Document:

Exhibit 4.1

Second
Amended and Restated Trust Agreement

of

AccuShares
Commodities Trust I

 

________________________________________

 

AccuShares
Investment Management, LLC

as Sponsor

and

Wilmington
Trust, N.A.,

as Trustee

 

________________________________________

 

Dated as of June 16, 2014

 

 

    	 

    	 

    

Table of
Contents

		Page
	ARTICLE I DEFINITIONS; THE TRUST	1
	Section 1.1.	Definitions	1
	Section 1.2.	Name	9
	Section 1.3.	Delaware Trustee; Business Offices	9
	Section 1.4.	Declaration of Trust	9
	Section 1.5.	Purposes and Powers	10
	Section 1.6.	 Tax Treatment	10
	Section 1.7.	Elimination of Duties & Limited Liability of Sponsor	10
	Section 1.8.	Legal Title	11
	Section 1.9.	Series Trust	11
	Section 1.10.	Commencement of Business	11
	 	 	 
	ARTICLE II THE TRUSTEE	11
	Section 2.1.	Trustee Term; Resignation	11
	Section 2.2.	Powers of Trustee & Elimination of Duties of the Trustee	11
	Section 2.3.	Compensation and Expenses of the Trustee	12
	Section 2.4.	Indemnification of the Trustee	12
	Section 2.5.	Successor Trustee	13
	Section 2.6.	Liability of Trustee	13
	Section 2.7.	Payments to the Trustee	16
	 	 	 
	ARTICLE III FUNDS; SHARES	16
	Section 3.1.	General	16
	Section 3.2.	Establishment of Initial Funds	17
	Section 3.3.	Offer of Shares, Procedures for Creation and Issuance of Creation Units	17
	Section 3.4.	Book-Entry-Only System, Fund Global Securities	19
	Section 3.5.	Assets of the Funds	22
	Section 3.6.	Liabilities of the Funds	22
	Section 3.7.	Distributions	23
	Section 3.8.	Other Business of the Trustee and Shareholders	24
	 	 	 
	ARTICLE IV THE INITIAL FUNDS	24
	Section 4.1.	Global Security	24
	Section 4.2.	Designation of Initial Fund Share Classes	24
	Section 4.3.	Underlying Indices	25
	Section 4.4.	Class Value and Class Value per Share	26
	Section 4.5.	VIX Fund Daily Amount	27
	Section 4.6.	Class Value per Share Limitation	27
	Section 4.7.	Share Index Factors	27
	Section 4.8.	 Determination of Regular and Special Distribution Amounts, Share Index Factors and Net Investment Income	28
	Section 4.9.	Regular Distributions & Net Income Distributions	29
	Section 4.10. 	Special Distributions & Net Income Distributions	30
	

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	Section 4.11.	Corrective Distributions	30
	Section 4.12.	Share Splits	31
	Section 4.13.	Redemption Distribution	31
	Section 4.14.	 Restriction on Distributions	31
	Section 4.15.	Creation Units	32
	Section 4.16.	Eligible Assets of the Initial Funds	32
	Section 4.17.	Voting	33
	 	 	 
	ARTICLE V THE SPONSOR	33
	Section 5.1.	 Management of the Trust	33
	Section 5.2.	Authority of Sponsor	34
	Section 5.3.	Expenses of the Trust	37
	Section 5.4.	Liability of Sponsor Indemnified Parties	37
	Section 5.5.	Conflicts of Interest	37
	Section 5.6.	Obligations of the Sponsor	39
	Section 5.7.	Delegation of Obligations of the Sponsor	39
	Section 5.8.	Compensation to the Sponsor	39
	Section 5.9.	Indemnification of Sponsor	39
	Section 5.10.	Other Contractual Rights	41
	 	 	 
	ARTICLE VI TRANSFERS OF SHARES	41
	Section 6.1.	 General Prohibition	41
	Section 6.2.	Transfer of Shares	41
	 	 	 
	ARTICLE VII SHAREHOLDERS	41
	Section 7.1.	No Management or Control; Limited Liability; Exercise of Rights through DTC	41
	Section 7.2.	Rights and Duties	42
	Section 7.3.	 Limitation on Shareholder Liability	42
	Section 7.4.	Voting Power and Meetings	43
	Section 7.5.	Notice of Shareholders’ Meeting	44
	Section 7.6.	Voting Procedure	44
	Section 7.7.	Quorum and Required Vote	44
	Section 7.8.	Record Dates	45
	Section 7.9.	Waiver of Notice by Consent of Absent Shareholders	45
	Section 7.10.	Proxies	45
	 	 	 
	ARTICLE VIII RECORDS AND REPORTS	46
	Section 8.1.	Maintenance of Share Register	46
	Section 8.2.	Maintenance of Other Records	46
	 	 	 
	ARTICLE IX REDEMPTIONS	46
	Section 9.1.	General	46
	Section 9.2.	Redemption Orders	46
	Section 9.3.	Suspension and Rejection of Redemption Orders	46
	Section 9.4.	Redemption Transaction Fees	47
	Section 9.5. 	Cancellation of Redemption Units	47
	 	 
	

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	Section 9.6.	Other Redemption Procedures	47
	Section 9.7.	Mandatory Redemption by the Trust	47
	 	 	 
	ARTICLE X SERVICE PROVIDERS	48
	Section 10.1.	Engagement of a Custodian; Other Arrangements	48
	Section 10.2.	Engagement of an Administrator	48
	Section 10.3.	Engagement of a Transfer Agent	48
	Section 10.4.	Engagement of an Investment Advisor	48
	 	 	 
	ARTICLE XI EARLY TERMINATION	48
	Section 11.1.	Termination Triggers	48
	Section 11.2.	Notice	49
	Section 11.3.	Termination	49
	 	 	 
	ARTICLE XII MISCELLANEOUS	49
	Section 12.1.	Non Petition Covenant; No Proceedings	49
	Section 12.2.	Discretionary Termination of Trust or Funds	50
	Section 12.3.	Merger and Consolidation	51
	Section 12.4.	Filing of Copies	51
	Section 12.5.	Applicable Law	51
	Section 12.6.	Provisions in Conflict with Law or Regulations	52
	Section 12.7.	Contracts and Instruments; How Executed	52
	Section 12.8.	Fiscal Year	52
	Section 12.9.	Counterparts	52
	Section 12.10.	Internal References; Headings	52
	Section 12.11.	Limitations on Individual Liability	52
	Section 12.12.  	Filing of Tax Returns, Etc.	53
	 	 	 
	ARTICLE XIII AMENDMENT	53
	Section 13.1. 	Amendment	53

 

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THIS SECOND AMENDED
AND RESTATED TRUST AGREEMENT (this “Trust Agreement”) is made and entered into as of June 16, 2014, by ACCUSHARES
INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company, as sponsor, and WILMINGTON TRUST, N.A., a national banking association,
as trustee, for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth;

WHEREAS, AccuShares
Management LLC, a Delaware limited liability company (the “Original Sponsor”), as sponsor, and the Trustee have
heretofore created the Trust pursuant to the DSTA by entering into a trust agreement, dated as of June 28, 2013 (the “Original
Trust Agreement”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of
Trust, and have subsequently amended and restated the Original Trust Agreement by entering into an amended and restated trust agreement,
dated as of November 26, 2013 (the “Amended and Restated Trust Agreement”);

WHEREAS, the Original
Sponsor has heretofore transferred and assigned to the Sponsor all of the Original Sponsor’s rights, title, interest and
powers, as sponsor of the Trust, in, to and under the Amended and Restated Trust Agreement, and appointed the Sponsor as successor
sponsor of the Trust, by entering into an assignment and assumption agreement between the Original Sponsor and the Sponsor, dated
as of December 16, 2013 (the “Assignment Agreement”);

WHEREAS, pursuant
to the Assignment Agreement, the Sponsor has accepted such assignment and appointment and assumed any and all of the Original Sponsor’s
duties, obligations, liabilities and responsibilities, as sponsor of the Trust, under the Trust Agreement, and the Original Sponsor
has been released from such duties, obligations, liabilities and responsibilities;

WHEREAS, the Trustee
has acknowledged and consented to such assignment, appointment and release;

WHEREAS, the parties
hereto desire to amend and restate the Amended and Restated Trust Agreement in its entirety and to provide for the matters set
forth herein; and

WHEREAS, the Trust
is authorized to issue its shares of beneficial interest in one or more separate series, all in accordance with the provisions
set forth in this Trust Agreement.

NOW, THEREFORE,
in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and pursuant to Section 13.1 of the Amended and Restated Trust Agreement, the
Sponsor and the Trustee hereby amend and restate the Amended and Restated Trust Agreement in its entirety and agree as follows:

ARTICLE
I

DEFINITIONS; THE TRUST

Section
1.1. Definitions. Whenever used herein, unless otherwise defined or required by the context or specifically provided:

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“Administrator”
shall have the meaning assigned to such term in Section 10.2.

“Affiliate”
of a Person means (i) any Person directly or indirectly owning, controlling or holding with power to vote 5% or more of the outstanding
voting securities of such Person; (ii) any Person 5% or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held with power to vote by such Person; (iii) any Person, directly or indirectly, controlling, controlled
by or under common control of such Person; (iv) any employee, officer, director, member, manager or partner of such Person; or
(v) if such Person is an employee, officer, director, member, manager or partner, any other Person for which such Person acts in
any such capacity.

“Affiliated
Person” shall have the meaning assigned to such term in section 2(a)(3) of the Investment Company Act of 1940, as amended.

“Amended
and Restated Trust Agreement” shall have the meaning assigned to such term in the recitals to this Trust Agreement.

“Applicable
Fund” shall have the meaning assigned to such term in Section 3.6(b).

“Assignment
Agreement” shall have the meaning assigned to such term in the recitals to this Trust Agreement.

“Authorized
Participant” means a Person who (1) is a registered broker-dealer or other securities market Authorized Participant such
as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions,
(2) is a DTC Participant, and (3) has entered into an Authorized Participant Agreement, which, at the relevant time, is in full
force and effect, with the Sponsor and any Transfer Agent engaged by the Sponsor pursuant to Section 10.3 hereof. Only Authorized
Participants may place orders to create or redeem one or more Baskets of a Fund.

“Authorized
Participant Agreement” means an agreement entered into by each Authorized Participant, the Sponsor, and any Transfer
Agent engaged by the Sponsor pursuant to Section 10.3 hereof, which sets forth the procedures for the creation and redemption of
Baskets in a Fund, which may be amended and supplemented from time to time in accordance with its terms.

“Bankruptcy
Code” means the United States Bankruptcy Code, §§11 U.S.C. 101 et seq., as amended.

“Basket”
means a Creation Unit or Redemption Unit, as the context may require.

“Beneficial
Owners” shall have the meaning assigned to such term in Section 3.4(d).

“Business
Day” means any day on which the Exchange is open for trading during its regular session, which includes a day on which
the Exchange closes prior to its scheduled time.

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

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“Certificate
of Trust” means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware
pursuant to section 3810 of the DSTA, as amended or restated from time to time.

“Claims”
shall have the meaning assigned to such term in Section 3.6(a).

“Class”
shall have the meaning assigned to such term in Section 3.1(a).

“Class
Value” means, with respect to any Class of a Fund, the liquidation value of such Fund attributable to such Class, and
specifically with regard to the Initial Funds, as set forth in Section 4.4.

“Class
Value per Share” means, with respect to any Class of a Fund, an amount equal to the quotient of such Class’ Class
Value divided by the number of Shares of such Class issued and outstanding at the time of determination.

“Class
Value per Share Limitation” shall have the meaning assigned to such term in Section 4.6.

“Closing
Trading Price” means, with respect to any Class of a Fund, the closing trading price of the Shares of such Class based
on one or more trades occurring within the last 30 minutes of trading, as reported on the Exchange.

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

“Corporate
Trust Office” means the principal office at which at any particular time the corporate trust business of the Trustee
is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890, Attention: Corporate Trust Administration.

“Corrective
Distribution” shall have the meaning assigned to such term in Section 4.11.

“Creation
Transaction Fee” shall have the meaning assigned to such term in Section 3.3(d).

“Creation
Unit” means a block of pairs of Up Shares and Down Shares of a Fund in such number as the Sponsor may determine in its
sole and absolute discretion from time to time for each Fund.

“Custodian”
shall have the meaning assigned to such term in Section 10.1.

“DAt”
means the accumulated VIX Fund Daily Amounts since the Prior Distribution Date.

“Depository”
or “DTC” means The Depository Trust Company, New York, New York, or such other depository of Shares as may be
selected by the Sponsor as specified herein.

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“Depository
Agreement” means the Letter of Representations relating to each Fund from the Sponsor to the Depository.

“DGCL”
means the General Corporation Law of the State of Delaware, Chapter 1 of Title 8 of the Delaware Code, 8 Del. C. § 101 et
seq., as the same may be amended from time to time.

“Distribution
Date” means any date on which a Regular Distribution, a Special Distribution or a Corrective Distribution is deemed to
occur.

“DN”
means, with respect to any Fund, the Class Value per Share of such Fund’s Down Shares.

“DNc”
means, with respect to any Fund, the Class Value per Share of such Fund’s Down Shares as of the closing of the Exchange on
the immediately preceding Business Day, after adjusting for any Net Income Distributions made to such Fund’s Down Shares.

“DNd”
means, with respect to any Fund, the Class Value per Share of such Fund’s Down Shares as of the closing of the Exchange on
the date of determination, after adjusting for any Net Income Distributions made to such Fund’s Down Shares.

“DNNIA”
means, with respect to any Fund, the accrued Net Investment Income per Share attributable to each of such Fund’s Down Shares
since the Prior Distribution Date.

“Down Share
Index Factor” or “DNSIF” means, with respect to any Fund, the Share Index Factor of such Fund’s
Down Shares.

“Down Shares”
shall have the meaning assigned to such term in Section 3.1(a).

“DSTA”
means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same
may be amended from time to time.

“DTC Participants”
shall have the meaning assigned to such term in Section 3.4(c).

“Eligible
Assets” shall have the meaning assigned to such term in Section 4.16(a).

“Eligible
Repo” means any repurchase agreement (i) referencing U.S. Treasury Securities and under which the obligation of the seller
thereof to repurchase such U.S. Treasury Securities is “collateralized fully” (as defined in Rule 5b-3 under the Investment
Company Act of 1940, as amended) by such U.S. Treasury Securities, (ii) terminating within one (1) Business Day following its execution,
(iii) denominated in U.S. dollars, and (iv) entered into with a counterparty that is (x) a bank with at least $1 billion in assets
or (y) a registered securities dealer that is deemed creditworthy by the Sponsor.

“Eligible
Treasuries” means U.S. Treasury Securities that have residual maturities less than or equal to 90 calendar days.

    	4

    	 

    

“Exchange”
means the Nasdaq OMX or, if the Shares of any Fund shall cease to be listed on the Nasdaq OMX, the exchange on which the Shares
of such Fund are principally traded, as determined by the Sponsor in its sole and absolute discretion.

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

“Formation
Instrument” means, with respect to any Fund, this Trust Agreement and any Series Supplement with respect to such Fund.

“Fund”
means a series of the Trust established pursuant to the terms of this Trust Agreement and any applicable Series Supplement.

“Global
Security” means the global certificate or certificates for each Fund issued to the Depository as provided in the Depository
Agreement, forms of which are attached hereto as Exhibits A and B.

“Index
Disruption” shall have the meaning assigned to such term in Section 4.3(c).

“Index
Disruption Period” shall have the meaning assigned to such term in Section 4.3(c)(i).

“Index
Provider” means, with respect to any Fund, the entity responsible for the calculation and publication of such Fund’s
Underlying Index.

“Indirect
DTC Participants” shall have the meaning assigned to such term in Section 3.4(c).

“Initial
Funds” shall have the meaning assigned to such term in Section 3.2(a).

“Investment
Advisor” shall have the meaning assigned to such term in Section 10.4.

“Investment
Advisory Agreement” means that certain Non-Custody Investment Advisory Agreement, dated as of June 16, 2014, by and among
the Trust, the Sponsor and the Investment Advisor to the Initial Funds, as it may be amended or supplemented from time to time
in accordance with its terms, and any successor agreement entered into with a successor investment advisor to the Trust or any
Fund.

“Management
Fee” means the amount payable by a Fund to the Sponsor pursuant to the Sponsor Agreement and Section 5.8 hereof.

“Master
Agreement” shall have the meaning assigned to such term in Section 4.16(c).

“Measuring
Period” means a single distribution measurement period that begins on the Prior Distribution Date and ends on the next
following Distribution Date.

“Net Income
Distribution” shall have the meaning assigned to such term in Section 4.9(c).

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“Net Investment
Income” means, with respect to any Class of a Fund for any given Business Day, as of any date of determination, the sum
of (a) the product obtained by multiplying (i) the amount of any accrued and undistributed income or gains or losses on the Eligible
Assets of such Fund accruing on such Business Day by (ii) such Class’ Participation Factor, less (b) any unpaid amounts of
such Class’ Management Fee incurred on such Business Day, and any extraordinary fees and expenses or taxes attributable to
such Class pursuant to Section 5.3(a) hereof. Net Investment Income can be positive or negative.

“Net Investment
Income per Share” means, with respect to any Share, such Share’s pro rata portion of the Net Investment Income
attributable to its Class.

“Original
Sponsor” shall have the meaning assigned to such term in the recitals to this Trust Agreement.

“Original
Trust Agreement” shall have the meaning assigned to such term in the recitals to this Trust Agreement.

“Participation
Factor” means, with respect to any Class of a Fund, as of any date of determination, the quotient obtained by dividing
(x) the closing Class Value per Share of such Class by (y) the sum of the closing Class Values per Share of both Classes of such
Fund.

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

“Previous
Index” shall have the meaning assigned to such term in Section 4.3(c)(i).

“Prior
Distribution Date” means, with respect to any Fund, as of any date of determination, the immediately preceding Distribution
Date or, if there is no preceding Distribution Date, the date of inception of the Fund’s operations in the case of the first
Regular Distribution.

“Prospectus”
means any final prospectus and disclosure document of the Trust with respect to any Fund, constituting a part of a Registration
Statement, as filed with the SEC and declared effective thereby, as the same may at any time and from time to time be amended or
supplemented.

“Purchase
Order” shall have the meaning assigned to such term in Section 3.3(b).

“Redemption
Distribution” means the cash or other assets, to the extent permitted by this Trust Agreement and in the applicable Authorized
Participant Agreement, to be delivered in satisfaction of a redemption of a Redemption Unit as specified in the applicable Authorized
Participant Agreement.

“Redemption
Order” shall have the meaning assigned to such term in Section 9.2.

“Redemption
Order Date” means the Business Day on which a Redemption Order is submitted.

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“Redemption
Transaction Fee” shall have the meaning assigned to such term in Section 9.4.

“Redemption
Unit” means a block of pairs of Up Shares and Down Shares of a Fund, which shall be in the number of Shares of such Fund
constituting a Creation Unit on the relevant Redemption Order Date.

“Registration
Statement” means any effective registration statement, as it may be amended or supplemented from time to time, filed
with the SEC pursuant to which the Trust has registered the offer and sale of the Shares of any Fund.

“Regular
Distribution” shall have the meaning assigned to such term in Section 4.9(a).

“Regular
Distribution Date” means any date on which a Regular Distribution is deemed to occur.

“Replacement
Index” shall have the meaning assigned to such term in Section 4.3(c)(i).

“SEC”
means the United States Securities and Exchange Commission.

“Series
Supplement” means an instrument setting forth the establishment and designation of any Fund that is not an Initial Fund,
whether directly in such instrument or by reference to, or approval of, another document that sets forth such establishment and
designation, and the relative rights, powers and preferences of such Fund.

“Share
Index Factor” means, with respect to any Class of a Fund, as of any date of determination, the fixed linear relationship
of the Class Value of such Class with such Fund’s Underlying Index.

“Shareholders”
means the registered holders of Shares of any Class.

“Shares”
means units of fractional, undivided beneficial interests in, and ownership of, a Fund.

“Special
Distribution” shall have the meaning assigned to such term in Section 4.10(a).

“Special
Distribution Date” means any date on which a Special Distribution is deemed to occur.

“Sponsor”
means AccuShares Investment Management, LLC, or any substitute or designee of the then Sponsor as provided herein, or any successor
thereto by merger or operation of law.

“Sponsor
Agreement” means that certain Sponsor Agreement, dated as of June 16, 2014, between the Trust and the Sponsor, as it
may be amended or supplemented from time to time in accordance with its terms.

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“Sponsor
Indemnified Parties” shall have the meaning assigned to such term in Section 5.9(a).

“t”
means the time of the related determination.

“t-1”
means the time of the related determination as of the Prior Distribution Date.

“Termination
Trigger” shall have the meaning assigned to such term in Section 11.1.

“Transfer
Agent” shall have the meaning assigned to such term in Section 10.3.

“Treasuries”
means (i) any Eligible Treasury or (ii) any Eligible Repo.

“Trust”
means AccuShares Commodities Trust I, the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and
affairs of which are governed by this Trust Agreement.

“Trust
Agreement” shall have the meaning assigned to such term in the recitals to this Trust Agreement.

“Trustee”
means Wilmington Trust, N.A. or any successor thereto as provided herein, acting not in its individual capacity or as investment
advisor to the Trust but solely as trustee of the Trust.

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

“Trust
Estate” means, with respect to any Fund, all property and cash held by such Fund, and all proceeds therefrom.

“U.S.”
means the United States of America.

“U.S. Treasury
Securities” means bills, notes and bonds issued and backed by the full faith and credit of the government of the United
States of America.

“UIL”
means, with respect to any Fund, the level of such Fund’s Underlying Index, subject to the Class Value per Share Limitation.

“Underlying
Index” means, with respect to any Fund, an index referencing a specified commodity or set of commodities or measures
of volatility of broad-based equity indices whose performance is tracked by such Fund, including any substitute or replacement
index for such Fund’s original Underlying Index as the Sponsor from time to time may designate.

“UP”
means, with respect to any Fund, the Class Value per Share of such Fund’s Up Shares.

“UPc”
means, with respect to any Fund, the Class Value per Share of such Fund’s Up Shares as of the closing of the Exchange on
the immediately preceding Business Day, after adjusting for any Net Income Distributions made to such Fund’s Up Shares.

    	8

    	 

    

“UPd”
means, with respect to any Fund, the Class Value per Share of such Fund’s Up Shares as of the closing of the Exchange on
the date of determination, after adjusting for any Net Income Distributions made to such Fund’s Up Shares.

“Up Share
Index Factor” or “UPSIF” means, with respect to any Fund, the Share Index Factor of such Fund’s
Up Shares.

“Up Shares”
shall have the meaning assigned to such term in Section 3.1(a).

“UPNIA”
means, with respect to any Fund, the accrued Net Investment Income per Share attributable to each of such Fund’s Up Shares
since the Prior Distribution Date.

“Value
per Creation Unit” means the sum of (a) the product obtained by multiplying the Class Value per Share of a Fund’s
Up Shares by the number of such Shares included in the Fund’s Creation Unit at such time and (b) the product obtained by
multiplying the Class Value per Share of a Fund’s Down Shares by the number of such Shares included in the Fund’s Creation
Unit at such time.

“VIX Fund
Daily Amount” shall have the meaning assigned to such term in Section 4.5.

Section
1.2. Name. The name of the Trust is “AccuShares Commodities Trust I,” in which name the Sponsor may
engage in the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued
on behalf of the Trust.

Section
1.3. Delaware Trustee; Business Offices.

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

(b) The principal
office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside
or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Shareholders.
Initially, the principal office of the Trust shall be at c/o AccuShares Investment Management, LLC, 1 Bridge Plaza North, Suite
468, Fort Lee, NJ 07024. The office of the Trustee in the State of Delaware shall be located at such place or places inside the
State of Delaware as the Trustee may designate from time to time in writing to the Sponsor, which, as of the date hereof, is Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890.

Section
1.4. Declaration of Trust. It is the intention of the parties hereto that the Trust shall be a statutory trust
organized in series, or Funds, under the DSTA and that this Trust Agreement shall constitute the governing instrument of the Trust.
It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company,
joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except,
and solely for, applicable income tax purposes (for example, to the extent 

    	9

    	 

    

that any Fund elects to be treated as and constitutes
a corporation under the Code and applicable state and local income tax law). Nothing in this Trust Agreement shall be construed
to make the Shareholders partners or members of a joint stock association. Neither the Sponsor nor the Trustee shall be liable
to any Person for the failure of any Fund to qualify as a corporation under the Code or any comparable provision of the laws of
any state or other jurisdiction where such treatment is sought. Effective as of the date hereof, the Trustee and the Sponsor shall
have all of the respective rights, powers, duties, obligations and responsibilities set forth herein and in the DSTA with respect
to accomplishing the purposes of the Trust. The Trustee has filed the Certificate of Trust required by section 3810 of the DSTA
in connection with the formation of the Trust under the DSTA. The formation of the Trust became effective upon filing of the Certificate
of Trust, without any initial deposit of assets with the Trust. Notwithstanding the Original Trust Agreement, no trust corpus was
deposited with the Trust by the Sponsor and the parties hereto ratify and agree that no trust corpus deposit was required or intended
to be made to the Trust by any party hereto to complete the formation of the Trust.

Section
1.5. Purposes and Powers. The purposes of the Trust and each Fund shall be to enter into any lawful transaction
and engage in any lawful activities for which a Delaware statutory trust may be organized.

Section
1.6. Tax Treatment. The parties hereto intend that, for U.S. federal and applicable state and local income tax
purposes, each Fund shall be treated as a “business entity” (as defined in Treasury Regulation section 301.7701-2(a))
that is eligible to elect to be a corporation for such tax purposes, with the assets of the corporation being the applicable Trust
Estate and the equity interests in the corporation being the Shares of the applicable Fund, and the provisions of this Trust Agreement
shall be interpreted to further this intention. The parties hereto agree that, unless otherwise required by applicable tax authorities,
each Fund shall (at a time determined by the Sponsor) elect to be treated as a corporation for U.S. federal and applicable state
and local income tax purposes under Treasury Regulation section 301.7701-3(a), and will file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the characterization of each Fund as a corporation for such tax purposes.
By virtue of having purchased or otherwise acquired a Share of any Fund, each Shareholder and Beneficial Owner agrees to treat
such Share as an equity interest in a business entity that is a separate corporation for U.S. federal and applicable state and
local income tax purposes.

Section
1.7. Elimination of Duties & Limited Liability of Sponsor.

(a) Notwithstanding
any other provision of this Trust Agreement, to the fullest extent permitted under Delaware law, except for its express duties,
obligations, liabilities and responsibilities hereunder, the Sponsor Indemnified Parties have no duties (at law (statutory or common)
or in equity), implied or otherwise (including fiduciary duties), or obligations, liabilities or responsibilities to the Trust,
the Trustee, any Fund or any other Person with respect to the business and affairs of the Trust or any Fund. To the fullest extent
permitted under Delaware law, the Sponsor acting under this Trust Agreement shall not be liable, at law (statutory or common) or
in equity, to the Trust, the Trustee, any Fund or any other Person for its management of the Trust and its performance under this
Trust Agreement, provided that such management and performance is within the standard of care set forth in Section 5.4 hereof.
Any Shares held by the Sponsor shall have the same rights and limited liabilities created or imposed

    	10

    	 

    

hereunder as those issued to Shareholders
unaffiliated with the Sponsor. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties
(including fiduciary duties) and liabilities of the Sponsor Indemnified Parties otherwise existing at law (statutory or common)
or in equity, are agreed by the parties hereto to replace such other duties and liabilities of the Sponsor. The ownership of Shares
is not a condition for any Person to serve as Sponsor.

(b) Subject to Sections
1.7(a), 5.4, 7.1 and 7.3 hereof, neither the Sponsor nor any Shareholder shall have any personal liability for any duty, obligation,
liability or responsibility of the Trust or any Fund.

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

Section
1.9. Series Trust. The Trust shall be divided into series, each a Fund, as provided in sections 3804 and 3806(b)(2)
of the DSTA.

Section
1.10. Commencement of Business. The commencement of the Trust’s business and the sale of the Shares of
each Fund to the respective Authorized Participants pursuant to each Authorized Participant Agreement shall commence at such time
as the Sponsor shall determine in its sole and absolute discretion.

ARTICLE
II

THE TRUSTEE

Section
2.1. Trustee Term; Resignation.

(a) Wilmington Trust,
N.A. has been appointed and hereby agrees to continue to serve as the trustee of the Trust. The Trust shall have only one trustee
unless otherwise determined by the Sponsor in its sole and absolute discretion. The Trustee shall serve until such time as the
Sponsor removes the Trustee or the Trustee resigns and a successor trustee is appointed by the Sponsor in accordance with the terms
of Section 2.5 hereof.

(b) The Trustee
may resign at any time upon the giving of at least 60 days’ advance written notice to the Trust; provided that such resignation
shall not become effective unless and until a successor trustee shall have been appointed by the Sponsor in accordance with Section 2.5
hereof. If the Sponsor does not act within such 60 day period, the Trustee may apply, at the expense of the Funds, on a joint and
several basis (or, in furtherance of Sections 3.5 and 3.6 hereof, any Fund separately to the extent the matter in question relates
to a single Fund or is otherwise disproportionate), to the Court of Chancery of the State of Delaware for the appointment of a
successor trustee.

Section
2.2. Powers of Trustee & Elimination of Duties of the Trustee. Except as set forth in Section 1.3(a) and
this Article II, the duty and authority to manage the business and affairs of the Trust is directly vested in the Sponsor, which
duty and authority the Sponsor may further 

    	11

    	 

    

delegate as provided herein, all pursuant to section 3806(b)(7) of the DSTA. The Trustee
shall not be entitled to exercise any of the rights or powers, nor shall the Trustee have the duty to supervise the Sponsor’s
performance of its obligations, duties and responsibilities, and the Trustee shall not have any of the obligations, duties or responsibilities
of the Sponsor described in this Trust Agreement. The Trustee shall be a Trustee for the sole and limited purpose of fulfilling
the requirements of section 3807 of the DSTA. To the fullest extent permitted under Delaware law, except for its express duties,
obligations, liabilities and responsibilities hereunder, the Trustee has no duties (at law (statutory or common) or in equity),
implied or otherwise (including fiduciary duties), or obligations, liabilities or responsibilities to the Trust, the Sponsor, any
Fund, any Shareholder or any other Person with respect to the business and affairs of the Trust or any Fund. The Trustee shall
have the power and authority to execute and file certificates as required by the DSTA and to accept service of process on the Trust
in the State of Delaware. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. The
Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably
be expected to affect the rights, powers, duties, obligations, liabilities or responsibilities of the Trustee hereunder or under
the DSTA.

Section
2.3. Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Sponsor or an
Affiliate of the Sponsor (excluding the Trust) reasonable compensation for its services hereunder as set forth in a schedule to
the Sponsor Agreement and shall be entitled to be reimbursed by the Sponsor or an Affiliate of the Sponsor (excluding the Trust)
for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including, without limitation,
the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ
in connection with the exercise and performance of its rights, powers, duties, obligations and responsibilities hereunder, all
as set forth in such schedule to the Sponsor Agreement.

Section
2.4. Indemnification of the Trustee. All of the Funds, on a joint and several basis (or, in furtherance of Sections
3.5 and 3.6 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 Trust Estate or Trust Estates as set forth in Sections 3.5 and 3.6 hereof, indemnify, protect, save and keep
harmless, Wilmington Trust, N.A. (in its capacity as trustee and individually) and its directors, officers, shareholders, employees,
and agents (the “Trustee Indemnified Parties”) from and against any and all claims, losses, liabilities
or expenses (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 Trustee Indemnified Parties in any
way relating to or arising out of or in connection with the formation, operation or termination of the Trust or such Fund, the
execution, delivery and performance of this Trust 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 Trustee hereunder or thereunder with respect to the Trust or such Fund, except
for Expenses resulting from the gross negligence, bad faith or willful misconduct of any Trustee Indemnified Party. Such indemnity
shall include payment from the applicable Trust Estate or Trust Estates of the costs and expenses incurred by such Trustee Indemnified
Party in defending itself against any claim or liability in its capacity as a Trustee Indemnified Party. Any amounts payable to
a Trustee Indemnified Party under this Section 2.4 may be payable in advance or may be secured by a lien 

    	12

    	 

    

on the applicable Trust
Estate or Trust Estates. Any such Expenses relating to the Trust rather than any particular Fund shall be allocated among the Funds
as set forth in Section 3.6 hereof. The indemnities contained in this Section 2.4 shall survive the termination of this Trust Agreement,
the removal or resignation of the Trustee, the dissolution or other cessation to exist of the Trustee Indemnified Party, the withdrawal,
adjudication of bankruptcy or insolvency of the Trustee Indemnified Party, or the filing of a voluntary or involuntary petition
in bankruptcy under the Bankruptcy Code by or against the Trustee Indemnified Party.

Section
2.5. Successor Trustee. Upon the resignation or removal of the Trustee, the Sponsor shall, within thirty (30)
Business Days of receipt of a resignation notice from the Trustee or from the date the Sponsor removes the Trustee, appoint a successor
trustee by delivering a written instrument to the outgoing Trustee. Any successor trustee must satisfy the requirements of section
3807 of the DSTA. Any resignation or removal of the Trustee and appointment of a successor trustee shall not become effective until
a written acceptance of appointment is delivered by the successor trustee to the outgoing Trustee and the Sponsor and any fees
and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence,
the successor trustee shall become fully vested with all of the rights, powers, duties, obligations and responsibilities of the
outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall
be discharged of its duties, obligations and responsibilities under this Trust Agreement. Notwithstanding the foregoing, any business
entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any
merger, conversion or consolidation to which the Trustee shall be a merging, converting or consolidating party, or any entity succeeding
to all or substantially all of the corporate trust business of the Trustee, shall, subject to the requirement that any successor
meet the requirements of section 3807 of the DSTA, be the successor of the Trustee hereunder, without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

Section
2.6. Liability of Trustee. Except as otherwise provided in this Article II, in accepting the trust continued
hereby, Wilmington Trust, N.A. acts solely as trustee hereunder and not in its individual capacity, and all Persons having any
claim against Wilmington Trust, N.A. by reason of the transactions contemplated by this Trust Agreement and any other agreement
to which the Trust is a party shall look only to the appropriate Fund’s Trust Estate for payment or satisfaction thereof.
The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which
the Trust is a party, except for the Trustee’s own gross negligence, bad faith or willful misconduct. In particular, but
not by way of limitation:

(a) The Trustee
shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness,
sufficiency, value or validity of any Trust Estate.

(b) The Trustee
shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor.

(c) The Trustee
shall not have any liability for the acts or omissions of the Sponsor or its delegatees.

    	13

    	 

    

(d) The Trustee
shall not have any duty, obligation or responsibility to, or liability for its failure to, supervise the performance of any duties,
obligations or responsibilities of the Sponsor or its delegates, any Authorized Participant or any other Person.

(e) No provision
of this Trust Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial risk or liability
in the performance of any of its rights, powers, duties, obligations or responsibilities hereunder if the Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
or provided to it.

(f) Under no circumstances
shall the Trustee be liable for indebtedness evidenced by, or other obligations or liabilities of the Trust or any Fund arising
under, this Trust Agreement or any other agreements to which the Trust is a party.

(g) The Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to appear in, institute,
conduct or defend any action or litigation under this Trust Agreement or any other agreements to which the Trust is a party, at
the request, order or direction of the Sponsor unless the Sponsor has offered to Wilmington Trust, N.A. (in its capacity as trustee
and individually) security or indemnity satisfactory to it against the Expenses that may be incurred by Wilmington Trust, N.A.
(in its individual capacity as trustee and individually) therein or thereby.

(h) The Trustee
shall not be required to take any action hereunder or otherwise if the Trustee shall have reasonably determined, or shall have
been advised by counsel, that such action is likely to result in liability on the part of the Trustee or is contrary to the terms
hereof or is otherwise contrary to law.

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

(j) To the extent that
the Trustee has duties (at law (statutory or common) or in equity), implied or otherwise (including fiduciary duties), or obligations,
liabilities or responsibilities to the Trust, the Sponsor, any Fund, any Shareholder or any other Person with respect to the business
and affairs of the Trust or any Fund, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Sponsor,
such Fund or such other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust
Agreement, to the extent that they restrict the duties (at law (statutory or common) or in equity), implied or otherwise (including
fiduciary duties), or obligations, liabilities or responsibilities, of the Trustee otherwise

    	14

    	 

    

existing, are agreed by the parties hereto
to replace such other duties, obligations, liabilities and responsibilities of the Trustee.

(k) The Trustee shall
incur no liability if, by reason of any provision of any present or future law (statutory or common) or regulation thereunder,
or by any force majeure event, including but not limited to natural disaster, war or other circumstances beyond its reasonable
control, the Trustee shall be prevented or forbidden from doing or performing any act or thing which the terms of this Trust Agreement
provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for
in this Trust Agreement.

(l) In no event
shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

(m) In order to
comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering (collectively, “Applicable Regulations”),
the Trustee, is required to obtain, verify and record certain information relating to individuals and entities which maintain a
business relationship with the Trustee. Accordingly, each of the parties agrees to provide the Trustee, upon its request from time
to time, such identifying information and documentation as may be necessary in order to enable the Trustee to comply with such
Applicable Regulations. It is expressly agreed that the Trustee shall have no duty to perform any services hereunder for, on behalf
of or for the benefit of, any Person not having furnished such information as the Trustee, in its sole and absolute discretion,
determines to be necessary to comply with the Applicable Regulations.

(n) Whenever the
Trustee is in good faith unable to decide between alternative courses of action permitted or required by the terms of this Trust
Agreement or any written instruction delivered pursuant to the terms hereof, or is unsure as to the application, intent, interpretation
or meaning of any provision of this Trust Agreement, the Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Sponsor requesting instruction as to the course of action to be adopted and, to the extent an instruction
from the Sponsor is provided to the Trustee and the Trustee acts in good faith in accordance with such instruction received, the
Trustee shall not be liable on account of such action to any Person. If the Trustee shall not have received appropriate instructions
within ten (10) days of sending such notice (or within such shorter period of time as reasonably may be specified in such notice
to be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action which is
consistent, in its view, with this Trust Agreement, and the Trustee shall have no liability to any Person for any such action or
inaction.

The provisions of
this Section 2.6 shall survive resignation or removal of the Trustee and the termination of this Trust Agreement.

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Section 2.7.
 Payments to the Trustee. Any amounts paid to the Trustee from any Trust Estate pursuant to this Article II shall be
deemed not to be a part of such Trust Estate immediately after such payment.

ARTICLE
III

FUNDS; SHARES

Section
3.1. General.

(a) The Sponsor
shall have the exclusive power and authority, without Shareholder approval, to create one or more Funds, from time to time as it
deems necessary or desirable. The principal terms of each Fund shall be as set forth in the Formation Instrument with respect to
such Fund. Each Fund will issue Shares in a pair of offsetting classes (each, a “Class”), where one constituent
of the pair is positively linked to the performance of the Fund’s Underlying Index (“Up Shares”) and the
other constituent is negatively linked to the performance of the Fund’s Underlying Index (“Down Shares”).
Each Fund shall be separate from the Trust and all other Funds with respect to the assets and liabilities allocated to that Fund.
The Sponsor shall have exclusive power without the requirement of Shareholder approval to establish and designate such separate
and distinct Funds, including as set forth in Section 3.2 hereof, and to fix and determine in its sole and absolute discretion
the relative rights, powers and preferences as between the Shares of the Funds as to right of redemption, special and relative
rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the Funds shall
have separate voting rights or no voting rights.

(b) The number of
Shares authorized for each Fund shall be unlimited and without par value. From time to time, the Sponsor may divide or combine
the Shares of any Class of any Fund into a greater or lesser number without thereby changing the proportionate beneficial interests
in the Fund thereof. The Sponsor may issue Shares of any Fund for such consideration and on such terms as it may determine in its
sole and absolute discretion (or for no consideration if pursuant to a Share distribution, dividend or forward share split), all
without action or approval of the Shareholders thereof. All Shares when so issued on the terms determined by the Sponsor shall
be fully paid and non-assessable. The Trust may hold as treasury Shares, reissue for such consideration and on such terms as
the Sponsor may determine, or cancel, at the Sponsor’s sole and absolute discretion from time to time, any Shares of any
Fund reacquired by the Trust. Unless otherwise determined by the Sponsor, treasury Shares shall not be deemed cancelled.

(c) Other than the
applicable Global Securities issued to the Depository, no certificates or other evidence of beneficial ownership of the Shares
will be issued.

(d) Every Shareholder,
by virtue of having purchased or otherwise acquired a Share of any Fund, shall be deemed to have expressly consented and agreed
to be bound by the terms of this Trust Agreement and any Series Supplement with respect thereto.

(e) Except to the
extent otherwise provided in the Formation Instrument with respect to such Fund, the Shares of each Class of each Fund shall represent
an equal proportionate interest in the value of such Fund’s Trust Estate attributable to such Class (subject to the liabilities
held

    	16

    	 

    

with respect to such Fund and attributable
to such Class and such rights, powers and preferences as may have been established and designated with respect to Shares within
such Class).

(f) The Sponsor
shall have the authority to provide that the holders of Shares of any Fund shall have the right to exchange said Shares for Shares
of one or more other Funds in conformity with such requirements and procedures as may be established by the Sponsor.

Section
3.2. Establishment of Initial Funds.

(a) Without limiting
the authority of the Sponsor set forth in Section 3.1(a) hereof to establish and designate any further Funds, the Sponsor hereby
establishes and designates seven initial Funds (the “Initial Funds”) as follows:

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

 

The provisions of
this Article III shall be applicable to the above-designated Funds and any further Fund that may from time to time be established
and designated by the Sponsor as provided in Section 3.1(a) hereof; provided, however, that such provisions may be amended, varied
or abrogated by the Sponsor with respect to any Fund in the Series Supplement creating such Fund or in Article IV of this Trust
Agreement with respect to the Initial Funds.

(b) The establishment
and designation of any Fund other than those set forth above shall be effective upon the execution by the Sponsor of a Series Supplement,
or as otherwise provided in such Series Supplement. At any time that there are no Shares outstanding of any particular Fund previously
established and designated, the Sponsor may by an instrument executed by it abolish and terminate that Fund and the establishment
and designation thereof. Each Series Supplement referred to in this paragraph shall have the status of an amendment to this Trust
Agreement. For avoidance of doubt, no Series Supplement may alter the rights, powers, duties, immunities or protections of the
Trustee without the Trustee’s written consent.

Section
3.3. Offer of Shares, Procedures for Creation and Issuance of Creation Units.

(a) General.
The procedures specified in the applicable Authorized Participant Agreement for each Fund will govern the Trust with respect to
the creation and issuance of Creation Units. Subject to the limitations upon and requirements for issuance of Creation Units stated
herein and in such procedures, the number of Creation Units which may be issued by each Fund is unlimited.

(b) Deposit with
the Depository. On any Business Day, an Authorized Participant with respect to which an Authorized Participant Agreement is
in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 8.2 hereof) may purchase one or
more Creation Units of a Fund standing to the credit of the Authorized Participant on the records of the

    	17

    	 

    

Depository by delivering a request for
purchase to the Transfer Agent or, if no Transfer Agent has been appointed with respect to such Fund, the Sponsor (such request,
a “Purchase Order”) in the manner specified in the procedures specified in the Authorized Participant Agreement.
Upon delivery of all purchase consideration for one or more Creation Units of a Fund (as governed by the applicable Authorized
Participant Agreement and for such consideration as set forth therein) pursuant to the Purchase Order, and the issuance of such
Creation Unit(s), the Sponsor will cause the Trust to deposit the Creation Unit(s) with the Depository in accordance with the Depository’s
customary procedures, for credit to the account of the Authorized Participant that submitted the Purchase Order.

(c) Suspension
and Rejection of Purchase Orders. For each Fund, the Sponsor shall have the absolute right, but shall have no obligation, to
suspend the right to purchase any Creation Unit, or postpone any Purchase Order settlement date: (i) for any period during which
the Exchange is closed or when trading is suspended or restricted on the Exchange; (ii) for any period during which an emergency
exists as a result of which the fulfillment of a Purchase Order is not reasonably practicable; or (iii) for such other period as
the Sponsor determines in its sole and absolute discretion to be necessary for the protection of the Shareholders of any Fund.
The Sponsor, the Trustee, the Custodian, the Administrator and the Transfer Agent shall not be liable to any Person by reason of
the suspension of the right to purchase Creation Units or the postponement of any settlement date of any Purchase Order in the
circumstances listed in clauses (i) through (iii) in the preceding sentence. For each Fund, the Sponsor shall have the absolute
right, but shall have no obligation, to reject any Purchase Order: (i) determined by the Sponsor in its sole and absolute
discretion not to be in proper form; (ii) that the Sponsor has determined in its sole and absolute discretion would have adverse
consequences to any Fund or any Shareholders; (iii) the acceptance or receipt of which would, in the opinion of counsel to
the Sponsor, be unlawful; or (iv) if circumstances outside the control of the Sponsor make it, for all practical purposes,
not feasible to process Purchase Orders for Creation Units. The Sponsor, the Trustee, the Custodian, the Administrator and the
Transfer Agent shall not be liable to any Person by reason of the rejection of any Purchase Order in the circumstances listed in
clauses (i) through (iv) in the preceding sentence.

(d) Creation
Transaction Fee. For each Fund, non-refundable transaction fees will be payable by an Authorized Participant to the Fund’s
Custodian in connection with each Purchase Order pursuant to this Section 3.3 (each, a “Creation Transaction Fee”).
The Creation Transaction Fees charged in connection with each such creation shall be as set forth in the applicable Authorized
Participant Agreement for such Fund. The Creation Transaction Fee may subsequently be waived, modified, reduced, increased or otherwise
changed by the Sponsor. The Sponsor shall notify the Depository of any agreement to change the Creation Transaction Fee and shall
not implement any increase for such period of time after that notice as is specified in the Authorized Participant Agreements for
an amendment to any such agreement to become effective following notice thereof to an Authorized Participant. Pursuant to the applicable
Authorized Participant Agreement, the Sponsor, in its sole and absolute discretion, may require additional payments in connection
with any Purchase Order. Any Creation Transaction Fees received in connection with any Purchase Order for a Fund shall not be considered
received by the Fund or to be a part of such Fund’s Trust Estate (and such Fund shall have no rights to such Creation Transaction
Fees) and may, among other things, be applied by the Sponsor to defray

    	18

    	 

    

expenses incurred by the Fund’s
service providers in processing such transactions and the SEC registration fee expense borne directly by the Sponsor on behalf
of the Trust and its Funds.

(e) Global Certificate
Only. Certificates for Creation Units or Shares will not be issued, other than the applicable Global Securities issued to the
Depository. So long as the Depository Agreement is in effect, Creation Units will be issued and redeemed and Shares will be transferable
solely through the book-entry systems of the Depository and the DTC Participants and their Indirect DTC Participants as more fully
described in Section 3.4 hereof. The Depository may determine to discontinue providing its service with respect to Creation Units
and Shares by giving notice to the Sponsor pursuant to and in conformity with the provisions of the Depository Agreement and discharging
its responsibilities with respect thereto under applicable law. Under such circumstances, the Sponsor shall take action either
to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Sponsor or,
if such a replacement is unavailable, to terminate the Trust or any Fund, as applicable.

Section
3.4. Book-Entry-Only System, Fund Global Securities.

(a) Global Security.
The Trust and the Sponsor will enter into the Depository Agreement pursuant to which the Depository will act as securities depository
for Shares of each Fund. Shares of each Class will be represented by a Global Security (which may consist of one or more certificates
as required by the Depository), which will be registered, as the Depository shall direct, in the name of Cede & Co., as nominee
for the Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Shares will be issued.
The Global Security for each Fund’s Up Shares and Down Shares shall be in the form set forth in the Formation Instrument
with respect to such Fund or described therein, or in the case of the Initial Funds, as set forth in Article IV hereof, and each
such Global Security shall represent such Shares as shall be specified therein, and may provide that it shall represent the aggregate
amount of outstanding Shares of a Class from time to time endorsed thereon and that the aggregate amount of outstanding Shares
represented thereby may from time to time be increased or decreased to reflect creations or redemptions of Baskets. Any endorsement
of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Shares represented thereby
shall be made in such manner and upon instructions given by the Sponsor on behalf of the Trust as specified in the Depository Agreement.

(b) Legend.
Any Global Security issued to DTC or its nominee shall bear a legend substantially to the following effect: “Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Trust or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is required by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.”

(c) The Depository.
The Depository has advised the Trust and the Sponsor as follows: The Depository is a limited-purpose trust company organized under
the laws of the State of New York, a member of the U.S. federal Reserve System, a “clearing corporation” within
the

    	19

    	 

    

meaning of the New York Uniform Commercial
Code, and a “clearing agency” registered pursuant to the provisions of section 17A of the Securities Exchange Act of
1934, as amended. The Depository was created to hold securities of its authorized participants (the “DTC Participants”)
and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through
electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities
certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain
other organizations, some of whom (and/or their representatives) own the Depository. Access to the Depository’s system is
also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship
with a DTC Participant, either directly or indirectly (“Indirect DTC Participants”).

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

(e) Reliance
on Procedures. So long as Cede & Co., as nominee of the Depository, is the registered owner of Shares, references herein
to the registered or record owners of Shares shall mean Cede & Co. and shall not mean the Beneficial Owners of Shares. Beneficial
Owners of Shares will not be entitled to have Shares registered in their names, will not receive or be entitled to receive physical
delivery of certificates in definitive form and will not be considered the record or registered holder of Shares under this Trust
Agreement. Accordingly, to exercise any rights of a holder of Shares under this Trust Agreement, a Beneficial Owner must rely on
the procedures of the Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of each DTC Participant
or Indirect DTC Participant through which such Beneficial Owner holds its interests. The Trust and the Sponsor understand that
under existing industry practice, if the Trust or any Fund requests any action of a Beneficial Owner, or a Beneficial Owner desires
to take any action that the Depository, as the record owner of all outstanding Shares of such Fund, is entitled to take, in the
case of a Trustee request, the Depository will notify the DTC Participants regarding such request, and such DTC Participants will
in turn notify each Indirect DTC Participant holding Shares through it with each successive Indirect DTC Participant continuing
to notify each Person holding Shares through it until the request has reached the Beneficial Owner, and in the case of a request
or authorization to act being sought or given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner
and

    	20

    	 

    

relayed back to the Trust or such Fund
through each Indirect DTC Participant and DTC Participant through which the Beneficial Owner’s interest in the Shares is
held.

(f) Communication
between the Trust and the Beneficial Owners. As described above, the Trust and each Fund will recognize the Depository or its
nominee as the owner of all Shares for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices,
statements and other communications to Beneficial Owners will be effected as follows. Pursuant to the Depository Agreement, the
Depository is required to make available to each Fund upon request and for a fee to be charged to the Sponsor pursuant to Section
5.3(b) hereof a listing of the Share holdings of each DTC Participant. The Trust or such Fund shall inquire of each such DTC Participant
as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust or such Fund
shall provide each such DTC Participant with sufficient copies of such notice, statement or other communication, in such form,
number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication
may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, pursuant to Section
5.3(b) hereof, the Sponsor shall pay to each such DTC Participant an amount as reimbursement for the expenses attendant to such
transmittal, all subject to applicable statutory and regulatory requirements.

(g) Distributions.
Distributions on Shares pursuant to Section 3.7 hereof shall be made to the Depository or its nominee, Cede & Co., as the registered
owner of all Shares. The Trust and the Sponsor expect that the Depository or its nominee, upon receipt of any payment of distributions,
whether in cash or in Shares, in respect of Shares, shall credit immediately DTC Participants’ accounts with payments or
Shares, as applicable, in amounts proportionate to their respective beneficial interests in Shares as shown on the records of the
Depository or its nominee. The Trust and the Sponsor also expect that payments by DTC Participants to Indirect DTC Participants
and Beneficial Owners held through such DTC Participants and Indirect DTC Participants will be governed by standing instructions
and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in
a “street name,” and will be the responsibility of such DTC Participants and Indirect DTC Participants. None of the
Trust, any Fund, the Trustee or the Sponsor will have any responsibility or liability for any aspects of the records relating to
or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Shares, or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the
Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect DTC Participants and Beneficial
Owners owning through such DTC Participants or Indirect DTC Participants or between or among the Depository, any Beneficial Owner
and any Person by or through which such Beneficial Owner is considered to own Shares.

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

    	21

    	 

    

individually or personally, to fulfill
any representation, undertaking or agreement other than as provided in this Trust Agreement.

(i) Successor
Depository. If a successor to DTC shall be employed as Depository hereunder, the Trust and the Sponsor shall establish procedures
acceptable to such successor with respect to the matters addressed in this Section 3.4.

Section
3.5. Assets of the Funds. The Trust Estate 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.

Section
3.6. Liabilities of the Funds.

(a) 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. 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. Notice of the contractual limitation on liabilities among
Funds described in the first sentence of this paragraph is set forth in the Certificate of Trust of the Trust (whether originally
or by amendment) as filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and the statutory
provisions of section 3804 of the DSTA relating to limitations on liabilities among series (and the statutory effect under section
3804 of the DSTA of setting forth such notice in the certificate of trust) are applicable to the Trust and each Fund. 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

    	22

    	 

    

Shareholder of such other Fund. Every
Share, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular Fund shall
include a recitation limiting the obligation on Shares represented thereby to such Fund and its assets.

(b) The Claims of
each of the Sponsor and the Trustee with respect to all Funds, any combination of Funds or one particular Fund and their respective
assets (the “Applicable Fund”) shall only be asserted and enforceable against the Applicable Fund, and such
Claims shall not be asserted or enforceable for any reason whatsoever against any other Fund, the Trust generally, or any of their
respective assets.

(c) If the Claims
of the Sponsor or the Trustee against the Applicable Fund or the Trust are secured in whole or in part, each of the Sponsor and
the Trustee hereby waives (under section 1111(b) of the Bankruptcy Code) any right to have any deficiency Claims (which deficiency
Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured Claims against the Trust
or any Fund (other than the Applicable Fund), as the case may be.

(d) In furtherance
of the foregoing, if and to the extent that the Sponsor and the Trustee receive monies from a Fund or the Trust (or their respective
assets), other than the Applicable Fund, the Sponsor and the Trustee shall be deemed to hold such monies in trust and shall promptly
remit such monies to the Fund or the Trust that paid such amounts for investment and distribution by the Fund or the Trust in accordance
with the terms hereof.

(e) The foregoing
segregation of the liabilities and assets of and among the Funds shall apply at all times notwithstanding that the Claims are satisfied,
and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled.

(f) Any agreement
entered into by the Trust or the Sponsor, on behalf of the Trust generally or any Fund, including, without limitation, the Authorized
Participant Agreements entered into with each Authorized Participant, will include language substantially similar to the language
set forth in Sections 3.5 and 3.6(a) hereof.

Section
3.7. Distributions.

(a) Distributions
on Shares of any Class of a Fund may be paid with such frequency and under such conditions as the Sponsor may determine in its
sole and absolute discretion, which may be daily or otherwise, to the Shareholders from the income and capital gains of such Fund
attributable to such Class, accrued or realized, from such Fund’s Trust Estate, after providing for actual and accrued liabilities
attributable to such Class, unless such authority is specifically restricted with respect to the Initial Funds in Article IV hereof,
or with respect to any other Fund in the applicable Series Supplement. Except to the extent the Sponsor otherwise determines in
its sole and absolute discretion, all distributions on Shares of a Fund shall be allocated to each Class in proportion to such
Class’ Participation Factor at the date and time of record established for the payment of such distribution and to each Share
of such Class equally. Except as otherwise provided with respect to the Initial Funds in Article IV hereof, or with respect to
any other Fund in the applicable Series Supplement, each such distribution shall be made in accordance with Section 3.4(g) hereof.
Such distributions may be made in cash, Shares or a combination thereof

    	23

    	 

    

as determined by the Sponsor in its
sole and absolute discretion. The Sponsor may, in its sole and absolute discretion, deduct any taxes or other governmental charges
due on any distribution on the Shares of any Fund from the amounts paid by such Fund to its Shareholders in connection therewith.
Nothing in this Section 3.7(a) shall obligate the Sponsor to cause the Trust or any Fund to make any distributions.

(b) Notwithstanding
any other provisions of this Trust Agreement, no distribution, including, without limitation, any distribution paid upon termination
of the Trust or of any Fund, with respect to, nor any redemption or repurchase of, the Shares of any Fund shall be effected by
the Trust other than from such Fund’s Trust Estate.

Section
3.8. Other Business of the Trustee and Shareholders. The Trustee and any of the Shareholders, and any shareholder,
officer, director, employee of either thereof, or other Person holding a legal or beneficial interest in a Person which is a Shareholder,
may engage in or possess an interest in other business ventures of every nature and description, independently or with others,
and the pursuit of such ventures, even if competitive with the business of the Trust or any Fund, shall not be deemed wrongful
or improper.

ARTICLE
IV

THE INITIAL FUNDS

Section
4.1. Global Security. The Global Security for each Initial Fund’s Up Shares shall be substantially in the
form attached hereto as Exhibit A, and the Global Security for each Initial Fund’s Down Shares shall be in substantially
the form attached hereto as Exhibit B.

Section
4.2. Designation of Initial Fund Share Classes. The Initial Funds shall have the following designated Share Classes:

	Initial Fund	Initial Fund Share Classes
	AccuShares S&P GSCI Spot Fund	AccuShares S&P GSCI Spot Up Shares
	AccuShares S&P GSCI Spot Down Shares
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund	AccuShares S&P GSCI Agriculture and Livestock Spot Up Shares
	AccuShares S&P GSCI Agriculture and Livestock Spot Down Shares
	AccuShares S&P GSCI Industrial Metals Spot Fund	AccuShares S&P GSCI Industrial Metals Spot Up Shares
	AccuShares S&P GSCI Industrial Metals Spot Down Shares
	AccuShares S&P GSCI Crude Oil Spot Fund	AccuShares S&P GSCI Crude Oil Spot Up Shares
	AccuShares S&P GSCI Crude Oil Spot Down Shares
	AccuShares S&P GSCI Brent Oil Spot Fund	AccuShares S&P GSCI Brent Oil Spot Up Shares
	AccuShares S&P GSCI Brent Oil Spot Down Shares
	AccuShares S&P GSCI Natural Gas Spot Fund	AccuShares S&P GSCI Natural Gas Spot Up Shares
	AccuShares S&P GSCI Natural Gas Spot Down Shares
	AccuShares Spot CBOE VIX Fund	AccuShares Spot CBOE VIX Up Shares
	AccuShares Spot CBOE VIX Down Shares

 

    	24

    	 

    

Section 4.3.
Underlying Indices.

(a) The Underlying
Index for each Initial Fund shall be as follows:

	Initial Fund	Underlying Index
	AccuShares S&P GSCI Spot Fund	S&P GSCI Spot
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund	S&P GSCI Agriculture and Livestock Spot
	AccuShares S&P GSCI Industrial Metals Spot Fund	S&P GSCI Industrial Metals Spot 
	AccuShares S&P GSCI Crude Oil Spot Fund	S&P GSCI Crude Oil Spot
	AccuShares S&P GSCI Brent Oil Spot Fund	S&P GSCI Brent Crude Spot
	AccuShares S&P GSCI Natural Gas Spot Fund	S&P GSCI Natural Gas Spot
	AccuShares Spot CBOE VIX Fund	CBOE Volatility Index

 

(b) At any time,
the Sponsor may, in its sole and absolute discretion, replace the Underlying Index of any Initial Fund with a different index,
and such index shall be such Fund’s Underlying Index as of such time and, solely for purposes of determining, following adoption
of such index, the level of such index as of the Prior Distribution Date, as of the Prior Distribution Date; provided, however,
that no such substitution may result in (i) a change in the Class Values per Share of the Fund that is the subject of the substitution
at the time of substitution; or (ii) (x) a change in the referenced commodity or commodities tracked by the original Underlying
Index, in the case of the AccuShares S&P GSCI Spot Fund, the AccuShares S&P GSCI Agriculture and Livestock Spot Fund, the
AccuShares S&P GSCI Industrial Metals Spot Fund, the AccuShares S&P GSCI Crude Oil Spot Fund, the AccuShares S&P GSCI
Brent Oil Spot Fund or the AccuShares S&P GSCI Natural Gas Spot Fund, or (y) the Fund no longer tracking measures of stock
market price volatility, in the case of the AccuShares Spot CBOE VIX Fund. The Sponsor shall provide notice of any such substitution
to the affected Fund’s Shareholders by such means and within such time as may be required by applicable laws and regulations
or the rules of the Exchange or otherwise as the Sponsor may determine in its sole and absolute discretion.

(c) If an Initial
Fund’s Underlying Index ceases to be published at any time (an “Index Disruption”), the Sponsor may, in
its sole and absolute discretion:

(i) unless
the Underlying Index subject to the Index Disruption (the “Previous Index”) resumes publication prior to such
action, either replace the Previous Index with a different index (a “Replacement Index”) in accordance with
Section 4.3(b) hereof, or cause such Fund to dissolve and redeem all of its outstanding Shares in accordance with Section 9.7 hereof,
in either case within such time period prior to any resumption of publication of the Previous Index as the Sponsor shall determine
in its sole and absolute discretion (such time period, an “Index Disruption Period”);

(ii) determine
(x) the manner and timing of calculation of such Fund’s Class Values and Class Values per Share during the Index Disruption
Period, (y) whether any Regular Distributions, Special Distributions or Net Income Distributions will be made to the Shareholders
of such Fund during the Index Disruption Period, and (z) whether the Closing Trading Prices of the Classes of such Fund during
the Index Disruption Period will be considered for purposes of Section 4.11 hereof;

    	25

    	 

    

(iii) following
the Index Disruption Period, if the Previous Index has resumed publication, determine whether any Regular Distributions, Special
Distributions or Net Income Distributions will be made to the Shareholders of such Fund as of the date the Previous Index resumed
publication; and

(iv) following
the Index Disruption Period, if a Replacement Index has been adopted, establish the Share Index Factor for each of its Classes
and, in the case of the AccuShares Spot CBOE VIX Fund, the Daily Amount at such level as the Sponsor shall determine in its sole
and absolute discretion, including as of the Distribution Date immediately preceding the Index Disruption and any Distribution
Date following the Index Disruption Period.

(d) During an Index
Disruption Period with respect to any Initial Fund, such Fund will continue to accept, process and perform under all Purchase Orders
and Redemption Orders submitted in accordance with Section 3.3 hereof or Article IX hereof, respectively.

Section
4.4. Class Value and Class Value per Share.

(a) The Class Value
of each Class of each Initial Fund shall be calculated by the Sponsor or the Custodian for the Fund appointed pursuant to Section
10.1 hereof by determining the value of the Eligible Assets held by such Fund attributable to such Class pursuant to such Class’
Participation Factor. Changes in the Class Value of each Class shall be based on changes in the Fund’s Underlying Index and
Net Investment Income and, in the case of the AccuShares Spot CBOE VIX Fund, the VIX Fund Daily Amount, and limited by the Class
Value per Share Limitation. The Class Value per Share of each Share of a Fund will be calculated by the Sponsor or the Custodian
for the Fund appointed pursuant to Section 10.1 hereof by taking its Class’ Class Value and dividing it by the number of
Shares of such Class outstanding at the time of determination. Class Values and Class Values per Share for each Initial Fund shall
be disseminated in such manner and at such time as the Sponsor shall determine in its sole and absolute discretion.

(b) The Class Value
per Share of each Class of each Initial Fund, as calculated pursuant to Section 4.4(a) hereof, shall be in accordance with the
following formulas:

(i) The
Class Value per Share for the Up Shares of each Initial Fund, other than the AccuShares Spot CBOE VIX Fund, at any time is determined
as follows:

UPt = UPt-1 + UPSIFt
x (UILt – UILt-1) + UPNIAt

(ii) The
Class Value per Share for the AccuShares Spot CBOE VIX Up Shares will be determined at any time as follows:

UPt = UPt-1 + UPSIFt
x (UILt – UILt-1) + UPNIAt – DAt

(iii) The
Class Value per Share for the Down Shares of each Initial Fund, other than the AccuShares Spot CBOE VIX Fund, at any time is determined
as follows:

DNt = DNt-1 + DNSIFt
x (UILt – UILt-1) + DNNIAt

    	26

    	 

    

(iv) The
Class Value per Share for the AccuShares Spot CBOE VIX Down Shares at any time is determined as follows:

DNt = DNt-1 + DNSIFt
x (UILt – UILt-1) + DNNIAt+ DAt

For purposes of clauses (i) through (iv)
above, for any single Measuring Period, UILt is subject to (i) a maximum value equal to the product of 1.9 and UILt-1,
and (ii) a minimum value equal to the product of 0.1 and UILt-1.

(c) On a Distribution
Date, immediately following the determination of the amount of the Regular Distribution, Special Distribution or Corrective Distribution
to be made to the Shares of an Initial Fund and the resetting of such Fund’s Share Index Factors in accordance with Section
4.7(b) hereof, the Class Values per Share for the Shares of such Initial Fund will be calculated as follows:

UPt = Minimum of either UPc
or DNc

DNt = Minimum of either UPc
or DNc

(d) The Sponsor’s
or Custodian’s calculations of Class Value and Class Value per Share for each Class of each Initial Fund pursuant to this
Section 4.4 shall be conclusive and binding upon the Shareholders of the Initial Funds and all other Persons, absent manifest error.

Section
4.5. VIX Fund Daily Amount. For purposes of calculating the Class Values per Share of AccuShares Spot CBOE VIX
Fund, on each calendar day, an amount equal to (x) the product obtained by multiplying 0.15% by the Class Value per Share of the
AccuShares Spot CBOE VIX Up Shares on the Prior Distribution Date, if the level of such Fund’s Underlying Index was less
than or equal to 30 on the Prior Distribution Date, or (y) zero (0) if the level of such Fund’s Underlying Index was greater
than 30 on the Prior Distribution Date (such amount, the “VIX Fund Daily Amount”), shall be subtracted from
the Class Value per Share of the AccuShares Spot CBOE VIX Up Shares and added to the Class Value per Share of the AccuShares Spot
CBOE VIX Down Shares. Any VIX Fund Daily Amount that would otherwise accrue on a day that is not a Business Day shall be accrued
at the end of the immediately preceding Business Day.

Section
4.6. Class Value per Share Limitation. For any single Measuring Period in which an Initial Fund’s Underlying
Index rises or falls by more than 90%, such Fund’s Class Values per Share will be calculated based on a rise or fall of such
Underlying Index, as applicable, of 90% and not the actual rise or fall of such Underlying Index (the “Class Value per
Share Limitation”).

Section
4.7. Share Index Factors. The Share Index Factors with respect to each Initial Fund shall be established as follows:

(a) At the inception
of operations of an Initial Fund, the Sponsor will establish the Share Index Factor for each Class of such Fund, which, in the
case of such Fund’s Up Shares, will equal the quotient obtained by dividing (A) the initial Class Value per Share of such
Class, which shall be equal to the initial per Share offering price for such Class as stated in the Fund’s

    	27

    	 

    

Prospectus, by (B) the initial level
on such day of such Fund’s Underlying Index, and in the case of such Fund’s Down Shares, will equal the product obtained
by multiplying the Share Index Factor of such Fund’s Up Shares by negative one (-1).

(b) Immediately
following each Regular Distribution or Special Distribution, and any Corrective Distribution occurring on the same Distribution
Date as such Regular Distribution or Special Distribution, by an Initial Fund, such Fund will establish a new Share Index Factor
for each of its Classes, which, in the case of such Fund’s Up Shares, will equal the quotient obtained by dividing (A) the
Class Value per Share of such Class immediately following such Regular Distribution or Special Distribution and any such Corrective
Distribution by (B) the level on such day of such Fund’s Underlying Index, and in the case of such Fund’s Down Shares,
will equal the product obtained by multiplying the Share Index Factor of such Fund’s Up Shares by negative one (-1). The
Share Index Factors of a Fund will not change between Distribution Dates.

Section
4.8. Determination of Regular and Special Distribution Amounts, Share Index Factors and Net Investment Income.

(a) When the Class
Values per Share of the Up Shares and the Down Shares of an Initial Fund differ at the close of a Measuring Period (after adjusting
for any Net Income Distribution for such Shares), the Class with the higher Class Value per Share shall receive a Regular Distribution
or Special Distribution on that Distribution Date.

(b) The value of
a Regular Distribution or Special Distribution relating to each of an Initial Fund’s Up Shares (where such Shares are valued
at their respective Class Values per Share) entitled to a Regular Distribution or Special Distribution on a Distribution Date will
be equal to the positive amount, if any, of the closing Class Value per Share of the Fund’s Up Shares (after adjusting for
any Net Income Distribution for such Shares) less the closing Class Value per Share of the Fund’s Down Shares (after adjusting
for any Net Income Distribution for such Shares), or:

Distribution Amount
= Maximum of 0 or UPd – DNd

(c) The value of a
Regular Distribution or Special Distribution relating to each of an Initial Fund’s Down Shares (where such Shares are valued
at their respective Class Values per Share) entitled to a Regular Distribution or Special Distribution on a Distribution Date will
be equal to the positive amount, if any, of the closing Class Value per Share of the Fund’s Down Shares (after adjusting
for any Net Income Distribution for such Shares) less the closing Class Value per Share of the Fund’s Up Shares (after adjusting
for any Net Income Distribution for such Shares), or:

Distribution Amount
= Maximum of 0 or DNd – UPd

(d) Regular Distributions
and Special Distributions will be made in the form of cash, equal quantities of the Initial Fund’s Up Shares and Down Shares
or a combination of cash and equal quantities of the Initial Fund’s Up Shares and Down Shares, as determined by the Sponsor
in its sole and absolute discretion. Any portion of any distribution made in Shares shall always be made in equal numbers of Up
Shares and Down Shares of the Fund, which shall be valued at

    	28

    	 

    

their respective Class Values per Share
(after adjusting for any Net Income Distributions made to the applicable Class) for purposes of the distribution amount. To the
extent a Share distribution would result in the distribution of fractional Shares, cash from the applicable Fund’s Eligible
Assets in an amount equal to the value of the fractional Shares will be distributed rather than such fractional Shares.

(e) For any single
Distribution Date associated with a Regular Distribution or Special Distribution the relationship between Class Value per Share
and distribution entitlement for the Up Shares of a Fund and such Fund’s Underlying Index will be the Up Share Index Factor
and, in the case of the AccuShares Spot CBOE VIX Fund, the VIX Fund Daily Amount. Similarly, for any single Distribution Date associated
with a Regular Distribution or Special Distribution, the relationship between Class Value per Share and distribution entitlement
for the Down Shares of a Fund and such Fund’s Underlying Index will be the Down Share Index Factor and, in the case of the
AccuShares Spot CBOE VIX Fund, the VIX Fund Daily Amount. The Down Share Index Factor will equal negative one (-1) times the Up
Share Index Factor.

(f) The Sponsor will
determine, or cause the Custodian to determine, the Net Investment Income for each Class of each Initial Fund. Any unpaid amounts
of any such Class’ Management Fee and any extraordinary fees and expenses or taxes attributable to such Class pursuant to
Section 5.3(a) hereof that would otherwise accrue on a day that is not a Business Day shall be accrued at the end of the immediately
preceding Business Day.

Section
4.9. Regular Distributions & Net Income Distributions.

(a) Each Initial
Fund will effect (i) a distribution on its Up Shares when the Class Value per Share of its Up Shares (after adjusting for any Net
Income Distribution for such Shares) is greater than the Class Value per Share of its Down Shares (after adjusting for any Net
Income Distribution for such Shares), and (ii) a distribution on its Down Shares when the Class Value per Share of its Down Shares
(after adjusting for any Net Income Distribution for such Shares) is greater than the Class Value per Share its Up Shares (after
adjusting for any Net Income Distribution for such Shares) as of the following Regular Distribution Dates (each such distribution,
a “Regular Distribution”):

    	29

    	 

    

 

	Initial Fund	Frequency of Cash and Regular Distributions	Cash and Regular Distribution Dates*
	AccuShares S&P GSCI Spot Fund	Quarterly	March 15, June 15, September 15 and December 15
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund	Quarterly	March 15, June 15, September 15 and December 15
	AccuShares S&P GSCI Industrial Metals Spot Fund	Quarterly	March 15, June 15, September 15 and December 15
	AccuShares S&P GSCI Crude Oil Spot Fund	Quarterly	March 15, June 15, September 15 and December 15
	AccuShares S&P GSCI Brent Oil Spot Fund	Quarterly	March 15, June 15, September 15 and December 15
	AccuShares S&P GSCI Natural Gas Spot Fund	Monthly	15th day of each calendar month
	AccuShares Spot CBOE VIX Fund	Monthly	15th day of each calendar month
	* Adjusted to the next following Business Day if the scheduled Distribution Date is not a Business Day.

 

(b) Each Initial
Fund will reset its Share Index Factors in accordance with Section 4.7(b) hereof upon the occurrence of a Regular Distribution
with respect to any Class of such Fund.

(c) If any Class of
an Initial Fund has positive accrued Net Investment Income per Share on a Regular Distribution Date, such Fund shall make a cash
distribution to the Shareholders of such Class in an amount per Share equal to the accrued Net Investment Income per Share of such
Class (a “Net Income Distribution”).

Section
4.10. Special Distributions & Net Income Distributions.

(a) Each Initial
Fund will effect a distribution on its Up Shares when the level of its Underlying Index has increased, and a distribution on its
Down Shares when the level of its Underlying Index has decreased, between Regular Distribution Dates where the closing index level
of such Underlying Index on any Business Day has changed since the Prior Distribution Date by an amount exceeding 75% (each such
distribution, a “Special Distribution”).

(b) Each Initial
Fund will reset its Share Index Factors in accordance with Section 4.7(b) hereof upon the occurrence of a Special Distribution
with respect to any Class of such Fund.

(c) If any Class of
an Initial Fund has positive accrued Net Investment Income per Share on a Special Distribution Date, such Fund shall make a Net
Income Distribution to the Shareholders of such Class in an amount per Share equal to the accrued Net Investment Income per Share
of such Class.

Section
4.11. Corrective Distributions. The Sponsor shall continuously measure for any material deviation between the
Class Value per Share of each Class of each Initial Fund and the Closing Trading Prices of such Class’ Shares where the Closing
Trading Prices are based on one or more trades occurring within the last 30 minutes of trading. Following the later to occur of
(1) the expiration of 90 calendar days following the inception of an Initial Fund’s operations and (2) the commencement of
such Fund’s third Measuring Period, if the Closing Trading Prices of the 

    	30

    	 

    

Shares of any Class of such Fund deviate in the
amount set forth in the table below from their Class Value per Share for the period of time set forth in the table below, such
Fund shall distribute to each of its Shareholders (x) a number of its Down Shares equal to the number of its Up Shares held by
such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution)
and (y) a number of its Up Shares equal to the number of its Down Shares held by such Shareholder (including those to be distributed
on such Distribution Date for the related Regular Distribution or Special Distribution) (a “Corrective Distribution”).
Corrective Distributions will be made on the next scheduled Regular Distribution Date or Special Distribution Date, in addition
to the Regular Distribution or Special Distribution. If the Closing Trading Price for a Share of a Fund on any Business Day is
not based on one or more trades occurring on the Exchange during the last 30 minutes of that day, the Closing Trading Price for
that day will be deemed not to have deviated from such Share’s Class Value per Share on that day for the purposes of measuring
for a Corrective Distribution.

	Initial Fund	Closing Trading Price Deviation from Class Value per Share of Any Fund Class	Duration of Deviation(1)
	AccuShares S&P GSCI Spot Fund	5.0%	3 business days
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund	5.0%	3 business days
	AccuShares S&P GSCI Industrial Metals Spot Fund	5.0%	3 business days
	AccuShares S&P GSCI Crude Oil Spot Fund	5.0%	3 business days
	AccuShares S&P GSCI Brent Oil Spot Fund	5.0%	3 business days
	AccuShares S&P GSCI Natural Gas Spot Fund	7.5%	3 business days
	AccuShares Spot CBOE VIX Fund	10.0%	3 business days
	(1) Days must be consecutive.

 

Section
4.12. Share Splits. The Sponsor may, in its sole and absolute discretion, cause any Initial Fund to declare a
forward share split or a reverse share split with respect to its Up Shares or Down Shares, and in the event of any such forward
share split or reverse share split the Class Value per Share of such Class shall be adjusted accordingly. In the event of a forward
or reverse share split with respect to any Class of a Fund’s Shares, the Sponsor may adjust such Fund’s Share Index
Factors and, in the case of the AccuShares Spot CBOE VIX Fund, the Daily Amount as it determines necessary or advisable, in its
sole and absolute discretion, to maintain continuity in tracking such Fund’s Underlying Index.

Section
4.13. Redemption Distribution. The Redemption Distribution with respect to each Initial Fund shall consist of
cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Units set forth in the relevant
Redemption Order by (ii) the Value per Creation Unit of such Fund as of the time of the calculation of such Fund’s Class
Values on the Redemption Order Date.

Section
4.14. Restriction on Distributions. Other than Regular Distributions, Special Distributions, Corrective Distributions,
Net Income Distributions, Redemption Distributions and distributions made pursuant to Section 9.7 hereof, none of the Initial Funds
shall make any distributions.

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Section 4.15.
Creation Units. Creation Units
with respect to each Initial Fund shall be comprised of 25,000 Up Shares of such Fund and 25,000 Down Shares of such Fund.

Section
4.16. Eligible Assets of the Initial Funds.

(a) The assets of
each Initial Fund shall consist solely of cash, and the Treasuries 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 and this
Trust Agreement (such cash and Treasuries, the “Eligible Assets”). Each Initial Fund shall have 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.

(b) Any date on which
there is cash on deposit in an Initial Fund’s custody account that is 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 other distributions
to be made in cash, as determined by the Sponsor, all such cash will be held in cash or invested in accordance with the Investment
Advisory Agreement and this Trust Agreement, in either:

(i) U.S. Treasury
Securities, which qualify as “Eligible Treasuries” because they have residual maturities less than or equal to 90 calendar
days, or

(ii) agreements
for the sale and repurchase of, and collateralized by, U.S. Treasury Securities, which qualify as “Eligible Repos,”
because (1) 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, (2) they terminate the Business Day following their execution,
(3) they are denominated in U.S. dollars, and (4) 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) title to the underlying collateral assets passes to the Fund or, if the
asset transfer is recharacterized as a secured loan, the Fund will have a perfected first priority security interest in the assets
securing the seller’s obligations, (C) such assets are held by a custodian bank for the benefit of the Fund during the term
of the Eligible Repo, (D) such assets consist entirely of U.S. Treasury Securities, and (E) upon the insolvency of the seller,
the Eligible Repo would qualify under a provision of applicable insolvency law providing an exclusion from any automatic stay of
creditors’ rights against the seller.

Cash will be held as bank deposits at
a bank having a short-term rating of at least A1/P1, or in such other manner as the Sponsor shall determine in its sole and absolute
discretion.

(c) 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 Initial Fund. The Master Agreement will be supplemented by an

    	32

    	 

    

electronic or written confirmation setting
forth the pricing terms for each Eligible Repo which will be negotiated on behalf of the Initial Funds by the Investment Advisor.

(d) Each Initial
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.

(e) Pursuant to
the terms of, and in accordance with, the Investment Advisory Agreement, the Investment Advisor shall select Treasuries for acquisition
by an Initial 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;

(ii) counterparties
with whom the Fund will enter into Eligible Repos will be selected based on best execution;

(iii) 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 an Initial 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) Eligible
Repos will be acquired in accordance with Section 4.16(d) hereof.

Section
4.17. Voting. The Sponsor hereby establishes pursuant to Section 7.4(b) hereof that, with respect to the Initial
Funds, each Share shall be entitled to one vote as to any matter on which it is entitled to vote. Shares may be voted in person
or by proxy or in any manner determined by the Sponsor in its sole and absolute discretion.

ARTICLE
V

THE SPONSOR

Section
5.1. Management of the Trust. Pursuant to sections 3806(a) and 3806(b)(7) of the DSTA, the business and affairs
of the Trust and each Fund shall be managed by the Sponsor in lieu of the Trustee with such powers of delegation as may be permitted
by applicable law. The Sponsor shall have power to conduct the business of the Trust and each Fund and carry on its operations
in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the
U.S., in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the U.S.,
and in any foreign jurisdiction, and to do all such other things and execute all such instruments as it deems necessary, proper
or desirable in order to promote the interests of the Trust and the Funds although such things are not herein specifically mentioned.
Any determination as to what is in the interests of the Trust or a Fund made by the Sponsor in good faith shall be conclusive.
In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor. The
enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid power. The powers of
the Sponsor may be exercised without order of or resort to any court.

    	33

    	 

    

Section 5.2.
 Authority of Sponsor. In addition
to and not in limitation of any rights and powers conferred by law (statutory or common) or other provisions of this Trust Agreement,
the Sponsor shall have and may exercise on behalf of the Trust and each Fund, all rights and powers necessary, proper, convenient
or advisable to effectuate and carry out the purposes, business and objectives of the Trust and each Fund, which shall include,
without limitation, the right and power:

(a) to enter into,
execute, deliver and maintain, and to cause the Trust, for itself or on behalf of the Funds, to perform its obligations under,
contracts, agreements and any or all other documents and instruments, including any contract, agreement or other instrument with
the Sponsor or any of its Affiliates, and to do and perform all such things as may be in furtherance of Trust and Fund purposes
or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust and Fund activities;

(b) to establish,
maintain, deposit into, sign checks from and/or otherwise draw upon accounts on behalf of the Trust or the Funds with appropriate
banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business
and in furtherance of its purposes; any such instrument or agreement so executed or accepted by the Sponsor in the Sponsor’s
name shall be deemed executed and accepted on behalf of the Trust by the Sponsor;

(c) to deposit,
withdraw, pay, retain and distribute each Trust Estate or any portion thereof in any manner consistent with the provisions of this
Trust Agreement;

(d) to supervise
the preparation and filing of Registration Statements, Prospectuses and any supplements or amendments thereto;

(e) to pay or authorize
the payment of distributions to the Shareholders and expenses of the Trust and each Fund;

(f) to prepare,
execute and file any tax returns of the Trust or any Fund, and to make any elections on behalf of the Trust or any Fund under the
Code, or any other applicable tax law, as the Sponsor shall determine in its sole and absolute discretion to be in the best interests
of the Trust or any Fund;

(g) in the sole
and absolute discretion of the Sponsor, to appoint and designate an Affiliate or Affiliates of the Sponsor as additional Sponsors
as it deems necessary to effectuate and carry out the purposes, business and objectives of the Trust pursuant to a written instrument
delegating such rights, powers, duties and obligations to such additional Sponsor(s) as the then-existing Sponsor(s) deems necessary
or appropriate, a copy of which instrument shall be delivered to the Trustee;

(h) to make any
necessary determination or decision in connection with the preparation of each Fund’s financial statements and amendments
thereto, and any Prospectus;

(i) to prepare,
file and distribute, if applicable, any periodic reports or updates that may be required under the Securities Exchange Act of 1934,
as amended, or the rules and regulations thereunder;

    	34

    	 

    

(j) to execute,
file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate
for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;

(k) to appoint and
remove independent public accountants to audit the accounts of the Trust;

(l) to employ attorneys
to represent the Trust;

(m) to adopt, implement
or amend, from time to time, such disclosure and financial reporting information gathering and control policies and procedures
as are necessary or desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable
securities laws;

(n) for each Fund,
to enter into an Authorized Participant Agreement with each Authorized Participant for the Trust on behalf of such Fund and discharge
the duties and responsibilities of the Fund thereunder;

(o) for each Fund,
to receive directly, or indirectly through the Transfer Agent or another Person, on behalf of such Fund, Purchase Orders and process
or cause the Transfer Agent to process properly submitted Purchase Orders;

(p) for each Fund,
in connection with Purchase Orders, to receive directly, or indirectly through the Custodian or the Transfer Agent or another Person,
on behalf of such Fund, cash or other consideration from Authorized Participants and thereupon issue or cause to be issued to a
purchasing Authorized Participant through the Depository the Shares of such Fund to be purchased in connection with the Purchase
Order;

(q) for each Fund,
to receive directly, or indirectly through the Transfer Agent or another Person, on behalf of such Fund, Redemption Orders from
Authorized Participants and to process or cause the Transfer Agent to process properly submitted Redemption Orders;

(r) for each Fund,
to receive directly, or indirectly through the Transfer Agent or another Person, on behalf of such Fund, the Shares subject to
a Redemption Order from a redeeming Authorized Participant through the Depository, and thereupon to cancel or cause to be cancelled
the Shares so redeemed in connection with such Redemption Order;

(s) to cause the
Trust on behalf of each Fund to enter into one or more asset custodial agreements and collateral maintenance or management agreements
on terms and conditions acceptable to the Sponsor;

(t) to cause the
Trust to borrow funds and to mortgage and pledge the assets of the Trust or any Fund or any part thereof to secure obligations
arising in connection with such borrowing;

(u) to cause the
Trust to endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship,
or otherwise assume liability for payment thereof; and to mortgage and pledge Trust or Fund property or any part thereof to secure
any of or all such obligations;

    	35

    	 

    

(v) to cause the
Trust to purchase and pay for entirely out of Trust or Fund property such insurance as the Sponsor may deem necessary or appropriate
for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust and payment
of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustee, Sponsor,
officers, employees, agents, consultants, investment advisers, managers, administrators, distributors, principal underwriters,
or independent contractors, or any thereof (or any Person connected therewith), of the Trust individually against all claims and
liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any
action alleged to have been taken or omitted by any such Person in any such capacity, including any action taken or omitted that
may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against such
liability;

(w) to authorize
the Trust, for itself or any Fund, to enter into one or more administration, transfer agency and accounting agreements and agreements
for such other services necessary or appropriate to carry out the business and affairs of the Trust with any party or parties on
terms and conditions acceptable to the Sponsor, including but not limited to agreements with legal counsel and an independent registered
public accounting firm;

(x) to perform,
or delegate to another Person the performance of, any other service or services as the Sponsor believes that the Trust or any Fund
may require from time to time;

(y) to interact
with the Depository as required;

(z) to enter into
and perform, or cause the performance of, the Sponsor Agreement on terms and conditions acceptable to the Sponsor;

(aa) to prosecute,
defend, settle or compromise actions or claims at law (statutory or common) or in equity as may be necessary or proper to enforce
or protect the Trust’s interests. The Sponsor shall satisfy any judgment, decree or decision of any court, board or authority
having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance
proceeds available therefor, and next, out of the Funds’ assets as set forth in Section 3.6 hereof;

(bb) to delegate
those of its duties hereunder as it shall determine in its sole and absolute discretion from time to time to one or more officers
of the Trust, the Administrator, the Custodian, the Transfer Agent, the Investment Advisor or other Persons; and

(cc) in general,
to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable
or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth,
either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or
connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed
both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner
the general

    	36

    	 

    

powers of the Sponsor. Any action by
the Sponsor hereunder shall be deemed an action on behalf of the Trust or the applicable Fund, and not an action in an individual
capacity.

Section
5.3.  Expenses of the Trust.

(a) Unless otherwise
assumed by the Sponsor, the Sponsor is authorized to pay or cause to be paid out of the Trust Estate of a Fund any fees and expenses
of the Fund that are extraordinary or non-recurring in nature, including (without limitation) legal claims and liabilities, litigation
costs or indemnification or other unanticipated expenses, and any taxes for which the Fund is liable in accordance with the treatment
of each Fund as a corporation for income tax purposes pursuant to Section 1.6 hereof. Extraordinary fees and expenses affecting
the Trust as a whole will be prorated to each Fund according to the respective aggregate Class Values of the Funds. The Sponsor
may, in its sole and absolute discretion, allocate a Fund’s extraordinary fees and expenses to each of such Fund’s
Classes in proportion to the Class Value of such Class.

(b) The Sponsor
shall be responsible for, and shall pay, all organizational and offering expenses of the Trust and each Fund, and the routine operational,
administrative, and other ordinary expenses of the Trust and each Fund, including (without limitation) fees for the Trustee’s
ordinary services and reimbursement of its out-of-pocket expenses as provided in Section 2.3 hereof, the fees and expenses reimbursable
to the Transfer Agent, the Custodian, the Administrator, the Investment Advisor, the Index Provider, any marketing agent engaged
by the Sponsor on behalf of the Trust or any Fund, and all other service providers of the Trust or any Fund, listing fees of the
Exchange, registration fees charged by the SEC and other regulatory and self-regulatory organizations, printing, mailing and duplicating
costs, audit fees and expenses and legal fees and expenses.

Section
5.4. Liability of Sponsor Indemnified Parties. Subject to Section 5.5 hereof, a Sponsor Indemnified Party shall
have no liability to the Trust or to any Shareholder, Authorized Participant or to any other Sponsor Indemnified Party for any
loss suffered by the Trust that arises out of any action or inaction of such Sponsor Indemnified Party if such Sponsor Indemnified
Party, in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did
not constitute gross negligence, bad faith or willful misconduct of such Sponsor Indemnified Party. Subject to the foregoing, no
Sponsor Indemnified Party shall be personally liable for the return or repayment of all or any portion of the capital or profits
of any Shareholder, Authorized Participant or assignee thereof, it being expressly agreed that any such return of capital or profits
made pursuant to this Agreement shall be made solely from the assets of the Trust without any rights of contribution from any Sponsor
Indemnified Party. A Sponsor Indemnified Party shall not be liable for the conduct or misconduct of any delegatee selected by the
Sponsor pursuant to Section 5.7 hereof; provided, however, that in the case of the Sponsor the foregoing shall only apply if the
Sponsor made such selection with reasonable care.

Section
5.5. Conflicts of Interest.

(a) Unless otherwise
expressly provided herein:

    	37

    	 

    

(i) whenever
a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust or any Shareholder,
Authorized Participant or other Person, on the other hand; or

(ii) whenever
this Trust Agreement or any other agreement contemplated herein provides that the Sponsor shall act in a manner that is, or provides
terms that are, fair and reasonable to the Trust, any Shareholder, any Authorized Participant or any other Person;

the Sponsor shall resolve such conflict
of interest, take such action or provide such terms as it shall determine, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating
to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or
principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor
shall not constitute a breach of this Agreement or any other agreement contemplated herein or of any duty, obligation or responsibility
of the Sponsor at law (statutory or common) or in equity or otherwise.

(b) Notwithstanding
any other provision of this Trust Agreement or of applicable law (statutory or common), whenever in this Trust Agreement the Sponsor
is permitted or required to make a decision:

(i) in its “discretion”
or under a grant of similar authority, the Sponsor shall be entitled to consider such interests and factors as it desires, including
its own interests, and, to the fullest extent permitted by applicable law (statutory or common), shall have no duty, obligation
or responsibility to give any consideration to any interest of or factors affecting the Trust, any Shareholder, any Authorized
Participant or any other Person; or

(ii) in its
“good faith” or under another express standard, the Sponsor shall act under such express standard and shall not be
subject to any other or different standard.

(c) Each Sponsor
Indemnified Party may engage in or possess an interest in other profit-seeking or business ventures of any nature or description,
independently or with others, whether or not such ventures are competitive with the Trust, and the doctrine of corporate opportunity,
or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement,
arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity
to the Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders or the Authorized Participants for breach
of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such opportunity to,
another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder or Authorized
Participant shall have any rights, powers, duties, obligations, liabilities or responsibilities by virtue of this Trust Agreement
or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom,
and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed to be wrongful or improper.
Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction with
the Trust, the Shareholders, the Authorized Participants or any Affiliate thereof.

    	38

    	 

    

(d) Each Sponsor
Indemnified Party may, without limitation, but shall not be required to, own Shares of any Fund.

Section
5.6. Obligations of the Sponsor.

(a) The Sponsor
does not assume any duty, obligation or responsibility nor shall it be subject to any liability under this Trust Agreement to any
Shareholder or Authorized Participant (including liability with respect to the value of any Trust Estate), except that it agrees
to perform its duties, obligations and responsibilities specifically set forth in this Trust Agreement without gross negligence,
bad faith or willful misconduct.

(b) The Sponsor
shall not be under any obligation to prosecute any action, suit or other proceeding in respect of any portion of the Trust Estate
or in respect of the Shares on behalf of a Shareholder, Authorized Participant or other Person.

(c) The Sponsor
shall not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants,
any Authorized Participant, any Shareholder or any other Person believed by it in good faith to be competent to give such advice
or information.

(d) The Sponsor
shall not be liable for any acts or omissions made by a successor sponsor, whether in connection with a previous act or omission
of the Sponsor or in connection with any matter arising wholly after the resignation of the Sponsor; provided that in connection
with the issue out of which such potential liability arises the Sponsor performed its duties, obligations and responsibilities
without gross negligence, bad faith or willful misconduct while it acted as sponsor.

(e) The Sponsor
shall have no obligation to comply with any direction or instruction from any Shareholder or Authorized Participant regarding Shares
except to the extent specifically provided in this Trust Agreement.

Section
5.7. Delegation of Obligations of the Sponsor. The Sponsor may at any time delegate all or a portion of its duties,
obligations and responsibilities under this Trust Agreement to another Person, including the Administrator, without the consent
of the Trustee or any Shareholder. The Sponsor may terminate the delegation to such other Person at any time and is not required
to appoint a replacement therefor.

Section
5.8. Compensation to the Sponsor. The Sponsor shall be entitled to compensation for its services as Sponsor of
the Trust as set forth in the Sponsor Agreement.

Section
5.9. Indemnification of Sponsor.

(a) The Trust (or,
in furtherance of Sections 3.5 and 3.6 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 Trust Estate or Trust Estates as set forth in Sections 3.5 and 3.6 hereof,
indemnify, protect, save and keep harmless, the Sponsor (in its capacity as sponsor and individually) and its Affiliates and their
respective directors, officers,

    	39

    	 

    

shareholders, partners, members, managers
or employees (the “Sponsor Indemnified Parties”) from and against any and all Expenses which may be imposed
on, incurred by or asserted against the Sponsor Indemnified Parties in any way relating to or arising out of or in connection with
the formation, operation or termination of the Trust or such Fund, the execution, delivery and performance of this Trust 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 Sponsor
hereunder or thereunder with respect to the Trust or such Fund, except for Expenses resulting from the gross negligence, bad faith
or willful misconduct of any Sponsor Indemnified Party. Any such Expenses relating to the Trust rather than any particular Fund
shall be allocated among the Funds as set forth in Section 3.6 hereof. The indemnities contained in this Section 5.9 shall
survive the termination of this Trust Agreement, the resignation of the Sponsor, the dissolution or other cessation to exist of
the Sponsor Indemnified Party, the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor Indemnified Party, or the
filing of a voluntary or involuntary petition in bankruptcy under the Bankruptcy Code by or against the Sponsor Indemnified Party.

(b) Notwithstanding
the provisions of Section 5.9(a) hereof, the Sponsor Indemnified Parties and any Person acting as broker-dealer for the Trust or
any Fund shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal
or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged
securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including,
without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee
and finds that indemnification of the settlement and related costs should be made.

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

(d) The term “Sponsor
Indemnified Party” as used only in this Section 5.9 shall include, in addition to the Sponsor, any other Person performing
services on behalf of the Trust and acting within the scope of the Sponsor’s authority as set forth in this Trust Agreement.

(e) In the event
the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any Expenses as a result of or in connection
with any Shareholder’s (or assignee’s) duties, obligations, liabilities or responsibilities unrelated to Trust business,
such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such Expenses
incurred, including accountants’ fees.

(f) The payment
of any amount pursuant to this Section 5.9 shall be subject to Section 3.6 hereof with respect to the allocation of liabilities
and other amounts, as appropriate, among the Funds.

(g) Expenses so
incurred by any such Sponsor Indemnified Party (but excluding amounts paid in satisfaction of judgments, in compromise or as fines
or penalties) shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding

    	40

    	 

    

upon receipt of an undertaking by or
on behalf of such Sponsor Indemnified Party to repay amounts so paid to the Trust if it is ultimately determined that indemnification
of such Expenses is not authorized under this Section 5.9.

Section
5.10. Other Contractual Rights. Nothing contained in Section 5.9 hereof shall affect any right to indemnification
to which any Person may be separately entitled by contract or otherwise.

ARTICLE
VI

TRANSFERS OF SHARES

Section
6.1. General Prohibition. A Shareholder may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate
or in any manner encumber any or all of his Shares or any part of his right, title and interest in the capital or profits in any
Fund except as permitted in this Article VI and any act in violation of this Article VI shall not be binding upon or recognized
by the Trust (regardless of whether the Sponsor shall have knowledge thereof), unless approved in writing by the Sponsor.

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

ARTICLE
VII

SHAREHOLDERS

Section
7.1. No Management or Control; Limited Liability; Exercise of Rights through DTC. The Shareholders shall not
participate in the management or control of the Trust’s or the applicable Fund’s business nor shall they transact any
business for the Trust or any Fund or have the power to sign for or bind the Trust or any Fund, said power being vested solely
and exclusively in the Sponsor. Except as provided in Section 7.3 hereof, no Shareholder shall be bound by, or be personally liable
for, the Expenses of the Trust or any Fund in excess of the Class Value per Share attributable to such Shareholder’s Shares.
Except as provided in Section 7.3 hereof, each Share owned by a Shareholder shall be fully paid and no assessment shall
be made against any Shareholder. No salary shall be paid to any Shareholder in his capacity as a Shareholder, nor shall any Shareholder
have a drawing account or earn interest on any contribution. By the purchase and acceptance or other lawful delivery and acceptance
of Shares, each Beneficial Owner shall be deemed to be a registered Shareholder and beneficiary of the applicable Fund and vested
with undivided beneficial interest in such Fund to the extent of the Shares owned beneficially by such Beneficial Owner, subject
to the terms and conditions of this Trust Agreement. The rights of Beneficial Owners under this Trust Agreement must be exercised
by DTC Participants acting on their behalf in accordance with the rules and procedures of the Depository, as provided in Section
3.4 hereof.

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Section 7.2.
Rights and Duties. The Shareholders
shall have the following rights, powers, duties, obligations, liabilities and responsibilities:

(a) The Shareholders
shall have the right to obtain from the Sponsor information regarding all things affecting the Trust or the applicable Fund, provided
that such is for a purpose reasonably related to the Shareholder’s interest as a Beneficial Owner, including, without limitation,
the list of Authorized Participants contemplated by Section 8.2 hereof. Except as otherwise required by law, the Shareholders,
however, shall not have any right to obtain any tax return filed by, or with respect to, the Trust or any Fund.

(b) The Shareholders
shall receive the share of the distributions provided for in this Trust Agreement and any applicable Series Supplement in the manner
and at the times provided for in this Trust Agreement.

(c) Except for the
Shareholders’ redemption rights set forth in Article IX hereof, Shareholders shall have the right to demand redemption of
their Shares only upon the dissolution and winding up of the applicable Fund or the Trust. In no event shall a Shareholder be entitled
to demand or receive property other than cash in connection therewith. Except as otherwise provided by the Formation Instrument
with respect to a Fund, no Shareholder shall have priority over any other Shareholder either as to the return of capital or as
to profits, losses or distributions. No Shareholder shall have the right to bring an action for partition against the Trust or
a Fund.

(d) Except as required
under applicable U.S. federal law or under the rules or regulations of the Exchange, the Shareholders shall have no voting rights
hereunder (including with respect to mergers, consolidations or conversions of the Trust or a Fund or transfers to or domestication
in any jurisdiction by the Trust or any other matters for which under the DSTA voting rights are provided to holders of beneficial
interests). The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize
in its sole and absolute discretion. To the extent that U.S. federal or Delaware law is amended, modified or interpreted by rule,
regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on
any specific matter, the Shareholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance
therewith without further approval by the Sponsor or the Shareholders.

(e) No action may
be brought by a Shareholder on behalf of the Trust or any Fund unless Shareholders owning no less than a majority of the then outstanding
Shares of the applicable Fund or Funds, join in the bringing of such action. A Shareholder of Shares of a particular Fund shall
not be entitled to participate in a derivative or class action lawsuit on behalf of any other Fund, or on behalf of the Shareholders
of any other Fund.

(f) Except as set
forth above, the Shareholders shall have no voting or other rights or powers with respect to the Trust or any Fund.

Section
7.3. Limitation on Shareholder Liability.

(a) Except as provided
in Section 5.9(e) hereof, and as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation
of personal liability

    	42

    	 

    

extended to stockholders of private
corporations for profit organized under the general corporation law of Delaware and no Shareholder shall be liable for claims against,
or debts of, the Trust or the applicable Fund in excess of the Class Value per Share attributable to such Shareholder’s Shares.
In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Fund shall
not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder
upon redemption unless, under Delaware law, such Shareholder is liable to repay such amount.

(b) The Trust or the
applicable Fund shall indemnify to the full extent permitted by applicable law (statutory or common) and the other provisions of
this Trust Agreement, and to the extent of the applicable Trust Estate or Trust Estates, each Shareholder against any claims of
liability asserted against such Shareholder solely because he is a beneficial owner of one or more Shares as a Shareholder (other
than for taxes for which such Shareholder is liable in accordance with the treatment of each Fund as a corporation for income tax
purposes pursuant to Section 1.6 hereof).

(c) Every written
note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor shall give notice to the effect that
the same was executed or made by or on behalf of the Trust or the applicable Fund and that the obligations of such instrument are
not binding upon the Shareholders individually but are binding only upon the assets and property of the applicable Fund, and no
resort shall be had to the Shareholders’ personal property for satisfaction of any obligation or claim thereunder, and appropriate
references may be made to this Trust Agreement and may contain any further recital which the Sponsor deems appropriate, but the
omission thereof shall not operate to bind the Shareholders individually or otherwise invalidate any such note, bond, contract,
instrument, certificate or undertaking. Nothing contained in this Section 7.3 shall diminish the limitation on the liability of
the Trust and each Fund to the extent set forth in Sections 3.5 and 3.6 hereof.

Section
7.4. Voting Power and Meetings.

(a) Meetings of
the Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or by this Trust Agreement. Except
as required by applicable law or as provided for herein, there shall be no annual or regular Shareholders’ meetings.

(b) On each matter,
if any, submitted to a vote of Shareholders, unless the Sponsor determines otherwise in its sole and absolute discretion, Shares
of each Class shall vote as a separate class; provided, however, that: (i) as to any matter with respect to which a separate
vote of any Class is required by mandatory provisions of applicable law or is required by attributes applicable to any Class, such
requirements as to a separate vote by that Class shall apply; (ii) unless the Sponsor determines in its sole and absolute
discretion that this clause (ii) shall not apply in a particular case, to the extent that a matter referred to in clause (i)
above affects more than one Class and the interests of each such Class in the matter are identical, then the Shares of all such
affected Classes shall vote together as a single class; and (iii) as to any matter which does not affect the interests of
a particular Class, only the holders of Shares of the one or more affected Classes shall be entitled to vote. As determined by
the Sponsor, in its sole and absolute discretion, without the vote or consent of Shareholders, on any matter submitted to a vote
of

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Shareholders either (i) each Share
of a Class shall be entitled to one vote as to any matter on which it is entitled to vote or (ii) each dollar of Class Value
shall be entitled to one vote on any matter on which such Shares are entitled to vote.

(c) A meeting of
Shareholders shall be held at any place designated by the Sponsor.

Section
7.5. Notice of Shareholders’ Meeting.

(a) All notices
of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not less than seven (7) nor more than
one hundred and twenty (120) days before the date of the meeting in the manner determined by the Sponsor in its sole and absolute
discretion. The notice shall specify: (i) the place, date and hour of the meeting; and (ii) the general nature of the business
to be transacted.

(b) Any Shareholders’
meeting, whether or not a quorum is present, may be adjourned from time to time by the Sponsor or by the vote of a majority of
the Shares of the Fund or Funds, as the case may be, represented at that meeting, either in person or by proxy. When any meeting
of Shareholders is adjourned to another time or place, notice need not be given of the adjourned meeting unless a new record date
of the adjourned meeting is fixed or unless the adjournment is for more than sixty (60) days from the date set for the original
meeting, in which case the Sponsor shall set a new record date. Notice of any such adjourned meeting shall be given to each Shareholder
of record entitled to vote at the adjourned meeting. At any adjourned meeting, the Trust may transact any business which might
have been transacted at the original meeting.

Section
7.6. Voting Procedure. The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit,
a proxy ballot containing the voting instructions of such Shareholder, in person, or by U.S. mail, overnight mail, express mail,
telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media, provided however, that the Sponsor may
limit or delineate the types of media and methods by which a Shareholder may submit voting instructions. On any matter any Shareholder
may vote part of its Shares in favor of the proposal and refrain from voting the remaining Shares or vote them against the proposal,
but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively
presumed that the Shareholder’s approving vote is with respect to the total Shares that the Shareholder is entitled to vote
on such proposal.

Section
7.7. Quorum and Required Vote.

(a) Except when
a larger quorum is required by mandatory provisions of applicable law or by this Trust Agreement, the presence (in person or by
ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders’
meeting. When any one or more Classes is to vote as a single class separate from any other Shares, thirty-three and one-third percent
(33 1/3%) of the Shares of each such Class or Classes entitled to vote shall constitute a quorum at a Shareholder’s meeting
of that Class or those Classes. Any meeting of Shareholders may be adjourned consistent with the provisions of Section 7.5(b) hereof,
whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the meeting
shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable law.

    	44

    	 

    

(b) Any action taken
by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote on the matter
(or such larger proportion thereof as shall be required by any express provision of this Trust Agreement or U.S. federal law) or
holding a majority (or such larger proportion as aforesaid) of the Shares of any Class or Classes entitled to vote separately on
the matter consent to the action in writing or by electronic means (such as via telephone or the internet) and such written consent
or a record of such electronic consent is filed with the records of the meetings of Shareholders. Such consent shall be treated
for all purposes as a vote taken at a meeting of Shareholders.

Section
7.8. Record Dates. For the purpose of determining the Shareholders of any Class who are entitled to vote or act
at any meeting or any adjournment thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred
and twenty (120) days before the date of any meeting of Shareholders, as the record date for determining the Shareholders of such
Class having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders
of record on such record date shall have such right, notwithstanding any transfer of Shares on the books of the Trust or the Depository
after the record date. For the purpose of determining the Shareholders of any Class who are entitled to receive payment of any
dividend or of any other distribution, the Sponsor may from time to time fix a date, which shall be before the date for the payment
of such dividend or such other payment, as the record date for determining the Shareholders of such Class having the right to receive
such dividend or distribution. Without fixing a record date the Sponsor may for voting and/or distribution purposes close the register
or transfer books for one or more Funds for all or any part of the period between a record date and a meeting of Shareholders or
the payment of a distribution. Nothing in this Section 7.8 shall be construed as precluding the Sponsor from setting different
record dates for different Classes.

Section
7.9. Waiver of Notice by Consent of Absent Shareholders. Any Shareholder may waive notice, which waiver may be
submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic
media. The waiver of notice need not specify either the business to be transacted or the purpose of any meeting of Shareholders.
Attendance by a Person at a meeting shall also constitute a waiver of notice of that meeting, except when the Person objects at
the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except
that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice
of the meeting if that objection is expressly made at the beginning of the meeting.

Section
7.10. Proxies. Every Person entitled to vote on any matter shall have the right to do so either in person or
by one or more agents authorized by a written or electronic proxy authorized by the Person and filed with the Sponsor. A proxy
shall be deemed authorized if the Shareholder’s name is placed on the proxy (whether by manual signature, typewriting, telephonic
or internet transmission or otherwise) by the Shareholder or the Shareholder’s attorney-in-fact. A validly authorized proxy
which does not state that it is irrevocable shall continue in full force and effect unless (i) revoked by the Person executing
it before the vote pursuant to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent
proxy executed by, or attendance at the meeting and voting in person by, the Person executing that proxy; or (ii) written notice
of the death or incapacity of the maker of that proxy is received by the Trust 

    	45

    	 

    

before the vote pursuant to that proxy is counted;
provided however, that no proxy shall be valid after the expiration of eleven (11) months from the date of the proxy unless otherwise
provided in the proxy.

ARTICLE
VIII

RECORDS AND REPORTS

Section
8.1. Maintenance of Share Register. The Trust shall keep at its principal office or at the office of the Transfer
Agent, if appointed and as determined by the Sponsor in its sole and absolute discretion, a record of its registered Shareholders,
containing the name and address of each registered Shareholder and the number and Classes of Shares held by such Shareholder.

Section
8.2. Maintenance of Other Records. The accounting books and records and minutes of proceedings of the Shareholders
and the Sponsor, as well as a list of all Authorized Participants, which shall be maintained by the Sponsor, shall be kept at such
place or places designated by the Sponsor or, in the absence of such designation, at the principal office of the Trust. The minutes
and list of Authorized Participants shall be kept in written form and the accounting books and records shall be kept either in
written form or in any other form capable of being converted into written form.

ARTICLE
IX

REDEMPTIONS

Section
9.1. General. The procedures specified in the applicable Authorized Participant Agreement for each Fund will
govern the Trust with respect to the redemption of Redemption Units.

Section
9.2. Redemption Orders. On any Business Day, an Authorized Participant with respect to which an Authorized Participant
Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 8.2 hereof) may redeem
one or more Redemption Units of a Fund standing to the credit of the Authorized Participant on the records of the Depository by
delivering a request for redemption to the Transfer Agent or, if no Transfer Agent has been appointed with respect to such Fund,
the Sponsor (such request, a “Redemption Order”) in the manner specified in the procedures specified in the
Authorized Participant Agreement.

Section
9.3. Suspension and Rejection of Redemption Orders. For each Fund, the Sponsor shall have the absolute right,
but shall have no obligation, to suspend the right to redeem any Redemption Unit, or postpone any Redemption Order settlement date:
(i) for any period during which the Exchange is closed or when trading is suspended or restricted on the Exchange; (ii) for any
period during which an emergency exists as a result of which the fulfillment of a Redemption Order is not reasonably practicable;
or (iii) for such other period as the Sponsor determines in its sole and absolute discretion to be necessary for the protection
of the Shareholders of any Fund. The Sponsor, the Trustee, the Custodian, the Administrator and the Transfer Agent shall not be
liable to any Person by reason of the suspension of the right to redeem Redemption Units or the postponement of any settlement
date of any Redemption Order in the circumstances listed in clauses (i) through (iii) in the preceding sentence. For each Fund,

    	46

    	 

    

the Sponsor shall have the absolute right, but shall have no obligation, to reject any Redemption Order: (i) determined by the
Sponsor in its sole and absolute discretion not to be in proper form; (ii) that the Sponsor has determined in its sole and absolute
discretion would have adverse consequences to any Fund or any Shareholders; (iii) the acceptance or receipt of which would, in
the opinion of counsel to the Sponsor, be unlawful; or (iv) if circumstances outside the control of the Sponsor make it, for all
practical purposes, not feasible to process Redemption Orders for Redemption Units. The Sponsor, the Trustee, the Custodian, the
Administrator and the Transfer Agent shall not be liable to any Person by reason of the rejection of any Redemption Order in the
circumstances listed in clauses (i) through (iv) in the preceding sentence.

Section
9.4. Redemption Transaction Fees. For each Fund, non-refundable transaction fees will be payable by an Authorized
Participant to the Fund’s Custodian in connection with each Redemption Order pursuant to this Article IX (each, a “Redemption
Transaction Fee”). The Redemption Transaction Fees charged in connection with each such redemption shall be as set forth
in the applicable Authorized Participant Agreement for such Fund. The Redemption Transaction Fee may subsequently be waived, modified,
reduced, increased or otherwise changed by the Sponsor. The Sponsor shall notify the Depository of any agreement to change the
Redemption Transaction Fee and shall not implement any increase for such period of time after that notice as is specified in the
Authorized Participant Agreements for an amendment to any such agreement to become effective following notice thereof to an Authorized
Participant. Pursuant to the applicable Authorized Participant Agreement, the Sponsor, in its sole and absolute discretion, may
require additional payments in connection with any Redemption Order. Any Redemption Transaction Fees received in connection with
any Redemption Order for a Fund shall not be considered received by the Fund or to be a part of such Fund’s Trust Estate
(and such Fund shall have no rights to such Redemption Transaction Fees) and may, among other things, be applied by the Sponsor
to defray expenses incurred by the Fund’s service providers in processing such transactions and the SEC registration fee
expense borne directly by the Sponsor on behalf of the Trust and its Funds.

Section
9.5. Cancellation of Redemption Units. Redemption Units effectively redeemed pursuant to the provisions of this
Article IX shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures.

Section
9.6. Other Redemption Procedures. The Sponsor from time to time may, but shall have no obligation to, establish
procedures with respect to redemption of Baskets of Shares in lot sizes smaller than the Redemption Unit and permitting the Redemption
Distribution to be in a form, and delivered in a manner, other than that specified in this Article IX.

Section
9.7. Mandatory Redemption by the Trust. The Sponsor, upon the dissolution of the Trust or any Fund pursuant to
Sections 11.3 or 12.2 hereof, shall cause the Trust, on behalf of the applicable Fund, to redeem all of the Shares of any dissolving
Fund at a redemption price equal to the Redemption Distribution that would be applicable if such Shares were then being redeemed
by the Shareholder pursuant to Section 9.2 hereof, and upon such conditions and under such procedures as may from time to time
be determined by the Sponsor in its sole and absolute discretion. Upon redemption of Shares pursuant to this Section 9.7, the Trust,
on behalf of the applicable Fund, shall promptly cause payment of the full redemption price to be made to each Shareholder of Shares
so redeemed.

    	47

    	 

    

ARTICLE X

SERVICE
PROVIDERS

Section
10.1. Engagement of a Custodian; Other Arrangements.

(a) The Sponsor
may enter into written contracts for the placement and maintenance of all funds, securities and similar investments of a Fund with
a custodian (the “Custodian”), and such contracts may provide for the provision by the Custodian of accounting
services to the Trust or any Fund, including the calculation of any Fund’s Class Values and Class Values per Share each Business
Day. Any such Custodian shall be a bank or trust company having an aggregate capital, surplus, and undivided profits of at least
$1,000,000. Upon termination of a custody agreement or inability of a Fund’s Custodian to continue to serve, the Sponsor
may, in its sole and absolute discretion, appoint a successor custodian for such Fund.

(b) The Sponsor
may make such other arrangements for the custody of the Trust’s assets (including deposit arrangements) as may be required
by any applicable law, rule or regulation.

Section
10.2. Engagement of an Administrator. The Sponsor may enter into written contracts with an administrator (the
“Administrator”) for the provision of administrative services to the Trust or any Fund.

Section
10.3. Engagement of a Transfer Agent. The Sponsor may enter into written contracts with a transfer agent or registrar
(the “Transfer Agent”) for the provision of transfer agent services with respect to the creation and redemption
of Baskets and “index receipt agent” (as such term is defined in the rules of the National Securities Clearing Corporation)
services, if necessary to a Fund’s operation, with respect to the receipt, processing and settlement of Purchase Orders and
Redemption Orders from Authorized Participants.

Section
10.4. Engagement of an Investment Advisor. The Sponsor may enter into written contracts with an investment advisor
(the “Investment Advisor”) for the provision of investment advisory services and other services to the Trust
or any Fund for the investment of each Fund’s cash in Treasuries in accordance with this Trust Agreement. The Investment
Advisor may be the Trustee, the Sponsor or another Person selected by the Sponsor. The Investment Advisor to the Initial Funds
will be Wilmington Trust, N.A. until another Person is selected by the Sponsor.

ARTICLE
XI

EARLY TERMINATION

Section
11.1. Termination Triggers. The Trust or any Fund shall terminate if any one of the following events (each, a
“Termination Trigger”) occurs with respect to the Trust or such Fund:

(a) the Trust or
such Fund becomes required to register as an “investment company” under the Investment Company Act of 1940, as amended;

(b) the Trust or
such Fund becomes a commodities pool that is regulated under the CEA; and

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(c) a decree or
order is entered by a court having competent jurisdiction adjudging the Trust or such Fund to be bankrupt or insolvent or granting
an order for relief or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of
or in respect of the Trust or such Fund under the Bankruptcy Code or any other applicable law, or appointing a receiver, liquidator,
assignee or sequestrator (or other similar official) of the Trust or such Fund or of any substantial part of the property of the
Trust or such Fund, or ordering the winding up or liquidation of the affairs of the Trust or such Fund, or, in a court having jurisdiction,
the Trust or such Fund commences a voluntary case or proceeding under the Bankruptcy Code or any other applicable law, or an involuntary
case or proceeding is commenced against the Trust or such Fund, seeking any of the foregoing and such case or proceeding continues
undismissed or unstayed and in effect for a period of 90 consecutive days.

Section
11.2. Notice. The Sponsor will be responsible for notifying the Trustee of the occurrence of the Termination
Triggers described in clauses (a) and (b) of Section 11.1 hereof. Upon obtaining actual knowledge of the occurrence of any of the
Termination Triggers described in clause (c) of Section 11.1 hereof, the Trustee shall notify the Sponsor of such occurrence;
provided, that the Trustee shall have no affirmative duty to investigate or conduct due diligence with respect to the occurrence
or status of such Termination Trigger to the extent that such investigation or due diligence would require the Trustee to assume
any duties, obligations, liabilities or responsibilities above and beyond those duties, obligations, liabilities or responsibilities
which are specifically assigned to it under this Trust Agreement. The Sponsor will give, or cause to be given, prompt notice of
the occurrence of any Termination Trigger of which it has knowledge or of which it has been informed to the registered Shareholders
of, and any Administrator, Custodian, Transfer Agent or Investment Advisor that has been engaged with respect to, the terminating
Trust or Fund.

Section
11.3. Termination. Upon the occurrence of any Termination Trigger with respect to the Trust or any Fund, the
terminating Trust or Fund shall dissolve, the business and affairs of the terminating Trust or Fund shall be wound up in accordance
with Section 12.2(b) hereof and the terminating Trust or Fund shall thereafter be terminated in accordance with Section 12.2(c)
hereof.

ARTICLE
XII

MISCELLANEOUS

Section
12.1. Non Petition Covenant; No Proceedings.

(a) Notwithstanding
any prior termination of this Trust Agreement, the Trustee and the Sponsor shall not, prior to the date which is one year and one
day after the termination of this Trust Agreement, acquiesce in, petition for or otherwise invoke or cause the Trust or any Fund
to invoke the process of any federal, state, local or foreign court or arbitrator or governmental department, commission, board,
bureau, agency, authority, instrumentality or regulatory body for the purpose of (x) commencing or sustaining a case against the
Trust or such Fund under any federal or state bankruptcy, insolvency or similar law, (y) appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trust or such Fund or any substantial part of their respective
property or (z) ordering the winding up or liquidation of the affairs of the Trust or such Fund.

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(b) Each of the
Trustee, the Sponsor and each Shareholder, by acceptance of its Shares, hereby agrees that it will not institute against a Shareholder,
or join any other Person in instituting against a Shareholder, on account of its ownership of a Share or its obligations hereunder,
any bankruptcy, insolvency, liquidation, readjustment of debt, marshaling of assets or any similar proceeding so long as there
has not elapsed one year plus one day since the last day on which any Shares of any Fund shall have been issued and outstanding.

Section
12.2. Discretionary Termination of Trust or Funds.

(a) Unless terminated
as provided herein, the Trust, and any Fund, shall continue without limitation of time. The Trust or any Fund may be dissolved
at any time and for any reason, or no reason at all, by the Sponsor. The Sponsor shall set a date on which the Trust, or any Fund,
shall dissolve and deliver, or cause to be delivered, notice of that dissolution to the affected Shareholders. The Shareholders
shall have no rights to terminate or revoke the Trust or any Fund.

(b) On or after
dissolution of the Trust or any Fund, after paying or making reasonable provision for all charges, taxes, expenses, claims, obligations
and liabilities of the Trust, or severally, with respect to each Fund (or the applicable Fund), whether due or accrued or anticipated
as may be determined by the Sponsor and otherwise complying with section 3808 of the DSTA, the Sponsor shall wind up the business
and affairs of the Trust (or the applicable Fund) in accordance with section 3808 of the DSTA. Subject to the payment or the reasonable
provision of such payment by the Sponsor of the other charges, taxes, expenses, claims, obligations and liabilities of the Trust
(or the applicable Fund), as required by section 3808 of the DSTA, the Shareholders of the Trust or the dissolving Fund, as the
case may be, will be entitled to have their Shares in the Trust or such Fund redeemed pursuant to Section 9.7 hereof. The
Sponsor shall not accept any delivery of Baskets after the date of dissolution. If any Shares remain outstanding after the date
of dissolution of the Trust or the dissolved Fund, as the case may be, the Sponsor thereafter shall discontinue the registration
of transfers of such Shares, shall not make any distributions to Shareholders and shall not give any further notices, except that
the Sponsor shall continue to collect distributions pertaining to applicable Trust Estate, hold the same uninvested and without
liability for interest, pay pursuant to section 3808 of the DSTA the Trust’s expenses as set forth in this Trust Agreement,
sell Trust and Fund assets as necessary to meet those expenses, and deliver cash from the applicable Trust Estate, in exchange
for Shares surrendered to the Sponsor for redemption pursuant to Section 9.7 hereof (upon payment of, in each case, any Redemption
Transaction Fees for the surrender of such Shares) or otherwise under such other procedures the Sponsor deems, in its sole and
absolute discretion, to be appropriate. At any time after the expiration of ninety (90) days following the date of dissolution
of the Trust or the dissolved Fund, as the case may be, the Sponsor may sell, or cause the sale of, the applicable Trust Estate
then held under this Trust Agreement and may thereafter, after complying with section 3808 of the DSTA, cause to be held with the
applicable Custodian (or if no Custodian has been appointed with respect the dissolved Fund or Funds, such other Person as the
Sponsor shall determine in its sole and absolute discretion) uninvested the net proceeds of any such sale and without liability
for interest, for the pro rata benefit of the Shareholders of the Shares of the dissolved Fund or Funds that have not theretofore
been surrendered.

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(c) Upon the completion
of the winding up of the Trust and all its Funds in accordance with the DSTA and this Trust Agreement, the Sponsor shall cause
the Trustee to file a certificate of cancellation with the Secretary of State of the State of Delaware (at the expense of the Sponsor)
in accordance with the provisions of section 3810 of the DSTA and thereupon, the Trust and this Trust Agreement (other than Sections
2.4 and 5.9 hereof) shall terminate. The provisions of Sections 2.4 and 5.9 hereof shall survive the termination of the Trust.
After making such filing, the Trustee and the Sponsor shall be discharged from all obligations under this Trust Agreement, except
to account for the net proceeds of any asset sale pursuant to Section 12.2(b) hereof and other cash of the Trust or any dissolved
Fund.

Section
12.3. Merger and Consolidation.

(a) The Sponsor
may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets
to, another trust or entity; (ii) a Fund to be consolidated with, or to sell all or substantially all of its assets to, another
Fund or another series of another Person; (iii) the Shares of the Trust or any Fund to be converted into beneficial interests
in another statutory trust (or series thereof); or (iv) the Shares of the Trust or any Fund to be exchanged for shares in
another trust or company under or pursuant to any state or U.S. federal statute to the extent permitted by applicable law.

(b) For the avoidance
of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under
Section 12.3(a)(i) – (iv) hereof without any vote or other action of the Shareholders.

(c) In accordance
with section 3815(f) of the DSTA, an agreement of merger or consolidation may effect any amendment to this Trust Agreement or effect
the adoption of a new trust agreement of the Trust if the Trust is the surviving or resulting business trust following a merger
or consolidation; provided, however, that no such amendment may alter any rights, powers, duties, immunities or protections of
the Trustee without its written consent.

Section
12.4. Filing of Copies. The original or a copy of this Trust Agreement and of each restatement hereof and/or
amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the
Trust may rely on a certificate by the Sponsor as to whether or not any such restatements and/or amendments have been made and
as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy
certified by the Sponsor to be a copy of this instrument or of any such restatements and/or amendments.

Section
12.5. Applicable Law. This Trust Agreement is created under and is to be governed by and construed and administered
according to the laws of the State of Delaware, including the DSTA. As between the Sponsor, on the one hand, and the Shareholders,
on the other hand, the Sponsor may construe any of the provisions of this Trust Agreement insofar as the same may appear to be
ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Sponsor in good faith shall
be conclusive and binding on the Shareholders as to the meaning to be given to such provisions notwithstanding any other provision
of this Trust Agreement. In construing this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor.

    	51

    	 

    

Section 12.6.
Provisions in Conflict with Law or Regulations.

(a) The provisions
of this Trust Agreement are severable, and if the Sponsor determines, with the advice of counsel, that any of such provisions are
in conflict with any other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted
a part of the Trust Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the
Trust Agreement or render invalid any action taken or omitted prior to such determination.

(b) If any provision
of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach
only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of the Trust Agreement in any jurisdiction.

Section
12.7. Contracts and Instruments; How Executed. The Sponsor may authorize any officer or officers, or agent or
agents, to enter into any contract or execute any instrument in the name of and on behalf of the Trust and this authority may be
general or confined to specific instances; and unless so authorized or ratified by the Sponsor or within the agency power of an
officer, no officer, agent, or employee shall have any power or authority to bind the Trust by any contract or engagement or to
pledge its credit or to render it liable for any purpose or for any amount.

Section
12.8. Fiscal Year. The fiscal year of the Trust and of each Fund shall be fixed and refixed or changed from time
to time by resolution of the Sponsor.

Section
12.9. Counterparts. The Trust Agreement may be simultaneously executed in several counterparts, each of which
shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be
sufficiently evidenced by any such original counterpart.

Section
12.10. Internal References; Headings.

(a) In this Trust
Agreement or in any amendment hereto, references to this Trust Agreement, and all expressions such as “herein,” “hereto”
“hereof” and “hereunder,” shall be deemed to refer to this Trust Agreement as a whole and as amended or
affected by any such amendment.

(b) Headings are
placed herein for convenience of reference only, and in case of any conflict, the text of this instrument, rather than the headings,
shall control.

(c) Whenever the
singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include
each other, as applicable.

Section
12.11. Limitations on Individual Liability. This Trust Agreement has been entered into and was executed and delivered
by officers of the Sponsor and the Trustee, which officers were acting solely in their capacities as officers of the Sponsor and
the Trustee, as the case may be, and not in their individual capacities. The obligations of this Trust Agreement are not binding
on such officers of the Sponsor or the Trustee. The obligations of this Trust 

    	52

    	 

    

Agreement are binding only upon the Sponsor, the
Trustee, any Shareholder (pursuant to Section 3.1(d) hereof), and the assets and property of the Trust (including any such assets
and property belonging or attributable to any Fund).

Section
12.12. Filing of Tax Returns, Etc. For the avoidance of doubt, the Sponsor is authorized to, and shall, prepare,
execute and file any required tax returns of the Trust or any Fund, and make any elections on behalf of the Trust or any Fund under
the Code, or any other applicable tax law, as the Sponsor shall determine in its sole and absolute discretion to be in the best
interests of the Trust or any Fund, including elections to treat each Fund as a separate “corporation” for U.S. federal
and applicable state and local income tax purposes. The Trustee and any Shareholder shall take such actions as the Sponsor reasonably
requests and determines necessary or advisable, in its discretion, to allow the Sponsor to take such actions as are contemplated
by the preceding sentence, including, without limitation, the provision of such powers of attorney or other such documents as may
be necessary to permit the Sponsor to execute and file tax returns of the Trust or any Fund.

ARTICLE
XIII

AMENDMENT

Section
13.1. Amendment.

(a) The Sponsor
may amend any provisions of this Trust Agreement without the consent of any Shareholder. Any amendment that imposes or increases
any fees or charges (other than taxes and other governmental charges) or prejudices a substantial existing right or power of the
Shareholders will not become effective until thirty (30) days after notice of such amendment is given, or caused to be given, by
the Sponsor to the Shareholders. Every Shareholder, at the time any such amendment becomes effective, shall be deemed, by continuing
to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this Trust Agreement as amended
thereby. In no event shall any amendment impair the right of a Shareholder to redeem Baskets and receive therefor the amount of
the Trust Estate of the applicable Fund represented thereby, except in order to comply with mandatory provisions of applicable
law. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement may be made if such amendment
would cause the Trust to be treated as a “partnership,” or any Fund to be taxable other than as a “corporation,”
in each case for U.S. federal and applicable state and local income tax purposes.

(b) No amendment
made to this Trust Agreement without the written consent of the Trustee shall be binding upon or effective against the Trustee
if such amendment adversely affects any of its rights, powers, duties, obligations, liabilities or responsibilities.

[SIGNATURE PAGE FOLLOWS]

    	53

    	 

    

IN WITNESS WHEREOF,
the parties hereto do hereby make and enter into this Second Amended and Restated Trust Agreement as of the date first above written.

ACCUSHARES INVESTMENT MANAGEMENT, LLC

as Sponsor

 

 

By: /s/ Forrest G. Gilman                           

Name: Forrest G.
Gilman

Title: Vice President, Chief Financial
Officer and Treasurer

 

WILMINGTON TRUST, N.A.

as Trustee

 

 

By: /s/ Roseline K. Maney                         

Name: Roseline
K. Maney

Title: Administrative
Vice President

 

    	54

    	 

    

EXHIBIT A

FORM
OF GLOBAL CERTIFICATE1

CERTIFICATE OF BENEFICIAL INTEREST

-Evidencing-

All Up Shares

-in-

ACCUSHARES COMMODITIES TRUST I

WITH RESPECT TO ONE OF ITS SERIES,

[•]

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

This is
to certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the ownership of all issued
and outstanding Up Shares (“Up Shares”) of [•] (the “Fund”).
Each Up Share represents a fractional undivided share of beneficial interest in the Fund. The Fund has been established and designated
as a series of AccuShares Commodities Trust I (the “Trust”), a Delaware statutory trust formed under the DSTA pursuant
to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on June 28,
2013, and a Second Amended and Restated Trust Agreement, dated as of June 16, 2014, by AccuShares Investment Management, LLC, a
Delaware limited liability company, as Sponsor, and Wilmington Trust, N.A., a national banking
association, as Trustee (hereinafter called the “Trust Agreement”), copies of which are available at the principal
offices of the Trust.

At any given time
this Certificate shall represent all shares of beneficial interest in the Up Shares Class of the Fund, which shall be the total
number of Up Shares that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Fund from
time to time and the issuance by the Trust, with respect to the Fund, of additional Creation Units representing the undivided shares
of beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged for
one or more Certificates issued to the registered holder in such denominations as the registered holder may request, provided,
however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Up Shares outstanding
at any given time.

Each Authorized
Participant hereby grants and conveys all of its rights, title and interest in and to the Fund to the extent of the undivided interest
represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms,
conditions and covenants of which are incorporated herein as if fully set forth at length.

 

		1	Forms of Global Certificates of Beneficial Interest for the Up Shares
of each of 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 and AccuShares Spot CBOE VIX Fund shall be, except for the names of the Funds, substantially
identical to this Form of Global Certificate.

    	A-1

    	 

    

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

The holder of this
Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust Agreement,
copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the
Trust, to which reference is made for all the terms, conditions and covenants thereof.

The Fund may deem
and treat the person in whose name this Certificate is registered upon the books of the Fund as the owner hereof for all purposes
and the Fund shall not be affected by any notice to the contrary.

The Trust Agreement
permits the amendment thereof without the consent of any Shareholders, provided that any amendment that imposes or increases
any fees or charges (other than taxes and other governmental charges) or prejudices a substantial existing right or power of the
Shareholders will not become effective until thirty (30) days after notice of such amendment is given, or caused to be given, by
the Sponsor to the Shareholders, and provided further that in no event shall any amendment impair the right of a Shareholder
to redeem Baskets and receive therefor the amount of the Fund’s Trust Estate represented thereby, except in order to comply
with mandatory provisions of applicable law. Every holder of Up Shares, at the time any amendment becomes effective, shall be deemed,
by continuing to hold any Up Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust
Agreement as amended thereby. No amendment to the Trust Agreement may be made if such amendment would cause the Trust to be taxable
as a “partnership,” or any Fund to be taxable as other than a “corporation,” in each case for U.S. federal
and applicable state and local income tax purposes.

In accordance with
Section 3.6 of the Trust Agreement, the holder of this Certificate agrees and consents (the “Consent”) to look
solely to the assets (the “Fund Assets”) of the Fund for payment in respect of any claim against or obligation of the
Fund. The Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and
for the benefit of the Fund, including, without limitation, funds delivered to the Trust for the purchase of shares in the Fund.

In furtherance
of the Consent, the holder agrees that any 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 the Fund, including the Up Shares, shall be enforceable against the assets of the Fund only, and not against
the assets of the Trust generally or of any other series of the Trust 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 series
of the Trust shall be enforceable against the assets of the Fund. Any general Claims of the Trust which are not readily identifiable
as being held with respect to any particular series shall be allocated and charged by the Sponsor to and among any one or more
of the series in such manner and on such basis as the Sponsor in its sole and absolute discretion deems fair and equitable. Notice
of the contractual limitation on liabilities among series described in the first sentence of this paragraph is set forth in the
Certificate of Trust of the Trust (whether originally or by amendment) as filed in the Office of the Secretary of State of the
State of Delaware pursuant to the DSTA, and the statutory provisions of section 3804 of the DSTA relating to limitations on liabilities
among series (and the statutory effect under section 3804 of the DSTA of setting forth such notice in the certificate of trust)
are applicable to the Trust and each series thereof. Any Person extending credit to, contracting with or having any claim against
any series of the Trust may look only to the assets of such series to satisfy or enforce any Claim with respect to such series.
No Shareholder or former Shareholder of any series of the Trust shall have a claim on or any right to any assets allocated or belonging
to any other series, except to the extent that such Shareholder or former Shareholder has such a claim or right under the Trust
Agreement as a Shareholder or former Shareholder of such other series.

The foregoing Consent
shall apply at all times notwithstanding that the Claims are satisfied, that the Up Shares represented by this Certificate are
sold, transferred, redeemed or in any way disposed of, and that the agreements in respect of such Claims are terminated, rescinded
or canceled.

    	A-2

    	 

    

The Trust Agreement,
and this Certificate, have been executed and delivered by AccuShares Investment Management, LLC, as Sponsor, in the exercise of
the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made
on the part of the Trust in the Trust Agreement or the Fund in this Certificate are made and intended not as personal representations,
undertakings and agreements by AccuShares Investment Management, LLC but are made and intended for the purpose of binding only
the Trust and the Fund. Nothing in the Trust Agreement or this Certificate shall be construed as creating any liability on AccuShares
Investment Management, LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided
in the Trust Agreement or this Certificate.

This Certificate
shall not become valid or binding for any purpose until properly executed by the Sponsor pursuant to the Trust Agreement.

Capitalized terms
not defined herein have the same meaning as in the Trust Agreement.

IN WITNESS WHEREOF,
AccuShares Investment Management, LLC, as Sponsor, has caused this Certificate to be executed in its name by the manual or facsimile
signature of two of its authorized officers.

 

	 	 	 
	 	 	AccuShares Commodities Trust I with respect to ____________________
	 	 
	By:	 	AccuShares Investment Management, LLC, as Sponsor
	 	 

	By:	 	 
	 	 	Authorized Officer
	 	 
	By:	 	 	 
	 	 	Authorized Officer
	 

	Date:                     , _____

 

    	A-3

    	 

    

EXHIBIT B

FORM
OF GLOBAL CERTIFICATE2

CERTIFICATE OF BENEFICIAL INTEREST

-Evidencing-

All Down Shares

-in-

ACCUSHARES COMMODITIES TRUST I

WITH RESPECT TO ONE OF ITS SERIES,

[•]

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

This is
to certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the ownership of all issued
and outstanding Down Shares (“Down Shares”) of [•] (the “Fund”).
Each Down Share represents a fractional undivided share of beneficial interest in the Fund. The Fund has been established and designated
as a series of AccuShares Commodities Trust I (the “Trust”), a Delaware statutory trust formed under the DSTA pursuant
to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on June 28,
2013, and a Second Amended and Restated Trust Agreement, dated as of June 16, 2014, by AccuShares Investment Management, LLC, a
Delaware limited liability company, as Sponsor, and Wilmington Trust, N.A., a national banking
association, as Trustee (hereinafter called the “Trust Agreement”), copies of which are available at the principal
offices of the Trust.

At any given time
this Certificate shall represent all shares of beneficial interest in the Down Shares Class of the Fund, which shall be the total
number of Down Shares that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Fund from
time to time and the issuance by the Trust, with respect to the Fund, of additional Creation Units representing the undivided shares
of beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged for
one or more Certificates issued to the registered holder in such denominations as the registered holder may request, provided,
however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Down Shares
outstanding at any given time.

Each Authorized
Participant hereby grants and conveys all of its rights, title and interest in and to the Fund to the extent of the undivided interest
represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms,
conditions and covenants of which are incorporated herein as if fully set forth at length.

 

		2	Forms of Global Certificates of Beneficial Interest for the
                                                                                      Down Shares of each of 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 and AccuShares Spot CBOE VIX Fund shall be, except for the
                                                                                      names of the Funds, substantially identical to this Form of Global Certificate.

    	B-1

    	 

    

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

The holder of this
Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust Agreement,
copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the
Trust, to which reference is made for all the terms, conditions and covenants thereof.

The Fund may deem
and treat the person in whose name this Certificate is registered upon the books of the Fund as the owner hereof for all purposes
and the Fund shall not be affected by any notice to the contrary.

The Trust Agreement
permits the amendment thereof without the consent of any Shareholders, provided that any amendment that imposes or increases
any fees or charges (other than taxes and other governmental charges) or prejudices a substantial existing right or power of the
Shareholders will not become effective until thirty (30) days after notice of such amendment is given, or caused to be given, by
the Sponsor to the Shareholders, and provided further that in no event shall any amendment impair the right of a Shareholder
to redeem Baskets and receive therefor the amount of the Fund’s Trust Estate represented thereby, except in order to comply
with mandatory provisions of applicable law. Every holder of Down Shares, at the time any amendment becomes effective, shall be
deemed, by continuing to hold any Down Shares or an interest therein, to consent and agree to such amendment and to be bound by
the Trust Agreement as amended thereby. No amendment to the Trust Agreement may be made if such amendment would cause the Trust
to be taxable as a “partnership,” or any Fund to be taxable as other than a “corporation,” in each case
for U.S. federal and applicable state and local income tax purposes.

In accordance with
Section 3.6 of the Trust Agreement, the holder of this Certificate agrees and consents (the “Consent”) to look
solely to the assets (the “Fund Assets”) of the Fund for payment in respect of any claim against or obligation of the
Fund. The Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and
for the benefit of the Fund, including, without limitation, funds delivered to the Trust for the purchase of shares in the Fund.

In furtherance
of the Consent, the holder agrees that any 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 the Fund, including the Down Shares, shall be enforceable against the assets of the Fund only, and not
against the assets of the Trust generally or of any other series of the Trust 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
series of the Trust shall be enforceable against the assets of the Fund. Any general Claims of the Trust which are not readily
identifiable as being held with respect to any particular series shall be allocated and charged by the Sponsor to and among any
one or more of the series in such manner and on such basis as the Sponsor in its sole and absolute discretion deems fair and equitable.
Notice of the contractual limitation on liabilities among series described in the first sentence of this paragraph is set forth
in the Certificate of Trust of the Trust (whether originally or by amendment) as filed in the Office of the Secretary of State
of the State of Delaware pursuant to the DSTA, and the statutory provisions of section 3804 of the DSTA relating to limitations
on liabilities among series (and the statutory effect under section 3804 of the DSTA of setting forth such notice in the certificate
of trust) are applicable to the Trust and each series thereof. Any Person extending credit to, contracting with or having any claim
against any series of the Trust may look only to the assets of such series to satisfy or enforce any Claim with respect to such
series. No Shareholder or former Shareholder of any series of the Trust shall have a claim on or any right to any assets allocated
or belonging to any other series, except to the extent that such Shareholder or former Shareholder has such a claim or right under
the Trust Agreement as a Shareholder or former Shareholder of such other series.

The foregoing Consent
shall apply at all times notwithstanding that the Claims are satisfied, that the Down Shares represented by this Certificate are
sold, transferred, redeemed or in any way disposed of, and that the agreements in respect of such Claims are terminated, rescinded
or canceled.

    	B-2

    	 

    

The Trust Agreement,
and this Certificate, have been executed and delivered by AccuShares Investment Management, LLC, as Sponsor, in the exercise of
the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made
on the part of the Trust in the Trust Agreement or the Fund in this Certificate are made and intended not as personal representations,
undertakings and agreements by AccuShares Investment Management, LLC but are made and intended for the purpose of binding only
the Trust and the Fund. Nothing in the Trust Agreement or this Certificate shall be construed as creating any liability on AccuShares
Investment Management, LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided
in the Trust Agreement or this Certificate.

This Certificate
shall not become valid or binding for any purpose until properly executed by the Sponsor pursuant to the Trust Agreement.

Capitalized terms
not defined herein have the same meaning as in the Trust Agreement.

IN WITNESS WHEREOF,
AccuShares Investment Management, LLC, as Sponsor, has caused this Certificate to be executed in its name by the manual or facsimile
signature of two of its authorized officers.

 

	 	 	 	 
	 	 	 	AccuShares Commodities Trust I with respect to ____________________
	 	 	 
	 	By:	 	AccuShares Investment Management, LLC, as Sponsor
	 	 	 
	 	By:	 	
 
	 	 	 	Authorized Officer
	 	 	 
	 	By:	 	
 
	 	 	 	Authorized Officer
	 	 
	 	Date:                     , _____

 

 

    	B-3Exhibit 4.2

[FORM OF AUTHORIZED PARTICIPANT
AGREEMENT]

AUTHORIZED PARTICIPANT
AGREEMENT (this “Agreement”) dated as of [•], 2014 between [•], a [•] [organized] under the
laws of [•] (the “Authorized Participant”) and AccuShares Investment Management, LLC, a Delaware limited
liability company, acting in its capacity as sponsor (the “Sponsor”) of AccuShares Commodities Trust I, a Delaware
statutory trust (the “Trust”), on behalf of the separate fund series listed from time to time on Annex A
hereto (each a “Fund” and collectively, the “Funds”). This Agreement is subject to acceptance
by State Street Bank and Trust Company, a Massachusetts trust company acting in its capacity as transfer agent, dividend and distribution
disbursing agent and agent in connection with certain other activities of each Fund of the Trust (the “Transfer Agent”).

R E C I T A L S

 

A.               
The Trust was created under the Delaware Statutory Trust Act pursuant to its Second Amended and Restated Trust Agreement
dated as of June 16, 2014 (the “Trust Agreement”) between the Trustee and the Sponsor. Pursuant to the Trust
Agreement, each Fund may from time to time issue or redeem equity securities (“Shares”) of each of its paired
classes (each a “Class” or “Paired Class” and collectively, the “Classes”
or “Paired Classes,” of such Fund), with each Share representing a fractional, undivided beneficial interest
in the assets of such Fund attributable to such Share’s Class, as specified in the Trust Agreement. One Class of each Fund’s
Shares shall be positively linked to the Fund’s Underlying Index (“Up Shares”) and the other Class shall
be negatively linked to the Fund’s Underlying Index (“Down Shares”), as listed for each Fund on Annex
A hereto. Each Fund will, at all times, have equal numbers of Up Shares and Down Shares. The Up Shares and Down Shares of a
Fund are referred to herein as “Paired Shares.”

B.                
Each issuance of Paired Shares by a Fund will be offered pursuant to a prospectus (each, as amended, restated or supplemented
from time to time, a “Prospectus”) that shall be filed as part of an effective registration statement (each,
as amended or restated from time to time, a “Registration Statement” and collectively, the “Registration
Statements”), filed with the Securities and Exchange Commission (“SEC”).

C.                
In accordance with this Agreement, as supplemented by the Creation and Redemption Procedures on Schedule 1 hereto
(such procedures, as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof,
the “Procedures”), and the terms of the Trust Agreement, the Trust, acting through the Sponsor on behalf of
the applicable Fund, may create and redeem the applicable Paired Shares of the applicable Fund in units of equal amounts of Up
Shares and Down Shares in each case only in the aggregate amounts as set forth in Annex A hereto (each such unit, a “Basket”)
and integral multiples thereof and only in transactions with a Person who, at the time of the transaction, shall have executed
an Authorized Participant Agreement with the Trust with respect to such Fund that remains in effect at such time.

D.               
In exchange for the deposit of cash in an amount equal to the applicable aggregate Cash Amount, an Authorized Participant
may create one or more Baskets of a Fund. In exchange for a deposit of the number of applicable Paired Shares constituting one
or more Baskets of a Fund, an Authorized Participant may redeem such Basket(s) for the applicable aggregate Cash Amount.

    	 

    	 

    

E.                
 This Agreement is intended to set forth certain premises and the procedures by which the Authorized Participant may purchase
and/or redeem Baskets of Paired Shares with cash settlement occurring (i) through the Continuous Net Settlement (“CNS”)
clearing processes of the National Securities Clearing Corporation (“NSCC”) as such processes have been enhanced
to effect purchases and redemptions of Baskets, such processes being referred to herein as the “CNS Clearing Process,”
or (ii) outside the CNS Clearing Process, through the manual process of The Depository Trust Company (“DTC”)
(such process, the “DTC Process”), and with Paired Share settlement occurring through the facilities of DTC.

F.                 
[•] has requested to become an “Authorized Participant” with respect to each Fund, and the Sponsor has
agreed to such request.

NOW, THEREFORE,
in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

Section 1. Procedures.
The Authorized Participant will purchase or redeem Baskets of Paired Shares of each Fund in compliance with the Procedures, through
the Transfer Agent’s online services (https://secure.globallink.com/fundconnect/inv/) or using the form (the “Order Form”) contained
in Annex I thereto (a “Purchase Order,” in the case of an order to purchase one or more Baskets
of Paired Shares issued by a specified Fund and a “Redemption Order,” in case of an order to redeem one or more
Baskets of Paired Shares issued by a specified Fund). All Purchase Orders and Redemption Orders (collectively, “Orders”)
shall be placed and executed in accordance with the Trust Agreement as supplemented by the Procedures. The Procedures, including
Annex I thereto, are hereby incorporated by reference into, and made a part of, this Agreement.

Section 2. Incorporation
of Standard Terms. The Standard Terms contained in Schedule 2 hereto (the “Standard Terms”) are hereby
incorporated by reference into, and made a part of, this Agreement.

Section 3. Conflicts
Rules. To the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement,
the provisions of the Trust Agreement will govern. To the extent there is a conflict between any provision of the Procedures and
any other provision of this Agreement, the provisions of the Procedures will govern. To the extent there is a conflict between
any provision of the Standard Terms and any other provision of this Agreement, the other provisions of this Agreement will govern.
To the extent there is a conflict between any provision of this Agreement and the provisions of the applicable Fund’s Prospectus,
the provisions of such Prospectus will govern.

Section 4. Fees.
In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the Authorized Participant
agrees to pay the Transaction Fee with respect to such creation or redemption. If the Authorized Participant does not pay the Transaction
Fee, the Fund shall be entitled to reduce the amount of any money or other proceeds due to the Authorized Participant or any Authorized
Participant Client by the Transaction Fee. The Transaction Fee may be adjusted from time to time as set forth in the Trust Agreement.
As described in the Procedures, the Authorized Participant agrees to pay an additional fee if the Authorized Participant fails
timely to deliver the

    	2

    	 

    

aggregate Cash Amount with respect to
a Purchase Order, or the Baskets with respect to a Redemption Order, as the case may be.

Section 5. Authorized
Representatives. Pursuant to Section 2.01 of the Standard Terms, the Authorized Representatives of the Authorized Participant
are listed on Schedule 3 hereto.

Section 6. Representations,
Warranties and Covenants. The Authorized Participant hereby represents, warrants and covenants as follows:

(a) With respect
to Orders placed (i) through the CNS Clearing Process, it is a member of NSCC and an “authorized participant” in the
CNS System of NSCC (a “Participating Party”), and/or (ii) outside the CNS Clearing Process, it is a DTC Participant.
Any change in the foregoing status of the Authorized Participant shall terminate this Agreement and the Authorized Participant
shall give prompt written notice to the Sponsor and the Transfer Agent of any such change. The Authorized Participant shall place
any and all Orders in accordance with the procedures for purchase and redemption set forth in this Agreement and the Prospectus.

(b) The Authorized
Participant has the capability to send and receive communications via authenticated telecommunication facility to and from the
Transfer Agent and the Authorized Participant’s custodian. The Authorized Participant shall confirm such capability to the
satisfaction of the Transfer Agent prior to placing its first Order with the Transfer Agent (whether it is a Purchase Order or
a Redemption Order).

(c) With respect
to any Redemption Order with respect to a Fund submitted following a Distribution Date, for which the Sponsor has agreed to settlement
prior to the record date of a Regular Distribution, Special Distribution or Net Income Distribution declared on such Distribution
Date pursuant to Sections 3.01(d) and (e) of the Procedures, the Authorized Participant on behalf of itself and each Authorized
Participant Client acknowledges and agrees to pay to the Fund an amount in cash equal to the sum of (i) the aggregate Class Values
per Share of any Shares, plus (ii) any cash, distributed to it or any Authorized Participant Client in such Distribution in respect
of any Shares that are subject to such Redemption Order (the “AP Amount”). If the Authorized Participant does
not pay the AP Amount, the Fund shall be entitled to reduce the amount of any money or other proceeds, or the number of Shares,
due to the Authorized Participant or any Authorized Participant Client by the AP Amount or a number of Shares with aggregate Class
Values per Share equal to the AP Amount, respectively.

Section 7. Acknowledgment.
The Authorized Participant acknowledges receipt of (a) a copy of the Trust Agreement and (b) each Fund’s current Prospectus,
and represents that it has reviewed and understands such documents.

Section 8. Notices.
Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall
be given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class
mail, return receipt requested, or by  facsimile, electronic mail or similar means of same day delivery (transmission
confirmation received), with a confirming copy by regular mail, postage prepaid, in each case addressed as follows:

    	3

    	 

    

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

AccuShares Investment
Management, LLC

1 Bridge Plaza North, Suite 468

Fort Lee, New Jersey 07024

Attention: Forrest Gilman

Telephone: (201) 399-4700

Facsimile: (203) 998-0435

E-Mail: forrest.gilman@accushares.com

(b) If to the Transfer Agent:

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) 937-0420

With a copy to:

State Street Bank and Trust Company

2 Avenue de Lafayette, 2nd Floor (LCC/2)

Boston, MA 02110

Attn: Mary Moran Zeven, Esq.

Telephone: (617) 662-1783

Facsimile: (617) 662-2702

(c) If to the Authorized Participant:

[•]

Attn: [•]

[•]

Telephone: [•]

Facsimile: [•]

E-Mail: [•]

or such other address as any of the parties hereto shall
have communicated in writing to the other parties hereto in compliance with the provisions hereof.

Section 9. Effectiveness,
Termination and Amendment. This Agreement shall become effective upon execution and delivery hereof by each of the parties
hereto. Unless earlier terminated (a) pursuant

    	4

    	 

    

to Section 6(a) hereof, (b) pursuant
to Section 14 hereof or (c) with respect to a Fund, upon the termination of such Fund, this Agreement may be terminated at any
time by any party hereto upon sixty days prior written notice to the other parties hereto and may be terminated earlier by the
Sponsor at any time in the event of a breach by the Authorized Participant of any provision of this Agreement. This Agreement and
the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement
between or among the parties hereto concerning the matters governed hereby; provided, however, that the Authorized Participant
shall not be deemed by this provision to be a party to the Trust Agreement. This Agreement may be amended by the Sponsor from time
to time without the consent of the Authorized Participant or any Beneficial Owner, upon written notice to the Authorized Participant,
which notice shall include a copy of the proposed amendment. Any such amendment shall become effective ten Business Days following
receipt of such notice. For the avoidance of doubt, the termination of this Agreement with respect to one Fund does not affect
the status of this Agreement with respect to the other Funds.

Section 10. Governing
Law. This Agreement and all the transactions contemplated hereby shall be governed by and interpreted in accordance with the
laws of the State of New York (without giving effect to its conflict of law provisions) as to all matters including matters of
validity, construction, effect, performance and remedies. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
of any New York State or United States Federal court sitting in New York City over any suit, action or proceeding arising out of,
or relating to, this Agreement. Each party hereto hereby waives any claim of forum non conveniens and any objections as to laying
of venue that it may be entitled to, and further waives personal service of any summons, complaint or other process and agrees
that service thereof may be made by certified or registered mail directed to such party at such party’s address, as determined
in accordance with Section 8 hereof.

Section 11. Assignment.
No party to this Agreement shall assign any of its rights, or delegate the performance of any of its obligations, arising hereunder
without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided, that
any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereto shall be a merging, consolidating or converting party, shall
be the successor of such party hereto without any such consent. The entity resulting from any such merger, conversion or consolidation
shall promptly notify the other parties hereto of such merger, consolidation or conversion. Any purported assignment or delegation
in violation of these provisions shall be null and void. Notwithstanding the foregoing, any successor transfer agent of the Trust
appointed by the Sponsor shall automatically be deemed to have accepted this Agreement and shall assume all the obligations, and
be entitled to all the rights and remedies, of the Transfer Agent hereunder with respect to the Trust and the applicable Funds.

Section 12. No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction will be applied against any party hereto.

Section 13. Counterparts.
This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one
and the same instrument.

Section 14. Severance.
If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national
body or authority or regulatory

    	5

    	 

    

or self-regulatory organization to be
invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and
such holding shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement
will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Sponsor determines
in its sole discretion, after consulting with the Transfer Agent, that such holding does affect the validity, legality or enforceability
of one or more other provisions of this Agreement, and this Agreement with respect to any or all Funds should not be continued
without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification
to the Transfer Agent of such a determination, this Agreement with respect to such Funds shall immediately terminate and the Sponsor
will so notify the Authorized Participant and the Transfer Agent immediately.

Section 15. Waiver
of Compliance. Any failure of any of the parties hereto to comply with any obligation, covenant, agreement or condition herein
may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver,
but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition
herein, shall not operate as a waiver of, or give rise to any claim of estoppel with respect to, any subsequent or other failure
hereunder.

Section 16. Third
Party Beneficiaries. Each Indemnified Party (as defined in the Standard Terms), to the extent it is not a party to this
Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may
proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in
its own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly
benefits such Third Party Beneficiary. The provisions of this Section 16 shall survive termination of this Agreement.

Section 17. Force
Majeure. The Sponsor, the Transfer Agent and the Authorized Participant shall not incur any liability for any delay in performance,
or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control.
This includes any Act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action,
acts and regulations and rules of any governmental or supra-national bodies or authorities or regulatory or self-regulatory organization
or failure of any such body, authority or organization for any reason to perform its obligations.

Section 18. Ambiguous
Instructions. If an Order Form otherwise in good form contains order terms that differ from the information provided in the
telephone call at the time of issuance of the applicable Order Number, the Transfer Agent will attempt to contact one of the Authorized
Representatives of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Representative
confirms the terms as they appear in the Order, then the Order shall be accepted and processed. If an Authorized Representative
contradicts the Order terms, the Order shall be deemed invalid, and a corrected Order must be received by the Transfer Agent not
later than the earlier of: (a) within 15 minutes of such contact with the Authorized Representative; or (b) 45 minutes after the
Order Cut-Off Time. If the Transfer Agent is not able to contact an Authorized Representative, then the Order shall be accepted
and processed in accordance with its terms notwithstanding any inconsistency with the terms of the telephone information. In the
event that an Order contains terms that are illegible, the Order shall be deemed invalid and the Transfer Agent will attempt to
contact one of the Authorized Representatives of the Authorized Participant to request retransmission of the Order.

    	6

    	 

    

A corrected Order must be received by
the Transfer Agent not later than the earlier of (i) within 15 minutes of such contact with the Authorized Representative or (ii)
45 minutes after the Order Cut-Off Time, as the case may be.

Section 19. Headings.
Titles and section headings in this Agreement are included solely for convenient reference and are not a part of this Agreement.

Section 20. Definitions.
Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Procedures or, if
not defined therein, in the Trust Agreement.

 

[Signatures Follow on Next Page]

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Authorized Participant Agreement as of the date first set forth above.

 

ACCUSHARES INVESTMENT MANAGEMENT, LLC,
in its capacity as

Sponsor of the Trust, on behalf of each Fund

By:_________________________________

Name:

Title:

[AUTHORIZED PARTICIPANT] 

By:_________________________________

Name:

Title:

 

 

 

ACCEPTED BY:

 

STATE STREET BANK AND TRUST COMPANY, in
its capacity as

Transfer Agent of each Fund

By:_________________________________

Name:

Title:

    	8

    	 

    

[•],
2014

ANNEX A

Funds, Paired Shares and Basket
Size

 

The Paired Shares
of each Fund are listed on the NASDAQ OMX under the following symbols and CUSIP numbers and can be created and redeemed only in
the Basket aggregation of Paired Shares (or integral multiples thereof) indicated for each Fund:

	Fund/Class	Trading Symbol	CUSIP Number	Basket1
	AccuShares S&P GSCI Spot Fund:	 	 	 
	AccuShares S&P GSCI Spot Up Shares	GSCU	00439V 300	25,000
	AccuShares S&P GSCI Spot Down Shares	GSCD	00439V 409	25,000
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund:	 	 	 
	AccuShares S&P GSCI Agriculture and Livestock Spot Up Shares	AGUP	00439V 508	25,000
	AccuShares S&P GSCI Agriculture and Livestock Spot Down Shares	AGDN	00439V 607	25,000
	AccuShares S&P GSCI Industrial Metals Spot Fund:	 	 	 
	AccuShares S&P GSCI Industrial Metals Spot Up Shares	MTLU	00439V 706	25,000
	AccuShares S&P GSCI Industrial Metals Spot Down Shares	MTLD	00439V 805	25,000
	AccuShares S&P GSCI Crude Oil Spot Fund:	 	 	 
	AccuShares S&P GSCI Crude Oil Spot Up Shares	SPTU	00439V 888	25,000
	AccuShares S&P GSCI Crude Oil Spot Down Shares	SPTD	00439V 870	25,000
	AccuShares S&P GSCI Brent Oil Spot Fund:	 	 	 
	AccuShares S&P GSCI Brent Oil Spot Up Shares	BRTU	00439V 862	25,000
	AccuShares S&P GSCI Brent Oil Spot Down Shares	BRTD	00439V 854	25,000
	AccuShares S&P GSCI Natural Gas Spot Fund:	 	 	 
	AccuShares S&P GSCI Natural Gas Spot Up Shares	NGUP	00439V 847	25,000
	AccuShares S&P GSCI Natural Gas Spot Down Shares	NGDN	00439V 839	25,000
	AccuShares Spot CBOE VIX Fund:	 	 	 
	AccuShares Spot CBOE VIX Up Shares	VXUP	00439V 102	25,000
	AccuShares Spot CBOE VIX Down Shares	VXDN	00439V 201	25,000

 

1
For any Fund, a Basket is composed of the quantity of both Up Shares and Down Shares indicated.

    	 

    	 

    

 

Order Cut-Off Times

 

The “Order
Cut-Off Time” for each Fund is as follows, or such earlier time as the Sponsor shall determine if necessitated by the
NASDAQ OMX closing early:

	Fund	Order Cut-Off Time
	AccuShares S&P GSCI Spot Fund	4:00 p.m. (New York time)
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund	4:00 p.m. (New York time)
	AccuShares S&P GSCI Industrial Metals Spot Fund	4:00 p.m. (New York time)
	AccuShares S&P GSCI Crude Oil Spot Fund	4:00 p.m. (New York time)
	AccuShares S&P GSCI Brent Oil Spot Fund	4:00 p.m. (New York time)
	AccuShares S&P GSCI Natural Gas Spot Fund	4:00 p.m. (New York time)
	AccuShares Spot CBOE VIX Fund	4:00 p.m. (New York time)

 

 

    	 

    	 

    

SCHEDULE 1—CREATION AND REDEMPTION
PROCEDURES

    	 

    	 

    

TABLE OF CONTENTS—SCHEDULE
1:

	 	 	Page
	ARTICLE
    I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01	Definitions	1
	Section 1.02	Interpretation	4
	Section 1.03	Conflicts	5
	ARTICLE
    II CREATION PROCEDURES	5
	Section 2.01	Initial Creation
    of Shares	5
	Section 2.02	Subsequent Creation
    of Shares	5
	ARTICLE
    III REDEMPTION PROCEDURES	7
	Section 3.01	Redemption of
    Shares	7

 

    	i

    	 

    

CREATION AND REDEMPTION PROCEDURES

Adopted by the Sponsor
and Transfer Agent (each as defined below) as of [•], 2014.

 

Article
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01       
Definitions. For purposes of these Creation and Redemption Procedures (“Procedures”), and the
Standard Terms incorporated by reference into the Authorized Participant Agreement of which these Procedures are a part, unless
the context otherwise requires, the following terms will have the following meanings:

“1933 Act”
means the U.S. Securities Act of 1933, as amended.

“1934 Act”
means the U.S. Securities Exchange Act of 1934, as amended.

“Affiliate”
shall have the meaning ascribed to such term in Rule 501(b) under the 1933 Act.

“Authorized
Participant” shall mean any Person identified as an Authorized Participant in any Authorized Participant Agreement.

“Authorized
Participant Agreement” shall mean the Authorized Participant Agreement among the applicable Authorized Participant and
the Sponsor, of which these Procedures are a part.

“Authorized
Participant Client” means any Person on whose behalf the Authorized Participant acts in connection with an Order (whether
a customer or otherwise).

“Authorized
Representative” shall mean, with respect to any Authorized Participant, each individual who, pursuant to the provisions
of the Authorized Participant Agreement applicable to such Authorized Participant, has the power and authority to act on behalf
of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of
the personal identification number (PIN) assigned by the Transfer Agent for use in any communications regarding Orders on behalf
of such Authorized Participant.

“Basket”
shall have the meaning ascribed to such term in Recital C of the Authorized Participant Agreement.

“Beneficial
Owner” shall have the meaning ascribed to such term in Rule 16a-1(a)(2) under the 1934 Act.

“Business
Day” shall mean each day the Exchange is open for regular trading.

“cash”
shall mean United States dollars (US$).

    	S1-1

    	 

    

“Cash Amount”
shall mean the amount of cash equal to the total Class Values per Share of the Paired Shares constituting a Basket as of the Class
Value Calculation Time on the applicable Order Date that is (i) payable to a Fund upon the settlement of any accepted Purchase
Order or (ii) payable to an Authorized Participant upon settlement of any accepted Redemption Order.

“Class
Value” shall have the meaning ascribed to such term in the Trust Agreement.

“Class
Value Calculation Time” shall mean the time of closing of the Exchange on each Business Day, or at such earlier time
as the Sponsor shall determine and post on its website (www.AccuShares.com) if necessitated by the Exchange closing early.

“Class
Value per Share” shall have the meaning ascribed to such term in the Trust Agreement.

“CNS”
shall have the meaning ascribed to such term in Section 2.02(d) hereof.

“Corrective
Distribution” shall have the meaning ascribed to such term in the Trust Agreement.

“Creation
and Redemption Line” shall mean a telephone number designated as such by the Transfer Agent and communicated to each
Authorized Participant in compliance with the notice provisions of the Authorized Participant Agreement.

“Distribution”
with respect to any Fund shall mean any Regular Distribution, Special Distribution, Corrective Distribution or Net Income Distribution
with respect to the Shares of such Fund.

“Distribution
Date” shall have the meaning ascribed to such term in the Trust Agreement.

“Down Shares”
shall have the meaning ascribed to such term in Recital A of the Authorized Participant Agreement.

“DTC”
shall mean The Depository Trust Company, its nominees and their respective successors.

“DVP”
shall have the meaning ascribed to such term in Section 2.02(d) hereof.

“Exchange”
shall have the meaning ascribed to such term in the Trust Agreement.

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc..

“Fund”
or “Funds” shall have the meanings ascribed to such terms in the preamble of the Authorized Participant
Agreement.

“Initial
Creation” shall have the meaning ascribed to such term in Section 2.01 hereof.

    	S1-2

    	 

    

“Net Income
Distribution” shall have the meaning ascribed to such term in the Trust Agreement.

“NSCC”
shall have the meaning ascribed to such term in Section 2.02(d) hereof.

“Orders”
shall have the meaning ascribed to such term in Section 1 of the Authorized Participant Agreement.

“Order
Cut-Off Time” shall have the meaning ascribed to such term in Annex A to the Authorized Participant Agreement.

“Order
Date” shall mean the Business Day on which a Purchase Order or Redemption Order is submitted prior to the Order Cut-Off
Time.

“Order
Number” shall have the meaning ascribed to such term in Section 2.02(b)(i) hereof.

“Paired
Shares” shall have the meaning ascribed to such term in Recital A of the Authorized Participant Agreement.

“Person”
shall mean any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof.

“Procedures”
shall have the meaning ascribed to such term in Recital C of the Authorized Participant Agreement.

“Prospectus”
shall have the meaning ascribed to such term in Recital B of the Authorized Participant Agreement.

“Purchase
Order” shall have the meaning ascribed to such term in Section 1 of the Authorized Participant Agreement.

“Redemption
Order” shall have the meaning ascribed to such term in Section 1 of the Authorized Participant Agreement.

“Registration
Statement” shall have the meaning ascribed to such term in Recital B of the Authorized Participant Agreement.

“Regular
Distribution” shall have the meaning ascribed to such term in the Trust Agreement.

“Shares”
shall have the meaning ascribed to such term in Recital A of the Authorized Participant Agreement.

“Special
Distribution” shall have the meaning ascribed to such term in the Trust Agreement.

    	S1-3

    	 

    

“Sponsor”
shall mean AccuShares Investment Management, LLC, a Delaware limited liability company, in its capacity as sponsor under the Trust
Agreement, and any successor thereto in compliance with the provisions thereof.

“T”
shall mean the Order Date.

“T+3”
shall have the meaning ascribed to such term in Section 2.02(d) hereof.

“T+5”
shall have the meaning ascribed to such term in Section 2.02(f) hereof.

“Transaction
Fee” shall mean a per Order transaction fee of such amount as stated in the Prospectus of the applicable Fund, or such
other amount as the Sponsor may determine in its sole discretion.

“Transfer
Agent” shall mean State Street Bank and Trust Company, Massachusetts trust company, in its capacity as transfer agent,
dividend and distribution disbursing agent and agent in connection with certain other activities of each Fund, and any successor
thereto in compliance with the provisions that certain Transfer Agency and Service Agreement dated as of June 16, 2014 by and among
the Trust, on behalf of each Fund, the Sponsor and the Transfer Agent.

“Trustee”
shall mean Wilmington Trust, N.A., a national banking association, in its capacity as trustee under the Trust Agreement, and any
successor thereto in compliance with the provisions thereof.

“Trust”
shall mean AccuShares Commodities Trust I.

“Trust
Agreement” shall have the meaning ascribed to such term in Recital A of the Authorized Participant Agreement.

“Up Shares”
shall have the meaning ascribed to such term in Recital A of the Authorized Participant Agreement.

Section 1.02       
Interpretation. In these Procedures:

Unless otherwise
indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules
or exhibits in or to these Procedures.

To the extent that term(s) defined in Section 1.01 hereof apply to a Fund that has not commenced operations as of any relevant
date and such Fund is listed or to be listed on Annex A to the Authorized Participant Agreement, such term(s) shall not be
operative and any provisions relating to such a Fund and its Shares contained in the Authorized Participant Agreement shall
have no effect until such Fund’s Shares commence trading on the Exchange, whereupon such terms and provisions shall
become automatically operative and effective without any further action by the parties to the Authorized Participant Agreement.

The words “hereof,”
“herein,” “hereunder” and words of similar import shall refer to these Procedures as a whole, and not to
any individual provision in which such words may appear.

A reference to any
statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree,
rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.

A reference to any
agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have
been amended from time to time in compliance with the provisions thereof.

       

    	S1-4

    	 

    

Section 1.03       
Conflicts. In case of conflict
between any provision of these Procedures and the terms of the Trust Agreement, the terms of these Procedures shall control.

Article
II

CREATION PROCEDURES

Section 2.01       
Initial Creation of Shares. The initial creation of Shares of each Fund (the “Initial Creation”)
will take place in compliance with such procedures as the Transfer Agent, the Sponsor and the initial purchaser of a Fund’s
Shares may agree.

Section 2.02       
Subsequent Creation of Shares. After the Initial Creation, the issuance and delivery of Paired Shares of each Fund
shall take place only in integral numbers of Baskets in compliance with the following rules:

(a)               
Authorized Participants wishing to acquire from such Fund one or more Baskets shall place a Purchase Order with the Transfer
Agent no later than the Order Cut-Off Time for such Fund on any Business Day. Purchase Orders received by the Transfer Agent on
or after the Order Cut-Off Time for such Fund on any Business Day shall be deemed received at the opening of business on the next
Business Day and shall have as their Order Date such next Business Day.

(b)              
For purposes of paragraph (a) above, a Purchase Order shall be deemed “received” by the Transfer Agent only
when either of the following has occurred no later than one second before the Order Cut-Off Time:

(i)                
Telephone/Fax Order – An Authorized Representative shall have placed a telephone call to the Transfer Agent’s
Creation and Redemption Line informing the Transfer Agent that the Authorized Participant wishes to place a Purchase Order for
a specified number of Baskets and requesting the Transfer Agent provide an order number (an “Order Number”),
which the Transfer Agent shall provide, and, within one hour following such telephone call, the Transfer Agent shall have received,
via facsimile or electronic mail message, a duly completed, irrevocable Purchase Order including the Order Number previously provided
by the Transfer Agent and executed by an Authorized Representative of such Authorized Participant, or

(ii)              
Web-based Order – An Authorized Representative shall have placed such Purchase Order through the Transfer Agent’s
online services (https://secure.globallink.com/fundconnect/inv/).

(c)               
Upon receipt of a valid Purchase Order, the Transfer Agent shall send to the Authorized Participant submitting such Purchase
Order, via facsimile or electronic mail message, a copy of such Purchase Order endorsed with the word “Accepted” by
the Sponsor no later than 6:00 p.m. (New York time) on the date the Transfer Agent receives such acceptance from the Sponsor. Such
Purchase Order shall indicate:

(i)                
the aggregate Cash Amount that the Authorized Participant shall deliver to the Fund as consideration for the Basket(s) subject
to the Purchase Order;

    	S1-5

    	 

    

(ii)              
 the Transaction Fee due to the applicable Fund’s custodian; and

(iii)            
the number of Basket(s) and number of Up Shares and Down Shares of the Fund to be issued under the Purchase Order.

Prior to the
transmission of the acceptance as specified above, a Purchase Order will only represent the submitting Authorized Participant’s
unilateral offer to deposit the aggregate Cash Amount in exchange for Baskets of Shares and will have no binding effect upon the
Trust, any Fund, the Sponsor, the Transfer Agent or any other Person.

(d)              
No later than 12:00 noon (New York time) on the third Business Day following the Order Date for the Purchase Order (“T+3”),
or on such earlier date and time as the Sponsor in its sole discretion may agree, the submitting Authorized Participant shall deliver
the aggregate Cash Amount set forth in the acceptance of the Purchase Order to the account of the Fund via either (1) the Continuous
Net Settlement (“CNS”) clearing process of National Securities Clearing Corporation (“NSCC”),
as such processes have been enhanced to effect creations and redemptions of Baskets, or (2) the facilities of DTC on a Delivery
Versus Payment (“DVP”) basis.

(e)               
On T+3, or on such earlier date and time as the Sponsor in its sole discretion may agree, simultaneously with receipt of
the aggregate Cash Amount, the Fund shall issue the aggregate number of Paired Shares corresponding to the Basket(s) subject to
the accepted Purchase Order and deliver them, by credit to the account at DTC which the Authorized Participant shall have identified
for such purpose in its Purchase Order; provided that, prior to such issuance and delivery:

(i)                
the submitting Authorized Participant shall have paid or agreed to pay the applicable Fund’s custodian the Transaction
Fee; and

(ii)              
any other conditions to the issuance under the Trust Agreement shall have been satisfied.

(f)               
Delayed Settlement. If the aggregate Cash Amount is not delivered on the date required pursuant to paragraph (e)
above, upon the approval or at the direction of the Sponsor, in the Sponsor’s sole discretion, the Fund shall issue the aggregate
number of Paired Shares corresponding to the Basket(s) subject to the Purchase Order and deliver them, by credit to the account
at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order, simultaneously with receipt
of the aggregate Cash Amount on a date that is up to five Business Days following T (“T+5”); provided
that by such time and on or before such date the conditions set forth in clauses (i) and (ii) of paragraph (f) above shall have
been met. The Sponsor may, in its sole discretion, require the Authorized Participant to pay a fee in connection with any delayed
settlement pursuant to this paragraph (g) in such amount as the Sponsor may determine.

(g)              
Accelerated Settlement Fee and Reimbursement. The Sponsor may, in its sole discretion, require the Authorized Participant
to pay a fee in connection with any accelerated settlement pursuant to Sections 2.02(d) and (e) hereof in such amount as the Sponsor
may determine. If the accelerated settlement of any Purchase Order with respect

    	S1-6

    	 

    

to a Fund causes the Authorized
Participant to receive a smaller amount of cash or Shares in any Regular Distribution, Special Distribution or Net Income Distribution
than it would otherwise receive, the Fund shall reimburse the Authorized Participant for such amount.

Article
III

REDEMPTION PROCEDURES

Section 3.01       
Redemption of Shares. Redemptions of Paired Shares of each Fund shall take place only in integral numbers of Baskets
in compliance with the following rules:

(a)               
Authorized Participants wishing to redeem one or more Baskets of such Fund shall place a Redemption Order with the Transfer
Agent no later than the Order Cut-Off Time for such Fund on any Business Day. Redemption Orders received by the Transfer Agent
on or after the Order Cut-Off Time for such Fund on any Business Day shall be deemed received at the opening of business on the
next Business Day and shall have as their Order Date such next Business Day.

(b)              
For purposes of paragraph (a) above, a Redemption Order shall be deemed “received” by the Transfer Agent only
when either of the following has occurred no later than one second before the Order Cut-Off Time:

(i)                
Telephone/Fax Order – An Authorized Representative shall have placed a telephone call to the Transfer Agent’s
Creation and Redemption Line informing the Transfer Agent that the Authorized Participant wishes to place a Redemption Order for
a specified number of Baskets and requesting the Transfer Agent provide an Order Number, which the Transfer Agent shall provide,
and, within one hour following such telephone call, the Transfer Agent shall have received, via facsimile or electronic mail message,
a duly completed, irrevocable Redemption Order including the Order Number previously provided by the Transfer Agent and executed
by an Authorized Representative of such Authorized Participant, or

(ii)              
Web-based Order – An Authorized Representative shall have placed such Redemption Order through the Transfer Agent’s
online services (https://secure.globallink.com/fundconnect/inv/).

(c)               
Upon receipt of a valid Redemption Order, the Transfer Agent shall send to the Authorized Participant submitting such Redemption
Order, via facsimile or electronic mail message, a copy of such Redemption Order endorse with the word “Accepted” by
the Sponsor no later than 6:00 p.m. (New York time) on the date the Transfer Agent receives such acceptance from the Sponsor. Such
Redemption Order shall indicate:

(i)                
the account at DTC to which the Authorized Participant shall deliver the Paired Shares corresponding to each Basket to be
redeemed;

(ii)              
the aggregate Cash Amount that the Fund shall deliver to the Authorized Participant as consideration for the Basket(s) subject
to the Redemption Order;

    	S1-7

    	 

    

(iii)            
 the Transaction Fee due to the applicable Fund’s custodian; and

(iv)            
the number of Basket(s) and number of Up Shares and Down Shares of the Fund to be redeemed under the Redemption Order.

Prior to the
transmission of the acceptance as specified above, a Redemption Order will only represent the submitting Authorized Participant’s
unilateral offer to deposit the Baskets of Shares in exchange for the aggregate Cash Amount and will have no binding effect upon
the Trust, any Fund, the Sponsor, the Transfer Agent or any other Person.

(d)              
No later than 12:00 noon (New York time) on T+3, or on such earlier date and time as the Sponsor in its sole discretion
may agree, the Authorized Participant shall deliver the Paired Shares corresponding to each Basket of the Redemption Order to the
account of the Fund by credit to the account at DTC identified for such purpose in the acceptance of the Redemption Order.

(e)               
On T+3, or on such earlier date and time as the Sponsor in its sole discretion may agree, simultaneously with receipt of
the Paired Shares corresponding to each Basket of the Redemption Order, the Fund shall pay the aggregate Cash Amount set forth
in the acceptance of the Redemption Order to the account of the Authorized Participant via either (1) the CNS clearing process
of NSCC, as such processes have been enhanced to effect creations and redemptions of Baskets, or (2) the facilities of DTC on a
DVP basis; provided that, prior to such payment:

(i)                
the Authorized Participant has paid or agreed to pay the applicable Fund’s custodian the Transaction Fee; and

(ii)              
any other conditions to the redemption under the Trust Agreement shall have been satisfied.

(f)               
Delayed Settlement.

(i)                
If the Baskets to be redeemed are not delivered by the time required pursuant to paragraph (e) above, upon the approval
of the Sponsor, in the Sponsor’s sole discretion, the Transfer Agent at the direction of the Sponsor shall:

(A)            
cause the payment of the aggregate Cash Amount to the extent whole Baskets are received by such time. Any remainder of the
aggregate Cash Amount shall be delivered on the next Business Day to the extent any remaining whole Baskets are received by noon
(New York time) on such Business Day; provided that by such time and on or before such date the conditions set forth in
clauses (i) and (ii) of paragraph (f) above shall have been met with respect to such remaining whole Baskets. Any further outstanding
amount of the Redemption Order may be cancelled by the Sponsor, in its sole discretion;

(B)             
deliver the aggregate Cash Amount prior to delivery of the Baskets to be redeemed if the Authorized Participant has collateralized
its obligation to

    	S1-8

    	 

    

deliver the Redemption Unit through
DTC’s book-entry system on such terms as the Sponsor may, in its sole discretion, agree; or

(C)             
cause the payment of the aggregate Cash Amount for each Basket redeemed by the Authorized Participant to the account of
the Authorized Participant via either (x) the CNS clearing process of NSCC, as such processes have been enhanced to effect creations
and redemptions of Baskets, or (y) the facilities of DTC on a DVP basis on a date that is as late as T+5; provided that
by such time and on or before such date the conditions set forth in clauses (i) and (ii) of paragraph (f) above shall have been
met.

(ii)              
The Sponsor may, in its sole discretion, require the Authorized Participant to pay a fee in connection with any delayed
settlement pursuant to clause (i) of this paragraph (g) in such amount as the Sponsor may determine.

(g)              
Accelerated Settlement Fee. The Sponsor may, in its sole discretion, require the Authorized Participant to pay a
fee in connection with any accelerated settlement pursuant to Sections 3.01(d) and (e) hereof in such amount as the Sponsor may
determine.

    	S1-9

    	 

    

ANNEX I TO CREATION AND REDEMPTION PROCEDURES

 

ACCUSHARES COMMODITIES TRUST I

CREATION/REDEMPTION ORDER FORM

CASH ORDERS ONLY

 

	CONTACT INFORMATION FOR ORDER EXECUTION:
	Telephone order number	(855) 399-7720
	Fax order number:	(617) 937-0420

 

Participant must complete all items in Part 1. The Sponsor in its
sole discretion may reject any order not submitted in complete form.

 

I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT:

 

Name of Fund: ____________________________________________

 

Date: _______________________             Time: _________________             Order #________________________

 

	Authorized Participant Firm Name: _________________	DTC Participant No.: ___________________________ 
	 	NSCC Participant No.:__________________________
	Authorized Representative Name: __________________	Authorized Representative’s PIN No.: _____________
	Telephone Number:______________________	Fax Number:__________________________

 

	Up Shares Symbol:_______________________	Up Shares CUSIP#: ____________________________
	Down Shares Symbol:_____________________	Down Shares CUSIP#:__________________________

 

Type of order (Check Creation or Redemption please)

 

Creation: _______  Redemption: __________

 

	Number of Baskets:___________________	Number of Up Shares:_________________________________
	 	Number of Down Shares:_______________________________

Number of Up Shares written out:__________________________________________________________________

Number of Down Shares written out:_______________________________________________________________

 

This Purchase Order or Redemption Order is
subject to the terms and conditions of the Trust Agreement and the Authorized Participant Agreement between the Authorized Participant
and the Sponsor relating to the Paired Shares of the Fund, each as currently in effect. All representations and warranties of the
Authorized Participant set forth in such Authorized Participant Agreement are incorporated herein by reference and are true and
accurate as of the date hereof. Capitalized terms used but not defined in this Order shall have the meaning ascribed to them in
the Authorized Participant Agreement.

 

The undersigned does hereby certify as of the
date set forth below that he/she is an Authorized Representative of the Authorized Participant under the Authorized Participant
Agreement and that he/she is authorized to deliver this Purchase Order or Redemption Order to the Transfer Agent on behalf of the
Authorized Participant. The Authorized Participant acknowledges and agrees that that (1) once accepted by the Sponsor, this Purchase
Order or Redemption Order will become a legally binding contract for the delivery of the Cash Amount per Basket, or the number
of Baskets, indicated above, and, in either case, the applicable Transaction Fee, (2) the final aggregate Cash Amount will be announced
at the conclusion of the trading day on which acceptance occurs, and (3) any taxes incurred in connection with this transaction
will be the responsibility of, and will be reimbursed upon demand from the Fund or its agents by, the Authorized Participant.

 

	 	 
	____________________________________________	 
	Printed Name of Authorized Participant	 
	 	 
	By:__________________________________________	___________
	                    Authorized Representative’s Signature	         Date
	 	 
	Name:________________________________________	 
	Title:_________________________________________	 
	 	 

 

    	 

    	 

    

II. TO BE COMPLETED BY TRANSFER AGENT:

 

 

	Final # of Baskets: ________________________	Final # of Up Shares:________________________
	 	Final # of Down Shares:_____________________

 

Final Aggregate Cash Amount Due: $__________________________________

 

Final Transaction Fee Due to the Fund’s Custodian: $_____________________

 

DTC No.:_______________________________________________

 

NSCC No.:______________________________________________

 

 

 

III. TO BE COMPLETED BY THE SPONSOR:

 

This certifies that the above order has been:

 

____________________________Accepted by the Sponsor

 

____________________________Declined-Reason:_______________________________________

 

 

 

	_____________	_____________	____________________________________________________
	Date	Time	Authorized Signature of Sponsor
	 	 	Name:_______________________________________________
	 	 	Title:________________________________________________

 

    	 

    	 

    

 

SCHEDULE 2—STANDARD TERMS

 

    	 

    	 

    

TABLE OF CONTENTS—SCHEDULE 2

	 	Page
	ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION	1
	Section 1.01. Authorization to Purchase and Redeem Baskets	1
	Section 1.02. Procedures for Orders	1
	Section 1.03. Consent to Recording	1
	Section 1.04. Irrevocability	1
	Section 1.05. Costs and Expenses	1
	Section 1.06. Delivery of Cash Amount to a Fund; Cancellation of Orders	1
	Section 1.07. Shares Surrendered for Redemption	1
	Section 1.08. Rejection, Postponement or Suspension of Orders	2
	ARTICLE II AUTHORIZED REPRESENTATIVES	2
	Section 2.01. Certification	2
	Section 2.02. PIN Numbers	2
	Section 2.03. Termination of Authority	3
	Section 2.04. Verification	3
	ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT	3
	Section 3.01. Clearing Status	3
	Section 3.02. Broker-Dealer Status	4
	Section 3.03. Foreign Status	4
	Section 3.04. Compliance with Certain Laws	4
	Section 3.05.
Authorized Participant Status	4
	ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT	5
	Section 4.01. Independent Contractor	5
	Section 4.02. Rights and Obligations of DTC Participant	5
	Section 4.03. Beneficial Owner Communications	5
	ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS	5
	Section 5.01. Authorized Participant’s Representation	5
	Section 5.02. Prospectus	6
	ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY; ASSETS AND LIABILITIES OF THE FUNDS	7
	Section 6.01. Indemnification	7
	Section 6.02. Limitation of Liability	8
	Section 6.03. Assets and Liabilities of the Funds	8
	Section 6.04. Survival	9
	ARTICLE VII MISCELLANEOUS	9
	Section 7.01. Commencement of Trading	9
	Section 7.02. Definitions	9

    	i

    	 

    

STANDARD TERMS
FOR AUTHORIZED PARTICIPANT AGREEMENTS

(the “Standard
Terms”) as of [•], 2014

ARTICLE I

ORDERS FOR PURCHASE AND REDEMPTION

Section 1.01. Authorization
to Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement and the Trust Agreement,
during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets
of Shares.

Section 1.02. Procedures
for Orders. Each party hereto agrees to comply with the provisions of the Trust Agreement and the Authorized
Participant Agreement to the extent applicable to it. The Sponsor may issue additional or other procedures from time to time
relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized
Participant shall comply with such procedures of which it has been notified in accordance with the Authorized Participant
Agreement. All Orders are subject to the provisions of the Authorized Participant Agreement relating to unclear or ambiguous
instructions.

Section 1.03. Consent
to Recording. The phone lines used by the Transfer Agent or its affiliated Persons may be recorded, and the Authorized Participant
hereby consents to the recording of all calls with any such Person. The Authorized Participant may reasonably request that it be
provided with copies or transcripts of such recordings, and the Sponsor shall provide such copies or transcripts following such
a request.

Section 1.04. Irrevocability.
The Authorized Participant agrees on behalf of itself and any Authorized Participant Client that delivery to the Transfer Agent
of an Order shall be irrevocable; provided that each of the Trust and the Sponsor reserves the right to reject any Order
in compliance with the provisions of the Trust Agreement and the Authorized Participant Agreement.

Section 1.05. Costs
and Expenses. The Authorized Participant shall be responsible for any and all expenses and costs incurred by a Fund in connection
with any Orders.

Section 1.06. Delivery
of Cash Amount to a Fund; Cancellation of Orders. The Authorized Participant understands and agrees that in the event the correct
aggregate Cash Amount is not transferred to a Fund by the time specified in the Purchase Order and in compliance with the Procedures
and the Trust Agreement, interest may be charged on the aggregate Cash Amount not transferred by such time, computed at such reasonable
rate as may be specified by the Sponsor, or the Purchase Order may be cancelled by the Sponsor. The Authorized Participant will
be solely responsible for all costs incurred by the Fund, the Transfer Agent or the Sponsor related to any cancelled Order.

Section 1.07. Shares
Surrendered for Redemption. The Authorized Participant represents and warrants that:

    	S2-1

    	 

    

(a)               
 it will not obtain an Order Number from the Transfer Agent for the purpose of redeeming a Basket unless it first ascertains
that (i) it or any Authorized Participant Client or any other Person on whose behalf it is acting, as the case may be, owns outright
or has full legal authority and legal and beneficial right to tender the Paired Shares comprising each Basket and (ii) such Paired
Shares have not been loaned or pledged to another Person and are not the subject of a repurchase agreement, securities lending
agreement or any other arrangement which would preclude the delivery of such securities to the Transfer Agent on the scheduled
date of settlement of such redemption; and

(b)              
in connection with any Redemption Order, the Authorized Participant will have full power and authority to surrender to the
Fund for redemption the corresponding Shares, and upon such surrender the Fund will acquire good and valid title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which would preclude the delivery of such Shares on a “regular way” basis.

Section 1.08. Rejection,
Postponement or Suspension of Orders. If the Sponsor rejects an Order or postpones settlement of an Order pursuant to the
Trust Agreement or the Authorized Participant Agreement, the Sponsor or the Transfer Agent will notify the Authorized
Participant whose Order was rejected or postponed as soon as reasonably practicable. If the Sponsor suspends the right to
submit Orders pursuant to the Trust Agreement or the Authorized Participant Agreement the Sponsor or the Transfer Agent will
notify the Authorized Participants as soon as reasonably practicable.

ARTICLE II

AUTHORIZED REPRESENTATIVES

Section 2.01. Certification.
Concurrently with the execution of the Authorized Participant Agreement, and as requested from time to time by the Sponsor or the
Transfer Agent but no less frequently than annually, the Authorized Participant shall deliver to the Sponsor and the Transfer Agent
a certificate in the form set forth on Schedule 3 to the Authorized Participant Agreement, signed by the Authorized Participant’s
Secretary or other duly authorized official setting forth the names, e-mail addresses and telephone and facsimile numbers of all
of its Authorized Representatives. Such certificate may be accepted and relied upon by the Sponsor and the Transfer Agent as conclusive
evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Sponsor
and the Transfer Agent of a superseding certificate in a form approved by the Sponsor and the Transfer Agent bearing a subsequent
date, or (ii) termination of the Authorized Participant Agreement.

Section 2.02. PIN
Numbers. The Transfer Agent shall issue to each Authorized Participant a unique personal identification number (“PIN
Number”) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant
shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized
Participant may revoke the PIN Number at any time upon 

    	S2-2

    	 

    

written notice to the Transfer Agent, and the Authorized Participant shall
be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number
or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Transfer Agent shall,
as promptly as practicable, de-activate the PIN Number. If an Authorized Participant’s PIN Number is changed, the new PIN
Number will become effective on a date mutually agreed upon by the Authorized Participant and the Transfer Agent. The Authorized
Participant agrees that, absent the Transfer Agent’s fraud, willful misconduct or failure to cancel the PIN Number as promptly
as practicable following a written request to do so from the Authorized Participant or the termination of the Authorized Participant
Agreement, none of the Trust, any Fund, the Sponsor, the Trustee or the Transfer Agent shall be liable for losses incurred by the
Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior to the time the Authorized
Participant provides notice to the Transfer Agent of the termination or revocation of authority pursuant to Section 2.03 hereof.

Section 2.03. Termination
of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant,
the Authorized Participant shall (i) give immediate written notice of such fact to the Transfer Agent and such notice shall be
effective upon receipt by the Transfer Agent; and (ii) request a new PIN Number. The Transfer Agent shall, as promptly as practicable,
de-activate the existing PIN Number upon receipt of such written notice.

Section 2.04. Verification.
The Transfer Agent may assume that all instructions issued to it using the Authorized Participant’s PIN Number have been
properly placed by Authorized Representatives, unless the Transfer Agent has actual knowledge to the contrary or the Authorized
Participant has revoked its PIN Number in accordance with Section 2.02 hereof. The Transfer Agent shall have no duty to verify
that an Order is being placed by an Authorized Representative. The Authorized Participant agrees that none of the Trust, any Fund,
the Sponsor, the Trustee or the Transfer Agent shall be responsible for any losses incurred by the Authorized Participant as a
result of an Authorized Representative of an Authorized Participant identifying himself or herself as an Authorized Representative
of a different Authorized Participant, or an unauthorized person identifying himself or herself as an Authorized Representative,
unless the Transfer Agent previously received from the Authorized Participant written notice to revoke the PIN Number used by such
Person.

ARTICLE III

STATUS OF THE AUTHORIZED PARTICIPANT

Section 3.01. Clearing
Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant
Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be
entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations
through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the
foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement and the Authorized Participant
shall give prompt written notice thereof to the Sponsor and the Transfer Agent.

    	S2-3

    	 

    

Section 3.02. Broker-Dealer Status. The Authorized
Participant represents and warrants that, unless Section 3.03 hereof is applicable to it, it is (i) registered as a broker-dealer
under the 1934 Act, or is exempt from being, or otherwise is not required to be, so registered, (ii) qualified to act as a broker
or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii)
a member in good standing with FINRA, or is exempt from being, or otherwise is not required to be, a member of FINRA. The Authorized
Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force
and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with
all applicable U.S. federal laws (including, without limitation, the prospectus delivery requirements of Section 5 of the 1933
Act), the laws of any state or other jurisdiction, and the rules and regulations promulgated thereunder (including, without limitation,
all applicable rules of the Securities and Exchange Commission), to the extent such laws and regulations are applicable to the
Authorized Participant’s transactions in Shares, and with the Constitution, By-Laws and Conduct Rules of FINRA applicable
to its activities as an Authorized Participant, and that it will not offer or sell Shares in any state or jurisdiction where they
may not lawfully be offered and/or sold.

Section 3.03. Foreign
Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories
and possessions of the United States and is not otherwise required to meet the requirements of clauses (i) through (iii) of Section
3.02 hereof, the Authorized Participant nevertheless agrees to observe the applicable laws of the jurisdiction in which such offer
and/or sale is made, to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder
and to conduct its business in accordance with the spirit of the FINRA Conduct Rules.

Section 3.04. Compliance
with Certain Laws. The Authorized Participant represents and warrants that, if it is subject to the requirements of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“Patriot
Act”), the Authorized Participant is in compliance with the anti-money laundering and related provisions of the Patriot
Act, or, to the extent the Authorized Participant is not subject to the Patriot Act, it has policies, procedures and internal controls
in place that are substantially similar to those required under the Patriot Act.

Section 3.05. Authorized
Participant Status.

(a)               
The Authorized Participant understands and acknowledges that the method by which Baskets will be created and Shares will
be traded may raise certain issues under applicable securities laws. For example, because new Baskets may be issued and sold by
a Fund on an ongoing basis, at any point a “distribution,” as such term is used in the 1933 Act, may occur. The Authorized
Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in its being
deemed a participant in a distribution in a manner which could render it an “underwriter” as such term is defined in
Section 2(a)(11) of the 1933 Act and subject it to the prospectus delivery and liability provisions of the 1933 Act. Each Authorized
Participant should review the “Plan of Distribution” portion of the applicable Fund’s Prospectus and consult
with its own counsel in connection with entering into one or more Authorized Participant Agreements and placing Purchase Orders
or Redemption Orders.

    	S2-4

    	 

    

(b)              
 The Sponsor shall ensure that the Prospectus for each Fund contains an accurate and current listing of such Fund’s
Authorized Participants.

ARTICLE IV

ROLE OF AUTHORIZED PARTICIPANT

Section 4.01. Independent
Contractor. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement,
the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust,
any Fund, the Sponsor, the Trustee or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to
make itself and its employees available, upon request, during normal business hours to consult with the Transfer Agent, the Sponsor
or their designees concerning the performance of the Authorized Participant’s responsibilities under the Authorized Participant
Agreement; provided, however, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose
any information that the Authorized Participant reasonably believes (i) it is under legal obligation not to disclose, or (ii) is
confidential or proprietary in nature.

Section 4.02. Rights
and Obligations of DTC Participant. In executing the Authorized Participant Agreement, the Authorized Participant agrees in
connection with any purchase or redemption transactions in which it acts for an Authorized Participant Client or for any other
DTC Participant or Indirect DTC Participant (each as defined in the Trust Agreement), or any other Beneficial Owner that it shall
extend to any such Person all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to
any obligations that it undertakes hereunder or in accordance with the Procedures.

Section 4.03. Beneficial
Owner Communications. The Authorized Participant agrees, subject to any limitations arising under federal or state securities
laws relating to privacy or other obligations it may have to its Authorized Participant Clients, to assist the Transfer Agent or
the Sponsor in determining the ownership level of each Beneficial Owner relating to positions in Shares that the Authorized Participant
may hold as record holder. In addition, the Authorized Participant agrees, in accordance with applicable laws, rules and regulations,
at the request of the Sponsor or the Transfer Agent to forward to such Beneficial Owners written materials and communications received
from the requesting party hereto in sufficient quantities to allow mailing thereof to such Beneficial Owners, including notices,
annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be
sent by the Sponsor or the Transfer Agent to such Beneficial Owners pursuant to the Trust Agreement or applicable law or regulation,
or that the Sponsor or the Transfer Agent reasonably wishes to distribute, at its own expense, to such Beneficial Owners.

ARTICLE V

MARKETING MATERIALS AND REPRESENTATIONS

Section 5.01. Authorized
Participant’s Representation. The Authorized Participant represents, warrants and agrees that it will not make, or permit
any of its representatives to make, any representations concerning a Fund’s Shares other than those contained in the Fund’s
then 

    	S2-5

    	 

    

current Prospectus or in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor.
The Authorized Participant agrees to provide each purchaser of Shares, whenever required by Rule 173 under the 1933 Act, a notice
in compliance with the provisions of such Rule or a copy of the final Prospectus. The Authorized Participant agrees not to furnish
or cause to be furnished to any Person or display or publish any information or materials relating to Shares (including, without
limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs
or other similar materials), except such information and materials as may be furnished to the Authorized Participant by the Sponsor
and such other information and materials as may be approved in writing by the Sponsor. The Authorized Participant understands that
the Trust will not be advertised as offering redeemable securities, and that any advertising materials will prominently disclose
that the Shares are not redeemable units of beneficial interest in the Trust or any Fund. Notwithstanding the foregoing, the Authorized
Participant may, without the written approval of the Sponsor, prepare and circulate in the regular course of its business reports,
research or similar materials that include information, opinions or recommendations relating to Shares (i) for public dissemination;
provided that such reports, research or similar materials compare the relative merits and benefits of Shares with other
products and do not discuss Shares more prominently than such other products or (ii) solely for internal use by the Authorized
Participant. The Authorized Participant shall file all such reports, research or similar materials with FINRA to the extent required
by the FINRA Conduct Rules.

Section 5.02. Prospectus.
The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current Prospectus for any
Fund and any printed supplemental information with respect to any Fund in reasonable quantities upon request. The Sponsor will
notify the Authorized Participant when a revised, supplemented or amended Prospectus for any Fund is available, and make available
to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such quantities as
may be reasonable to permit the Authorized Participant to comply with any obligation the Authorized Participant may have to deliver
such Prospectus to its Authorized Participant Clients. The Sponsor shall be deemed to have complied with this Section 5.02 when
the Authorized Participant has received such revised, supplemented or amended Prospectus by e-mail, in printable form, with such
number of hard copies as may be agreed from time to time by the Authorized Participant and the Sponsor promptly thereafter. For
as long as the Authorized Participant Agreement is effective, the Authorized Participant agrees to be identified as an authorized
participant of the Funds (a) in the section of each Fund’s Prospectus entitled “Plan of Distribution” and in
any other section as may be required by the SEC and (b) on the Sponsor’s website. Upon the termination of the Authorized
Participant Agreement with respect to any Fund, (x) the Sponsor shall remove such identification from the applicable Fund’s
Prospectus in the amendment of either the applicable Fund’s Registration Statement or a supplement to the applicable Fund’s
Prospectus, as applicable, next occurring after the date of the termination of the Authorized Participant Agreement and (y) the
Sponsor shall promptly update its website to remove any identification of the Authorized Participant as an authorized participant
of such Fund.

    	S2-6

    	 

    

ARTICLE VI

INDEMNIFICATION; LIMITATION OF LIABILITY; ASSETS AND LIABILITIES OF THE FUNDS

Section 6.01. Indemnification.

(a)               
The Authorized Participant shall indemnify and hold harmless the Sponsor, the Transfer Agent, the Trustee, the Trust, each
Fund, their respective subsidiaries, Affiliates, directors, officers, employees and agents, and each Person, if any, who controls
such Persons within the meaning of Section 15 of the 1933 Act (each an “Indemnified Party”) from and against
any loss, liability, damages, cost and expense (including attorneys’ fees and the reasonable costs of investigation) incurred
by such Indemnified Party as a result of (i) any breach by the Authorized Participant of any representation, warranty or covenant
of the Authorized Participant; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set
forth in the Authorized Participant Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws,
including rules and regulations of self-regulatory organizations, that apply to it; (iv) subject to Sections 2.02 and 2.04 hereof,
actions of such Indemnified Party in reliance upon any instructions issued in accordance with the Authorized Participant Agreement
reasonably believed by such Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) (A) any
representation by the Authorized Participant, its employees or its agents or other representatives about a Fund’s Shares,
any Indemnified Party or the Trust or any Fund that is not consistent with the applicable Fund’s then-current Prospectus
made in connection with the offer or the solicitation of an offer to buy or sell such Fund’s Shares and (B) any untrue statement
or alleged untrue statement of a material fact contained in any research reports, marketing material and sales literature described
in Section 5.01 hereof or any alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading to the extent that such statement or omission relates to the applicable Fund’s Shares,
any Indemnified Party or the Trust or any Fund, unless, in either case, such representation, statement or omission was made or
included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission or alleged omission
by the Sponsor to state a material fact in connection with such representation, statement or omission necessary to make such representation,
statement or omission not misleading.

(b)              
The indemnity agreements contained in Section 6.01(a) hereof shall remain in full force and effect regardless of any investigation
made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees or any
Person (including each partner, stockholder, member, director, officer or employee of such Person) who controls the Authorized
Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act. The Sponsor, for itself and on behalf
of each Indemnified Party, agrees promptly to notify, to the extent practicable and legally permissible, the Authorized Participant
of the commencement of any action, suit or other proceeding against it or any Indemnified Party in connection with the issuance
and sale of any Fund’s Shares or in connection with any Fund’s Registration Statement or Prospectus.

    	S2-7

    	 

    

(c)               
 The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording
tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made
pursuant to the Authorized Participant Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant. To the extent the Sponsor or a Fund is required by law to pay any such tax or charge, the Authorized Participant agrees
to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

Section 6.02.
Limitation of Liability.

(a)               
In the absence of gross negligence, bad faith or willful misconduct, none of the Sponsor, whether acting on its own behalf
or on behalf of each Trust, or the Transfer Agent shall be liable to the Authorized Participant, each other or to any other person,
including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs
or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other
person or out of any interruption or delay in the electronic means of communications used by them. Subject to the foregoing, any
references to the Transfer Agent or any Fund’s custodian herein shall not be deemed to imply, nor have such parties agreed,
to undertake any obligations under this Agreement nor made any representations or warranties under this Agreement and none of such
parties shall be required to advance, expend or risk its own funds or otherwise incur, become exposed to or be responsible for
any loss, liability, damages, costs or expenses hereunder or in connection herewith regardless of form of action or legal theory
including, without limitation, any type of special, indirect or consequential loss or damage of any kind whatsoever.

(b)              
In the absence of gross negligence, bad faith or willful misconduct by the Authorized Participant, the Authorized Participant
shall not be liable to any Indemnified Party for any losses, liabilities, damages, costs or expenses arising out of (i) mistakes
or errors in data or other information provided in connection with purchase or redemption transactions except for data provided
by the Authorized Participant, or (ii) mistakes or errors by, or arising out of interruptions or delays of communications with,
the Sponsor, the Transfer Agent or any Indemnified Party.

Section 6.03. Assets
and Liabilities of the Funds. The Authorized Participant hereby acknowledges and agrees that:

(a)               
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 in the Trust Agreement,
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 discretion deems fair and equitable. Each such allocation shall be

    	S2-8

    	 

    

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)              
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. 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 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.

Section 6.04. Survival.
The provisions of this Article VI shall survive termination of the Authorized Participant Agreement.

ARTICLE VII

MISCELLANEOUS

Section 7.01. Commencement
of Trading. The Authorized Participant may not submit an Order with respect to any Fund’s prior to the effectiveness
of the Registration Statement, or a post-effective amendment to the Registration Statement, filed with the SEC and pursuant to
which the Authorized Participant is identified as such in the Prospectus for such Fund.

Section 7.02. Definitions.
Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Procedures.

 

 

    	S2-9

    	 

    

SCHEDULE 3—AUTHORIZED REPRESENTATIVES
OF THE AUTHORIZED PARTICIPANT

 

Certificate of Authorized Representatives

 

Each of the following
employees of [•] (each, an “Authorized Representative”) is authorized, in accordance with the Authorized Participant
Agreement dated [•], 2014 among [•] and the Sponsor, to submit Purchase Orders and Redemption Orders on behalf and
in the name of [•] and to give instructions or any other notice or request on behalf of [•] with respect to such Orders
or any other activity contemplated by the Authorized Participant Agreement.

Name: __________________________________________

 

Signature: ________________________________________

 

E-mail Address: ___________________________________

 

Telephone: _______________________________________

 

Fax: ____________________________________________

 

 

Name: __________________________________________

 

Signature: _______________________________________

 

E-mail Address: __________________________________

 

Telephone: ______________________________________

 

Fax: ___________________________________________

 

 

The undersigned,
[•], does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives of
[•] pursuant to the Authorized Participant Agreement.

 

 

By: ______________________________________________

Name:

Title:

 

    	S3-1

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