Exhibit 10.1

  

  

  

  

  

  
    AMENDMENT AGREEMENT

    

    

    This amendment agreement (the “Amendment”) is dated
      January 15, 2021 and is made and entered into by and among:

    

    

    THE UNDERSIGNED:

    

    

    	1.	
            TRANSTREND B.V., a limited liability company, incorporated under
              the laws of the Netherlands, with its principal place of business at Weena 723, Unit C5.070, 3013 AM Rotterdam, the Netherlands (the “Trading
                Advisor”);

          


    

    

    	2.	
            CMF TT II, LLC, a Delaware limited liability company (the “Trading Company”); and

          


    

    

    	3.	
            CERES MANAGED FUTURES LLC, a Delaware limited liability company
              (the “Trading Manager”).

          


    

    

    The Trading Advisor, the Trading Company and the Trading Manager are hereinafter individually
      also referred to as “Party” and collectively as “Parties”.

    

    

    WHEREAS, the Parties have concluded that certain
      amended and restated advisory agreement, including the Exhibits attached thereto, dated effective as of November 1, 2015, as amended (the “Agreement”),
      of which this Amendment shall form an inseparable part;

    

    

    WHEREAS, the Parties wish to amend Section 5(a)(ii)
      of the Agreement to reduce the monthly incentive fee with effect from January 1, 2021;

    

    

    WHEREAS, pursuant to Section 14 of the Agreement,
      the Agreement may not be amended except by the written consent of the Parties; and

    

    

    WHEREAS, the Parties desire to enter into this
      Amendment in order to amend the Agreement to reflect the aforementioned.

    

    

    NOW, THEREFORE, for good and valuable consideration,
      the receipt and sufficiency of which is hereby confirmed, the Parties agree as follows:

    

    

    1. Interpretation

    

    

    Capitalized and other defined terms used in this Amendment and not otherwise expressly defined herein shall have the same respective meanings as set forth
      in the Agreement. In the event of any inconsistency between this Amendment and the Agreement, the terms of this Amendment shall prevail.

    
      
        


    

    2. Amendment

    

    

    (a) Section 5(a)(ii) of the Agreement, stating:

    

    

    “(ii) The Trading Company shall pay the Trading Advisor an incentive fee equal to 20% of the “New Trading Profit” (as defined in Section 5(d) hereof) in each capital account of the
        Members in the Trading Company (the “Capital Account”) that shall accrue monthly, effective January 1, 2016, but is not payable until the end of each calendar half year (the “Incentive Fee”). The Incentive Fee is payable within 30 Business Days of
        the end of the calendar half year for which it was calculated.”

    

    

    is hereby deleted and replaced by a new Section 5(a)(ii) of the Agreement, reading as follows:

    

    

    “(ii) The Trading Company shall pay the Trading Advisor an incentive fee equal to 16% of the “New Trading Profit” (as defined in Section 5(d) hereof) in each capital account of the
        Members in the Trading Company (the “Capital Account”) that shall accrue monthly, effective January 1, 2021, but is not payable until the end of each calendar half year (the “Incentive Fee”). The Incentive Fee is payable within 30 Business Days of
        the end of the calendar half year for which it was calculated.”

    

    

    3. Representations

    

    

    Each Party represents to the other Parties that this Amendment has been duly and validly executed, delivered and entered into by it and that this Amendment
      constitutes a valid and binding agreement of it enforceable against it in accordance with its terms.

    

    

    4. Full Force and Effect

    

    

    Except unless, and to the extent where, expressly stated otherwise in this Amendment, the Agreement shall remain in full force and effect.

    

    

    5. Counterparts; Valid Agreement

    

    

    This Amendment may be executed by the Parties in one or more counterparts, each of which when so executed and delivered shall be deemed an original
      amendment agreement, and all of which together shall constitute one and the same instrument. This Amendment may be executed and delivered either in hard copy originals or in scanned copies which in either case shall constitute a valid amendment
      agreement among the Parties. Any signature on the signature page of this Amendment may be an original, a fax or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if agreed to by the
      Parties, any other similar program.

    

    

    6. Governing Law

    

    

    This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

    
      
        


    

    IN WITNESS WHEREOF, the Parties have executed this
      Amendment on the respective dates set forth below.

    

    

    

    

    CMF TT II, LLC

    By Ceres Managed Futures LLC

    Trading Manager

    

    

    /s/ Patrick T. Egan     

      

    Name:   Patrick T. Egan

    Title:      President and Director--Ceres Managed
        Futures LLC

    Date:      January 15, 2021

    

    

    

    

    CERES MANAGED FUTURES LLC

    

    

    

    

    /s/ Patrick T. Egan     

      

    Name:   Patrick T. Egan

    Title:      President and Director

    Date:      January 15, 2021

    

    

    

    

    

    

    TRANSTREND B.V.

    

    

    

    

    	
            /s/ J.P.A. van den Broek     

              

          	
            /s/ A.P. Honig     

              

          	 
	
            Name:  J.P.A. van den Broek

          	
            Name:  A.P. Honig

          	 
	
            Title:  Managing Director

          	
            Title:  Executive Director

          	 
	
            Date:  January 18, 2021

          	
            Date:  January 18, 2021

          	 
	
            Place:  Rotterdam, the Netherlands

          	
            Place: Rotterdam, the Netherlands