Exhibit (10)(ii)


CUSTODY AGREEMENT


          AGREEMENT,
dated as of               , 2013 by and between Market Vectors Commodity
Trust, a statutory trust organized and existing under the laws of the State of
Delaware having its principal office and place of business at 335 Madison
Avenue, New York, New York 10017, on behalf of its Series (defined herein) (the
“Fund”) and The Bank of New York Mellon, a New York corporation authorized to
do a banking business having its principal office and place of business at One
Wall Street, New York, New York 10286 (“Custodian”).


WITNESSETH:


that for and in consideration of the mutual promises hereinafter set
forth the Fund and Custodian agree as follows:


ARTICLE I

DEFINITIONS


          Whenever
used in this Agreement, the following words shall have the meanings set forth
below:


         1. “Authorized
Person” shall be any person, whether or not an officer or employee of the
Fund, duly authorized by the Fund’s board to execute any Certificate or to give
any Instruction or Oral Instruction with respect to one or more Accounts, such
persons to be designated in a Certificate annexed hereto as Schedule I hereto
or such other Certificate as may be received by Custodian from time to time.


          2. “BNY
Affiliate” shall mean any office, branch or subsidiary of The Bank of New
York Mellon Corporation.


          3. “Book-Entry
System” shall mean the Federal Reserve/Treasury book-entry system for
receiving and delivering securities, its successors and nominees.


          4. “Business
Day” shall mean any day on which Custodian, Book-Entry System and relevant
Depositories are open for business.


          5. “Certificate”
shall mean any notice, instruction, or other instrument in writing, authorized
or required
by this Agreement to be given to Custodian, which is actually received by
Custodian by letter or facsimile transmission and signed on behalf of the Fund
by an Authorized Person or a person reasonably believed by Custodian to be an
Authorized Person.


          6. “Composite
Currency Unit” shall mean the Euro or any other composite currency unit
consisting of the aggregate of specified amounts of specified currencies, as
such unit may be constituted from time to time.


          7. “Depository”
shall include the Book-Entry System, the Depository Trust Company, Euroclear,
Clearstream Banking S.A. and any other securities depository, book-





entry system
or clearing agency (and their respective successors and nominees) authorized to
act as a securities depository, book-entry system or clearing agency pursuant to applicable law and
identified to the Fund from time to time.


          8. “Instructions”
shall mean communications transmitted by electronic or telecommunications
media, including S.W.I.F.T., computer-to-computer interface, or dedicated
transmission lines.


          9. “Oral
Instructions” shall mean verbal instructions received by Custodian from an
Authorized Person or from a person reasonably believed by Custodian to be an
Authorized Person.


          10. “Series”
shall mean the various portfolios of the Fund listed on Schedule II hereto.


          11. “Securities”
shall include, without limitation, any common stock and other equity
securities, bonds, debentures and other debt securities, notes, mortgages or
other obligations, and any instruments representing rights to receive,
purchase, or subscribe for the same, or representing any other rights or
interests therein (whether represented by a certificate or held in a Depository
or by a Subcustodian).


          12. “Subcustodian”
shall mean a bank (including any branch thereof) or other financial institution
(other than a Depository) located outside the United States which is utilized
by Custodian in connection with the purchase, sale or custody of Securities
hereunder and identified to the Fund from time to time, and their respective
successors and nominees.


          13. “Transfer
Agent” shall mean The Bank of New York Mellon.


ARTICLE II

APPOINTMENT OF CUSTODIAN; ACCOUNTS;

REPRESENTATIONS, WARRANTIES, AND COVENANTS


          1. (a) The
Fund hereby appoints Custodian as custodian of all Securities and cash at any
time delivered to Custodian during the term of this Agreement, and authorizes
Custodian to hold Securities in registered form in its name or the name of its
nominees. Custodian hereby accepts such appointment and agrees to establish and
maintain one or more securities accounts and cash accounts for each Series in
which Custodian will hold Securities and cash as provided herein. Custodian
shall maintain books and records segregating the assets of each Series from the
assets of any other Series. Such accounts (each, an “Account”; collectively,
the “Accounts”) shall be in the name of the Fund.


                    (b)
Custodian may from time to time establish on its books and records such
sub-accounts within each Account as the Fund and Custodian may agree upon (each
a “Special Account”), and Custodian shall reflect therein such assets as the
Fund may specify in a Certificate.


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                    (c)
 Custodian may from time to time
establish pursuant to a written agreement with and for the benefit of a broker,
dealer, future commission merchant or other third party identified in a
Certificate such accounts on such terms and conditions as the Fund and
Custodian shall agree, and Custodian shall transfer to such account such
Securities and money as the Fund may specify in a Certificate.


          2. The Fund
hereby represents and warrants, which representations and warranties shall be
continuing and shall be deemed to be reaffirmed upon each delivery of a
Certificate or each giving of Oral Instructions or Instructions by the Fund,
that:


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


                    (b)
This Agreement has been duly authorized, executed and delivered by the Fund
constitutes a valid and legally binding obligation of the Fund, enforceable in
accordance with its terms, and there is no statute, regulation, rule, order or
judgment binding on it, and no provision of Amended and Restated Trust
Agreement (“Trust Agreement”), nor of any mortgage, indenture, credit agreement
or other contract binding on it or affecting its property, which would prohibit
its execution or performance of this Agreement;


                    (c)
It is conducting its business in substantial compliance with all applicable
laws and requirements, both state and federal, and has obtained all regulatory
licenses, approvals and consents necessary to carry on its business as now
conducted;


                    (d)
It will not use the services provided by Custodian hereunder in any manner that
is, or will result in, a violation of any law, rule or regulation applicable to
the Fund;


                    (e)
It is fully informed of the protections and risks associated with various
methods of transmitting Instructions and Oral Instructions and delivering
Certificates to Custodian, understands that there may be more secure methods of
transmitting or delivering the same than the methods selected by the Fund,
agrees that the security procedures (if any) to be utilized provide a
commercially reasonable degree of protection in light of its particular needs
and circumstances, and acknowledges and agrees that Instructions need not be
reviewed by Custodian, may conclusively be presumed by Custodian to have been
given by person(s) duly authorized, and may be acted upon as given;


                    (f)
It shall manage its borrowings, including, without limitation, any advance or
overdraft (including any day-light overdraft) in the Accounts, so that the
aggregate of its total borrowings for each Series does not exceed the amount
such Series is permitted to borrow;


                    (g)
It shall impose and maintain restrictions on the destinations to which cash may
be disbursed by Instructions to ensure that each disbursement is for a proper
purpose; and


3





                    (h)
It has the right to make the pledge and grant the security interest and
security entitlement to Custodian contained in Section 1 of Article V hereof,
free of any right of redemption or prior claim of any other
person or entity, such pledge and such grants shall have a first priority
subject to no setoffs, counterclaims, or other liens or grants prior to or on a
parity therewith, and it shall take such additional steps as Custodian may
require to assure such priority.


          3. The Fund
hereby covenants that it shall from time to time complete and execute and
deliver to Custodian upon Custodian’s request a Form FR U-1 (or successor form)
whenever the Fund borrows from Custodian any money to be used for the purchase
or carrying of margin stock as defined in Federal Reserve Regulation U.


ARTICLE III

CUSTODY AND RELATED SERVICES


          1. (a)
Subject to the terms hereof, the Fund hereby authorizes Custodian to hold any
Securities received by it from time to time for the Fund’s account. Custodian
shall be entitled to utilize Depositories and Subcustodians to the extent
possible in connection with its performance hereunder. Securities and cash held
in a Depository will be held subject to the rules, terms and conditions of such
entity. Securities and cash held through Subcustodians shall be held subject to
the terms and conditions of Custodian’s agreements with such Subcustodians.
Subcustodians may be authorized to hold Securities in Depositories in which
such Subcustodians participate. Unless otherwise required by local law or practice
or a particular subcustodian agreement, Securities deposited with a
Subcustodian or a Depositary will be held in a commingled account, in the name
of Custodian, holding only Securities held by Custodian as custodian for its
customers. Custodian shall identify on its books and records the Securities and
cash belonging to a Fund, whether held directly or indirectly through
Depositories or Subcustodians. Custodian shall, directly or indirectly through
Subcustodians or Depositories, endeavor, to the extent feasible, to hold
Securities in the country or other jurisdiction in which the principal trading
market for such Securities is located, where such Securities are to be
presented for cancellation and/or payment and/or registration, or where such
Securities are acquired. Custodian at any time may cease utilizing any
Subcustodian and/or may replace a Subcustodian with a different Subcustodian.


                    (b)
Unless Custodian has received a Certificate or Instructions to the contrary or
applicable law otherwise requires, Custodian shall hold Securities indirectly
through a Subcustodian only if (i) the Securities are not subject to any right,
charge, security interest, lien or claim of any kind in favor of such
Subcustodian or its creditors or operators, including a receiver or trustee in
bankruptcy or similar authority, except for a claim of payment for the safe
custody or administration of Securities or for funds advanced on behalf of the
Fund by such Subcustodian, and (ii) beneficial ownership of the Securities is
freely transferable without the payment of money or value other than for safe
custody or administration.


                    (c)
With respect to each Depository, Custodian shall exercise reasonable care,
prudence, and diligence (i) to provide the Fund with an analysis of the custody
risks 


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associated with maintaining assets with the Depository, and (ii) to
monitor such custody risks on a continuing basis and promptly notify the Fund
of any material change in such risks. The Fund acknowledges and agrees that
such analysis and monitoring shall be made on the basis of, and limited by,
information gathered from Subcustodians or through publicly available
information otherwise obtained by Custodian, and shall not include any
evaluation of Country Risks. As used herein the term “Country Risks” shall mean
with respect to any Depository: (a) the financial infrastructure of the country
in which it is organized, (b) such country’s prevailing custody and settlement
practices, (c) nationalization, expropriation or other governmental actions,
(d) such country’s regulation of the banking or securities industry, (e)
currency controls, restrictions, devaluations or fluctuations, and (f) market
conditions which affect the order execution of securities transactions or
affect the value of securities.


          2.
Custodian shall furnish the Fund with an advice of daily transactions
(including a confirmation of each transfer of Securities) and a monthly summary
of all transfers to or from the Accounts.


          3. With
respect to all Securities held hereunder, Custodian shall, unless otherwise
instructed to the contrary:


                    (a)
Receive all income and other payments and advise the Fund as promptly as
practicable of any such amounts due but not paid;


                    (b)
Present for payment and receive the amount paid upon all Securities which may
mature and advise the Fund as promptly as practicable of any such amounts due
but not paid;


                    (c)
Forward to the Fund copies of all information or documents that it may actually
receive from an issuer of Securities which, in the opinion of Custodian, are
intended for the beneficial owner of Securities;


                    (d)
Execute, as custodian, any certificates of ownership, affidavits, declarations
or other certificates under any tax laws now or hereafter in effect in
connection with the collection of bond and note coupons;


                    (e)
Hold directly or through a Depository or a Subcustodian all rights and similar
Securities issued with respect to any Securities credited to an Account
hereunder; and


                    (f)
Endorse for collection checks, drafts or other negotiable instruments.


          4. (a)
Custodian shall notify the Fund of rights or discretionary actions with respect
to Securities held hereunder, and of the date or dates by when such rights must
be exercised or such action must be taken, provided that Custodian has actually
received, from the issuer or the relevant Depository or from the relevant
Subcustodian or a nationally or internationally recognized bond or corporate
action service to which Custodian subscribes, timely notice of such rights or
discretionary corporate action or of the date or dates such rights 


5





must be exercised or such action must be taken. Absent actual receipt
of such notice, Custodian shall have no liability for failing to so notify the
Fund.


                    (b)
Whenever Securities (including, but not limited to, warrants, options, tenders,
options to tender or non-mandatory puts or calls) confer discretionary rights
on the Fund or provide for discretionary action or alternative courses of
action by the Fund, the Fund shall be responsible for making any decisions
relating thereto and for directing Custodian to act. In order for Custodian to
act, it must receive the Fund’s Certificate or Instructions at Custodian’s
offices, addressed as Custodian may from time to time request, not later than
noon (New York time) at least two (2) Business Days prior to the last scheduled
date to act with respect to such Securities (or such earlier date or time as
Custodian may specify to the Fund). Absent Custodian’s timely receipt of such
Certificate or Instructions, Custodian shall not be liable for failure to take
any action relating to or to exercise any rights conferred by such Securities.


          5. All
voting rights with respect to Securities, however registered, shall be
exercised by the Fund or its
designee. For Securities issued in the United States, Custodian’s only duty
shall be to mail to the Fund any documents (including proxy statements, annual
reports and signed proxies) actually received by Custodian relating to the
exercise of such voting rights. With respect to Securities issued outside of
the United States, Custodian’s only duty shall be to provide the Fund with
access to a provider of global proxy services at the Fund’s request. The Fund
shall be responsible
for all costs associated with its use of such services.


          6.
Custodian shall promptly advise the Fund upon Custodian’s actual receipt of
notification of the partial redemption, partial payment or other action
affecting less than all Securities of the relevant class. If Custodian, any
Subcustodian or any Depository holds any Securities in which the Fund has an
interest as part of a fungible mass, Custodian, such Subcustodian or Depository
may select the Securities to participate in such partial redemption, partial
payment or other
action in any non-discriminatory manner that it customarily uses to make such
selection.


          7.
Custodian shall not under any circumstances accept bearer interest coupons
which have been stripped from U.S. federal, state or local government or agency
securities unless explicitly agreed to by Custodian in writing.


          8. The Fund
shall be liable for all taxes, assessments, duties and other governmental
charges, including any interest or penalty with respect thereto (“Taxes”), with
respect to any cash or Securities held on behalf of the Fund or any transaction
related thereto. The Fund shall indemnify Custodian and each Subcustodian for
the amount of any Tax that Custodian, any such Subcustodian or any other
withholding agent is required under applicable laws (whether by assessment or
otherwise) to pay on behalf of, or in respect of income earned by or payments
or distributions made to or for the account of the Fund (including any payment
of Tax required by reason of an earlier failure to withhold). Custodian shall,
or shall instruct the applicable Subcustodian or other withholding agent to,
withhold the amount of any Tax which is required to be withheld under
applicable law upon collection of any dividend, interest 


6





or other distribution made with respect to any Security and any
proceeds or income from the sale, loan or other transfer of any Security. In
the event that Custodian or any Subcustodian is required under applicable law
to pay any Tax on behalf of the Fund, Custodian is hereby authorized to
withdraw cash from any cash account in the amount required to pay such Tax and
to use such cash, or to remit such cash to the appropriate Subcustodian or
other withholding agent, for the timely payment of such Tax in the manner
required by applicable law. If the aggregate amount of cash in all cash
accounts is not sufficient to pay such Tax, Custodian shall promptly notify the
Fund in writing of the additional amount of cash (in the appropriate currency)
required, and the Fund shall directly deposit such additional amount in the
appropriate cash account promptly after receipt of such notice, for use by
Custodian as specified herein. In the event that Custodian reasonably believes
that Fund is eligible, pursuant to applicable law or to the provisions of any
tax treaty, for a reduced rate of, or exemption from, any Tax which is
otherwise required to be withheld or paid on behalf of the Fund under any
applicable law, Custodian shall, or shall instruct the applicable Subcustodian
or withholding agent to, either withhold or pay such Tax at such reduced rate
or refrain from withholding or paying such Tax, as appropriate; provided
that Custodian shall have received from the Fund all documentary evidence of
residence or other qualification for such reduced rate or exemption required to
be received under such applicable law or treaty. In the event that Custodian
reasonably believes that a reduced rate of, or exemption from, any Tax is
obtainable only by means of an application for refund, Custodian and the
applicable Subcustodian shall have no responsibility for the accuracy or
validity of any forms or documentation provided by the Fund to Custodian
hereunder. The Fund hereby agrees to indemnify and hold harmless Custodian and
each Subcustodian in respect of any liability arising from any underwithholding
or underpayment of any Tax which results from the inaccuracy or invalidity of
any such forms or other documentation, and such obligation to indemnify shall
be a continuing obligation of the Fund, its successors and assigns
notwithstanding the termination of this Agreement.


          9. (a) For
the purpose of settling Securities and foreign exchange transactions, the Fund
shall provide Custodian with sufficient immediately available funds for all
transactions by such time and date as conditions in the relevant market
dictate. As used herein, “sufficient immediately available funds” shall mean
either (i) sufficient cash denominated in
U.S. dollars to purchase the necessary foreign currency, or (ii)
sufficient applicable foreign currency, to settle the transaction. Custodian
shall provide the Fund with immediately available funds each day which result
from the actual settlement of all sale transactions, based upon
advices received by Custodian from Subcustodians and Depositories. Such funds
shall be in U.S. dollars or such other currency as the Fund may specify to
Custodian.


                    (b)
Any foreign exchange transaction effected by Custodian in connection with this
Agreement may be entered with Custodian or a BNY Affiliate acting as principal
or otherwise through customary banking channels. The Fund may issue a standing
Certificate or Instructions with respect to foreign exchange transactions, but
Custodian may establish rules or limitations concerning any foreign exchange
facility made available to the Fund. The Fund shall bear all risks of investing in Securities or holding cash denominated
in a foreign currency.


7





                    (c)
To the extent that Custodian has agreed to provide pricing or other information
services in connection with this Agreement, Custodian is authorized to utilize any
vendor (including brokers and dealers of Securities) reasonably believed by
Custodian to be reliable to provide such information. The Fund understands that
certain pricing information with respect to complex financial instruments (e.g.,
derivatives) may be based on calculated amounts rather than actual market
transactions and may not reflect actual market values, and that the variance
between such calculated amounts and actual market values may or may not be
material. Where vendors do not provide information for particular Securities or
other property, an Authorized Person may advise Custodian in a Certificate
regarding the fair market value of, or provide other information with respect
to, such Securities or property as determined by it in good faith. Custodian
shall not be liable for any loss, damage or expense incurred as a result of
errors or omissions with respect to any pricing or other information utilized
by Custodian hereunder.


          11. As an
accommodation to the Fund, Custodian may provide consolidated recordkeeping
services pursuant to which Custodian reflects on Account statements Securities
or other assets not held in Custodian’s vault or for which Custodian or its
nominee is not the registered owner (“Non-Custody Assets”), Non-Custody Assets
shall be designated on Custodian’s books as “shares not held” or by other
similar characterization. Customer acknowledges and agrees that it shall have
no security entitlement against Custodian with respect to Non-Custody Assets,
that Custodian shall rely, without independent verification, on information
provided by Customer regarding Non-Custody Assets (including but not limited to
positions and market valuations) and that Custodian shall have no
responsibility whatsoever with respect to Non-Custody Assets or the accuracy of
any information maintained on Custodian’s books or set forth on account
statements concerning Non-Custody Assets. 


          12. From
time to time Custodian may make available to the Fund or its agent(s) certain
computer programs, products, services, reports or information (including,
without limitation, information obtained by Custodian from third parties and
information reflecting Custodian’s input, evaluation and interpretation
(collectively, “Tools”). Tools may allow the Fund or its agent(s) to perform
certain analytic, accounting, compliance, reconciliation and other functions
with respect to the Account. By way of example, Tools may assist the Fund or
its agent(s) in analyzing the performance of investment managers appointed by
the Fund, determining on a post-trade basis whether transactions for the
Account comply with the Fund’s investment guidelines, evaluating assets at
risk, and performing account reconciliations. Tools may be used only for the
Fund’s internal purposes, and may not be resold, redistributed or otherwise
made available to third parties. Tools are the sole and exclusive property of
Custodian and its suppliers. The Fund may not reverse engineer or decompile any
computer programs provided by the Custodian comprising, or provided as a part
of, any Tools. Information supplied by third parties may be incorrect or
incomplete, and any information, reports, analytics or other services supplied
by Custodian that rely on information from third parties may also be incorrect
or incomplete. All Tools are provided “AS IS”, whether or not they are modified
to meet specific needs of the Fund and regardless of whether Custodian is
compensated by the Fund for providing such Tools. CUSTODIAN DISCLAIMS ANY AND
ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT 


8





TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE.
ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, CUSTODIAN AND ITS
SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR
CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY OTHER PERSON AS A
RESULT OF USE OF, INABILITY TO USE, OR RELIANCE UPON ANY TOOLS. 


          13.
Custodian shall promptly send to the Fund (a) any reports it receives from a
Depository on such Depository’s system of internal accounting control, and (b)
such reports on its own system of internal accounting control as the Fund may
reasonably request from time to time.


          14. Until
such time as Custodian receives a certificate to the contrary with respect to a
particular Security, Custodian may release the identity of the Fund to an
issuer which requests such information pursuant to the Shareholder
Communications Act of 1985 for the specific purpose of direct communications
between such issuer and shareholder. With respect to Securities issued outside
of the United States, information shall be released only if required by law or
regulation or market practice of the particular country in which the Securities
are located.


ARTICLE IV

PURCHASE AND SALE OF SECURITIES;

CREDITS TO ACCOUNT


          1. Promptly
after each purchase or sale of Securities by the Fund, the Fund shall deliver
to Custodian a Certificate or Instructions, or with respect to a purchase or
sale of a Security generally required to be settled on the same day the
purchase or sale is made, Oral Instructions specifying all information
Custodian may reasonably request to settle such purchase or sale. Custodian
shall account for all purchases and sales of Securities on the actual
settlement date unless otherwise agreed by Custodian.


          2. The Fund
understands that when Custodian is instructed to deliver Securities against
payment, delivery of such Securities and receipt of payment therefor may not be
completed simultaneously. Notwithstanding any provision in this Agreement to
the contrary, settlements, payments and deliveries of Securities may be
effected by Custodian or any Subcustodian in accordance with the customary or
established securities trading or securities processing practices and
procedures in the jurisdiction in which the transaction occurs, including,
without limitation, delivery to a purchaser or dealer therefor (or agent)
against receipt with the expectation of receiving later payment for such
Securities. The Fund assumes full responsibility for all risks, including,
without limitation, credit risks, involved in connection with such deliveries
of Securities.


          3.
Custodian may, as a matter of bookkeeping convenience or by separate agreement with the Fund,
credit the Account with the proceeds from the sale, redemption or other
disposition of Securities or interest, dividends or other distributions payable
on 


9





Securities prior to its actual receipt of final payment therefor. All
such credits shall be conditional
until Custodian is actual receipt of final payment and may be reversed by Custodian to the extent that
final payment is not received. Payment with respect to a transaction will not
be “final” until Custodian shall have received immediately available funds
which under applicable local law, rule and/or practice are irreversible and not
subject to any security interest, levy or other encumbrance, and which are
specifically applicable to such transaction.


ARTICLE V

OVERDRAFTS OR INDEBTEDNESS 


          1. If
Custodian in its sole discretion advances funds in any currency hereunder or
there shall arise for whatever reason an overdraft in an Account (including,
without limitation, overdrafts incurred in connection with the settlement of
securities transactions, funds transfers or foreign exchange transactions) or
if a Series is for any other reason indebted to Custodian, the Series agrees to
repay Custodian on demand the amount of the advance, overdraft or indebtedness
plus accrued interest at a rate ordinarily charged by Custodian to its
institutional custody customers in the relevant currency.


          2. In order
to secure repayment of a Series’ obligations to Custodian hereunder, the Series
hereby pledges and grants to Custodian a continuing lien and security interest
in, and right of set-off against, all of Customer’s right, title and interest
in and to the Accounts and the Securities, money and other property now or
hereafter held in the Accounts (including proceeds thereof), and any other
property at any time held by it for the account of each respective Series
listed on Exhibit A. In this regard, Custodian shall be entitled to all the
rights and remedies of a pledgee and secured creditor under applicable laws,
rules or regulations as then in effect.


ARTICLE VI

SALE AND REDEMPTION OF SHARES 


          Custodian
shall, upon receipt of instructions from the Transfer Agent, make funds and
securities available for payment to, or in accordance with the instructions of,
the Transfer Agent for the redemption or repurchase of shares of the Fund
(“Shares”) which shall have been accepted by the Transfer Agent. The Custodian
will transfer any Securities to or on the order of the person identified by the
Transfer Agent in the manner specified by the Transfer Agent (either through
the Depository Trust Company (“DTC”) or otherwise). Any cash redemption payment
(less any applicable cash redemption transaction fees) shall be effected as
specified by the Transfer Agent either through DTC or through wire transfer in
the case of redemptions effected outside of DTC.


ARTICLE VII

PAYMENT OF DIVIDENDS OR DISTRIBUTIONS 


          1. Whenever
the Fund shall determine to pay a dividend or distribution on Shares it shall
furnish to Custodian Instructions or a Certificate setting forth with respect
to the Series 


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specified therein the date of the declaration of such dividend or
distribution, the total amount payable, and the payment date.


          2. Upon the
payment date specified in such Instructions or Certificate, Custodian shall pay
out of the money held for the account of such Series the total amount payable
to the dividend agent of the Fund specified therein.


ARTICLE VIII

CONCERNING CUSTODIAN


          1. (a)
Except as otherwise expressly provided herein, Custodian shall not be liable
for any costs, expenses, damages, liabilities or claims, including reasonable
attorneys’ and accountants’ fees (collectively, “Losses”), incurred by or
asserted against the Fund, except those Losses arising out of Custodian’s own
negligence or willful misconduct. Custodian shall have no liability whatsoever
for the action or inaction of any Depositories. With respect to any Losses
incurred by the Fund as a result
of the acts or any failures to act by any Subcustodian (other than a BNY
Affiliate), Custodian shall take appropriate action to recover such Losses from
such Subcustodian; and Custodian’s sole responsibility and.
liability to the Fund shall be limited to amounts so received from such
Subcustodian (exclusive of costs and expenses incurred by Custodian). In no
event shall Custodian be liable to the Fund or any third party for special,
indirect or consequential damages, or lost profits or loss of business, arising
in connection with this Agreement, except Custodian shall indemnify the Fund
against direct money damages caused by Custodian’s own negligence or willful
misconduct, nor shall the Custodian or any Subcustodian be liable: (i) for
acting in accordance with any Certificate or Oral Instructions actually
received by Custodian and reasonably believed by Custodian to be given by an
Authorized Person; (ii) for acting in accordance with Instructions without
reviewing the same; (iii) for conclusively presuming that all Instructions
are given only by person(s) duly authorized; (iv) for conclusively
presuming that all disbursements of cash directed by the Fund, whether by a
Certificate, an Oral Instruction, or an Instruction, are in accordance with
Section 2(h) of Article II hereof; (v) for holding property in any
particular country, including, but not limited to, Losses resulting from
nationalization; expropriation or other governmental actions; regulation of the
banking or securities industry; exchange or currency controls or restrictions,
devaluations or fluctuations; availability of cash or Securities
or market conditions which prevent the transfer of property or execution of
Securities transactions or affect the value of property; (vi) for any
Losses due to forces beyond the control of Custodian, including without
limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution,
nuclear or natural catastrophes or acts of God, or interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; (vii) for the insolvency of any Subcustodian (other than a BNY
Affiliate) or, except to the extent such action or inaction is a direct result
of the Custodian’s failure to fulfill its duties hereunder, any Depository; or
(viii) for any Losses arising from the applicability of any law or
regulation now or hereafter in effect, or from the occurrence of any event,
including, without limitation, implementation or adoption of any rules or
procedures of a Depository, which may affect, limit, prevent or impose costs or
burdens on, the transferability, convertibility, or availability of any
currency or Composite Currency Unit in 


11





any country or on the transfer of any Securities, and in no event shall
Custodian be obligated to substitute another currency for a currency
(including a currency that is a component of a Composite Currency Unit) whose
transferability, convertibility or availability has been affected, limited, or
prevented by such law, regulation or event, and to the extent that any such
law, regulation or event imposes a cost or charge upon Custodian in relation to
the transferability, convertibility, or availability of any cash currency or
Composite Currency Unit, such cost or charge shall be for the account of the
Fund, and Custodian may treat any account denominated in an affected currency
as a group of separate accounts denominated in the relevant component
currencies.


                    (b)
Custodian may enter into subcontracts, agreements and understandings with any
BNY Affiliate, whenever and on such terms and conditions as it deems necessary
or appropriate to perform its services hereunder. No such subcontract,
agreement or understanding shall discharge Custodian from its obligations
hereunder.


                    (c)
The Fund agrees to indemnify Custodian and hold Custodian harmless from and
against any and all Losses sustained or incurred by or asserted against
Custodian by reason of or as a result of any action or inaction, or arising out
of Custodian’s performance hereunder, including reasonable fees and expenses of
counsel incurred by Custodian in a successful defense of claims by the Fund; provided
however, that
the Fund shall not indemnify Custodian for those Losses arising out of
Custodian’s own negligence or willful misconduct. This indemnity shall be a
continuing obligation of the Fund, its successors and assigns, notwithstanding
the termination of this Agreement.


                    (d)
Custodian agrees and consents (the “Consent”) to look solely to the assets (the
“Series Assets”) of the particular Series in controversy for payment in respect
of any claim against or obligation of such Series. The Series Assets include
only those funds and other assets that are paid, held or distributed to the
Fund on account of and for the benefit of that particular Fund, including,
without limitation, funds delivered to the Fund for the purchase of Shares in
such Series. In furtherance of the Consent, Custodian agrees that any debts,
liabilities, obligations, indebtedness, expenses and claims of any nature and
of all kinds and descriptions (collectively, “Claims”) against a Series
incurred, contracted for or otherwise existing shall be subject to the
following limitations:


                              
(i) The Claims of Custodian shall only be asserted and enforceable against a
particular Series and the Series Assets of such Series and such Claims shall
not be asserted or enforceable for any reason whatsoever against any other
Series, the Fund generally or any of their respective assets;


                              (ii)
if the Claims of Custodian against a Series or the Fund are secured in whole or
in part, Custodian hereby waives (under Section 1111(b) of the U.S. Bankruptcy
Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which
deficiency Claims may arise in the event such security is inadequate to satisfy
such Claims) treated as unsecured Claims against the Fund or any Series (other
than the Series against which the Claim is made), as the case may be; and


12





                    (e)
the foregoing Consent shall apply at all times notwithstanding that the Claims
are satisfied and notwithstanding that the agreements in respect of such Claims
are terminated, rescinded or canceled.


                    (f)
It is expressly acknowledged and agreed that the obligations of each Series
hereunder shall not be binding upon any shareholder, Trustee, officer, employee
or agent of such Series, personally. This Agreement has been duly authorized,
executed and delivered by each Series and neither such authorization nor such
execution and delivery shall be deemed to have been made by any of them
individually or to impose any liability on any of them personally.


          2. Without
limiting the generality of the foregoing, Custodian shall be under no
obligation to inquire into, and shall not be liable for:


                    (a)
Any Losses incurred by the Fund or any other person as a result of the receipt
or acceptance of fraudulent, forged or invalid Securities, or Securities which
are otherwise not freely transferable or deliverable without encumbrance in any
relevant market;


                    (b)
The validity of the issue of any Securities purchased, sold, or written by or
for the Fund, the legality of the purchase, sale or writing thereof, or the
propriety of the amount paid or received therefor;


                    (c)
The legality of the sale or redemption of any Shares, or the propriety of the
amount to be received or paid therefor;


                    (d)
The legality of the declaration or payment of any dividend or distribution by
the Fund;


                    (e)
The legality of any borrowing by the Fund;


                    (f)
The legality of any loan of portfolio Securities, nor shall Custodian be under
any duty or obligation to see to it that any cash or collateral delivered to it
by a broker, dealer or financial institution or held by it at any time as a
result of such loan of portfolio Securities is adequate security for the Fund
against any loss it might sustain as a result of such loan, which duty or
obligation shall be the sole responsibility of the Fund. In addition, Custodian
shall be under no duty or obligation to see that any broker, dealer or
financial institution to which portfolio Securities of the Fund are lent makes
payment to if of any dividends or interest which are payable to or for the
account of the Fund during the period of such loan or at the termination of
such loan, provided, however that Custodian shall promptly notify the Fund in
the event that such dividends or interest are not paid and received when due;


                    (g)
The sufficiency or value of any amounts of money and/or Securities held in any
Special Account in connection with transactions by the Fund; whether any
broker, dealer, futures commission merchant or clearing member makes payment to
the Fund of any variation margin payment or similar payment which the Fund may
be entitled to receive from 


13





such broker, dealer, futures commission merchant or clearing member, or
whether any payment received by Custodian from any broker, dealer, futures
commission merchant or clearing member is the amount the Fund is entitled to
receive, or to notify the Fund o Custodian’s receipt or non-receipt of any such
payment; or


                    (h)
Whether any Securities at any time delivered to, or held by it or by any
Subcustodian, for the account of the Fund and specifically allocated to a
Series are such as properly may be held by the Fund or such Series under the
provisions of its then current prospectus and statement of additional
information, or to ascertain whether any transactions by the Fund, whether or
not involving Custodian, are such transactions as may properly be engaged in by
the Fund.


          3.
Custodian may, with respect to questions of law specifically regarding an
Account, obtain the advice of outside counsel and shall be fully protected with
respect to anything done or omitted by it in good faith in conformity with such
advice.


          4.
Custodian shall be under no obligation to take action to collect any amount
payable on Securities in
default, or if payment is refused after due demand and presentment.


          5.
Custodian shall have no duty or responsibility to inquire into, make
recommendations, supervise, or determine the suitability of any transactions
affecting any Account.


          6. The Fund
shall pay to Custodian the fees and charges as may be specifically agreed upon
from time to time and such other fees and charges at Custodian’s standard rates
for such services as may be applicable. The Fund shall reimburse Custodian for
all costs associated with the conversion of the Fund’s Securities hereunder and
the transfer of Securities and records kept in connection with this Agreement.
The Fund shall also reimburse Custodian for out-of-pocket expenses which are a
normal incident of the services provided hereunder.


          7.
Custodian has the right to debit any cash account for any amount payable by the
Fund in connection with any and all obligations of the Fund to Custodian. In
addition to the rights of Custodian under applicable law and other agreements,
at any time when the Fund shall not have honored any of its obligations to
Custodian, Custodian shall have the right upon notice to the Fund to retain or
set-off, against such obligations of the Fund, any Securities or cash Custodian
or a BNY Affiliate may directly or indirectly hold for the account of the Fund,
and any obligations (whether matured or unmatured) that Custodian or a BNY
Affiliate may have to the Fund in any currency or Composite Currency Unit. Any
such asset of, or obligation to, the Fund may he transferred to Custodian and
any BNY Affiliate in order to effect the above rights.


          8. The Fund
agrees to forward to Custodian a Certificate or Instructions confirming Oral
Instructions by the close of business of the same day that such Oral Instructions
are given to Custodian. The Fund agrees that the fact that such confirming
Certificate or Instructions are not received or that a contrary Certificate or
contrary 


14





Instructions are received by Custodian shall in no way affect the
validity or enforceability of transactions authorized by such Oral Instructions
and effected by Custodian. If the Fund elects to transmit Instructions through
an on-line communications system offered by Custodian, the Fund’s use thereof
shall be subject to the Terms and Conditions attached as Appendix I hereto, and
Custodian shall provide user and authorization codes, passwords and
authentication keys only to an Authorized Person or a person reasonably
believed by Custodian to be an Authorized Person.


          9. The
books and records pertaining to the Fund which are in possession of Custodian
shall be the property of the Fund. Such books and records shall be prepared and
maintained as required by the ‘40 Act and the rules thereunder. The Fund, or
its authorized representatives, shall have access to such books and records
during Custodian’s normal business hours. Upon the reasonable request of the
Fund, copies of any such books and records shall be provided by Custodian to
the Fund or its authorized representative. Upon the reasonable request of the
Fund, Custodian shall provide in hard copy or on computer disc any records
included in any such delivery which are maintained by Custodian on a computer
disc, or are similarly maintained.


          10. It is
understood that Custodian is authorized to supply any information regarding the
Accounts which is required by any law, regulation or rule now or hereafter in
effect. The Custodian shall provide the Fund with any report obtained by the
Custodian on the system of internal accounting control of a Depository, and
with such reports on its own system of internal accounting control as the Fund
may reasonably request from time to time.


          11.
Custodian represents that it has established and implemented a disaster
recovery plan and back-up system reasonably designed to satisfy the
requirements of all applicable law, rules, and regulations and which is
reasonable under the circumstances. Provided that the foregoing representation
has remained true and correct at the time of a failure as contemplated in this
Section, Custodian shall not be responsible or liable for any failure or delay
in the 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; sabotage; epidemics; riots; interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications
service; accidents; labor disputes; acts of civil or military authority or
governmental actions, it also being understood that Custodian shall use
commercially reasonable efforts to resume performance as soon as practicable
under the circumstances.


          12.
Custodian shall have no duties or responsibilities whatsoever except such
duties and responsibilities as are specifically set forth in this Agreement,
and no covenant or obligation shall be implied against Custodian in connection
with this Agreement.


15





ARTICLE IX

TERMINATION


          1. Either
of the parties hereto may terminate this Agreement by giving to the other party
a notice in writing specifying the date of such termination, which shall be not
less than ninety (90) days after the date of giving of such notice. Upon
termination hereof, the notifying Series shall pay to Custodian such
compensation as may be due to Custodian, and shall likewise reimburse Custodian
for other amounts payable or reimbursable to Custodian hereunder. Custodian
shall follow such reasonable Instructions concerning the transfer of custody of
records, Securities and other items as the Series shall give; provided, that
(a) Custodian shall have no liability for shipping and insurance costs
associated therewith, and (b) full payment shall have been made to
Custodian of its compensation, costs, expenses and other amounts to which it is
entitled hereunder. If any Securities or cash remain in any Account, Custodian
may deliver to the Series such Securities and cash. Except as otherwise
provided herein, all obligations of the parties to each other hereunder shall
cease upon termination of this Agreement. Termination of this Agreement by any
individual Series shall not constitute termination by any other Series unless
separate notice is given.


ARTICLE X

MISCELLANEOUS


          1. The Fund
agrees to furnish to Custodian a new Certificate of Authorized Persons in the
event of any change in the then present Authorized Persons. Until such new
Certificate is received, Custodian shall be fully protected in acting upon
Certificates or Oral Instructions or such present Authorized Persons.


          2. Any
notice or other instrument in writing, authorized or required by this Agreement
to be given to Custodian, shall be sufficiently given if addressed to Custodian
and received by it as its offices at One Wall Street, New York, New York 10286,
or at such other place as Custodian may from time to time designate in writing.


          3. Any
notice or other instrument in writing authorized or required by this Agreement
to be given to the Fund shall be sufficiently given if addressed to the Fund
and received by it at its offices at 335 Madison Avenue, New York, New York
10017, or at such other place as the Fund may from time to time designate in
writing.


          4. Each and
every right granted to either party hereunder or under any other document
delivered hereunder or in connection herewith, or allowed it by law or equity,
shall be cumulative and may be exercised from time to time. No failure on the
part of either party to exercise, and no delay in exercising, any right will
operate as a waiver thereof, nor will any single or partial exercise by either party of any
right preclude any other or future exercise thereof or the exercise of any
other right.


          5. In case
any provision in or obligation under this Agreement shall be invalid, illegal
or unenforceable in any exclusive jurisdiction, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected thereby. This
Agreement may not 


16





be amended or modified in any manner except by a written agreement executed by both parties, except that
any amendment to the Schedule I hereto need be signed only by the Fund and any amendment to Appendix I hereto
need be signed only by Custodian. This Agreement shall extend to and shall be
binding upon the parties hereto, and their respective successors and assigns;
provided, however., that this Agreement shall not be assignable by
either party without the written consent of the other.


          6. This
Agreement shall be construed in accordance with the substantive laws of the
State of New York, without regard to conflicts of laws principles thereof. The
Fund and Custodian hereby consent to the jurisdiction of a state or federal
court situated in New York City, New York in connection with any dispute
arising hereunder. The Fund hereby irrevocably waives, to the fullest extent
permitted by applicable law, any objection which it may now or hereafter have
to the laying of venue of any such proceeding brought in such a court and any
claim that such proceeding brought in such a court has been brought in an
inconvenient forum. The Fund and Custodian each hereby irrevocably waives any
and all rights to trial by jury in any legal proceeding arising out of or
relating to this Agreement.


          7. 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.


          IN WITNESS WHEREOF, the Fund and Custodian
have caused this Agreement to be executed by their respective officers,
thereunto duly authorized, as of the day and year first above written.


	
  

 	
  

 	
  

 
	
  

 	
 MARKET VECTORS COMMODITY TRUST,

 on behalf of each Fund listed on Exhibit A

 By: Van Eck Absolute Return Advisers Corp.,

 its Managing Owner

 






	
  

 	
  

 	
  

 
	
  

 	
 By:

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
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 Tax
 Identification No:

 
	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON

 
	
  

 	
  

 	
  

 
	
  

 	
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17





APPENDIX I


THE BANK OF NEW YORK MELLON


ON-LINE COMMUNICATIONS SYSTEM (THE “SYSTEM”)


TERMS AND CONDITIONS


          1. License;
Use. Upon delivery to an Authorized Person or a person reasonably believed
by Custodian to be an Authorized Person of the Fund of software enabling the
Fund to obtain access to the System (the “Software”), Custodian grants to the
Fund a personal, nontransferable and nonexclusive license to use the Software
solely for the purpose of transmitting Instructions, receiving reports, making
inquiries or otherwise communicating with Custodian in connection with the
Account(s). The Fund shall use the Software solely for its own internal and
proper business purposes and not in the operation of a service bureau. Except
as set forth herein, no license or right of any kind is granted to the Fund
with respect to the Software. The Fund acknowledges that Custodian and its
suppliers retain and have title and exclusive proprietary rights to the
Software, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to
any copyrights, trademarks and patents (including registrations and
applications for registration of either), or other statutory or legal
protections available in respect thereof. The Fund further acknowledges that
all or a part of the Software may be copyrighted or trademarked (or a
registration or claim made therefor) by Custodian or its suppliers. The Fund
shall not take any action with respect to the Software inconsistent with the
foregoing acknowledgments, nor shall you attempt to decompile, reverse engineer
or modify the Software. The Fund may not copy, sell, lease or provide, directly
or indirectly, any of the Software or any portion thereof to any other person
or entity without Custodian’s prior written consent. The Fund may not remove
any statutory copyright notice or other notice included in the Software or on
any media containing the Software. The Fund shall reproduce any such notice on
any reproduction of the Software and shall add any statutory copyright notice
or other notice to the Software or media upon Custodian’s request. 


          2. Equipment.
The Fund shall obtain and maintain at its own cost and expense all equipment
and services, including but not limited to communications services, necessary
for it to utilize the Software and obtain access to the System, and Custodian
shall not be responsible for the reliability or availability of any such
equipment or services. 


          3. Proprietary
information. The Software, any data base and any proprietary data,
processes, information and documentation made available to the Fund (other than
which are or become part of the public domain or are legally required to be
made available to the public) (collectively, the “Information”), are the
exclusive and confidential property of Custodian or its suppliers. The Fund
shall keep the Information confidential by using the same care and discretion
that the Fund uses with respect to its own confidential property and trade
secrets, but not less than reasonable care. Upon termination of the Agreement
or the Software license granted herein for any reason, the Fund shall return to
Custodian any and all copies of the Information which are in its possession or
under its control.  





          4. Modifications.
Custodian reserves the right to modify the Software from time to time and the
Fund shall install new releases of the Software as Custodian may direct. The
Fund agrees not to modify or attempt to modify the Software without Custodian’s
prior written consent. The Fund acknowledges that any modifications to the
Software, whether by the Fund or Custodian and whether with or without
Custodian’s consent, shall become the property of Custodian. 


          5. NO
REPRESENTATIONS OR WARRANTIES. CUSTODIAN AND ITS MANUFACTURERS AND
SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE,
SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT
NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. THE FUND ACKNOWLEDGES THAT THE SOFTWARE, SERVICES AND ANY DATABASE ARE
PROVIDED “AS IS.” IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ANY
DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY
INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IT
CUSTODIAN OR SUCH SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE
OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF
COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR
CAUSE BEYOND THEIR REASONABLE CONTROL. 


          6. Security; Reliance;
Unauthorized Use. The Fund will cause all persons utilizing the Software
and System to treat all applicable user and authorization codes, passwords and
authentication keys with extreme care, and it will establish internal control
and safekeeping procedures to restrict the availability of the same to persons
duly authorized to give Instructions. Custodian is hereby irrevocably
authorized to act in accordance with and rely on Instructions received by it
through the System. The Fund acknowledges that it is its sole responsibility to
assure that only persons duly authorized use the System and that Custodian
shall not be responsible nor liable for any unauthorized use thereof. 


          7. System
Acknowledgments. Custodian shall acknowledge through the System its receipt
of each transmission communicated through the System, and in the absence of
such acknowledgment Custodian shall not be liable for any failure to act in
accordance with such transmission and the Fund may not claim that such
transmission was received by Custodian. 


          8. EXPORT
RESTRICTIONS. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW.
THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT, TRANSFER, TRANSSHIP OR
OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF
CUSTODIAN DELIVERED THE SOFTWARE TO THE FUND OUTSIDE OF THE UNITED STATES, THE
SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN ACCORDANCE WITH THE EXPORTER
ADMINISTRATION REGULATIONS. 


App I-2





DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby
authorizes Custodian to report its name and address to government agencies to
which Custodian is required to provide such information by law. 


          9. ENCRYPTION.
The Fund acknowledges and agrees that encryption may not be available for every
communication through the System, or for all data. The Fund agrees that Custodian may deactivate any
encryption features at any time, without notice or liability to the Fund, for
the purpose of maintaining, repairing or troubleshooting the System or the
Software.


App I-3





SCHEDULE I


CERTIFICATE OF AUTHORIZED PERSONS


(The Fund - Oral Instructions and
Instructions)


          I,                              ,
of Van Eck Absolute Return Advisers Corp., a corporation organized under the laws
of Delaware (the “Managing Owner”), as managing owner of Market Vectors
Morningstar Long/Flat Commodity ETF and Market Vectors Morningstar Long/Short
Commodity ETF, each a series of Market Vectors Commodity Trust (each, a
“Fund”), do hereby certify that: 


          The following individuals hold the following
titles with the Managing Owner, and the signatures set forth opposite their
respective names are their true and correct signatures. Each such person is
authorized to give written or oral instructions or written or oral
specifications by or on behalf of a Fund to BNYM. 


	
  

 	
  

 	
  

 	
  

 	
  

 
	 

 	
  

 	 

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
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          This
certificate supersedes any certificate of Authorized Persons you may currently
have on file 


	
  

 	
  

 	
  

 
	
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 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Title

 


Sch I-1





SCHEDULE II 

as of     , 2013


Market Vectors Low Volatility Commodity ETF, a series of Market Vectors
Commodity Trust

Market Vectors Long/Short Commodity ETF, a series of Market
Vectors Commodity Trust 


Sch. II