<![CDATA[FORM OF FOURTH AMENDED & RESTATED DECLARATION OF TRUST & TRUST AGREEMENT]]>



 Exhibit 4.1 

 
  
 FOURTH AMENDED AND RESTATED 
 DECLARATION OF TRUST 

AND 

TRUST AGREEMENT 
 OF 
 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

 
 Dated as of November 12, 2012 

 
 By and Among 

 
 DB COMMODITY SERVICES LLC 

 
 WILMINGTON TRUST COMPANY 

 
 and 
  
 THE UNITHOLDERS 
  

from time to time hereunder 







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS; THE TRUST	 
			
	 SECTION 1.1.
	 	 Definitions
	  	 	1	 
	 SECTION 1.2.
	 	 Name
	  	 	9	 
	 SECTION 1.3.
	 	 Delaware Trustee; Business Offices
	  	 	9	 
	 SECTION 1.4.
	 	 Declaration of Trust
	  	 	9	 
	 SECTION 1.5.
	 	 Purposes and Powers
	  	 	10	 
	 SECTION 1.6.
	 	 Tax Treatment
	  	 	10	 
	 SECTION 1.7.
	 	 General Liability of the Managing Owner
	  	 	11	 
	 SECTION 1.8.
	 	 Legal Title
	  	 	11	 
	 SECTION 1.9.
	 	 Series Trust
	  	 	11	 
	
	ARTICLE II	  
	
	THE TRUSTEE	 
			
	 SECTION 2.1.
	 	 Term; Resignation
	  	 	12	 
	 SECTION 2.2.
	 	 Powers
	  	 	12	 
	 SECTION 2.3.
	 	 Compensation and Expenses of the Trustee
	  	 	12	 
	 SECTION 2.4.
	 	 Indemnification
	  	 	12	 
	 SECTION 2.5.
	 	 Successor Trustee
	  	 	13	 
	 SECTION 2.6.
	 	 Liability of Trustee
	  	 	13	 
	 SECTION 2.7.
	 	 Reliance; Advice of Counsel
	  	 	14	 
	 SECTION 2.8.
	 	 Payments to the Trustee
	  	 	15	 
	
	ARTICLE III	  
	
	CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION BASKETS	 
			
	 SECTION 3.1.
	 	 General
	  	 	15	 
	 SECTION 3.2.
	 	 Establishment of Series, or Funds, of the Trust
	  	 	16	 
	 SECTION 3.3.
	 	 Establishment of Classes and Sub-Classes
	  	 	17	 
	 SECTION 3.4.
	 	 Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets
	  	 	17	 
	 SECTION 3.5.
	 	 Book-Entry-Only System, Fund Global Securities
	  	 	19	 
	 SECTION 3.6.
	 	 Assets
	  	 	22	 
	 SECTION 3.7.
	 	 Liabilities of Funds
	  	 	22	 
	 SECTION 3.8.
	 	 Distributions
	  	 	24	 
	 SECTION 3.9.
	 	 Voting Rights
	  	 	24	 
	 SECTION 3.10.
	 	 Equality
	  	 	25	 


  
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	ARTICLE IV	  
	
	THE MANAGING OWNER	 
			
	 SECTION 4.1.
	 	 Management of the Trust
	  	 	25	 
	 SECTION 4.2.
	 	 Authority of Managing Owner
	  	 	25	 
	 SECTION 4.3.
	 	 Obligations of the Managing Owner
	  	 	26	 
	 SECTION 4.4.
	 	 General Prohibitions
	  	 	28	 
	 SECTION 4.5.
	 	 Liability of Covered Persons
	  	 	29	 
	 SECTION 4.6.
	 	 Fiduciary Duty
	  	 	29	 
	 SECTION 4.7.
	 	 Indemnification of the Managing Owner
	  	 	31	 
	 SECTION 4.8.
	 	 Expenses and Limitations Thereon
	  	 	32	 
	 SECTION 4.9.
	 	 Compensation to the Managing Owner
	  	 	33	 
	 SECTION 4.10.
	 	 Other Business of Unitholders
	  	 	33	 
	 SECTION 4.11.
	 	 Voluntary Withdrawal of the Managing Owner
	  	 	33	 
	 SECTION 4.12.
	 	 Authorization of Registration Statements
	  	 	34	 
	 SECTION 4.13.
	 	 Litigation
	  	 	34	 
	
	ARTICLE V	  
	
	TRANSFERS OF UNITS	 
			
	 SECTION 5.1.
	 	 General Prohibition
	  	 	34	 
	 SECTION 5.2.
	 	 Transfer of Managing Owner’s General Units
	  	 	34	 
	 SECTION 5.3.
	 	 Transfer of Limited Units
	  	 	35	 
	
	ARTICLE VI	  
	
	CAPITAL ACCOUNTS; ALLOCATIONS	 
			
	 SECTION 6.1.
	 	 Capital Accounts
	  	 	35	 
	 SECTION 6.2.
	 	 Periodic Closing of Books
	  	 	36	 
	 SECTION 6.3.
	 	 Periodic Allocations
	  	 	36	 
	 SECTION 6.4.
	 	 Code Section 754 Adjustments
	  	 	37	 
	 SECTION 6.5.
	 	 Allocation of Profit and Loss for U.S. Federal Income Tax Purposes
	  	 	37	 
	 SECTION 6.6.
	 	 Effect of Section 754 Election
	  	 	38	 
	 SECTION 6.7.
	 	 Admissions of Unitholders; Transfers
	  	 	38	 
	 SECTION 6.8.
	 	 Allocation of Distributions
	  	 	39	 
	 SECTION 6.9.
	 	 Liability for State and Local and Other Taxes
	  	 	39	 
	 SECTION 6.10.
	 	 Consent to Methods
	  	 	39	 
	
	ARTICLE VII	  
	
	REDEMPTIONS	 
			
	 SECTION 7.1.
	 	 Redemption of Redemption Baskets
	  	 	40	 
	 SECTION 7.2.
	 	 Other Redemption Procedures
	  	 	41	 


  
 ii 










							
	
	ARTICLE VIII	  
	
	THE LIMITED OWNERS	 
			
	 SECTION 8.1.
	 	 No Management or Control; Limited Liability; Exercise of Rights through DTC
	  	 	41	 
	 SECTION 8.2.
	 	 Rights and Duties
	  	 	42	 
	 SECTION 8.3.
	 	 Limitation on Liability
	  	 	43	 
	
	ARTICLE IX	  
	
	BOOKS OF ACCOUNT AND REPORTS	 
			
	 SECTION 9.1.
	 	 Books of Account
	  	 	44	 
	 SECTION 9.2.
	 	 Annual Reports and Monthly Statements
	  	 	44	 
	 SECTION 9.3.
	 	 Tax Information
	  	 	44	 
	 SECTION 9.4.
	 	 Calculation of Net Asset Value
	  	 	44	 
	 SECTION 9.5.
	 	 Maintenance of Records
	  	 	45	 
	 SECTION 9.6.
	 	 Certificate of Trust
	  	 	45	 
	
	ARTICLE X	  
	
	FISCAL YEAR	 
			
	 SECTION 10.1.
	 	 Fiscal Year
	  	 	45	 
	
	ARTICLE XI	  
	
	AMENDMENT OF TRUST AGREEMENT; MEETINGS	 
			
	 SECTION 11.1.
	 	 Amendments to this Trust Agreement
	  	 	45	 
	 SECTION 11.2.
	 	 Meetings of the Trust or the Funds
	  	 	47	 
	 SECTION 11.3.
	 	 Action Without a Meeting
	  	 	47	 
	
	ARTICLE XII	  
	
	TERM	 
			
	 SECTION 12.1.
	 	 Term
	  	 	48	 
	
	ARTICLE XIII	  
	
	TERMINATION	 
			
	 SECTION 13.1.
	 	 Events Requiring Dissolution of the Trust or any Fund
	  	 	48	 
	 SECTION 13.2.
	 	 Distributions on Dissolution
	  	 	49	 
	 SECTION 13.3.
	 	 Termination; Certificate of Cancellation
	  	 	50	 


  
 iii










							
	
	ARTICLE XIV	  
	
	 POWER OF ATTORNEY

 
	  
 

	 SECTION 14.1.
	 	 Power of Attorney Executed Concurrently
	  	 	50	 
	 SECTION 14.2.
	 	 Effect of Executing and Submitting the Purchase Order Subscription Agreement
	  	 	51	 
	 SECTION 14.3.
	 	 Limitation on Power of Attorney
	  	 	51	 
	
	ARTICLE XV	  
	
	MISCELLANEOUS	 
	 SECTION 15.1.
	 	 Governing Law
	  	 	52	 
	 SECTION 15.2.
	 	 Provisions In Conflict With Law or Regulations
	  	 	52	 
	 SECTION 15.3.
	 	 Construction
	  	 	53	 
	 SECTION 15.4.
	 	 Notices
	  	 	53	 
	 SECTION 15.5.
	 	 Counterparts
	  	 	53	 
	 SECTION 15.6.
	 	 Binding Nature of Trust Agreement
	  	 	53	 
	 SECTION 15.7.
	 	 No Legal Title to Trust Estate
	  	 	53	 
	 SECTION 15.8.
	 	 Creditors
	  	 	53	 
	 SECTION 15.9.
	 	 Integration
	  	 	54	 
	 SECTION 15.10.
	 	 Goodwill; Use of Name
	  	 	54	 
	
	 EXHIBIT A
	   

	 Certificate of Trust
	  	 	A-1	  
			
	 EXHIBIT B
	 		  			
	 Description of the Indexes
	  	 	B-1	  
			
	 EXHIBIT C
	 		  			
	 Form of Global Certificate
	  	 	C-1	  
			
	 EXHIBIT D
	 		  			
	 Form of Participant Agreement
	  	 	D-1	  


  
 iv 









 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

 
  
 FOURTH AMENDED AND RESTATED 
 DECLARATION OF TRUST 

AND TRUST AGREEMENT 
  

This FOURTH AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of POWERSHARES DB
MULTI-SECTOR COMMODITY TRUST is made and entered into as of the 12th day of November, 2012, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company, WILMINGTON TRUST COMPANY, a Delaware banking corporation, as trustee, and the
UNITHOLDERS from time to time hereunder. This Trust Agreement is effective as of the date hereof, except with regard to Section 1.6(c), which is effective as of January 1, 2012. 

 

*            *           
 * 
  
 RECITALS 

 
 WHEREAS, the Managing Owner and the Trustee
entered into the Third Amended and Restated Declaration of Trust and Trust Agreement dated as of November 12, 2012 (as amended from time to time, the “Existing Agreement”); and 

 
 WHEREAS, the Trustee and the Managing Owner
desire to amend the Existing Agreement pursuant to Section 11.1(b)(iii) thereof to make the amendments effectuated hereby. 
  

NOW, THEREFORE, pursuant to Section 11.1(b)(iii) of the Existing Agreement, the Trustee and the Managing Owner
hereby amend and restate the Existing Agreement in its entirety as set forth below. 
  
 ARTICLE I 
  
 DEFINITIONS; THE TRUST 
  
 SECTION 1.1.         Definitions.  As used in this Trust Agreement, the following terms shall have the following meanings unless the context
otherwise requires: 
  

“Adjusted Capital Account” means, for each Fund, as of the last day of a taxable period, a
Unitholder’s Capital Account as maintained pursuant to Section 6.1, increased by any amounts which such Unitholder is obligated to restore pursuant to any provision of this Trust Agreement or is deemed to be obligated to restore pursuant
to Treasury Regulation section 1.704-2 and decreased by the amount of all losses and deductions that, as of the end of the taxable period, are reasonably expected to be allocated to such Unitholder in subsequent years under sections 704(e)(2) and
706(d) of the Code and the amount of all distributions that, as of the end of such taxable period, are reasonably expected to be made to such Unitholder in subsequent years in accordance with the terms of this Trust Agreement or otherwise to the
extent they exceed offsetting increases to such Capital Account that are reasonably expected to occur during or prior to the year in which such distributions are reasonably expected to be made. The foregoing definition of Adjusted Capital Account is
intended to comply with the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

  
 1 








 “Adjusted Property” means any property the adjusted basis
of which has been adjusted pursuant to Sections 6.1(a) and (b). 
  
 “Administrator” means any Person from time to time engaged to perform administrative services for the Trust pursuant to authority delegated by the Managing Owner. 

 
 “Affiliate” – An
“Affiliate” of a “Person” means (i) 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) 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) any Person, directly or indirectly, controlling, controlled by or under common control with such Person,
(iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 

 
 “Basket” means a Creation
Basket or a Redemption Basket, as the context may require. 
  
 “Beneficial Owners” shall have the meaning assigned to such term in Section 3.5(d). 
  

“Book-Tax Disparity” means with respect to any item of Adjusted Property, as of the date of any
determination, the difference between the adjusted value of such property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. For each Fund, a Unitholder’s portion of such Fund’s Book-Tax Disparities
in all of its Adjusted Property will be reflected by the difference between such Unitholder’s Capital Account balance as maintained pursuant to Section 6.1 and the hypothetical balance of such Unitholder’s Capital Account computed as
if it had been maintained strictly in accordance with U.S. federal income tax accounting principles. 
  

“Business Day” means any day other than a day when banks in New York City are required or permitted to be
closed. 
  
 “Capital
Account” means the capital account maintained for a Unitholder pursuant to Section 6.1. 
  

“Capital Contributions” means the amounts of cash contributed and agreed to be contributed to the Trust
by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 
  

“CE Act” means the Commodity Exchange Act, as amended. 

 
 “Certain K-1 Unitholders”
shall have the meaning assigned to such term in Section 1.6(c). 

  
 2 








 “Certificate of Trust” means the Certificate of Trust of
the Trust, including all amendments thereto, if any, in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 

 
 “CFTC” means the Commodity
Futures Trading Commission. 
  

“Code” means the Internal Revenue Code of 1986, as amended. 

 
 “Commodities” means
positions in Commodity Contracts, forward contracts, foreign exchange positions and traded physical commodities, as well as cash commodities resulting from any of the foregoing positions. 
  
 “Commodity Broker” means any person who engages in the business of effecting
transactions in Commodity Contracts for the account of others or for his or her own account. 
  

“Commodity Contract” means any futures contract or option thereon providing for the delivery or receipt
at a future date of a specified amount and grade of a traded commodity at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 

 
 “Continuous Offering” means
the continuous offering during which additional Limited Units may be sold in Baskets pursuant to this Trust Agreement. 
  

“Conflicting Provisions” shall have the meaning assigned thereto in Section 15.2(a). 

 
 “Corporate Trust Office”
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. 
  
 “Covered Person” means the Managing Owner and their respective Affiliates. 
  

“Creation Basket” means the minimum number of Limited Units of a Fund that may be created at any one
time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time to time for each Fund. 
  

“Creation Basket Capital Contribution” of a Fund means a Capital Contribution made by a Participant in
connection with a Purchase Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription
Agreement by (ii) the Net Asset Value per Basket of a Fund as of closing time of the Exchange or the last to close of the exchanges on which any one of the Index Commodities are traded, whichever is later, on the Purchase Order Subscription
Date. 
  
 “Delaware Trust
Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time. 

  
 3 








 “Depository” means The Depository Trust Company, New York,
New York, or such other depository of Limited Units as may be selected by the Managing Owner as specified herein. 
  

“Depository Agreement” means the Letter of Representations relating to each Fund from the Managing Owner
to the Depository, dated as of November 21, 2006 as the same may be amended or supplemented from time to time. 
  

“Distributor” means any Person from time to time engaged to provide distribution services or related
services to the Trust pursuant to authority delegated by the Managing Owner. 
  
 “DTC” shall have the meaning assigned to such term in Section 3.5(b). 
  

“DTC Participants” shall have the meaning assigned to such term in Section 3.5(c). 

 
 “DTCC” shall have the
meaning assigned to such term in Section 3.5(c). 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  

“Event of Withdrawal” shall have the meaning set forth in Section 13.1(a) hereof. 

 
 “Exchange” means NYSE Arca
or, if the Limited Units of any Fund shall cease to be listed on NYSE Arca and are listed on one or more other exchanges, the exchange on which the Units of such Fund are principally traded, as determined by the Managing Owner. 

 
 “Expenses” shall have the
meaning assigned to such term in Section 2.4. 
  
 “Fiscal Quarter” shall mean each period ending on the last day of each March, June, September and December of each Fiscal Year, or, if the Trust is required by law to have a Fiscal Year
other than a calendar year, such other applicable quarterly period. 
  
 “Fiscal Year” shall have the meaning set forth in Article X hereof. 
  

“Fund” means a Fund established and designated as a series of the Trust as provided in
Section 3.2(a). 
  

“Global Security” means the global certificate or certificates for each Fund issued to the Depository as
provided in the Depository Agreement, each of which shall be in substantially the form attached hereto as Exhibit C. 
  

“Indemnified Parties” shall have the meaning assigned to such term in Section 2.4. 

 
 “Index” or
“Indexes” means the Index that each Fund is designed to track (or, collectively, the Indexes) as more fully described in Exhibit B hereto, as it may be amended from time to time. 

 
 “Index Commodities” means
the underlying Commodities that comprise each applicable Index, from time to time, as described in the Prospectus. 

  
 4 








 “Indirect Participants” shall have the meaning assigned to
such term in Section 3.5(c). 
  

“Internal Revenue Service” or “IRS” means the U.S. Internal Revenue Service or any
successor thereto. 
  

“Limited Owner” means any person or entity who is or becomes a Beneficial Owner of Limited Units of a
Fund. 
  
 “Liquidating
Trustee” shall have the meaning assigned thereto in Section 13.2. 
  
 “Losses” means, in respect of each Fiscal Year of a Fund, losses of such Fund as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction
entering into the computation thereof. 
  
 “Management Fee” means the management fee set forth in Section 4.9. 
  

“Managing Owner” means DB Commodity Services LLC, or any substitute therefor as provided herein, or any
successor thereto by merger or operation of law. 
  
 “Margin Call” means a demand for additional funds after the initial good faith deposit required to maintain a customer’s account in compliance with the requirements of a particular
commodity exchange or of a commodity broker. 
  
 “Net Asset Value of a Fund” means the total assets of the Trust Estate of a Fund including, but not limited to, all cash and cash equivalents or other securities less total liabilities of
such Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting, including, but not limited to, the extent specifically set forth below:

  

(a)         Net Asset Value of a Fund shall include any
unrealized profit or loss on open Commodities positions and any other credit or debit accruing to such Fund but unpaid or not received by the Fund. 
  

(b)         All open commodity futures contracts and options traded on a
United States exchange are calculated at their then current market value, which shall be based upon the settlement price for that particular commodity futures contract and options traded on the applicable United States exchange on the date with
respect to which net asset value is being determined; provided, that if a commodity futures contract and options traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the
exchange upon which that position is traded or otherwise, the Managing Owner may value such commodity futures contract or option pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. The current
market value of all open commodity futures contracts and options traded on a non-United States exchange shall be based upon the settlement price for that particular commodity futures contract or option traded on the applicable non-United States
exchange on the date with respect to which net asset value of a Fund is being determined; provided further, that if a commodity futures contract or option traded on a non-United States exchange could not be liquidated on such day, due to the
operation of daily limits (if applicable) or other rules of the exchange upon which that position is traded or 

  
 5 








 
otherwise, the Managing Owner may value such commodity futures contract pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. The current
market value of all open forward contracts entered into by a Fund shall be the mean between the last bid and last asked prices quoted by the bank or financial institution which is a party to the contract on the date with respect to which Net Asset
Value of a Fund being determined; provided, that if such quotations are not available on such date, the mean between the last bid and asked prices on the first subsequent day on which such quotations are available shall be the basis for determining
the market value of such forward contract for such day. The Managing Owner may in its discretion value any of the Trust Estate (and under circumstances, including, but not limited to, periods during which a settlement price of a futures contract is
not available due to exchange limit orders or force majeure type events such as systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) value any
asset of a Fund pursuant to such other principles as the Managing Owner deems fair and equitable so long as such principles are consistent with normal industry standards. 

 

(c)         Interest earned on a Fund’s commodity
brokerage account shall be accrued at least monthly. 
  
 (d)         The amount of any distribution made pursuant to Article VI hereof shall be a liability of a Fund from the day when the distribution is
declared until it is paid. 
  

“Net Asset Value Per Basket of a Fund” means the product obtained by multiplying the Net Asset Value Per
Unit of a Fund by the number of Limited Units comprising a Basket of such Fund at such time. 
  

“Net Asset Value Per Unit of a Fund” means the Net Asset Value of a Fund divided by the number of Units
of such Fund outstanding on the date of calculation. 
  
 “NFA” means the National Futures Association. 
  

“NYSE Arca” means NYSE Arca, Inc. 

 
 “Order Cut-Off Time” means
10:00 a.m., New York time, on a Business Day. 
  
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(ii). 

 
 “Participant” means a Person
that is a (1) a registered broker dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker dealer to engage in securities transactions, (2) a DTC Participant,
and (3) has entered into a Participant Agreement which, at the relevant time, is in full force and effect. 
  

“Participant Agreement” means an agreement among a Fund, the Managing Owner and a Participant,
substantially in the form of Exhibit D hereto, as it may be amended or supplemented from time to time in accordance with its terms. 

  
 6 








 “Percentage Interest” shall be a fraction, the numerator of
which is the number of the Unitholder’s Units and the denominator of which is the total number of Units of such Fund outstanding as of the date of determination. 

 
 “Person” means any natural
person, partnership, limited liability company, statutory trust, corporation, association, trust or other legal entity. 
  

“Pit Brokerage Fee” shall include floor brokerage, clearing fees, NFA fees and exchange fees. 

 
 “Power of Attorney” shall
have the meaning assigned thereto in Section 14.2. 
  
 “Profits” means, for each Fiscal Year of a Fund, profits of such Fund as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering
into the computation thereof. 
  

“Prospectus” 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, or becoming automatically effective, as applicable, as the same may at any time and from time to time be amended or supplemented. 

 
 “Purchase Order Subscription
Agreement” shall have the meaning assigned thereto in Section 3.4(a)(i). 
  

“Purchase Order Subscription Date” shall have the meaning assigned thereto in Section 3.4(a)(i).

  
 “Pyramiding”
means the use of unrealized profits on existing Commodities to provide margin for additional Commodities positions of the same or related Commodities. 
  

“Reconstituted Trust” shall have the meaning assigned thereto in Section 13.1(a). 

 
 “Redemption Basket” means
the minimum number of Limited Units of a Fund that may be redeemed pursuant to Section 7.1, which shall be the number of Limited Units of such Fund constituting a Creation Basket on the relevant Redemption Order Date. 

 
 “Redemption Distribution”
means the cash delivered in satisfaction of a redemption of a Redemption Basket as specified in Section 7.1(c). 
  

“Redemption Order” shall have the meaning assigned thereto in Section 7.1(a). 

 
 “Redemption Order Date”
shall have the meaning assigned thereto in Section 7.1(b). 
  
 “Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 
  

“Registration Statement” means a registration statement on Form S-1, or any other form, as applicable, as
it may be amended from time to time, filed with the SEC pursuant to which the Trust registered the Units, as the same may at any time and from time to time be further amended or supplemented. 

  
 7 








 “SEC” means the Securities and Exchange Commission.

  
 “Subscribing
Participant” means a Participant who has submitted a Purchase Order Subscription Agreement to create one or more Units that has not yet been filled or accepted by the Managing Owner. 
  
 “Suspended Redemption Order” shall have the meaning assigned thereto in
Section 7.1(d). 
  
 “Tax
Agent” shall have the meaning assigned thereto in Section 1.6(c). 
  
 “Tax Matters Partner” shall have the meaning assigned thereto in Section 1.6(b). 
  

“Transaction Fee” shall have the meaning assigned thereto in Section 3.4(d). 

 
 “Treasury Regulations” 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. 
  

“Trust” means PowerShares DB Multi-Sector Commodity Trust, a Delaware statutory trust formed in separate
series pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
  

“Trust Agreement” means this Fourth Amended and Restated Declaration of Trust and Trust Agreement, as it
may at any time or from time to time be amended. 
  
 “Trust Estate” means, with respect to a Fund, all any cash, futures, forward and option contracts, all funds on deposit in the Fund’s accounts, and any other property held by the
Fund, and all proceeds therefrom, including any rights of the Fund pursuant to any other agreements to which the Fund is a party. 
  

“Trustee” means Wilmington Trust Company or any substitute therefor as provided herein, acting not in its
individual capacity but solely as trustee of the Trust. 
  
 “Unitholders” means the Managing Owner and all Limited Owners, as holders of Units of a Fund, where no distinction is required by the context in which the term is used. 

 
 “Units” means the common
units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, a Fund. The Managing Owner’s Capital Contributions shall be represented by “General” Units and a Limited
Owner’s Capital Contributions shall be represented by “Limited” Units. 

  
 8 








 “Unrealized Gain” attributable to Fund property means, as
of any date of determination, the excess, if any, of the fair market value of such property as of such date over the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination. 

 
 “Unrealized Loss”
attributable to Fund property means, as of any date of determination, the excess, if any, of the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination over the fair market value of such property as
of such date of determination. 
  

SECTION 1.2.         Name. 

 

(a)        The name of the Trust is “PowerShares DB Multi-Sector Commodity
Trust” in which name the Trustee and the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

 
 SECTION
1.3.         Delaware Trustee; Business Offices. 
  

(a)         The sole Trustee of the Trust is Wilmington Trust Company, which
is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the
foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to Section 2.5. 

 

(b)         The principal office of the Trust, and such additional offices
as the Managing Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Unitholders. Initially, the principal
office of the Trust shall be at c/o DB Commodity Services LLC, 60 Wall Street, New York, New York 10005. 
  

SECTION 1.4.         Declaration of Trust. The Trust has received the
sum of $1,000 for each Fund in bank accounts in the name of each Fund controlled by the Managing Owner, which funds shall be held in trust, upon and subject to the conditions set forth herein for the use and benefit of the Unitholders of each Fund.
It is the intention of the parties hereto that the Trust shall 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 except to the
extent that each Fund is deemed to constitute a partnership under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Unitholders partners or members of a joint stock association except to
the extent such Unitholders are deemed to be partners under the Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the parties hereto to create a partnership among the Unitholders for purposes of
taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to
accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute. 

  
 9 








 SECTION
1.5.         Purposes and Powers.   The purposes of the Trust and each Fund shall be: (a) directly or indirectly to trade, buy, sell, spread or otherwise acquire, hold or dispose of
Commodities, including but not limited to, exchange-traded futures on the applicable Commodities or Index Commodities with a view to tracking the performance of the applicable Indexes over time; (b) to enter into forward contracts referencing
the applicable Indexes or one or more of the applicable Commodities or Index Commodities with a view to tracking the performance of the applicable Indexes over time; (c) to enter into any lawful transaction and engage in any lawful activities
in furtherance of or incidental to the foregoing purposes; and (d) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a statutory trust may be organized under the Delaware Trust
Statute. The Trust shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of the Trust under this Trust Agreement. 

 
 SECTION
1.6.         Tax Treatment. 
  
 (a)         Each of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that the Units of each Fund will qualify under
applicable tax law as interests in a partnership which holds the Trust Estate of each Fund, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with the
classification of each Fund as a partnership in which each of the Unitholders thereof is a partner and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any taxing authority having
jurisdiction over such holders of Units of each Fund with respect to the treatment of the Units of such Fund as anything other than interests in a partnership. 
  

(b)         The Tax Matters Partner (as defined in Section 6231 of the
Code and any corresponding state and local tax law) of each Fund initially shall be the Managing Owner. The Tax Matters Partner, at the expense of each Fund, (i) shall prepare or cause to be prepared and filed each Fund’s tax returns as a
partnership for U.S. federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed by Section 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits
and other administrative proceedings with respect to each Fund’s tax items; (B) the power to extend the statute of limitations for all Unitholders with respect to each Fund’s tax items; (C) the power to file a petition with an
appropriate U.S. federal court for review of a final administrative adjustment of any Fund; and (D) the power to enter into a settlement with the IRS on behalf of, and binding upon, those Limited Owners having less than 1% interest in any
Fund, unless a Limited Owner shall have notified the IRS and the Managing Owner that the Managing Owner shall not act on such Limited Owner’s behalf. The designation made by each Unitholder of a Fund in this Section 1.6(b) is hereby
approved by each Unitholder of such Fund as an express condition to becoming a Unitholder. Each Unitholder agrees to take any further action as may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.7,
each Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it
in carrying out its responsibilities as Tax Matters Partner, provided such action taken or omitted to be taken does not constitute fraud, negligence or misconduct. 

  
 10 









 (c)         The Beneficial
Owners who of a type, as identified by the nominee through whom their Units are held, that do not ordinarily have U.S. federal tax return filing requirements (collectively, “Certain K-1 Unitholders”) shall designate the Managing
Owner as their tax agent (the “Tax Agent”) in dealing with the Trust. In light of such designation and pursuant to Treasury Regulation section 1.6031(b)-1T(c), as amended from time to time, the Trust shall provide to the Tax Agent
Certain K-1 Unitholders’ statements (as such term is defined under Treasury Regulation section 1.6031(b)-1T(a)(3)), as amended from time to time). 
  

SECTION 1.7.          General Liability of the Managing Owner.

  

(a)         The Managing Owner shall be liable for the acts, omissions,
obligations and expenses of each Fund, to the extent not paid out of the assets of each Fund, to the same extent the Managing Owner would be so liable as if each Fund were a partnership under the Delaware Revised Uniform Limited Partnership Act and
the Managing Owner were a general partner of such partnership. The foregoing provision shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner under this Section 1.7
shall be evidenced by its ownership of the General Units which, solely for purposes of the Delaware Trust Statute, will be deemed to be a separate class of Units of each Fund. Without limiting or affecting the liability of the Managing Owner as set
forth in this Section 1.7, notwithstanding anything in this Trust Agreement to the contrary, Persons having any claim against the Trust or any Fund by reason of the transactions contemplated by this Trust Agreement and any other agreement,
instrument, obligation or other undertaking to which the Trust or any Fund is a party, shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof. 

 

(b)         Subject to Sections 8.1 and 8.3 hereof, no Unitholder,
other than the Managing Owner, to the extent set forth above, shall have any personal liability for any liability or obligation of the Trust or any Fund. 
  

SECTION 1.8.         Legal Title. Legal title to all of the Trust
Estate of each Fund shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause
legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 

 
 SECTION
1.9.         Series Trust. The Units of the Trust shall be divided into series, each a Fund, as provided in Section 3806(b)(2) of the Delaware Trust Statute. Accordingly, it is the intent of
the parties hereto that Articles IV, V, VII, VIII, IX and X of this Trust Agreement shall apply also with respect to each such Fund as if each such Fund were a separate statutory trust under the Delaware Trust Statute, and each reference to the
term “Trust” in such Articles shall be deemed to be a reference to each Fund separately to the extent necessary to give effect to the foregoing intent, as the context may require. The use of the terms “Trust”, “Fund” or
“series” in this Trust Agreement shall in no event alter the intent of the parties hereto that the Trust receive the full benefit of the limitation on interseries liability as set forth in Section 3804 of the Delaware Trust Statute.


  
 11 









 ARTICLE II 

 
 THE TRUSTEE 

 
 SECTION 2.1.
         Term; Resignation. 
  
 (a)          Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one Trustee unless
otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of
Section 2.5 hereof. 
  

(b)          The Trustee may resign at any time upon the giving of at least
sixty (60) days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5
hereof. If the Managing Owner does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 

 
 SECTION
2.2.         Powers.   The Trustee shall have only the rights, duties, obligations and liabilities specifically provided for herein and shall have no implied rights, 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 to accept service of process on the
Trust in the State of Delaware. The Trustee shall provide prompt notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner 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. 

 
 SECTION
2.3.          Compensation and Expenses of the Trustee.   The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner (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 Managing Owner or an Affiliate of the Managing Owner (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 connection with the
exercise and performance of its rights and duties hereunder. 
  
 SECTION 2.4.          Indemnification.   The Trust (or if the Trust has insufficient assets, the Managing Owner) shall be liable for, and does
hereby indemnify, protect, save and keep harmless the Trustee (in its capacity as Trustee and individually) and its successors, assigns, 

  
 12 









 
legal representatives, officers, directors, employees, agents and servants (the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages,
penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions,
suits, costs, expenses or disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way
relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder,
except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section 2.4 shall survive the termination of the Trust Agreement or the removal or resignation of the
Trustee. 
  
 SECTION 2.5.
         Successor Trustee.  Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee by delivering a written instrument to the outgoing
Trustee. Any successor Trustee must satisfy the requirements of Section 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 Managing Owner and any fees and expenses due to the outgoing Trustee are paid. 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. 
  

SECTION 2.6.          Liability of Trustee.  Except as
otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company 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 thereto; provided,
however, that in no event is the foregoing intended to affect or limit the liability of the Managing Owner as set forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person
or under any other agreement to which the Trust or any Fund is a party, except for the Trustee’s own gross negligence or willful misconduct. In particular, but not by way of limitation: 
  
 (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; 

 

(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 Managing Owner or the Liquidating Trustee; 
  

(c)         The Trustee shall not have any liability for the acts or
omissions of the Managing Owner or its delegatees; 

  
 13 









 (d)         The Trustee shall
not be liable for its failure to supervise the performance of any obligations of the Managing Owner or its delegatees or any Participant or Commodity Broker; 
  

(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 if the Trustee shall have reasonable grounds for believing that such action, repayments of such funds or
adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  

(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 or any Fund is a party; 

 

(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 institute, conduct or defend any 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 Managing
Owner or any Unitholders unless the Managing Owner or such Unitholders have offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that
may be incurred by Wilmington Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; 
  

(h)         Notwithstanding anything contained herein to the contrary, the
Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the
registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware,
for causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 
  

(i)         To the extent that, at law or in equity, the Trustee has duties
(including fiduciary duties) and liabilities relating thereto to the Trust, the Unitholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders 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 the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to
replace such other duties and liabilities of the Trustee. 
  
 SECTION 2.7.         Reliance; Advice of Counsel. 
  

(a)         In the absence of bad faith, the Trustee may conclusively rely
upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions


  
 14 









 
contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolutions, request, 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 and need not investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall
have examined any certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body
of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed
herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, 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. 
  

(b)         In the exercise or administration of the Trust hereunder and in
the performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Trust) (i) may act directly or through its agents, attorneys,
custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall
have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons. 
  

SECTION 2.8.          Payments to the Trustee.   Any amounts
paid to the Trustee pursuant to this Article shall be deemed not to be a part of any Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the applicable Trust
Estate. 
  
 ARTICLE III 

 
 CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION

 BASKETS 
  

SECTION 3.1.         General. 

 

(a)         The Managing Owner shall have the power and authority, without
Limited Owner approval, to issue Units in one or more series, or Funds, from time to time as it deems necessary or desirable. Each Fund shall be separate from all other Funds created as series of the Trust in respect of the assets and liabilities
allocated to that Fund and shall represent a separate investment portfolio of the Trust. The Managing Owner shall have exclusive power without the requirement of Limited Owner approval to establish and designate such separate and distinct series, as
set forth in Section 3.2, and to fix and determine the relative rights and preferences as between the Units of the Funds as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation,
conversion rights, and conditions under which the Funds shall have separate voting rights or no voting rights. 

  
 15 









 (b)         The Managing Owner
may, without Limited Owner approval, divide or subdivide Units of any Fund into two or more classes or sub-classes, Units of each such class or sub-class having such preferences and special or relative rights and privileges as the Managing Owner may
determine as provided in Section 3.3. The fact that a Fund shall have been initially established and designated without any specific establishment or designation of classes or sub-classes, shall not limit the authority of the Managing Owner to
divide a Fund and establish and designate separate classes or sub-classes thereof. 
  
 (c)         The number of Fund Units authorized shall be unlimited, and the Units so authorized may be represented in part by fractional Units, calculated to
four decimal places. From time to time, the Managing Owner may divide or combine the Units of any Fund or class thereof into a greater or lesser number without thereby changing the proportionate beneficial interests in the Fund or class thereof. The
Managing Owner may issue Units of any Fund or class thereof for such consideration and on such terms as it may determine (or for no consideration if pursuant to a Unit dividend or split-up), all without action or approval of the Limited Owners
thereof. All Units when so issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Managing Owner may classify or reclassify any unissued Units or any Units previously issued and reacquired of any Fund or
class thereof into one or more series or classes thereof that may be established and designated from time to time. The Managing Owner may hold as treasury Units, reissue for such consideration and on such terms as it may determine, or cancel, at its
discretion from time to time, any Units of any Fund or class thereof reacquired by the Trust. Unless otherwise determined by the Managing Owner, treasury Units shall not be deemed cancelled. The Units of each Fund shall initially be divided into two
classes: General Units and Limited Units. 
  
 (d)         The Managing Owner and/or its Affiliates has made an investment of $1,000 in each Fund. 
  
 (e)         Other than contemplated by
Section 3.5, no certificates or other evidence of beneficial ownership of the Units will be issued. 
  

(f)         Every Unitholder, by virtue of having purchased or otherwise
acquired a Unit, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
  

SECTION 3.2.         Establishment of Series, or Funds, of the Trust.

  

(a)         Without limiting the authority of the Managing Owner set forth
in Section 3.2(b) to establish and designate any further series, the Managing Owner has heretofore established and designated seven initial series, or Funds, as follows: 

 
 PowerShares DB Energy Fund; 

PowerShares DB Oil Fund; 
 PowerShares DB Precious Metals Fund; 
 PowerShares DB Gold Fund; 

PowerShares DB Silver Fund; 
 PowerShares DB Base Metals Fund; and 
 PowerShares DB Agriculture Fund. 

  
 16 









 The provisions of this Article III shall be applicable to the
above-designated Funds and any further Fund that may from time to time be established and designated by the Managing Owner as provided in Section 3.2(b); provided, however, that such provisions may be amended, varied or abrogated
by the Managing Owner with respect to any Fund created after the initial formation of the Trust in the written instrument creating such Fund. 
  

(b)          The establishment and designation of any series, or Funds,
other than those set forth above shall be effective upon the execution by the Managing Owner of an instrument setting forth such establishment and designation and the relative rights and preferences of such series, or Funds, or as otherwise provided
in such instrument. At any time that there are no Units outstanding of any particular series previously established and designated, the Managing Owner may by an instrument executed by it abolish that series and the establishment and designation
thereof. Each instrument referred to in this Section shall have the status of an amendment to this Trust Agreement. 
  

SECTION 3.3.         Establishment of Classes and
Sub-Classes.   The division of any series, or Funds, into two or more classes or sub-classes and the establishment and designation of such classes or sub-classes shall be effective upon the execution by the Managing Owner of an
instrument setting forth such division, and the establishment, designation, and relative rights and preferences of such classes, or as otherwise provided in such instrument. The relative rights and preferences of the classes or sub-classes of any
series may differ in such respects as the Managing Owner may determine to be appropriate, provided that such differences are set forth in the aforementioned instrument. At any time that there are no Units outstanding of any particular class or
sub-class previously established and designated, the Managing Owner may by an instrument executed by it abolish that class or sub-class and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the
status of an amendment to this Trust Agreement. 
  
 SECTION 3.4.         Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets. 

 

(a)         General. The following procedures, as supplemented by the
more detailed procedures specified in the Exhibits, annexes, attachments and procedures, as applicable to the Participant Agreement 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), will govern the Trust with respect to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets
stated herein and in such procedures, the number of Creation Baskets which may be issued by each Fund is unlimited. 

  
 17 









 (i)         On
any Business Day, each Participant may submit to the Managing Owner a purchase order and subscription agreement to subscribe for and agree to purchase one or more Creation Baskets for the applicable Fund (such request by a Participant, a
“Purchase Order Subscription Agreement”) in the manner provided in the Participant Agreement. Purchase Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order
Subscription Date”). The Managing Owner will process Purchase Order Subscription Agreements only from Participants with respect to which a Participant Agreement for the Fund is in full force and effect. The Managing Owner will maintain and
make available at the Trust’s principal offices during normal business hours a current list of the Participants for each Fund with respect to which a Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause
to be delivered) a copy of the Prospectus to each Fund Participant prior to its execution and delivery of the applicable Participant Agreement and prior to accepting any Purchase Order Subscription Agreement. 

 

(ii)         Any Purchase Order Subscription Agreement is
subject to rejection by the Managing Owner pursuant to Section 3.4(c). 
  

(iii)         After accepting a Fund Participant’s
Purchase Order Subscription Agreement, the Managing Owner will issue and deliver Creation Baskets to fill such Fund Participant’s Purchase Order Subscription Agreement within three Business Days immediately following the Purchase Order
Subscription Date, but only if by such time as provided in the Participant Agreement the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the applicable Fund the Creation Basket Capital
Contribution due from the Fund Participant submitting the Purchase Order Subscription Agreement for the Fund. 
  

(b)         Deposit with the Depository.   Upon issuing a
Creation Basket for any Fund pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s customary procedures, for credit to
the account of the Fund Participant that submitted the Purchase Order Subscription Agreement. 
  

(c)         Rejection.   For each Fund, the Managing Owner
shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution: (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing
Owner has determined would have adverse tax consequences to the Trust, any Fund or to any Limited Owners; (iii) the acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if
circumstances outside the control of the Managing Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order
Subscription Agreement or Creation Basket Capital Contribution. 
  
 (d)         Transaction Fee.   For each Fund, a non-refundable transaction fee will be payable by a Fund Participant to the Managing Owner for
its own account in connection with each Purchase Order Subscription Agreement pursuant to this Section and in connection with each Redemption Order of such Participant pursuant to Section 7.1 (each a “Transaction Fee”). The
Transaction Fee charged in connection with each such creation and redemption shall be initially $500, but may be changed as provided below. Even though a single Purchase Order 

  
 18 









 
Subscription Agreement or Redemption Order may relate to multiple Creation Baskets, only a single Transaction Fee will be due for each Purchase Order or Redemption Order for a Fund. The
Transaction Fee may subsequently be waived, modified, reduced, increased or otherwise changed by the Managing Owner, but will not in any event exceed 0.10 % of the Net Asset Value Per Basket of a Fund at the time of creation of a Creation
Basket or redemption of a Redemption Basket, as the case may be. The Managing Owner shall notify the Depository of any agreement to change the Transaction Fee and shall not implement any increase for redemptions of outstanding Units until
30 days after the date of that notice. The amount of the Transaction Fee in effect at any given time shall be made available by the Trustee upon request. 
  

(e)         Global Certificate Only.   Certificates for
Creation Baskets will not be issued, other than the applicable Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed and Limited Units will be transferable solely
through the book-entry systems of the Depository and the DTC Participants and their Indirect Participants as more fully described in Section 3.5. The Depository may determine to discontinue providing its service with respect to Creation Baskets
and Limited Units by giving notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the
Managing Owner shall take action either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to terminate the Trust or the
Funds, as applicable. 
  
 SECTION
3.5.         Book-Entry-Only System, Fund Global Securities. 
  

(a)         Global Security.   The Trust and the Managing
Owner will enter into the Depository Agreement pursuant to which the Depository will act as securities depository for Limited Units of each Fund. Limited Units of each Fund will be represented by a Global Security (which may consist of one or more
certificates as required by the Depository), which will be registered, as the Depository shall direct, in the name of Cede & Co., as nominee for the Depository and deposited with, or on behalf of, the Depository. No other certificates
evidencing Limited Units will be issued. The Global Security for each Fund shall be in the form attached hereto as Exhibit C or described therein and shall represent such Limited Units as shall be specified therein, and may provide that it
shall represent the aggregate amount of outstanding Limited Units of a Fund from time to time endorsed thereon and that the aggregate amount of outstanding Limited Units represented thereby may from time to time be increased or decreased to reflect
creations or redemptions of Baskets. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Limited Units represented thereby shall be made in such manner and upon instructions given by
the Managing Owner on behalf of the Trust as specified in the Depository Agreement. 
  

(b)         Legend.   Any Global Security issued to The
Depository Trust Company or its nominee shall bear a legend substantially to the following effect: “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Trust or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or to 

  
 19 









 
such other entity as is required by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.” 
  
 (c)         The Depository.   The Depository has advised the Trust and the Managing Owner as follows: The Depository is a limited-purpose
trust company organized under New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the U.S. Federal Reserve System, a “clearing corporation” within the meaning of the New
York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC holds and provides asset servicing for DTC’s participants (the
“DTC Participants”). DTC also facilitates the post-trade settlement among DTC Participants of sales and other securities transactions among the DTC Participants in deposited securities, through electronic computerized book-entry
transfers and pledges between DTC Participants’ accounts. This eliminates the need for physical movement of securities certificates. DTC Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing
Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and
non-U.S. securities, brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect
Participants”). 
  

(d)         Beneficial Owners.   As provided in the
Depository Agreement, upon the settlement date of any creation, transfer or redemption of Limited Units of a Fund, the Depository will credit or debit, on its book-entry registration and transfer system, the number of Limited Units so created,
transferred or redeemed to the accounts of the appropriate DTC Participants. The accounts to be credited and charged shall be designated by the Managing Owner on behalf of each Fund and each Participant, in the case of a creation or redemption of
Baskets. Ownership of beneficial interest in Limited Units will be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in Limited Units
(“Beneficial Owners”) will be shown on, and the transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of DTC Participants, records maintained by the Depository and, in the case of Indirect
Participants and Beneficial Owners holding through a DTC Participant or an Indirect Participant, through those records or the records of the relevant DTC Participants. Beneficial Owners are expected to receive from or through the broker or bank that
maintains the account through which the Beneficial Owner has purchased or sold Limited Units a written confirmation relating to their purchase or sale of Limited Units. 

 

(e)         Reliance on Procedures.   So long as
Cede & Co., as nominee of the Depository, is the registered owner of Limited Units, references herein to the registered or record owners of Limited Units shall mean Cede & Co. and shall not mean the Beneficial Owners of Limited
Units. Beneficial Owners of Limited Units will not be entitled to have Limited Units registered in their names, will not receive or be entitled to receive physical delivery of 

  
 20 









 
certificates in definitive form and will not be considered the record or registered holder of Limited Units under this Trust Agreement. Accordingly, to exercise any rights of a holder of Limited
Units under this Trust Agreement, a Beneficial Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of each DTC Participant or Indirect Participant through which such
Beneficial Owner holds its interests. The Trust and the Managing Owner understand that under existing industry practice, if the Trust or any Fund requests any action of a Beneficial Owner, or a Beneficial Owner desires to take any action that the
Depository, as the record owner of all outstanding Limited Units of such Fund, is entitled to take, in the case of a Trustee request, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify
each Indirect Participant holding Limited Units through it, with each successive Indirect Participant continuing to notify each person holding Limited Units through it until the request has reached the Beneficial Owner, and in the case of a request
or authorization to act being sought or given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the Trust or such Fund through each Indirect Participant and DTC Participant through which the
Beneficial Owner’s interest in the Limited Units is held. 
  
 (f)         Communication between the Trust and the Beneficial Owners.   As described above, the Trust and the Funds will recognize the
Depository or its nominee as the owner of all Limited Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows.
Pursuant to the Depository Agreement, the Depository is required to make available to the Funds upon request and for a fee to be charged to the Funds a listing of the Limited Unit holdings of each DTC Participant. The Trust or the Funds shall
inquire of each such DTC Participant as to the number of Beneficial Owners holding Limited Units, directly or indirectly, through such DTC Participant. The Trust or the Funds shall provide each such DTC Participant with sufficient copies of such
notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or
indirectly, to such Beneficial Owners. In addition, the Funds shall pay to each such DTC Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

  

(g)         Distributions.   Distributions on Limited Units
pursuant to Section 3.8 shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Limited Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment
of distributions in respect of Limited Units, shall credit immediately DTC Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Limited Units as shown on the records of the Depository or its
nominee. The Trust and the Managing Owner also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and
customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants and Indirect Participants. None of the
Trust, the Funds, the Trustee or the Managing Owner will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Limited Units,
or for maintaining, supervising or reviewing any records 

  
 21 









 
relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC Participants and
the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is considered to own
Limited Units. 
  

(h)         Limitation of Liability.    Each
Global Security to be issued hereunder is executed and delivered solely on behalf of the applicable Fund by the Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The
representations, undertakings and agreements made on the part of the Fund in each Global Security are made and intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but are made and intended for
the purpose of binding only the Fund. Nothing in the Global Security shall be construed as creating any liability on the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking or agreement other than as
provided in this Trust Agreement. 
  

(i)         Successor Depository.     If a
successor to The Depository Trust Company shall be employed as Depository hereunder, the Trust and the Managing Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section 3.5. 

 
 SECTION
3.6.        Assets.    All consideration received by a Fund for the issue or sale of Units together with all of the applicable Trust Estate in which such consideration is invested or
reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same
may be, shall irrevocably belong to that Fund for all purposes, subject only to the rights of creditors of such Fund and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Trust.
Separate and distinct records shall be maintained for each Fund and the assets associated with a Fund shall be held and accounted for in such separate and distinct records (directly or indirectly, including through a nominee or otherwise) separately
from the other assets of the Trust, or any other Fund. In the event that there is any Trust Estate, or any income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Fund,
the Managing Owner shall allocate them among any one or more of the Funds established and designated from time to time in such manner and on such basis as the Managing Owner, in its sole discretion, deems fair and equitable. Each such allocation by
the Managing Owner shall be conclusive and binding upon all Unitholders for all purposes. 
  

SECTION 3.7.        Liabilities of Funds. 

 

(a)         The Trust Estate belonging to each particular Fund shall be
charged with the liabilities of the Trust in respect of that series and only that series; and all expenses, costs, charges, indemnities and reserves attributable to that Fund, and any general liabilities, expenses, costs, charges, indemnities or
reserves of the Trust which are not readily identifiable as belonging to any particular Fund, shall be allocated and charged by the Managing Owner to and among any one or more of the series established and designated from time to time in such manner
and on such basis as the Managing Owner in its sole discretion deems fair and equitable. 

  
 22 









 
Each allocation of liabilities, expenses, costs, charges and reserves by the Managing Owner shall be conclusive and binding upon all Unitholders for all purposes. The Managing Owner shall have
full discretion, to the extent not inconsistent with applicable law, 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 Unitholders.
Every written agreement, instrument or other undertaking made or issued by or on behalf of a particular series shall include a recitation limiting the obligation or claim represented thereby to that series and its assets. 

 

(b)          Without limitation of the foregoing provisions of this
Section, but subject to the right of the Managing Owner in its discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, 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 against the Managing Owner, and not against the assets of the Trust generally or of any other series. Notice of this limitation on
interseries liabilities shall 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 3804 of the Delaware Trust Statute relating to limitations on interseries liabilities (and the statutory effect under Section 3804 of
setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each Fund. Every Unit, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular series shall
include a recitation limiting the obligation on Units represented thereby to that series and its assets. 
  

(i)         Except as set forth below, any debts,
liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all kinds and descriptions, if any, of the Managing Owner and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise
existing, arising from, related to or in connection with all series, any combination of series or one particular series and their respective assets (the “Applicable Series”) and the assets of the Trust shall be expressly subordinate
and junior in right of payment to any and all other Claims against the Trust and any series thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract, provided, however, that the Claims of each of
the Managing Owner and the Trustee (if any) against the Applicable Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Applicable Series, the Applicable Series’ assets
and the Managing Owner and its assets; and provided further that the valid Claims of either the Managing Owner or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all
other valid Claims against the Applicable Series; 
  
 (ii)         the Managing Owner and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets (other than the
Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets) any payment for the Subordinated Claims; 
  

(iii)         The Claims of each of the Managing Owner and
the Trustee with respect to the Applicable Series shall only be asserted and enforceable against the 

  
 23 









 
Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other
series, the Trust generally, or any of their respective assets; 
  
 (iv)         If the Claims of the Managing Owner or the Trustee against the Applicable Series or the Trust are secured in whole or in part, each of the
Managing Owner and the Trustee hereby waives (under section 1111(b) of the 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 Trust or any series (other than the Applicable Series), as the case may be; 
  

(v)         In furtherance of the foregoing, if and to the
extent that the Managing Owner and the Trustee receive monies in connection with the Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable Series, the Applicable Series’ assets and the Managing
Owner and its assets, the Managing Owner and the Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for distribution by the Fund or the Trust in accordance with
the terms hereof; and 
  
 (vi)         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. 
  
 (c)         Any agreement entered into by the Trust, any Fund, or the Managing Owner, on behalf of the Trust generally or any Fund, including, without
limitation, the Purchase Order Subscription Agreement entered into with each Limited Owner, will include language substantially similar to the language set forth in Section 3.7(b). 
  
 SECTION 3.8.        Distributions. 

 

(a)         Distributions on Units may be paid with such frequency as the
Managing Owner may determine, which may be daily or otherwise, to the Unitholders, from such of the income and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. All distributions on Units
thereof shall be distributed pro rata to the Unitholders in proportion to the total outstanding Units held by such Unitholders at the date and time of record established for the payment of such distribution and in accordance with
Section 3.5(g). Such distributions may be made in cash or Units as determined by the Managing Owner or pursuant to any program that the Managing Owner may have in effect at the time for the election by each Unitholder of the mode of the making
of such distribution to that Unitholder. 
  
 (b)         The Units shall represent units of beneficial interest in each applicable Trust Estate. Each Unitholder shall be entitled to receive its
pro rata share of distributions of income and capital gains in accordance with Section 3.8(a). 

  
 24 









 SECTION 3.9.          
Voting Rights.     Notwithstanding any other provision hereof, on each matter submitted to a vote of the Unitholders, each Unitholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value per
Unit of a Fund multiplied by the number of Units, or fraction thereof, standing in its name on the books of such Fund in accordance with Section 3.5(g). 
  

SECTION 3.10.        Equality.    Except as provided
herein, all Units of a Fund shall represent an equal proportionate beneficial interest in the assets of the Fund subject to the liabilities of the Fund, and each Unit shall be equal to each other Unit. The Managing Owner may from time to time divide
or combine the Units into a greater or lesser number of Units without thereby changing the proportionate beneficial interest in the assets of the Funds or in any way affecting the rights of Unitholders. 

 
 ARTICLE IV 

 
 THE MANAGING OWNER 

 
 SECTION
4.1.          Management of the Trust.     Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Managing Owner and the
conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. The Managing Owner may delegate as provided herein, the duty and authority to manage the business and
affairs of the Trust. 
  
 SECTION
4.2.          Authority of Managing Owner.     In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Trust Agreement,
and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner 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: 
  

(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
Units and the conduct of Trust activities, including, but not limited to contracts with third parties for commodity brokerage services and/or administrative services, provided, however, that such services may be performed by an Affiliate or
Affiliates of the Managing Owner so long as the Managing Owner has made a good faith determination that: (i) the Affiliate which it proposes to engage to perform such services is qualified to do so (considering the prior experience of the
Affiliate or the individuals employed thereby); (ii) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are no less favorable to the Trust than could be obtained from
equally-qualified unaffiliated third parties; and (iii) the maximum period covered by the agreement pursuant to which such Affiliate is to perform services for the Trust shall not exceed one year, and such agreement shall be terminable without
penalty upon sixty (60) days’ prior written notice by the Trust; 

  
 25 









 (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, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in
furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 

 
 (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; 

 
 (d)
         To supervise the preparation and filing of the Registration Statement and supplements and amendments thereto, and the Prospectus; 
  
 (e)          To pay or authorize the payment of
distributions to the Unitholders and expenses of each Fund; 
  
 (f)           To make any elections on behalf of the Trust or any Fund under the Code, or any other applicable U.S. federal or state tax law as the
Managing Owner shall determine to be in the best interests of the Trust or any Fund; and 
  

(g)           In the sole discretion of the Managing Owner, to admit an
Affiliate or Affiliates of the Managing Owner as additional Managing Owners. Notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal
as a Managing Owner, pursuant to Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the outstanding Units of all Funds (not including Units owned by the Managing Owner) is not obtained. 

 
 SECTION
4.3.        Obligations of the Managing Owner.    In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall:

  
 (a)
         Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust
for the benefit of the Trust and the Limited Owners; 
  
 (b)          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; 
  

(c)          Retain independent public accountants to audit the accounts of
the Trust; 
  
 (d)
         Employ attorneys to represent the Trust; 
  

(e)          Select the Trust’s or any Fund’s Trustee, transfer
agent, custodian and clearing brokers, and any other service provider; 
  
 (f)          Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purposes and each Fund as a
“partnership” for U.S. federal income tax purposes; 

  
 26 









 (g)         Monitor the brokerage
fees charged to the Trust, and the services rendered by futures commission merchants to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust for futures brokerage are at competitive rates and are the best price
and services available under the circumstances, and if necessary, renegotiate the brokerage fee structure to obtain such rates and services for the Trust. No material change related to brokerage fees shall be made except upon sixty
(60) Business Days’ prior notice to the Limited Owners, which notice shall include a description of the Limited Owners’ voting rights as set forth in Section 8.2 hereof and a description of the Limited Owners’ redemption
rights as set forth in Section 7.1 hereof; 
  
 (h)          Have fiduciary responsibility for the safekeeping and use of each Trust Estate, whether or not in the Managing Owner’s immediate possession
or control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in the Prospectus) in any manner except for the benefit of the Trust, including, among other
things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in all activities
relating to the conduct of the business of the Trust and in resolving conflicts of interest; 
  

(i)          For each Fund, enter into a Participant Agreement with each
Participant and discharge the duties and responsibilities of the Fund and the Managing Owner thereunder; 
  

(j)          For each Fund, receive from Participants and process properly
submitted Purchase Order Subscription Agreements, as described in Section 3.4(a)(iii); 
  

(k)          For each Fund, in connection with Purchase Order Subscription
Agreements, receive Creation Basket Capital Contributions from Participants; 
  
 (l)          For each Fund, in connection with Purchase Order Subscription Agreements, deliver or cause the delivery of Creation Baskets to the Depository for
the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite Transaction Fee and the Trust has received the requisite Creation Basket Capital Contribution, as described in
Section 3.4(d); 
  
 (m)
         For each Fund, receive from Participants and process properly submitted Redemption Orders, as described in Section 7.1(a), or as may from time to time be permitted by Section 7.2;

  
 (n)
         For each Fund, in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel or cause to be cancelled, Limited Units corresponding to
the Redemption Baskets to be redeemed as described in Section 7.1, or as may from time to time be permitted by Section 7.2; 
  

(o)          Interact with the Depository as required; 

 
 (p)
         Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or Distributors, as applicable; 

  
 27 









 (q)        In its sole discretion,
cause the Trust to do one or more of the following: to make, refrain from making, or once having made, to revoke, the election referred to in section 754 of the Code, and any similar election provided by state or local law, or any similar provision
enacted in lieu thereof; 
  

(r)        In its sole discretion, cause the Trust to do one or more of the
following: to make, refrain from making, or once having made, to revoke the election by a qualified fund under Code section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar provision enacted in lieu
thereof; and 
  
 (s) Perform such
other services as the Managing Owner believes that the Trust may from time to time require. 
  

SECTION 4.4.         General Prohibitions.     The
Trust and each Fund, as applicable, shall not: 
  
 (a)         Redeem the Units other than to fund a redemption request from a Participant; 

 

(b)        Borrow money from or loan money to any Unitholder (including the
Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Commodities positions, as applicable, or (ii) obtaining lines of credit for
the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; 
  

(c)        Create, incur, assume or suffer to exist any lien, mortgage, pledge
conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Commodities positions of the Trust so as to restore the
Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have
been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for
the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s,
materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by
generally accepted accounting principles, and liens arising under ERISA; 
  
 (d)        Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder;

  

(e)         Engage in Pyramiding of its Commodities positions, as applicable;
provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Commodities positions; 

  
 28 









 (f)          Permit rebates to
be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition;

  
 (g)
         Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to commodity trading activities; 

 

(h)         Enter into any contract with the Managing Owner or an Affiliate
of the Managing Owner (except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or for
the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; 

 

(i)         Permit churning of its Commodity trading account(s) for the
purpose of generating excess brokerage commissions; 
  
 (j)         Enter into any exclusive brokerage contract; 
  

(k)         Operate the Trust or a Fund in any manner so as to contravene
the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or 
  

(l)          Cause the Trust or any Fund to elect to be classified as an
association taxable as a corporation for U.S. federal income tax purposes. 
  
 SECTION 4.5.         Liability of Covered Persons.     A Covered Person shall have no liability to the Trust, any Fund or to any
Unitholder 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 negligence or misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner 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 Limited Owner 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 Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator or other delegatee selected by the
Managing Owner with reasonable care. 
  
 SECTION 4.6.         Fiduciary Duty. 
  

(a)          To the extent that, at law or in equity, the Managing Owner has
duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Funds, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to the Trust, the Funds, the Unitholders
or to any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 4.5 herein. The 

  
 29 









 
provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by the parties hereto to
replace such other duties and liabilities of the Managing Owner. Any material changes in the Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to
at least a majority (over 50%) of the Net Asset Value of a Fund (excluding Units held by the Managing Owner and its Affiliates) affected by the change pursuant to Section 11.1(a) below. 
  
 (b)        Unless otherwise expressly provided herein:

  

    (i)        whenever a conflict of
interest exists or arises between the Managing Owner or any of its Affiliates, on the one hand, and the Trust or any Unitholder or any other Person, on the other hand; or 

 
     (ii)
        whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to
the Trust, any Unitholder or any other Person, 
  

the Managing Owner 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 Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement
contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
  

(c)         The Managing Owner and any Affiliate of the Managing Owner 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 Managing Owner. If the Managing Owner 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 Managing Owner shall not be liable to the Trust or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner 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 Unitholder 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 Managing Owner may engage or be interested in any financial or other transaction with the Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 

  
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 SECTION 4.7.        
Indemnification of the Managing Owner. 
  
 (a)          The Managing Owner shall be indemnified by the Trust (or, in furtherance of Section 3.7, 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 its activities for the Trust, provided that
(i) the Managing Owner was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of
negligence, misconduct, or a breach of this Trust Agreement on the part of the Managing Owner and (ii) any such indemnification will only be recoverable from the applicable Trust Estate or Trust Estates. All rights to indemnification permitted
herein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or
involuntary petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. 
  

(b)          Notwithstanding the provisions of Section 4.7(a) above,
the Managing Owner and any Person acting as broker-dealer for the Trust or any Fund shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless
(i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without
limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 

 
 (c)
         The Trust and the Funds shall not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited. 

 
 (d)
         Expenses incurred in defending a threatened or pending civil, administrative or criminal action, suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final
disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Managing Owner on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a Limited
Owner or the legal action is initiated by a Limited Owner and a court of competent jurisdiction specifically approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust in cases in which
it is not entitled to indemnification under this Section 4.7. 
  
 (e)          The term “Managing Owner” as used in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person
performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 

  
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 (f)          In the event the
Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities
unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys’ and
accountants’ fees. 
  
 (g)
         The payment of any amount pursuant to this Section shall be subject to Section 3.7 with respect to the allocation of liabilities and other amount, as appropriate, among the Funds.

  
 SECTION 4.8.
        Expenses and Limitations Thereon. 
  

(a)         (i) The Managing Owner or an Affiliate of
the Managing Owner shall be responsible for the payment of all Organization and Offering Expenses as defined in Section 4.8(a)(ii). 
  

(ii)        Organization and Offering Expenses shall mean those
expenses incurred in connection with the formation, qualification and registration of the Trust, the Funds and the Units and in offering, distributing and processing the Units under applicable U.S. federal and state law, as applicable, and any
other expenses actually incurred and, directly or indirectly, related to the organization of the Trust or the continuous offering of the Units, including, but not limited to, expenses such as: (A) initial and ongoing registration fees, filing
fees, escrow fees and taxes, (B) costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the Exhibits thereto and the Prospectus during the Continuous Offering,
(C) the costs of qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Units during the Continuous Offering, (D) travel,
telegraph, telephone and other expenses in connection with the offering and issuance of the Units during the Continuous Offering, and (E) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection
therewith. However, such Organization and Offering Expenses shall exclude any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related
thereto. 
  
 (b) Routine
Operational, Administrative and Other Ordinary and Extraordinary Fees and Expenses. All ongoing charges, costs and expenses of each Fund’s operation, including, but not limited to, the routine expenses associated with (i) preparation
of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities; (ii) Fund meetings and preparing, printing and mailing of proxy statements and reports to Unitholders; (iii) the
payment of any distributions related to redemption of Units; (iv) routine services of the Trustee, legal counsel and independent accountants; (v) routine accounting and bookkeeping services, whether performed by an outside service provider
or by Affiliates of the Managing Owner; (vi) postage and insurance; (vii) client relations and services; (viii) computer equipment and system maintenance; and (ix) required payments to any other service providers of the Trust
pursuant to any applicable contract shall be 

  
 32 









 
billed to and/or paid by the Managing Owner. The Management Fee and extraordinary fees and expenses (including, but not limited to, legal claims and liabilities and litigation costs and any
indemnification related thereto) shall be billed to and/or paid by the respective Funds. Each Fund shall pay all its extraordinary fees and expenses (as defined in the next sentence), if any, of such Fund generally, if any, as determined by the
Managing Owner. Extraordinary fees and expenses shall include, but not be limited to, fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other
unanticipated expenses. Extraordinary fees and expenses shall also include material expenses which are not currently anticipated obligations of each Fund or of managed futures trusts in general. Routine operational, administrative and other ordinary
expenses will not be deemed extraordinary fees and expenses. 
  
 (c)         Brokerage Commissions and Fees.     Each Fund shall pay to the Commodity Broker all brokerage commissions, including
applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. 

 
 (d)
        The Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of a Fund for
which payment a Fund is responsible. In addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing services for a Fund in its capacity as the managing owner of the Trust, such as salaries and fringe
benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s “overhead,” is prohibited. 

 
 (e)
        All general expenses of the Trust will be allocated among the Funds as determined by the Managing Owner in its sole and absolute discretion. 
  
 SECTION 4.9.         Compensation to the Managing
Owner.   The Managing Owner shall be entitled to compensation for its services as managing owner of each Fund as set forth in the Prospectus (the “Management Fee”). 

 
 SECTION 4.10.
      Other Business of Unitholders.    Except as otherwise specifically provided herein, any of the Unitholders and any shareholder, officer, director, employee or other person holding a
legal or beneficial interest in an entity which is a Unitholder, 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. 
  
 SECTION 4.11.      Voluntary Withdrawal of the Managing Owner.    The Managing Owner may withdraw voluntarily as the Managing Owner of the Trust
only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, Limited Owners holding Units equal to at least a majority
(over 50%) of each Fund’s aggregate Net Asset Value (excluding Units held by the Managing Owner) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on the business of
the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at their respective Net Asset Value. If the Managing Owner withdraws and a successor Managing Owner is named, the withdrawing
Managing Owner shall pay all expenses as a result of its withdrawal. 

  
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 SECTION 4.12.      Authorization of
Registration Statements.   Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust, the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions
and matters contemplated hereby or described in or contemplated by the Registration Statements on behalf of the Trust without any further act, approval or vote of the Limited Owners of the Funds, notwithstanding any other provision of this Trust
Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 
  
 SECTION 4.13.      Litigation.   The Managing Owner is hereby authorized to 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’s interests. The Managing Owner 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’ assets on a pro rata basis and, thereafter, out of the assets (to the extent that it is permitted to do so under
the various other provisions of this Trust Agreement) of the Managing Owner. 
  
 ARTICLE V 
  
 TRANSFERS OF UNITS 
  
 SECTION 5.1.        General Prohibition.     To the fullest extent permitted by law, a Limited Owner may not sell, assign, transfer or
otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title and interest in the capital or profits in any Fund except as permitted in this Article V and any act in violation of
this Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge thereof), unless approved in writing by the Managing Owner. 

 
 SECTION
5.2.         Transfer of Managing Owner’s General Units. 
  

(a)      Upon an Event of Withdrawal (as defined in Section 13.1), the Managing
Owner’s General Units shall be purchased by the Trust for a purchase price in cash equal to the Net Asset Value thereof. The Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an
assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any
statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a
trustee, receiver or liquidator for itself or of all or any substantial part of its properties. 

  
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 (b)      To the full extent permitted by law,
and on sixty (60) days’ prior written notice to the Limited Owners, of their right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the
Managing Owner with another corporation or other entity, the reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the rights, duties
and liabilities of the Managing Owner by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an Affiliate of the Managing
Owner. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of
Sections 5.2(a) or 5.2(c). 
  

(c)      Upon assignment of all of its Units, the Managing Owner shall not cease
(x) to be a Managing Owner of the Trust, or (y) to have the power to exercise any rights or powers as a Managing Owner, or (z) to have liability for the obligations of the Trust under Section 1.7 hereof, until an additional
Managing Owner, who shall carry on the business of the Trust, has been admitted to the Trust. 
  

SECTION 5.3.      Transfer of Limited Units.    Beneficial Owners
that are not DTC Participants may transfer Limited Units by instructing the DTC Participant or Indirect Participant holding the Limited Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that
are DTC Participants may transfer Limited Units by instructing the Depository in accordance with the rules of the Depository and standard securities industry practice. 

 
 ARTICLE VI 

 
 CAPITAL ACCOUNTS; ALLOCATIONS 

 
 SECTION
6.1.      Capital Accounts.    The Trust shall maintain for each Unitholder (which includes beneficial owners of Units where information regarding the identity of such owner has been furnished
to the Fund in accordance with section 6031(c) of the Code or any other method acceptable to the Managing Owner in its sole discretion) owning a Unit a separate Capital Account with respect to such Unit in accordance with the rules of Treasury
Regulation section 1.704-1(b)(2)(iv). The initial balance of each Unitholder’s book capital account shall be the amount of its initial Capital Contribution. Such Capital Account shall be (i) increased by the amount of all Capital
Contributions made with respect to the respective Unit and all items of income and gain with respect to each Fund computed and allocated to the Unitholder’s Units in accordance with this Trust Agreement and (ii) decreased by the amount of
cash distributions made with respect to such Unit and all items of deduction and loss with respect to each Fund computed and allocated in accordance with this Trust Agreement. 

 

(a)         Consistent with the provisions of Treasury Regulation section
1.704-1(b)(2)(iv)(f), upon an issuance of additional Units with respect to a Fund for cash, the Capital Accounts of all Unitholders with respect to such Fund shall, immediately prior to such issuances, be adjusted (consistent with the provisions
hereof) upwards or downwards to reflect any 

  
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Unrealized Gain or Unrealized Loss attributable to each Fund property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property, immediately
prior to such issuance, and had been allocated to its Unitholders at such time pursuant to Section 6.3. 
  

(b)         In accordance with Treasury Regulation section 1.704-1(b)(2)(iv)(f),
immediately prior to the distribution of cash in redemption of all or a portion of a Unitholder’s Units, the capital accounts of all Unitholders with respect to a Fund shall, immediately prior to any such distribution, be adjusted (consistent
with the provisions hereof) upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to each Fund property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each property, immediately
prior to such distribution, and had been allocated to the Unitholders at such time pursuant to Section 6.3. 
  

SECTION 6.2.         Periodic Closing of Books.  Within
forty-five (45) days after the end of each calendar month (or such other period as the Managing Owner may determine in its sole discretion) or such shorter period as required for the final closing of the books for the taxable year, each Fund
shall conduct an interim closing of the books of the Fund as of the end of the last day of that calendar month (or such other period as the Managing Owner may determine in its sole discretion). On the basis of the closing of the books for each
calendar month (or such other period as the Managing Owner may determine in its sole discretions), each Fund shall determine the amount of Profit and Loss of the Fund attributable to that calendar month (or such other period as the Managing Owner
may determine in its sole discretion). Fund Profits and Losses shall be determined in accordance with the accounting methods followed by the Fund for U.S. federal income tax purposes. 
  
 SECTION 6.3.         Periodic
Allocations.  All allocations to Unitholders of items included within a Fund’s Profits and Losses attributable to each calendar month (or such other periods as the Managing Owner may determine in its sole discretion) shall
be allocated solely among the Unitholders recognized as Unitholders as of the close of the last trading day of the preceding month (or the last trading day of such other period as the Managing Owner may determine in its sole discretion) as follows:

  
 (a)
        For purposes of maintaining each Fund’s Capital Accounts and in determining the rights of the Unitholders among themselves, except as otherwise provided in this Article VI, each item of
income, gain, loss and deduction shall be allocated among Unitholders in accordance with their respective Percentage Interests. 
  

(b)         Any item of loss or deduction otherwise allocated to the Managing
Owner pursuant to Section 6.3 which is in excess of such Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all other items for such period) shall instead be allocated to the other
Unitholders in accordance with their respective Percentage Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account balance; provided that the allocation of any such item to such other
Unitholders shall only be made hereunder to the extent the allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other Unitholders. If such an allocation occurs, items of income or gain that would
otherwise be allocated to the Managing Owner equal to the amount of such allocated loss or deduction will be allocated to the other Unitholders in accordance with their Percentage Interests as quickly as possible. 

  
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 (c)         If any Unitholder
unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Fund income and gain shall be specially allocated to such Unitholder in an amount
and manner sufficient to eliminate a deficit in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible. This Section 6.3(c) is intended to constitute a “qualified income offset”
within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d). 
  
 (d)         Notwithstanding any other provision of this Trust Agreement, upon or prior to the issuance of additional Units, the Managing Owner shall have the
sole and complete discretion, without the approval of any other Unitholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or advisable to comply with any current or future provisions of the Code or the
Treasury Regulations or to implement the terms and conditions of any Units. 
  
 SECTION 6.4.          Code Section 754 Adjustments.  To the extent an adjustment to the tax basis of any Fund asset pursuant to
Section 743(b) or 743(c) of the Code is required, pursuant to Treasury Regulation section 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 Unitholders in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under section 743(b) of the Code, a Fund is authorized (but not required), in the Managing Owner’s sole and complete discretion,
to adopt a convention whereby the price paid by a transferee of Units will be deemed to be the weighted average closing price of the Units of the particular Fund on the Exchange during the calendar month in which such transfer is deemed to occur
pursuant to Section 5.3 without regard to the actual price paid by the transferee (or any other convention as the Managing Owner may determine in its sole and complete discretion). 
  
 SECTION 6.5.         Allocation of Profit and
Loss for U.S. Federal Income Tax Purposes. 
  
 (a)        Except as otherwise provided, each item of income, gain, loss, deduction and credit of each Fund shall be allocated among the Unitholders in accordance with
their respective Percentage Interests. 
  
 (b)       In an attempt to eliminate Book-Tax Disparities attributable to Adjusted Property, items of income, gain, and loss will be allocated for federal income tax purposes
among the Unitholders of each Fund as follows: 
  
 (i)           Items attributable to an Adjusted Property will be allocated among the Unitholders of each Fund in a manner consistent with the
principles of section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof pursuant to Sections 6.3(a) and (b). 

  
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 (ii)
         Any items of income, gain, loss or deduction otherwise allocable under this Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum
extent possible, Book-Tax Disparities in an Adjusted Property otherwise resulting from the application of the ceiling limitation under section 704(c) principles to the allocations provided under this Section. 

 
 (iii)
        Subject to this Section 6.5(b), any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant to Section 6.3(a) that constitutes the tax corollary of an item
of “book” income, gain, loss or deduction that has been allocated to the other Unitholders of a Fund pursuant to Section 6.3(b) shall be allocated to such other Unitholders in the same manner and to the same extent provided in this
Section 6.5(b). 
  
 (iv)         If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation section 1.704-1(b)(2)(ii)(d),
items of income and gain shall be specially allocated to such Unitholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 6.3(c). 

 
 (c)
       The allocation of income and loss (and items thereof) for U.S. federal income tax purposes set forth in this Section 6.5 is intended to allocate taxable income and loss among Unitholders generally
in the ratio and to the extent that net profit and net loss shall be allocated to such Unitholders under Section 6.3 so as to eliminate, to the extent possible, any disparity between a Unitholder’s book capital account and his tax capital
account, consistent with the principles set forth in Sections 704(b) and (c)(2) of the Code. 
  

(d)        Notwithstanding this Section 6.5, if after taking into account any
distributions to be made with respect to such Unit for the relevant period pursuant to Section 6.7 herein, any allocation would produce a deficit in the book capital account of a Unit, the portion of such allocation that would create such a
deficit shall instead be allocated pro rata to the book capital accounts of all the remaining Unitholders in such Fund (subject to the same limitation). 
  

SECTION 6.6.          Effect of Section 754 Election.
      All items of income, gain, loss, deduction and credit recognized by a Fund for U.S. federal income tax purposes and allocated to Unitholders in such Fund in accordance with the provisions of this Trust
Agreement shall be determined without regard to any election under section 754 of the Code which may be made by such Fund; provided, however, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those
adjustments permitted or required by sections 734 or 743 of the Code. 
  
 SECTION 6.7.          Admissions of Unitholders; Transfers.        For purposes of this Article VI, items of
each Fund’s income, gain, loss, deduction and credit attributable to a transferred Unit shall, for U.S. federal income tax purposes, be determined on an annual basis and prorated on a monthly basis (or other basis, as required or permitted
by section 706 of the Code) and shall be allocated to such Unitholders who own the Units as of the close of the Exchange on the last day of the month in which the transfer is recognized by the Trust; provided that, gain or loss on the sale or other
disposition of all or a substantial portion of the assets of the Trust shall be allocated to the Unitholders who own Units as of the close of the Exchange on the 

  
 38 









 
last day of the month in which such gain or loss is recognized for federal income tax purposes. The Managing Owner may revise, alter or otherwise modify such methods of determination and
allocation as it determines necessary, to the extent permitted by section 706 of the Code and the regulations or rulings promulgated thereunder. 
  

SECTION 6.8.          Allocation of
Distributions.   Initially, distributions shall be made by the Managing Owner, and the Managing Owner shall have sole discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the
Units; provided, however, that no distribution shall be made that violates the Delaware Trust Statute. The aggregate distributions made in a Fiscal Year (other than distributions on termination, which shall be allocated in the manner described in
Article XIII) shall be allocated among the holders of record of Units in the ratio in which the number of Units held of record by each of them bears to the number of Units held of record by all of the Unitholders of such Fund as of the record
date of such distribution; provided, further, however, that any distribution made in respect of a Unit shall not exceed the book capital account for such Unit. 
  

SECTION 6.9.          Liability for State and Local and Other Taxes.
   In the event that the Trust or a Fund shall be separately subject to taxation by any state or local or by any foreign taxing authority, the Trust or such Fund shall be obligated to pay such taxes to such jurisdiction. In the event
that the Trust or any Fund shall be required to make payments to any Federal, state or local or any foreign taxing authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the
Trust or such Fund to such Unitholder, and such Unitholder shall be liable for, and shall pay to the Trust or such Fund, any taxes so required to be withheld and paid over by the Trust or such Fund within ten (10) days after the Managing
Owner’s request therefor. Such Unitholder shall also be liable for (and the Managing Owner shall be entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust or
the Fund to the IRS or other taxing authority, from the date of the Managing Owner’s request for payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to
time by Citibank, N.A. The amount, if any, payable by the Trust or a Fund to the Unitholder in respect of its Units so redeemed, or in respect of any other actual distribution by the Trust or any Fund to such Unitholder, shall be reduced by any
obligations owed to the Trust or any Fund by the Unitholder, including, without limitation, the amount of any taxes required to be paid over by the Trust or any Fund to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if
any, deducted by the Trust or any Fund from any actual distribution or redemption payment to such Unitholder shall be treated as an actual distribution to such Unitholder for all purposes of this Trust Agreement. 

 
 SECTION 6.10.
       Consent to Methods.     The methods set forth in this Article VI by which Distributions are made and items of Profit and Loss are allocated are hereby expressly consented to
by each Unitholder as an express condition to becoming a Unitholder. 

  
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 ARTICLE VII 

 
 REDEMPTIONS 

 
 SECTION 7.1.
         Redemption of Redemption Baskets.     The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable
Participant Agreement, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with
respect to the redemption of Redemption Baskets. 
  
 (a)          On any Business Day, a Participant with respect to which a Participant Agreement is in full force and effect (as reflected on the list maintained
by the Managing Owner pursuant to Section 3.4(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Managing Owner (such
request, a “Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, as 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). 
  
 (b)          To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the
Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and
regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
  

(c)          Subject to deduction of any tax or other governmental charges
due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption
Order by (ii) the Net Asset Value Per Basket of a Fund as of the closing time of the Exchange or the last to close of the exchanges on which any of the Index Commodities is traded, whichever is later, on the Redemption Order Date. 

 
 (d)
         Within three Business Days immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the Managing Owner’s account at the Depository has by such
time as provided in the Participant Agreement, on such day been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption
Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by such Redemption Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption
Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open
until such time as provided in the Participant Agreement, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the
Redemption Basket(s) comprising the 

  
 40 









 
Suspended Redemption Order are credited to the Managing Owner’s account at the Depository by such time as provided in the Participant Agreement, on such following Business Day, the
Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time the Managing Owner has not received from the redeeming Participant
all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled.
Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been
credited to the Trust’s or the applicable Fund’s account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to
time agree. 
  
 (e)
       The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for any period during which the Exchange or any other applicable exchange is
closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of a Fund’s assets is not reasonably
practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any
such suspension or postponement. 
  

(f)         Redemption Baskets effectively redeemed pursuant to the provisions of
this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures. 
  

SECTION 7.2.          Other Redemption Procedures.
  The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Limited Units in lot sizes smaller than the Redemption Basket and permitting the Redemption Distribution to
be in a form, and delivered in a manner, other than that specified in Section 7.1. 
  
 ARTICLE VIII 
  
 THE LIMITED OWNERS 
  
 SECTION 8.1.          No Management or Control; Limited Liability; Exercise of Rights through DTC.     The Limited Owners shall not
participate in the management or control of the Trust’s or the applicable Fund’s business nor shall they transact any business for the Trust or any Fund or have the power to sign for or bind the Trust or any Fund, said power being vested
solely and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust or any Fund in excess of its Capital
Contribution plus its share of any Fund Trust Estate in which such Limited Owner owns a Limited Unit and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Unit owned by a Limited Owner shall be fully paid and no
assessment shall be made against any Limited Owner. No salary shall be paid to any Limited Owner in its capacity as a Limited Owner, nor shall any Limited Owner have a drawing 

  
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account or earn interest on its Capital Contribution. By the purchase and acceptance or other lawful delivery and acceptance of Limited Units, each Beneficial Owner shall be deemed to be a
Limited Owner and beneficiary of the applicable Fund and vested with beneficial undivided interest in such Fund to the extent of the Limited Units owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Trust
Agreement. The rights of Beneficial Owners under this Trust Agreement must be exercised by DTC Participants, or Indirect Participants, as applicable, acting on their behalf in accordance with the rules and procedures of the Depository, as provided
in Section 3.5. 
  
 SECTION
8.2.        Rights and Duties.  The Limited Owners shall have the following rights, powers, privileges, duties and liabilities: 
  
 (a)         The Limited Owners shall have the right to
obtain from the Managing Owner information on all things affecting the Trust or the applicable Fund, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust or the applicable
Fund, including, without limitation, such reports as are set forth in Article IX and the list of Participants contemplated by Section 3.4(a)(i). In the event that the Managing Owner neglects or refuses to produce or mail to a Limited Owner
a copy of the list of Participants contemplated by Section 3.4(a)(i), the Managing Owner shall be liable to such Limited Owner for the costs, including reasonable attorney’s fees, incurred by such Limited Owner to compel the production of
such information, and for any actual damages suffered by such Limited Owner as a result of such refusal or neglect; provided, however, it shall be a defense of the Managing Owner that the actual purpose of the Limited Owner’s
request for such information was not reasonably related to the Limited Owner’s interest as a beneficial owner in a Fund (e.g., to secure such information in order to sell it, or to use the same for a commercial purpose unrelated to the
participation of such Limited Owner in the Fund). The foregoing rights are in addition to, and do not limit, other remedies available to Limited Owners under U.S. federal or state law. 
  
 (b)         The Limited Owners shall receive the share
of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement. 
  

(c)         Except for the Limited Owners’ redemption rights set forth in
Article VII hereof, the Limited Owners shall have the right to demand the return of their Capital Account only upon the dissolution and winding up of the applicable Fund or the Trust and only to the extent of funds available therefor. In no
event shall a Limited Owner be entitled to demand or receive property other than cash. Except with respect to class differences, no Limited Owner shall have priority over any other Limited Owner either as to the return of capital or as to profits,
losses or distributions. The Limited Owner shall not have any right to bring an action for partition against the Trust or a Fund. 
  

(d)         Limited Owners holding Units representing at least a majority (over
50%) in Net Asset Value of each affected Fund (not including Units held by the Managing Owner and its Affiliates), voting separately as a class, may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the
Managing Owner on prior written notice to the Managing Owner, (iii) elect and appoint one or more additional Managing Owners, or consent to such matters as are set forth in Section 5.2(b), (iv) approve a material change in the trading
policies, as 

  
 42 









 
set forth in the Prospectus, which change shall not be effective without the prior written approval of such majority, (v) approve the termination of any agreement entered into between the
Trust and the Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty, on prior written notice to the Managing Owner, (vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and
(vii) terminate the Trust as provided in Section 13.1(e), and in the case of (ii), (iii), (iv) and (v) in each instance on 10 days’ prior written notice. 
  
 (e)         Certain K-1 Unitholders representing at
least a majority (over 50%) in Net Asset Value (not including Units held by the Managing Owner and its Affiliates) may vote to (i) remove the Tax Agent on prior written notice to the Managing Owner, and (ii) designate a replacement Tax
Agent on prior written notice to the Managing Owner, in each instance on 10 days’ prior written notice. 
  

Except as set forth above, the Limited Owners shall have no voting or other rights with respect to the Trust or any Fund.

  
 SECTION 8.3.
        Limitation on Liability. 
  
 (a)         Except as provided in Sections 4.7(f), and 6.2 hereof, and as otherwise provided under Delaware law, the Limited Owners 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 Limited Owner shall be liable for claims against, or debts of the Trust or the
applicable Fund in excess of its Capital Contribution and his share of the applicable Fund Trust Estate and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Limited
Owner’s Participant Agreement delivered in connection with his purchase of Units. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Fund shall not make a claim against a
Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount. 

 
 (b)
        The Trust or the applicable Fund shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the applicable Fund Trust Estate, each
Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited Units) against any claims of liability asserted against such Limited Owner solely because he is a beneficial owner of one or more Units as a Limited Owner
(other than for taxes for which such Limited Owner is liable under Section 6.2 hereof). 
  

(c)         Every written note, bond, contract, instrument, certificate or
undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust or the applicable Fund and that the obligations of such instrument are not binding upon the Limited
Owners individually but are binding only upon the assets and property of the applicable Fund, and no resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references
may be made to this Trust Agreement and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the 

  
 43 









 
Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation
on the liability of the Trust to the extent set forth in Sections 3.6 and 3.7 hereof. 
  
 ARTICLE IX 
  
 BOOKS OF ACCOUNT AND REPORTS 
  
 SECTION 9.1.         Books of Account.  Proper books of account for each Fund shall be kept and shall be audited annually by an independent
certified public accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Fund’s business as are required by the CE Act and regulations
promulgated thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust
and each Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the Limited
Owner’s interest as a beneficial owner of the applicable Fund, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and each Fund shall report its Profits and Losses on, the accrual method
of accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
  

SECTION 9.2.         Annual Reports and Monthly Statements. 

 
 (a)
        Each Limited Owner shall be furnished as of the end of each month and as of the end of each Fiscal Year with (a) such reports (in such detail) as are required to be given to Limited Owners by the
CFTC and the NFA subject to, as applicable, either (y) certain relief granted by the CFTC or (z) pursuant to the applicable rules and regulations of the CFTC, (b) any other reports (in such detail) required to be given to Limited
Owners by any other governmental authority which has jurisdiction over the activities of the Trust and the Funds and (c) any other reports or information which the Managing Owner, in its discretion, determines to be necessary or appropriate.

  
 (b)
        The Limited Owners will have access to periodic reports filed with the SEC by the Managing Owner on behalf of the Trust. The Managing Owner will file (i) the Quarterly Reports on Form 10-Q,
filed for the first three quarters of each fiscal year; (ii) the Annual Reports on Form 10-K, filed at end of each fiscal year; and (iii) Current Reports on Form 8-K, which will be filed as necessary to announce material events
not disclosed in either Form 10-Q or 10-K. 
  
 SECTION 9.3.         Tax Information.    Appropriate tax information (adequate to enable each Limited Owner to complete and file its
U.S. federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 

 
 SECTION 9.4.
        Calculation of Net Asset Value.    Net Asset Value of a Fund shall be calculated at such times as the Managing Owner shall determine from time to time. 

  
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 SECTION 9.5.         Maintenance
of Records.    The Managing Owner shall maintain: (a) for a period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known addresses of, and number of Units
owned by, all Unitholders of each Fund, a copy of the Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the
Trust’s and Funds’ U.S. federal, state and local income tax returns and reports, if any; and (b) for a period of at least six Fiscal Years copies of any effective written Trust Agreements, Participant Agreements, including any
amendments thereto, and any financial statements of the Trust and the Funds. The Managing Owner may keep and maintain the books and records of the Trust and the Funds in paper, magnetic, electronic or other format as the Managing Owner may determine
in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 
  

SECTION 9.6.         Certificate of Trust.    Except as
otherwise provided in the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Limited Owner; however,
such certificates shall be maintained at the principal office of the Trust and shall be available for inspection and copying by the Limited Owners in accordance with this Trust Agreement. 
  
 ARTICLE X 
  

FISCAL YEAR 
  

SECTION 10.1.         Fiscal Year.   The
Fiscal Year shall begin on the 1st day of January and end
on the 31st day of December of each year. The first Fiscal
Year of the Trust shall commence on the date of filing of the Certificate of Trust and end on the 31st day of December 2006. If, after commencement of operations, applicable tax rules require the Trust to adopt a taxable year other than the calendar year, the term “Fiscal Year” for the
Trust shall mean such other taxable year as required by Code Section 706 or an alternative taxable year chosen by the Managing Owner which has been approved by the Internal Revenue Service. The Fiscal Year in which the Trust shall terminate
shall end on the date of such termination. 
  

ARTICLE XI 
  

AMENDMENT OF TRUST AGREEMENT; MEETINGS 
  

SECTION 11.1.         Amendments to this Trust Agreement. 

 
 (a)
        Amendments to this Trust Agreement may be proposed by the Managing Owner or by Limited Owners holding Units equal to at least 10% of the Net Asset Value of each Fund, unless the proposed amendment
affects only certain series, in which case such amendment may be proposed by Limited Owners holding Units equal to at least ten percent (10%) of Net Asset Value of each affected series. Following such proposal, the Managing Owner shall submit
to the Limited Owners of each affected series a verbatim statement of any proposed amendment, and statements concerning the legality of such amendment and the effect of such amendment on the limited liability of the Limited Owners. The Managing
Owner shall include in any such 

  
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submission its recommendations as to the proposed amendment. The amendment shall become effective only upon the written approval or affirmative vote of Limited Owners holding Units (excluding
Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the Net Asset Value of all Funds (excluding Units held by the Managing Owner and its Affiliates) or, if the proposed amendment affects only certain
series, of each affected series, or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding and will not adversely affect
the limitations on liability of the Limited Owners as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this Trust Agreement requires the approval
or affirmative vote of Limited Owners holding a greater interest in Limited Units than is required to amend this Trust Agreement under this Section 11.1, and/or the approval or affirmative vote of the Managing Owner, an amendment to such
provision(s) shall be effective only upon the written approval or affirmative vote of the minimum number of Unitholders which would be required to take or authorize such action, or as may otherwise be required by applicable law, and upon receipt of
an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except as otherwise provided below, reduction of the capital account of any assignee or modification of the percentage of Profits, Losses or
distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement without such assignee’s approval. 
  

(b)          Notwithstanding any provision to the contrary contained in
Section 11.1(a) hereof, the Managing Owner may, without the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or
surrender any right or power granted to the Managing Owner herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision
herein or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the Prospectus, or
(iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owners;
(B) is consistent with Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owners or between the Limited Owners and the Managing
Owner; and (D) does not adversely affect the limitations on liability of the Limited Owners, as described in Article VIII hereof or the status of any Fund as a partnership for U.S. federal income tax purposes. Amendments to this
document which adversely affect (i) the rights of Limited Owners, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Trust pursuant to Section 13.1(f) below and
(iv) any material changes in the Trust’s or a Fund’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the
Net Asset Value of each Fund or, if not all Funds are affected, of the affected Fund or Funds (excluding Units held by the Managing Owner and its Affiliates) pursuant to Section 11.1(a) above. 

 
 (c)
         Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may, without the approval of the Limited


  
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Owners, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are necessary to ensure that the
Funds’ status as partnerships will be respected for U.S. federal income tax purposes. 
  

(d)         Upon amendment of this Trust Agreement, the Certificate of Trust
shall also be amended, if required by the Delaware Trust Statute, to reflect such change. 
  

(e)         No amendment shall be made to this Trust Agreement without the
consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the
Limited Owners are permitted to take under Section 8.2(d) above. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is
required in the opinion of the Trustee. 
  
 (f)          The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until
it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee that such
execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and
(iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee and do not adversely affect the Trustee. 

 
 (g)
        To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this
Section. 
  
 SECTION 11.2.
        Meetings of the Trust or the Funds.    Meetings of the Unitholders may be called by the Managing Owner and will be called by it upon the written request of Limited Owners holding
Units equal to at least 10% of the Net Asset Value of all Funds or any Fund, as applicable. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of
Limited Owners. The Managing Owner shall deposit in the United States mails within fifteen (15) days after receipt of said request, written notice to all Unitholders of the applicable Fund of the meeting and the purpose of the meeting, which
shall be held on a date, not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be
taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the debts of the applicable Fund. Unitholders may vote in person or by proxy at any such meeting. 

 
 SECTION 11.3.
         Action Without a Meeting.     Any action required or permitted to be taken by Unitholders by vote may be taken without a meeting by written consent setting forth the
actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Unitholder to any action of the Trust, any Fund or any Unitholder, as 

  
 47 









 
contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder given in the manner provided in Section 15.4. The
vote or consent of each Unitholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Unitholder, unless the
Unitholder expresses written objection to the vote or consent by notice given in the manner provided in Section 15.4 below and actually received by the Trust within twenty (20) days after the notice of solicitation is effected. The
Managing Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Trust in so doing. Any action taken or
omitted in reliance on any such deemed vote or consent of one or more Unitholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Unitholders in any manner other than as expressly provided
in Section 15.4. 
  
 ARTICLE XII

  
 TERM 

 
 SECTION 12.1.
       Term.    The term for which the Trust and each Fund is to exist shall commence on the date of the filing of the Certificate of Trust, and shall be perpetual, unless terminated pursuant
to the provisions of Article XIII hereof or as otherwise provided by law. 
  
 ARTICLE XIII 
  
 TERMINATION 
  
 SECTION 13.1.        Events Requiring Dissolution of the Trust or any Fund.    The Trust or, as the case may be, any Fund shall dissolve at any
time upon the happening of any of the following events: 
  
 (a)          The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of ninety (90) days after
the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an
“Event of Withdrawal”) unless (i) at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within ninety (90) days of such Event of
Withdrawal all the remaining Unitholders agree in writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of
Withdrawal and a failure of all remaining Unitholders to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within one hundred and twenty (120) days of such Event of
Withdrawal, Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value of each Fund (not including Units held by the Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a
new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be necessary to reform
the Trust). Any such election must also 

  
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provide for the election of a Managing Owner to the Reconstituted Trust. If such an election is made, all Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the
Reconstituted Trust. 
  
 (b)
         The occurrence of any event which would make unlawful the continued existence of the Trust or any Fund, as the case may be. 

 
 (c)
         In the event of the suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator or commodity trading advisor under the CE Act, or membership as a
commodity pool operator or commodity trading advisor with the NFA (if, in either case, such registration is required under the CE Act or the rules promulgated thereunder) unless at the time there is at least one remaining Managing Owner whose
registration or membership has not been suspended, revoked or terminated. 
  
 (d)          The Trust or any Fund, as the case may be, becomes insolvent or bankrupt. 

 
 (e)
         The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value of all Funds (which excludes the Units of the Managing Owner) vote to dissolve the Trust,
notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination. 
  

(f)           The determination of the Managing Owner that a
Fund’s aggregate net assets in relation to the operating expenses of such Fund make it unreasonable or imprudent to continue the business of such Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to
dissolve the Trust because the aggregate Net Asset Value of the Trust or any Fund as of the close of business on any Business Day declines below $10 million. 

 
 (g)
         The Trust is required to be registered as an investment company under the Investment Company Act of 1940. 
  

(h)          DTC is unable or unwilling to continue to perform its
functions, and a comparable replacement is unavailable. 
  
 The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Limited Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the
termination of the Trust or any Fund, and such Limited Owner, his estate, custodian or personal representative shall have no right to withdraw or value such Limited Owner’s Units. Each Limited Owner (and any assignee thereof) expressly agrees
that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of
the applicable Fund and any right to an audit or examination of the books of the applicable Fund, except for such rights as are set forth in Article IX hereof relating to the books of account and reports of the applicable Fund. 

 
 SECTION 13.2.
       Distributions on Dissolution.     Upon the dissolution of the Trust or any Fund, the Managing Owner (or in the event there is no Managing Owner, such person (the
“Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and 

  
 49 









 
approve) shall take full charge of the applicable Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties
hereto, all of the powers conferred upon the Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee
shall not have general liability for the acts, omissions, obligations and expenses of the Trust or the Funds. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust or any Fund shall
be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of
liquidation and termination and to creditors, including Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust or the Funds (whether by payment or the making of reasonable provision for
payment thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Unitholder,
after giving effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. After the distribution of all remaining assets of the Trust or any Fund, the Managing
Owner will contribute to the Trust or the Fund an amount equal to the lesser of (i) the deficit balance, if any, in its book capital account, and (ii) the total Capital Contributions of the Limited Owners. Any Capital Contributions made by
the Managing Owner pursuant to this Section shall be applied first to satisfy any amounts then owed by the Trust or the Fund to its creditors, and the balance, if any, shall be distributed to those Unitholders whose book capital account balances
(immediately following the distribution of any liquidation proceeds) were positive, in proportion to their respective positive book capital account balances. 
  

SECTION 13.3.        Termination; Certificate of Cancellation.
   Following the dissolution and distribution of the assets of all Funds, the Trust shall terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of
cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue
until the filing of such certificate of cancellation. 
  
 ARTICLE XIV 
  
 POWER OF ATTORNEY 
  
 SECTION 14.1.        Power of Attorney Executed Concurrently.   Concurrently with the written acceptance and adoption of the provisions of this
Trust Agreement, each Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of its applicable Purchase Order Subscription Agreement, or in such other form as may be prescribed by the Managing Owner. Each Limited
Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and lawful attorney-in-fact and agent for such Limited Owner with full
power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following: 

  
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 (a)         Any certificates
and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in the
jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the
Unitholders under the laws of any jurisdiction; 
  
 (b)         Any instrument which may be required to be filed by the Trust under the laws of any state or by any governmental agency, or which the Managing
Owner deems advisable to file; and 
  

(c)          This Trust Agreement and any documents which may be
required to effect an amendment to this Trust Agreement approved under the terms of the Trust Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of others as additional or
substituted Limited Owners, or the termination of the Trust, provided such continuation, admission or termination is in accordance with the terms of this Trust Agreement. 

 
 SECTION
14.2.       Effect of Executing and Submitting the Purchase Order Subscription Agreement.     By executing and submitting the Purchase Order Subscription Agreement, each Limited
Owner has agreed to concurrently grant the following power of attorney to the Managing Owner (the “Power of Attorney”) which: 
  

(a)         Is a special, irrevocable Power of Attorney coupled with an
interest, and shall survive and not be affected by the death, disability, dissolution, liquidation, termination or incapacity of the Limited Owner; 
  

(b)         May be exercised by the Managing Owner for each Limited Owner by
a facsimile signature of one of its officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 
  

(c)         Shall survive the delivery of an assignment by a Limited Owner
of the whole or any portion of his Limited Units; except that where the assignee thereof has been approved by the Managing Owner for admission to the Trust as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the
delivery of such assignment for the sole purpose of enabling the Managing Owner to execute, acknowledge and file any instrument necessary to effect such substitution. 

 
 Each Limited Owner agrees to be bound by any
representations made by the Managing Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 
  
 SECTION 14.3.      Limitation on Power of
Attorney.        The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner shall not authorize the Managing Owner to act on behalf of Limited Owners in any situation in which
this Trust Agreement requires the approval of Limited Owners unless such approval has been obtained as required by this Trust Agreement. In the event of any conflict between this Trust Agreement and any instruments filed by the Managing Owner or any
new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 

  
 51 









 ARTICLE XV 

 
 MISCELLANEOUS 

 
 SECTION
15.1.       Governing Law.       The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and
the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however,
that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting
statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Funds, the Trustee, the Managing Owner, the
Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the
necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the
allocation of receipts and expenditures to income or principal, (f) 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
of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the
Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and
without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to
statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 

 
 SECTION
15.2.       Provisions In Conflict With Law or Regulations. 
  

(a)         The provisions of this Trust Agreement are severable, and if the
Managing Owner shall determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable U.S. federal or
state laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such
determination by the Managing Owner shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be
liable for making or failing to make such a determination. 

  
 52 









 (b)         If any provision of
this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement
in any jurisdiction. 
  
 SECTION
15.3.       Construction.    In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural and singular and words
denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 

 
 SECTION
15.4.       Notices.    All notices or communications under this Trust Agreement (other than requests for redemption of Units, notices of assignment, transfer, pledge or encumbrance of
Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier; and
addressed, in each such case, to the address set forth in the books and records of the Trust or the applicable Fund or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such
notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Requests for redemption, notices of assignment, transfer, pledge or
encumbrance of Units shall be effective upon timely receipt by the Managing Owner in writing. 
  

SECTION 15.5.        Counterparts.     This Trust
Agreement may be executed in several counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 

 
 SECTION
15.6.       Binding Nature of Trust Agreement.   The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates,
administrators, personal representatives, successors and permitted assigns of the respective Unitholders. For purposes of determining the rights of any Unitholder or assignee hereunder, the Trust and the Managing Owner may rely upon the Trust and
Fund records as to who are Unitholders and permitted assignees, and all Unitholders and assignees agree that the Trust, each Fund and the Managing Owner, in determining such rights, shall rely on such records and that Limited Owners and assignees
shall be bound by such determination. 
  
 SECTION 15.7.       No Legal Title to Trust Estate.      Subject to the provisions of Section 1.8 in the case of the Managing
Owner, the Unitholders shall not have legal title to any part of the applicable Fund’s Trust Estate. 
  

SECTION 15.8.       Creditors.     No creditors of any
Unitholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the applicable Fund’s Trust Estate. 

  
 53 









 SECTION
15.9.       Integration.     This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior
agreements and understandings pertaining thereto. 
  
 SECTION 15.10.       Goodwill; Use of Name.    No value shall be placed on the name or goodwill of the Trust or any Fund, which
shall belong exclusively to DB Commodity Services LLC. 

  
 54 









 IN WITNESS WHEREOF, the undersigned have duly executed this Fourth
Amended and Restated Declaration of Trust and Trust Agreement as of the day and year first above written. 
  
  
  

					
	WILMINGTON TRUST COMPANY,
	 as Trustee

		
	By:	 	 /s/ Joseph B. Feil

		 	 Name:
	 	 Joseph B. Feil

		 	 Title:
	 	 Vice President



 
			
	
	DB COMMODITY SERVICES LLC, as
	Managing Owner
		
	By:	 	/s/ Martin Kremenstein


 
			
	      Name:
	 	  Martin Kremenstein
	      Title:
	 	Chief Executive Officer, Chief Investment Officer and Director


 
			
		
	By:	 	/s/ Alex Depetris


 
			
	     Name:	 	  Alex Depetris
	     Title:	 	Chief Operating Officer and Director
	
	All Limited Owners now and hereafter admitted as Limited Owners of the Trust and reflected in the records maintained by the Depository, the DTC Participants or the
Indirect Participants, as the case may be, as Limited Owners from time to time, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
	
	DB COMMODITY SERVICES LLC, as attorney-in-fact


 
			
		
	By:	 	 /s/ Martin Kremenstein



 
			
	     Name:	 	  Martin Kremenstein
	     Title:	 	Chief Executive Officer, Chief Investment Officer and Director


 
			
		
	By:	 	 /s/ Alex Depetris



 
			
	     Name:	 	  Alex Depetris
	     Title:	 	Chief Operating Officer and Director



  
 55 









 EXHIBIT A 

 
  
  

CERTIFICATE OF TRUST 
  





 

  
 A-1









 EXHIBIT B 

 
 DESCRIPTION OF THE INDEXES 

  
 B-1









 EXHIBIT C 

 
 FORM OF GLOBAL CERTIFICATE1 
  
 CERTIFICATE OF BENEFICIAL INTEREST 

-Evidencing- 

All Limited Units 
 -in- 
  
 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 
  
 WITH RESPECT TO ONE OF ITS SERIES, 
  
 POWERSHARES DB [           ] FUND 
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE TRUST WITH RESPECT TO THE FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

This is to certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the
ownership of all issued and outstanding Limited Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in PowerShares DB [           ] Fund (the
“Fund”), established and designated as a series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust formed under the Delaware Statutory Trust Act (12 Del. C. § 3801 et
seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on August 3, 2006, and an Amended and Restated Declaration of Trust and Trust Agreement, dated as of
August 3, 2006, by and among DB Commodity Services LLC, a Delaware limited liability company, as managing owner, Wilmington Trust Company, a Delaware banking company, as trustee, and the unitholders of each series from time to time thereunder
(hereinafter called the “Trust Agreement”), copies of which are available at the principal offices of the Trust. 
  

At any given time this Certificate shall represent all limited units of beneficial interest in the Fund, which shall be
the total number of Units that are outstanding at such time. 
  

 

	1 	 Forms of Global Certificates of Beneficial Interest for each of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals
Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund shall be, except for the names of the Funds, substantially identical to this Form of Global Certificate.




  
 C-1









 
The Trust Agreement provides for the deposit of cash with the Fund from time to time and the issuance by the Trust, with respect to the Fund, of additional Creation Baskets representing the
undivided units of beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged for one or more Certificates issued to the registered holder in such denominations as the registered holder
may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units outstanding at any given time. 
  
 Each Authorized Participant hereby grants and conveys all of its rights, title and interest in
and to the Fund to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms, conditions and covenants of which are incorporated herein as
if fully set forth at length. 
  

The registered holder of this Certificate is entitled at any time upon tender of this Certificate to the Fund, endorsed
in blank or accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other governmental charges, to receive at the time and in the manner
provided in the Trust Agreement, such holder’s ratable portion of the assets of the Fund for each Redemption Basket tendered and evidenced by this Certificate. 

 
 The holder of this Certificate, by virtue of
the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust Agreement, copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which
reference is made for all the terms, conditions and covenants thereof. 
  
 The Fund may deem and treat the person in whose name this Certificate is registered upon the books of the Fund as the owner hereof for all purposes and the Fund shall not be affected by any notice to the
contrary. 
  
 The Trust Agreement
permits, with certain exceptions as therein provided, the amendment thereof, by the Managing Owner with the consent of the Beneficial Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority
(over 50%) of the net asset value of the Fund and other funds established as series of the Trust or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the
amendment is legal, valid and binding and will not adversely affect the limitations on liability of the Beneficial Owners; provided, however that the Managing Owner may, without the approval of the Beneficial Owners, make such
amendments to the Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner in the Trust Agreement, for the benefit of the
Beneficial Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision in the Trust Agreement which may be inconsistent with any other provision in the Trust Agreement or in the Prospectus, or to make any other
provisions with respect to matters or questions arising under the Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable,
provided, however, that no amendment shall be adopted pursuant to clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Beneficial Owners; (B) is consistent with Managing Owner’s


  
 C-2









 
control of and power to conduct the business of the Trust; (C) with certain exceptions, does not affect the allocation of profits and losses among the Beneficial Owners or between the
Beneficial Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Beneficial Owners or the status of the Fund as a partnership for U.S. federal income tax purposes. Any such consent or waiver
by the holder of Units shall be conclusive and binding upon such holder of Units and upon all future holders of Units, and shall be binding upon any Units, whether evidenced by a Certificate or held in uncertificated form, issued upon the
registration or transfer hereof whether or not notation of such consent or waiver is made upon this Certificate and whether or not the Units evidenced hereby are at such time in uncertificated form. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of any holders of Units. 
  

In accordance with Section 3.7 of the Trust Agreement, the holder of this Certificate agrees and consents (the
“Consent”) to look solely to the assets (the “Fund Assets”) of the Fund and to the Managing Owner and its assets for payment in respect of any claim against or obligation of the Fund. The Fund 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 the Fund, including, without limitation, funds delivered to the Trust for the purchase of Units in the Fund. 

 
 In furtherance of the Consent, the holder
agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) of the Fund incurred, contracted for or otherwise existing and
(ii) the Units shall be subject to the following limitations: 
  
 (a)         (i)          except as set forth below, the Claims and Units (collectively, the
“Subordinated Claims and Units”) shall be expressly subordinate and junior in right of payment to any and all other claims against and Units in the Trust and any series thereof, pursuant to any contract; provided, however,
that the holder’s Claims (if any) against and Units shall not be considered Subordinated Claims and Units with respect to enforcement against and distribution and repayment from the Fund, the Fund Assets and the Managing Owner and its assets;
and provided further that (1) the holder’s valid Claims, if any, against the Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Fund and (2) the holder’s Units
shall be pari passu and equal in right of repayment and distribution with all other Units in the Fund; and (ii) the holder will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the
Fund, the Fund Assets and the Managing Owner and its assets) any payment for the Subordinated Claims and Units; 
  

(b)          the Claims and Units of the holder shall only be asserted and
enforceable against the Fund, the Fund Assets and the Managing Owner and its assets and such Claims and Units shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective
assets; 
  
 (c)
         If the Claims of the holder against the Fund or the Trust are secured in whole or in part, the holder hereby waives (under section 1111(b) of the 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 Trust or any series (other than the Fund), as
the case may be; 

  
 C-3









 (d)     in furtherance of the foregoing, if and to the
extent that the holder receives monies in connection with the Subordinated Claims and Units from a series or the Trust (or their respective assets), other than the Fund, the Fund Assets and the Managing Owner and its assets, the holder shall be
deemed to hold such monies in trust and shall promptly remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 

 
 (e)     the foregoing
Consent shall apply at all times notwithstanding that the Claims are satisfied, the Units represented by this Certificate are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and
Units are terminated, rescinded or canceled. 
  
 The Trust Agreement, and this Certificate, is executed and delivered by DB Commodity Services LLC, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by the Trust
Agreement. The representations, undertakings and agreements made on the part of the Trust in the Trust Agreement or the Fund in this Certificate are made and intended not as personal representations, undertakings and agreements by DB Commodity
Services LLC but are made and intended for the purpose of binding only the Trust and the Fund. Nothing in the Trust Agreement or this Certificate shall be construed as creating any liability on DB Commodity Services LLC, individually or personally,
to fulfill any representation, undertaking or agreement other than as provided in the Trust Agreement or this Certificate. 
  

This Certificate shall not become valid or binding for any purpose until properly executed by the Managing Owner pursuant
to the Trust Agreement. 
  
 Terms
not defined herein have the same meaning as in the Trust Agreement. 
  
 IN WITNESS WHEREOF, DB Commodity Services LLC, as Managing Owner, has caused this Certificate to be executed in its name by the manual or facsimile signature of one of its Authorized Officers. 

 

			
	 PowerShares DB Multi-Sector Commodity

		 	 Trust, with respect to PowerShares DB

		 	                 Fund
		
	 By:
	 	   DB Commodity Services LLC, as

		 	   Managing Owner

		
	 By:
	 	  

		 	 Authorized Officer

		
	 By:
	 	  

		 	 Authorized Officer



 
			
		
	 Date:
	 	
                             
           , 2006




  
 C-4









 EXHIBIT D 

 
 FORM OF PARTICIPANT AGREEMENT 

  
 D-1