EX-10.12



 EXHIBIT 10.12 

MANAGEMENT AGREEMENT 

This AGREEMENT made as of the 1st day of May, 2016 (the “Agreement”), is by and among CERES MANAGED FUTURES LLC, a
Delaware limited liability company (“CMF”), TACTICAL DIVERSIFIED FUTURES FUND L.P., a New York limited partnership (the “Partnership”), ISAM (USA) LLC (“ISAM USA”), a limited liability company incorporated under the
laws of Delaware, ISAM (Europe) LLP (“ISAM Europe”), a limited liability partnership incorporated under the laws of England and Wales and International Standard Asset Management (“ISAM” and together with ISAM USA and ISAM Europe
and each separately, the “Advisor”), a company incorporated under the laws of the Cayman Islands. This Agreement shall be effective upon ISAM Europe becoming registered as a commodity trading advisor with the U.S. Commodity Futures Trading
Commission (the “CFTC”) and a member of the National Futures Association (“NFA”). 
 W I T N
E S S E T H : 
 WHEREAS, CMF is the general partner of the Partnership, a limited
partnership organized for the purpose of speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation;
and 
 WHEREAS, the Limited Partnership Agreement dated as of December 3, 2002, as amended by that certain Amendment No. 1
dated as of May 31, 2009 and by that certain Amendment No. 2 dated as of August 8, 2014 and by that certain Amendment No. 3 dated as of December 30, 2015 (collectively, the “Partnership Agreement”), permits CMF to delegate to one or more
commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 
 WHEREAS, each of ISAM
USA and ISAM Europe is registered as a commodity trading advisor with the CFTC and a member of NFA; and 
 WHEREAS, CMF is
registered as a commodity trading advisor and a commodity pool operator with the CFTC and is a member of the NFA; and 

WHEREAS, ISAM is (i) the owner of the intellectual property underlying the Program (as defined below); (ii) responsible for
the strategic development of the Program; and (iii) responsible for the oversight of ISAM Europe and ISAM USA in their implementation of the Program and carrying out the research function in relation to the Program; and 

WHEREAS, ISAM USA and ISAM Europe implement the Program and carry out the research function in relation to the Program; and

 WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and
conditions upon which ISAM USA and ISAM Europe will provide services as commodity trading advisors to the Partnership during the term of this Agreement. 







 NOW, THEREFORE, the parties agree as follows. 

1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have
sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity
interests, including commodity futures contracts, options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap
contracts. The Advisor may also engage in other swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the
trading strategies and trading policies set forth in Appendix A and Appendix B attached hereto, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and pursuant to the
trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has selected the Advisor’s Systematic Trend Programme (the “Program”) to manage the Partnership’s assets allocated to
it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not
deviate from the trading policies set forth in Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be
profitable or will not result in losses. 
 (b) CMF acknowledges receipt of the description of the Program, attached hereto
as Appendix A. All trades made by the Advisor for the account of the Partnership, shall be cleared through such clearing broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising
any such broker in connection with the clearance or confirmation of transactions for the Partnership or for the negotiation of clearing rates charged therefor. The Advisor, with the prior written permission (by original, fax copy or email copy) of
CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the
futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed
the relevant give-up agreements (via EGUS or by original, fax copy or email copy). 
 (c) The initial allocation of the
Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its
trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition,
the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or
in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the 

  
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prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would cause the description of the trading strategy or methods
described in Appendix A to be materially inaccurate. Further, the Advisor has provided the Partnership with a current list of all commodity interests to be traded for the Partnership’s account, which is attached as Appendix C to this Agreement,
and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval (“Permitted Contracts”). Notwithstanding any other provision in this
Agreement, no warranty, assurance or undertaking is given by the Advisor as to the performance, returns, increase in or retention of value or profitability of the Partnership’s account or that the investment objectives of the Program shall be
successfully achieved, whether in whole or in part. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be
material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than
monthly. 
 (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals
as defined in Part 4 of the CFTC’s regulations (“principals”), members, managers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or
identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this
Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to
the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. 

(e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or
reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or
reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 

(f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the
trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate
positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of
specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. CMF acknowledges and agrees that, in the event that CMF does not give the Advisor one
business day’s prior notice in relation to reallocations or liquidations, the Advisor may not be able to implement the relevant reallocations or liquidations in the requested time frame. 

  
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 (g) The Advisor shall assume financial responsibility for any errors committed or
caused by it in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up
charges incurred by the brokers on such trades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors (as described above) with respect to the account, and the
Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the Partnership.

 (h) The Partnership is a Professional Client within the meaning of the FCA Rules and ISAM Europe provides its services
hereunder on that basis. Nothing in this Agreement shall exclude or restrict any duty or liability to the Partnership which ISAM Europe may have under FSMA or FCA Rules. Although authorized and regulated by the FCA, ISAM Europe is entitled to and
has opted out of the Financial Services Compensation Scheme (the “FSCS”). It is confirmed that in the event of ISAM Europe being wound up, no compensation is payable to the Partnership under the FSCS as the client is not an eligible
claimant. 
 (i) ISAM Europe has in operation a written procedure in accordance with the FCA Rules for the effective
consideration and proper handling of complaints from customers, and will provide a copy of the same to the Partnership on request. Any complaints should be referred to the Compliance Officer of ISAM Europe. The Partnership does not have a right of
complaint to the Financial Services Ombudsman in respect of any action of ISAM Europe which is or is alleged to be in breach of the FCA Rules. 

(j) Subject to Section 8(a)(iii), the Advisor may aggregate transactions in Permitted Contracts for the Partnership with its
own account transactions and/or those of other customers. Subject to Section 8(a)(iii), the Advisor may also average the prices obtained so that all clients in the transaction pay or receive the same average price. Subject to Section 8(a)(iii),
aggregation may on some occasions operate to the advantage of the Partnership and on other occasions to the disadvantage of the Partnership. 

(k) The Advisor shall not hold cash or other assets of the Partnership. 

(l) Subject to this Agreement, the Advisor may (i) arrange or effect transactions in Futures and/or Contracts for Differences
(as defined for purposes of FSMA), debit the Partnership’s account with any sums required to pay or supplement any deposit or margin in support of any such transaction, and exercise its discretion in managing the Partnership’s account to
settle or close outstanding obligations without reference to the Partnership or CMF. The Partnership and CMF acknowledge receipt of the Advisor’s risk disclosure with respect to the Program; and (ii) arrange or effect transactions in Permitted
Contracts otherwise than through Recognised Investment Exchanges (as defined for the purposes of FSMA). 

  
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 2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor
shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the
Partnership, CMF, or any other trading advisor. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to
the Partnership under this Agreement, the Partnership shall pay ISAM USA (i) an incentive fee payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the “Incentive
Fee”) and (ii) a monthly fee for professional management services equal to 1/12 of 1.5% (1.5% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the Partnership
allocated to the Advisor as of the last business day of each month by 1.5% and dividing the result thereof by 12) (the “Management Fee”). 

(b) “Net Assets” shall have the meaning set forth in Section 7(d)(1) of the Partnership Agreement and, unless the
Advisor consents in writing, without regard to further amendments thereto, provided that in determining the Net Assets on any date, no adjustment shall be made to reflect any distributions, redemptions, general partner’s fees, management fees
or incentive fees accrued or payable as of the date of such determination. 
 (c) “New Trading Profits” shall mean
the excess, if any, of Net Assets managed by the Advisor at the end of the calendar quarter over Net Assets managed by the Advisor at the end of the highest previous calendar quarter or Net Assets allocated to the Advisor at the date trading
commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the
fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be
attributed to the Advisor based on the Advisor’s proportionate share of Net Assets. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. No Incentive Fee shall be
paid to the Advisor until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of trading by the Advisor on behalf of the
Partnership through the end of the first full calendar quarter of such trading. Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Assets allocated to the Advisor are reduced
due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive
Fee. 
 (d) Quarterly Incentive Fees and monthly Management Fees shall be paid within twenty (20) business days following
the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a 

  
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calendar quarter or a calendar month, as the case may be, the quarterly Incentive Fee shall be computed as if the effective date of termination were the last day of the then current quarter and
the monthly Management Fee shall be prorated to the effective date of termination. If, during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two
successive business days, the monthly Management Fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to
the total number of business days in such month. 
 (e) The provisions of this Section 3 shall survive the termination of
this Agreement. 
 4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not
to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees, shareholders, partners, manager(s) and members(s) may
render advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors, employees, shareholders, partners, manager(s) and member(s) shall be free to trade for their own accounts and to advise other
investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to
CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the
Advisor’s basic trading strategies and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 

(b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity
positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly
notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of
any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other
accounts. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any
other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading programs, strategies or methods
may be utilized for differing sizes of accounts, accounts with different trading policies, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios or
different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 

  
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 (c) It is acknowledged that the Advisor and/or its officers, employees,
directors, shareholders, partners manager(s) and member(s) presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such
accounts in amounts which may be more or less than the amounts received from the Partnership. 
 (d) The Advisor agrees that
it shall make such information available to CMF respecting the performance of the Partnership’s account as compared to the performance of ISAM Systematic Trend, Class Q. The Advisor presently believes and represents that existing speculative
position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed
accounts for which they have contracted to act as trading advisor. 
 5. TERM. (a) This Agreement shall continue
in effect until December 31, 2016 (the “Initial Termination Date”). If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year
period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may terminate this Agreement upon 5 days’ notice to the
Advisor. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement if (i) the Net Asset Value per unit shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the
Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 20% or more as of the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii)
limited partners owning at least 50% of the outstanding units of the Partnership shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines
that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect
the performance of the Partnership; (vii) the Advisor fails to conform to the trading policies set forth in Appendix B as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion
of its assets, or becomes bankrupt or insolvent; (ix) if any of Alex Greyserman, Roy Sher or Darren Upton dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs
or systems of the Advisor; (x) ISAM USA’s or ISAM Europe’s registration as a commodity trading advisor with the CFTC or its membership in the NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably
believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by
the Partnership prior to dissolution. 
 (b) The Advisor may terminate this Agreement by giving not less than 30 days’
written notice to CMF. The Advisor may immediately terminate this Agreement if (i) CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended or (ii) the Partnership merges, consolidates with another
entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent. 
 (c) Except as otherwise provided in
this Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 

  
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 6. EXCULPATION/INDEMNIFICATION. (a) Subject to Section 1(g) of this
Agreement, the Advisor shall not be liable to the Partnership or CMF under the terms of this Agreement for any act or failure to act taken or omitted in good faith in a manner reasonably believed to be in or not opposed to the best interests of the
Partnership if such act or failure to act did not constitute negligence, bad faith, recklessness, intentional misconduct, a material breach of any representations or warranties made by the Advisor in this Agreement, or in the case of each of ISAM
USA or ISAM Europe, a breach of its fiduciary obligations to the Partnership as a commodity trading advisor. 
 (b) (i) In
any threatened, pending or completed action, suit, or proceeding to which the Advisor, was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by
the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection (b)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense
(including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other reasonable legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection
with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith,
recklessness, intentional misconduct, a material breach of any representations or warranties made by the Advisor in this Agreement or, in the case of each of ISAM USA or ISAM Europe, a breach of its fiduciary obligations to the Partnership as a
commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of
the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such
indemnification is prohibited by Section 16 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in
a manner reasonably believed to be in or not opposed to the best interests of the Partnership. 
 (ii) Without limiting
subsection (b)(i) above, to the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (b)(i) above, or in defense of any claim, issue or matter therein, CMF
shall indemnify the Advisor against the expenses (including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

(iii) Any indemnification under subsection (b)(i) above, unless ordered by a court or administrative forum, shall be made by
CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set
forth in subsection (b)(i) above. Such independent legal counsel shall be 

  
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selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld. The Advisor will be deemed to have approved CMF’s selection
unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection. 

(iv) In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a
result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage, cost or expense
(including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

(v) As used in this Section 6(b), the term “Advisor” shall include the Advisor, its principals, shareholders,
officers, directors, manager(s), member(s) partners and employees and the term “CMF” shall include the Partnership. 

(c) (i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss,
liability, damage, fine penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement
reasonably incurred by them (A) as a result of the material breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (1)
there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 15 hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved
negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)), or (2) there has been a settlement of any action or proceeding with the Advisor’s prior written consent.

 (ii) In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or
otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, manager(s), member(s) or employees unrelated to CMF’s or the
Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation,
attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments, awards and amounts including amounts paid in settlement incurred in connection therewith. 

(d) In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or
proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense
incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made. 

  
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 (e) None of the indemnifications contained in this Section 6 shall be applicable
with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify
such party. 
 (f) The Advisor shall not be responsible for any loss or damage suffered by the Partnership or CMF due to any
failure to fulfil its duties hereunder if such loss, damage or failure shall be caused by or directly or indirectly due to war damage, enemy action, terrorist attack, the act of any government or other competent authority, riot, civil commotion,
rebellion, storm, tempest, pandemic, fire, disabling strike, power failure or suspension of dealing on relevant exchanges or other cause whether similar or not beyond the control of the Advisor. 

(g) Notwithstanding anything to the contrary contained herein, no party hereto shall, under any circumstances whatsoever, be
liable for any special, punitive, incidental, indirect or consequential damages including loss of profits, whether or not such damage was reasonably foreseeable and whether arising in contract, tort or otherwise. 

(h) The provisions of this Section 6 shall survive the termination of this Agreement. 

7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 

(i) All information with respect to the Advisor and its principals and the trading performance of any of them that has been
provided to CMF by authorized persons of the Advisor, including, without limitation, the description of the Program contained in Appendix A, is complete and accurate in all material respects and such information does not contain any untrue statement
of a material fact or omit to state a material fact that is necessary to make such statements and information therein not misleading. All references to the Advisor and its principals, if any, in the Partnership’s Private Placement Offering
Memorandum and Disclosure Document, as amended and/or supplemented from time to time (the “Memorandum”) or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in
connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any, this representation and warranty extends only to any
underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. Other than with respect to the information provided or reviewed by the Advisor for inclusion in the Memorandum, CMF
and the Partnership acknowledge that the Advisor bears no responsibility for any potential liability arising from inadequacies related to the Memorandum or the sale of units in the Partnership. 

(ii) The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is
based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein, and such tables have been prepared by the
Advisor or its agents in accordance with applicable CFTC and NFA rules and 

  
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guidance, including, but not limited to, CFTC Rule 4.25. To the extent CMF requires delivery of the Advisor’s performance tables, such performance tables will have been examined by an
independent certified public accountant and the report thereon will have been provided to CMF. Thereafter, the Advisor will have its performance tables so examined no less frequently than annually during the term of this Agreement. 

(iii) Each of ISAM USA and ISAM Europe will be acting as a commodity trading advisor with respect to the Partnership and not
as a securities investment adviser. Each of ISAM USA and ISAM Europe is duly registered with the CFTC as a commodity trading advisor and is a member of the NFA. ISAM Europe is also authorized and regulated by the FCA in the conduct of its investment
business. ISAM is exempt from registration as a commodity trading advisor pursuant to CFTC Rule 4.14(a)(10). The Advisor is also in compliance with any other registration and licensing requirements as shall be necessary to enable it to perform its
obligations hereunder. The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement. 

(iv) It is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed. It
has full power and authority (corporate or otherwise) to enter into and perform its obligations under this Agreement. The Advisor is qualified to do business and is in good standing as a foreign entity in each jurisdiction in which the nature or
conduct of its business requires such qualification and where the failure to be so qualified could materially adversely affect the Advisor’s ability to perform its obligations hereunder. Neither of ISAM USA or ISAM Europe will, by acting as a
commodity trading advisor to the Partnership, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 

(v) This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and binding
agreement enforceable in accordance with its terms. 
 (vi) At any time during the term of this Agreement that an offering
memorandum or prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such information as shall be
necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is materially accurate with respect to the information provided or reviewed by the Advisor. 

(b) CMF represents and warrants for itself and the Partnership that: 

(i) CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of
Delaware and has full limited liability company power and authority to perform its obligations under this Agreement. 
 (ii)
CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership. 

  
 - 11 - 








 (iii) This Agreement has been duly and validly authorized, executed and delivered
on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 

(iv) CMF will not, by acting as the general partner to the Partnership and the Partnership will not, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement. 

(v) CMF is registered as a commodity pool operator and is a member of NFA and is in compliance with any such other
registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder, and it will maintain and renew such registrations and membership during the term of this Agreement. 

(vi) The Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and
has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

(vii) The Partnership is a qualified eligible person as defined in CFTC Rule 4.7. 

8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 

(a) The Advisor agrees as follows: 

(i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws,
including, as applicable, rules and regulations of the CFTC, NFA and/or the commodity exchange on which any particular transaction is executed. 

(ii) The Advisor will promptly notify CMF of the commencement of any investigation, suit, action or proceeding involving the
Advisor or any of its affiliates, officers, manager(s), member(s) or employees; regardless of whether such investigation, suit, action or proceeding also involves CMF. ISAM Europe and ISAM USA will provide CMF with copies of any correspondence
(including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with an investigation of ISAM Europe’s or ISAM
USA’s (as applicable) business activities. 
 (iii) In the placement of orders for the Partnership’s account and
for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other commodity trading
account managed by the Advisor. The Advisor acknowledges its obligation to review and reconcile the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the
broker and CMF and the Partnership’s brokers of (A) any error as referred to in section 1(g) committed by the Advisor or its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions;
and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements. 

  
 - 12 - 








 (iv) At least one of ISAM, ISAM USA or ISAM Europe will maintain a net worth of
not less than $1,000,000 during the term of this Agreement. 
 (v) The Advisor will use its best efforts to close out all
futures positions prior to any applicable delivery period, and will use its best efforts to avoid causing the Partnership to take delivery of any commodity. 

(vi) ISAM Europe agrees to establish a conflicts of interest policy in accordance with the FCA Rules in order to identify,
monitor and manage actual and potential conflicts of interest, a copy of which is available on request by CMF or the Partnership. 

(vii) In entering into transactions in Permitted Contracts on behalf of CMF, ISAM Europe will provide best execution and will
provide CMF with details of its order execution policy upon request. 
 (b) CMF agrees for itself and the Partnership that:

 (i) CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or
the commodity exchange on which any particular transaction is executed. 
 (ii) CMF will promptly notify the Advisor of the
commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 

(iii) CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are
reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for the Partnership have Customer Identification Programs
(“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the Partnership also have policies, procedures, and internal
controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

9. CONFIDENTIALITY. (a) During the term and following the termination of this Agreement, each of the parties to
this Agreement agrees to maintain in strict confidence the terms of this Agreement and any and all Confidential Information (as hereinafter defined) regarding the other parties which it obtains pursuant to or in connection with this Agreement or the
relationship created hereby and agrees that it shall not disclose any such Confidential Information to any person unless required to do so by applicable laws or regulations, the request of any judicial, governmental or regulatory authority
including, without limitation, the FCA or CFTC or valid legal process. Notwithstanding the foregoing, nothing in this Section 9 shall prevent the disclosure of Confidential Information by either party to its attorneys, accountants or other
professional advisers in the proper performance of their duties; provided, in each case, that 

  
 - 13 - 








 
any such attorney, accountants or other professional advisers is subject to similar confidentiality obligations. Each of the Partnership and CMF acknowledges that the advisory services
provided by the Advisor pursuant to this Agreement constitute proprietary information. 
 (b) As used herein the term
“Confidential Information” shall mean and include, but not be limited to, each party’s respective proprietary or confidential market and/or computerized investment approaches, trading systems or programs, mathematical models,
simulated results, simulation software, price or research databases, other research, algorithms, numerical techniques, analytical results, technical data, strategies and methodologies, business methods, trade secrets, internal marketing materials or
memoranda, corporate policies, supervisory and risk control techniques and procedures, fee and compensation structures, trader trial programs, client lists and contact lists, knowledge of facilities and any books and records made available to any
party and any other proprietary materials or information; provided, however, that the term Confidential Information shall not include any such information which is or has been made generally available to the public through means other than
wrongful conduct by the party that has the obligation to keep such information confidential or its officers, employees or other personnel. Immediately upon the termination of this Agreement, each party hereto shall return all such Confidential
Information to each party hereto, as applicable. 
 10. COMPLETE AGREEMENT. This Agreement constitutes the
entire agreement between the parties pertaining to the subject matter hereof. 
 11. ASSIGNMENT. This Agreement
may not be assigned by any party without the express written consent of the other parties. 
 12.
AMENDMENT. This Agreement may not be amended except by the written consent of the parties. 
 13.
NOTICES. All notices, demands or requests required to be made or delivered under this Agreement shall be effective upon actual receipt and shall be made either by electronic mail (email) copy or in writing and delivered personally or by
registered or certified mail or expedited courier, return receipt requested, postage prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 

If to CMF or to the Partnership: 

Ceres Managed Futures LLC 

522 Fifth Avenue 

New York, New York 10036 

Attention: Patrick Egan 

Email: Patrick.Egan@morganstanley.com 

If to the Advisor: 

International Standard Asset Management 802 West Bay Road 

P.O. Box 30599 

Grand Cayman, KY1-1203 

Attention: Jessica Anderson 

  
 - 14 - 








 Email: cayman@isamfunds.com 

ISAM (USA) LLC 

5100 Town Centre Circle, Suite 430 

Boca Raton, FL 33486 

Attention: Alex Greyserman 

Email: alex.greyserman@isam.com 

ISAM (Europe) LLP 

55 Baker Street 

London, W1U 8EW 

Attention: Neill Burger 

Email: neill.burger@isam.com 

14. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. 
 15. ARBITRATION. The parties agree that any dispute or controversy arising out of or relating to
this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration
Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further provided, that any such
arbitration shall occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 

16. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain
persons not parties to this Agreement may have rights under Section 6 hereof. 
 17. COUNTERPARTS. This
Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. 

18 INTERPRETATION. 

(a) In this Agreement the following words and expressions shall have the following meanings: 

(i) “FCA” means the Financial Conduct Authority, of 25 North Colonnade, Canary Wharf, London E14 SHS,
or any successor regulatory authority. 

  
 - 15 - 








 (ii) “FCA Rules” means FSMA and the FCA Handbook of
Rules and Guidance as issued, amended or replaced by the FCA from time to time. 
 (iii) “FSMA”
means the Financial Services and Markets Act 2000, as amended or replaced from time to time, together with secondary legislation under that Act other than the FCA Rules. 

(b) References to statutory provisions or the FCA Rules shall include those provisions or FCA Rules as amended, extended,
consolidated, substituted or re-enacted from time to time. 
 (c) Unless a term is otherwise defined in or pursuant to this
or other Sections of this Agreement, terms defined in the FCA Rules shall bear the same meaning herein. 
 [THE REMAINDER OF THIS PAGE HAS
BEEN INTENTIONALLY LEFT BLANK] 

  
 - 16 - 








 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH
ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING
PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON
MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO
COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED
TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER RELEVANT JURISDICTIONS. 

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written. 

 

									
	 CERES MANAGED FUTURES LLC
	 		 	 ISAM (USA) LLC

					
		 		 		 	 By
	 	 /s/ Alex Greyserman

	 By
	 	 /s/ Patrick T. Egan
	 		 	 Alex Greyserman

		 	 Patrick T. Egan
	 		 	 Director

		 	 President and Director
	 		 		 	
			
	 TACTICAL DIVERSIFIED FUTURES FUND L.P.
	 		 	 ISAM (Europe) LLP

					
		 		 		 	 By
	 	 /s/ Roy Sher

	 By:
	 	 Ceres Managed Futures LLC
	 		 	 Roy Sher

		 	 (General Partner)
	 		 	 Partner

					
	 By
	 	 /s/ Patrick T. Egan
	 		 		 	
		 	 Patrick T. Egan
	 		 		 	
		 	 President and Director
	 		 		 	


  
 - 17 - 








 
			
	INTERNATIONAL STANDARD ASSET MANAGEMENT
		
	 By
	 	 /s/ Stacey Kirkconnell

	 Stacey Kirkconnell

	 Director




  
 - 18 - 








 APPENDIX A 

Description of Program 

ISAM Systematic Trend Program’s investment objective is to achieve growth in the value of its assets, providing absolute returns with low
correlations to the stock and bond markets through the implementation of systematic trading models. The system trades in the global futures markets covering stock indices, interest rates, currency, energy commodities, precious and base metals and
agricultural products and may also trade in over-the-counter foreign exchange contracts (including currency spot contracts) and exchange-cleared swap and forward contracts. 

ISAM relies on the comprehensive quantitative analysis of historical data to develop trading strategies. These proprietary trading strategies
are then implemented subject to strict risk management and controls. ISAM’s guiding principle is that a disciplined trading approach combined with a broad diversification over a large number of markets, instruments and investment strategies is
likely to lead to superior investment results, while maintaining risk at a level comparable to that associated with traditional asset classes. The target volatility of the portfolio is 15-20% annualized. 

The system’s investment strategy is to harness the performance of several systematic investment programs in a balanced portfolio, each
program selected primarily for its methods of generating returns from global investments that are not highly correlated to the performance of traditional investment strategies such as the stock and bond markets. The goal remains to maximize
diversification across various trading strategies and markets with the purpose of achieving capital appreciation objectives for investors while reducing overall portfolio volatility. 

The system employs a systematic investment strategy that is designed to exploit statistical characteristics of these markets. The trading
systems are quantitative and primarily directional in nature, meaning that all trading signals are generated by mathematical models designed by ISAM which identify and exploit market trends and other statistical historical patterns. The
systems’ underlying trading algorithms sample prices in real time and measure price momentum and breakouts. In aggregate, the systems run more than 1,000 price samples each day spread across the various markets traded. The trading algorithms
focus on capturing price trends and close out positions when trends significantly weaken and begin to reverse. The system calculates trend-signals and allocates larger positions when trend-signals are strong and lower positions when the
trend-signals are weak. The system runs on a continuous basis 24 hours a day, automatically generating trades in response to market data, with each position assigned a pre-defined stop-loss. Asset allocations are based on a set of factors which
include market and sector correlations, expected returns, market access costs and market liquidity. Sector allocations are designed to ensure that the risk exposure to each sector is normalized across the system’s portfolio. 

The largest proportion of risk is allocated to trend following models, spread over a number of time-frames ranging from short to long term.
Commodities markets receive a larger allocation of risk than that of a typical large commodity trading advisor. Proprietary risk models are used to monitor the performance of the portfolio. Trading models are designed to automatically scale
positions based on a set of risk measures such as volatility or liquidity. The system uses an automated order management system which can monitor quantities of trades in real time such as 







 
(i) reconciliation of price and quantities on fills against orders sent, (ii) profit and loss of the portfolio, strategies and individual positions, (iii) profit and loss by sector and industry,
and (iv) dollar exposure by portfolio, strategy, sector, industry and individual positions. In pursuing its investment objective, the system, may invest in, trade, buy (on margin or otherwise), sell (including short sales), and otherwise acquire,
hold, dispose of, and deal in futures and commodities interests of all types, including foreign exchange over the counter forward and spot contracts and futures contracts and may also seek to gain exposure through trading derivatives of any type
including options, swaps and warrants, (provided these derivatives are exchange cleared) and other instruments referred to as futures, derivatives or forwards. 







 APPENDIX B 

Trading Policies 
  

	1.	 The Partnership will invest its assets only in commodity interests that the Advisor believes are traded in
sufficient volume to permit ease of taking and liquidating positions. Sufficient volume, in this context, refers to a level of liquidity that the Advisor believes will permit it to enter and exit trades without noticeably moving the market.



  

	2.	 The Advisor will not initiate additional positions in any commodity interest if these positions would result
in aggregate positions requiring margin of more than 66  2⁄3% of the Partnership’s net assets allocated to the Advisor. To the extent the CFTC and/or
exchanges have not otherwise established margin requirements with respect to particular contracts, (i) forward contracts in currencies will be deemed to have approximately the same margin requirements as the same or similar futures contracts traded
on the Chicago Mercantile Exchange and (ii) swap contracts will be deemed to have margin requirements equivalent to the collateral deposits, if any, made with swap counterparties. 



 

	3.	 The Partnership may occasionally accept delivery of a commodity. Unless such delivery is disposed of
promptly by retendering the warehouse receipt representing the delivery to the appropriate clearinghouse, the physical commodity position is fully hedged. 


  

	4.	 The Partnership will not employ the trading technique commonly known as “pyramiding,” in which the
speculator uses unrealized profits on existing positions as margin for the purchase or sale of additional positions in the same or related commodities. 


  

	5.	 The Partnership will not utilize borrowings except short-term borrowings if the Partnership takes delivery of
any cash commodities. Neither the deposit of margin with the commodity broker or swap dealer nor obtaining and drawing on a line of credit with respect to forward contracts or swaps shall constitute borrowing. 



 

	6.	 From time to time, trading strategies such as spreads or straddles may be employed on behalf of the
Partnership. “Spreads” or “straddles” include the simultaneous holding of contracts on the same commodity but with different delivery dates or markets. The trader of these contracts expects to earn a profit from a widening or
narrowing of the difference between the prices of the two contracts. 


  

	7.	 The Partnership will not permit the churning of its brokerage accounts. The term “churning” refers
to the practice of entering and exiting trades with a frequency unwarranted by legitimate efforts to profit from the trades, driven by the desire to generate commission income. 









 APPENDIX C 

List of Contracts Traded 
  

			
	 Market
	  	 Sector

	 Butter
	  	Agriculturals
	 Canola / No. 1
	  	Agriculturals
	 Cattle Live / Choice Average
	  	Agriculturals
	 Cattle, Feeder / Average
	  	Agriculturals
	 Cheese
	  	Agriculturals
	 Cocoa #7
	  	Agriculturals
	 Cocoa / Ivory Coast
	  	Agriculturals
	 Coffee C Colombian
	  	Agriculturals
	 Coffee Robusta
	  	Agriculturals
	 Corn [XCBT]
	  	Agriculturals
	 Corn, No. 3
	  	Agriculturals
	 Cotton / 1-1/16
	  	Agriculturals
	 Hogs Lean / Average Iowa/S Minn
	  	Agriculturals
	 Lumber / Spruce-Pine Fir 2x4
	  	Agriculturals
	 Milk, Class 3
	  	Agriculturals
	 Oats / No. 2 White Heavy
	  	Agriculturals
	 Orange Juice Frozen Concentrate
	  	Agriculturals
	 Palm Oil, Crude
	  	Agriculturals
	 Rapeseed
	  	Agriculturals
	 Rough Rice
	  	Agriculturals
	 Rubber #3
	  	Agriculturals
	 Soybean Meal / 48% Protein
	  	Agriculturals
	 Soybean Oil / Crude
	  	Agriculturals
	 Soybeans / No. 1 Yellow
	  	Agriculturals
	 Sugar #11/World Raw
	  	Agriculturals
	 Sugar #5, White
	  	Agriculturals
	 Wheat / No. 2 Hard Winter
	  	Agriculturals
	 Wheat / No. 2 Soft Red
	  	Agriculturals
	 Wheat, Milling
	  	Agriculturals
	 Canadian Government Bond, 10-year
	  	Bonds
	 Euro BOBL
	  	Bonds
	 Euro Bund
	  	Bonds
	 Euro BUXL
	  	Bonds
	 Euro OAT
	  	Bonds
	 Euro-BTP Italian Government Bond Future
	  	Bonds
	 Euro-BTP Short Term Italian Government Bond Future
	  	Bonds









			
	 Euro-Schatz
	  	 Bonds

	 Gilt Long
	  	 Bonds

	 Japanese Govt Bond (JGB) 10-Year
	  	 Bonds

	 Mid-Term Euro-OAT
	  	 Bonds

	 Treasury Bond U.S. Long Term Ultra
	  	 Bonds

	 Treasury Bonds U.S. 30-year
	  	 Bonds

	 Treasury Bonds, Australia, 10-year
	  	 Bonds

	 Treasury Bonds, Australia, 3-year
	  	 Bonds

	 Treasury Note U.S. 10-year
	  	 Bonds

	 Treasury Note U.S. 2-year
	  	 Bonds

	 Treasury Note U.S. 5-year
	  	 Bonds

	 AUD/CAD
	  	 Currencies

	 AUD/CHF
	  	 Currencies

	 AUD/JPY
	  	 Currencies

	 AUD/NZD
	  	 Currencies

	 AUD/SGD
	  	 Currencies

	 AUD/USD
	  	 Currencies

	 AUD/ZAR
	  	 Currencies

	 Australian Dollar / U.S. Dollar
	  	 Currencies

	 British Pound / U.S. Dollar
	  	 Currencies

	 CAD/CHF
	  	 Currencies

	 CAD/JPY
	  	 Currencies

	 CAD/MXN
	  	 Currencies

	 CAD/NOK
	  	 Currencies

	 Canadian Dollar / U.S. Dollar
	  	 Currencies

	 CHF/HUF
	  	 Currencies

	 CHF/JPY
	  	 Currencies

	 CHF/NOK
	  	 Currencies

	 CNH/JPY
	  	 Currencies

	 EUR/AUD
	  	 Currencies

	 EUR/CAD
	  	 Currencies

	 EUR/CHF
	  	 Currencies

	 EUR/CNH
	  	 Currencies

	 EUR/CZK
	  	 Currencies

	 EUR/GBP
	  	 Currencies

	 EUR/HUF
	  	 Currencies

	 EUR/ILS
	  	 Currencies

	 EUR/JPY
	  	 Currencies

	 EUR/MXN
	  	 Currencies

	 EUR/NOK
	  	 Currencies

	 EUR/NZD
	  	 Currencies










			
	 EUR/PLN
	  	 Currencies

	 EUR/SEK
	  	 Currencies

	 EUR/SGD
	  	 Currencies

	 EUR/TRY
	  	 Currencies

	 EUR/USD
	  	 Currencies

	 EUR/ZAR
	  	 Currencies

	 Euro / British Pound
	  	 Currencies

	 Euro / Japanese Yen
	  	 Currencies

	 Euro FX
	  	 Currencies

	 GBP/AUD
	  	 Currencies

	 GBP/CAD
	  	 Currencies

	 GBP/CHF
	  	 Currencies

	 GBP/HUF
	  	 Currencies

	 GBP/JPY
	  	 Currencies

	 GBP/MXN
	  	 Currencies

	 GBP/NOK
	  	 Currencies

	 GBP/NZD
	  	 Currencies

	 GBP/PLN
	  	 Currencies

	 GBP/SEK
	  	 Currencies

	 GBP/SGD
	  	 Currencies

	 GBP/TRY
	  	 Currencies

	 GBP/USD
	  	 Currencies

	 GBP/ZAR
	  	 Currencies

	 INR/USD Future
	  	 Currencies

	 Japanese Yen / U.S. Dollar
	  	 Currencies

	 Mexican Peso
	  	 Currencies

	 MXN/JPY
	  	 Currencies

	 New Zealand Dollar / U.S. Dollar
	  	 Currencies

	 NOK/SEK
	  	 Currencies

	 NZD/CAD
	  	 Currencies

	 NZD/CHF
	  	 Currencies

	 NZD/JPY
	  	 Currencies

	 NZD/SGD
	  	 Currencies

	 NZD/USD
	  	 Currencies

	 RUB/USD Future
	  	 Currencies

	 SGD/JPY
	  	 Currencies

	 Swiss Franc / U.S. Dollar
	  	 Currencies

	 TRY/JPY
	  	 Currencies

	 U.S. Dollar / Korean Won
	  	 Currencies

	 U.S. Dollar Index
	  	 Currencies

	 USD/CAD
	  	 Currencies










			
	 USD/CHF
	  	 Currencies

	 USD/CNH
	  	 Currencies

	 USD/CZK
	  	 Currencies

	 USD/HUF
	  	 Currencies

	 USD/ILS
	  	 Currencies

	 USD/JPY
	  	 Currencies

	 USD/MXN
	  	 Currencies

	 USD/SGD
	  	 Currencies

	 USD/THB
	  	 Currencies

	 USD/TRY
	  	 Currencies

	 USD/ZAR
	  	 Currencies

	 ZAR/JPY
	  	 Currencies

	 Chicago Ethanol
	  	 Energies

	 Crude Oil WTI / Global Spot
	  	 Energies

	 Crude Oil WTI / Global Spot (Far)
	  	 Energies

	 Crude Oil, Brent / Global Spot
	  	 Energies

	 Crude Oil, Brent / Global Spot (Far)
	  	 Energies

	 Ethanol
	  	 Energies

	 Gas-Oil-Petroleum
	  	 Energies

	 Gasoline
	  	 Energies

	 Heating Oil #2 / Fuel Oil
	  	 Energies

	 ICE ECX Emission
	  	 Energies

	 Kerosene
	  	 Energies

	 Natural Gas
	  	 Energies

	 Natural Gas (Summer)
	  	 Energies

	 Natural Gas (Winter)
	  	 Energies

	 Phelix Baseload Yearly
	  	 Energies

	 RBOB Gasoline
	  	 Energies

	 UK Natural Gas
	  	 Energies

	 Bolsa (Mexico)
	  	 Equities

	 CAC-40 Index
	  	 Equities

	 CBOE Volatility Index
	  	 Equities

	 CBOE Volatility Index (Far)
	  	 Equities

	 Deutscher Aktienindex (DAX)
	  	 Equities

	 Dow Jones Euro STOXX 50 Index
	  	 Equities

	 FTSE 100 Index
	  	 Equities

	 FTSE China A50
	  	 Equities

	 FTSE/JSE Top 40
	  	 Equities

	 FTSE/MIB Index
	  	 Equities

	 Hang Seng China Enterprises Index
	  	 Equities

	 Hang Seng Index
	  	 Equities










			
	 ISE 30 Futures
	  	 Equities

	 Kuala Lumpur Composite Index
	  	 Equities

	 MDAX
	  	 Equities

	 MSCI Indonesia
	  	 Equities

	 MSCI Singapore Index
	  	 Equities

	 MSCI Taiwan Index
	  	 Equities

	 NASDAQ 100 Index E-mini
	  	 Equities

	 OMX Index
	  	 Equities

	 Russell 2000 Index, Mini
	  	 Equities

	 S&P 400 MidCap Index, E-mini
	  	 Equities

	 S&P 500 Index E-mini
	  	 Equities

	 S&P CNX Nifty Index
	  	 Equities

	 S&P Financial Sector E-mini
	  	 Equities

	 S&P Health Sector E-mini
	  	 Equities

	 S&P Technology Sector E-mini
	  	 Equities

	 S&P Utilities Sector E-mini
	  	 Equities

	 SET 50 Index
	  	 Equities

	 Share Price Index 200
	  	 Equities

	 STOXX 600 Insurance
	  	 Equities

	 STOXX 600 Utilities
	  	 Equities

	 STOXX Europe 600 Banks
	  	 Equities

	 TecDAX Index
	  	 Equities

	 TOPIX Index
	  	 Equities

	 Toronto 60 Index
	  	 Equities

	 Vstoxx
	  	 Equities

	 Vstoxx (Far)
	  	 Equities

	 90 Day Bank Accepted Bills, AUS
	  	 Interest Rates

	 Euribor 3-month
	  	 Interest Rates

	 Eurodollar 3-month
	  	 Interest Rates

	 New Zealand 3 Month Bank Bill
	  	 Interest Rates

	 Aluminium
	  	 Metals

	 Copper
	  	 Metals

	 Copper High Grade / Scrap No. 2 Wire
	  	 Metals

	 Gold [XCEC]
	  	 Metals

	 Gold [XTKT]
	  	 Metals

	 Lead
	  	 Metals

	 Nickel
	  	 Metals

	 Palladium
	  	 Metals

	 Platinum [XNYM]
	  	 Metals

	 Silver
	  	 Metals

	 TSI Iron Ore Index
	  	 Metals

	 Zinc
	  	 Metals