Document:

Exhibit
10.4

TRANSFER AGENCY AND SERVICE AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made as of the 16th day of June, 2014, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust
company having its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 (“State Street”
or the “Transfer Agent”), and ACCUSHARES COMMODITIES TRUST I (the “Trust”), a Delaware statutory trust
on behalf of each of its separate fund series listed on Schedule A attached hereto and made a part hereof (each a “Fund”
and collectively the “Funds”).

 

WHEREAS, the Trust is organized
pursuant to its Second Amended and Restated Trust Agreement dated as of June 16, 2014 (the “Trust Agreement”) between
Wilmington Trust, N.A., as trustee, and AccuShares Investment Management, LLC (the ‘Sponsor”), as sponsor;

 

WHEREAS, the offer and
sale of the shares of beneficial interest (“Shares”) of each Fund will be registered with the U.S. Securities and Exchange
Commission (the “SEC”) by means of a registration statement on Form S-1, which will be filed and effective as of the
date of such offer and sale (on such present form, any subsequent amendment thereto or any later effective registration statement,
the “Registration Statement”) under the Securities Act of 1933, as amended (“1933 Act”);

 

WHEREAS, each Fund, pursuant
to the Trust Agreement, is authorized to issue its Shares in a pair of offsetting classes (each, a “Class”), with each
such Class representing interests in such Fund’s assets, as set forth under the Trust Agreement and as described in the
Funds’ most current prospectus(es) contained in the Registration Statement (as amended and supplemented from time to time,
the “Prospectus”);

 

WHEREAS, each Fund will
issue and redeem its Shares only in aggregations of Shares known as “Creation Units,” as more fully described in such
Fund’s Prospectus;

 

WHEREAS, only those entities
(“Authorized Participants”) that have entered into an Authorized Participant Agreement with the Sponsor, as sponsor
of the Trust on behalf of the Funds, as accepted by the Transfer Agent, are eligible to place orders for creations and redemptions
of Creation Units with the Transfer Agent;

 

WHEREAS, the Depository
Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”) or its nominee
will be the record or registered owner of all outstanding Shares; and

 

WHEREAS, the Trust desires
to appoint the Transfer Agent to act as each Fund’s transfer agent and dividend disbursing agent; and the Transfer Agent
is willing to accept such appointment.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the parties hereto, agree as follows:

 

    	 

    	 

    

	1.		TERMS OF APPOINTMENT

 

	1.1		Subject to the terms and conditions set forth in this Agreement, the Trust hereby
employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Shares comprising
Creation Units and dividend disbursing agent of each Fund.

	1.2		Transfer Agency Services. In accordance with procedures established from time
to time by agreement between the Trust, on behalf of the Funds, and the Transfer Agent, the Transfer Agent shall:

	(i)		establish each Authorized Participant’s account in the applicable Fund on the
Transfer Agent’s recordkeeping system and maintain such account for the benefit of such Authorized Participant;

	(ii)		receive and process orders for the purchase of Creation Units from the Authorized
Participants, which orders for purchase have been accepted by the Sponsor, prior to such processing, promptly deliver payment
and appropriate documentation thereof to the custodian of the applicable Fund as identified by the Trust (the “Custodian”);

	(iii)		generate or cause to be generated, and transmit, confirmation of receipt of such purchase
orders to the Authorized Participants and, if applicable, transmit appropriate trade instruction to National Securities Clearance
Corporation (“NSCC”);

	(iv)		transmit acceptances of purchase orders, as provided by the Sponsor on behalf of the
Trust, to the Authorized Participants by 6:00 p.m. (New York time) on the date it receives any such acceptance from the Sponsor;

	(v)		receive and process redemption requests and redemption directions with respect to
each Fund from the Authorized Participants or the Sponsor on behalf of the Trust in the case of a mandatory redemption, which
redemption requests and redemption orders have been accepted by the Sponsor, prior to such processing, promptly deliver the appropriate
documentation thereof to the Custodian and promptly deliver a copy of any such requests or directions to the Sponsor;

	(vi)		generate or cause to be generated, and transmit, confirmation of receipt of such redemption
requests and redemption directions to the Authorized Participants;

	(vii)		transmit acceptances of redemption requests with respect to each Fund, as provided
by the Sponsor on behalf of the Trust, to the Authorized Participants by 6:00 p.m. (New York time) on the date it receives any
such acceptance from the Sponsor on behalf of the Trust;

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	(viii)		prepare and transmit by means of DTC’s book-entry system payments for any dividends
and distributions declared by a Fund;

	(ix)		record the issuance of Shares of each Class of the applicable Fund and maintain a
record of the total numbers of Shares of each Class of each Fund which are issued and outstanding and provide the Trust on a regular
basis with the total numbers of Shares of each Class of each Fund which are issued and outstanding but the Transfer Agent shall
have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized
Shares available for issuance under the Registration Statement for the applicable Fund, or to take cognizance of any laws relating
to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of the
Trust; and, excluding DTC or its nominee as the record or registered owner, the Transfer Agent shall have no obligations or responsibilities
to account for, keep records of, or otherwise related to, the beneficial owners of the Shares;

	(x)		maintain and manage, as agent for each Fund, such bank accounts as the Transfer Agent
shall deem necessary for the performance of its duties under this Agreement, including but not limited to, the processing of Creation
Unit purchases and redemptions and the payment of such Fund’s dividends and distributions. The Transfer Agent may maintain
such accounts at the bank or banks deemed appropriate by the Transfer Agent in accordance with applicable law;

	(xi)		process any request from an Authorized Participant to change its account registration;
and

	(xii)		except as otherwise instructed by the Trust, on behalf of the Funds, process all transactions
in each Fund in accordance with the procedures mutually agreed upon by the Trust, on behalf of the Funds, and the Transfer Agent
with respect to the proper Class Value and Class Value per Share (each as defined in such Fund’s Prospectus) to be applied
to purchase and redemption orders received in good order by the Transfer Agent or any other person or firm on behalf of the Trust
or from an Authorized Participant before such Fund’s Order Cut-Off Time (as defined below). The Transfer Agent shall report
to the Sponsor, on behalf of the Trust, any known exceptions to the foregoing.

	1.3		Additional Services. In addition to, and neither in lieu of nor in contravention
of, the services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

	(i)		The Transfer Agent shall perform such other services for a Fund that are mutually
agreed to by the parties from time to time, for which the Trust, on behalf of such Fund, will pay such fees as may be mutually
agreed

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upon,
including the Transfer Agent’s reasonable out-of-pocket expenses. The provision of such services shall be subject to the
terms and conditions of this Agreement.

	(ii)		DTC and NSCC. The Transfer Agent shall: (a) accept and effectuate the registration
and maintenance of accounts, and the purchase and redemption of Creation Units in such accounts, in accordance with instructions
transmitted to and received by the Transfer Agent by transmission from DTC or NSCC on behalf of Authorized Participants; and (b)
issue instructions to a Fund’s banks for the settlement of transactions between the Fund and DTC or NSCC (acting on behalf
of the applicable Authorized Participant).

	1.4		Authorized Persons. The Trust, on behalf of each Fund, hereby agrees and acknowledges
that the Transfer Agent may rely on the current list of authorized persons, including the Sponsor, as provided or agreed to by
the Trust, on behalf of such Fund, and as may be amended from time to time, in receiving instructions to issue or redeem Creation
Units. The Trust agrees and covenants on behalf of each Fund and each such authorized person that any order or sale of or transaction
in Creation Units received by the Sponsor on its behalf after the order cut-off time for a Fund as set forth in the Fund’s
Prospectus or such earlier time as designated by the Trust on behalf of such Fund (the “Order Cut-Off Time”), shall
be effectuated at the Class Value per Share determined on the next business day or as otherwise required pursuant to the respective
Fund’s Prospectus, and the Trust, on behalf of such Fund, or such authorized person shall so instruct the Transfer Agent
of the proper effective date of the transaction.

	1.5		Anti-Money Laundering and Client Screening. With respect to each Fund’s
offering and sale of Creation Units at any time, and for all subsequent transfers of such interests, the Trust, on behalf of such
Fund, shall, to the extent applicable, directly or indirectly and to the extent required by law: (i) conduct know your customer/client
identity due diligence with respect to potential investors and transferees in the Shares and Creation Units and shall obtain and
retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor’s
and any transferee’s funds used to purchase Creation Units or Shares shall not be derived from, nor the product of, any
criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked
against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions;
and (iv) perform its obligations under this Section 1.5 in accordance with all applicable anti-money laundering laws and regulations.
In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining
to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other
applicable) laws or regulations, the Trust, on behalf of the applicable Fund, shall, upon receipt of written request from the
Transfer Agent, provide the Transfer Agent copies of such due diligence records.

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	1.6		State Transaction (“Blue Sky”) Reporting. If applicable, the Trust
shall be solely responsible for its “blue sky” compliance and state registration requirements.

	1.7		Tax Law. The Transfer Agent shall have no responsibility or liability for any
obligations now or hereafter imposed on a Fund, any Creation Units, any Shares, a beneficial owner thereof, an Authorized Participant
or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country
or of any state or political subdivision thereof. It shall be the responsibility of each Fund to notify the Transfer Agent of
the obligations imposed on it, the Creation Units, the Shares, or the Transfer Agent in connection with the services provided
by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including obligations
with respect to withholding and other taxes, assessments or governmental charges, certifications and reporting.

	1.8		The Transfer Agent shall provide the office facilities and the personnel determined
by it to perform the services contemplated herein.

	2.		FEES AND EXPENSES

	2.1		Fee Schedule. For the performance by the Transfer Agent of all services provided
pursuant to this Agreement, the Transfer Agent shall be entitled to receive from the Trust, on behalf of the Funds, the fees and
expenses set forth in a written fee schedule. Such fees and any out of pocket expenses and advances identified under Section 2.2
below may be changed from time to time, subject to mutual written agreement between the Trust, on behalf of the Funds, and the
Transfer Agent. The parties agree that the fees set forth in the fee schedule shall apply with respect to each Fund listed on
Schedule A hereto as of the date hereof and to any newly created Funds added to this Agreement that have requirements consistent
with services then being provided by the Transfer Agent under this Agreement.

	2.2		Out of Pocket Expenses. In addition to the fees paid under Section 2.1 above,
the Trust, on behalf of the Funds, agrees to reimburse the Transfer Agent for out of pocket expenses set out in the fee schedule.
In addition, any other expenses incurred by the Transfer Agent at the request or with the consent of a Fund will be reimbursed
by the Trust on behalf of such Fund.

	3.		REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT

The
Transfer Agent represents and warrants to the Trust that:

	3.1		It is a trust company duly organized and existing under the laws of the Commonwealth
of Massachusetts.

	3.2		It is duly registered as a transfer agent under Section 17A(c)(2) of the Securities
Exchange Act of 1934, as amended (the “1934 Act”), it will remain so registered for the duration of this Agreement,
and it will promptly notify the Sponsor, on

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behalf
of the Trust, in the event of any material change in its status as a registered transfer agent.

	3.3		It is duly qualified to carry on its business in the Commonwealth of Massachusetts.

	3.4		This Agreement constitutes its legal, valid, binding and enforceable agreement.

	3.5		It is empowered under applicable laws and by its organizational documents to enter
into and perform the services contemplated in this Agreement.

	3.6		All requisite organizational proceedings have been taken to authorize it to enter
into and perform this Agreement.

	3.7		Its entrance into this Agreement shall not cause a material breach or be in material
conflict with any other agreement or obligation of the Transfer Agent or any law or regulation applicable to it.

	4.		REPRESENTATIONS AND WARRANTIES OF THE TRUST

The
Trust represents and warrants to the Transfer Agent that:

	4.1		It is duly organized, validly existing in good standing in its jurisdiction of organization
and is qualified to conduct its business in every jurisdiction where its business is conducted.

	4.2		It has the requisite power and authority under applicable laws and by its Trust Agreement
to enter and perform this Agreement.

	4.3		The execution, delivery and performance of this Agreement, all documents and instruments
to be delivered hereunder or thereunder and all transactions contemplated hereunder or thereunder have been duly authorized by
all necessary organizational action.

	4.4		The person executing this Agreement on its behalf has been duly authorized to act
on its behalf.

	4.5		This Agreement constitutes its legal, valid, binding and enforceable agreement.

	4.6		It has obtained all authorizations, approvals and consents of any governmental body
required in connection with this Agreement and all transactions contemplated hereunder and such authorizations are in full force
and effect.

	4.7		The execution, delivery and performance of this Agreement and the transactions hereunder
will not violate any agreement, law, ordinance, charter, by-law, rule or regulation applicable to it or by which it is bound or
by which any of its assets are affected.

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	4.8		The Registration Statement will be filed and effective as of the date of offer and
sale of the Shares of each Fund, and remain effective thereafter during the term of this Agreement. The Trust also warrants to
the Transfer Agent that as of the date of offer and sale of the Shares of each Fund, all filings under the securities laws of
the states in which such Fund offers or sells its Shares necessary for such offer or sale will have been made.

	4.9		No legal or administrative proceedings have been instituted or threatened which would
impair the Trust’s ability to perform its duties and obligations under the Agreement.

	4.10		Its entrance into this Agreement shall not cause a material breach or be in material
conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it.

	5.		DATA ACCESS AND PROPRIETARY INFORMATION

	5.1		The Trust, on behalf of the Funds, acknowledges that the databases, computer programs,
screen formats, report formats, interactive design techniques, and documentation manuals furnished to the Trust by the Transfer
Agent as part of the Trust’s ability to access certain Trust-related data maintained by the Transfer Agent or another third
party on databases under the control and ownership of the Transfer Agent (“Data Access Services”) constitute copyrighted,
trade secret, or other proprietary information (collectively, “Proprietary Information”) of substantial value to the
Transfer Agent or another third party. In no event shall Proprietary Information be deemed Authorized Participant information
or the confidential information of the Trust. The Trust, on behalf of the Funds, agrees to treat all Proprietary Information as
proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization
except as may be provided hereunder. Without limiting the foregoing, the Trust agrees on behalf of its officers, employees, agents
and the Funds, to:

	(i)		use such programs and databases solely on the Trust’s, or such agents’,
computers, or solely from equipment at the location(s) agreed to between the Trust, on behalf of the Funds, and the Transfer Agent,
and solely in accordance with the Transfer Agent’s applicable user documentation;

	(ii)		refrain from copying or duplicating in any way the Proprietary Information;

	(iii)		refrain from obtaining unauthorized access to any portion of the Proprietary Information,
and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such
information in accordance with the Transfer Agent’s instructions;

	(iv)		refrain from causing or allowing Proprietary Information transmitted from the Transfer
Agent’s computers to the Trust’s, or such agents’, computer

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to
be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

	(v)		allow the Fund or such officers, employees and agents to have access only to those
authorized transactions agreed upon by the Trust, on behalf of the Funds, and the Transfer Agent; and

	(vi)		honor all reasonable written requests made by the Transfer Agent to protect at the
Transfer Agent’s expense the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright
law and under other federal or state law.

	5.2		Proprietary Information shall not include all or any portion of any of the foregoing
items that are or become publicly available without breach of this Agreement; that are released for general disclosure by a written
release by the Transfer Agent; or that are already in the possession of the receiving party at the time of receipt without obligation
of confidentiality or breach of this Agreement.

	5.3		If the Sponsor on behalf of the Trust notifies the Transfer Agent that any of the
Data Access Services do not operate in material compliance with the most recently issued user documentation for such services,
the Transfer Agent shall endeavor in a timely manner to correct such failure. Organizations from which the Transfer Agent may
obtain certain data included in the Data Access Services are solely responsible for the contents of such data, and the Trust,
on behalf of the Funds, agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data,
including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS
USED IN CONNECTION THEREWITH ARE PROVIDED ON AN “AS IS, AS AVAILABLE” BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS
ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE.

	5.4		If the transactions available to a Fund include the ability to originate electronic
instructions to the Transfer Agent in order to effect the transfer or movement of cash or Creation Units or transmit Authorized
Participant information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity
and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity
with security procedures established by the Transfer Agent from time to time.

	5.5		Each party shall take reasonable efforts to advise its employees of their obligations
pursuant to this Section 5. The obligations of this Section 5 shall survive any earlier termination of this Agreement.

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	6.		RESERVED

	7.		STANDARD OF CARE / LIMITATION OF LIABILITY

	7.1		The Transfer Agent shall at all times act in good faith in its performance of all
services performed under this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors,
including encoding and payment processing errors, unless said errors are caused by its negligence, bad faith, or willful misconduct
or that of its officers, employees or agents. The parties agree that any encoding or payment processing errors shall be governed
by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section 7.

	7.2		In any event, the Transfer Agent’s cumulative liability for each calendar year
(a “Liability Period”) with respect to the services provided pursuant to this Agreement regardless of the form of
action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding
Compensation Period, as defined herein, for any liability or loss suffered by the Trust and the Funds including, but not limited
to, any liability relating to the Trust’s and the Funds’ compliance with any federal or state tax or securities statute,
regulation or ruling during such Liability Period. “Compensation Period” shall mean the calendar year ending immediately
prior to each Liability Period in which the event(s) giving rise to the Transfer Agent’s liability for that period have
occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of
the Transfer Agent for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2014 shall
be the date of this Agreement through December 31, 2014, calculated on an annualized basis, and the Compensation Period for the
Liability Period commencing January 1, 2015 and terminating on December 31, 2015 shall be the date of this Agreement through December
31, 2014, calculated on an annualized basis. In no event shall the Transfer Agent be liable for any special, incidental, indirect,
punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

	8.		INDEMNIFICATION

	8.1		The Transfer Agent shall not be responsible for, and the Trust and each Fund shall
indemnify and hold the Transfer Agent harmless from and against, any and all losses, damages, costs, charges, reasonable counsel
fees (including the defense of any lawsuit in which the Transfer Agent or affiliate is a named party), payments, expenses and
liability arising out of or attributable to:

	(i)		all actions of the Transfer Agent or its agents or subcontractors required to be taken
pursuant to this Agreement, provided that such actions are taken in good faith and without negligence, bad faith or willful misconduct;

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	(ii)		the Trust’s or such Fund’s breach of any representation, warranty or covenant
of the Trust or such Fund hereunder;

	(iii)		the Trust’s or such Fund’s lack of good faith, negligence or willful misconduct;

	(iv)		reliance upon, and any subsequent use of or action taken or omitted by the Transfer
Agent or its agents or subcontractors in reliance on: (a) any information, records, documents, data, stock certificates or services,
which are received by the Transfer Agent or its agents or subcontractors by machine readable input, facsimile, electronic data
entry, electronic instructions or other similar means authorized by the Trust on behalf of such Fund, and which have been prepared,
maintained or performed by the Trust on behalf of such Fund, or any other person or firm on behalf of the Trust or such Fund,
including but not limited to any broker-dealer, third party administrator or previous transfer agent; (b) any instructions or
requests of the Trust on behalf of such Fund or any of their respective officers, employees, agents or subcontractors; (c) any
instructions or opinions of legal counsel to the Trust with respect to any matter arising in connection with the services to be
performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent after consultation with such legal
counsel; or (d) any paper or document furnished by or on behalf of the Trust or such Fund, reasonably believed by the Transfer
Agent to be genuine, authentic, or signed by the proper person or persons;

	(v)		the offer or sale of Creation Units in violation of any requirement under federal
or state securities laws or regulations requiring that such Creation Units be registered, or in violation of any stop order or
other determination or ruling by any federal or state agency with respect to the offer or sale of such Creation Units;

	(vi)		the negotiation and processing of any checks, wires and ACH transmissions, including,
without limitation, for deposit into, or credit to, the Trust’s or such Fund’s demand deposit accounts maintained
by the Transfer Agent;

	(vii)		all actions relating to the transmission of Fund, Creation Unit or Authorized Participant
data through the NSCC or DTC clearing systems, if applicable; and

	(viii)		any tax obligations under the tax laws of any country or of any state or political
subdivision thereof, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late
payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the
Transfer Agent as transfer agent hereunder.

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	8.2		At any time the Transfer Agent may apply to any officer of the Sponsor for instructions,
and may consult with legal counsel with respect to any matter arising in connection with the services to be performed by the Transfer
Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified
by such Fund for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The
Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished
by or on behalf of any Fund, reasonably believed by the Transfer Agent to be genuine and to have been signed by the proper person
or persons, or upon any instruction, information, data, records or documents provided by the Trust on behalf of a Fund to the
Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized
by the Trust on behalf of such Fund, and shall not be held to have notice of any change of authority of any person, until receipt
of written notice thereof from the Trust on behalf of the applicable Fund.

	9.		ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT

	9.1		Delivery of Documents. The Trust shall promptly furnish to the Transfer Agent
a copy of the Trust Agreement and all amendments thereto.

	9.2		Certificates, Checks, Facsimile Signature Devices. The Transfer Agent hereby
agrees to establish and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile
signature imprinting devices; and for the preparation or use, and for keeping account of, such certificates, forms and devices.

	9.3		Records. The Transfer Agent shall keep records relating to the services to
be performed hereunder, in the form and manner as it may deem advisable. The Transfer Agent agrees that all such records prepared
or maintained by the Transfer Agent relating to the services to be performed by the Transfer Agent hereunder are the property
of the applicable Fund and will be preserved, maintained and made available to the Trust on behalf of the applicable Fund, and
will be surrendered promptly to the Trust on behalf of the applicable Fund on and in accordance with its request. Records may
be surrendered in either written or machine-readable form, at the option of the Transfer Agent.

	10.		CONFIDENTIALITY AND PRIVACY

	10.1		The parties hereto agree that each shall treat confidentially all information provided
by each party to the other party regarding its business and operations. All confidential information provided by a party hereto
shall be used by any other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and,
except as may be required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be
applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than
through a breach of this Agreement, (ii) that is

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independently
derived by any party hereto without the use of any information provided by the other party hereto in connection with this Agreement,
(iii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative
demand or other similar process, or by operation of law or regulation, or (iv) where the party seeking to disclose has received
the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding
the foregoing, each party acknowledges that the other party may provide access to and use of confidential information relating
to the other party to the disclosing party’s employees, contractors, sub-contractors, agents, professional advisors, auditors
or persons performing similar functions.

The
undertakings and obligations contained in this Section 10.1 shall survive the termination or expiration of this Agreement for
a period of three (3) years.

	10.2		The Transfer Agent affirms that it has, and will continue to have throughout the term
of this Agreement, procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer
financial information to the extent required by applicable laws, rules and regulations.

	11.		Effective Period and Termination

This Agreement shall
remain in full force and effect for an initial term ending five (5) years from the date hereof (the “Initial Term”).
After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal
Term”) unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior
to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party
may terminate this Agreement: (i) in the event of the other party’s material breach of a material provision of this Agreement
that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable,
within 60 days’ written notice of such breach, or (ii) in the event that the other party is adjudged bankrupt or insolvent,
or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law, or a conservator
or receiver is appointed for the such party or upon the happening of a like event to such party at the direction of an appropriate
agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph, the Trust shall pay the
Transfer Agent its compensation due and shall reimburse the Transfer Agent for its costs, expenses and disbursements.

In the event of:
(i) the Trust’s termination of this Agreement, with or without notice, with respect to any Fund for any reason other than
as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which
the Transfer Agent is not retained to continue providing services hereunder to such Fund (or its respective successor), the Trust
shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation
previously earned by Transfer Agent with respect to the Fund) and shall reimburse the Transfer Agent for its costs, expenses and
disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Fund’s records as set
forth herein. For the avoidance of doubt, no payment will be

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required pursuant to the first sentence
of this paragraph in the event of (a) the liquidation or dissolution of the Fund and distribution of the Fund’s assets as
a result of the Sponsor’s good faith determination that the Fund is no longer viable, (b) a merger of the Fund into, or the
consolidation of the Fund with, another entity, or (c) the sale by the Fund of all, or substantially all, of its assets to another
entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Fund (or its respective
successor) on substantially the same terms as this Agreement.

	12.		Additional FUNDS

In the event one
or more additional series is established by the Trust with respect to which it desires to retain the Transfer Agent to act as transfer
agent and dividend disbursing agent as set forth in this Agreement, the Trust shall notify the Transfer Agent in writing. Upon
written acceptance by the Transfer Agent, any such series shall become subject to the provisions of this Agreement as a Fund.

	13.		assignment

	13.1		Except as provided in Section 14 below, neither this Agreement nor any rights or obligations
hereunder may be assigned by either party without the written consent of the other party; provided, however, that either party
may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled
by or under common control with such party.

	13.2		Except as explicitly stated elsewhere in this Agreement, nothing in this Agreement
shall be construed to give any rights or benefits to anyone other than the Transfer Agent and the Trust, on behalf of the Funds,
and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer
Agent and the Trust, on behalf of the Funds. This Agreement shall inure to the benefit of, and be binding upon, the parties and
their respective permitted successors and assigns.

	13.3		This Agreement does not constitute an agreement for a partnership or joint venture
between the Transfer Agent and the Funds. Other than as provided in Section 14, neither party shall make any commitments with
third parties that are binding on the other party without the other party’s prior written consent.

	14.		subcontractors

The Transfer Agent
may, without further consent on the part of a Fund, subcontract for the performance hereof with a transfer agent which is duly
registered pursuant to Section 17A(c)(2) of the 1934 Act, including, but not limited to: (i) Boston Financial Data Services, Inc.,
a Massachusetts corporation (“BFDS”); (ii) a BFDS subsidiary; (iii) a BFDS affiliate; or (iv) another affiliated or
unaffiliated third party duly registered as a transfer agent; provided, however, that the Transfer Agent shall remain liable to
each Fund for the acts and omissions of any subcontractor under this Section 14 as it is for its own acts and omissions under this
Agreement.

    	13

    	 

    

	15.		miscellaneous

	15.1		Amendment. This Agreement may be amended only by a written agreement executed
by both parties.

	15.2		Massachusetts Law to Apply. This Agreement shall be construed and the provisions
thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts without regard to the conflicts
of law provisions thereof.

	15.3		Force Majeure. The Transfer Agent shall not be responsible or liable for any
failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances
beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster,
governmental action or communication disruption.

	15.4		Data Protection. The Transfer Agent will implement and maintain a comprehensive
written information security program that contains appropriate security measures to safeguard the personal information of the
Trust’s and the Funds’ shareholders, employees, directors and/or officers that the Transfer Agent receives, stores,
maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, “personal
information” shall mean (i) an individual’s name (first initial and last name or first name and last name), address
or telephone number plus (a) Social Security number, (b) driver’s license number, (c) state identification card number,
(d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit
access to a person’s account or (ii) any combination of the foregoing that would allow a person to log onto or access an
individual’s account. Notwithstanding the foregoing, “personal information” shall not include information that
is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available
to the general public.

	15.5		Survival. All provisions regarding indemnification, warranty, liability, and
limits thereon, and protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

	15.6		Severability. If any provision or provisions of this Agreement shall be held
invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way
be affected or impaired.

	15.7		Priorities Clause. In the event of any conflict, discrepancy or ambiguity between
the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained
in this Agreement shall take precedence.

	15.8		Waiver. No waiver by either party of any breach or default of any of the covenants
or conditions herein contained to be performed by the other party shall

    	14

    	 

    

be
construed as a waiver of any succeeding breach of the same or of any other covenant or condition.

	15.9		Entire Agreement. This Agreement and any schedules, exhibits, attachments or
amendments hereto constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to
the subject matter hereof whether oral or written.

	15.10		Counterparts. This Agreement may be executed by the parties hereto on any number
of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

	15.11		Reproduction of Documents. This Agreement and all schedules, exhibits, attachments
and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other
similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction
was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence.

	15.12		Notices. All notices and other communications as required or permitted hereunder
shall be in writing and sent by first class mail, postage prepaid, addressed as follows or to such other address or addresses
of which the respective party shall have notified the other.

(a)If
to Transfer Agent, to:

State Street Bank and Trust Company

200 Clarendon Street, 16th Floor

Boston, Massachusetts 02116

Attention: Sheila McClorey, Transfer
Agent Vice President

Telephone: (617) 662-9681

Facsimile: (617) 956-5648

 

With a copy to:

State Street Bank and Trust Company

One Lincoln Street, 21st Floor

Boston, MA 02111

Attn: Mary Moran Zeven, Esq.

Telephone: (617) 662-1783

Facsimile: (617) 662-2702

 

    	15

    	 

    

(b)If
to the Trust, any Fund or the Sponsor, to:

 

AccuShares Investment Management, LLC

1 Bridge Plaza North, Suite 468

Fort Lee, NJ 07024

Attention: Forrest Gilman

Telephone: 201-399-4700

Facsimile: 203-998-0435

 

16.         
ASSETS AND LIABILITIES OF THE FUNDS The Transfer
Agent hereby 

acknowledges and agrees that:

 

16.1 The assets of each Fund shall be
held in separate and distinct accounts (directly or indirectly, including through a nominee or otherwise) and accounted for in
such separate and distinct records separately from the other assets of the Trust and every other Fund and are referred to as “assets
belonging to” that Fund. Except as otherwise set forth herein, the assets belonging to a Fund shall belong only to that Fund
for all purposes, and to no other Fund, and shall be subject only to the rights of creditors of that Fund. The assets belonging
to a Fund shall be charged with the liabilities of such Fund and all expenses, costs, charges, indemnities and reserves attributable
to such Fund.

 

16.2 Except as otherwise set forth herein,
the debts, liabilities, obligations, expenses, costs, charges, interests, claims, indemnities and reserves of any nature and all
kinds and descriptions (“Claims”) incurred, contracted for, attributable to or otherwise existing with respect to a
particular Fund shall be enforceable against the assets of such Fund only, and not against the assets of the Trust generally or
of any other Fund and, unless otherwise provided by the Sponsor, none of the Claims incurred, contracted for, attributable to or
otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of such Fund.

 

 

 

[Remainder of Page Intentionally Left Blank]

 

    	16

    	 

    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers or other
representatives, as of the day and year first above written.

 

 

 

	
        State
        Street Bank and Trust Company

         

         

         

	By:	/s/ Michael F. Rogers
	 	
         

        Name:
	
         

        Michael F. Rogers

	 	
         

        Title:
	
         

        Executive Vice President

 

 

 

ACCUSHARES COMMODITIES TRUST I, for and on behalf of each Fund listed
on Schedule A attached hereto

 

By: AccuShares Investment Management, LLC, as Sponsor

 

 

By: /s/ Forrest G. Gilman                                                        

Name: Forrest G. Gilman

            Title: Vice President, Chief Financial Officer and Treasurer

 

 

 

    	17

    	 

    

Schedule A

 

AccuShares
Commodities Trust I

 

AccuShares S&P GSCI Spot Fund

AccuShares S&P GSCI Agriculture and Livestock Spot Fund

AccuShares S&P GSCI Industrial Metals Spot Fund

AccuShares S&P GSCI Crude Oil Spot Fund

AccuShares S&P GSCI Brent Oil Spot Fund

AccuShares S&P GSCI Natural Gas Spot Fund

AccuShares Spot CBOE VIX Fund

 

 

    	18Exhibit
10.5

NON-CUSTODY INVESTMENT ADVISORY AGREEMENT

THIS NON-CUSTODY
INVESTMENT ADVISORY AGREEMENT (this “Agreement”) is made this 16th day of June, 2014, by and among ACCUSHARES COMMODITIES
TRUST I (the “Trust”), a Delaware statutory trust on behalf of each of its separate fund series listed on Schedule
A attached hereto and made a part hereof (each a “Fund” and collectively the “Funds”), ACCUSHARES INVESTMENT
MANAGEMENT, LLC, a Delaware limited liability company and party hereto solely for the purpose of Paragraph II(b) hereof (the “Sponsor”),
and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association (the “Investment Advisor”).

WHEREAS, the Trust
is authorized to issue shares of beneficial interest in separate Fund series with each such Fund series representing interests
in a separate portfolio of securities and other assets;

WHEREAS, the Trust
desires to retain the Investment Advisor to render certain investment management services to each Fund, and the Investment Advisor
is willing to render such services;

WHEREAS, the Sponsor
has undertaken to the pay the Trust’s costs arising hereunder, including the fees payable to the Investment Advisor in accordance
with this Agreement; and

WHEREAS, capitalized
terms not otherwise defined in this Agreement have the meanings assigned to them in the Second Amended and Restated Trust Agreement
of the Trust dated as of June 16, 2014 (the “Trust Agreement”) between Wilmington Trust, National Association, as trustee,
and the Sponsor.

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants set forth herein, the parties hereby mutually agree as follows:

I.                  
Agreements and Covenants of Investment Advisor.

Investment Advisor agrees and covenants:

(a)               
The Investment Advisor shall provide the following services (the “Services”) for each Fund:

(i)                
review periodically certain property held by or on behalf of the Fund from time to time held by the Fund’s custodian
in the investment accounts set forth on Exhibit A attached hereto and made a part hereof (the “Property”);

(ii)              
direct the investment, reinvestment and changes in the investment of the Property as it, in its sole and absolute discretion,
deems appropriate; provided, however, that such investments shall be limited, in accordance with the “Investment Guidelines”
attached hereto and made a part hereof as Exhibit B, to investments in Eligible Securities (as defined in Exhibit B
attached hereto);

(iii)            
manage the investments comprising the Property in accordance herewith;

    	 

    	 

    

(iv)            
except as otherwise directed in writing by the Trust acting through the Sponsor, use its best efforts to invest all cash
balances, dividends, interest, and other income payments credited with respect to the Property of the Fund that, as determined
by the Sponsor and notified to the Investment Advisor, are not needed to effect Fund share redemptions based on the Redemption
Orders submitted by Authorized Participants or payment of Fund expenses, Net Income Distributions and cash in lieu of Fund Share
distributions (collectively “Daily Fund Cash Needs”);

(v)              
assist the Sponsor and the Fund’s custodian, transfer agent and administrator daily to determine the amount of Property
of the Fund as will be, from time to time, held in cash each Business Day as may be necessary to meet the Fund’s Daily Fund
Cash Needs; provided, however, that the Investment Advisor shall not be responsible for making such determination;

(vi)            
provide, in a timely manner, such information as may be reasonably requested by the Trust or its designated agents (including,
but not limited to, the Sponsor and the Fund’s custodian, transfer agent, administrator or pricing service, as applicable)
in connection with, among other things, information about the Fund and transactions in Fund Eligible Securities sufficient for
(1) the daily calculation of the Fund’s Class Values and Class Values per Share after the close of the Fund’s Exchange
each Business Day and (2) the calculation of the Indicative Optimized Portfolio Value (IOPV), which is an indicator of a Share’s
Class Value per Share based on the prior Business Day’s Class Value per Share as a base and updated throughout the Business
Day every fifteen seconds based on changes in either the value of the Fund’s Underlying Index or the value of an equivalent
front-futures contract price, including, in the absence of instructions from the Trust to the contrary, electronically provide
daily trading information with respect to executed trades for the Fund to the Sponsor and the Fund’s administrator no later
than 4:30 p.m. (New York time) each Business Day;

(vii)          
at the written request of the Trust, provide the Trust and the Fund with records concerning the Investment Advisor’s
activities under this Agreement which the Trust and the Fund are required to maintain; and

(viii)        
render regular reports to the Trust concerning the Investment Advisor’s discharge of the foregoing responsibilities;

(b)              
The Investment Advisor shall render the Services subject to the control of the Trust and in compliance with (i) the requirements
set forth in Exhibit B attached hereto; and (ii) all applicable laws and regulations;

(c)               
The Investment Advisor will promptly communicate to the Sponsor and other agents of the Trust as may be designated by the
Sponsor in writing to the Investment Advisor such information relating to each Fund’s portfolio transactions as they may
reasonably request;

(d)              
In connection with rendering the Services, the Investment Advisor:

(i)                
is authorized to select the brokers or dealers that will execute the purchases and sales or serve as transaction counterparties
of Eligible Securities for each

    	2

    	 

    

Fund. With respect to brokerage,
dealer and Eligible Repo counterparty selection, the Investment Advisor shall seek to obtain the best overall execution for Fund
transactions, which is a combination of price, quality of execution and other factors;

(ii)              
where the Investment Advisor deems the purchase or sale of an Eligible Security to be in the best interest of a Fund as
well as its other customers (including any other Fund or advisory account for which the Advisor acts as investment advisor) and
to the extent permitted by applicable laws and regulations, may aggregate the securities to be sold or purchased for a Fund with
those to be sold or purchased for such other customers in order to obtain the best net price and most favorable execution under
the circumstances. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction,
will be made by the Investment Advisor, as applicable, in the manner it considers to be equitable and consistent with its obligations
to such Fund and such other customers;

(iii)            
shall not cause any Eligible Repo to be entered into with, or any Eligible Treasury to be purchased from, (A) any Person
who is an Affiliated Person (as defined in Section 2(a)(3) of the Investment Company Act of 1940) with respect to any of a Fund,
the Trust, the Trustee, the Sponsor or the Investment Advisor, or (B) any Person unless the quote from such Person is the best
available yield given the size of the transaction;

(iv)            
shall not commingle, or cause the commingling of, the Property of any Fund with the assets of another Fund or any other
Person;

(v)              
shall not on a principal basis engage in transactions with any Fund;

(vi)            
shall not engage, or cause any Fund to engage, in cross agency transactions between a Fund and another customer of the Investment
Advisor unless such agency cross transaction is approved in writing in advance by the Trust acting through the Sponsor; and

(vii)          
shall not borrow, nor shall any of its officers or employees borrow, from any Fund or pledge or use a Fund’s assets
in connection with any borrowing not directly for the Fund’s benefit. For this purpose, failure to pay any amount due and
payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

(e)               
The Investment Advisor shall monitor its compliance with the Investment Guidelines at all times and shall report to the
Trust immediately any transactions or holdings that are in non-compliance of the Investment Guidelines, regardless of whether the
non-compliance was caused by the Investment Advisor. The Investment Advisor shall have the sole obligation to correct any Fund
portfolio non-compliance with the Investment Guidelines. If for any reason which is beyond the control of the Investment Advisor,
including market movements, contributions to or withdrawals from a Fund’s Property or a change in the nature of any investment
(whether through change in business activity or credit rating), the Fund’s Property ceases to comply with the Investment
Guidelines, then the Investment Advisor must promptly remedy the non-compliance;

    	3

    	 

    

(f)               
Prior to any Fund engaging in any Eligible Repo transaction, the Investment Advisor shall deliver to the Trust a list of
all potential counterparties to any such transaction, which list shall note the short- and long-term credit ratings of such potential
counterparties, and thereafter monitor the creditworthiness of such listed counterparties and provide to the Trust a revised list
of such potential counterparties with such updates as necessary to reflect changes in credit ratings of such counterparties. If
the Trust, in its sole and absolute discretion, rejects any listed potential counterparty by communicating such rejection in writing
to the Investment Advisor, the Investment Advisor shall not utilize such rejected counterparty for the Eligible Repos of any Fund
and shall promptly take such actions as the Investment Advisor deems necessary or desirable to unwind or otherwise terminate any
Fund’s current Eligible Repo transactions with such rejected counterparty. Each Fund shall enter into Eligible Repos only
with counterparties listed as set forth above and not otherwise rejected by the Trust; and

(g)              
The Investment Advisor shall not have custody of the Property. Custody of each Fund’s Property will be maintained
with the Fund’s custodian pursuant to the custodian agreement between the Trust, on behalf of the Funds, and the Fund’s
custodian described in the Funds’ most current prospectus(es) contained in the Trust’s registration statement (collectively,
the “Prospectus”) unless the Investment Advisor is notified in writing by the Trust of a change in such Fund’s
custodian. The Sponsor shall be responsible for all custodial arrangements of each Fund and the payment of all custodial charges
and fees, and the Investment Advisor shall have no responsibility or liability with respect to custodial arrangements or the acts,
omissions or other conduct of the Fund custodian.

(h)              
The Investment Advisor further represents, warrants, covenants and agrees that it:

(i)                
has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all
necessary corporate action to authorize its execution, delivery and performance of this Agreement;

(ii)              
 has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding agreement of
the Investment Advisor enforceable against the Investment Advisor in accordance with its terms;

(iii)            
is not required to register as an investment adviser under the Advisers Act;

(iv)            
shall promptly notify the Trust and the Sponsor of the occurrence of any event that would disqualify the Investment Advisor
from serving as an investment adviser of the Funds;

(v)              
shall cooperate by assisting the Trust in fulfilling any disclosure or reporting requirements applicable to any Fund under
applicable federal and state securities and tax laws and regulations thereunder;

(vi)            
has adopted a written code of ethics reasonably designed to compliance with applicable laws in the provision of the Services
and prevent conflicts of interest between the Investment Advisor and its personnel having access to non-public information concerning
the investments and portfolio transactions of the Funds, on the one hand, and the Funds, on the other; and

    	4

    	 

    

(vii)          
has adopted and implemented written policies and procedures, which are reasonably designed to prevent violations of federal
securities laws by the Investment Advisor, its employees, officers, and agents.

II.               
Agreements and Covenants of the Trust and the Sponsor.

(a)               
The Trust agrees, represents, warrants and covenants:

(i)                
To promptly notify Investment Advisor or cause Investment Advisor to be notified of any and all changes in the identity
of the Property;

(ii)              
To provide such written authorizations as are necessary to each Fund’s custodian of the Property and other Persons
in order for the Investment Advisor's directions with respect to the Property to be carried out;

(iii)            
To furnish Investment Advisor or cause Investment Advisor to be furnished with such information, authorization and documentation
as it may from time to time require to enable it to carry out its obligations under Paragraph I(a) hereof;

(iv)            
That Investment Advisor is hereby appointed agent and attorney-in-fact for purposes of carrying out its obligations
under Paragraph I(a) hereof, with power and authority to: (i) buy, sell, exchange, negotiate, convert and otherwise trade in any
Eligible Securities; and (ii) perform any other acts necessary to carry out its obligations under this Agreement; provided, however,
that such acts shall not include the authority to deliver or pay securities or other Property to the Investment Advisor;

(v)              
That except as hereinafter provided, all notices to and agreements with the Investment Advisor hereunder shall be in writing
and signed by any one of the persons, acting on behalf of the Trust as officers of the Sponsor, occupying the following offices:

President

Chief Executive Officer

Chief Financial Officer

Treasurer

Chief Operating Officer

Secretary

provided, however, that the Trust
may from time to time designate in writing any Person who shall be authorized to deliver written notices or agreements on behalf
of Trust hereunder. In addition, Investment Advisor shall be entitled to rely on and shall be protected in relying on any verbal
or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give
written instructions, provided that the Trust acting through the Sponsor shall promptly confirm such instructions in writing;

(vi)            
That this Agreement shall be binding upon the Trust and the Trust’s successors and assigns.

    	5

    	 

    

(vii)          
That it has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken
all necessary trust action to authorize its execution, delivery and performance of this Agreement;

(viii)        
That it is not, and will not during the term of this Agreement be, required to register as an investment company under the
Investment Company Act of 1940;

(ix)            
That it has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding agreement
of the Trust enforceable against the Trust in accordance with its terms; and

(x)              
That it will promptly notify the Investment Advisor of the occurrence of any event that would disqualify the Investment
Advisor from serving as an investment adviser of the Funds.

(xi)            
That it (or, in furtherance of Paragraphs VIII(a) and (b) hereof, any Fund separately to the extent the matter in question
relates to a single Fund or is otherwise disproportionate), whether or not any of the transactions contemplated hereby shall be
consummated, shall assume liability for, and shall, solely from the applicable Fund or Funds as set forth in Paragraphs VIII(a)
and (b) hereof, indemnify, protect, save and keep harmless, the Investment Advisor and its directors, officers, shareholders, employees,
and agents (the “Investment Advisor Indemnified Parties”) from and against any and all claim, loss, liability or expense
(including but not limited to, the reasonable fees and expenses of counsel) of any kind and nature whatsoever (collectively, “Expenses”),
which may be imposed on, incurred by or asserted against the Investment Advisor Indemnified Parties in any way relating to or arising
out of or in connection with the Services, the execution, delivery and performance of this Agreement or any other agreements with
respect to the Trust or such Fund to which the Trust is a party or the action or inaction of the Investment Advisor hereunder or
thereunder with respect to the Trust or such Fund, except for Expenses resulting from the gross negligence or willful misconduct
of any Investment Advisor Indemnified Party and except for Expenses for which indemnification payment is received under Paragraph
II(b)(ii) hereof. Such indemnity shall include, but not be limited to, payment from the applicable Fund or Funds of the costs and
expenses incurred by such Investment Advisor Indemnified Party in defending itself against any claim or liability in its capacity
as an Investment Advisor Indemnified Party. Any amounts payable to an Investment Advisor Indemnified Party under this Paragraph
II(a)(xi) may be payable in advance. Any such Expenses relating to the Trust rather than any particular Fund shall be allocated
among the Funds as set forth in Paragraph VIII(b) hereof. The indemnities contained in this Paragraph II(a)(xi) shall survive the
termination of this Agreement, the dissolution or other cessation to exist of the Investment Advisor Indemnified Party, the withdrawal,
adjudication of bankruptcy or insolvency of the Investment Advisor Indemnified Party, or the filing of a voluntary or involuntary
petition in bankruptcy under the Bankruptcy Code by or against the Investment Advisor Indemnified Party.

(b)              
The Sponsor agrees, represents, warrants and covenants:

    	6

    	 

    

(i)                
To furnish Investment Advisor with a list of Authorized Participants of each Fund;

(ii)              
That it, whether or not any of the transactions contemplated hereby shall be consummated, shall assume liability for, and
shall indemnify, protect, save and keep harmless, the Investment Advisor Indemnified Parties from and against any and all Expenses,
which may be imposed on, incurred by or asserted against the Investment Advisor Indemnified Parties in any way relating to or arising
out of or in connection with the Services, the execution, delivery and performance of this Agreement or any other agreements with
respect to the Trust or such Fund to which the Trust is a party or the action or inaction of the Investment Advisor hereunder or
thereunder with respect to the Trust or such Fund, except for Expenses resulting from the gross negligence or willful misconduct
of any Investment Advisor Indemnified Party and except for Expenses for which indemnification payment is received under Paragraph
II(a)(xi) hereof. Such indemnity shall include, but not be limited to, payment of the costs and expenses incurred by such Investment
Advisor Indemnified Party in defending itself against any claim or liability in its capacity as an Investment Advisor Indemnified
Party. Any amounts payable to an Investment Advisor Indemnified Party under this Paragraph II(b)(ii) may be payable in advance.
The indemnities contained in this Paragraph II(b)(ii) shall survive the termination of this Agreement, the dissolution or other
cessation to exist of the Investment Advisor Indemnified Party, the withdrawal, adjudication of bankruptcy or insolvency of the
Investment Advisor Indemnified Party, or the filing of a voluntary or involuntary petition in bankruptcy under the Bankruptcy Code
by or against the Investment Advisor Indemnified Party;

(iii)            
To pay to Investment Advisor compensation for its services hereunder in the amount set forth on Exhibit C attached
hereto;

(iv)            
That this Agreement shall be binding upon the Sponsor and the Sponsor’s successors and assigns;

(v)              
That it has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken
all necessary limited liability company action to authorize its execution, delivery and performance of this Agreement;

(vi)            
That it has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding agreement
of the Sponsor enforceable against the Sponsor in accordance with its terms;

(vii)          
That it will promptly notify the Investment Advisor of the occurrence of any event that would disqualify the Investment
Advisor from serving as an investment adviser of the Funds; and

(viii)        
That it has provided on Exhibit B attached hereto all investment guidelines applicable to each Fund, including any
requirements, policies or directions set forth in the Trust Agreement and the Prospectuses.

    	7

    	 

    

(c)               
The indemnification obligations of the Trust set forth in Paragraph II(a)(xi), on the one hand, and the indemnification
obligations of the Sponsor set forth in Paragraph II(b)(ii), on the other hand, shall be on a joint and several basis.

III.            
Standard of Care & Limitation of Liability.

(a)               
The Investment Advisor shall exercise due care and diligence and use the same skill and care in providing its Services hereunder
as it uses in providing similar services to other accounts and customers, but shall not be liable for any action taken or omitted
by the Investment Advisor in the absence of gross negligence or willful misconduct.

(b)              
Investment Advisor shall have no liability or responsibility:

(i)                
To take any action hereunder, other than as specified in Paragraph I hereof.

(ii)              
For any depreciation in principal of any Property or for any loss or damage resulting from any investment, reinvestment
or change of the Property directed by Investment Advisor hereunder, except to the extent caused by Investment Advisor's gross negligence
or willful misconduct.

(iii)            
To safekeep, inspect or verify the existence of the Property, and Investment Advisor shall be entitled to rely exclusively
on the information provided to it pursuant to Paragraphs I(a) and II(a)(iii) hereof.

(iv)            
For assuming that the authority of any and all Persons certified to it by the Trust and designated by the Trust pursuant
to Paragraph II(a)(v) hereof, unless provided otherwise in such designation, shall be continuing until the Trust shall deliver
a written revocation of such authority.

IV.            
Termination.

This Agreement shall
have an initial term of one year and will automatically renew for one year terms thereafter unless terminated at any time by either
party upon delivery of written notice of such termination to the other parties. Paragraphs II(a)(xi), II(b)(ii), II(b)(iii) and
II(c) shall survive termination of this Agreement. This Agreement shall terminate automatically in the event of any transfer or
assignment thereof, as defined in the 1940 Act, by the Investment Advisor to any Person who is not a corporate affiliate of the
Investment Advisor immediately before such transfer or assignment.

V.               
Notices.

Any notice to be
delivered hereunder shall be in writing and shall be effective upon receipt at the addresses set forth on the signature page hereof,
or at such other address specified in writing by the addressee.

    	8

    	 

    

VI.            
Governing Law.

This Agreement shall
be governed by and construed in accordance with the laws of the State of Delaware.

VII.         
Miscellaneous.

(a)               
No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing
signed by all parties.

(b)              
If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder
of this Agreement shall not be affected thereby and shall remain in full force and effect.

(c)               
This Agreement may not be assigned by any party, either in whole or in part, without the prior written consent of each other
party.

(d)              
This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original,
but such counterparts shall together constitute but one and the same instrument.

(e)               
The Sponsor is a party hereto solely for the purpose of Paragraph II(b) hereof. The Trust is a third-party beneficiary of
Paragraph II(b) hereof.

VIII.      
Inter-Series Liability Limitation. The Investment Advisor hereby acknowledges and agrees that:

(a)               
Assets of the Funds. The assets, including the Property, of each Fund shall be held in separate and distinct accounts
(directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately
from the other assets of the Trust and every other Fund and are referred to as “assets belonging to” that Fund. Except
as otherwise set forth herein, the assets belonging to a Fund shall belong only to that Fund for all purposes, and to no other
Fund, and shall be subject only to the rights of creditors of that Fund. Any assets, income, earnings, profits, funds, or payments,
and proceeds thereof which are not readily identifiable as belonging to any particular Fund shall be allocated to and among one
or more Funds in such manner and on such basis as the Sponsor in its sole and absolute discretion deems fair and equitable. Each
such allocation shall be conclusive and binding upon the shareholders of all Funds for all purposes, and such assets, income, earnings,
profits, funds, or payments, and proceeds thereof, shall be referred to as assets belonging to that Fund. The assets belonging
to a Fund shall be so recorded upon the books of the Trust, and shall be held in trust for the benefit of the shareholders of such
Fund. The assets belonging to a Fund shall be charged with the liabilities of such Fund and all expenses, costs, charges, indemnities
and reserves attributable to such Fund.

(b)              
Liabilities of the Funds. Except as otherwise set forth herein, the debts, liabilities, obligations, expenses, costs,
charges, interests, claims, indemnities and reserves of any nature and all kinds and descriptions (“Claims”) incurred,
contracted for, attributable to or otherwise existing with respect to a particular Fund shall be enforceable against the assets
of such Fund

    	9

    	 

    

only, and not against the assets of
the Trust generally or of any other Fund and, unless otherwise provided by the Sponsor, none of the Claims incurred, contracted
for, attributable to or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the
assets of such Fund. Any general Claims of the Trust which are not readily identifiable as being held with respect to any particular
Fund shall be allocated and charged by the Sponsor to and among any one or more of the Funds in such manner and on such basis as
the Sponsor in its sole and absolute discretion deems fair and equitable. Any Person extending credit to, contracting with or having
any claim against any Fund may look only to the assets of such Fund to satisfy or enforce any Claim with respect to such Fund.
No shareholder or former shareholder of any Fund shall have a claim on or any right to any assets allocated or belonging to any
other Fund, except to the extent that such shareholder or former shareholder has such a claim or right hereunder as a shareholder
or former shareholder of such other Fund.

[Remainder of page intentionally left
blank—signature pages follow]

    	10

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused their names to be hereto subscribed, and this Agreement is executed and delivered, as of the date
first written above.

THE TRUST

ACCUSHARES COMMODITIES TRUST I, for and on behalf of
each Fund listed on Schedule A attached hereto

By: AccuShares Investment Management, LLC, as Sponsor

By: /s/ Forrest G. Gilman                                                      

Name: Forrest G. Gilman

Title: Vice President, Chief Financial Officer and Treasurer

Address:

c/o AccuShares Investment Management, LLC

1 Bridge Plaza North, Suite 468

Fort Lee, NJ 07024

Attention: Forrest Gilman

Telephone: 201-399-4700

Telecopier No.: 203-998-0435

THE SPONSOR

ACCUSHARES INVESTMENT MANAGEMENT, LLC, a party solely for
the purpose of Paragraph II(b) hereof

By: /s/ Forrest G. Gilman                                                      

Name: Forrest G. Gilman

Title: Vice President, Chief Financial Officer and Treasurer

Address:

1 Bridge Plaza North, Suite 468

Fort Lee, NJ 07024

Attention: Forrest Gilman

Telephone: 201-399-4700

Telecopier No.: 203-998-0435

[Signatures continue on following page]

 

    	 

    	 

    

 

INVESTMENT ADVISOR

WILMINGTON TRUST, NATIONAL ASSOCIATION

By: /s/ Mary Alice Avery                                                 

Name: Mary Alice Avery

Title: Vice President

Address:

Rodney Square North

1100 North Market Street/Drop Code DE3-C030

Wilmington, Delaware 19890-0001

Attention: Mary Alice Avery

Telecopier No.: (302) 636-4164

    	 

    	 

    

SCHEDULE A

AccuShares Commodities Trust I

THE FUNDS

AccuShares S&P GSCI Spot Fund

AccuShares S&P GSCI Agriculture and Livestock Spot Fund

AccuShares S&P GSCI Industrial Metals Spot Fund

AccuShares S&P GSCI Crude Oil Spot Fund

AccuShares S&P GSCI Brent Oil Spot Fund

AccuShares S&P GSCI Natural Gas Spot Fund

AccuShares Spot CBOE VIX Fund

    	 

    	 

    

EXHIBIT B

INVESTMENT GUIDELINES 

Fund Property: The Property of
each Fund shall consist solely of cash, and the Eligible Securities (defined below) in which such Fund will invest its cash from
time to time as determined by the Investment Advisor pursuant to the terms of, and in accordance with, the Investment Advisory
Agreement (such cash and Eligible Securities, the “Eligible Assets”).

Investment Goal: Each Fund has
an investment goal to invest its assets so as to preserve capital while, at the same time, earning an investment return that is
consistent with such preservation of capital.

Eligible Securities: Any “Business
Day” (which is any day the Fund’s Exchange is open for regular trading) on which there is cash on deposit in a Fund’s
custody account that is not required to make payments, including payments to effect Daily Fund Cash Needs, all such cash will be
invested by the Investment Advisor, acting in accordance with the Investment Advisory Agreement, in “Eligible Securities”
that are either:

	bills, notes and bonds issued and
backed by the full faith and credit of the government of the United States of America, which qualify as “Eligible Treasuries”
because they have residual maturities less than or equal to 90 calendar days, or
	tri-party or delivery versus payment
agreements for the sale and repurchase of, and collateralized by, bills, notes and bonds issued and backed by the full faith and
credit of the government of the United States of America (“U.S. Treasury Securities”), which qualify as “Eligible
Repos,” because (i) they are entered into with a seller that is a bank with at least one billion U.S. dollars in assets or
a registered securities dealer that is deemed creditworthy by the Investment Advisor, (ii) they terminate the Business Day following
their execution, (iii) they are denominated in U.S. dollars, and (iv) they are “collateralized fully,” meaning that
(A) the value of the assets collateralizing the Eligible Repo (less transaction costs, including loss of interest, that the Fund
reasonably could expect to incur if the seller were to default) is, and during the entire term of the Eligible Repo remains, at
least equal to the resale price payable by the seller under the Eligible Repo, (B) such assets are held by a custodian bank for
the benefit of the Fund during the term of the Eligible Repo, and (C) such assets consist entirely of U.S. Treasury Securities.

If a Fund is unable to engage in Eligible
Repo transactions, such cash that would have been invested in Eligible Repos will be held as overnight bank deposits at a bank
having a short-term rating of at least A1/P1.

Eligible Repo Limitation: Each
Fund shall not hold on any Business Day Eligible Repos the aggregate principal amount of which is in excess of 40% of the value
of its Eligible Assets on such Business Day.

Eligible Repo Transaction Structure:
The principal terms of the Eligible Repos will be set forth in a Global Master Repurchase Agreement prepared and updated from time
to time by The Bond

    	 

    	 

    

Market Association (the “Master
Agreement”), and tri-party account control agreements, as approved by the Sponsor on behalf of each Fund. The Master Agreement
will be supplemented by an electronic or written confirmation setting forth the pricing terms for each Eligible Repo which will
be negotiated on behalf of the Funds by the Investment Advisor. The Investment Advisor shall not enter into a confirmation of any
Eligible Repo transaction that modifies or purports to modify any of the principal terms of the Eligible Repo as set forth in the
Master Agreement and the applicable tri-party account control agreement.

Daily Cash Sweep: Daily each
Business Day, except when such proceeds are needed to pay Daily Fund Cash Needs or as otherwise allocated to cash by the Sponsor
pursuant to Paragraph I(a)(iv), the Investment Advisor, on behalf of each Fund, will reinvest the proceeds received upon the maturity
of the Fund’s Eligible Securities in Eligible Assets and invest cash delivered to the Fund in connection with each creation
of the Fund’s Creation Units. Upon any redemption of a Fund’s Redemption Units by an Authorized Participant, the Sponsor
shall notify the Investment Advisor of the redemption, and the Investment Advisor shall promptly liquidate the Fund’s Eligible
Securities as necessary to fund the redemption settlement.

Acquisition Guidelines: The Investment
Advisor shall select Eligible Securities for acquisition by a Fund in accordance with the following acquisition guidelines:

(i)                
dealers from whom the Fund will purchase Eligible Treasuries will be selected based on best execution in accordance with
Paragraph I(d)(i) of the Investment Advisory Agreement;

(ii)              
counterparties with whom the Fund will enter into Eligible Repos will be selected based on best execution in accordance
with Paragraph I(d)(i) of the Investment Advisory Agreement;

(iii)            
in accordance with Paragraph I(d)(iii) of the Investment Advisory Agreement, no Eligible Repo may be entered into with,
and no Eligible Treasury may be purchased from, (A) any Person who is an Affiliated Person (as defined in Section 2(a)(3) of the
Investment Company Act of 1940) with respect to any of a Fund, the Trust, the Trustee, the Sponsor or the Investment Advisor, or
(B) any Person unless the quote from such Person is the best available yield given the size of the transaction; and

(iv)            
a maximum of 40% of the aggregate value of a Fund’s Eligible Assets on each Business Day of each Fund may be invested
in Eligible Repos.

 

    	B-2

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