sub-Advisor has met, and will continue to
meet for so long as this Agreement remains in effect, any applicable federal or state requirements, or the applicable requirements
of any regulatory agency or industry self-regulatory organization, necessary to be met in order to perform services for the Fund
pursuant to this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>Commodity Sub-Advisor is a commodity trading advisor
duly registered with the CFTC and is a member in good standing of the NFA. Commodity Sub-Advisor shall maintain such registration
and membership in good standing during the term of this Agreement. Further, Commodity Sub-Advisor agrees to notify Sponsor promptly
upon (i) a statutory disqualification of Commodity Sub-Advisor under Sections 8a(2) or 8a(3) of the CEA, (ii) a suspension, revocation
or limitation of Consultant&rsquo;s commodity trading advisor or commodity pool operator registration or NFA membership, or (iii)
the institution of an action or proceeding that could lead to a statutory disqualification under the CEA or an investigation by
any governmental agency or self-regulatory organization of which Commodity Sub-Advisor is subject or has been advised it is a
target (which investigation shall not include routine compliance examinations).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>There are no material actions that are required to
be disclosed pursuant to CFTC Rule 4.24(l), except for the actions identified on Exhibit A hereto.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD>Commodity Sub-Advisor has valid fidelity bond and
errors and omissions insurance covering its obligations under this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD>Commodity Sub-Advisor is a Delaware limited liability
company with full power and authority to enter into this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD>This Agreement has been duly and validly authorized,
executed and delivered by, and is a valid and binding contract of, Commodity Sub-Advisor enforceable in accordance with its terms.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD>The representations and warranties made in this Agreement
by Commodity Sub-Advisor shall be continuing during the term of this Agreement, and if at any time any event has occurred which
would make or tend to make any of the representations and warranties in this Agreement not true, Commodity Sub-Advisor will promptly
notify Sponsor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">6. <U>Expenses</U>. During
the term of this Agreement, Commodity Sub-Advisor will pay all expenses incurred by it in connection with its activities under
this Agreement other than the cost of investments (including brokerage commissions and other related expenses) purchased or sold
for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">7. <U>Compensation</U>. For
the services provided and the expenses assumed pursuant to this Agreement, Sponsor will pay Commodity Sub-Advisor, and Commodity
Sub-Advisor agrees to accept as full compensation therefor, an annual management fee based on the Fund&rsquo;s average daily net
assets (total assets of the Fund, minus the sum of its accrued liabilities) calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Average Daily Net Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Annual Management Fee</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">For the first $35 million</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">For net assets over $35 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Sponsor shall pay a minimum fee to Commodity Sub-Advisor
of $20,000 per annum, waived for the first 18 months of any Fund&rsquo;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">The management fee shall accrue on each calendar
day, and shall be payable monthly in arrears on the first business day of the next succeeding calendar month. The daily fee accrual
shall be computed by multiplying the fraction of one divided by the number of days in the calendar year by the applicable annual
rate of fee, and multiplying this product by the net assets of the Fund (not reduced by its cash reserves) as of the close of business
on the last preceding business day on which the Fund&rsquo;s net asset value was determined. The Fund&rsquo;s net asset value for
this purpose shall be calculated as provided in the Fund&rsquo;s prospectus then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">The Fund pays all other costs and expenses of
its operations, including custody fees, transfer agent expenses, legal fees, expenses of independent auditors, expenses of preparing,
printing and distributing shareholder reports, notices, proxy statements, reports to governmental agencies or self-regulatory organizations
and taxes, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">For the month and year in which this Agreement
becomes effective or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement
is in effect during the month and year, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">8. <U>Independence of Commodity
Sub-Advisor</U>. Commodity Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, unless
otherwise expressly provided or authorized herein, have no authority to act for or represent Sponsor or the Fund in any way or
otherwise be deemed an agent of Sponsor or the Fund. Commodity Sub-Advisor shall not offer or sell or solicit any offers to purchase
the Shares. However, when requested by Sponsor at such reasonable times and upon adequate notice as mutually agreed to, Commodity
Sub-Advisor will assist in the general explanation and presentation of Commodity Sub-Advisor&rsquo;s trading strategies and methods
solely to the employees of Sponsor or its affiliates and to the Fund&rsquo;s selling agents or to other agents of Sponsor; provided,
however, that nothing in this section will require Commodity Sub-Advisor to disclose confidential and proprietary information concerning
its trading strategies and methods. The parties acknowledge that Commodity Sub-Advisor, individually or in conjunction with Sponsor,
has not been an organizer or promoter of the Fund. Nothing herein contained shall be deemed to require the Fund to take any action
contrary to the Trust Agreement, Rule 4.12(c), or any applicable statute, regulation or exchange rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">9. <U>Right to Advise Others;
Position Limits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>Commodity Sub-Advisor&rsquo;s present business is
advising with respect to the purchase and sale of Commodity Interests. The services provided by Commodity Sub-Advisor under this
Agreement are not to be deemed exclusive. Sponsor acknowledges that, subject to the terms of this Agreement, Commodity Sub-Advisor
may render advisory, consulting and management services to other clients. Commodity Sub-Advisor shall be free to advise others
and manage other Commodity Interest trading accounts, including accounts owned by it or its principals, during the term of this
Agreement and to use the same or different information, computer programs and trading strategy which it obtains, produces or utilizes
in the performance of services for the Fund. In that connection, however, Commodity Sub-Advisor represents and warrants that:
(i) in rendering consulting, advisory and management services to other Commodity Interest trading accounts and entities, it will
use its best efforts to achieve an equitable treatment of all accounts and will use a fair and reasonable system of order entry
for all accounts, and (ii) it will not deliberately use any investment strategies for the Fund which it or its principals know
are inferior to those currently offered by Commodity Sub-Advisor and employed by Commodity Sub-Advisor for other accounts. In
respect of the preceding sentence, the Sponsor recognizes that the Commodity Sub-Advisor employs other investment strategies not
utilized by the Fund that have higher return characteristics but with higher fees, volatility and risk.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>Commodity Sub-Advisor agrees to comply with the position
limits imposed on certain Commodity Interest contracts by the CFTC or applicable contract market. If, at any time during the term
of this Agreement, Commodity Sub-Advisor is required to aggregate the Fund&rsquo;s Commodity Interest positions with the positions
of any other person for purposes of applying the CFTC or exchange imposed speculative position limits, Commodity Sub-Advisor will
promptly notify Sponsor if the Fund&rsquo;s positions are included in an aggregate amount which exceeds the applicable speculative
position limit. Commodity Sub-Advisor represents that, if speculative position limits are reached in any Commodity Interest contract,
it will modify the trading instructions to the Fund&rsquo;s account and its other accounts in a reasonable and good faith effort
to achieve an equitable treatment of all accounts. Commodity Sub-Advisor currently believes and represents that such speculative
limits will not materially affect its investment recommendations or strategy for the Fund given Commodity Sub-Advisor&rsquo;s
current accounts and all proposed accounts for which Commodity Sub-Advisor has a contract to act as a commodity trading advisor
and its ability to rely on the CFTC&rsquo;s independent account controller exemption from aggregation in Part 150 of the CFTC
regulations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">10. <U>Records of the Fund</U>.
Sponsor will instruct the Fund&rsquo;s clearing broker(s) to furnish copies of all trade confirmations and monthly trading reports
to Commodity Sub-Advisor. Commodity Sub-Advisor will maintain a record of all trading orders for the Fund&rsquo;s account that
have been filled and will monitor the Fund&rsquo;s open positions. Upon the request of Sponsor, Commodity Sub-Advisor shall permit
Sponsor or its agents to inspect such information as Sponsor may reasonably request for the purpose of confirming that the Fund
has been treated equitably with respect to trading conducted during the term of this Agreement with all client accounts controlled
by Commodity Sub-Advisor. With respect to the principals, Commodity Sub-Advisor will provide records of the proprietary accounts
of its principals traded pursuant to a long/short strategy, to show that such principals&rsquo; accounts have been traded equitably
with other client accounts, including the Fund; provided that any transactions relating to a long/short strategy may be extracted
from such records to preserve the confidentiality of the principals&rsquo; trading in other programs or transactions. Commodity
Sub-Advisor shall permit Sponsor or its agents reasonable inspection rights to the trading records of Commodity Sub-Advisor and
other clients for the purpose of confirming that the Fund is being treated equitably by Commodity Sub-Advisor, including with respect
to any modifications of trading or investment strategies resulting from speculative position limits and with respect to the assignment
of priorities of order entry to Commodity Sub-Advisor&rsquo;s accounts, and Sponsor shall keep such information confidential; provided,
however, that Commodity Sub-Advisor may, in its discretion, withhold from any such inspection the name of the client for whom such
account is maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">11. <U>Indemnity.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>In any threatened, pending or completed action, suit,
or proceeding to which Commodity Sub-Advisor, its members, officers, directors, employees or associated persons (collectively,
&ldquo;<U>its affiliates</U>&rdquo;) was or is a party or is threatened to be made a party by reason of the fact that Commodity
Sub-Advisor is or was a commodity trading advisor of the Fund or otherwise, the Fund and the Sponsor, jointly and severally, shall
indemnify and hold harmless, subject to subsection (d) below, Commodity Sub-Advisor and its affiliates against any loss, liability,
damage, cost, expenses (including attorneys&rsquo; fees and accountants&rsquo; fees), judgments and amounts paid in settlement
actually and reasonably incurred by it or its affiliates in connection with any action, suit or proceeding if Commodity Sub-Advisor
acted in good faith and in a manner it reasonably believed to be in or not opposed to the best interests of the Fund, and provided
that its conduct does not constitute willful misfeasance, bad faith, negligence or reckless disregard of its obligations and duties
under this Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself,
create a presumption that Commodity Sub-Advisor did not act in good faith or in a manner which it reasonably believed to be in
or not opposed to the best interests of the Fund.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>Expenses incurred in defending a threatened or pending
civil, administrative or criminal action, suit or proceeding against Commodity Sub-Advisor or its affiliates may, in the sole
discretion of Sponsor, be paid by the Fund in advance of the final disposition of such action, suit or proceeding, if and to the
extent that the person on whose behalf such expenses are paid shall agree to reimburse the Fund in the event indemnification is
not permitted under this Section.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>Commodity Sub-Advisor agrees to indemnify, defend
and hold harmless the Fund, Sponsor and its affiliates (as defined above) against any loss, liability, damage, cost, expenses
(including attorneys&rsquo; fees and accountants&rsquo; fees), judgments and amounts paid in settlement actually and reasonably
incurred by it or its affiliates by reason of any act or omission of Commodity Sub-Advisor relating to the Fund (including costs
and expenses of investigating and defending any claims, demand or suit and attorneys&rsquo; and accountants&rsquo; fees) if such
act or omission materially violated the terms of this Agreement or involved willful misfeasance, bad faith or negligence on the
part of Commodity Sub-Advisor in the performance of its duties under this Agreement, or by reason of its reckless disregard of
its obligations and duties under this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>Any indemnification under subsections (a) or (c) above,
unless ordered by a court or administrative forum, shall be made only as authorized in the specific case and only upon a determination
by independent legal counsel in a written opinion that indemnification is proper in the circumstances because the party claiming
indemnification (the &ldquo;<U>Indemnitee</U>&rdquo;) has met the applicable standard of conduct set forth in subsection (a) or
(c), as the case may be. To the extent that the Indemnitee or its affiliates have been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in subsection (a) or (c) above, or in defense of any claim, issue or matter
therein, the immediately preceding sentence of this subsection (d) shall not apply and the party obligated to indemnify the other
party (the &ldquo;<U>Indemnitor</U>&rdquo;) shall indemnify the Indemnitee or its affiliates against the expenses, including attorneys&rsquo;
and accountants&rsquo; fees, actually and reasonably incurred by it or its affiliates in connection therewith.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD>In the event that any claim, dispute or litigation
arises between Commodity Sub-Advisor and any party other than the Fund or Sponsor, which claim, dispute or litigation is unrelated
to the Fund&rsquo;s business, and if the Fund or Sponsor are made a party to such claim, dispute or litigation by such other party,
Commodity Sub-Advisor shall defend any actions brought in connection therewith on behalf of the Fund and/or Sponsor each of whom
agree to cooperate in such defense, and Commodity Sub-Advisor shall indemnify and hold harmless the Fund and Sponsor from and
with respect to any amounts awarded to such other party. If any claim, dispute or litigation arises between the Fund and/or Sponsor
and any party other than Commodity Sub-Advisor which claim, dispute or litigation is unrelated to Commodity Sub-Advisor&rsquo;s
duties under this Agreement, and if Commodity Sub-Advisor is made a party to such claim, dispute or litigation by such other party,
the Fund and/or Sponsor, as the case may be, shall defend any actions brought in connection therewith on behalf of Commodity Sub-Advisor
or its principals, each of whom agree to cooperate in such defense and the Fund and<B>/</B>or Sponsor, as the case may be, shall
indemnify and hold harmless Commodity Sub-Advisor and its affiliates from and with respect to any amounts awarded to such other
party. Notwithstanding any other provision of this subsection (e), if, in any claim as to which indemnity is or may be available,
any indemnified party reasonably determines that its interests are or may be, in whole or in part, adverse to the interests of
the indemnifying party, the indemnified party may retain its own counsel in connection with such claim and shall be indemnified
by the indemnifying party for any legal or any other expenses reasonably incurred in connection with investigating or defending
such claim.</TD>
</TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD>None of the foregoing provisions for indemnification
shall be applicable with respect to default judgments, confessions of judgment or settlements entered into by the Indemnitee without
the prior consent of the Indemnitor; provided, however, that should the Indemnitor refuse to consent to a settlement approved
by the Indemnitee, the Indemnitee may effect such settlement, pay such amount in settlement as it shall deem reasonable and seek
a judicial or regulatory determination with respect to reimbursement by the Indemnitor of any loss, liability, damage, cost or
expenses (including reasonable attorneys&rsquo; and accountants&rsquo; fees) incurred by the Indemnitee in connection with such
settlement to the extent such loss, liability, damage, cost or expense (including reasonable attorneys&rsquo; and accountants&rsquo;
fees) was caused by or resulted from a material violation of this Agreement by the Indemnitor or violation of the standard of
conduct or the representations and warranties set forth herein. Notwithstanding the foregoing, the Indemnitor shall, at all times,
have the right to offer to settle any matters, and if the Indemnitor successfully negotiates a settlement and tenders payment
therefor to the Indemnitee, the Indemnitee must either use its best efforts to dispose of the matter in accordance with the terms
and conditions of the proposed settlement or the Indemnitee may refuse to settle the matter and continue its defense in which
latter event the maximum liability of the Indemnitor to the Indemnitee shall be the amount of said proposed settlement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD>The foregoing provisions for indemnification shall
survive the termination of this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD>Commodity Sub-Advisor acknowledges as to it that the
indemnities provided in this Agreement by Sponsor and the Fund to Commodity Sub-Advisor shall be inapplicable in the event of
any liability accruing to the extent, if any, caused by or based upon Commodity Sub-Advisor&rsquo;s misrepresentations, omissions
or breach of any warranty in this Agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD>The Fund and Sponsor acknowledge as to each of them
that the indemnities provided in this Agreement by the Commodity Sub-Advisor to the Fund and Sponsor shall be inapplicable in
the event of any liability accruing to the extent, if any, caused by or based upon the Fund&rsquo;s or Sponsor&rsquo;s misrepresentations,
omissions or breach of any warranty in this Agreement.</TD>
</TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD>Notwithstanding anything in this Agreement to the
contrary, all securities laws impose liabilities under certain circumstances on persons who act in good faith, and, therefore,
nothing in this Agreement shall constitute a waiver or limitation of liability under such laws to the extent (but only to the
extent) such liability may not be waived, modified or limited.</TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">12. <U>Term; Termination;
Amendment</U>. This Agreement shall become effective with respect to the Fund as of the day and time the initial public offering
of the Fund&rsquo;s shares pursuant to the Registration Statement closes and shall remain in effect until otherwise terminated
pursuant to this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement may be terminated at any time,
without penalty, by either Sponsor or Commodity Sub-Advisor upon 120 days written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement may be terminated, without penalty,
by Commodity Sub-Advisor upon 90 days written notice to Sponsor in the event either (i) there are amendments to the Fund&rsquo;s
Amended and Restated Trust Agreement or to the Fund&rsquo;s investment objectives, policies and restrictions that are not reasonably
acceptable to Commodity Sub-Advisor, or (ii) Sponsor objects to the use of an executing broker or floor broker that the Commodity
Sub-Advisor represents to Sponsor is critical to implement the Fund&rsquo;s investment program and whose brokerage commission rates
are competitive with other recognized and experienced executing brokers or floor brokers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Termination of this Agreement shall not affect
the right of Commodity Sub-Advisor to receive payments on any unpaid balance of the compensation described in Section 7 earned
prior to the effective date of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">If the Sponsor terminates the Agreement, for any
reason other than for cause, in the first eighteen (18) months of the Fund&rsquo;s operations, the Sponsor will pay the Commodity
Sub-Adviser the minimum fee of $20,000 per annum as described in Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">13. <U>Notice</U>. Any notice
under this Agreement shall be in writing, addressed and delivered or mailed, using overnight delivery service with a trackable
service, to the other party</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">If to Sponsor:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Justin Young</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Volatility Shares LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">100 S. Bedford Road, Suite 340</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Mt. Kisco, NY 10549</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">If to Commodity Sub-Advisor:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Charles Ragauss</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Exponential ETFs</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">625 Avid Drive</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Ann Arbor, MI 48108</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; background-color: white">or such address as
each such party may later designate for the receipt of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">14. <U>Assignment and Successors</U>.
This Agreement may not be assigned nor the duties hereunder delegated by either party without the express written consent of the
other party. This Agreement is made solely for the benefit of, and shall be binding upon, the parties and their respective successors
and assigns, and no other person shall have any right or obligation under it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">15. <U>Notice of Threatened,
Pending or Completed Actions, Suits or Proceedings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>Sponsor will promptly give written notice to Commodity
Sub-Advisor of: (i) any threatened, pending or completed action, suit or proceedings (including without limitation any reparations
or administrative proceeding threatened or instituted under the CEA) to which Sponsor or the Fund was or is a party or is threatened
to be a party; and (ii) any judgments or amounts paid by Sponsor or the Fund in settlement in connection with any such threatened,
pending or completed action, suit or proceeding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>Commodity Sub-Advisor will promptly give written notice
to Sponsor of: (i) any overtly threatened, pending or completed action, suit or proceeding (including without limitation any reparations
or administrative proceeding overtly threatened or instituted under the CEA) to which Commodity Sub-Advisor was or is a party
or is threatened to be a party; and (ii) any judgments or amounts paid by Commodity Sub-Advisor in settlement in connection with
any such threatened, pending or completed action, suit or proceeding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD>Written notices required to be given pursuant to this
Section 16 shall contain all pertinent information concerning the threatened, pending or completed action, suit or proceeding
and, in the case of any pending or completed action suit or proceeding, shall include a copy of the complaint, petition or similar
documents asserting a claim.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>Sponsor and Commodity Sub-Advisor agree to use their
best efforts to maintain the confidentiality of notices received pursuant to this Section 16 and agree not to disclose the contents
of such notices to persons other than their affiliates and advisors, or except as may be required, in their good faith judgment,
by any applicable law or regulation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">16. <U>Miscellaneous</U>.
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. If any provision of this Agreement is held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">17. <U>Applicable Law, Entire
Agreement, Amendments, Arbitration</U>. This Agreement shall be construed in accordance with applicable federal law and the laws
of the State of Illinois. This Agreement is the entire agreement of the parties in respect of the subject matter and may be amended
only by a writing signed by the parties. All disputes not resolved by negotiation shall be exclusively resolved by confidential
binding arbitration in New York in accordance with the then rules of the American Arbitration Association by a panel of three arbitrators,
one selected by each party and the third by the two so selected. The arbitrators shall have no authority to amend this Agreement.
Any award by the arbitrators may be entered as a judgment by any court having jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">18. <U>Obligations of Fund
Only</U>. This Agreement is executed on behalf of the Fund by officers of the Sponsor as officers and not individually and the
obligations imposed upon the Fund by this Agreement are not binding upon any of the Trust&rsquo;s officers individually, the Fund&rsquo;s
shareholders individually or any other Fund, but are binding only upon the assets and property of each Fund separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">19. <U>Counterparts</U>. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute only one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; background-color: white">[SIGNATURES ON THE FOLLOWING PAGE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">IN WITNESS WHEREOF, Sponsor
and Commodity Sub-Advisor have caused this Agreement to be executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">VOLATILITY SHARES, LLC,</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">a Delaware limited liability company</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CSAT INVESTMENT ADVISORY, L.P. (d/b/a Exponential ETFs), a Delaware limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Justin P. Young</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">President</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">[Signature page to Commodity Sub-Advisory Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">(Section 5e)<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">(List Administrative, Civil
or Criminal Actions, Pending or Concluded, or Indicate &ldquo;None&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>Fund (ticker symbol)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">-1x Short VIX Futures ETF (SVIX)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">16</P>

<P STYLE="margin: 0; border-bottom: Black 1.5pt solid"></P>

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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>11
<FILENAME>filename11.htm
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FUND ADMINISTRATION SERVICING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS FUND ADMINISTRATION SERVICING AGREEMENT
(the &ldquo;Agreement&rdquo;) is made and entered into as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
by and between <B>VS Trust</B>, a Delaware statutory trust (the &ldquo;Trust&rdquo;) and <B>Tidal ETF Services LLC</B>, a Delaware
limited liability company (&ldquo;Tidal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a &ldquo;Registration Statement&rdquo;) under the
Securities Act of 1933, as amended (&ldquo;1933 Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Trust desires to retain Tidal
to provide fund administration services to each series of the Trust listed on <U>Exhibit A</U> attached hereto (as amended from
time to time) (each, a &ldquo;Fund&rdquo; and collectively the &ldquo;Funds&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual promises and 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD><B>Appointment of Tidal as Administrator</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust hereby appoints Tidal as fund administrator
of the Trust on the terms and conditions set forth in this Agreement, and Tidal hereby accepts such appointment and agrees to perform
the services and duties set forth in this Agreement. The services and duties of Tidal shall be confined to those matters expressly
set forth herein, and no implied duties are assumed by or may be asserted against Tidal hereunder. The Trust hereby authorizes
Tidal to, in Tidal&rsquo;s sole discretion, engage a sub-contractor to provide the services described herein (the &ldquo;Sub-Administrator&rdquo;);
provided that Tidal shall remain responsible for the actions and omissions of the Sub-Administrator to the same extent as if Tidal
had taken such actions or made such omissions. The initial Sub-Administrator shall be U.S. Bancorp Fund Services, LLC d/b/a U.S.
Bank Global Fund Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD><B>Services and Duties of Tidal </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Tidal shall provide or require the Sub-Administrator
to provide some or all of the following fund administration services to each Fund from time to time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>General Fund Management:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Act as liaison among Fund service providers, including but not exclusive to Fund&rsquo;s sponsor (&ldquo;Sponsor&rdquo;), investment
sub-adviser(s), authorized participants, external legal counsel, independent audit firms and external compliance consultants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Supply:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Office facilities (which may be in Tidal&rsquo;s, Sub-Administrator&rsquo;s, an affiliate&rsquo;s, or Fund&rsquo;s own offices).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Non-investment-related statistical and research data as requested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Audits:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>For the annual Fund audit and quarterly review, assist with and provide information for appropriate schedules and materials.
Provide requested information to the independent auditors, and facilitate the audit process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD>For SEC or other regulatory audits, provide requested information to the SEC or other regulatory agencies and facilitate the
audit process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>For all audits, provide office facilities, as needed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Assist with overall operations of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Pay Trust and Fund expenses upon written authorization from an approved authorized representative of the Trust or Sponsor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Keep the Trust&rsquo;s governing documents, including its charter and bylaws, but only to the extent such documents are provided
to Tidal by the Trust or its representatives for safe keeping. Maintain required books and records for each Fund, as required by
all applicable statutes, rules and regulations. This will be subject to and in accordance with Section 9 of the Agreement, maintain
files of registration statements, Fund contracts, compliance materials and other Fund documents that are prepared by Fund Services
or furnished to Fund Services by the Fund, as required by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;), U.S.
Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;), National Futures Association (&ldquo;NFA&rdquo;) and NYSE rules adopted
thereunder, as they may be amended from time to time, and other requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Compliance:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Regulatory Compliance:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Monitor each Fund&rsquo;s compliance with the policies and investment limitations as set forth in its prospectus (the &ldquo;Prospectus&rdquo;)
and statement of additional information (the &ldquo;SAI&rdquo;) (or similar disclosure documents) included in its registration
statement on Form N-1A filed with the SEC (&ldquo;Registration Statement&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with (i) any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002
(the &ldquo;SOX Act&rdquo;) or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of Tidal&rsquo;s
compliance program as it relates to the Trust, provided the same shall not be deemed to change Tidal&rsquo;s standard of care as
set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>Monitor applicable regulatory and operational service issues, including exchange listing requirements, and update the Trust
periodically.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>SEC Registration and Reporting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Within the appropriate production cycle, prepare one Quarterly Report on Form 10-Q for the Funds for each of the first three
fiscal quarters of the Funds, or as necessary. The preparation of each Form 10-Q includes the coordination of all printer and author
edits, the review of printer drafts and the review of final printer invoices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Within the appropriate production cycle, assist with preparation of an Annual Report on Form 10-K for the Funds&rsquo; fiscal
year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>At the request of the Trust, assist with the coordination of the requests for information/documentation from the SEC, CFTC,
NFA and NYSE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">d.</TD><TD>Upon review and approval of each Form 10-K and 10-Q by the Trust&rsquo;s Principal Financial Officer (or such person performing
such functions), Fund Services shall edgarize and file, or cause to be edgarized and filed, such reports (including the XBRL versions)
with the SEC, CFTC, NFA and NYSE, as required, including any applicable executive officer certifications or other exhibits to such
reports. Fund Services shall also coordinate with the printer an XBRL file and web-ready file that can be uploaded to the Fund&rsquo;s
website.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Financial Reporting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Provide financial data required by the Registration Statement for each Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Within the appropriate time period following the end of the Funds&rsquo; required monthly reporting period, prepare an Account
Statement in compliance with the requirements of CFTC Rule &sect; 4.22(a), including a Statement of Income (Loss) and a Statement
of Changes in Net Asset Value; Administrator shall coordinate the filing of the Account Statements with the NFA. Upon review and
approval of each above-mentioned report by the Sponsor, Administrator shall file such reports with the CFTC and/or NFA, as required,
including any applicable executive officer certifications or other exhibits to such reports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Supervise the Fund&rsquo;s custodian and fund accountants in the maintenance of each Fund&rsquo;s general ledger and in the
preparation of each Fund&rsquo;s financial statements, including oversight of expense accruals and payments, the determination
of net asset value, and the declaration and payment of dividends and other distributions to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Monitor expense accruals and make adjustments as necessary; notify the Trust&rsquo;s management of adjustments expected to
materially affect a Fund&rsquo;s expense ratio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Prepare financial statements for each Fund, which include, without limitation, the following items:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Statement of Financial Condition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Statement of Investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>Statement of Operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">d.</TD><TD>Statement of Changes in Net Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">e.</TD><TD>Statement of Cash Flows.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">f.</TD><TD>Notes to the Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">g.</TD><TD>Review of other financial data included in 10-Qs and 10-Ks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">h.</TD><TD>Any other information that may be required by rule or regulation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Tax Reporting (as applicable):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Prepare for the review of the independent auditor and/or Fund&rsquo;s federal and state tax returns including, without limitation,
Form 1120 RIC and applicable state returns including any necessary schedules. Tidal will prepare annual federal and state income
tax return filings for each Fund as authorized by and based on the instructions received by the Fund and/or its independent auditor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Provide the Fund&rsquo;s Sponsor and the independent auditor with tax reporting information pertaining to each Fund and make
available to Tidal as required in a timely manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Monitor wash sale losses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>As needed, calculate Qualified Dividend Income (&ldquo;QDI&rdquo;) for qualifying Fund Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD><B>License of Data; Warranty; Termination of Rights </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Tidal hereby informs the Trust that the Sub-Administrator has entered into agreements with MSCI index data services (&ldquo;MSCI&rdquo;),
Standard &amp; Poor Financial Services LLC (&ldquo;S&amp;P&rdquo;), and FactSet Research Systems Inc. (&ldquo;FACTSET&rdquo;);
and the related index data services being provided to the Trust by Tidal or the Sub-Administrator (collectively, the &ldquo;Data&rdquo;)
are being sublicensed, not sold, to the Trust. The Trust hereby acknowledges and agrees with the provisions set forth on <U>Exhibit
B</U> hereto. The provisions in <U>Exhibit B</U> shall not have any effect upon the standard of care and liability Tidal has set
forth in Section 6 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>The Trust shall indemnify and hold harmless Tidal, the Sub-Administrator, its information providers, and any other third party
involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors,
officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable
attorneys&rsquo; fees and costs, as incurred, arising in and any manner out of the Trust&rsquo;s or a Fund&rsquo;s use of, or inability
to use, the Data or any breach by the Trust of any provision contained in this Agreement regarding the Data. The immediately preceding
sentence shall not have any effect upon the standard of care and liability of Tidal as set forth in Section 6 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Compensation </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Tidal shall be compensated for providing the services
set forth in this Agreement in accordance with the fee schedule set forth on <U>Exhibit C</U> hereto (as amended from time to time
by written consent of both parties to this Agreement). Tidal shall also be reimbursed for such reasonable and documented miscellaneous
expenses as set forth on <U>Exhibit C</U> hereto as are reasonably incurred by Tidal or the Sub-Administrator 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 Tidal in writing within 30
calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed
amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or
expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1&frac12;% per
month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to Tidal shall only be paid out of
the assets and property of the particular Fund involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>The Trust hereby represents and warrants to Tidal, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Tidal hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>This Agreement has been duly authorized, executed and delivered by Tidal in accordance with all requisite action and constitutes
a valid and legally binding obligation of Tidal, 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Standard of Care; Indemnification; Limitation of Liability </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Tidal shall use commercially reasonable efforts and exercise reasonable care in the performance of its duties under this Agreement.
Tidal shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust or a Fund in connection
with its duties under this Agreement, except a loss arising out of or relating to Tidal&rsquo;s 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 material breach of this Agreement. Notwithstanding any other provision of this Agreement, if Tidal has used commercially
reasonable efforts and exercised reasonable care in the performance of its duties under this Agreement, each Fund shall indemnify
and hold harmless Tidal from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature
(including reasonable attorneys&rsquo; fees) that Tidal may sustain or incur or that may be asserted against Tidal 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 Tidal by any duly authorized officer
of the Trust or a Fund, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to
Tidal&rsquo;s refusal or failure to comply with the terms of this Agreement or material breach of this Agreement or from its bad
faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement. Tidal shall endeavor to provide
the Trust such reasonable estimates, including reasonable estimates related to amounts incurred for services provided hereunder,
in connection with claims for which Tidal seeks indemnity from the Trust, provided that the Trust&rsquo;s (or a Fund&rsquo;s) continuing
obligations to indemnify Tidal 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&rsquo; fees) sustained in connection with Tidal&rsquo;s
provision of services pursuant to this Agreement. This indemnity shall be a continuing obligation of the Trust (and the Funds),
its successors and assigns, notwithstanding the termination of this Agreement; provided that the Trust&rsquo;s (or a Fund&rsquo;s)
continuing obligations to indemnify Tidal 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&rsquo; fees) sustained in connection
with Tidal&rsquo;s provision of services pursuant to this Agreement. As used in this paragraph, the term &ldquo;Tidal&rdquo; shall
include Tidal&rsquo;s members, officers and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Tidal may obtain the advice of competent external counsel
and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice; provided
that, notwithstanding any advice to the contrary, any action taken by Tidal must be consistent with Tidal&rsquo;s rights and responsibilities
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Tidal 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&rsquo;
fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken
or omitted to be taken by Tidal as a result of Tidal&rsquo;s refusal or failure to comply with the terms of this Agreement, material
breach of this Agreement, or from Tidal&rsquo;s bad faith, fraud, negligence, or willful misconduct in the performance of its duties
under this Agreement. This indemnity shall be a continuing obligation of Tidal, its successors and assigns, notwithstanding the
termination of this Agreement. As used in this paragraph, the term &ldquo;Trust&rdquo; shall include the Trust&rsquo;s trustees,
officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">In the event of a mechanical breakdown or failure of
communication or power supplies beyond its reasonable control, Tidal shall take all reasonable steps to minimize service interruptions
for any period that such interruption continues. Tidal 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 Tidal. Tidal 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 Tidal&rsquo;s premises and operating capabilities at any time during regular business hours of Tidal, upon
reasonable notice to Tidal. Moreover, Tidal shall provide the Trust, at such times as the Trust may reasonably require, copies
of reports rendered by independent auditor on the internal controls and procedures of Tidal relating to the services provided by
Tidal under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Notwithstanding the above, Tidal reserves the right
to reprocess and correct non-material administrative errors at its own expense; provided that Tidal shall provide advance written
notice to the Trust detailing the action it intends to take prior to taking such action. For material administrative errors, Tidal
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>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&rsquo;s prior written
consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>If Tidal is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve
Tidal of any of its obligations in such other capacity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>In conjunction with the tax services provided to the Trust by Tidal hereunder, Tidal shall not be deemed to act as an income
tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor thereof.
Any information provided by Tidal to a Fund for income tax reporting purposes with respect to any item of income, gain, loss, or
credit will be performed solely in Tidal&rsquo;s administrative capacity. Tidal shall not be required to determine, and shall not
take any position with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has been satisfied
with respect to any income tax item. The Trust, and any appointees thereof, shall have the right to inspect the transaction summaries
produced and aggregated by Tidal, and any supporting documents thereto, in connection with the tax reporting services provided
with respect to each Fund by Tidal. Tidal shall not be liable for the provision or omission of any tax advice with respect to any
information provided by Tidal to the Trust or a Fund. The tax information provided by Tidal shall be pertinent to the data and
information made available to Tidal, and is neither derived from nor construed as tax advice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B>Data Necessary to Perform Services </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust or its agent shall furnish to Tidal and
the Sub-Administrator the data necessary to perform the services described herein at such times and in such form as mutually agreed
upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD><B>Proprietary and Confidential Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Tidal 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 or delegation 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 Tidal 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 Tidal 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 Tidal or any of its employees, agents or representatives, and information that was already
in the possession of Tidal prior to receipt thereof from the Trust, or its agent, shall not be subject to this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Further, Tidal 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, Tidal shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect
the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating
to the Trust and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Tidal shall require the Sub-Administrator
to be bound by confidentiality provisions that are substantially similar to those set forth in this Section 8 (Proprietary and
Confidential Information).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><B>Records</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Tidal shall keep, and shall require the Sub-Administrator
to 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&rsquo;
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&rsquo;s obligations
under this Agreement. Tidal will also maintain those records of the Trust and the Funds including any changes, modifications or
amendments thereto (the &ldquo;Fund Records&rdquo;) and will act as document repository for such Fund Records. Upon receipt of
such Fund Records, Tidal will issue a receipt for such Fund Records. Tidal shall maintain a complete and orderly inventory of all
Fund Records for which it has issued a receipt. Tidal shall be under no duty or obligation to audit or reconcile the content, nor
shall it be responsible for the accuracy or completeness of those Fund Records not created by it. Upon written request in a form
to be determined by Tidal and the Trust, Tidal 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 Tidal, Tidal 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 Tidal 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 Tidal 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 Tidal
pursuant to the terms of this Agreement; (d) it shall be responsible for the accuracy and completeness of any Fund Records not
created by Tidal; and (e) it shall be responsible for ensuring the Trust&rsquo;s or the Funds&rsquo; compliance with, fulfillment
of its obligations under or enforcement of, any Fund Records not created by Tidal. Tidal acknowledges that the records maintained
and preserved by it pursuant to this Agreement are the property of the Trust and will be, at the Trust&rsquo;s expense, surrendered
promptly upon reasonable request. In performing its obligations under this Section, Tidal may utilize micrographic and electronic
storage media as well as independent third party storage facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD><B>Compliance with Laws</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust retains primary responsibility for all compliance
matters relating to the Trust, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal Revenue Code of
1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, U.S. Commodity Futures
Trading Commission, National Futures Association, the securities exchange on which any Shares are listed and the policies and limitations
of the Fund relating to its portfolio investments as set forth in its registration statement. Tidal&rsquo;s services hereunder
shall not relieve the Trust of its responsibilities for assuring such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD><B>Terms of Agreement; Amendment </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">This Agreement shall become effective
as of the date first written above and will continue in effect for a period of two (2) years. However, this Agreement may be terminated
at the end of the initial term by either party upon giving 90 days&rsquo; 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&rsquo; prior written notice to the other party or such shorter 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.
This Agreement may not be amended or modified in any manner except by written agreement executed by Tidal and the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>Early Termination </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt">b.</TD><TD>all fees associated with converting services to successor service provider;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt">c.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt">d.</TD><TD>all reasonable and documented miscellaneous costs associated with a.-c. above</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD><B>Duties in the Event of Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the event that, in connection with termination,
a successor to any of Tidal&rsquo;s duties or responsibilities hereunder is designated by the Trust by written notice to Tidal,
Tidal will promptly, upon such termination and at the expense of the Trust (which shall include only reasonable and documented
miscellaneous expenses), transfer to such successor all relevant books, records, correspondence, and other data established or
maintained by Tidal (or the Sub-Administrator) under this Agreement in a form reasonably acceptable to the Trust (if such form
differs from the form in which Tidal or the Sub-Administrator has maintained the same, the Trust shall pay any reasonable and documented
miscellaneous 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 Tidal&rsquo;s personnel in the establishment of books, records, and other
data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD><B>Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 Tidal, or by Tidal without the written consent of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD><B>No Agency Relationship </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD><B>Services Not Exclusive</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Nothing in this Agreement shall
limit or restrict Tidal or the Sub-Administrator from providing services to other parties that are similar or identical to some
or all of the services provided hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD><B>Invalidity </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD><B>Legal-Related Services</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Nothing in this Agreement shall
be deemed to appoint Tidal, the Sub-Administrator, or their respective members, officers, directors and employees as the Trust
attorneys, form attorney-client relationships or require the provision of legal advice. The Trust acknowledges that Tidal and Sub-Administrator
attorneys (including any in-house attorneys) exclusively represent Tidal or Sub-Administrator, respectively, and each relies on
outside counsel retained by the Trust to review all services provided by attorneys engaged by Tidal and Sub-Administrator (including
any in-house attorneys) and to provide independent judgment on the Trust&rsquo;s behalf. The Trust acknowledges that because no
attorney-client relationship exists between attorneys engaged by Tidal or Sub-Administrator (including any in-house attorneys)
and the Trust, any information provided to Tidal or Sub-Administrator attorneys (including any in-house attorneys) may not be privileged
and may be subject to compulsory disclosure under certain circumstances. Tidal represents that it will maintain (and require the
Sub-Administrator to maintain) the confidentiality of information disclosed to attorneys engaged by Tidal or Sub-Administrator
(including any in-house attorneys) on a best efforts basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD><B>Insurance</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Tidal 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, Tidal shall provide evidence that coverage is in place. Tidal 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. Tidal 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 Tidal under its insurance coverage materially impair,
or threaten to materially impair, the adequacy of its coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD><B>Entire Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD><B>Notices </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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&rsquo;s address set forth below, or such other
address(es) as may be specified in writing by one party to the other party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Notice to Tidal shall be sent
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Tidal ETF Services LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">898 North Broadway, Suite 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Massapequa, NY 11758</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Notice to the Trust shall be sent
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Attn: Justin Young</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">100 S Bedford Rd., Suite 340</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Mt. Kisco, NY 10549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD><B>Construction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Any reference in this Agreement
to a form, statute or regulation shall include any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD><B>Multiple Originals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD><B>Limited Recourse</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES ON THE FOLLOWING PAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>TIDAL ETF SERVICES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">By:________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Name:_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Title:______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Date: _____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">By:________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Name:_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Title:______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Date: _____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A to the Fund Administration
Servicing Agreement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Separate Series of VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Name of Series</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit B to the Fund Administration
Servicing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REQUIRED PROVISIONS OF MSCI, S&amp;P AND
FACTSET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust represents that it will use the Data solely for internal purposes and use in the normal
conduct of its business and will not redistribute the Data in any form or manner to any third party, except its advisers, agents
and consultants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust represents that it will not use or permit anyone else to use the Data in connection with
creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products, including,
but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on
an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust represents that it will treat the Data as proprietary to MSCI, S&amp;P and FACTSET. Further,
the Trust shall acknowledge that MSCI, S&amp;P and FACTSET are the sole and exclusive owners of the Data and all trade secrets,
copyrights, trademarks and other intellectual property rights in or to the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Except as expressly permitted hereby, the Trust represents that it will not (i) copy any component
of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling,
reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization
(including, without limitation, the Trust&rsquo;s present and future parents, subsidiaries or affiliates) directly or indirectly,
for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing
or similar arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust is obligated to reproduce on all permitted copies of the Data all copyright, proprietary
rights and restrictive legends appearing on the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust acknowledges that it assumes the entire risk of using the Data and shall agree to hold
MSCI or S&amp;P or FACTSET harmless from any claims that may arise in connection with any use of the Data by the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust acknowledges that MSCI or S&amp;P or FACTSET may, in its sole and absolute discretion
and at any time, terminate Tidal&rsquo;s right to receive and/or use the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust acknowledges that MSCI, S&amp;P and FACTSET are third party beneficiaries of the Customer
Agreement between S&amp;P, MSCI, FACTSET and Sub-Administrator, entitled to enforce all provisions of such agreement relating to
the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE
DATA IS PROVIDED TO THE TRUST ON AN &ldquo;AS IS&rdquo; BASIS. TIDAL, SUB-ADMINISTRATOR, ITS INFORMATION PROVIDERS, AND ANY OTHER
THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER
EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). TIDAL, </FONT>SUB-ADMINISTRATOR<FONT STYLE="font-family: Times New Roman, Times, Serif">,
ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM
ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit B (continued) to the Fund Administration
Servicing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">INFRINGEMENT, MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE. THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT
SHALL TIDAL, SUB-ADMINISTRATOR, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING
OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION,
ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE
TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF SUB-ADMINISTRATOR, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER
THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED
THE POSSIBILITY OF SUCH DAMAGES.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">18</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>12
<FILENAME>filename12.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.8</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FUND SUB-ADMINISTRATION SERVICING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS AGREEMENT is made and entered into
as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
by and between <B>TIDAL ETF SERVICES LLC </B>(the &ldquo;Administrator&rdquo; or &ldquo;Tidal&rdquo;), with respect to <B>VS Trust</B>,
a Delaware statutory trust (the &ldquo;Trust&rdquo;) and <B>U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES</B>,
a Wisconsin limited liability company (&ldquo;Fund Services&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a &ldquo;Registration Statement&rdquo;) under the
Securities Act of 1933, as amended (&ldquo;1933 Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Trust and Administrator desire
to retain Fund Services to provide fund administration services to each series of the Trust listed on <U>Exhibit A</U> attached
hereto (as amended from time to time) (each, a &ldquo;Fund&rdquo; and collectively the &ldquo;Funds&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual promises and 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD><B>Appointment of Fund Services as Sub-Administrator</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Administrator hereby appoints Fund Services as
sub-administrator for the term of this Agreement to perform the services and duties described herein. Fund Services hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services
shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against
Fund Services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD><B>Services and Duties of Fund Services</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">Fund Services shall provide some or all of the following
sub-administration services as may be authorized and directed by the Administrator from time to time as well as such services set
out in <U>Exhibit&nbsp;C</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>General Fund Management:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Act as liaison among Fund service providers, including but not exclusive to the Fund&rsquo;s sponsor (&ldquo;Sponsor&rdquo;),
investment sub-adviser(s), authorized participants, external legal counsel, independent audit firms and external compliance consultants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Supply:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 135pt; text-indent: -27.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 27.75pt">a.</TD><TD>Office facilities (which may be in Fund Services&rsquo;, an affiliate&rsquo;s, or Fund&rsquo;s own offices).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 135pt; text-indent: -27.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 135pt; text-indent: -27.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 135pt; text-indent: -27.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 27.75pt">b.</TD><TD>Non-investment-related statistical and research data as requested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Audits:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>For the annual Fund audit and quarterly review, assist with and provide information for appropriate schedules and materials.
Provide requested information to the independent auditors, and facilitate the audit process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD>For SEC or other regulatory audits, provide requested information to the SEC or other regulatory agencies and facilitate the
audit process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>For all audits, provide office facilities, as needed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Assist with overall operations of the Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Pay Trust and Fund expenses upon written authorization from an approved authorized representative of the Trust or Sponsor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Keep the Trust&rsquo;s governing documents, including its charter and bylaws, but only to the extent such documents are provided
to Fund Services by the Trust or its representatives for safe keeping. Maintain required books and records for each Fund, as required
by all applicable statutes, rules and regulations. This will be subject to and in accordance with Section 9 of the Agreement, maintain
files of registration statements, Fund contracts, compliance materials and other Fund documents that are prepared by Fund Services
or furnished to Fund Services by the Fund, as required by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;), U.S.
Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;), National Futures Association (&ldquo;NFA&rdquo;) and NYSE rules adopted
thereunder, as they may be amended from time to time, and other requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Compliance:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Regulatory Compliance:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Monitor each Fund&rsquo;s compliance with the policies and investment limitations as set forth in its prospectus (the &ldquo;Prospectus&rdquo;)
and statement of additional information (the &ldquo;SAI&rdquo;) (or similar disclosure documents) included in its registration
statement on Form N-1A filed with the SEC (&ldquo;Registration Statement&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with (i) any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002
(the &ldquo;SOX Act&rdquo;) or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of Fund Services&rsquo;
compliance program as it relates to the Trust, provided the same shall not be deemed to change Fund Services&rsquo; standard of
care as set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>Monitor applicable regulatory and operational service issues, including exchange listing requirements, and update the Trust
periodically.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>SEC Registration and Reporting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Within the appropriate production cycle, prepare one Quarterly Report on Form 10-Q for the Funds for each of the first three
fiscal quarters of the Funds, or as necessary. The preparation of each Form 10-Q includes the coordination of all printer and author
edits, the review of printer drafts and the review of final printer invoices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Within the appropriate production cycle, assist with preparation of an Annual Report on Form 10-K for the Funds&rsquo; fiscal
year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>At the request of the Trust, assist with the coordination of the requests for information/documentation from the SEC, CFTC,
NFA and NYSE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">d.</TD><TD>Upon review and approval of each Form 10-K and 10-Q by the Trust&rsquo;s Principal Financial Officer (or such person performing
such functions), Fund Services shall edgarize and file, or cause to be edgarized and filed, such reports (including the XBRL versions)
with the SEC, CFTC, NFA and NYSE, as required, including any applicable executive officer certifications or other exhibits to such
reports. Fund Services shall also coordinate with the printer an XBRL file and web-ready file that can be uploaded to the Fund&rsquo;s
website.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Financial Reporting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Provide financial data required by the Registration Statement for each Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Within the appropriate time period following the end of the Funds&rsquo; required monthly reporting period, prepare an Account
Statement in compliance with the requirements of CFTC Rule &sect; 4.22(a), including a Statement of Income (Loss) and a Statement
of Changes in Net Asset Value; Fund Services shall coordinate the filing of the Account Statements with the NFA. Upon review and
approval of each above-mentioned report by the Sponsor, Fund Services shall file such reports with the CFTC and/or NFA, as required,
including any applicable executive officer certifications or other exhibits to such reports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Supervise the Fund&rsquo;s custodian and fund accountants in the maintenance of each Fund&rsquo;s general ledger and in the
preparation of each Fund&rsquo;s financial statements, including oversight of expense accruals and payments, the determination
of net asset value and the declaration and payment of dividends and other distributions to shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Monitor expense accruals and make adjustments as necessary; notify the Trust&rsquo;s management of adjustments expected to
materially affect a Fund&rsquo;s expense ratio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Prepare financial statements for each Fund, which include, without limitation, the following items:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">a.</TD><TD>Statement of Financial Condition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">b.</TD><TD>Statement of Investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">c.</TD><TD>Statement of Operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">d.</TD><TD>Statement of Changes in Net Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">e.</TD><TD>Statement of Cash Flows.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">f.</TD><TD>Notes to the Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">g.</TD><TD>Review of other financial data included in 10-Qs and 10-Ks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.25pt"></TD><TD STYLE="width: 18.75pt">h.</TD><TD>Any other information that may be required by rule or regulation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>Tax Reporting (as applicable):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Prepare for the review of the independent auditor and/or Fund&rsquo;s federal and state tax returns including, without limitation,
Form 1120 RIC and applicable state returns including any necessary schedules. Fund Services will prepare annual federal and state
income tax return filings for each Fund as authorized by and based on the instructions received by the Fund and/or its independent
auditor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Provide the Sponsor and independent auditor with tax reporting information pertaining to each Fund and make available to Fund
Services as required in a timely manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Monitor wash sale losses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>As needed, calculate Qualified Dividend Income (&ldquo;QDI&rdquo;) for qualifying Fund Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD><B>License of Data; Warranty; Termination of Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -36.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Fund Services hereby informs Administrator that Fund Services has entered into agreements with MSCI index data services (&ldquo;MSCI&rdquo;),
Standard&nbsp;&amp; Poor Financial Services LLC (&ldquo;S&amp;P&rdquo;), and FactSet Research Systems Inc. (&ldquo;FACTSET&rdquo;)
which obligates Fund Services to include a list of required provisions in this Agreement attached hereto as <U>Exhibit&nbsp;B</U>.
The index data services being provided to the Administrator and the Fund by Fund Services pursuant hereto (collectively, the &ldquo;Data&rdquo;)
are being licensed, not sold, to the Administrator (with a right to sublicense the same to the Fund) for internal purposes and
use in the normal conduct of its business and the Fund&rsquo;s business and will not redistribute the Data in any form or manner
to any third party, except to the Trust, and the advisers, agents and consultants of the Fund and the Administrator. The provisions
in <U>Exhibit&nbsp;</U>B shall not have any effect upon the standard of care and liability Fund Services has set forth in Section&nbsp;6
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -36.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -36.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -36.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>The Administrator agrees to indemnify and hold harmless Fund Services, its information providers, and any other third party
involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors,
officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable
attorneys&rsquo; fees and costs, as incurred, arising in and any manner out of the Administrator&rsquo;s or any third party&rsquo;s
use of, or inability to use, the Data or any breach by the Administrator of any provision contained in this Agreement regarding
the Data. The immediately preceding sentence shall not have any effect upon the standard of care and liability of Fund Services
as set forth in Section&nbsp;6 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD><B>Compensation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fund Services shall be compensated for providing the
services set forth in this Agreement in accordance with the fee schedule set forth on <U>Exhibit&nbsp;C</U> hereto (as amended
from time to time in writing by the parties to this Agreement). Fund Services shall also be reimbursed for such reasonable and
documented miscellaneous expenses as set forth on <U>Exhibit&nbsp;C</U> hereto as are reasonably incurred by Fund Services in performing
its duties hereunder. The Administrator shall pay all such fees and reimbursable expenses within 30 calendar days following receipt
of the monthly billing notice, except for any fee or expense subject to a good faith dispute. The Administrator shall notify Fund
Services in writing within 30 calendar days following receipt of each invoice if the Administrator is disputing any amounts in
good faith. The Administrator 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 Administrator is disputing in good faith as set forth above,
unpaid invoices shall accrue a finance charge of 1&frac12;% per month after the due date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>The Administrator hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to
be continuing throughout the term of this Agreement, that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>This Agreement has been duly authorized, executed and delivered by the Administrator in accordance with all requisite action
and constitutes a valid and legally binding obligation of the Administrator, 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Fund Services hereby represents and warrants to the Administrator, which representations and warranties shall be deemed to
be continuing throughout the term of this Agreement, that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and
constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD><B>Standard of Care; Indemnification; Limitation of Liability </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Fund Services shall use 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 Administrator, the Trust
or a Fund in connection with its duties under this Agreement, except a loss arising out of or relating to Fund Services&rsquo;
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 best efforts and exercised reasonable care in the performance of its duties under this Agreement, the
Administrator 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&rsquo; 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)&nbsp;in accordance with the foregoing standards, or (ii)&nbsp;in reasonable reliance upon any written
or oral instruction provided to Fund Services by any duly authorized officer of the Administrator or the Fund, except for any and
all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services&rsquo; 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, or breach of this Agreement. Fund Services shall endeavor to provide the
Administrator 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 Administrator, provided that the Administrator&rsquo;s
continuing obligations to indemnify Fund Services 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&rsquo; fees) sustained in connection
with Fund Services provision of services pursuant to this Agreement. This indemnity shall be a continuing obligation of the Administrator,
its successors and assigns, notwithstanding the termination of this Agreement; provided that the Administrator&rsquo;s continuing
obligations to indemnify Fund Services 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&rsquo; fees) sustained in connection with Fund
Services&rsquo; provision of services pursuant to this Agreement. As used in this paragraph, the term &ldquo;Fund Services&rdquo;
shall include Fund Services&rsquo; directors, officers and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Fund Services shall indemnify and hold the Administrator
harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable
attorneys&rsquo; fees) that the Administrator may sustain or incur or that may be asserted against the Administrator, the Trust
or a Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services&rsquo;
refusal or failure to comply with the terms of this Agreement, breach of this Agreement, or from Fund Services&rsquo; 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 &ldquo;Administrator&rdquo; shall include the Administrator&rsquo;s directors, officers and employees, and the term the
&ldquo;Trust&rdquo; shall include the Trust&rsquo;s trustees, officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">In no case shall either party be liable to the other
for (i)&nbsp;any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of
such); or (ii)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">In the event of a mechanical breakdown or failure of
communication or power supplies beyond its reasonable 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 Administrator shall be entitled to inspect Fund Services&rsquo; 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 Administrator, at such times as the Administrator may reasonably require, copies of reports rendered by independent auditor
on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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 Administrator 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 Administrator and in such manner as agreed to by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>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&rsquo;s prior written
consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>The indemnity and defense provisions set forth in this Section&nbsp;6 shall indefinitely survive the termination and/or assignment
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>If Fund Services is acting in another capacity for the Administrator pursuant to a separate agreement, nothing herein shall
be deemed to relieve Fund Services of any of its obligations in such other capacity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD>In conjunction with the tax services provided to the Trust, on behalf of a Fund, by Fund Services hereunder, Fund Services
shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section&nbsp;7701(a)(36)
of the IRC, or any successor thereof. Any information provided by Fund Services to a Fund for income tax reporting purposes with
respect to any item of income, gain, loss, or credit will be performed solely in Fund Services&rsquo; administrative capacity.
Fund Services shall not be required to determine, and shall not take any position with respect to whether, the reasonable belief
standard described in Section&nbsp;6694 of the IRC has been satisfied with respect to any income tax item. The Trust, on behalf
of a Fund, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by Fund
Services, and any supporting documents thereto, in connection with the tax reporting services provided to each Fund by Fund Services.
Fund Services shall not be liable for the provision or omission of any tax advice with respect to any information provided by Fund
Services to a Fund. The tax information provided by Fund Services shall be pertinent to the data and information made available
to Fund Services, and is neither derived from nor construed as tax advice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD><B>Data Necessary to Perform Services</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Administrator or the Trust or their respective
agents 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD><B>Proprietary and Confidential Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fund Services agrees on behalf of itself and its directors,
officers, and employees to treat confidentially and as proprietary information of the Administrator or the Trust, all records and
other information relative to the Administrator or the Trust and prior, present, or potential Fund 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)&nbsp;after prior notification to and approval in writing by the Administrator or 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)&nbsp;when requested to divulge such information by duly constituted authorities provided
that Fund Services shall promptly notify the Administrator of such request if permitted by applicable law, or (iii)&nbsp;when so
requested by the Administrator or 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 Administrator, the Trust or its agent, shall not be subject to this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Further, Fund Services will adhere to the privacy
policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this
regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect
the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating
to the Administrator or the Trust and underlying Fund shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD><B>Records </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0in">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&rsquo; 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)&nbsp;through (12)&nbsp;and (b)(1)),
and other applicable federal securities laws and created pursuant to the performance of the Administrator&rsquo;s obligations under
this Agreement. Fund Services will also maintain those records of the Trust and the Funds including any changes, modifications
or amendments thereto (the &ldquo;Fund Records&rdquo;) and will act as document repository for such Fund Records. Upon receipt
of such Fund Records, Fund Services will issue a receipt for such Fund Records. Fund Services shall maintain a complete and orderly
inventory of all Fund Records for which it has issued a receipt. Fund Services shall be under no duty or obligation to audit or
reconcile the content, nor shall it be responsible for the accuracy or completeness of those Fund Records not created by it. Upon
written request in a form to be determined by Fund Services and the Trust, Fund Services will return or release the requested Fund
Records to such persons or entities pursuant to the Instructions provided by the Trust. Once one or more Fund Records have been
returned or released by Fund Services, Fund Services shall have no further duty or obligation to act as repository for said previously
released Fund Records. The Administrator represents and warrants that: (a)&nbsp;promptly after the date of this Agreement, it will,
at its own expense, deliver, cause to be delivered or make available to Fund Services all of the Fund Records in effect as of the
date of this Agreement; (b)&nbsp;it will, on a continuing basis and at its own expense, promptly deliver, cause to be delivered
or make available to Fund Services any Fund Records created after the date of this Agreement; (c)&nbsp;it has adequate record-keeping
policies and procedures in effect to ensure that all Fund Records are promptly provided to Fund Services pursuant to the terms
of this Agreement; (d)&nbsp;it shall be responsible for the accuracy and completeness of any Fund Records not created by Fund Services;
and (e)&nbsp;it shall be responsible for ensuring the Trust&rsquo;s or the Funds&rsquo; compliance with, fulfillment of its obligations
under or enforcement of, any Fund Records not created by Fund Services. Fund Services acknowledges that the records maintained
and preserved by it pursuant to this Agreement are the property of the Trust and will be, at the Trust&rsquo;s expense, surrendered
promptly upon reasonable request. In performing its obligations under this Section, Fund Services may utilize micrographic and
electronic storage media as well as independent third party storage facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD><B>Compliance with Laws</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust has and retains primary responsibility for
all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal
Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, U.S. Commodity
Futures Trading Commission, National Futures Association, the securities exchange on which any Shares are listed and the policies
and limitations of the Fund relating to its portfolio investments as set forth in its registration statement. Fund Services&rsquo;
services hereunder shall not relieve the Trust or Administrator of its responsibilities for assuring such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.</B></FONT></TD><TD><B>Terms of Agreement; Amendment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Agreement shall become effective as of the date
first written above and will continue in effect for a period of two (2)&nbsp;years. However, this Agreement may be terminated at
the end of the initial term by either party upon giving 90 days&rsquo; 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)&nbsp;year period, this Agreement
continues until one party gives 90 days&rsquo; prior written notice to the other party or such shorter 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 Administrator 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. This Agreement may not be amended or modified in any manner
except by written agreement executed by Fund Services and the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT></TD><TD><B>Early Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the absence of any material breach of this Agreement,
should the Administrator elect to terminate this Agreement prior to the end of the two (2)&nbsp;year term, the Administrator agrees
to pay the following fees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD>all fees associated with converting services to successor service provider;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD>all reasonable and documented miscellaneous expenses associated with a.-c. above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.</B></FONT></TD><TD><B>Duties in the Event of Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the event that, in connection with termination,
a successor to any of Fund Services&rsquo; duties or responsibilities hereunder is designated by the Administrator by written notice
to Fund Services, Fund Services will promptly, upon such termination and at the expense of the Trust (which shall include only
reasonable and documented miscellaneous expenses), 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 Administrator
(if such form differs from the form in which Fund Services has maintained the same, the Administrator shall pay any reasonable
and documented miscellaneous expenses associated with transferring the data to such form), and will cooperate in the transfer of
such duties and responsibilities, including provision for assistance from Fund Services&rsquo; personnel in the establishment of
books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall
be returned to the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.</B></FONT></TD><TD><B>Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 Administrator without the written consent of Fund Services, or by Fund Services without the written consent of the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.</B></FONT></TD><TD><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16.</B></FONT></TD><TD><B>No Agency Relationship</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.</B></FONT></TD><TD><B>Services Not Exclusive</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>18.</B></FONT></TD><TD><B>Invalidity</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19.</B></FONT></TD><TD><B>Legal-Related Services</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Nothing in this Agreement shall be deemed to appoint
Fund Services and its officers, directors and employees as the Trust attorneys, form attorney-client relationships or require the
provision of legal advice. The Administrator acknowledges that in-house Fund Services attorneys exclusively represent Fund Services
and rely on outside counsel retained by the Trust to review all services provided by in-house Fund Services attorneys and to provide
independent judgment on the Trust&rsquo;s behalf. The Administrator acknowledges that because no attorney-client relationship exists
between in-house Fund Services attorneys and the Trust, any information provided to Fund Services attorneys may not be privileged
and may be subject to compulsory disclosure under certain circumstances. Fund Services represents that it will maintain the confidentiality
of information disclosed to its in-house attorneys on a best efforts basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>20.</B></FONT></TD><TD><B>Insurance</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 Administrator, Fund Services shall provide evidence that coverage is in place. Fund Services shall notify the
Administrator 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 Administrator 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 Administrator 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>21.</B></FONT></TD><TD><B>Entire Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22.</B></FONT></TD><TD><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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&rsquo;s address set forth below, or such other address(es) as may be specified
in writing by one party to the other party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">Notice to Fund Services shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">U.S. Bank Global Fund Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">Attn: President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">615 East Michigan Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">Milwaukee, WI 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">Notice to the Administrator shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: 0.5in">Tidal ETF Services LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-indent: 0.25in">Attn: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: 0.5in">898 N. Broadway, Suite 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-indent: 0.5in">Massapequa, NY 11758</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">Notice to the Trust shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Justin Young</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">100 S Bedford Rd., Suite 340</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Mt. Kisco, NY 10549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>23.</B></FONT></TD><TD><B>Construction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Any reference in this Agreement to a form, statute
or regulation shall include any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24.</B></FONT></TD><TD><B>Multiple Originals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES ON THE FOLLOWING PAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>U.S. BANCORP FUND SERVICES, LLC</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>TIDAL ETF SERVICES LLC</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit A to the Sub-Fund Administration
Servicing Agreement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Separate Series of VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Name of Series</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit B to the Fund Sub-Administration
Servicing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REQUIRED PROVISIONS OF MSCI, S&amp;P AND
FACTSET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Administrator hereby represents and warrants that, pursuant
to the Fund Administration Agreement between the Administrator and the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall represent that it will use the Data solely for internal purposes and use in the
normal conduct of its business and will not redistribute the Data in any form or manner to any third party, except its advisers,
agents and consultants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall represent that it will not use or permit anyone else to use the Data in connection
with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products,
including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether
listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom
or otherwise).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall represent that it will treat the Data as proprietary to MSCI, S&amp;P and FACTSET.
Further, the Trust shall acknowledge that MSCI, S&amp;P and FACTSET are the sole and exclusive owners of the Data and all trade
secrets, copyrights, trademarks and other intellectual property rights in or to the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall represent that, except as expressly permitted by the Agreement, it will not (i)&nbsp;copy
any component of the Data, (ii)&nbsp;alter, modify or adapt any component of the Data, including, but not limited to, translating,
decompiling, disassembling, reverse engineering or creating derivative works, or (iii)&nbsp;make any component of the Data available
to any other person or organization (including, without limitation, the Trust&rsquo;s present and future parents, subsidiaries
or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental,
service bureau, external time sharing or similar arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall be obligated to reproduce on all permitted copies of the Data all copyright, proprietary
rights and restrictive legends appearing on the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall acknowledge that it assumes the entire risk of using the Data and shall agree to
hold MSCI or S&amp;P or FACTSET harmless from any claims that may arise in connection with any use of the Data by the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall acknowledge that MSCI or S&amp;P or FACTSET may, in its sole and absolute discretion
and at any time, terminate Fund Services&rsquo; right to receive and/or use the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">The Trust shall acknowledge that MSCI, S&amp;P and FACTSET are third party beneficiaries of the
Customer Agreement between S&amp;P, MSCI, FACTSET and Fund Services, entitled to enforce all provisions of such agreement relating
to the Data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 45pt; text-align: left">THE DATA IS PROVIDED TO THE
TRUST ON AN &ldquo;AS IS&rdquo; BASIS. FUND SERVICES, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED
TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT
TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). FUND SERVICES, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY
INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY,
ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 45pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 45pt; text-align: left">THE TRUST ASSUMES THE ENTIRE
RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL FUND SERVICES, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED
IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT
DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT
OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF FUND SERVICES, ANY OF
ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED
OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<TYPE>EX-10.9
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<P STYLE="margin: 0; text-align: right; text-indent: 0.25in"><B>Exhibit 10.9</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FUND ACCOUNTING SERVICING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS AGREEMENT is made and entered into
as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] by and
between <B>VS TRUST</B>, a Delaware statutory trust (the &ldquo;Trust&rdquo;) and <B>U.S. BANCORP FUND SERVICES, LLC d/b/a U.S.
BANK GLOBAL FUND SERVICES</B>, a Wisconsin limited liability company (&ldquo;Fund Services&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a &ldquo;Registration Statement&rdquo;) under the
Securities Act of 1933, as amended (&ldquo;1933 Act&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Trust desires to retain Fund
Services to provide fund accounting services to each Fund listed on <U>Exhibit A</U> hereto (as amended from time to time) the
services described herein, all as more fully set forth below;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 0.5in">WHEREAS, the Trust desires to
retain Fund Services to provide to each Fund the fund accounting services described herein, all as more fully set below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Appointment of Fund Services as Fund Accountant</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust hereby appoints Fund Services as fund accountant
of the Trust for the term of this Agreement to perform the services and duties described herein.&nbsp;&nbsp;Fund Services hereby
accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of
Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted
against Fund Services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Services and Duties of Fund Services</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">Fund Services shall provide the following accounting services
to each Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Portfolio Accounting Services:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund&rsquo;s sponsor
(&ldquo;Sponsor&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>For each valuation date, obtain prices from a pricing source approved by the Trust and apply those prices to the portfolio
positions. For those securities where market quotations are not readily available, the Trust shall approve, in good faith, procedures
for determining the fair value for such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each
accounting period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains
or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>On a daily basis, reconcile cash of the Fund with the Fund&rsquo;s custodian.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Transmit a copy of the portfolio valuation to the Sponsor daily.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Review the impact of current day&rsquo;s activity on a per share basis, and review changes in market value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Expense Accrual and Payment Services:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>For each valuation date, calculate the expense accrual amounts as directed by the Trust, on behalf of a Fund, as to methodology,
rate or dollar amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Process and record payments for Fund expenses upon receipt of written authorization from the Trust, on behalf of a Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by Fund
Services and the Trust, on behalf of a Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Provide expense accrual and payment reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Fund Valuation and Financial Reporting Services:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Account for, on a Fund-by-Fund basis, Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other
Fund share activity as reported by the Trust&rsquo;s transfer agent on a timely basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Apply equalization accounting as directed by the Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Determine net investment income (earnings) for each Fund as of each valuation date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each valuation date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Maintain a general ledger and other accounts, books, and financial records for each Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Determine the net asset value of each Fund according to the accounting policies and procedures set forth in the Fund&rsquo;s
current prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such
time as required by the nature and characteristics of each Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Communicate to the Trust, on behalf of each Fund, at an agreed upon time, the per share net asset value for each valuation
date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Prepare monthly security transactions listings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>Provide the daily net asset value per share (&ldquo;NAV&rdquo;) and holdings data to third-party reporting agencies as determined
by the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD>Create and transmit NAV, Intraday Indicative Value (IIV) data files on a daily basis to the FTP sites designated by the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Tax Accounting Services:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Maintain accounting records for the investment portfolio of the Funds to support the tax reporting required under the Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Maintain tax lot detail for each Fund&rsquo;s investment portfolio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust, on behalf of each Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to
support tax reporting to the shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">E.</TD><TD STYLE="text-align: justify">Compliance Control Services:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Support reporting to regulatory bodies and support financial statement preparation by making the Fund&rsquo;s accounting records
available to the Trust, Sponsor, the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;), National Futures Association
(the &ldquo;NFA&rdquo;), the Commodity Futures Trading Commission (the &ldquo;CFTC&rdquo;) and other applicable regulatory bodies
and the independent accountants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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 (the
&ldquo;SOX Act&rdquo;) or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to
change Fund Services&rsquo; standard of care as set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Cooperate with the Trust&rsquo;s independent accountants and take all reasonable action in the performance of its obligations
under this Agreement to ensure that the necessary information is made available to such accountants for the expression of their
opinion on the Fund&rsquo;s financial statements without any qualification as to the scope of their examination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>License of Data; Warranty; Termination of Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>The valuation information and evaluations being provided to the Trust and Sponsor by Fund Services pursuant hereto (collectively,
the &ldquo;Data&rdquo;) are being licensed, not sold, to the Trust for internal purposes and use in the normal conduct of its business
and will not redistribute the Data in any form or manner to any third party, except for its advisers, agents and consultants. The
Trust and Sponsor have a limited license to use the Data only for purposes necessary to valuing the Trust&rsquo;s assets and reporting
to regulatory bodies (the &ldquo;License&rdquo;). The Trust and Sponsor do not have any license nor right to use the Data for purposes
beyond the intentions of this Agreement including, but not limited to, resale to other users or use to create any type of historical
database. The License is non-transferable and not sub-licensable. The Trust&rsquo;s and Sponsor&rsquo;s right to use the Data cannot
be passed to or shared with any other entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Trust and Sponsor acknowledge the proprietary rights
that Fund Services and its suppliers have in the Data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>THE TRUST AND SPONSOR HEREBY ACCEPT THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY
OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>Fund Services may stop supplying some or all Data to the Trust and Sponsor if Fund Services&rsquo; suppliers terminate any
agreement to provide Data to Fund Services. Also, Fund Services may stop supplying some or all Data to the Trust and Sponsor if
Fund Services reasonably believes that the Trust and Sponsor are using the Data in violation of the License, or breaching their
duties of confidentiality provided for hereunder, or if any of Fund Services&rsquo; suppliers demand that the Data be withheld
from the Trust and Sponsor. Fund Services will provide notice to the Trust and Sponsor of any termination of provision of Data
as soon as reasonably possible.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Pricing of Securities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>For each valuation date, Fund Services shall obtain prices from a pricing source recommended by Fund Services and approved
by the Trust and apply those prices to the portfolio positions of the Fund. For those securities where market quotations are not
readily available, the Trust shall approve, in good faith, procedures for determining the fair value for such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If the Trust desires to provide a price that varies
from the price provided by the pricing source, the Trust shall promptly notify and supply Fund Services with the price of any such
security on each valuation date. All pricing changes made by the Trust will be in writing and must specifically identify the securities
to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new
price(s) is/are effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>In the event that the Trust at any time receives Data containing evaluations, rather than market quotations, for certain securities
or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically complicated
financial instruments. There are many methodologies (including computer-based analytical modeling and individual security evaluations)
available to generate approximations of the market value of such securities, and there is significant professional disagreement
about which method is best. No evaluation method, including those used by Fund Services and its suppliers, may consistently generate
approximations that correspond to actual &ldquo;traded&rdquo; prices of the securities; (ii) methodologies used to provide the
pricing portion of certain Data may rely on evaluations; however, the Trust acknowledges that there may be errors or defects in
the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for
use in certain applications; and (iii) the Trust assumes all responsibility for edit checking, external verification of evaluations,
and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by Fund Services and its
suppliers in this respect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Changes in Accounting Procedures</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Any action by the Trust that affects accounting practices
and procedures of the Trust under this Agreement shall be effective upon written receipt of notice and acceptance by Fund Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Changes in Equipment, Systems, Etc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fund Services reserves the right to make changes from
time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such
changes do not adversely affect the services provided to the Trust under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B>Compensation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fund Services shall be compensated for providing the
services set forth in this Agreement in accordance with the fee schedule set forth on <U>Exhibit&nbsp;B</U> hereto (as amended
from time to time). Fund Services shall also be reimbursed for such miscellaneous expenses (set forth in <U>Exhibit&nbsp;B)</U>
as are reasonably incurred and documented by Fund Services in performing its duties hereunder. The Trust shall pay all such fees
and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense
subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each
invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days
of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing
in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1&frac12;% per month after the due date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>A registration statement under the Securities Act of 1933, 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; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>All records of the Trust provided to Fund Services by the Trust or by a prior service provider of the Trust are accurate and
complete and Fund Services is entitled to rely on all such records in the form provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and
constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><B>Standard of Care; Indemnification; Limitation of Liability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Fund Services shall use best efforts and exercise reasonable care in the performance of its duties under this Agreement. Neither
Fund Services nor its suppliers shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust
or any third party in connection with its duties under this Agreement, except a loss arising out of or relating to Fund Services&rsquo;
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 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 and its suppliers from and against
any and all actual claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys&rsquo;
fees) that Fund Services or its suppliers may sustain or incur or that may be asserted against Fund Services or its suppliers by
any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder
(i) in accordance with the foregoing standards, or (ii) in reasonable reliance upon any written or oral instruction provided to
Fund Services by any duly authorized officer of the Trust, or (Y) the Data, or any information, service, report, analysis or publication
derived therefrom, provided that Fund Services shall be liable any errors or omissions in its own calculations contained in such
information, service, report or analysis, except for any and all claims, demands, losses, expenses, and liabilities arising out
of or relating to Fund Services&rsquo; 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 a Fund. This indemnity shall be a continuing obligation of each Fund, its successors and assigns, notwithstanding the termination
of this Agreement; provided that a Fund&rsquo;s continuing obligations to indemnify Fund Services 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&rsquo; fees) sustained in connection with Fund Services provision of services pursuant to this Agreement. As used in
this paragraph, the term &ldquo;Fund Services&rdquo; shall include Fund Services&rsquo; directors, officers and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Trust acknowledges that the Data are intended for
use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed judgments
concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in, its
selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall
be deemed to be a waiver of any rights existing under applicable law for the protection of investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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&rsquo;
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&rsquo; refusal or failure to comply
with the terms of this Agreement, breach of this Agreement, or from Fund Services&rsquo; 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 &ldquo;Trust&rdquo;
shall include the Trust&rsquo;s trustees, officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">In the event of a mechanical breakdown or failure of
communication or power supplies beyond its reasonable 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&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">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, including acts of civil or military authority, national emergencies,
labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond
its control of transportation or power supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>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&rsquo;s prior written
consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>The indemnity and defense provisions set forth in this Section&nbsp;9 shall indefinitely survive the termination and/or assignment
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD><B>Notification of Error</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust will notify Fund Services of any discrepancy
between Fund Services and the Trust, including, but not limited to, failing to account for a security position in a Fund&rsquo;s
portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by Fund Services to the Trust;
(ii) three business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three
business days after receiving notice from any shareholder regarding any such discrepancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD><B>Data Necessary to Perform Services</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>Proprietary and Confidential Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>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 or 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 agents or service providers, shall not be subject to this paragraph.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Further, Fund Services will adhere to the privacy policies
adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund
Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust
and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information
of Fund Services, all non-public information relative to Fund Services (including, without limitation, the Data and information
regarding USBGFS&rsquo; pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets,
market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software
in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes
and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided
under this Agreement, except (i) after prior notification to and approval in writing by Fund Services, which approval shall not
be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure
to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund
Services. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents
or representatives, and information that was already in the possession of the Trust prior to receipt thereof from Fund Services,
shall not be subject to this paragraph.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD>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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD><B>Records</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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&rsquo; 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)&nbsp;through (12)&nbsp;and (b)(1)), and other applicable federal
securities laws and created pursuant to the performance of the Administrator&rsquo;s obligations under this Agreement. Fund Services
will also maintain those records of the Trust and the Funds including any changes, modifications or amendments thereto (the &ldquo;Fund
Records&rdquo;) and will act as document repository for such Fund Records. Upon receipt of such Fund Records, Fund Services will
issue a receipt for such Fund Records. Fund Services shall maintain a complete and orderly inventory of all Fund Records for which
it has issued a receipt. Fund Services shall be under no duty or obligation to audit or reconcile the content, nor shall it be
responsible for the accuracy or completeness of those Fund Records not created by it. Upon written request in a form to be determined
by Fund Services and the Trust, Fund Services will return or release the requested Fund Records to such persons or entities pursuant
to the Instructions provided by the Trust. Once one or more Fund Records have been returned or released by Fund Services, Fund
Services shall have no further duty or obligation to act as repository for said previously released Fund Records. The Trust represents
and warrants that: (a)&nbsp;promptly after the date of this Agreement, it will, at its own expense, deliver, cause to be delivered
or make available to Fund Services all of the Fund Records in effect as of the date of this Agreement; (b)&nbsp;it will, on a continuing
basis and at its own expense, promptly deliver, cause to be delivered or make available to Fund Services any Fund Records created
after the date of this Agreement; (c)&nbsp;it has adequate record-keeping policies and procedures in effect to ensure that all
Fund Records are promptly provided to Fund Services pursuant to the terms of this Agreement; (d)&nbsp;it shall be responsible for
the accuracy and completeness of any Fund Records not created by Fund Services; and (e)&nbsp;it shall be responsible for ensuring
the Trust&rsquo;s or the Funds&rsquo; compliance with, fulfillment of its obligations under or enforcement of, any Fund Records
not created by Fund Services. Fund Services acknowledges that the records maintained and preserved by it pursuant to this Agreement
are the property of the Trust and will be, at the Trust&rsquo;s expense, surrendered promptly upon reasonable request. In performing
its obligations under this Section, Fund Services may utilize micrographic and electronic storage media as well as independent
third party storage facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding anything in this Agreement to the
contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate
trade instructions to Fund Services the Trust shall be responsible for maintaining the Trust&rsquo;s records as they relate to
the Trust&rsquo;s review and approval of individuals authorized to place trading instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD><B>Compliance with Laws</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Trust has and retains primary responsibility for
all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal
Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, CFTC,
NFA, the securities exchange on which any Shares are listed and the policies and limitations of the Fund relating to its portfolio
investments as set forth in its registration statement. Fund Services&rsquo; services hereunder shall not relieve the Trust of
its responsibilities for assuring such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD><B>Term of Agreement; Amendment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 at least 90 days&rsquo; 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 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 (&ldquo;Termination Upon Direction&rdquo;). 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&rsquo;s Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD><B>Early Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the absence of any material breach of this Agreement
or a 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">a.</TD><TD>all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">b.</TD><TD>all fees associated with converting services to successor service provider;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">c.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">d.</TD><TD>all reasonable and documented costs associated with a. to c. above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD><B>Duties in the Event of Termination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the event that, in connection with termination,
a successor to any of Fund Services&rsquo; 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 (which shall include only reasonable
and documented miscellaneous expenses), 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 reasonable and documented miscellaneous expenses associated
with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision
for assistance from Fund Services&rsquo; personnel in the establishment of books, records and other data by such successor. If
no such successor is designated, then such books, records and other data shall be returned to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD><B>Assignment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Agreement shall extend to and be binding upon
the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable
by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied
by the authorization or approval of the Trust&rsquo;s Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD><B>No Agency Relationship</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD><B>Services Not Exclusive</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD><B>Invalidity</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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&rsquo;s address set forth below, or such other address(es) as may be specified
in writing by one party to the other party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice to Fund Services shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">U.S. Bank Global Fund Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">615 East Michigan Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Milwaukee, WI 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notice to the Trust shall be
sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in">VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in">Attn: Justin Young</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in">100 S Bedford Rd., Suite 340</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in">Mt. Kisco, NY 10549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD><B>Multiple Originals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B></B></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD><B>Fidelity Bond</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD><B>Entire Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>27.</B></TD><TD><B>Limited Recourse</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>28.</B></TD><TD><B>No Third Party Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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, other than the limited third party rights of the Data
Providers as expressly set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD><B>Construction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Any reference in this Agreement
to a form, statute or regulation shall include any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">SIGNATURES ON THE FOLLOWING
PAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><B>VS TRUST</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; width: 5%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Name:&nbsp;</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Title:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Date:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><B>U.S. BANCORP FUND SERVICES, LLC</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Name:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Title:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Date:</TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit A to the Fund Accounting Servicing
Agreement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Separate Series of VS Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Name of Series</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">17</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
