Document:

EX-10.3

 Exhibit 10.3 

CUSTODIAN AND TRANSFER AGENT AGREEMENT 

This Agreement, dated as of January 8, 2018, between METAURUS EQUITY COMPONENT TRUST, a statutory trust organized under the laws of the State of
Delaware (the “Fund”), on behalf of each series listed on Appendix A to this Agreement as it may be amended from time to time, severally and not jointly (each a “Portfolio” and collectively, the
“Portfolios”), and BROWN BROTHERS HARRIMAN & CO., a limited partnership formed under the laws of the State of New York (“BBH&Co.” or, when referring to BBH&Co. in its capacity
as custodian, the “Custodian,” and when referring to BBH&Co. in its capacity as transfer agent, “TA”). The terms of this Agreement shall apply separately and respectively to each Portfolio, and each reference to
the “Fund” herein shall mean the Fund on behalf of each Portfolio. 
 W I T N E S E T H: 

WHEREAS, the Fund wishes to employ BBH&Co. to act as custodian and transfer agent for the Portfolios and to provide related services, all as
provided herein, and BBH&Co. is willing to accept such employment, subject to the terms and conditions herein set forth; 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Fund and BBH&Co. hereby agree, as follows: 
 1.
Appointment of Custodian and Transfer Agent. 
 1.1 The Fund hereby appoints BBH&Co. as each Portfolio’s custodian,
and BBH&Co. hereby accepts such appointment. All Investments of a Portfolio delivered to the Custodian or its agents or Subcustodians shall be dealt with as provided in this Agreement. The duties of the Custodian with respect to the
Portfolio’s Investments shall be only as set forth expressly in this Agreement, including any attachments or schedules thereto, which duties are generally comprised of safekeeping assets and various administrative duties that will be performed
in accordance with Instructions (as defined below) and as reasonably required to effect Instructions. The terms of this Agreement shall apply separately and respectively to each Portfolio for which a separate account is maintained on the books of
the Custodian. The Parties agree that Sections 2.1-9 and 11-17 and Schedules I and II of the Agreement contain the provisions related to BBH&Co.’s performance
as Custodian. 
 1.2 The Fund hereby engages BBH as its transfer agent to perform the obligations set forth in this Agreement, and BBH
accepts such engagement. The Parties agree that Sections 2.1, 3 and 10-17 and Schedule III of the Agreement and the Transfer Agency Services Schedule attached hereto contain the provisions related to
BBH&Co.’s performance as TA. 
 2. Representations, Warranties and Covenants of the Fund. The Fund hereby represents, warrants and
covenants each of the following: 
 With respect to BBH&Co’s appointment as Custodian and TA: 

2.1 This Agreement has been, and at the time of delivery of each Instruction, such Instruction will have been, duly authorized, executed and
delivered by the Fund. Neither this Agreement, nor any Instruction issued hereunder violates any Applicable Law or conflicts with or constitutes a default under the applicable Portfolio’s prospectus, the Fund’s organizational documents or
any agreement, judgment, order or decree to which the Fund is a party or Portfolio or its Investments is bound. 
  

 With respect to BBH&Co’s appointment as Custodian: 

2.2 By providing an Instruction with respect to the first acquisition of an Investment (as defined below) in a jurisdiction other than the
United States of America, the Fund shall be deemed to have confirmed to the Custodian that the Fund has (a) assessed and accepted all material Country, Sanctions or Sovereign Risks and accepted responsibility for their occurrence, (b) made
all determinations required to be made by the Fund under Applicable Law if appropriate, adequately disclosed the material investment risks of such Investment, including Country Risks. Nothing in this Section 2.2 shall relieve the Custodian of
its responsibilities under Section 8.2 of this Agreement. 
 2.3 The Fund shall safeguard and shall solely be responsible for the
safekeeping of any testkeys, identification codes, passwords, other security devices or statements of account with which the Custodian provides it. If the Fund uses any on-line or similar communications
service made available by the Custodian, the Fund and the Custodian each shall be solely responsible for ensuring the security of its access to the service and for the authorized use of the service, and shall only attempt to access the service and
the Custodian’s computer systems as directed by the Custodian. If the Custodian provides any computer software to the Fund relating to the services described in this Agreement, the Fund will only use the software for the purposes for which the
Custodian provided the software to the Fund, and will abide by the license agreement accompanying the software and any other security policies which the Custodian provides to the Fund. 

2.4 By providing an Instruction in respect of an Investment (which Instruction may relate to among other things, the processing of orders
and/or settlement of transactions in funds and the creation or redemption of Shares in accordance with this Agreement), the Fund hereby (i) authorizes BBH&Co. to complete such documentation as may be required or appropriate to carry out the
Instruction, and agrees to be contractually bound to the terms of such documentation “as is” without recourse against BBH&Co.; (ii) represents, warrants and covenants that it has accepted and agreed to comply with all Applicable Law,
terms and conditions to which it and/or its Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering circular, subscription agreement, any application or other documentation relating to an
Investment (e.g., compliance with suitability requirements and eligibility restrictions); (iii) acknowledges and agrees that BBH&Co. will not be responsible for the accuracy of any information provided to BBH&Co. by or on behalf of the Fund,
or for any underlying commitment or obligation inherent to an Investment; (iv) except as otherwise provided for in Section 2.4.1 and except as required to facilitate creations and redemptions of Shares in accordance with this Agreement,
represents, warrants and covenants that it will not affect any sale, transfer or disposition of Investment(s) held in BBH&Co.’s name by any means other than the issuance of an Instruction by the Fund to BBH&Co.; (v) acknowledges that
collective investment pools (and/or their agent(s)) in which the Fund invests may pay to BBH&Co. certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Fund’s investments in such pools;
(vi) agrees that BBH&Co. shall have no obligation or responsibility whatsoever to respond to, or provide capital in connection with any capital calls, letters of intent or other fund capitalization requirements as set out in the prospectus
or offering circular of an Investment; (vii) represents, warrants and covenants that it will provide BBH&Co. with such information as is necessary or appropriate to enable BBH&Co.’s performance pursuant to an Instruction or under
this Agreement; (viii) undertakes to inform BBH&Co. and to keep the same updated as to any tax withholding or benefit to which an Investment may be subject; (ix) authorizes BBH&Co. to furnish the customer due diligence records
maintained by BBH&Co. on the Fund and its beneficial owners to the transfer agent or other agent of an issuer of an Investment to satisfy regulatory obligations; (x) represents and warrants that to the extent the Fund provides BBH&Co.
with any personal data or personally identifiable information in connection with an Investment, the Fund will have obtained the consent of the applicable individuals to provide such data and information to BBH&Co. and the Fund and to the use of
such data and information as described in the applicable account opening, subscription and related Fund documentation; (xi) acknowledges that BBH&Co. shall have no obligation to fund any order placed by the Fund for which the Fund does not
have sufficient cash on deposit with BBH&Co.; and (xii) agrees that BBH&Co. shall be held harmless for the acts, omissions or any unlawful activity of any agent of the Fund, or any transfer agent or other agent of an Investment in which
the Fund may invest. 
 2.4.1 To the extent that the Fund holds Investments in an account opened in the name of BBH&Co. as custodian for
and at the direction of the Fund, and the Fund requests that BBH&Co. provide the Fund with the capability to place orders in shares of other funds directly with such fund companies and/or their transfer agents which shall be settled in an
account established with each such fund company or its transfer agent, the Fund hereby acknowledges that 

  
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BBH&Co. is under no obligation to agree to such arrangement but if BBH&Co. so agrees, the Fund (i) acknowledges that all relevant terms under Section 2.4 above apply thereto,
(ii) authorizes BBH&Co. as custodian, to grant a limited power of attorney to the Fund or its designated agent to enable the Fund to place orders in fund shares directly with the fund companies and/or their transfer agents,
(iii) agrees to ensure that any instructions issued by the Fund or its designated agent shall also be concurrently submitted to BBH&Co., and (iv) shall adhere to any BBH&Co. procedures established with each such fund or its
transfer agent with respect thereto including, but not limited to, the terms of the limited power of attorney. The Fund also acknowledges and agrees that (1) BBH&Co. is acting solely in its capacity as custodian and is not acting as a
broker or introducing broker on behalf of the Fund, (2) BBH&Co. is not receiving compensation in connection with the Fund’s own execution hereunder of trades with each such fund other than its usual and customary custody fees and
transaction charges, (3) it will provide such account opening information to each such fund and/or transfer agent as and when requested by such fund and/or transfer agent, and (4) BBH&Co. is not responsible for (a) providing
information published by the relevant distributor of each such fund including, but not limited to, the prospectus for each such Investment in a fund or for resolving execution queries or complaints relative to any such Investment, and
(b) assessing the suitability of any such Investment placed directly by the Fund. 
 2.5 The Fund represents and warrants that it is not
resident in or organized under the laws of any country with which transactions or dealings are prohibited under a Sanctions Regime. The Fund further warrants that it is not owned or controlled by: (i) the government of any country with which
transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) a person or entity resident in or organized under the laws of any country with which transactions or dealings by any person are prohibited under a Sanctions
Regime; or (iii) any person or entity on the List of Specially Designated Nationals and Blocked Persons published by OFAC or any comparable Sanctions Regime lists. 

2.5.1 The Fund represents and warrants that it has engaged SEI Distributors LLC to conduct ongoing screening of its customers to the extent
required by Applicable Law, and of the Portfolio’s Authorized Participants (as defined in Schedule III) and distributors, against lists promulgated by a Sanctions Regime, as such lists are amended from time to time. 

2.5.2 The Fund represents and warrants that it has implemented adequate risk management and systems to ensure that it will not instruct or
otherwise cause Custodian to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not instruct Custodian to invest in a collective investment vehicle on its behalf, nor engage in or facilitate any
transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) any
person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is the target of any Sanctions Regime (collectively, “Sanctioned Property”). The Fund further represents and warrants
that it has confirmed that Authorized Participants and distributors of the Fund have implemented equivalent controls as stated above. The Fund further represents and warrants that it will promptly notify the Custodian in writing if either it or, to
the best of its knowledge, any of the above relevant parties becomes subject to a Sanctions Regime or if any of the assets custodied by BBH subsequently becomes Sanctioned Property. 

2.6 The Fund represents and warrants that it and its commodity pool operator are operated in compliance with U.S. anti-money laundering
(“AML”) and terrorist financing laws and regulations to the extent applicable to them. The Fund represents and warrants that it has confirmed that Authorized Participants and distributors of the Fund have implemented AML Programs that are
designed to comply with applicable AML laws and regulations. 
 2.6.1 The Fund acknowledges that the Custodian is obligated under applicable
U.S. AML Laws to obtain, verify and record identifying information about the Custodian’s customers prior to opening an account. 

  
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 2.6.2 The Fund represents and warrants that upon request, it will (i) cooperate with the
Custodian to obtain information from Authorized Participants, and distributors of the Fund to the best of its ability using commercially reasonable efforts and (ii) provide the Custodian with information in its possession, in both cases, to the
extent that the Custodian requires such information to comply with applicable AML Laws and Sanctions Regimes. 
 2.6.3 The Fund further
represents and warrants that it will not directly or, to the best of its knowledge, indirectly, instruct or otherwise cause Custodian to hold any assets in custody or engage in or facilitate any transaction that would cause Custodian to violate any
applicable AML laws. 
 2.7 The Fund represents and warrants that it is not a “Plan” (which term includes (1) employee benefit
plans that are subject to the United States (“US”) Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or plans, individual retirement accounts and other arrangements that are subject to Section 4975 of
the US Internal Revenue Code of 1986, as amended (the “Code”), (2) plans, individual retirement accounts and other arrangements that are subject to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of
the Code, and (3) entities the underlying assets of which are considered to include “plan assets’ of such plans, accounts and arrangements), or an entity purchasing Shares on behalf of, or with the “plan assets” of a Plan,
or, if at any time it is deemed to be a Plan or to hold plan assets, all transactions by it will not give rise to a prohibited transaction under ERISA or the Code, due to the publicly-offered security exemption or another available exemption. 

2.8 Notwithstanding anything in this Agreement to contrary effect, the Fund specifically represents and warrants to the Custodian that it shall
at all times be principally liable for the repayment of any Advance made by the Custodian under this Agreement. 
 2.9 The Fund represents
and warrants that it will promptly notify the Custodian in writing if any of the above representations cease to be true. 
 3. Representation and
Warranty of BBH&Co. as Custodian and TA. BBH&Co. hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by BBH&Co. and does not and will not violate any Applicable Law or conflict with
or constitute a default under BBH&Co.’s limited partnership agreement or any agreement, instrument, judgment, order or decree to which BBH&Co. is a party or by which it is bound. 

4. Instructions. Unless otherwise explicitly indicated herein, the Custodian shall perform its duties pursuant to Instructions. As used herein,
the term Instruction shall mean a directive initiated by the Fund, acting through its board of trustees, officers or other Authorized Person, which directive shall conform to the requirements of this Section 4. 

4.1 Authorized Persons. For purposes hereof, an Authorized Person shall be a person or entity authorized by the Fund to
give Instructions to the Custodian for or on behalf of the Fund or Portfolio, as applicable, in accordance with procedures delivered to and acknowledged by the Custodian. The Custodian may treat any Authorized Person as having the full authority of
the Fund to issue Instructions hereunder unless the notice of authorization contains explicit limitations as to said authority. The Custodian shall be entitled to rely upon the authority of designated Authorized Persons to give Instructions with
respect to the Fund or a Portfolio until it receives appropriate written notice from the Fund to the contrary. 
 4.2 Form of
Instruction. Each Instruction shall be transmitted by such secured or authenticated electro-mechanical means as the Custodian shall make available to the Fund from time to time unless the Fund elects to transmit such Instruction in
accordance with Subsections 4.2.1 through 4.2.3 of this Section. 
 4.2.1 Fund Designated Secured-Transmission Method.
Instructions may be transmitted through a secured or tested electro-mechanical means identified by the Fund or by an Authorized Person entitled to give Instruction and acknowledged and accepted by the Custodian, it being understood that such
acknowledgment shall authorize the Custodian to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Authorized Person. 

  
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 4.2.2 Written Instructions. Instructions may be transmitted in a writing that bears
the manual signature of Authorized Persons. 
 4.2.3 Other Forms of Instruction. Instructions may also be transmitted by
another means determined by the Fund or Authorized Persons and acknowledged and accepted by the Custodian (subject to the same limits as to acknowledgements as are contained in Subsection 4.2.1, above) including Instructions given orally or by SWIFT
or telefax (whether tested or untested). 
 When an Instruction is given by means established under Subsections 4.2.1 through 4.2.3, it shall
be the responsibility of the Custodian to use reasonable care to adhere to any security or other procedures established in writing between the Custodian and the Authorized Person with respect to such means of Instruction, but the Authorized Person
shall be solely responsible for determining that the particular means chosen is reasonable under the circumstances. Oral Instructions shall be binding upon the Custodian only if and when the Custodian takes action with respect thereto. With respect
to telefax instructions, the parties agree and acknowledge that receipt of legible instructions cannot be assured, that the Custodian cannot verify that authorized signatures on telefax instructions are original or properly affixed, and that the
Custodian shall not be liable for losses or expenses incurred through actions taken in reasonable reliance on inaccurately stated, illegible or unauthorized telefax instructions. The provisions of Section 4A of the Uniform Commercial Code shall
apply to Funds Transfers performed in accordance with Instructions. The Funds Transfer Services Schedule and the Electronic and Online Services Schedule to this Agreement shall each comprise a designation of a means of delivering Instructions for
purposes of this Section 4.2. 
 4.3 Completeness and Contents of Instructions. The Authorized Person shall be responsible
for assuring the adequacy and accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in the Fund’s Investments and upon any delivery and transfer of any Investment or moneys, the Authorized Person
initiating the Instruction shall give the Custodian an Instruction with appropriate detail, including, without limitation: 
 4.3.1 The
transaction date and the date and location of settlement; 
 4.3.2 The specification of the type of transaction; 

4.3.3 A description of the Investments or moneys in question, including, as appropriate, quantity, price per unit, amount of money to be
received or delivered and currency information. Where an Instruction is communicated by electronic means, or otherwise where an Instruction contains an identifying number such as a CUSIP, SEDOL or ISIN number, the Custodian shall be entitled to rely
on such number as controlling notwithstanding any inconsistency contained in the Instruction, particularly with respect to Investment description; and 

4.3.4 The name of the broker or similar entity or FCM or introducing broker concerned with execution of the transaction. 

If the Custodian determines that an Instruction is either unclear or incomplete, the Custodian may give prompt notice of such determination to
the Fund and the Fund shall thereupon amend or otherwise reform the Instruction. In such event, the Custodian shall have no obligation to take any action in response to the Instruction initially delivered until the redelivery of an amended or
reformed Instruction. 
 4.4 Timeliness of Instructions. In giving an Instruction, the Fund shall take into consideration known
delays which may occur due to the involvement of a Subcustodian or agent, differences in time zones, and other factors particular to a given market, exchange or issuer. When the Custodian has established specific timing requirements or deadlines
with respect to particular classes of Instruction and provided those requirements or deadlines to the Fund in writing, or when an Instruction is received by the Custodian at such a time that it could not reasonably be expected to have acted on such
instruction due to time zone differences or other factors beyond its reasonable control, the execution of any Instruction received by the Custodian after such deadline or at such time (including any modification or revocation of a previous
Instruction) shall be at the risk of the Fund. 

  
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 5. Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or
Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more
accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the
account of each Portfolio separately and shall segregate Investments on a Portfolio by Portfolio basis on its books and records (in a manner that clearly identifies the assets as belonging to the applicable Portfolio) from assets belonging to other
Portfolios, or the Custodian or any other customer and shall cause its Subcustodians to segregate Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian. 
 5.1 Use of Securities Depositories. The Custodian
may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules,
statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or in bulk segregation in an account
maintained for the non-proprietary assets of the entity holding such Investments in the Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the
Subcustodian or (any agent of either) from holding its client assets in such a separate account, the Custodian, the Subcustodian or other agent shall as appropriate segregate such Investments for benefit of the Fund or for benefit of clients of the
Custodian generally on its own books. 
 5.2 Certificated Assets. Investments which are certificated may be held in registered
or bearer form: (a) in the Custodian’s vault; (b) in the vault of a Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account maintained by the Custodian, Subcustodian or agent at a Securities Depository; all
in accordance with customary market practice in the jurisdiction in which any Investments are held. 
 5.3 Registered Assets.
Investments which are registered may be registered in the name of the Custodian, a Subcustodian, or in the name of the Fund, a Portfolio or a nominee for any of the foregoing, and may be held in any manner set forth in Section 5.2 above. 

5.4 Book Entry Assets. Investments which are represented by book-entry may be so held in an account maintained by the Book-entry
Agent on behalf of the Custodian, a Subcustodian or another Agent of the Custodian, or a Securities Depository. 
 5.5 Replacement of
Lost Investments. In the event of a loss of Investments for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the
Custodian shall pay to the affected Portfolio the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such
loss or such other amount as shall be agreed by the parties. 
 6. Administrative Duties of the Custodian. The Custodian shall perform the
following administrative duties with respect to Investments of the Fund and its Portfolios. 
 6.1 Purchase of Investments.
Pursuant to Instruction, Investments purchased for the account of the Fund (or a Portfolio) shall be paid for (a) against delivery thereof to the Custodian or a Subcustodian, as the case may be, either directly or through a Clearing
Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (b) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the
terms of the instrument representing such Investment. 

  
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 6.2 Sale of Investments. Pursuant to Instruction, Investments sold for the account
of the Fund (or a Portfolio) shall be delivered against payment therefor (a) in cash, by check or by bank wire transfer, (b) by credit to the account of the Custodian or the applicable Subcustodian, as the case may be, with a Clearing
Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (c) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the
terms of the instrument representing such Investment. 
 6.3 Delivery and Receipt in Connection with Borrowings of the Fund or other
Collateral and Margin Requirements. Pursuant to Instruction, the Custodian may deliver or receive Investments or cash of the Fund in connection with borrowings or loans by the Fund and other collateral and margin requirements. 

 

	6.4	[Reserved] 

  

	6.5	Contractual Obligations and Similar Investments. From time to time, the Fund’s Investments may include Investments that are not ownership interests as may be represented by certificate (whether
registered or bearer), by entry in a Securities Depository or by Book-Entry Agent, registrar or similar agent for recording ownership interests in the relevant Investment. If the Fund shall at any time acquire such Investments, including without
limitation deposit obligations, loan participations, repurchase agreements and derivative arrangements, the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents
evidencing the arrangement; and (b) perform on the Fund’s account in accordance with the terms of the applicable arrangement, but only to the extent directed to do so by Instruction. The Custodian shall have no responsibility for
agreements running to the Fund as to which it is not a party other than to retain, to the extent the same are provided to the Custodian, documents or copies of documents evidencing the arrangement and, in accordance with Instruction, to include such
arrangements in reports made to the Fund. 

 6.6 Exchange of Securities. Unless otherwise directed by
Instruction, the Custodian shall: (a) exchange securities held for the account of the Fund (or a Portfolio) for other securities in connection with any reorganization, recapitalization, conversion, stock split, change of par value of shares or
similar event, and 
 (b) deposit any such securities in accordance with the terms of any reorganization or protective plan. 

6.7 Surrender of Securities. Unless otherwise directed by Instruction, the Custodian may surrender securities: (a) in
temporary form for definitive securities; (b) for transfer into the name of an entity allowable under Section 5.3; and (c) for a different number of certificates or instruments representing in the aggregate the same number of shares
or the same principal amount of indebtedness. 
 6.8 Rights, Warrants, Etc. Pursuant to Instruction, the Custodian shall
(a) deliver warrants, puts, calls, rights or similar securities to the issuer or trustee thereof, or to any agent of the issuer or trustee, for purposes of exercising such rights or selling such securities, and (b) deliver securities in
response to any tender offer. 
 6.9 Mandatory Corporate Actions. Unless otherwise directed by Instruction, the Custodian
shall: (a) comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions or similar rights of securities ownership affecting securities held on the Fund’s/Portfolio’s account and promptly notify the Fund
of such action; and (b) collect all stock dividends, rights and other items of like nature with respect to such securities. 
 6.10
Income Collection. Unless otherwise directed by Instruction, the Custodian shall collect any amount due and payable to the Fund with respect to a Portfolio’s Investments and promptly credit the amount collected to a Principal or
Agency Account (each as defined below); provided, however, that the Custodian shall not be responsible for: (a) the collection of amounts due and payable with respect to Investments that are in default or (b) the collection of cash or
share entitlements with respect to Investments that are not registered in the name of the Custodian or its Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect
collection of any amount due and payable to the Fund with respect to Investments. 
 6.11 Corporate Action Information. In
fulfilling the duties set forth in Sections 6.6 through 6.10 above, the Custodian shall provide to the Fund, on behalf of the Portfolio, such material information pertaining to a corporate action which the Custodian actually receives; provided that
the Custodian shall not be responsible for 

  
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the completeness or accuracy of such information. Information relative to any pending corporate action made available to the Fund via any of the services described in the Electronic and Online
Services Schedule shall constitute the delivery of such information by the Custodian. Any advance credit of cash or shares expected to be received as a result of any corporate action shall be subject to actual collection and may be reversed by the
Custodian. 
 6.12 Proxy Materials. The Custodian shall promptly deliver, or cause to be delivered, to the Fund proxy forms,
notices of meeting, and any other notices or announcements materially affecting or relating to Investments received by the Custodian. Information relative to any pending corporate action made available to the Fund, on behalf of any Portfolio, via
any of the services described in the Electronic and Online Services Schedule shall constitute the delivery of such information by the Custodian. 

6.13 Ownership Certificates and Disclosure of the Fund’s Interest. The Custodian is hereby authorized to execute on
behalf of the Fund or a Portfolio ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Fund or Portfolio
with respect to Investments, or in connection with the sale, purchase or ownership of Investments. 
 With respect to securities issued in
the United States of America, the Custodian [ ] may [X] may not release the identity of the Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications
between such issuer and the Fund. IF NO BOX IS CHECKED, THE CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE FUND. With respect to securities issued outside of the United States of America, information shall
be released in accordance with law or custom of the particular country in which such security is located. 
 6.14. Taxes. The
Custodian shall, where applicable, assist the Fund and its Portfolios in the reclamation of taxes withheld on dividends and interest payments received by the Fund, including on behalf of a Portfolio. In the performance of its duties with respect to
tax withholding and reclamation, the Custodian shall be entitled to rely on the advice of others pursuant to Section 13.11 below and upon information and advice regarding the Fund’s tax status that is received from or on behalf of the Fund
without duty of separate inquiry. 
 6.15 Other Dealings. The Custodian shall otherwise act as directed by Instruction,
including without limitation effecting the free payments of moneys or the free delivery of securities, provided that such Instruction shall indicate the purpose of such payment or delivery and that the Custodian shall record the party to whom the
payment or delivery is made. 
 6.16 Nondiscretionary Details and Minor Expenses. The Custodian shall attend to all
nondiscretionary detail in connection with the sale or purchase or other administration of Investments in its performance hereunder, except as otherwise directed by Instruction, and may make payments from the accounts in immaterial amounts (i.e.,
less than $1000 or other mutually agreed amount) if necessary to minor expenses of administering Investments under this Agreement, provided that the Custodian shall promptly disclose to the Fund all such payments and the Fund shall have the right to
request an accounting with respect to such expenses. 
 6.17 Use of Agents. The Custodian may appoint (and remove) any
affiliate, bank, trust fund or subcontractor as its agent (each an “Agent” and collectively, the “Agents”), in addition to Subcustodians, to carry out such provisions of this Agreement. The Custodian shall exercise
reasonable care in the selection and monitoring of such Agents and Subcustodians. The appointment of an Agent or Subcustodian shall not relieve the Custodian of its obligations under this Agreement and the Custodian shall remain responsible as if it
had performed or not performed the acts or omissions of such Agents or Subcustodians itself. 
 6.18 Registration Document Completion
Service. The Fund may appoint the Custodian to further provide registration document completion services for account openings, name changes, conversions, mergers, market-specific licensing renewals, account closings and other events, and for
such markets, as may be agreed between each Fund and the Custodian from time to time (the “Registration Services”). The Fund shall pay Custodian such fees as may be agreed between the parties from time to time with respect to the
Registration Services in accordance with Section 14 hereof. The Fund further acknowledges and agrees that: 

  
 8 

 (i) as part of the Registration Services, the Custodian will complete registration documentation
for the agreed markets on behalf of the Fund and then forward such documentation to the Fund or an Authorized Person for final review and signature on behalf of the Fund; (ii) by the Fund or an Authorized Person signing and submitting the
aforementioned documentation to the Custodian on behalf of the Fund (the “Submitted Documents”), the Fund shall be deemed to have confirmed to the Custodian that the Fund has reviewed the Submitted Documents and has determined that all of
the information contained therein is accurate and complete; (iii) the submission of the Submitted Documents to the Custodian, shall be deemed an Instruction under Section 4 hereof to open one or more accounts in the referenced market (in
accordance with the information provided in the Submitted Documents) and to provide the Submitted Documents and/or the information contained therein to the Subcustodian in the referenced market (and where applicable, for further submission to the
relevant Securities Depository, exchanges, regulatory and tax authorities, tax agents and/or brokers in the referenced market). 
 7. Cash Accounts,
Deposits and Money Movements. Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself or with Subcustodians, cash accounts in United States Dollars, in
such other currencies as are the currencies of the countries in which the Fund or Portfolios maintain Investments or in such other currencies as the Fund, on behalf of the Portfolios, shall from time to time request by Instruction, including
standing Instructions for Principal Accounts to participate in a BBH&Co. cash management vehicle. Notwithstanding any in this Agreement to the contrary, the Fund shall be liable as principal for any overdrafts occurring in its cash accounts.

 7.5 Types of Cash Accounts. Cash accounts opened on the books of the Custodian (Principal Accounts) shall be
opened in the name of the Fund, on behalf of the applicable Portfolios. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained
in Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund, on behalf of the Portfolios, or in the name of the Custodian for the Fund or in the name of the Custodian for its customers generally
(Agency Accounts). Such deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund and the applicable Portfolios. Accordingly, the Custodian shall be responsible for exercising reasonable care in the
administration of such accounts, but, except as expressly provided in this Agreement, shall not be liable for their repayment in the event the Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. In connection
with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund, and/or for the
purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes on behalf of the Fund or the Fund and
affiliated funds (each an “Account”). Each such Account shall be subject to the terms and conditions of this Agreement (including, without limitation Section 7.6) and the Fund shall be liable for the satisfaction of its own
obligations in connection with each Account; provided however, the Fund shall not be liable for the obligations of any other affiliated fund thereunder. 

7.5.1 Administrative Accounts. In connection with the services provided hereunder, the Custodian is hereby directed to open cash
accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without
limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an “Account”). Each such Account shall be subject to the terms and conditions
of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection with each Account. 
 7.6 Payments
and Credits with Respect to the Cash Accounts. The Custodian shall make payments from or deposits to any of the cash accounts in the course of carrying out its administrative duties, including but not limited to income collection with
respect to a Portfolio’s Investments, and otherwise in accordance with Instructions. The Custodian and its Subcustodians shall be required to credit amounts to the cash accounts only when 

  
 9 

 
moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit made to any Principal or Agency Account before actual receipt
of cleared funds shall be provisional and may be reversed by the Custodian in the event such payment is not actually collected. Unless otherwise specifically agreed in writing by the Custodian or any Subcustodian, all deposits shall be payable only
at the branch of the Custodian or Subcustodian where the deposit is made or carried. 
 7.7 Currency and Related Risks. The
Fund bears the risks of holding or transacting in any currency, including any mark to market exposure associated with a foreign exchange transaction undertaken with the Custodian. The Custodian shall not be liable for any loss or damage arising from
the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event, which may delay or affect the transferability, convertibility or availability of any currency in the country (a) in which such Principal
or Agency Accounts are maintained or (b) in which such currency is issued, and in no event shall the Custodian be obligated to make payment of a deposit denominated in a currency during the period during which its transferability,
convertibility or availability has been affected by any such law, regulation or event. Without limiting the generality of the foregoing, neither the Custodian nor any Subcustodian shall be required to repay any deposit made at a foreign branch of
either the Custodian or Subcustodian if such branch cannot repay the deposit due to a cause for which the Custodian would not be responsible in accordance with the terms of Section 9 of this Agreement unless the Custodian or such Subcustodian
expressly agrees in writing to repay the deposit under such circumstances. All currency transactions in any account opened pursuant to this Agreement are subject to exchange control regulations of the United States and of the country where such
currency is the lawful currency or where the account is maintained. Any taxes, costs, charges or fees imposed on the convertibility of a currency held by the Fund on behalf of a Portfolio shall be for the account of the Fund/Portfolio. 

7.8 Foreign Exchange Transactions. The Custodian shall, subject to the terms of this Section, settle foreign exchange
transactions (including contracts, futures, options and options on futures) on behalf and for the account of the Fund or a Portfolio with such currency brokers or banking institutions, including Subcustodians, as the Fund on behalf of a Portfolio
may direct pursuant to Instructions. The Custodian may act as principal in any foreign exchange transaction with the Fund in accordance with Section 7.4.2 of this Agreement. The obligations of the Custodian in respect of all foreign exchange
transactions (whether or not the Custodian shall act as principal in such transaction) shall be contingent on the free, unencumbered transferability of the currency transacted on the actual settlement date of the transaction. 

7.8.1 Third Party Foreign Exchange Transactions. The Custodian shall process foreign exchange transactions (including
without limitation contracts, futures, options, and options on futures), where any third party acts as principal counterparty to the Fund or a Portfolio on the same basis it performs duties as agent for the Fund with respect to any other of the
Fund’s or a Portfolio’s Investments. Accordingly the Custodian shall only be responsible for delivering or receiving currency on behalf of the Fund or a Portfolio in respect of such contracts pursuant to Instructions. The Custodian shall
not be responsible for the failure of any counterparty (including any Subcustodian) in such agency transaction to perform its obligations thereunder. The Custodian (a) shall transmit cash and Instructions to and from the currency broker or
banking institution with which a foreign exchange contract or option has been executed, (b) may make free outgoing payments of cash in the form of Dollars or foreign currency without receiving confirmation of a foreign exchange contract or
option or confirmation that the countervalue currency completing the foreign exchange contract has been delivered or received or that the option has been delivered or received, (c) may, in connection with cash payments made to third party
currency brokers/dealers for settlement of the Fund’s foreign exchange spot or forward transactions, foreign currency swap transactions and similar foreign exchange transactions, process settlements using the facilities of the CLS Bank
according to CLS Bank’s standard terms and conditions, and (d) shall hold in safekeeping all confirmations, certificates and other documents and agreements received by the Custodian and evidencing or relating to such foreign
exchange transactions. The Fund on behalf of the Portfolios accepts full responsibility for its use of third-party foreign exchange dealers and for execution of the foreign exchange contracts and options and understands that each applicable
Portfolio shall be responsible for any and all costs and interest charges which may be incurred by it or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange. 

  
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 7.8.2 Foreign Exchange with the Custodian as Principal. The Custodian may
enter into foreign exchange transactions with the Fund if an Instruction calls for a foreign exchange transaction to be entered into for the Fund. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the
parties have no otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the terms and conditions currently posted on the Custodian’s website at <http://
www.bbh.com/fxtermsandconditions /> ( the “FX Online Terms and Conditions”), which terms are available in hardcopy upon request, and which terms may be updated from time to time. The Custodian shall provide notice of any
material change to the FX Online Terms and Conditions to the Fund at least ten (10) business days prior to their taking effect, unless the Custodian determines that the circumstances require that a shorter period apply. Foreign exchange
transactions that occur or are placed on or after the effective date of such changes, as stated in the applicable notice, shall be governed by the modified FX Online Terms and Conditions. The Fund represents and warrants, each and every time an
Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the Commodity Exchange Act and the regulations thereunder, as amended from
time to time. 
 7.9 Delays. If no event of Force Majeure shall have occurred and be continuing and in the event that a
delay shall have been caused by the negligence or willful misconduct of the Custodian in carrying out an Instruction to credit or transfer cash, the Custodian shall be liable to the Fund on behalf of the applicable Portfolios for damages, plus:
(a) with respect to Principal Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the time the delay occurs for the period from the day when the transfer
should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Subcustodian on overnight deposits at the
time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall not be liable for delays in carrying out Instructions to transfer cash which are not due to the
Custodian’s own negligence or willful misconduct. 
 7.10 Advances. If, for any reason in connection with this Agreement
the Custodian or any Subcustodian makes an Advance to facilitate settlement or, following Instruction from the Fund otherwise makes an Advance a) for the benefit of the Fund or a Portfolio; or b) to carry out the purposes of this Agreement (whether
or not any Principal or Agency Account shall be overdrawn either during, or at the end of, any Business Day), the Custodian shall charge a customary rate of interest, and the Fund hereby does: 

7.10.1 acknowledge that the Fund shall have no right, title or interest in or to any Investments purchased with such Advance or proceeds of
such Investments – but only to the extent of any remaining debit balance of such Advance, and that any credit of Investments to an account of Fund shall be provisional, until: (a) the debit of the Principal or Agency Account by Custodian
for an amount equal to Advance Costs; and/or (b) if such debit produces an overdraft in such account, reimbursement to the Custodian or Subcustodian for the amount of such overdraft; 

7.10.2 acknowledge that the Custodian has an automatically perfected statutory security interest in Investments purchased with any such
Advance pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of New York from time to time; 

7.10.3 in addition, in order to secure the obligations of the Fund to pay or perform any and all obligations of the Fund pursuant to this
Agreement, including without limitation to repay any Advance made pursuant to this Agreement, grant to the Custodian a security interest in all Investments and proceeds thereof (as defined in the Uniform Commercial Code as currently in effect in the
State of New York) solely to the extent of any such obligation owed by the Fund to the Custodian; and agree to take, and agree that the Custodian may take, in respect of the security interest referenced above, any further actions that the Custodian
may reasonably require. 
 7.11 Custodian’s Rights. Neither the Custodian nor any Subcustodian shall be obligated to make
any Advance or, subject to Section 7.10, shall be allowed to make an Advance to the Fund or a Portfolio, and in the event that the Custodian or any Subcustodian does make or allow an Advance, any such Advance and any transaction giving rise to
such Advance shall be for the account and risk of the Fund and shall not 

  
 11 

 
be deemed to be a transaction undertaken by the Custodian for its own account and risk. If such Advance shall have been made or allowed by a Subcustodian or any other person, the Custodian may
assign all or part of its security interest referenced above and any other rights granted to the Custodian hereunder to such Subcustodian or other person. If the Fund or Portfolio shall fail to repay the Advance Costs when due, the Custodian or its
assignee, as the case may be, shall be entitled to a portion of the available cash balance in any Agency or Principal Account equal to such Advance Costs, and the Fund authorizes the Custodian, on behalf of the Fund or Portfolio, to pay an amount
equal to such Advance Costs irrevocably to such Subcustodian or other person, and, following written notice to the Fund and its Sponsor and their failure to pay such Advance Costs within 4 hours after receipt of the written notice, to dispose of any
property in such Account to the extent necessary to make such payment. Any Investments credited to accounts subject to this Agreement created pursuant hereto shall be treated as financial assets credited to securities accounts under Articles 8 and 9
of the Uniform Commercial Code as in effect in the State of New York from time to time. Accordingly, the Custodian and any Subcustodian shall have the rights and benefits of a secured creditor that is a securities intermediary under such Articles 8
and 9. 
 7.12 Integrated Account. For purposes hereof, deposits maintained in all Principal Accounts (whether or not
denominated in Dollars) shall collectively constitute a single and indivisible current account with respect to the Fund’s obligations to the Custodian or its assignee, and balances in the Principal Accounts shall be available for satisfaction
of the Fund’s obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.

 8. Subcustodians and Securities Depositories. Subject to the provisions hereinafter set forth in this Section 8, the Fund hereby
authorizes the Custodian to utilize Securities Depositories to act on behalf of a Portfolio and to appoint from time to time and to utilize Subcustodians. With respect to Investments held by a Subcustodian, either directly or indirectly (including
by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment,
respectively, and securities or payment may be received in a form in accordance with (a) governmental regulations, (b) rules of Securities Depositories and Clearing Agencies, (c) generally accepted trade practice in the applicable
local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Instructions. 
 8.1
Domestic Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain, either directly or through one or more agents appointed by the Custodian, Investments of the Fund in any Securities Depository in the
United States, including The Depository Trust Company, provided such Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, at any time, appoint any bank regulated as
such in the United States, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund in the United States. 

8.2 Foreign Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain non-U.S. Investments of the Fund in any non-U.S. Securities Depository. Additionally, the Custodian may, at any time and from time to time, appoint any bank, trust company or
other similar entity that is regulated as such in the country in which it offers banking, trust or custodial services, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States. Such
appointment of foreign Subcustodians shall be subject to approval (which may be withdrawn at any time) of the Fund or Investment Manager as the case may be which approval shall be evidenced by their receipt of the Global Custody Network Listing as
the same may from time to time be updated. 

  
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 8.3 Responsibility for Subcustodians. Except as provided in the last
sentence of this Section 8.3, the Custodian shall be liable to the Fund and its applicable Portfolios for any loss or damage thereto caused by or resulting from the acts or omissions of any Subcustodian to the extent that such acts or omissions
would be deemed to be negligence, gross negligence or willful misconduct in accordance within the terms of the relevant subcustodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred.
The liability of the Custodian in respect of those Subcustodians specifically identified by the Custodian, from time to time, as being subject to the “recover standard of care” on the Global Custody Network Listing, shall be subject to the
additional condition that the Custodian actually recovers such loss or damage from the applicable Subcustodian. 
 8.4 New Countries.
The Fund shall be responsible for informing the Custodian sufficiently in advance of a proposed investment which is to be held in a country in which no Subcustodian is authorized to act in order that the Custodian shall, if it deems
appropriate to do so, have sufficient time to establish a subcustodial arrangement in accordance herewith. In the event the Custodian is unable to establish such arrangements prior to the time the investment is to be acquired, the Custodian is
authorized to designate at its discretion a local safekeeping agent, and the use of the local safekeeping agent shall be at the sole risk of the Fund, and accordingly the Custodian shall be responsible to the Fund for the actions of such agent if
and only to the extent the Custodian shall have recovered from such agent for any damages caused the Fund by such agent. 
 9. Responsibility of the
Custodian. In performing its duties and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance occurs. Subject to the specific provisions of this Section,
the Custodian shall be liable to the Fund for any damage incurred by the Fund or a Portfolio in consequence of the Custodian’s (or its employees’, officers’ or other agents’) negligence, bad faith or willful misconduct. In no
event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if advised of the possibility of such damages. It is agreed that the
Custodian shall have no duty to assess the risks inherent in the Fund’s Investments or to provide investment advice with respect to Investments and that the Fund and its Portfolios as principal shall bear any risks attendant to particular
Investments such as failure of counterparty or issuer. 
 9.1 Limitations of Performance. The Custodian shall not be
responsible under this Agreement for any failure to perform its duties, and shall not be liable hereunder for any loss or damage in association with such failure to perform for or in consequence of the following causes: 

9.1.1 Force Majeure. Force Majeure shall mean any circumstance or event which is beyond the reasonable control of the
Fund, Custodian, a Subcustodian or any agent of the Custodian or a Subcustodian and which adversely affects the performance by the Fund, Custodian of its obligations hereunder, by the Subcustodian of its obligations under its Subcustody Agreement or
by any other Agent of the Custodian or the Subcustodian, including any event caused by, arising out of or involving (a) an act of God, (b) accident, fire, water or wind damage or explosion, (c) any computer, system or other equipment
failure or malfunction caused by any computer virus or the malfunction or failure of any communications medium, (d) any interruption of the power supply or other utility service, (e) any strike or other work stoppage, whether partial or
total, (f) any delay or disruption resulting from or reflecting the occurrence of any Country, Sanctions or Sovereign Risk, (g) any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets,
whether or not resulting from or reflecting the occurrence of any Country, Sanctions or Sovereign Risk, (h) any encumbrance on the transferability of a currency or a currency position on the actual settlement date of a foreign exchange
transaction, whether or not resulting from or reflecting the occurrence of any Country, Sanctions or Sovereign Risk, or (i) any other cause similarly beyond the reasonable control of the party. 

9.1.2 Country Risk. Country Risk shall mean, with respect to the acquisition, ownership, settlement or custody of
Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of Investments including (a) the prevalence of crime and corruption,
(b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the 

  
 13 

 absence or inadequacy of an infrastructure to support such systems, (d) custody and
settlement infrastructure of the market in which such Investments are transacted and held, (e) the acts, omissions and operation of any Securities Depository, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties
to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets. 

9.1.3 Sovereign Risk. Sovereign Risk shall mean, in respect of any jurisdiction, including the United States of America,
where Investments are acquired or held hereunder or under a Subcustody Agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion, (b) the imposition of any investment, repatriation or exchange control restrictions by
any Governmental Authority, (c) the confiscation, expropriation or nationalization of any Investments by any Governmental Authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency, (e) the imposition
of taxes, levies or other charges affecting Investments, (f) any change in the Applicable Law, or (g) any other economic or political risk incurred or experienced. 

9.1.4 AML and Sanctions Risk. AML and Sanctions Risk shall mean, with respect to the acquisition, ownership, settlement or
custody of Investments, all risks relating to, or arising in consequence of the Custodian complying with one or more Sanctions Regimes or applicable AML Laws, including, but not limited to, the risk that if Custodian reasonably believes it has come
in contact with a sanctioned party, or has come into possession or control of any Sanctioned Property as a result of its performance of this Agreement, Custodian may be required by one or more Sanctions Regime to block (i.e. prevent further movement
of) such Sanctioned Property and report any related activity to relevant government authorities. The Fund acknowledges that if multiple Sanctions Regimes apply (including OFAC), the Custodian will comply with the most restrictive of the applicable
regimes. The Fund also acknowledges that the Custodian shall not be liable hereunder for any loss or damage caused by any delays or refusals to process a transaction that result from Custodian’s obligation to ensure compliance with applicable
AML Laws and Sanctions Regimes. 
 9.2. Limitations on Liability. The Custodian shall not be liable for any loss, claim,
damage or other liability arising from the following causes: 
 9.2.1 Failure of Third Parties. The failure of any third party
(subject to the provisions hereof with respect to Agents and Subcustodians that are not affiliated with the Custodian) including: (a) any issuer of Investments or Book-Entry Agent or other agent of an issuer; (b) any counterparty with
respect to any Investment, including any issuer of exchange-traded or other futures, option, derivative or commodities contract; (c) failure of an Investment Advisor, third party foreign custody manager or other agent of the Fund; or
(d) failure of other third parties similarly beyond the control or choice of the Custodian. 
 9.2.2 Information Sources.
The Custodian may rely upon information received from issuers of Investments or agents of such issuers, information received from Subcustodians and from other commercially reasonable sources such as commercial data bases and the like, but
shall not be responsible for specific inaccuracies in such information (provided that the Custodian has relied upon such information in good faith), or the failure of any commercially reasonable information provider. 

9.2.3 Reliance on Instruction. Action by the Custodian or the Subcustodian in accordance with an Instruction, even when
such action conflicts with, or is contrary to any provision of, the Fund’s trust instrument, certificate of trust or by-laws, Applicable Law, or actions by the trustees, directors or shareholders of the
Fund. 
 9.2.4 Restricted Securities. The limitations inherent in the rights, transferability or similar investment
characteristics of a given Investment of the Fund. 

  
 14 

 10. Transfer Agency Services. Subject to the specific provisions of this Section, the TA shall not
be liable to the Fund for any damage incurred by the Fund or a Portfolio unless such damages arise from the TA’s (or its employees’, officers’ or other agents’) negligence, bad faith or willful misconduct. In no event shall the
TA be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if advised of the possibility of such damages. BBH&Co. will provide the transfer agency
services described in Schedule IV hereto pursuant to the following terms and conditions: 
 10.1 Limitations on Liability 

10.1.1 TA shall not be held accountable or liable to the Fund, or any third party if TA is unable to perform its responsibilities in accordance
with this Agreement as a result of (i) any errors in the Services based upon or arising out of information received in a timely or untimely manner by TA either (a) from a source which TA was authorized to rely upon pursuant to a relevant
Schedule hereto, or (b) from a source which in TA’s reasonable judgment was as an appropriate source for such information, (ii) relevant information known to the Fund which would impact the Services but which is not communicated by
the Fund or its agent to TA, or (iii) the suspension, discontinuance or termination of the transmission of information by information providers for any reason, provided TA shall have made reasonable commercial efforts to procure such
transmission. The Fund hereby acknowledges and agrees that TA shall neither guarantee nor make any warranties whatsoever, with respect to the sources referenced above and to the accuracy or completeness of their information. 

10.1.2 The Fund acknowledges and agrees that nothing herein is intended to diminish the responsibility of third parties, including without
limitation, its clients, custodian banks, brokers, and pricing and administrative agents, under their respective contractual and/or business arrangements with the Fund. 

10.1.3 Subject to compliance with the following undertaking, TA shall incur no liability with respect to any telecommunications, equipment or
power failures, or any failures to perform or delays in performance by postal or courier services or third-party information providers. Notwithstanding the foregoing, TA shall maintain and implement commercially reasonable business continuity
procedures and cyber security protections. TA shall promptly notify the Fund if TA becomes aware that the Fund’s information within TA’s possession has been compromised due to unauthorized third-party access and may become liable for
related damage and losses to the Fund under Applicable Law. 
 10.1.4 TA shall in no event be required to advance or expend its own funds in
connection with the services provided hereunder, or take any action which is in contravention of any Applicable Law, rule or regulation or any order or judgment of any court of competent jurisdiction. 

10.1.5 The Fund shall review the Services performed by TA under this Agreement promptly and periodically and shall notify TA of any improper
performance, discrepancy or error therein. Unless the Fund provides written notice of any such discrepancy or error within a reasonable time after such Services are performed, the Services shall be deemed to have met the duties and standards set
forth herein. 
 10.1.6 Without limiting the generality of any of the foregoing provisions, in no event shall TA be liable for any taxes,
penalties, fines, costs, charges or fees imposed on the Fund in connection with the Services hereunder unless otherwise agreed between the Parties. 

10.1.7 In no event shall TA be responsible for providing investment management services or advice or legal advice under this Agreement, nor
shall TA be liable for the investment management services and advice received or given by the Fund or the legal advice received by the Fund from its counsel or other legal counsel. 

10.1.8 Without limiting the generality of any of the foregoing provisions, the TA shall have no liability for any damages arising out of
(i) the failure of any Authorized Participant to perform its obligations under a Participant Agreement (“Participant Agreement” defined for this purpose as any Participant Agreement between the Distributor and an Authorized
Participant acknowledged by the Administrator); (ii) activities or statements of sales or wholesaler personnel who are employed by any distributor (or its affiliates); or (iii) the failure of any Authorized Participant to deposit with the
Custodian sufficient collateral, or to provide additional collateral upon request by the TA, in connection with the monitoring services provided for herein on Schedule IV; or (b) any errors in the computation of collateral requirements based
upon or arising out of quotations or information received by the TA from the Fund’s accounting agent or any other source on which the TA reasonably relies. 

  
 15 

 10.2 Instructions. TA shall not be liable for, and shall be indemnified by the Fund
against any and all losses, costs, damages or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions (as hereinafter defined) or upon any other written notice, request, direction, instruction, certificate
or other instrument believed by it to be genuine and signed or authorized by the proper party or parties, to the extent that such losses, costs, damages or expenses were not caused by the TA’s negligence or willful malfeasance. 

10.2.1 Instructions shall mean a written request, direction, instruction or certification signed or initialed on behalf of the Fund by one or
more Authorized Persons. Authorized Persons may be identified by name, title or position. Telephonic and other oral instructions or instructions given by facsimile transmission may be given by any one of the Authorized Persons. Such instructions
shall be considered Instructions if TA reasonably believes them to have been given by an Authorized Person. In no event shall Instructions be in the form of electronic mail. 

10.2.2 Where Instructions are conveyed through facsimile transmissions, the Fund hereby acknowledges that (i) receipt of legible
instructions cannot be assured, (ii) TA cannot verify that authorized signatures on facsimile Instructions are original, and (iii) TA shall not be responsible for losses or expenses incurred through actions taken in reliance on such
Instructions. The Fund agrees that such facsimile Instructions shall be conclusive evidence of the Fund’s Instruction to TA to act or to omit to act. 

10.2.3 Instructions given orally will be confirmed by written Instructions in the manner set forth above in Section 10.2.1, including by
facsimile, but the lack of such confirmation shall in no way affect any action taken by TA in reliance upon such oral Instructions. The Fund authorizes TA to tape record any and all telephonic or other oral Instructions given to TA by or on behalf
of the Fund (including any of its officers, directors, trustees, employees or agents or any investment manager or adviser or person or entity with similar responsibilities which is authorized to give Instructions on behalf of the Fund to TA). The
Fund agrees to solicit valid written or other consent from any of its employees in respect to telephonic recordings to the extent such consent is required by Applicable Law. 

10.3 Representations of TA. 

10.3.1 TA represents that it is a registered transfer agent under the Securities Exchange Act of 1934. 

10.3.2 TA has established pursuant to the Bank Secrecy Act, and other U.S. laws and regulations applicable to it, Anti-Money Laundering (AML)
compliance programs, including but not limited to: (1) the development of internal policies, procedures, and controls; (2) the designation of a compliance officer; (3) the implementation of ongoing employee training programs; and
(4) the creation of an independent audit function to test such programs. 
 10.3.3 TA has a customer identification program (CIP)
consistent with the rules under section 326 of the USA Patriot Act. TA. For the avoidance of doubt, DTC is exempt from CIP requirements. 

10.3.4 TA: (i) has in place policies and procedures reasonably designed to ensure compliance with the transfer agent rules of the
Securities Exchange Act of 1934, as amended; (ii) and will maintain appropriate records in accordance with said transfer agent rules. 
 11.
Indemnification. The Fund hereby indemnifies BBH&Co. as TA and Custodian (and each Subcustodian), and their respective Agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless
from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this Agreement and any Instruction. If a Subcustodian or any other 

  
 16 

 person indemnified under the preceding sentence, gives written notice of claim to the Custodian, the Custodian
shall promptly give written notice to the Fund. Notwithstanding the foregoing, the Fund will not be responsible for indemnifying any person to the extent such losses, claims or liabilities arose from the negligence or willful malfeasance of
BBH&Co. or any of its Sub-Custodians, Agents, nominees, partners, employees, affiliates, officers or directors. 

12. Reports and Records. BBH&Co. shall: 

12.1 create and maintain records relating to the performance of its obligations under this Agreement (including such reports as may be required
pursuant to Applicable Law); 
 12.2 make available to and copy for the Fund (at the Fund’s expense), its auditors, agents and
employees, upon reasonable request and during its normal business hours, all records maintained by BBH&Co. pursuant to Section 12.1 above, subject, however, to all reasonable security requirements of BBH&Co. then applicable to the
records of its customers generally; and 
 12.3 make available to the Fund all Electronic Reports; it being understood that BBH&Co. shall
not be liable hereunder for any inaccuracy or incompleteness with respect to any third-party information included therein. 
 12.4 The Fund
shall examine all records, however produced or transmitted, promptly upon receipt and notify BBH&Co. promptly of any apparent discrepancy or error-within a reasonable time after its receipt of the records. 

12.5 The Fund acknowledges that the Custodian obtains information on the value of assets from outside sources which may be utilized in certain
reports made available to the Fund. The Custodian deems such sources to be reliable, if reasonable to do so, but the Fund acknowledges and agrees that the Custodian does not verify such information nor make any representations or warrantees as to
its accuracy or completeness and accordingly shall be without liability in selecting and using such sources and furnishing such information. 

13. Miscellaneous. 

13.1 Powers of Attorney, etc. The Fund on behalf of its Portfolios will promptly execute and deliver, upon request, such proxies,
powers of attorney or other instruments as may reasonably be necessary or desirable for the Custodian to provide, or to cause any Subcustodian to provide, the services contemplated by this Agreement. 

13.2 Entire Agreement; Amendment. This Agreement, together with the Schedules, supplements and appendices hereto, constitutes the
entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the Fund and the Custodian with respect to the subject matter hereof. No provision of this Agreement may be
amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought, provided, however, that an Instruction shall, whether or not such Instruction shall constitute a waiver,
amendment or modification for purposes hereof, be deemed to have been accepted by the Custodian when it commences actions pursuant thereto or in accordance therewith. In the event of a conflict between the terms of this Agreement and the terms of a
service level agreement or other operating agreement in place between the parties from time to time, the terms of this Agreement shall control. 

13.3 Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Custodian and the
Fund and their successors and assignees, provided that neither party may assign this Agreement without the prior written consent of the Custodian. Each party agrees that only the parties to this Agreement and/or their successors in interest shall
have a right to enforce the terms of this Agreement. 
 Accordingly, no client of the Fund or other third party shall have any rights under
this Agreement and such rights are explicitly disclaimed by the parties. 

  
 17 

 13.4 GOVERNING LAW, JURISDICTION AND VENUE. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND
THE FEDERAL COURTS LOCATED IN NEW YORK CITY AND THE APPELLATE COURTS THEREFROM. THE FUND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM
THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. FURTHERMORE, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 13.5 Notices. Notices and other writings contemplated by this
Agreement, other than Instructions, shall be delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, (c) by a nationally recognized overnight courier, or (d) by facsimile
transmission, provided that any notice or other writing sent by facsimile transmission shall also be mailed, postage prepaid, to the party to whom such notice is addressed. All such notices shall be addressed, as follows: 

 

							
	If to the Fund:	  	c/o Metaurus Advisors, LLC	  	
		  	589 Fifth Avenue, Suite 808	  	
		  	 New York, New York 10017 Attn: Sean Dillon,

Head of Trading
	  	
			
		  	Telephone: (212) 634-4250	  	
		  	Facsimile: (212) 634-4250	  	
			
	With a copy to:	  	 c/o Metaurus Advisors, LLC
 22
Hudson Place, Suite 3
	  	
		  	Hoboken, New Jersey 07030	  		  	
		  	Attn: Richard Sandulli, Co-Chief Executive Officer	  	
			
		  	Telephone: (212) 634-4250	  	
		  	Facsimile: (212) 634-4250	  	
			
	If to the Custodian:	  	Brown Brothers Harriman & Co.	  	
		  	50 Post Office Square	  	
		  	 Boston, Massachusetts 02110-1548

Attn: Global Head of ETF Services
	  	
			
		  	Telephone: (617) 772-1818	  	
		  	Facsimile: (617) 772-2235,	  	

 or such other address as the Fund or the Custodian may have designated in writing to the other. Notices
given by the Custodian pursuant to Section 13.13 may also be given by electronic mail to the email address of any Authorized Person. The Fund agrees that such notices given by electronic mail shall be conclusively presumed to have been
delivered and received by the Fund as of the date such electronic mail was sent by the Custodian, as recorded by the Custodian’s systems. 

13.6 Headings. Paragraph headings included herein are for convenience of reference only and shall not modify, define, expand or
limit any of the terms or provisions hereof. 
 13.7 Severability. In the event any provision of this Agreement is determined
to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force. 

  
 18 

 13.8 Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original. This Agreement shall become effective when one or more counterparts have been signed and delivered by the Fund and the Custodian. A photocopy or telefax of the Agreement shall be acceptable evidence of the
existence of the Agreement and the Custodian shall be protected in relying on the photocopy or telefax until the Custodian has received the original of the Agreement. 

13.9 Confidentiality. The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement
and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services
pursuant to this Agreement and, except as may be required in carrying out this Agreement (including, without limitation, disclosure to Subcustodians or Agents appointed by the Custodian), shall not be disclosed to any third party without the prior
consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be
disclosed by or to any regulator of the Custodian or any Agent or Subcustodian, any Regulatory Authority, any auditor or attorney of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law. 

13.10 Tape-recording. The Fund on behalf of itself and its Customers authorizes the Custodian to tape record any and all
telephonic or other oral instructions given to the Custodian by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in effect until and unless revoked by the Fund in writing. 

13.11 Counsel/ Certified Public Accountant. In fulfilling its duties hereunder, the Custodian shall be entitled to receive
and act upon the advice of (i) counsel and/or a certified public accountant regularly retained by the Custodian in respect of such matters, (ii) counsel and/or a certified public accountant for the Fund or (iii) such counsel or
certified public accountant as the Fund and the Custodian may agree upon, with respect to all matters, and the Custodian shall be without liability for any action reasonably taken or omitted pursuant to such advice. 

13.12 Conflict. Nothing contained in this Agreement shall prevent the Custodian and its associates from (i) dealing as a
principal or an intermediary in the sale, purchase or loan of the Fund’s Investments to, or from the Custodian or its associates; (ii) acting as a custodian, a subcustodian, a trustee, an agent, securities dealer, an investment manager or
in any other capacity for any other client whose interests may be adverse to the interest of the Fund; or (iii) buying, holding, lending, and dealing in any way in any assets for the benefit of its own account, or for the account of any other
client whose interests may be adverse to the Fund notwithstanding that the same or similar assets may be held or dealt in by, or for the account of the Fund by the Custodian. The Fund hereby voluntarily consents to, and waives any potential conflict
of interest between the Custodian and/or its associates and the Fund, and agrees that: 
 13.12.1 the Custodian’s and/or its
associates’ engagement in any such transaction shall not disqualify the Custodian from continuing to perform as the custodian of the Fund or Portfolios under this Agreement; 

13.12.2 the Custodian and/or its associates shall not be under any duty to disclose any information in connection with any such transaction to
the Fund; 
 13.12.3 the Custodian and/or its associates shall not be liable to account to the Fund or a Portfolio for any profits or
benefits made or derived by or in connection with any such transaction, and 
 13.12.4 the Fund shall use all reasonable efforts to disclose
this provision, among other provisions in this Agreement, to its shareholders. 
 13.13 Online Terms and Conditions. Foreign
exchange services provided under or otherwise referenced in this Agreement will be performed and subject to the terms and conditions posted on the Custodian’s website at < http://www.bbh.com/fxtermsandconditions/> (the “FX
Online Terms and Conditions”), which terms are available in hardcopy upon request, and which terms may be updated from time to time. The 

  
 19 

 Custodian shall provide notice of any change to the FX Online Terms and Conditions to the Fund at
least ten business days prior to their taking effect, unless the Custodian determines that the circumstances require that a shorter period apply. Foreign exchange transactions that occur or are placed on or after the effective date of such changes,
as stated in the applicable notice, shall be governed by the modified FX Online Terms and Conditions. 
 14. Definitions. The following defined
terms will have the respective meanings set forth below. 
 14.1 Advance(s) shall mean any extension of credit by or through
the Custodian or by or through any Subcustodian and shall include, without limitation, amounts due to the Custodian as the principal counterparty to any foreign exchange transaction with the Fund as described in Section 7.4.2 hereof, or paid to
third parties for account of the Fund or in discharge of any expense, tax or other item payable by the Fund. 
 14.2 Advance Costs
shall mean any Advance, interest on the Advance and any related expenses, including without limitation any mark to market loss of the Custodian or Subcustodian on any Investment to which Section 7.6.1 applies. 

14.3 Agency Account(s) shall mean any deposit account opened on the books of a Subcustodian or other banking institution in
accordance with Section 7.1 hereof. 
 14.4 Agent(s) shall have the meaning set forth in Section 6.17 hereof. 

14.5 Applicable Law shall mean with respect to each jurisdiction, all (a) laws, statutes, treaties, regulations, guidelines
(or their equivalents); (b) orders, interpretations by any regulatory or self-regulatory official, licenses and permits; and (c) judgments, decrees, injunctions, writs, orders and similar actions by a court of competent jurisdiction; compliance
with which is required or customarily observed in such jurisdiction. 
 14.6 Authorized Person(s) shall mean any person or
entity authorized to give Instructions on behalf of the Fund in accordance with Section 4.1 or 10.2.1 hereof. 
 14.7 Book-entry
Agent(s) shall mean an entity acting as agent for the issuer of Investments for purposes of recording ownership or similar entitlement to Investments, including without limitation a transfer agent or registrar. 

14.8 Clearing Corporation shall mean any entity or system established for purposes of providing securities settlement and
movement and associated functions for a given market(s). 
 14.9 Electronic and Online Services Schedule shall mean any
separate schedule entered into between the Custodian and the Fund or its authorized representative with respect to certain matters concerning certain electronic and online services as described therein and as may be made available from time to time
by the Custodian to the Fund and Portfolios. 
 14.10 Electronic Reports shall mean any reports prepared by the Custodian and
remitted to the Fund or its authorized representative via the internet or electronic mail. 
 14.11 EU shall mean the European
Union and its member states. 
 14.12 Funds Transfer Services Schedule shall mean any separate schedule entered into between
the Custodian and the Fund or its authorized representative with respect to certain matters concerning the processing of payment orders from Principal Accounts of the Fund. 

14.13 Global Custody Network Listing shall mean Countries and Subcustodians approved for Investments in non-U.S. Markets. 
 14.14 Instruction(s) shall have the meaning assigned in Section 4
hereof. 

  
 20 

 14.15 Investment Advisor shall mean any person or entity who is an Authorized
Person to give Instructions with respect to the investment and reinvestment of the Fund’s Investments. 
 14.16 Investment(s)
shall mean any investment asset of the Fund or Portfolios, including without limitation securities, bonds, notes, and debentures as well as receivables, derivatives, contractual rights or entitlements and other intangible assets, but shall
not include any Principal Account. 
 14.17 Margin Account shall have the meaning set forth in Section 6.4 hereof. 

14.18 OFAC shall mean the US Treasury Department’s Office of Foreign Assets Control. 

14.19 Principal Account(s) shall mean deposit accounts of the Fund or a Portfolio carried on the books of BBH&Co. as
principal in accordance with Section 7 hereof. 
 14.20 Sanctions or Sanctions Regime(s) shall mean any governmental
sanctions against countries, persons and entities that are imposed at any time by the US, the EU, the United Nations or any other jurisdiction, which Custodian must comply with. 

14.21 Securities Depository shall mean a central or book entry system or agency established under Applicable Law for purposes of
recording the ownership and/or entitlement to investment securities for a given market. 
 14.22 Subcustodian(s) shall mean
each foreign bank appointed by the Custodian pursuant to Section 8 hereof, but shall not include Securities Depositories. 
 14.23
Tri-Party Agreement shall have the meaning set forth in Section 6.4 hereof. 
 15.
Compensation. The Fund agrees to pay to BBH&Co. a fee in an amount set forth in the fee letter between the Fund and BBH&Co. as Custodian and between BBH&Co. as TA, in effect on the date hereof or as amended from time to
time, and (b) all reasonable out-of-pocket expenses incurred by BBH&Co. for account or benefit of the Fund or its Portfolios, and payable from time to time.
Amounts payable by the Fund under and pursuant to this section shall be payable by wire transfer or check to the Custodian at BBH&Co. in New York, New York. 

16. Termination. This Agreement may be terminated by either party in accordance with the provisions of this Section. The provisions of this
Agreement and any other rights or obligations incurred or accrued by any party hereto prior to termination of this Agreement shall survive any termination of this Agreement. 

16.1 Term, Notice and Effect. This Agreement shall have an initial term of two (2) years from the date hereof. Thereafter,
this Agreement shall automatically renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective ninety (90) days or more following delivery of that notice to the other party at its
address set forth hereof. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement, including any Schedule thereto, not cured within 60 days by
the other party, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or a series of breaches that have adversely affected the other party and procedures
reasonably designed to address the series of breaches and reasonably acceptable to the non-defaulting party have not been adopted by the defaulting party within 60 days, or (b) upon thirty (30) days
written notice to the other party in the event that either party is adjudged bankrupt or insolvent or its license has been suspended or terminated, or there shall be commenced against such party a proceeding under any applicable resolution,
administration, winding up, bankruptcy, insolvency, or other similar law now or hereafter in effect. 
 16.2 Notice and Succession.
In the event a termination notice is given by a party hereto, all reasonable costs and expenses associated with any required systems, facilities, procedures, personnel, and other resourced modifications as well as the movement of records and
materials and the conversion thereof shall be paid by the Fund for which Services shall cease to be performed hereunder. Furthermore, to the extent that it appears impracticable given the circumstances to effect an orderly delivery of the necessary
and appropriate records of BBH&Co. to a successor within the time specified in the notice of termination as aforesaid, BBH&Co. and the Fund agree that this Agreement shall remain in full force and effect for such reasonable period as may be
required to complete necessary arrangements with a successor. 

  
 21 

 16.3 Successor Custodian. In the event of the appointment of a successor
custodian, it is agreed that the Investments of the Fund held by the Custodian or any Subcustodian shall be delivered to the successor custodian in accordance with reasonable Instructions timely provided by the Fund. The Custodian agrees to
cooperate with the Fund in the execution of documents and performance of other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the Custodian shall in like
manner transfer the Fund’s Investments in accordance with Instructions. 
 16.4 Delayed Succession of Custodian. If no
Instruction has been given as of the effective date of termination, Custodian may at any time on or after such termination date and upon thirty (30) consecutive calendar days written notice to the Fund either (a) deliver the Investments of
the Fund or any Portfolio held hereunder to the Fund at the address designated for receipt of notices hereunder; or (b) deliver any investments held hereunder to a bank or trust company having a capitalization of $2,000,000 USD equivalent and
operating under the Applicable Law of the jurisdiction where such Investments are located, such delivery to be at the risk of the Fund. In the event that Investments or moneys of the Fund remain in the custody of the Custodian or its Subcustodians
after the date of termination owing to the failure of the Fund to issue Instructions with respect to their disposition or owing to the fact that such disposition could not be accomplished in accordance with such Instructions despite diligent efforts
of the Custodian, the Custodian shall be entitled to compensation for its services with respect to such Investments and moneys during such period as the Custodian or its Subcustodians retain possession of such items and the provisions of this
Agreement shall remain in full force and effect until disposition in accordance with this Section is accomplished. 
 IN WITNESS WHEREOF, each of the
parties hereto has caused this Agreement to be duly executed as of the date first above written. 
 The undersigned acknowledges that (I/we) have received a
copy of this document. 
  

							
	BROWN BROTHERS HARRIMAN & CO.	  	METAURUS EQUITY COMPONENT TRUST
				
	By:	 	  
	  	By:	  	  

	Name:	 		  	Name:	  	
	Title:	 		  	Title:	  	
	Date:	 		  	Date:	  	

  

 APPENDIX A 

TO 
 CUSTODIAN AND TRANSFER AGENT
AGREEMENT 
 Dated as of January 8, 2018 

The following is a list of Portfolios for which the Custodian shall serve under this Agreement: 

U.S. Equity Cumulative Dividends Fund—Series 2027 
 U.S.
Equity Ex-Dividend Fund—Series 2027 

  

 SCHEDULE I: FUNDS TRANSFER SERVICES SCHEDULE 

(“FTSS”) 
 In accordance with
Section 4.2 of the Custodian Agreement, the Fund acknowledges the following terms and conditions in respect of all funds transfers effected by the Custodian. References to UCC 4A shall mean Article 4A of the Uniform Commercial Code as currently
in effect in the State of New York. Terms not otherwise defined herein shall have the meanings accorded to them in the Custodian Agreement. 
 1.
Transmission of Payment Orders. Each FT Instruction shall be transmitted by such secured or authenticated means and subject to such security procedures as the Custodian shall make available to the Fund from time to time (such transmission
method and security procedures, a Custodian Designated Security Procedure), unless the Fund shall elect to transmit such FT Instruction in accordance with a Fund Designated Security Procedure (as defined in Section 4 below). The Fund
acknowledges and agrees that the Custodian will use the security procedures referenced in Sections 3 and 4 below solely to authenticate a FT Instruction, as set forth herein, and not to detect any errors or omissions therein. 

2. Custodian Designated Security Procedure. The Custodian will make the following Custodian Designated Security Procedures available to the Fund for use
in communicating FT Instructions to the Custodian: 
 • BBH
Worldview® Payment Products. The Custodian offers to the Fund use of its BBH Worldview Payment Products (“BBH Worldview”), which are Custodian proprietary on-line payment order authorization facilities with built-in authentication procedures. The Custodian and the Fund shall each be responsible for maintaining the
confidentiality of passwords or other codes used by them in connection with BBH Worldview. The Custodian will act on FT Instructions received through BBH Worldview without duty of further confirmation unless the Fund notifies the Custodian that its
password is not secure. The Fund agrees that access to, and use of, BBH Worldview shall be governed by an Electronic and On-line Services Schedule, which the Fund will execute prior to access to BBH Worldview.

 • SWIFT Transmission. The Custodian and the Fund shall comply with SWIFT’s authentication procedures. The Custodian will
act on FT Instructions received via SWIFT provided the instruction is authenticated by the SWIFT system. 
 • Written
Instructions. Instructions may be transmitted in an original writing that bears the manual signature of an Authorized Person(s). 
 3. Fund
Designated Security Procedure. FT Instructions may be transmitted through such other means, and subject to such additional security procedures, as may be elected by the Fund (or by an Authorized Person entitled to give Instructions) and
acknowledged and accepted by the Custodian (the transmission methods and security procedures referenced below, as may be supplemented by such additional security procedures, each a Fund Designated Security Procedure); it being understood that
the Custodian’s acknowledgment shall authorize it to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Fund. 

• Computer Transmission. The Custodian is able to accept transmissions sent from the Fund’s computer facilities to the
Custodian’s computer facilities. If the Fund determines to use its proprietary transmission or other electronic transmission method, it must provide Custodian sufficient notice and information to allow testing or other confirmation that FT
Instructions received via the Fund Designated Security Procedure can be processed in good time and order. The Custodian may require the Fund to execute additional documentation prior to the use of such transmission method. 

• Facsimile Transmission. 

A FT Instruction transmitted to the Custodian by facsimile transmission must be transmitted by the Fund to a telephone number specified from
time to time by the Custodian for such purposes. The Custodian will then follow one of the procedures below: 

  
 2 

 1. If the facsimile requests a non-repetitive order, the
Custodian will call the Fund and request to speak to a person authorized to validate orders on behalf of the Fund, and confirm the authorization and details of the payment order (a Callback); 

2. If the facsimile FT Instruction pertains to a repetitive payment order (see Section 7 below), the Custodian may (at its sole
discretion) perform a Callback. The Fund acknowledges that prior to its issuance of any repetitive payment order, it must (a) request that the appropriate repetitive payment order process be approved and set up at the Custodian, and
(b) complete such documentation as may be required by the Custodian, including a PPO (as defined in Section 7). 
 The Custodian
shall rely on the purported identity of the originator but due to the lack of reliability of a facsimile signature, it will not perform signature verification on facsimiles. 

• Telephonic. The Fund may call a telephonic payment order into the Custodian at the telephone number designated from time-to-time by the Custodian for that purpose. The caller shall identify herself/himself as an Authorized Person. The Custodian shall obtain the FT Instruction details from
the caller. The Custodian shall then follow one of the procedures below: 
 i. If the telephonic FT Instruction pertains to a non-repetitive payment order, the Custodian will perform a Callback; or 
 ii. If the telephonic FT
Instruction pertains to a repetitive payment order (see Section 7 below), the Custodian may (at its sole discretion) perform a Callback. The Fund acknowledges that prior to its issuance of any repetitive payment order, it must
(a) request that the appropriate repetitive payment order process be approved and set up at the Custodian, and (b) complete such documentation as may be required by the Custodian, including a PPO. 

In electing to transmit a FT Instruction via a Fund Designated Security Procedure, the Fund (i) agrees to be bound by the transaction(s) or payment
order(s) specified on said FT Instruction, whether or not authorized, and accepted by the Custodian in compliance with such Fund Designated Security Procedure, and (ii) accepts the risk associated with such Fund Designated Security Procedure
and confirms it is commercially reasonable for the transmission and authentication of the FT Instruction. 
 The parties agree that the Fund’s
transmission of a FT Instruction by means of any of the above Fund Designated Security Procedures and the Custodian’s acceptance and execution of such FT Instruction shall constitute a FT Instruction sent via a Fund Designated Security
Procedure and governed by the terms of this FTSA. 
 4. Rejection of Payment Orders; Rescission of Designated Security Procedure. The Custodian shall
give the Fund prompt notice of the Custodian’s rejection of a FT Instruction. Such notice may be given in writing, via a Custodian Designated Security Procedure or any Fund Designated Security Procedure used by the Fund, or orally by telephone,
each of which is hereby deemed commercially reasonable. In the event the Custodian fails to execute a properly executable FT Instruction and fails to give the Fund notice of the Custodian’s non-execution,
the Custodian shall be liable only for the Fund’s actual damages and only to the extent that such damages are recoverable under UCC 4A. The Custodian, after providing prior written notice, may decide to no longer accept a particular Fund or
Custodian Designated Security Procedure, or to do so only on revised terms, in the event that it determines that such agreed or established method of transmission represents a security risk or is attendant to any general change in the
Custodian’s policy regarding FT Instructions. Notwithstanding anything in this FTSA and the Agreement to the contrary, neither party shall be liable for any consequential, indirect, special or punitive damages under this FTSA, whether or not
such damages relate to services covered by UCC 4A, even if advised of the possibility of such damages. 
 5. Cancellation of Payment Orders. The Fund
may cancel a FT Instruction but the Custodian shall have no liability for the Custodian’s failure to act on a cancellation FT Instruction unless the Custodian has received such cancellation FT Instruction at a time and in a manner affording the
Custodian reasonable opportunity to act prior to the Custodian’s execution of the original FT Instruction. Any cancellation FT Instruction shall be sent and confirmed by such means as is set forth in Section 3 or 4 above. 

  
 3 

 6. Preauthorized Repetitive Payment Orders. The Fund may establish with the Custodian a process to
preauthorize certain repetitive payments or transfers. The Fund will execute all documentation required by the Custodian, including a separate Preauthorized Repetitive Payment Order (PPO) form. The PPO shall be delivered to the Custodian in
writing or by another Custodian Designated Security Procedure or Fund Designated Security Procedure, and will become effective after the Custodian shall have had a reasonable opportunity to act thereon (or if later, two (2) banking days after
receipt by the Custodian). The PPO may take the form of either: 
  

	 	(i)	A standing instruction in which the Fund provides in the PPO all required information for a FT Instruction (except for the transfer date and amount) on a “standing instructions” basis. The Fund may from
time-to-time instruct the Custodian to make a payment under the PPO, in writing or another Custodian Designated Security Procedure or Fund Designated Security Procedure,
which instruction shall reference the repetitive line number (a number assigned to it by the Custodian after execution of the PPO), details of the payment, the transfer date and the amount of the transfer; or 

 

	 	(ii)	A recurring instruction in which the Fund supplies all required information for a FT Instruction with an instruction to process such payments with a specific frequency. 

7. Responsibility for the Detection of Errors in Payment Orders; Liability of the Parties. The purpose of any Fund Designated Security Procedure or
Custodian Designated Security Procedure is to confirm the authenticity of any FT Instruction and is not designed to detect errors or omissions in such FT Instructions. Therefore, the Custodian is not responsible for detecting any Fund error or
omission contained in any FT Instruction received by the Custodian. In the event that the FT Instruction either (i) identifies the beneficiary by both a name and an identifying or Fund account number and the name and number identify different
persons or entities, or (ii) identifies any Fund by both a name and an identifying number and the number identifies a person or entity different from the Fund identified by name, execution of the relevant payment order, payment to the
beneficiary, cancellation of the payment order or actions taken by the Custodian or any Fund in respect of such payment order may be made solely on the basis of the number. 

The Custodian shall not be liable for interest on the amount of any FT Instruction that was not authorized or was erroneously executed unless the Fund so
notifies the Custodian within thirty (30) days following the Fund’s receipt of notice that such FT Instruction was processed. Any compensation payable in the form of interest shall be payable in accordance with UCC 4A. If a FT Instruction
in the name of the Fund and accepted by the Custodian was not authorized by the Fund, the liability of the parties will be governed by the applicable provisions of UCC 4A. 

  
 4 

 SCHEDULE II: ELECTRONIC AND ON-LINE SERVICES SCHEDULE

 This Electronic and On-Line Services Schedule (this Schedule) to a Custodian Agreement dated as of
                    January 8, 2018 (as amended from time to time hereafter, the Agreement) by and between Brown Brothers
Harriman & Co. (we, us our) and Metaurus Equity Component Trust (you, your or the Fund), provides general provisions governing your use of and access to the Services (as hereinafter defined) provided to you by us via
the Internet (at www.bbhco.com or such other URL as we may instruct you to use to access our products) and via a direct dial-up connection between your computer and our computers, as of
                    January 8 ,2018 (the Effective Date). Use of the Services constitutes acceptance of the terms and conditions of this
Schedule, any Appendices hereto, the Terms and Conditions posted on our web site, and any terms and conditions specifically governing a particular Service or our other products, which may be set forth in the Agreement or in a separate related
agreement (collectively, the Related Agreements). 
  

	1.	General Terms. 

 You will be granted access to our suite of online products, which may
include, but shall not be limited to the following services via the Internet or dial-up connection (each separate service is a Service; collectively referred to as the Services): 

 

	 	1.1.	BBH WorldView®, a system for effectuating securities and fund trade instruction and execution, processing and handling instructions, and for the input and
retrieval of other information; 

  

	 	1.2.	F/X WorldView, a system for executing foreign exchange trades; 

  

	 	1.3.	Fund WorldView, a system for receiving fund and prospectus information; 

  

	 	1.4.	BBHCOnnect, a system for placing securities trade instructions and following the status and detail of trades; 

  

	 	1.5.	ActionViewSM, a system for receiving certain corporate action information; and, 

  

	 	1.6.	Such other services as we shall from time to time offer. 

  

	2.	Security / Passwords. 

  

	 	2.1.	A digital certificate and/or an encryption key may be required to access certain Services. You may apply for a digital certificate and/or an encryption key by following the procedures set forth at
http://www.bbh.com/certs/. You also will need an identification code (ID) and password(s) (Password) to access the Services. 

  

	 	2.2.	You agree to safeguard your digital certificate and/or encryption key, ID, and Password and not to give or make available, intentionally or otherwise, your digital certificate, ID, and/or Password to any unauthorized
person. You must immediately notify us in writing if you believe that your digital certificate and/or encryption key, Password, or ID has been compromised or if you suspect unauthorized access to your account by means of the Services or otherwise,
or when a person to whom a digital certificate and/or an encryption key, Password, or ID has been assigned leaves or is no longer permitted to access the Services. 

 

	 	2.3.	We will not be responsible for any breach of security, or for any unauthorized trading or theft by any third party, caused by your failure (be it intentional, unintentional, or negligent) to maintain the confidentiality
of your ID and/or Password and/or the security of your digital certificate and/or encryption key. 

  

	3.	Instructions. 

  

	 	3.1.	Proper instructions under this Schedule shall be provided as designated in the Related Agreements (Instructions). 

  

	 	3.2.	The following additional provisions apply to Instructions provided via the Services: 

  

	 	a.	Instructions sent by electronic mail will not be accepted or acted upon. 

  

	 	b.	You authorize us to act upon Instructions received through the Services utilizing your digital certificate, ID, and/or Password as though they were duly authorized written instructions, without any duty of verification
or inquiry on our part, and agree to hold us harmless for any losses you experience as a result. 

  

	 	c.	From time to time, the temporary unavailability of third party telecommunications or computer systems required by the Services may result in a delay in processing Instructions. In such an event, we shall not be liable
to you or any third party for any liabilities, losses, claims, costs, damages, penalties, fines, obligations, or expenses of any kind (including without limitation, reasonable attorneys’, accountants’, consultants’, or experts’
fees and disbursements) that you experience due to such a delay. 

  
 5 

	4.	Electronic Documents. 

 We may make periodic statements, disclosures, notices, and other
documents available to you electronically, and, subject to any delivery and receipt verification procedures required by law, you agree to receive such documents electronically and to check the statements for accuracy. If you believe any such
statement contains incorrect information, you must follow the procedures set forth in the Related Agreement(s). 
  

	5.	Malicious Code. 

 You understand and agree that you will be responsible for the
introduction (by you, your employees, agents, or representatives) into the Services, whether intentional or unintentional, of (i) any virus or other code, program, or sub-program that damages or
interferes with the operation of the computer system containing the code, program or sub-program, or halts, disables, or interferes with the operation of the Services themselves; or (ii) any device,
method, or token whose knowing or intended purpose is to permit any person to circumvent the normal security of the Services or the system containing the software code for the Services (Malicious Code). You agree to take all actions and
precautions reasonably necessary to prevent the introduction and proliferation of any Malicious Code into those systems that interact with the Services. 
  

	6.	Indemnification. 

 For avoidance of doubt, you and we hereby agree that the provisions in
any related agreement(s) entered into pursuant to Section 1 hereof, related to your indemnification of us and any limitations on our liability and responsibilities to you, shall be applicable to this Agreement, and are hereby expressly
incorporated herein. You agree that the Services are comprised of telecommunications and computer systems, and that it is possible that Instructions, information, transactions, or account reports might be added to, changed, or omitted by electronic
or programming malfunction, unauthorized access, or other failure of the systems which comprise the Services, despite the security features that have been designed into the Services. You agree that we will not be liable for any action taken or not
taken in complying with the terms of this Schedule, except as provided by Section 9 of the Agreement. The provisions of this paragraph shall survive the termination of this Schedule and the related agreements. 

 

	7.	Payment. 

 You may be charged for services hereunder as set forth in a fee schedule from
time to time agreed by us. 
  

	8.	Term/Termination. 

  

	 	8.1.	This Schedule is effective as of the date you sign it or first use the Services, whichever is first, and continues in effect until such time as either you or we terminate the Schedule in accordance with this
Section 8 and/or until your off-line use of the Services is terminated. 

  

	 	8.2.	We may terminate your access to the Services at any time, for any reason, with five (5) business days prior notice; provided that we may terminate your access to the Services with no prior notice (i) if your
account with us is closed, (ii) if you fail to comply with any of the terms of this Agreement, (iii) if we believe that your continued access to the Services poses a security risk, or (iv) if we believe that you are violating or have
violated Applicable Law, and we will not be liable for any loss you may experience as a result of such termination. You may terminate your access to the Services at any time by giving us ten (10) business days notice. Upon termination, we will
cancel all your Passwords and IDs and any in-process or pending Instructions effective after the termination date will be carried out or cancelled, at our sole discretion. 

 

	9.	Miscellaneous. 

  

	 	9.1.	Notices. All notices, requests, and demands (other than routine operational communications, such as Instructions) shall be in such form and effect as provided in the Related Agreement(s). 

 

	 	9.2.	Inconsistent Provisions. Each Service may be governed by separate terms and conditions in addition to this Schedule and the Related Agreement(s). Except where specifically provided to the contrary in this
Schedule, in the event that such separate terms and conditions conflict with this Schedule and the Related Agreement(s), the provisions of this Schedule shall prevail to the extent this Schedule applies to the transaction in question.

  
 6 

	 	9.3.	Binding Effect; Assignment; Severability. This Schedule shall be binding on you, your employees, officers and agents. We may assign or delegate our rights and duties under this Schedule at any time without notice
to you. Your rights under this Schedule may not be assigned without our prior written consent. In the event that any provision of this Schedule conflicts with the law under which this Schedule is to be construed or if any such provision is held
invalid or unenforceable by a court with jurisdiction over you and us, such provision shall be deemed to be restated to effectuate as nearly as possible the purposes of the Schedule in accordance with Applicable Law. The remaining provisions of this
Schedule and the application of the challenged provision to persons or circumstances other than those as to which it is invalid or unenforceable shall not be affected thereby, and each such provision shall be valid and enforceable to the full extent
permitted by law. 

  

	 	9.4.	Choice of Law; Jury Trial. This Schedule shall be governed by and construed, and the legal relations between the parties shall be determined, in accordance with the laws of the State of New York , without giving
effect to the principles of conflicts of laws. Each party agrees to waive its right to trial by jury in any action or proceeding based upon or related to this Agreement. The parties agree that all actions and proceedings based upon or relating to
this Schedule shall be litigated exclusively in the federal and state courts located within New York City, New York and the appellate courts therefrom. 

The undersigned acknowledges that (I/we) have received a copy of this document. 

Metaurus Equity Component Trust (“you”) 
  

			
	By:	 	  

	Title:	 	  

	Date:	 	  

  
 7 

 SCHEDULE III: TRANSFER AGENT SERVICES SCHEDULE 

BBH&Co. shall perform the following transfer agency services for the Fund and, where applicable, the Fund’s Portfolios. As used herein, the term Fund
incorporates and includes the term Portfolio: 
 I. Issuance and Redemption of Unit Baskets. 

It is agreed and understood that the Fund, and TA on the Fund’s behalf, shall issue and redeem Share Baskets of the Fund in blocks of 50,000 shares (or
such other amount as the Fund may determine from time to time) (“Shares”) (“Creation Baskets” and “Redemption Baskets,” respectively, and generically, “Baskets”) to and from such persons as are identified by
the Fund as “Authorized Participants.” 
 A. Pursuant to such purchase orders that BBH&Co. as the Index Receipt Agent shall
receive from SEI Distribution Services (“Distributor”) and pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Fund, TA shall transfer appropriate trade instructions to the Custodian and
pursuant to such orders register the appropriate number of book entry only Shares in the name of The Depository Trust Company (“DTC”) or its nominee as a unitholder (each an Authorized Participant) of the Fund and deliver the Basket. 

B. Pursuant to such redemption orders that Index Receipt Agent shall receive from the Distributor and pursuant to the procedures set forth in
the Authorized Participant Agreement entered into by the Fund, TA shall transfer appropriate trade instructions to the Custodian and, pursuant to such orders, redeem the appropriate number of Shares that are delivered to the designated DTC
Participant Account of the Custodian for redemption and debit such Shares from the account of the Authorized Participant on the register of the Fund. 

C. On behalf of the Fund, TA shall issue Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to receive.
Beneficial ownership of Shares shall be shown on the records of DTC and DTC Participants and not on any records maintained by TA. In issuing Shares through DTC to an Authorized Participant, TA shall be entitled to rely upon the latest Instructions
that are received from the Distributor by TA as Index Receipt Agent concerning the issuance and delivery of such Shares for settlement. 
 D.
TA shall not issue on behalf of the Fund any Shares where it has received an Instruction from the Fund or the Distributor or written notification from any federal or state authority that the sale of the Shares has been suspended or discontinued, and
TA shall be entitled to rely upon such Instructions or written notification. 
 E. Upon the issuance of Shares as provided herein, TA shall
not be responsible for the payment of any original issue or other taxes, if any, required to be paid by the Fund or the Distributor in connection with such issuance. 

F. Shares may be redeemed in accordance with the Authorized Participant Agreement and TA shall duly process all redemption requests. 

G. TA will act only upon Instruction from the Fund and/or the Distributor in addressing any failure in the delivery of cash, securities and/or
Shares in connection with the issuance and redemption of Shares. 
  

	II.	Recordkeeping. 

 A. In satisfying its obligations under the Agreement, TA shall record
the issuance of Creation Baskets and maintain, pursuant to Rule 17Ad 14(e) under the Securities Exchange Act of 1934, as amended, a record of the total number of Creation Baskets that are authorized, issued and outstanding based upon data provided
to TA by the Fund or the Distributor. TA shall also provide the Fund on a regular basis with the total number of Shares authorized, issued and outstanding; provided however that TA shall not be responsible for monitoring the issuance of such Shares
or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Shares. 

  
 8 

	III.	Services Related to the Monitoring of Cash Collateral. 

  

	 	(a)	Monitor the collateralization levels as set forth in Authorized Participant Agreements in connection with cash collateral posted by Authorized Participants in connection with Creation Basket activity. 

 

	 	(b)	Mark to market daily the value of such cash collateral using a pricing source from the Fund’s accounting agent or any other source on which the TA reasonably relies. 

 

	 	(c)	Monitor collateral levels daily and communicate calls for additional collateral to the Authorized Participants as necessary based upon daily collateral requirement calculations using ratios set forth in Participant
Agreements. 

  
 9 

 US MONEY MARKET FUND INVESTMENTS SCHEDULE TO CUSTODIAN 

AGREEMENT 

TERMS & CONDITIONS 

FOR PROCESSING ORDERS IN U.S. MONEY MARKET FUNDS (“US MMF T&C”) 

This US MMF T&C supplements the Custodian Agreement between
                    Metaurus Equity Component Trust (“Client”) and Brown Brothers Harriman & Co. (“BBH”)
dated                 as of January 8, 2018, as amended from time to time (the “Custodian Agreement”), 

  
 1 

 and provides terms and conditions related to Instructions to BBH thereunder to process orders in and custody
shares of U.S. registered investment companies that hold themselves out as money market funds (“MMFs”), if any. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Custodian Agreement. 

US MMFs are subject to various requirements under Rule 2a-7 under the Investment Company Act of 1940 (the “1940
Act”), as adopted by the Securities and Exchange Commission on July 23, 2014 (as further amended from time-to-time, “Rule
2a-7”). 
 The MMFs will disclose in their prospectus and statement of additional information, as amended from
time to time, that the MMFs are subject to certain limitations and restrictions pursuant to amendments to Rule 2a-7, including provisions relating to the calculation of net asset values (“NAVs”),
imposition of liquidity fees on redemptions (“liquidity fees”) or the temporary suspension of redemptions (a “redemption gate”), and shareholder eligibility requirements. 

If Client provides BBH with an Instruction to process orders for transactions in MMFs and/or requires BBH to service shares of MMFs, Client shall assist and
cooperate with BBH, the MMFs and the MMFs’ agents to comply with Rule 2a-7. Without limitation on the foregoing, fund order processing and custody of shares of MMFs are subject to the following additional
terms and conditions. 
  

	1)	Orders in MMFs. 

  

	 	a)	Any Instruction by the Client to purchase any MMF shall be based on the gross dollar amount of the value of shares to be purchased. 

  

	 	b)	Any Instruction by the Client for subscriptions, exchanges or redemption orders in any MMF shall be made gross and shall not net any subscription, exchange or redemption orders in any MMF, including any orders
originating from underlying customers of the Client, if any. 

  

	2)	Liquidity Fees and Gates. 

  

	 	a)	Client (and not BBH) will be responsible for reviewing any disclosure on a MMF website providing notice to shareholders and prospective shareholders of liquidity of the MMF and when liquidity fees or redemption gates
are imposed or lifted and Client agrees that BBH is not responsible for notifying the Client of the imposition by an MMF of any such event or re-confirming the Client’s intent to transact in a MMF when a
liquidity fee or redemption gate is in effect. 

  

	 	b)	If a liquidity fee is implemented by a MMF, BBH will not be directly responsible for calculating or withholding the liquidity fee, but will apply any liquidity fee calculated and withheld by the MMF from any order as
notified by the MMF or Distributor to BBH. 

  

	 	c)	If a redemption gate is implemented by a MMF, Client acknowledges and agrees that any redemption or exchange orders in the MMF made by Client while the redemption gate is in effect may be rejected by the MMF, and that
BBH is responsible for rejecting only those orders that BBH has been notified have been rejected by the MMF or its agents. Client shall endeavor not to instruct BBH to place an order for a redemption in a MMF when a redemption gate is in effect for
such MMF. 

  

	3)	Retail MMFs. 

 BBH does not support and is not responsible for the order
processing, purchase, exchange, redemption, settlement, custody or other servicing of shares of Retail MMFs (as defined in Rule 2a-7(a)(25)). Client shall establish policies, procedures and internal controls
reasonably designed to ensure that it does not, and shall not, submit any request or other instruction to BBH to purchase or exchange shares of a Retail MMF. 

  
 2 

	4)	No Agency. 

 With respect to orders in a MMF: 

 

	 	a)	BBH generally elects not serve as the MMF’s dealer, agent, or designee for purposes of Rule 22c-1 under the 1940 Act in connection with the receipt of orders;

  

	 	b)	Accordingly, the MMF will apply a NAV calculation based on the time that the MMF accepts the order in good form from BBH, and not the time the Client instructs BBH to process the order; and 

 

	 	c)	Neither BBH nor the MMF or its distributor is responsible for any losses arising from orders accepted by BBH before, but received and accepted by the MMF after, a NAV calculation time, or imposition of a liquidity fee
or redemption gate. 

 Any order for shares in a MMF placed and held in custody by BBH will be made in reliance upon the terms hereof. 

*** *** *** 

  
 3 

 [Sponsor Letterhead] CMS 

INSTRUCTION 
 Brown Brothers Harriman &
Co. 
 140 Broadway 
 New York, New York 10005 

Ladies and Gentlemen: 
 Reference is made to a
custodian agreement between the entities whose accounts are identified on Exhibit A (each such entity, a Client”) and Brown Brothers Harriman & Co. (“BBH”), dated as of January 8, 2018 (the “Custodian Agreement).

 The undersigned investment sponsor (the “Sponsor”), on behalf of each Client, agrees to participate in the Brown Brothers
Harriman & Co. Cash Management Services Sweep (“CMS Sweep”). The Adviser hereby instructs BBH to place, on each local business day (with respect to the applicable currencies, referred to herein as a “Business Day”),
Client end-of-day demand deposit balances in the accounts and currencies identified in Exhibit A (“Excess Cash”) into overnight deposits (each, a
“Deposit”) with one or more deposit institutions selected by the Sponsor as set forth in Exhibit B, including BBH (the “Eligible Institutions”). Client acknowledges that BBH has other clients that participate in the CMS Sweep
(together with Client, the “clients”) and that BBH can use the CMS Sweep to place BBH cash in Deposits. 
 The Sponsor hereby
instructs BBH to debit Excess Cash from each Client’s cash account(s) at the end of each Business Day, place the Excess Cash in the Deposits of one or more Eligible Institutions, and then credit Client’s cash account(s) after receipt from
the Eligible Institution(s) of the Excess Cash the following Business Day. With respect to each Eligible Institution, Excess Cash debited from each Client’s cash account(s) will be placed in a pooled deposit designated as a client deposit, and
will be marked on the books of the Eligible Institution as “Deposit for BBH RIC Customers” or similar name indicating BBH is acting in its capacity as agent for such clients. BBH will use
sub-accounting to identify the principal and amount of interest each Client has earned and is payable with respect to each deposit placed with an Eligible Institution. 

BBH will place each Client’s Excess Cash with an Eligible Institution based on, among other factors, any limitations identified in Exhibit
B, as amended from time-to-time and accepted by BBH, the amount of Excess Cash available, the Eligible Institutions willing to accept Deposits and the deposit-taking
capacity of each Eligible Institution. BBH then randomly allocates each Client’s Excess Cash among that Business Day’s participating Eligible Institutions. 

Each Business Day, BBH calculates a base rate of return with respect to each currency placed in a Deposit (“Base Rate”). This
calculation takes into account a variety of factors, including but not limited to relevant overnight and short-term reference rates, the range of distribution between and among the interest rates paid by each Eligible Institution on their respective
Deposits, and the weighted average distribution of interest rates on the Deposits. The net daily return to a Client is the Base Rate, less any compensation charged by BBH to the Client and Client expressly authorizes BBH to make such deductions. On
a sweep to an Eligible Institution other than BBH (an agency sweep), BBH’s compensation is a commission, adjusted to reflect any difference between the Deposit yield and the Base Rate. On a sweep to BBH (a principal sweep), BBH earns as a bank
of deposit. 

  
 1 

 At the request of the Sponsor or other authorized party of the Client, BBH will credit earnings
received (subject to deductions by BBH as authorized by Client in the above paragraph or in the Custodian Agreement) on a daily or monthly basis or as otherwise agreed to with the Sponsor or other authorized party of the Client. If monthly, BBH will
post all daily client earnings to an omnibus demand deposit account (“Omnibus Deposit Account”). BBH will maintain records of the underlying ownership of each deposit representing the earnings due to each client and will transfer the value
to each Client once each month or as otherwise instructed by the Sponsor or other authorized party of the Client. At all times, each Client’s balance in the Omnibus Deposit Account will constitute a general deposit obligation of BBH. 

The Sponsor, on behalf of each Client, acknowledges and agrees that: 
  

	 	(i)	The Sponsor has full authority to execute this CMS Instruction on behalf of each Client. Each Client’s Board of Directors or Trustees, as the case may be, has made all determinations and each Client has received
all approvals necessary to participate in the CMS Sweep and to hold cash in each account (identified in Exhibit A) with an Eligible Institution to which such Client’s Excess Cash is transferred pursuant to this CMS Instruction.

  

	 	(ii)	This CMS Instruction is not in conflict with, or contrary to (a) any provision(s) of the Sponsor’s or Client’s documents of formation, and any other corporate or publicly available documents, (b) any
contractual agreement or arrangement that may apply to the Excess Cash, or (c) any legal requirements relating to the custody or management of Client assets. 

 

	 	(iii)	The Sponsor is solely responsible for providing the information necessary for BBH to perform the services under this CMS Instruction and for assuring the adequacy, accuracy and timeliness of all such information,
including, without limitation, any relevant investment limitations. 

  

	 	(iv)	The list of Eligible Institutions set forth in Exhibit B represents those deposit institutions with which BBH has arranged the capability to place Deposits. The Sponsor, and not BBH, is solely responsible for selecting
the Eligible Institutions, and adding or removing an Eligible Institution, in each case, based on the Sponsor’s determination as to the credit quality of and other risks associated with the Eligible Institution. BBH makes no representation or
warranty with respect to the credit quality or risks associated with any deposit institution other than BBH. 

  

	 	(v)	BBH can allocate Client’s Excess Cash to one, some or all of Client’s Eligible Institutions, including allocating all of Client’s Excess Cash to BBH, subject to, among other factors, any limitations
identified in Exhibit B, as amended from time-to-time and accepted by BBH, as well as the availability of deposit-taking capacity at each Eligible Institution.

  

	 	(vi)	BBH is not liable to the Sponsor or any Client for (a) any violation of a Client’s investment policies or guidelines, or of other limitations with respect to the Sponsor’s or Client’s powers to
invest, make expenditures, encumber securities, borrow or take similar actions affecting the Client, or (b) any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with, this CMS Instruction.

  

	 	(vii)	The Eligible Institutions are not serving as Subcustodians or Securities Depositories (each term as defined in the Custodian Agreement) of BBH. 

  
 2 

	 	(viii)	This CMS Instruction (including the Exhibits thereto) is an Instruction (or Proper Instruction) (as defined in the Custodian Agreement) and all representations, warranties and covenants made by the Sponsor and/or the
Client in the Custodian Agreement with respect to an Instruction (or Proper Instruction) are incorporated herein. Each Deposit constitutes an Investment (as defined in the Custodian Agreement) subject to all provisions applicable to Investments in
the Custodian Agreement. BBH’s services pursuant to this CMS Instruction do not constitute investment advice and BBH is not acting as an investment advisor. 

  

	 	(ix)	The Custodian Agreement’s indemnification provisions are applicable to any actions taken by, or omissions of, BBH under this CMS Instruction (as if each Client was a signatory to the Custodian Agreement and this
CMS Instruction). 

  

	 	(x)	This CMS Instruction is a standing Instruction (or Proper Instruction), and the Sponsor will notify BBH in writing of any and all amendments to this CMS Instruction, including but not limited to any changes to Exhibits
A and B, which amendment will take effect on the next Business Day after BBH receives and accepts the written amendment. 

  

	 	(xi)	Notwithstanding any other provision in this CMS Instruction and without limiting the terms under the Custodian Agreement, in addition to the terms and conditions imposed by each Eligible Institution relative to its
Deposits, Deposits placed in a particular jurisdiction, whether at BBH or one or more other Eligible Institutions, are subject to any and all risks associated with: opening an account (through BBH as agent) and holding cash in the relevant
jurisdiction with one or more Eligible Institutions; creditor rights, banking, currency and related risks in that jurisdiction; and Country and Sovereign Risk (as each term is defined in the Custodian Agreement) in such jurisdiction. These risks are
exclusively for, and at all times risks undertaken by, the Client. 

  

	 	(xii)	For all Eligible Institutions listed in Exhibit B (other than BBH), Excess Cash placed with any such Eligible Institution is not a liability of, or guaranteed by, BBH, and BBH is not responsible for any losses or other
damages incurred by the Client, the Sponsor or any shareholder of the Client in the event of the insolvency or failure of any such Eligible Institution, or as a result of delays in repayment of, or failure to pay, principal or interest. Any such
losses or damages are exclusively and at all times those of the Client. 

  

	 	(xiii)	BBH conducts, or in the future may conduct, other activities and have other relationships with Eligible Institutions, and may place its own monies in Deposits at Eligible Institutions. Client may now, or in the future,
enter into business relationships with the Eligible Institutions. Nothing in this CMS Instruction prevents BBH, the Sponsor or the Client from entering into or maintaining such relationships with Eligible Institutions, even if they were to create an
actual or potential conflict with the services provided or received pursuant to this CMS Instruction. 

 This CMS Instruction
shall be construed in accordance with, and is governed by, the laws of the State of New York, without giving effect to the conflicts of laws of such state. In the event of a conflict between the terms of this CMS Instruction and the Custodian
Agreement, this CMS Instruction will prevail. The undersigned irrevocably consents to the exclusive jurisdiction of the courts of the State of New York and the federal courts located in New York City in the Borough of Manhattan and the appellate
courts therefrom. The parties hereby waive the right to trial by jury in any judicial proceedings involving any matter in any way arising out of, related to, or connected with this CMS Instruction. 

  
 3 

 BBH may terminate the CMS Sweep, and the Sponsor may terminate this CMS Instruction, in either
case, by providing the other party with prior written notice. Termination will become effective one business day after receipt. Representations (i)-(iv), (vi), (ix), (xi)-(xiii) and the provisions in this CMS Instruction regarding governing law,
jurisdiction and dispute resolution will survive the termination of this CMS Instruction. Notices contemplated by this Instruction shall be delivered in accordance with the Notice delivery provisions in the Custodian Agreement and shall be
addressed, as follows: 
  

							
	If to Sponsor:	 	Metaurus Advisors, LLC	 	If to Custodian:	 	Brown Brothers Harriman & Co.
		 	22 Hudson Place, Suite 3	 		 	140 Broadway
		 	 Hoboken, NJ 07030
 Telephone: (212) 634-4250
 Attn: Sean Dillon
	 		 	 New York, New York 10005
 Telephone: (212) 493-1818
 Attn: Treasury Department

 

			
	Metaurus Advisors, LLC
		
	By: 	 	  

		
	Name:	 	  

		
	Title: 	 	  

		
	Date: 	 	  

  
 4 

 Exhibit A: List of Accounts and Currencies 

 

							
	 	  	 Account Name
	  	 Account Number
	  	 Currency

	(1)	  		  		  	
	(2)	  		  		  	
	(3)	  		  		  	
	(4)	  		  		  	
	(5)	  		  		  	
	(6)	  		  		  	
	(7)	  		  		  	
	(8)	  		  		  	
	(9)	  		  		  	
	(10)	  		  		  	

  

			
	Metaurus Advisors, LLC
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title: 
	 	  

		
	 Date: 
	 	  

  
 5 

 Exhibit B – Eligible Institutions Selected by the Sponsor for Client 

 

					
	 Country
	  	 Branches of the Following Institutions
	  	Account Level
Limitation (if any)
	 Australia
	  	 Australia and New Zealand Banking Group Ltd.
	  	$                        
	 Australia
	  	 National Australia Bank Limited
	  	$                        
	 Canada
	  	 Bank of Montreal
	  	$                        
	 Canada
	  	 Canadian Imperial Bank of Commerce
	  	$                        
	 Canada
	  	 Royal Bank of Canada
	  	$                        
	 China
	  	 China Construction Bank Corp.
	  	$                        
	 China
	  	 Industrial & Commercial Bank of ChinaLtd.
	  	$                        
	 France
	  	 BNP Paribas SA
	  	$                        
	 France
	  	 Société Générale
	  	$                        
	 Germany
	  	 Deutsche Bank AG
	  	$                        
	 Hong Kong
	  	 Standard Chartered Bank (Hong Kong) Limited
	  	$                        
	 Hong Kong
	  	 The Hongkong and Shanghai Banking Corp, Ltd
	  	$                        
	 Japan
	  	 The Bank of Tokyo-Mitsubishi UFJ, Ltd
	  	$                        
	 Japan
	  	 Sumitomo Mitsui Banking Corporation
	  	$                        
	 The Netherlands
	  	 ING Bank NV
	  	$                        
	 Norway
	  	 Nordea Bank Norge ASA
	  	$                        
	 Norway
	  	 DnB Bank ASA
	  	$                        
	 Singapore
	  	 DBS Bank Ltd
	  	$                        
	 Spain
	  	 Banco Santander SA
	  	$                        
	 Spain
	  	 Banco Bilbao Vizcaya Argentaria SA
	  	$                        
	 Sweden
	  	 Skandinaviska Enskilda Banken AB
	  	$                        
	 Switzerland
	  	 Credit Suisse AG
	  	$                        
	 United Kingdom
	  	 Barclays Bank plc
	  	$                        
	 United Kingdom
	  	 HSBC Bank plc
	  	$                        
	 United Kingdom
	  	 Lloyds Bank plc
	  	$                        
	 United Kingdom
	  	 Standard Chartered Bank
	  	$                        
	 United States
	  	 The Bank of New York Mellon
	  	$                        
	 United States
	  	 Citibank NA
	  	$                        
	 United States
	  	 JPMorgan Chase Bank NA
	  	$                        
	 United States
	  	 Wells Fargo Bank NA
	  	$                        
	 United States
	  	Brown Brothers Harriman & Co.	  	None

 In order to exclude an Eligible Institution from the approved list please either cross off or strikethrough. Brown Brothers
Harriman & Co. may not be removed. 
 While an Eligible Institution may accept denominations other than its local currency, balances swept will
remain in the currency of deposit. (Example: USD may be placed with one of the Canadian Eligible Institutions approved by the client). 
 Metaurus Advisors,
LLC 
  

			
	 By:
	 	  

 Name: Sean Dillon 
 Title:
Founding Partner, 
 Head of Trading 
  

			
	Date:EX-10.4

 Exhibit 10.4 
  

 
 

 
 MORGAN STANLEY & CO. LLC 

Commodity Futures Account 

Documents 
 Rev.
8/17 

 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

OR ESTABLISHING A NEW CUSTOMER RELATIONSHIP 

To help the U.S. Government prevent the funding of terrorism and money laundering activities, federal law requires all U.S. financial institutions to
obtain, verify, and record information that identifies each customer that opens an account. 
 What this means: When entering into a new customer
relationship with Morgan Stanley, the firm will ask for your name, address, date of birth (as applicable), and other identification information. This information will be used to verify your identity. As appropriate, the firm may, in its discretion,
ask for additional documentation or information. If all required documentation or information is not provided, Morgan Stanley may be unable to open an account or establish a relationship with you. 

We wish to inform you of your responsibilities under the Unlawful Internet Gambling Enforcement Act (“the Act”), which became effective
June 1, 2010. Under the Act, neither you nor any other person who has an ownership interest in or authority over your account may use it to process or facilitate payments for restricted internet gambling transactions. 

  
 - 2 - 

 COMMODITY FUTURES ACCOUNT APPLICATION 

Please complete all of the following information 

(attach continuation pages if necessary) 

All Fields Mandatory 
  

	I.	Customer Name/Mailing Address for all Notices and Statements 

 Legal Name of the beneficial owner
of the Account (hereinafter, the “Customer”): Each Fund set forth on Schedule A (which may be amended from time to time) attached hereto, in their individual
capacity                  
 Customer’s Legal Address
(address of organization):
                                        
                                         
                

___________________________________________________________________________________________ 

Telephone:    (               
 )                                     Facsimile:
(                )                 
                                         
           
 Email address to which written notice may be sent:
                                        
                                         
                    
 Principal
Business of Customer:
                                      
                                         
                                         
           
 Organized Under the Laws of (country of organization): See Schedule
A                                      
                                

U.S. Soc. Sec./Tax ID No.: See Schedule
A                                      
                                         
                                      

Non-U.S. Government Issued ID No. and Type of ID: See Schedule
A                                     
                                      

Name of Trustee (if organized as a Trust):
                                        
                                         
                                    

Recipient and Mailing Address for Duplicate Statements: (If additional space is needed, please attach a separate
page)                 

______________________________________________________________________________________________ 

 

	II.	Financial Statement 

 Enclose copy of most recent audited/unaudited financial statement
(required for credit review) 
 Prime Brokerage Account number (if Prime Brokered with Morgan Stanley). _________________________________ 

 

	III.	Customer Designation (check all that apply, at least one item must be checked) (See Schedule A) 

 

					
	☐ Bank	  	☐ Partnership	  	
	☐ Commodity Pool	  	☐ Insurance Company	  	☐ State or Municipal Pension Plan
	☐ Corporation	  	☐ LLC	  	☐ Trust
	☐ Endowment	  	☐ LLP	  	☐ Other:                                 

	☐ ERISA	  	☐ Mutual Fund	  	

  

	IV.	Evidence of Authorization 

 Please provide a copy of the following applicable document showing
Customer’s authority to trade futures: 
  

					
	 Corporation
	  	-	  	Corporate Resolution
	 LLC
	  	-	  	Operating Agreement
	 LLP
	  	-	  	Partnership Agreement

  
 - 3 - 

					
	 Partnership
	  	-	  	Partnership Agreement
	 Trust
	  	-	  	Trust Agreement
	 Mutual Fund
	  	-	  	Prospectus and SAI

 Commodity Pool, ERISA, Bank, Insurance Company and other account types please contact Morgan Stanley regarding required
documentation. 
  

	V.	Advisor 

 Name of person or entity that will control trading in the Account (hereinafter, the
“Advisor”) 
 ______________________________________________________________________________________________ 

Or 
 ☐ Not Applicable (Customer will control trading in
the Account) 
 Advisor’s U.S. Soc. Sec./Tax ID Number
                                        
                                         
                                       
     
 Non-U.S. government issued ID Number:
                                      
                                         
                                         
     
 Advisor’s Mailing Address:
                                        
                                         
                                         
                         

________________________________________________________________________________________________ 

Email address to which written notice may be sent:
                                         
                                        
                            

Customer must execute the Discretionary Trading Authorization (or provide signed authorization designating the Advisor as its agent and attorney-in-fact for purposes of all transactions in the Account) and Advisor must fill out Section VIII of this Application and execute the Representations of Advisor below.

  

	VI.	Account Designation (Check one) (See Schedule A) 

  

	 	xx☐	Speculative. Orders placed by Customer for the Account will normally represent speculative transactions. 

  

	 	☐	Hedge (excluded commodities). Orders placed by Customer for transactions in excluded commodities (as defined in Section 1a(19) of the Commodity Exchange Act) for the Account will normally represent
bona fide hedging transactions as defined in CFTC Rule 1.3(z). If orders placed for the Account normally represent hedging transactions, please complete Section 10(t) of the Commodity Futures Customer Agreement. Failure to
choose one of the above will designate the Account as Speculative. 

  

	 	☐	Hedge (exempt and agricultural commodities). Orders placed by Customer for transactions in exempt commodities (as defined in Section 1a(20) of the Commodity Exchange Act) and agricultural commodities
(as defined in CFTC Rule 1.3(zz)) for the Account will normally represent bona fide hedging transactions or positions as defined in CFTC Rule 151.5. If orders placed for the Account normally represent hedging transactions, please complete
Section 10(t) of the Commodity Futures Customer Agreement. Failure to choose one of the above will designate the Account as Speculative. 

  
 - 4 - 

	VII.	Advisor’s Representations. To be filled out by Advisor 

  

	 	(a)	Advisor is registered as a commodity trading advisor (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”) (check
one): 

 ☐ Yes
            XX☐ No 
  

	 	(b)	Advisor is registered as a commodity pool operator (“CPO”) with the CFTC and a member of the NFA (check one): 

XX☐     Yes
                ☐ No 
  

	 	(c)	Advisor is exempt or excluded from the obligation to register as a CTA or CPO with the CFTC and, if required, has filed the appropriate notice of exemption from registration with the NFA (check one):

 ☐ Yes             ☐
No 
  

	 	(d)	Advisor’s NFA ID number is: ________________________________. If Advisor does not have an NFA ID please see section VII(g) hereof. 

 

	 	(e)	If the Advisor is an exempt CPO that has filed a notice of exemption with the NFA, Advisor has listed the following commodity pools under its registration or exempt notice filing: 

______________________________________________________________________________________ 

______________________________________________________________________________________ 

______________________________________________________________________________________ 

______________________________________________________________________________________ 

______________________________________________________________________________________ 

 

	 	(f)	The Customer is among the commodity pools listed above as Pool Exemptions under its NFA registration or exemption, as applicable (check one): 

☐ Yes             ☐ No 

 

	 	(g)	Please answer the following only if Advisor is not registered with the CFTC as a CTA or CPO and has not filed a notice of exemption from the requirement to register as a CTA or CPO. Advisor is neither
required to register as a CPO or CTA nor obligated to file a notice of exemption from registration. 

 ☐
Yes
 If the Advisor has responded affirmatively to the foregoing representation (g), the following explanation sets forth the reasons
why Advisor is neither required to register nor obligated to file a notice of exemption: 

______________________________________________________________________________________ 

______________________________________________________________________________________ 

______________________________________________________________________________________ 

 

	VIII.	Individual customers please complete the Commodity Futures Account Application—Individual Customer Application Annex included with these documents. 

 

	IX.	Information to be used by Morgan Stanley to prepare CFTC Form 102 

  
 - 5 - 

	 	(a)	Please identify the legal entity that owns the Account and provide the following information concerning that entity or person: 

Name: See Schedule B 
 Legal
Entity Identifier (if any):_____________________________________________________ 
 Business Address:
_______________________________________________________________ 

______________________________________________________________________________ 

Business Telephone: _____________________________________________________________ 

Email Address: _________________________________________________________________ 

Contact Name: ___________________________ ______________________________________ 

Contact Job Title: _____________________________________________________________ 

Contact Relationship to Owner of Account: ________________________________________ 

Contact Direct Phone Number: __________________________________________________ 

Contact Email Address: ________________________________________________________ 

Website (if any): __________________________________________________________________ 

NFA ID (if any): __________________________________________________________________ 

 

	 	(b)	Please identify the legal entity that controls trading day-to-day in the Account and provide the following information concerning that
entity or person: 

 Check here if the legal entity that controls trading day-to-day in the Account is the same as the legal entity that owns the Account and if so, please proceed to (c).  

☐ 

Name: See Schedule B 
 Legal
Entity Identifier (if any):___________________________________________________ 
 Address:
____________________________________________________________________ 

____________________________________________________________________________ 

Telephone: __________________________________________________________________ 

Email Address: _______________________________________________________________ 

Contact Name: _______________________________________________________________ 

Contact Job Title: _________________________________________________________ 

Contact Relationship to Controller of Account: __________________________________ 

Contact Direct Phone Number: _______________________________________________ 

Contact Email Address: _____________________________________________________ 

Website (if any): _______________________________________________________________ 

NFA ID (if any):_______________________________________________________________ 

 

	 	(c)	Please identify the natural person (or persons) who actually directs trading in the Account, and please furnish the following information for such person (or persons): 

Name: See Schedule B 
 Address:
__________________________________________________________________ 
 Phone:
____________________________________________________________________ 
 NFA ID (if any):
____________________________________________________________ 
 Name of Employer: __________________________________________________________

 Employer NFA ID (if any): ____________________________________________________ 

Employer Legal Entity Identifier (if any): _________________________________________ 

Job Title: ___________________________________________________________________ 

Relationship to Owner of the Account: ___________________________________________ 

Email Address: ______________________________________________________________ 

  
 - 6 - 

 ** PLEASE COMPLETE ONLY IF YOU HAVE ENGAGED AN ** 

ADVISOR TO DIRECT YOUR ACCOUNT 

DISCRETIONARY TRADING AUTHORIZATION 
 The
undersigned Customer hereby authorizes Metaurus Advisors LLC (the Advisor”) as its agent and attorney-in-fact to purchase, sell and trade in commodity futures
contracts, options thereon, foreign futures and options thereon and interests therein (in each case, as defined under Applicable Law), and including, without limitation,
exchange-for-physical, exchange-for-swap, exchange-for-risk, exchange-for-options or
exchange-for-related-positions transactions, block trades, OTC derivative instruments, including cleared OTC derivatives and cleared swaps, approved under Applicable Law
for trading or clearing on a designated contract market, derivatives clearing organization, exempt commercial market or foreign board of trade or foreign clearing organization and to the extent not governed by any other agreement between the
parties, commodities delivered as a result of the settlement of any of the foregoing, in accordance with Morgan Stanley & Co. LLC’s (“Morgan Stanley”) terms and conditions for Customer’s account and risk and in
Customer’s name or number on Morgan Stanley’s books. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the accompanying Commodity Futures Customer Agreement. 

This authorization is in addition to (and in no way limits or restricts) any rights which Morgan Stanley may have under the Morgan Stanley Commodity Futures
Customer Agreement executed by Customer and any other agreement or agreements between Morgan Stanley and Customer. 
 This authorization may be terminated
by Customer at any time as of the actual receipt by Morgan Stanley of written notice of termination. Termination of this authorization shall not affect any liability in any way resulting from transactions initiated prior to such termination. This
authorization shall inure to Morgan Stanley’s benefit and that of Morgan Stanley’s successors and assigns. 
 Each Fund set forth on Schedule A

 (which may be amended from time to time) 

attached hereto, in their individual capacity 
  

			
	  
 (Name of Customer - Please
Print)
  
	  	
	  
 (Signature)
                                         
               (Date)
  
	  	
	  
 (Name & Title - Please
Print)
	  	

  
 - 7 - 

 REPRESENTATIONS OF METAURUS ADVISORS LLC 

The undersigned acknowledges that it has been designated as Customer’s agent and
attorney-in-fact pursuant to the Discretionary Trading Authorization executed herewith. Capitalized terms used herein and not otherwise defined shall have the meanings
set forth under the Commodity Futures Customer Agreement (the “Agreement”) executed herewith. In this regard, Metaurus Advisors LLC (“Metaurus”) hereby represents and warrants to Morgan Stanley & Co. LLC, which
representations and warranties shall be deemed repeated on each day that a transaction in Contracts is open in the Account, as follows: (a) Metaurus is appropriately registered as a commodity pool operator with the CFTC and a member of the
National Futures Association or exempt; and (b) if and to the extent required, Metaurus has provided and will continue to provide Customer with an explanation of the nature and risks of transactions to be executed for Customer’s Account
under this Agreement; and (c) if required, Metaurus has provided Customer with a copy of its most recent CFTC Disclosure Document, or has provided Customer with a written explanation of the reason why it is not required to deliver a Disclosure
Document to Customer. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the accompanying Commodity Futures Customer Agreement. 
  

			
	  

METAURUS ADVISORS LLC
	 	
		
	 By:______________________________________________
	 	
		
	 Title: ____________________________________________
	 	
		
	 Date: ____________________________________________
	 	

  
 - 8 - 

 COMMODITY FUTURES CUSTOMER AGREEMENT 

This Commodity Futures Customer Agreement, dated            , (“Agreement”) between
Morgan Stanley & Co. LLC (“Morgan Stanley”) and each fund named on Annex A hereto, severally and not jointly, each (“Customer”), acting by and through Metaurus Advisors LLC designated by Customer to control trading in
the Account (as defined below) (“Metaurus”), with Metaurus acting hereunder solely as agent for such Customer and not in a principal capacity, shall govern the purchase and sale by Morgan Stanley of commodity futures contracts, options
thereon, foreign futures and options thereon and interests therein (in each case, as defined under Applicable Law, as defined below), and including, without limitation,
exchange-for-physical, exchange-for-swap, exchange-for-risk, exchange-for-options or
exchange-for-related-positions transactions (“EFRP transactions”, which shall be entered into by Customer in connection with creations and redemptions of
interests in Customer), block trades, over-the-counter (“OTC”) derivative instruments, including cleared OTC derivatives and cleared swaps, approved under
Applicable Law for trading or clearing on a designated contract market, swaps execution facility, derivatives clearing organization, exempt commercial market or foreign board of trade or foreign clearing organization and to the extent not governed
by any other agreement between the parties, commodities delivered as a result of the settlement of any of the foregoing (collectively, “Contracts”) for the account and risk of Customer through one or more accounts, including reactivated
and duplicate accounts, carried by Morgan Stanley or its affiliates on behalf and in the name of Customer (collectively, the “Account”). All transactions in Contracts hereunder are part of and constitute a single agreement between the
parties. This Agreement shall be deemed to be a separate agreement between Morgan Stanley and each Customer, and no Customer shall be liable for the obligations of any other Customer. 

 

	1.	Applicable Law. The Account and all Contracts, transactions and agreements in respect of the Account shall be subject to the Commodity Exchange Act (“CEA”) and the
rules, regulations, rulings, advisories, no-action letters and interpretations of the Commodity Futures Trading Commission (“CFTC”), the rules and by-laws of
the National Futures Association (“NFA”), the rules and regulations and interpretations of any exchange, board of trade, contract market or clearing organization, other applicable U.S. federal and state law, as well as such local, non-U.S. law as may at any time be applicable to Customer, in force as of the date hereof and as amended from time to time hereafter, where any transaction in the Account is executed or cleared by Morgan Stanley or
Morgan Stanley’s designated agents hereunder. All such laws, rules, regulations, rulings, advisories, interpretations and by-laws, as in effect from time to time, are hereinafter collectively referred to
as “Applicable Law.” 

  

	2.	 Customer’s and Advisor’s Representations and Warranties. At the
time of entering into this Agreement and again upon the entry into any Contracts or transactions under this Agreement, Customer, or, as applicable, Metaurus, represents, warrants and covenants that (a) if Metaurus controls Customer’s
transactions in the Account, Metaurus is duly authorized and empowered by Customer to enter into and perform Customer’s obligations hereunder on behalf of Customer; (b) if Customer is trading in the Account on its own behalf, Customer is
duly authorized and empowered to enter into all obligations of Customer hereunder and all Contracts or transactions entered into pursuant to this Agreement, (c) if Metaurus controls Customer’s transactions in the Account and is executing
this Agreement on Customer’s behalf, Customer has full right, power and authority to enter into this Agreement and into Contracts or transactions entered into pursuant to this Agreement and to do so through Metaurus’s agency (and all
actions required to be taken by Customer and/or each of its agents to authorize the same and all other acts, conditions, and things required to be done, fulfilled or performed by it or them in relation thereto, have been done, fulfilled or
performed) and Metaurus is authorized to execute this Agreement on behalf of Customer; (d) if Customer is executing this Agreement on its own behalf, Customer has full right, power and authority to enter into this Agreement and into Contracts
or transactions entered into pursuant to this Agreement; (e) if Customer is a trustee entering into this Agreement on behalf of a trust, this Agreement is being entered into by such trustee in its capacity as trustee of such trust;
(f) this Agreement is binding on Customer and enforceable against Customer in accordance with its terms; (g) Customer may lawfully establish and open the Account for the purpose of effecting purchases and sales of Contracts through Morgan
Stanley; (h) performance of this Agreement and of transactions entered into pursuant to this Agreement by Customer will not violate any Applicable Law to which Customer is subject or any agreement to which Customer is subject or a party;
(i) performance of this Agreement and of transactions entered into pursuant to this Agreement by Customer will comply with Customer’s Constitutive Documents (as defined below); (j) all of Customer’s (and, as applicable,
Metaurus’s) information in the accompanying Account Application (which Application and the information contained therein is hereby incorporated into this Agreement) is true and correct in all material respects and Customer, or as applicable,

  
 - 9 - 

	 	
Metaurus, shall promptly notify Morgan Stanley of any material change in such information; (k) as of the date of the Agreement, Customer is solvent and its entering into Contracts or
transactions under this Agreement will not cause it to become insolvent; (l) if Customer is domiciled or resident in any Province of Canada, Customer is a company or person, other than an individual, that is an “accredited investor”
as defined in section 1.1 of National Instrument 45-106 — Prospectus and Registration Exemptions and a “permitted client” as defined in section 1.1 of National Instrument 31-103 – Registration Requirements and Exemptions; (m) if Customer is domiciled or resident in the Province of Québec, Canada, Customer is an “accredited counterparty” under Section 3
of the Québec Derivatives Act; (n) Customer is an “eligible contract participant” as defined under Section 1a(18) of the CEA; (o) if Customer enters into any OTC agricultural swap transaction for the purpose of
clearing such transaction in the Account, Customer is and will remain during the term of any such transaction an eligible swap participant within the meaning of Rule 35.1(b)(2) of the rules of the CFTC (“CFTC Rules”); (p) if Customer is
domiciled or resident in the Republic of Singapore, Customer is an institutional investor, accredited investor or an expert investor, each as defined in the Securities and Futures Act of Singapore (Cap 289); (q) if Metaurus controls Customer’s
transactions in the Account, Metaurus is an “eligible account manager” within the meaning of CFTC Rule 1.35(b)(5) and, to the extent that Metaurus at any time allocates bunched orders post-execution to the Account in accordance with the
provisions of CFTC Rule 1.35(b)(5), such allocations are “fair and equitable” within the meaning of CFTC Rule 1.35(b)(5); except as disclosed to Morgan Stanley in writing, Customer represents (which representations will be deemed to be
repeated by it at all times until termination of this Agreement) that it is not (i) an employee benefit plan, as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), subject to
Title I of ERISA (an “ERISA Plan”) or a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended, or subject to any other statute, regulation, procedure or restriction that is materially similar to
Section 406 of ERISA or Section 4975 of the Code (each a “Plan”, together with ERISA Plan, “Plans”), (ii) a person any of the assets of whom constitute assets of a Plan, or (iii) in connection with any Contract
under this Agreement, a person acting on behalf of a Plan, or using the assets of a Plan. Customer agrees to provide notice to Morgan Stanley in the event that it is aware that it is in breach of any aspect of any of the foregoing representations or
is aware that with the passing of time, giving of notice or expiry of any applicable grace period, it will breach any of the foregoing representations (“Notice”). For the purposes of this Section 2 of the Agreement, “Constitutive
Documents” means: any (i) incorporating documents, including any articles of incorporation or unanimous shareholders’ agreement, (ii) partnership agreement, (iii) trust deed, agreement or declaration, (iv) by-laws, (v) plan documents, including any statement of investment policies and procedures, in the case of an employee benefit plan, pension plan or master trust in which the assets of a pension plan
are invested, and (vi) prospectus or offering memorandum and annual information form, all as applicable, and as amended, replaced, or supplemented from time to time, together with any attachments, schedules, exhibits and documents incorporated
by reference. 

  

	3.	Payment Obligations Of Customer. Customer shall pay Morgan Stanley upon demand (a) all brokerage charges, give-up fees, commissions and service fees as
Morgan Stanley and Customer may from time to time agree (which may be memorialized in a written schedule of exchange commissions and fees, which written schedule is hereby incorporated by reference); (b) all exchange, clearing house, NFA or other
regulatory fees or charges; (c) the amount necessary to hold Morgan Stanley harmless against all taxes, including interest, penalties and additions thereto (“Taxes”), and all contractual and other liabilities in respect of Taxes,
arising in connection with the Account or Customer’s transactions hereunder including, for the avoidance of doubt, (i) any liability Morgan Stanley may have to a clearing house in respect of Taxes or to a taxing authority in respect of a
payment to or from a clearing house and (ii) Taxes imposed on a payment made pursuant to this Section 3(c); (d) any debit balance or deficiency in the Account, including margin obligations in respect of the Account arising under
Section 6(e) hereof; (e) interest on any debit balances or deficiencies in the Account and on any monies advanced to or on behalf of Customer, at rates agreed between the parties (which may be memorialized in a written interest schedule,
which written schedule is hereby incorporated by reference); and (f) any other amounts owed by Customer to Morgan Stanley with respect to the Account or any transactions therein. 

Customer agrees to compensate for, and hold Morgan Stanley and its affiliates, officers, employees, successors, assigns and agents harmless
against any and all loss, liability, cost, damages, penalties, or Taxes (each a “Loss” and collectively “Losses”) arising out of or relating to Customer’s Account or any transaction therein, except in the case of Morgan
Stanley’s gross negligence, fraud or willful misconduct. Morgan Stanley’s rights and protections under this paragraph shall survive the termination of any transaction in Contracts or this Agreement. 

  
 - 10 - 

	4.	Customer’s Events Of Default; Morgan Stanley’s Remedies. 

  

	 	(a)	Events of Default. As used herein, any of the following is an “Event of Default”: 

  

	 	(i)	the commencement of a proceeding under any bankruptcy, insolvency, arrangement or reorganization regime existing under Applicable Law or the institution of any other relief under applicable bankruptcy or insolvency law
or other similar law affecting creditors’ rights; the filing or presentation of a petition for the appointment of a receiver by or against Customer or for the Customer’s winding up or liquidation; an assignment, arrangement or composition
made by Customer with or for the benefit of creditors; Customer becomes insolvent or is unable to pay its debts as and when they mature or fails or makes an admission in writing that it is insolvent or is unable to pay its debts when they mature; or
the suspension by Customer of its usual business or any material portion thereof, provided that a proceeding seeking a judgment of insolvency or bankruptcy against Customer that is instituted by a person other than Customer or an affiliate of
Customer or a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over the Customer shall constitute an Event of Default hereunder only if, and at such time as, such proceeding results in
a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or is not dismissed within 30 calendar days of being instituted;

  

	 	(ii)	the issuance of any warrant or order of attachment against the Account or the levy of a judgment against the Account that this not not dismissed within 30 calendar days of being instituted; 

 

	 	(iii)	Customer (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) has a resolution passed for its winding-up, official management or liquidation
(other than pursuant to a consolidation, amalgamation or merger); (c) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, supervisor or similar official for it or for
all or substantially all of its assets; (d) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (e) causes or is subject to any event with respect to it
which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i), (ii) or (iii) above or (f) takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; 

  

	 	(iv)	if Customer is an ERISA Plan or other pension fund (or administrator or trustee of such a plan, fund or master trust in which the fund assets are invested), (A) any step is taken by Customer, any governmental authority
or body or regulator, or other person to terminate, wind-up or liquidate Customer, the fund or the plan, in whole or in part; (B) any event or condition occurs or exists that would entitle any court or
regulator to require the termination, wind-up or liquidation of Customer, the fund or the plan, in whole or in part, or the termination or close-out of any Contract;
(C) Customer is unable to pay benefits under the relevant employment or pension benefit plan when due; (D) Customer or any other person does anything or takes any action or step to merge, consolidate or combine the fund with any other
pension fund or its assets, whereby assets are transferred from the fund or are to become available for the payment of any liabilities of the other fund without the consent of Morgan Stanley; 

 

	 	(v)	 if Customer is a trust or investment fund, (A) any step is taken by Customer, any governmental authority or
body or regulator, or other person to terminate, wind-up or liquidate Customer or the fund; (B) any event or condition occurs or exists that would entitle any court or regulator to

  
 - 11 - 

	 	
require the termination, wind-up or liquidation of Customer or the fund or to issue a cease trade order in respect of Customer, in whole or in part, or the
termination or close-out of any Contract; (C) Customer or any other person does anything or takes any action or step to merge, consolidate or combine the fund with any other fund or its assets, whereby
assets are transferred from the fund or are to become available for the payment of any liabilities of the other fund without the consent of Morgan Stanley; or (D) the liabilities of the trust or investment fund exceed its realizable assets;

  

	 	(vi)	if Customer is an insurance company, Customer (i) is subject to a corrective order or other order or directive, or has received a notice of regulatory or administrative action, relating to its financial condition,
(ii) enters into an agreement with insurance regulatory officials or other authorities of any state or jurisdiction which requires Customer to take, or refrain from taking, any action or which otherwise affects Customer’s authority to do
business in any state or ability to perform its obligations under this Agreement, (iii) is placed into receivership, including conservation, rehabilitation, supervision, liquidation or any similar proceeding, or (iv) is the subject of any
proceeding or action by or on behalf of, an insurance regulatory authority or similar person or entity that could result in the suspension, non-renewal or revocation of Customer’s license or authority to
transact business in any state or jurisdiction in which it does business; 

  

	 	(vii)	Customer is in default, or an event of default exists, with respect to any material obligation or liability (including the failure to make a payment on demand or to satisfy margin requirements) arising under any
contract or agreement between Morgan Stanley, or any affiliate of Morgan Stanley, and such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that contract or agreement; 

 

	 	(viii)	the failure by Customer after notice by Morgan Stanley to deposit or maintain margin or to pay required premiums in accordance with Section 6(e) hereof, or otherwise to make payments required by Section 3
hereof; 

  

	 	(ix)	[Deleted] 

  

	 	(x)	Customer breaches applicable position limits and fails promptly to remedy any such breach and if Morgan Stanley is aware of the breach then Morgan Stanley will use commercially reasonable efforts to notify the Customer
of such breach; 

  

	 	(xi)	Customer is suspended from membership of, or participation in, any exchange, clearing house or self-regulatory organization, or suspended from dealings in Contracts by any government agency or self-regulatory
organization, or by act of any judicial authority; 

  

	 	(xii)	any material representation or warranty or covenant made by Customer or Advisor to Morgan Stanley is or becomes untrue or inaccurate and if capable of being cured, Customer has not cured within two Business Days after
the earlier of (i) Notice or (ii) receipt of notice thereof from Morgan Stanley; and 

  

	 	(xiii)	the failure by Customer to perform, in any material respect, its other obligations hereunder if such failure is not remedied within 2 Business Days after notice of such failure is given by Morgan Stanley to Customer;
provided that, for the avoidance of doubt, the foregoing cure period shall not apply to any obligation hereunder to make a payment or delivery, or to any breach of applicable position limits. 

If an Event of Default specified in clauses (i) through (vi) of the foregoing occurs then, subject to Applicable Law, all Contracts shall
be deemed, as the context requires, cancelled, closed, liquidated, settled or terminated automatically on the date immediately preceding the date on which (i) the first steps or proceedings are initiated, (ii) the order, resolution,
dissolution or attachment is made or (iii) the bankruptcy petition is presented, in each case without notice to the Customer and all sums due or to become due to Morgan Stanley shall become immediately due and payable. 

  
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	 	(b)	Remedies. Upon the occurrence of an Event of Default, (including, without limitation, those described in clauses (i) through (vi)), Morgan Stanley shall provide written notice to Customer of such
Event of Default and, after provision of such written notice (other than in respect to an event of default under clauses (i) through (vi), as to which exercise of remedies may be before such notice), Morgan Stanley shall have the right, in
addition to any other remedy available to Morgan Stanley at law or equity, in its sole discretion and to (i) straddle or spread open positions in the Account; (ii) switch such positions to another month, commodity or exchange;
(iii) close out such positions in whole or in part, or limit, condition or terminate the right of Customer to trade in the Account; (iv) buy, sell, transfer or otherwise liquidate any or all open Contracts held in or for the Account
(including without limitation, through the making or taking of delivery, the use of exchange-for-physical, exchange-for-swap, exchange-for-risk,
exchange-for-options or exchange-for-related-positions transactions, block trades, any
associated cash transactions as broker or principal, office trades, or any other means), in whole or in part, free from any right of redemption; (v) set off or apply any or all cash margin held in or for the Account to any indebtedness owed by
Customer to Morgan Stanley; (vi) sell any or all of the securities or other property of Customer held in or for the Account and to apply the proceeds thereof to any indebtedness owed by Customer to Morgan Stanley; (vii) borrow, buy or sell
Contracts, securities or other property in or for the Account in connection with commercially reasonable efforts to mitigate, offset, hedge or otherwise manage risk incurred by Morgan Stanley or any affiliate of Morgan Stanley in connection with
such Event of Default; (viii) cancel any unfilled orders for the purchase or sale of Contracts for the Account; (ix) execute office trade transfers of Contracts in accordance with applicable exchange rules; or (x) take such other or
further actions Morgan Stanley that are reasonable to fulfil its unmet obligations with respect to the the Account and appropriate for its protection, all without demand for margin and without notice or advertisement and to the full extent permitted
under Applicable Law. In implementing any action taken hereunder, Morgan Stanley may transact, in its sole discretion, with itself, any of its affiliates or any third party, or it may enlist the assistance of any its affiliates or any third party to
implement such action on its behalf and, in each case, Customer shall remain liable for any resulting Losses (as defined in Section 3 hereof), which, for the avoidance of doubt, shall include any loss incurred by Morgan Stanley or any affiliate
of Morgan Stanley in connection with commercially reasonable efforts to mitigate, offset, hedge or otherwise manage risk in connection with any action taken hereunder. Notwithstanding the foregoing, with respect to Customers that are ERISA Plans or
otherwise subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Internal Revenue Code, any such transactions may be entered into only to the extent that such transactions are not prohibited thereunder. In the event
Morgan Stanley’s position would not be jeopardized thereby, Morgan Stanley will make commercially reasonable efforts under the circumstances to notify Customer prior to exercising remedies hereunder. A prior demand or margin call of any kind
from Morgan Stanley or prior notice from Morgan Stanley shall not be considered a waiver of Morgan Stanley’s right to take any action without notice or demand. In the event Morgan Stanley exercises any remedies available to it under this
Agreement after an Event of Default as described above, Customer shall reimburse, compensate and indemnify Morgan Stanley for any and all Losses that Morgan Stanley may incur, including reasonable attorneys’ fees actually incurred in connection
with the exercise of its remedies and the recovery of any such Losses except to the extent such Losses resulted from Morgan Stanley’s gross negligence, fraud or willful misconduct. 

 

	 	(c)	 Set-off and Netting Rights. Upon the occurrence of an Event
of Default or termination of this Agreement in accordance with Section 7 hereof, Morgan Stanley shall have the right, at any time and from time to time, to net and set off Morgan Stanley’s obligations owed to Customer against the
obligations of Customer to Morgan Stanley and to foreclose on any Collateral (as defined below) for the purpose of satisfying the obligations of Customer to Morgan Stanley and, for this purpose, may convert one currency into another at the rate of
exchange determined by Morgan Stanley on the basis of the then prevailing rates of exchange for such currencies. Any such netting and set-off will automatically satisfy and discharge Morgan Stanley’s
obligations to Customer and, to the extent any such obligation to Customer exceeds the sum or obligation to be set off and net against, such original obligation to Customer will be novated and replaced by an obligation to pay Customer only the
excess of the original obligation over the original obligation set off and net against. Customer authorizes Morgan Stanley, on behalf of and in the name of 

  
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Customer, to do all such acts and to execute all such documents as may be required to give effect to Morgan Stanley’s set-off and close-out netting rights hereunder. For the avoidance of doubt, this Section 4(c) is intended to effect a close-out netting mechanism that will result upon an Event of
Default or termination in a single payment obligation owed by one party to another. For the purposes of this Section 4(c), (i) “obligation” means: any obligation or liability (subject to Section 5 hereof) of a party arising at
any time (whether or not mature or contingent and whether or not arising under this Agreement and whether or not such sum or obligation is then due and payable), related to any transaction in any financial instrument or asset under or in connection
with any agreement, including any payment, repayment or delivery obligation, any obligation relating to any extension of credit or to pay damages and any legal and other expenses incurred in connection with the enforcement of a party’s rights
under any such transaction or agreement; and (ii) “Morgan Stanley” includes Morgan Stanley & Co. LLC and any of its affiliates. 

  

	5.	Limitation Of Liability. Except to the extent of its gross negligence, fraud or willful misconduct Morgan Stanley shall not be liable for any Losses incurred by Customer in connection with or arising out
of this Agreement, transactions in or for Customer’s Account or any actions taken or omitted to be taken by Morgan Stanley at the request or direction of Customer, including, for the avoidance of doubt, any Losses relating to the failure of any
clearing house, executing broker, clearing broker, custodian or other intermediary to perform its obligations in connection with any transaction by Customer. Customer agrees and acknowledges that Morgan Stanley may, in its reasonable discretion,
retain independent vendors to perform certain services and functions (including, without limitation, services and functions relating to Morgan Stanley’s obligations as a registered futures commission merchant under Applicable Law) relating to
Customer’s transactions under this Agreement. 

  

	6.	General Agreements. The parties agree that: 

  

	 	(a)	Morgan Stanley’s Responsibility. Morgan Stanley is not acting as a fiduciary, foundation manager, commodity pool operator, commodity trading advisor or investment adviser in respect of any
Account opened by Customer. Morgan Stanley is not acting hereunder as a municipal advisor within the meaning of Section 975 of the Dodd-Frank Wall Street Reform & Consumer Protection Act. Customer is acting for its own account and has
made its own independent decisions to effect transactions in Contracts and as to whether each transaction is prudent or appropriate for it based on Customer’s own judgment and upon advice from such advisors as it has deemed necessary. Customer
is solely responsible for any trading decisions including order-routing decisions made by Customer. Customer is solely responsible for monitoring adherence by its employees to internal trading controls and restrictions designed to ensure that
persons with trading access to or control of the Account are authorized by Customer. Morgan Stanley does not make any recommendation as to where such orders should be executed and does not undertake to notify Customer of price improvement
opportunities or more advantageous execution quality at particular exchange venues. Morgan Stanley shall have no responsibility hereunder for compliance with any law or regulation governing the conduct of fiduciaries, foundation managers, commodity
pool operators, commodity trading advisors or investment advisers. 

 Without limitation of the foregoing, if Customer is an
investment company registered under the Investment Company Act of 1940, the following provisions shall apply to the custody by Morgan Stanley of Customer funds, collateral and other property deposited with Morgan Stanley for the purpose of
margining, guaranteeing or securing Customer’s futures and foreign futures: (i) Morgan Stanley shall comply with the segregation requirements of section 4d(2) of the Commodity Exchange Act (“CEA”) (7 U.S.C. 6d(2)) and the rules
thereunder (17 CFR Chapter 1) or, if applicable, the secured amount requirements of rule 30.7 under the Commodity Exchange Act (17 CFR 30.7); (ii) Morgan Stanley, as appropriate to Customer’s transactions and in accordance with the CEA (7
U.S.C. 1 through 25) and the rules and regulations thereunder (including 17 CFR part 30), may place and maintain the Customer’s assets to effect Customer’s transactions with another futures commission merchant, a clearing organization, a
U.S. or foreign bank, or a member of a foreign board of trade, and shall obtain an acknowledgment, as required under rules 1.20(a) or 30.7(c) (as applicable) under the CEA 17 CFR 1.20(a) or 30.7(c), as applicable, that such assets are held on behalf
of Morgan Stanley’s customers in accordance with the provisions of the CEA; (iii) Morgan Stanley shall promptly furnish copies of or 

  
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extracts from Morgan Stanley’s records or such other information pertaining to Customer’s assets as the Securities and Exchange Commission through its employees or agents may request;
(iv) Any gains on Customer’s transactions hereunder, other than de minimis amounts, may be maintained with Morgan Stanley only until the next Business Day following receipt by Morgan Stanley on Customer’s behalf; (v) If the
custodial arrangement under this Agreement no longer meets the requirements of this section 6(a), Customer shall withdraw its assets from Morgan Stanley as soon as reasonably practicable. 

In addition, if Customer is an investment company registered under the Investment Company Act of 1940, the following provisions shall apply to
the custody by Morgan Stanley of Customer funds, collateral and other property deposited with Morgan Stanley for the purpose of margining, guaranteeing or securing Customer’s cleared swaps: (i) Morgan Stanley shall comply with the
requirements under Section 4d(f) of the CEA relating to the separate treatment of customer cleared swaps funds and property, the rules of the derivatives clearing organization on which such swaps are cleared and the CFTC segregation rules for
swap collateral (i.e., legal segregation with operational commingling), under Part 22 of the CFTC’s Regulations, specifying the substantive requirements for the treatment of cleared over-the-counter derivatives in the Customer’s cleared swaps Account and the cleared swaps account class prior to any bankruptcy; (ii) Morgan Stanley may place and maintain Customer’s assets as
appropriate to effect Customer’s cleared swap transactions in accordance with the CEA and the CFTC’s rules thereunder, and will obtain an acknowledgement, to the extent required under CFTC Rules 22.5 and 1.20(a), that such assets are held
on behalf of Morgan Stanley’s customers in accordance with the provisions of the CEA; (iii) Morgan Stanley will promptly furnish copies of or extracts from its records or such other information pertaining to Customer’s assets as the
Securities and Exchange Commission through its employees or agents may request; any gains on Customer’s cleared swap transactions, other than de minimis amounts, may be maintained with Morgan Stanley only until the next Business Day following
receipt; and (iv) Customer may withdraw its cleared swap assets from Morgan Stanley as soon as reasonably practicable if the custodial arrangement hereunder relating to cleared swaps no longer meets the requirements of Rule 17f-6 under the Investment Company Act, 17 CFR 270.17f-6, as applicable. 
  

	 	(b)	Advice. All advice communicated by Morgan Stanley with respect to the Account or transactions effected by Customer hereunder is incidental to the conduct of Morgan Stanley’s business as an FCM
and such advice shall not serve as the primary basis for any decision made by or on behalf of Customer. Morgan Stanley shall have no discretionary authority, power or control over any decisions made by or on behalf of Customer in respect of the
Account, regardless of whether Customer relies on the advice of Morgan Stanley in making any such decision. Customer acknowledges that Morgan Stanley and its directors, officers, employees and affiliates may from time to time take or hold positions
in, or advise other customers concerning, Contracts that are from time to time the subject of advice from Morgan Stanley to Customer and such positions or advice may be inconsistent with or contrary to positions of, and the advice given by, Morgan
Stanley to Customer. 

  

	 	(c)	Recording. Each party may record, on tape or otherwise, any telephone conversation between Morgan Stanley and Customer involving their respective directors, officers, employees or other agents, and each
party hereby agrees and consents thereto. 

  

	 	(d)	Acceptance of Orders; Position Limits. 

  

	 	(i)	Morgan Stanley shall have the right to limit the size of open positions (net or gross) of Customer with respect to the Account at any time and to refuse acceptance of orders to establish new positions, without regard to
whether such refusal or limitation is required by, or based on position limits imposed under, Applicable Law, provided, however, Morgan Stanley shall not be entitled to refuse to accept Risk-reducing Transactions (as defined below). Morgan Stanley
shall promptly notify Customer of its rejection of any order. To the extent permitted by Applicable Law, Morgan Stanley is authorized to combine orders for Customer’s Account with orders for other customers. Unless specified by Customer, Morgan
Stanley may designate the exchange or other markets (including, without limitation, an exchange’s electronic trading platform) on or through which it will attempt to execute orders. 

  
 - 15 - 

 “Risk-reducing Transactions” means, one or more transactions effected in
Customer’s Account which reduce the risk of the Customer’s open positions (or portions thereof), as determined by Morgan Stanley in its reasonable discretion. 

(ii) Customer shall, in connection with transactions in Contracts hereunder, provide Morgan Stanley with such information as Morgan Stanley may from time to
time reasonably request in connection with regulatory inquiries relating to any such transactions. 
  

	 	(e)	Original and Variation Margin; Premiums; Other Contract Obligations. Customer shall perform all obligations attendant to transactions in Contracts for the Account and shall make, or cause to be made, all
applicable original margin, variation margin, intra-day margin and premium payments, in such amount, form and subject to such valuation mechanics, as may be required by Applicable Law or by Morgan Stanley.
Requests for margin deposits and/or premium payments may, at Morgan Stanley’s election, be communicated to Customer orally, telephonically or in writing. For the avoidance of doubt, a statement of margin or premium due set forth on
Customer’s daily confirmation of trading activity shall constitute a demand for such margin or premium for the purposes of this Section 6(e). Customer margin deposits and/or premium payments shall be made by wire transfer in accordance
with Morgan Stanley’s instructions to Customer’s segregated account, secured amount account or cleared swap account, as required under Applicable Law, and shall be in U.S. dollars unless Morgan Stanley agrees otherwise in writing.

 If Customer receives a request for margin deposits and/or premium payments before 12:00 p.m. (New York Time) on any
Business Day, then Customer shall deposit such margin deposits and/or premium payments with Morgan Stanley pursuant to this section by no later than 6:00 p.m. (New York Time) on the same Business Day; if Customer receives a request for margin
deposits and/or premium payments after 12:00 p.m. (New York Time) on any Business Day, then Customer shall deposit such margin deposits and/or premium payments with Morgan Stanley pursuant to this section by no later than 10:00 a.m. (New York Time)
on the next Business Day. 
 Notwithstanding any other provision herein, failure by the Customer to deposit or maintain margin, to pay
required premiums in accordance with Section 6(e) of the Agreement, or to make any payments required by Section 3 of the Agreement (any such payment, the “Required Payment”), shall not constitute an Event of Default if,
prior to the time that the Required Payment is due and prior to Morgan Stanley’s exercise of its remedies hereunder (i) the Customer promptly provides notification, which may be verbal if followed no later than the next Business Day in
writing, to Morgan Stanley of the existence of a delay of an administrative nature in satisfying the Required Payment; (ii) the Customer promptly demonstrates to Morgan Stanley’s reasonable satisfaction that the Customer has
sufficient cash or margin excess at another prime broker, bank or custodian to meet the Required Payment and such cash or margin excess is beneficially owned by the Customer and not otherwise required to be pledged or encumbered; (iii) the
Customer promptly provides written evidence to Morgan Stanley’s reasonable satisfaction that the Customer has directed the payment of such cash or margin excess to Morgan Stanley and that the other prime broker, bank or custodian has
agreed to make such payment to Morgan Stanley on the Customer’s behalf; and (iv) the continuance of the related extension of credit to the Customer would not, in Morgan Stanley’s reasonable judgment, violate Applicable Law.
If sub-clauses (i) through (iv) above are satisfied and remain satisfied at all times prior to Morgan Stanley’s receipt of the Required Payment in full, Morgan Stanley shall refrain from exercising
its remedies hereunder until 24 hours after Morgan Stanley’s receipt of the notification referenced in sub-clause (i) above or on the next succeeding Business Day at the same time if such 24-hour period does not fall on a Business Day. 

  
 - 16 - 

 In connection with any Customer instruction at any time to Morgan Stanley to (i) satisfy
any margin requirement arising under this Section 6(e) of this Agreement by means of a transfer of available funds or securities held in a Morgan Stanley securities margin account or (ii) transfer available excess equity out of the Account
to any such securities margin account, Customer acknowledges and agrees that funds and Collateral (as defined below) carried in and for the Account, as well as all Contracts carried in and for the Account (I) are not subject to or afforded
protection under Securities and Exchange Commission (“SEC”) Rules 8c-1, 15c2-1, 15c3-2 or 15c3-3 and (II) in the event of Morgan Stanley’s bankruptcy or insolvency, will not be afforded protection under the Securities Investor Protection Act of 1970, as amended (“SIPA”), except and
only to the extent that the commodity broker liquidation provisions of chapter 7 of title 11 of the United States Code and Part 190 of the CFTC Regulations may apply in the context of a liquidation proceeding under SIPA. 

 

	 	(f)	Security Interest and Rights Respecting Collateral. 

  

	 	(i)	Customer hereby assigns, pledges and transfers to Morgan Stanley and grants to Morgan Stanley, and to any of its affiliates that may from time to time hold Contracts or Collateral for or on behalf of Customer in
connection with the execution or clearing of any transaction in such Contracts or settlement or custody of such Collateral, a security interest in and continuing, unencumbered first priority lien on all of Customer’s right, title and interest
in (a) the Account and all assets (including security entitlements, commodity contracts, financial assets, proceeds, and investment property (each as defined in the New York Uniform Commercial Code (“UCC”)) credited thereto, including
assets held by any clearing organization or other any other intermediary in respect of Contracts, as well as other property of Customer (including any securities accounts, commodity accounts, security entitlements, commodity contracts, financial
assets and investment property (each as defined in the UCC)) held in respect of Contracts by or for Morgan Stanley, any clearing organization or any intermediary acting for Morgan Stanley in connection with any transaction in Contracts; and
(b) Customer’s Contracts and all rights to payment thereunder (collectively, the “Collateral”). The foregoing grant of security secures, to the extent permissible by Applicable Law, all obligations of Customer now or hereafter
owing to Morgan Stanley or its affiliates, as applicable, including, without limitation, all Losses incurred by Morgan Stanley in connection with the enforcement of this Agreement and the security interest created hereunder. Customer hereby
represents and warrants to Morgan Stanley that Customer owns the Collateral free and clear of all liens, claims, charges and encumbrances, and has the full power and authority to pledge the Collateral to Morgan Stanley pursuant to the terms of this
Section 6(f)(i). Upon the occurrence of an Event of Default and notice to Customer by Morgan Stanley, Morgan Stanley shall have and may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or
otherwise available to it pursuant to Applicable Law, at law or in equity, all the rights and remedies of a secured party upon default under Applicable Law, including but not limited to the UCC, whether or not the UCC applies to the affected
Collateral, to the fullest extent permitted under Applicable Law. Customer agrees to execute any documents reasonably required by Morgan Stanley for the perfection or negotiation of such general lien or security interest. Customer and Morgan Stanley
agree that Morgan Stanley’s use of the Collateral shall at all times be subject to and in accordance with Applicable Law. 

  

	 	(ii)	If Customer is resident of or domiciled in, or if any of the Collateral is subject to Applicable Law of, any jurisdiction in which a security interest in the Collateral cannot be created solely by means of
Customer’s pledge of such Collateral to Morgan Stanley (or any jurisdiction in which the security interest arising under such a pledge would require local registration in order to be perfected), then the parties agree that, with respect to such
a jurisdiction, all right, title and interest in and to the Collateral shall vest via transfer of title in Morgan Stanley free and clear of any liens, claims, charges or encumbrances or any other interest of Customer or of any third party (other
than a lien routinely imposed on all securities in a relevant clearance system). 

  
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	 	(g)	Québec Charge. This section applies only with respect to security interests if their validity is governed by the laws of the Province of Québec. Customer hereby hypothecates the Collateral in favor
of Morgan Stanley for the amount of CAD 1,000,000,000.00, with interest thereon from the date of this Agreement at a rate to be determined in accordance with this Agreement and the requirements of the Civil Code of Québec, as security for all
present and future obligations of Customer which are also stated as being secured by the security interest granted in Section 6(f)(i) hereof. The said stated amount of the hypothec is set forth solely for the purpose of ensuring compliance with
the requirements of the Civil Code of Québec, and does not represent the amount of the indebtedness of Customer secured by the hypothec from time to time nor the amount of any credit available to Customer.  

 

	 	(h)	Reports and Objections. Daily confirmations of transactions in Contracts for the Account shall be submitted to Customer and absent manifest error shall be conclusive and binding on Customer unless
Customer notifies Morgan Stanley of any objection thereto prior to the opening of trading on the contract market or trading facility on which such transaction occurred on the Business Day following the day on which Customer receives such Statement;
provided that, with respect to monthly statements, Customer may notify Morgan Stanley of any objection thereto within five Business Days after receipt of such monthly Statement. Any such notice of objection, if given orally to Morgan Stanley,
shall be promptly confirmed in writing by Customer. 

  

	 	(i)	Delivery Procedures; Options Allocation Procedure. 

  

	 	(i)	Customer shall provide Morgan Stanley with instructions to liquidate Contracts previously established by Customer, to make or take delivery under any such Contracts; to exercise options entered into by Customer; or,
with respect to Contracts that are cleared credit default swaps, to exercise rights relating to credit events in respect of such Contracts in the relevant trade information systems of the relevant clearing house or clearing organization, in each
case, within such time limits as may be reasonably specified by Morgan Stanley. Morgan Stanley shall have no responsibility to take any action on behalf of Customer or positions in the Account unless and until Morgan Stanley receives oral or written
instructions reasonably acceptable to Morgan Stanley. Morgan Stanley’s obligation hereunder to make or take delivery for the Account in respect of any physically-settled Contract shall at all times be subject to such modifications, restrictions
and limitations as Morgan Stanley may from time to time prescribe upon notice to Customer. Funds sufficient to take delivery pursuant to any such Contract or deliverable grade commodities eligible under Applicable Law for the purpose of effecting
delivery pursuant to such Contract must be delivered to Morgan Stanley at such time and in accordance with such procedures as Morgan Stanley may reasonably require in connection with any such delivery. 

 

	 	(ii)	Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect to option Contracts sold by Customer may be allocated to
Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has received prior, timely instructions from Customer,
Morgan Stanley’s sole responsibility shall be to use its best efforts to notify Customer of such allocation. 

  

	 	(iii)	If Customer fails to comply with any of the foregoing obligations or any modification, restriction or limitation that Morgan Stanley may at any time prescribe in connection with an obligation to make or take delivery
for the Account on a physically-settled Contract, Morgan Stanley may liquidate any open positions, make or take delivery of any commodities or instruments, or exercise or allow the expiration of any options or rights, in such manner and on such
terms as Morgan Stanley deems necessary or appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not taken by Morgan Stanley in connection therewith or pursuant to Customer’s instructions.

  
 - 18 - 

	 	(j)	Financial and Other Information. Customer shall provide to Morgan Stanley such financial information regarding Customer as Morgan Stanley may from time to time reasonably request. Customer shall notify
Morgan Stanley promptly if the financial condition of Customer changes materially and adversely from that shown in the most recent financial information theretofore provided to Morgan Stanley. An investigation may be conducted pertaining to
Customer’s credit standing and business. 

  

	 	(k)	Cross-Trade Consent. Customer hereby acknowledges and agrees that Morgan Stanley and its affiliates, officers, employees, successors, assigns, or agents, including floor brokers acting on Morgan Stanley’s
behalf, may in connection with any transaction in Contracts for the Account take the other side of such transaction, subject to the transaction being executed at the prevailing price and in accordance with Applicable Law. 

 

	 	(l)	Authorization to Transfer Funds. 

  

	 	(i)	Customer hereby authorizes Morgan Stanley, upon specific, written instructions of Customer or Customer’s duly authorized Advisor and in accordance with Applicable Law and Morgan Stanley’s operational
procedures and controls, to transfer funds, securities or other propertyfrom an account maintained by the Customer to any other account of Customer maintained by Morgan Stanley or any of its affiliates in connection with and for the sole purpose of
executing, clearing and settling transactions in respect of Contracts under this Agreement and in accordance with such instructions (which, for the avoidance of doubt, may include transfers of available excess equity in one account to another
account, in accordance with Customer’s standing written instructions). 

  

	 	(ii)	Customer may from time to time elect to establish collateral transfer services whereby, in order to satisfy its payment obligations under this Agreement (as well as Morgan Stanley’s return of excess equity
accruing in respect of Customer’s open positions in Contracts), including without limitation its obligation to satisfy margin and premium obligations arising in connection with its transactions in Contracts under this Agreement, Customer
deposits cash, securities or other property in one Morgan Stanley account, which may include (i) a prime brokerage or other securities account, (ii) an OTC swaps or security-based swaps account, or (iii) a segregated account under
section 4d(a) of the CEA and CFTC Rule 1.20, a secured amount account under CFTC Rule 30.7 or a cleared swaps account under section 4d(f) of the CEA, pursuant to standing instructions to effect such transfers (including returns) of such cash,
securities or other property to (or from) a second account in connection with a margin, premium or other payment obligation (or accrual of excess equity) arising in such second account (any such collateral transfer arrangement, an “Auto-Sweep
Service”). In connection with any such Auto-Sweep Service, Customer hereby authorizes Morgan Stanley, in its sole and absolute discretion and without prior notice to Customer, to transfer any funds, securities or other property from any account
maintained by Customer with Morgan Stanley to any other account of Customer maintained by Morgan Stanley or any of its affiliates, in each case without prior notice or any further consent from Customer. Transfers effected pursuant to the Auto-Sweep
Service may include transfers to or from any securities account of Customer from or to any commodity account of Customer (unless prohibited by Applicable Law), as well as transfers between and among Customer’s segregated, secured amount and
sequestered or cleared swap accounts, consistent with and to the extent permitted under Applicable Law. Morgan Stanley shall promptly (and no later than within one Business Day) confirm in writing each transfer of funds, securities, commodities or
other property pursuant hereto. Customer hereby reserves the right to revoke the authorization set forth in this section 6(l)(ii), provided that any such revocation shall be in writing and effective upon no less than five (5) Business Days
notice to Morgan Stanley. 

  

	 	(m)	Give Up Transactions. Absent a separate written agreement with Customer with respect to give-up transactions, Morgan Stanley, in its sole discretion, may, but shall not be
obligated to, accept from other brokers Contracts executed by such brokers and to be given up to Morgan Stanley for clearance or carrying in any Account. 

  
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	7.	Termination. This Agreement may be terminated on 90 days notice at any time by Customer or Morgan Stanley by written notice to the other. In the event of such notice, and subject
to Section 6(d) hereof, Customer shall either close out open positions in the Account or arrange for such open positions to be transferred to another FCM. Upon satisfaction by Customer of all payments and other current obligations outstanding
with respect to any transaction in Contracts, Morgan Stanley shall transfer to another FCM all Contracts, if any, then held for the Account, and shall transfer to Customer or to another FCM, as Customer may instruct, all cash, securities and other
property held in the Account, whereupon this Agreement shall terminate. Termination of this Agreement shall not release any party from any liability or obligation incurred or arising from activities prior to such termination. 

 

	8.	Acknowledgements re Securities Transfer Act and the New York UCC. For purposes of the Securities Transfer Act as implemented under the laws of an applicable Canadian province, the Personal
Property Security Act of an applicable province, Articles 8 and 9 of the New York Uniform Commercial Code and any similar legislation in any other applicable jurisdiction (a) the jurisdiction of Morgan Stanley as securities intermediary or
commodity intermediary with respect to the Account and the Contracts is New York, (b) the Account is a “securities account,” a “futures account” and a “commodity account” and (c) any property of any nature
whatsoever credited or receivable to the Account is a “financial asset” and “investment property.” 

  

	9.	Eligible Financial Contract. This Agreement, including the security interest granted by this Agreement, and any Contract, are “eligible financial contracts” within the meaning of
the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) and the Payment
Clearing and Settlement Act (Canada). Customer represents that it is a “financial institution” for the purposes of the Payment Clearing and Settlement Act (Canada). 

 

	10.	Miscellaneous. 

  

	 	(a)	Severability. If any provision of this Agreement is or becomes inconsistent with Applicable Law, that provision will be deemed modified or, if necessary, rescinded in order to comply with the relevant
law, rule or regulation. All other provisions of this Agreement will continue and remain in full force and effect. To the extent that this Agreement is not enforceable as to any Contract, this Agreement shall remain in full force and effect and be
enforceable in accordance with its terms as to all other Contracts. To the extent this Agreement contains any provision which is inconsistent with provisions in any other Contract or agreement between the parties, or of which Customer is a
beneficiary, the provisions of this Agreement shall control with respect to transactions contemplated hereunder. 

  

	 	(b)	Binding Effect. This Agreement shall be binding on and inure to the benefit of the parties and their successors. In the event that Morgan Stanley (i) merges with another entity, or
(ii) ceases to be a FCM or (iii) is required by Applicable Law to transfer its Customer accounts to another FCM, Morgan Stanley shall have the right to transfer or assign this Agreement (and thereby the Account) to any successor entity or
to another properly registered FCM, provided that Morgan Stanley shall, in accordance with the provisions of CFTC Rule 1.65, provide Customer with prior written notice of, and a reasonable opportunity to object to, any such transfer or assignment.

  

	 	(c)	Independent Investment Adviser. If trading in the Account is controlled by Metaurus, Customer hereby appoints such Metaurus as Customer’s agent for the purpose of receiving all communications, notices and
requests for instructions related to this Agreement and the transactions effectuated pursuant to this Agreement, including, without limitation, margin calls and any trading information or advice (subject to Section 6(b) hereof). Metaurus is
authorized to access and use electronic services, facilities and information provided electronically, including but not limited to Electronic Trading Services (as defined herein), and on behalf of Customer, to agree to the terms and conditions
regarding such use and to enter into agreements relating to Electronic Trading Services. Customer hereby agrees to indemnify and hold Morgan Stanley harmless from and to pay Morgan Stanley promptly on demand any and all Losses arising from Morgan
Stanley’s reliance on any communication, notice or instruction of Metaurus until Morgan Stanley receives written notice of Customer’s revocation thereof; and termination of the appointment of Metaurus shall not affect any liability in any
way resulting from transactions initiated prior to such termination. This indemnity is in addition to (and in no way limits or restricts) any rights which Morgan Stanley may have under this Agreement and any other agreement or agreements between
Morgan Stanley and Customer. Nothing in this Section 10(c) shall relieve Customer of any of its obligations under this Agreement. 

  
 - 20 - 

	 	(d)	Entire Agreement. This Agreement contains the entire agreement between the parties and supersedes any prior oral and written agreements between the parties as to the subject matter hereof. No
provision of this Agreement shall in any respect be waived, altered, modified, or amended unless such waiver, alteration, modification or amendment is signed by the party against whom such waiver, alteration, modification or amendment is to be
enforced. 

  

	 	(e)	Currency Denomination. Unless another currency is designated in the confirmations reporting transactions entered into by Customer, all margin deposits in connection with such transactions, and a debit
or credit in the Account, shall be stated in United States dollars. By placing an order in a Contract settled in a particular currency (the “Contract Currency”), Customer agrees that Morgan Stanley shall convert to the Contract Currency
available funds sufficient to meet the applicable margin requirement. Any such conversion of currency shall be at a rate of exchange determined by Morgan Stanley on the basis of the then prevailing rates of exchange for such currencies. Customer
shall bear all risk and cost relating to the conversion of currencies incident to transactions in Contracts effected on behalf of Customer. Customer understands and acknowledges that accruals from trades in Contracts that are priced and settled in a
Contract Currency other than United States dollars will be held in Customer’s account in such non-United States dollar Contract Currency and, except upon an Event of Default, will not be converted to
United States dollars except in connection with a spot foreign exchange transaction executed between Customer and a foreign exchange dealer designated by Customer for that purpose. Customer agrees that (i) the conversion of currencies in any
such spot foreign exchange transaction under this Agreement shall be undertaken solely in connection with transactions in Contracts hereunder; (ii) any such spot foreign exchange transaction shall be a Contract for purposes of this Agreement;
and (iii) Customer shall not effect foreign currency forwards or swap transactions in or for the Account (other than in connection with an
exchange-for-related-position transaction in compliance with applicable exchange rules). 

 

	 	(f)	Permitted Investments Using Customer Collateral 

  

	 	(i)	Morgan Stanley’s use of cash, securities or other property deposited by Customer (“Futures Customer Collateral”) for the purpose of margining, guaranteeing and securing futures held by Morgan Stanley in
and for the Account shall be in accordance with the requirements of Section 4d(a) of the CEA and at all times subject to and in accordance with Applicable Law. The parties agree and acknowledge that Section 1.25 of the CFTC Rules, as
amended from time to time (“CFTC 1.25”), sets forth certain requirements and conditions under which Morgan Stanley may engage in “permitted investments,” as defined thereunder, using Futures Customer Collateral.

  

	 	(ii)	Morgan Stanley hereby relinquishes its right under Applicable Law and CFTC 1.25 to engage in permitted investments using Futures Customer Collateral. Morgan Stanley further represents, warrants and covenants, which
representation, warranty and covenant shall be deemed repeated on each day that a transaction in Contracts is open in the Account, that it shall not at any time engage in any such permitted investment using Futures Customer Collateral.

  

	 	(iii)	 The parties agree that Morgan Stanley may from time to time, in accordance with and at all times subject to the
requirements of Applicable Law, deposit Futures Customer Collateral in the form of cash (such cash, when commingled in accordance with the requirements of Applicable Law with the cash of other Morgan Stanley customers, “Futures Customer
Cash”) with permitted depositories under arrangements that result in the payment of interest to Morgan Stanley in its capacity as a futures commission merchant with custody of such Futures Customer Cash. Morgan Stanley hereby undertakes to
remit any such interest payments to Customer, in a commercially reasonable manner and on a pro rata basis, to the extent of 

  
 - 21 - 

	 	
Customer’s percentage share of Morgan Stanley’s total Futures Customer Cash. Notwithstanding the terms of any fee schedule between Morgan Stanley and Customer to the contrary (“Fee
Schedule”), the parties agree that in the event that the pro rata remittance of interest payable hereunder on customer cash is negative for any currency (as a result of the assessment of negative rates applicable to such currency on customer
cash balances held by permitted depositories), Customer shall remit any such negative balance to Morgan Stanley in accordance with the payment terms of the relevant Fee Schedule. 

 

	 	(g)	Instructions, Notices or Communications. Except as specifically otherwise provided in this Agreement, all instructions, notices or other communications may be oral or written (and for the avoidance of
doubt, notification by facsimile or email to a fax number or email address provided by either party to the other for such purpose shall be deemed written notice). Customer hereby waives any defense that such instruction, notice, or communication was
not in writing. All oral instructions, unless custom and usage of trade dictate otherwise, shall be promptly confirmed in writing. All written instructions, notices or other communications shall be addressed as follows: 

 

	 	(i)	if to Morgan Stanley: 

 Morgan Stanley & Co. LLC 

One New York Plaza, 7th Floor 

New York, New York 10004 

Attention: Listed Derivatives Operations Manager 
  

	 	(ii)	if to Customer, at the address (including email addresses) as indicated on the Commodity Futures Account Application. 

In addition, the parties may agree from time to time to provide and receive written notice by electronic means for such purposes hereunder as
they may agree and using email addresses that they mutually agree to use for such purposes. Except as otherwise provided in this Agreement, notices shall be effective (1) if delivered by hand, on the date and at the time of delivery;
(2) if sent by express mail service, on the date and at the time of delivery as evidenced by a confirmation from the relevant express mail services; and (3) if transmitted by facsimile or electronic means, on the date and at the time of
transmission. 
  

	 	(h)	Rights and Remedies Cumulative. All rights and remedies arising under this Agreement as amended and modified from time to time are cumulative and not exclusive of any rights or remedies which may be
available at law or otherwise. 

  

	 	(i)	No Waiver. Neither party’s failure to exercise, delay in exercising, or partial exercise of any contractual right under this or any other agreement, for Contracts or any other product, on any
occasion or series of occasions is or implies waiver of any contractual right under any course of dealing theory or otherwise, and does not preclude any other future exercise, delayed exercise or partial exercise of any contractual right hereunder.

  

	 	(j)	Applicable Law and Enforceability. THIS AGREEMENT, ANY CONTRACT, THEIR ENFORCEMENT AND ANY DISPUTE BETWEEN MORGAN STANLEY AND CUSTOMER, WHETHER ARISING OUT OF OR RELATING TO CUSTOMER’S ACCOUNT OR
OTHERWISE, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICT OF LAW RULES. 

  

	 	(k)	 Jurisdiction. ANY LITIGATION WITH RESPECT TO CONTROVERSIES ARISING OUT OF OR RELATING TO THIS
AGREEMENT MUST BE INSTITUTED IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND THE APPELLATE COURTS THEREFROM. CUSTOMER IRREVOCABLY CONSENTS TO THE
EXCLUSIVE JURISDICTION OF EITHER OF THOSE COURTS.TO THE EXTENT THAT IN ANY 

  
 - 22 - 

	 	
JURISDICTION ANY PARTY MAY NOW OR HEREAFTER BE ENTITLED TO CLAIM, FOR ITSELF OR ITS ASSETS, IMMUNITY FROM SUIT, EXECUTION, ATTACHMENT (BEFORE OR AFTER JUDGMENT) OR OTHER LEGAL PROCESS, EACH PARTY
HERETO IRREVOCABLY AGREES NOT TO CLAIM, AND IT HEREBY WAIVES, SUCH IMMUNITY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION ON THE GROUND OF VENUE, FORUM NON CONVENIENS OR ANY SIMILAR GROUNDS. 

 

	 	(l)	Waiver of Jury Trial. CUSTOMER AND MORGAN STANLEY EACH HEREBY WAIVES A TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION THEREWITH.

  

	 	(m)	Equivalency Clause. For purposes of disclosure pursuant to the Interest Act (Canada), the annual rate of interest which is equivalent to any rate of interest provided for in this Agreement which is to be
calculated on any basis other than a full calendar year may be determined by multiplying such rate of interest (expressed as a percentage) by a fraction, the numerator of which is the number of days in the calendar year and the denominator of which
is the number of days comprising such other basis. 

  

	 	(n)	Language of Documentation. The parties hereto have required that this Agreement, and all documents and notices related thereto and/or resulting therefrom be drawn up in English. Les parties aux présentes
ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent et/ou en découlent soient redigés en langue anglaise. 

 

	 	(o)	Business Day. For purposes of this Agreement, “Business Day” shall mean any day on which, in respect of any transaction in Contracts for the Account, exchanges, trading facilities or clearing houses in
the United States are open for such transactions. 

  

	 	(p)	Consent to Delivery of Electronic Statements. The CFTC permits a customer to receive daily confirmations and monthly statements for the Account by electronic media, subject to obtaining customer consent. Morgan
Stanley maintains proprietary internet-based systems that deliver confirmations, statements and other reports to Customer in lieu of delivery by ordinary mail. Customer should be aware of the following: (i) Customer’s consent, if given,
will be effective upon execution of this Agreement and shall remain effective thereafter until revoked; (ii) Customer may revoke its consent at any time by written notice of revocation to Morgan Stanley which will be effective upon receipt by
Morgan Stanley; and (iii) any electronic confirmation or statement is accessible on the internet-based system for a limited time following its initial posting. 

Customer hereby consents to receiving confirmations and statements by electronic means in lieu of ordinary mail. If Advisor is executing this
Agreement on behalf of Customer as Customer’s agent and attorney-in-fact, Advisor hereby represents and warrants that it shall, at all times that this Consent to
Delivery of Electronic Statements is in force, make access to the appropriate Morgan Stanley internet-based system available to Customer. 
  

	 	(q)	Ontario Customer Consent. If Customer is domiciled in the Province of Ontario, Canada, Customer hereby acknowledges that (1) Morgan Stanley may execute Contracts on behalf of Customer exclusively on
futures exchanges located outside Canada, unless such Contracts are routed through an agent that is a dealer registered in Ontario under the Ontario Commodity Futures Act and the regulations thereunder (the “Ontario Act”); (2) if Customer
is clearing Contracts executed hereunder with a clearing broker other than Morgan Stanley, such clearing broker is appropriately registered or exempt from registration under the Ontario Act; (3) there may be difficulty in enforcing any legal
rights against Morgan Stanley, its directors, officers or employees because they are resident outside of Ontario and all or substantially all of Morgan Stanley’s assets are situated outside of Ontario; and (4) Morgan Stanley is not
registered under the Ontario Act and, accordingly, the protection available to clients of a dealer registered under the Ontario Act may not be available to Customer. 

  
 - 23 - 

	 	(r)	British Columbia/Alberta Customer Consent. If Customer is domiciled in either the Province of British Columbia, Canada or the Province of Alberta, Canada, Customer hereby acknowledges that (1) there
may be difficulty in enforcing any legal rights against Morgan Stanley or any of its directors, officers, employees or agents, because it is resident outside of British Columbia or Alberta (the “Passport Jurisdictions”) and all or
substantially all of its assets are situated outside of the Passport Jurisdictions; (2) Morgan Stanley is not registered under the securities legislation of the Passport Jurisdictions and, accordingly, the protection available to clients of a
dealer registered under such legislation will not be available to Customer; and (3) Morgan Stanley shall provide to Customer in a separate writing that is hereby incorporated by reference the name and address of an agent for service in the
Passport Jurisdiction in which Customer is located. 

  

	 	(s)	Consent to Jurisdiction. Under rules enacted by the CFTC, a registered designated contract market (“DCM”) or swap execution facility (“SEF”) must require that any person that accesses such DCM
or SEF consent to its jurisdiction. Customer agrees and acknowledges that in accessing a DCM or SEF (including through an intermediary adviser on which Customer has conferred trading discretion over the Account) through Morgan Stanley, or any Morgan
Stanley trading system, for the purpose of initiating or executing a transaction in Contracts on or subject to the rules of any DCM or SEF, Customer shall be deemed under Applicable Law (including applicable DCM or SEF rules) to have consented to
the jurisdiction of such DCM or SEF and to have agreed to be bound by and comply with the rules of such DCM or SEF, including, but not limited to, rules requiring cooperation and participation in investigatory and disciplinary processes under the
rules of such DCM or SEF. 

  

	 	(t)	Instructions Relating to Hedging Transactions. If Customer has indicated on the Commodity Futures Account Application that orders placed for the Account will normally represent bona fide hedging transactions,
please complete the following. You should note that CFTC Rule §190.06 permits you to specify whether, in the unlikely event of Morgan Stanley’s bankruptcy, you prefer the bankruptcy trustee to liquidate all positions in the Account.
Accordingly, Customer hereby elects as follows: (please initial): 

  

									
	 ☐
	  	Liquidate	  	☐		 	  	Do Not Liquidate

 If neither alternative is initialed, Customer will be deemed to have elected to have all positions
liquidated. This election may be changed at any time by written notice. 
  

	 	(u)	Customer hereby acknowledges that it has received and understands the Morgan Stanley & Co. LLC Clearing Member Disclosure in relation to Futures and Cleared Swaps Customer Clearing Services under the European
Market Infrastructure Regulation and, as of the date hereof, has elected to accept the offer of customer segregation consistent with the Commodity Exchange Act and the CFTC Rules, as described therein. 

 

	 	(v)	CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND UNDERSTANDS THE FOLLOWING DISCLOSURE STATEMENT PRESCRIBED BY THE CFTC AND FURNISHED HEREWITH. 

 

	 	☐	Risk Disclosure Statement for Futures and Options required under CFTC Rule 1.55 

 IN
WITNESS WHEREOF, Customer or, as applicable, Advisor on behalf of each Customer, has executed this Agreement on the date indicated below. 

  
 - 24 - 

			
	Customer:	  	METAURUS ADVISORS LLC, BY ITS MANAGING MEMBER, METAURUS LLC, FOR Each Fund set forth on Schedule A (which may be amended from time to time) attached hereto, in their individual capacity

  

			
	By:                                    
                                         
            	 	
	
                       
                 (Date)
	 	
		
	      ____________________________________________	 	
	      (Please Print Name and Title)	 	

  

			
	MORGAN STANLEY & CO. LLC	 	
		
	By:                                    
                                         
            	 	
	
                       
                 (Date)
	 	
		
	      ____________________________________________	 	
	      (Please Print Name and Title)	 	

  
 - 25 - 

 Schedule A 

to Commodity Futures Customer Agreement 

dated as of                 , between Morgan
Stanley & Co. LLC and each Fund set forth below in their individual capacity 
 that is identified as a Customer, severally and no
jointly 
  

													
	 Fund
	  	 Entity Type
	  	 Jurisdiction
	  	 Tax
ID
Number/ Non-US
Government ID
	  	 Account
Designation-
Hedge/Spec
	  	 CFTC 190.06
Rep.

(Liquidate/Do Not
Liquidate)
	  	 Enrolled in
FIA Tech
OCR
Data
Service

	METAURUS EQUITY COMPONENT TRUST-U.S. EQUITY CUMULATIVE DIVIDENDS FUND-SERIES 2027	  		  		  		  		  		  	
							
	METAURUS EQUITY COMPONENT TRUST-U.S. EQUITY EX-DIVIDEND FUND-SERIES 2027	  		  		  		  		  		  	

 Each Fund listed represents and warrants that the respective Fund shall be subject to the terms and conditions of the
Commodity Futures Customer Agreement, dated                      (the “Agreement”), to which this Schedule A is attached, and that each
Fund is authorized to trade Contracts (as defined in the Agreement). 
 For ease of administration, a single document is being executed so as to enable each
respective entity listed on Schedule A to enter into transactions under this Agreement. The parties agree that this Agreement shall be treated as if it were a separate agreement with respect to each separate legal entity listed on Schedule A, as if
each such entity had executed a separate agreement, and that any entity listed on Schedule A shall have no liability under this Agreement for the obligations of any other entity so listed. 

Metaurus Advisors LLC, on behalf of each Fund set forth above in their individual capacity that is identified as Customer, severally and not
jointly 
  

	
	
By:                  
                                         
                                         
                                         
            

	
                   
                                         
                                         
                                   (Date)

	
      
_____________________________________________________________________________

	                                      
                  (Please Print Name and Title)

  
 - 26 - 

 Schedule B 

to Commodity Futures Customer Agreement 

dated as of                     ,
between Morgan Stanley & Co. LLC and each Fund set forth below in their individual capacity 
 that is identified as a Customer,
severally and no jointly 
  

																			
	 Legal Entity that
owns the Account:
	  	 Legal Entity
Identifier (LEI)
	  	 Business
Address
	  	 Business
Telephone
	  	 Email
Address
	  	 Contact Job
Title/
Relationship
to Owner of
Account
/
Direct
Phone
Number /
Email
Address
	  	 Website
(if any)
	  	 NFA
ID
(if
any)
	  	
Any
Natural
person
(persons)
who
actually
directs
trading
in
the
Account
(Name,
Address,
Phone
Number,
Email)
	  	 NFA ID (if
any), Name
of
Employer,
Employer
NFA ID
(if
any), Job
Title,
Relationship
to Owner of
the Account

	METAURUS EQUITY COMPONENT TRUST-U.S. EQUITY CUMULATIVE DIVIDENDS FUND-SERIES 2027	  		  		  		  		  		  		  		  		  	
										
	METAURUS EQUITY COMPONENT TRUST-U.S. EQUITY EX-DIVIDEND FUND-SERIES 2027	  		  		  		  		  		  		  		  		  	

  
 - 27 - 

 **FOR CORPORATE ACCOUNTS ONLY** 

CORPORATE RESOLUTION 
 I,
____________________________________, the undersigned Secretary of _____________________________________, a corporation duly organized and existing under the laws of _______________________________________________, having its principal office at
_____________________________________ DO HEREBY CERTIFY that a meeting of the Board of Directors of said Corporation duly held on the ______ day of _________________________, 201__, the following resolutions were duly adopted, have not been amended,
rescinded or revoked and are in conformity with the Charter and Bylaws of said Corporation: 

“RESOLVED:    That this Corporation open one or more accounts with Morgan Stanley & Co. LLC
(“Morgan Stanley”) for the purpose of trading in swaps, commodities and commodity futures contracts, options thereon, foreign futures and options thereon and interests therein (including, without limitation, exchange for physical
transactions, exchange for swap transactions, exchange-for-risk, exchange-for-options or exchange-for-related-positions transactions, block trades, over-the-counter derivative
instruments, including cleared OTC derivatives and cleared swaps) (collectively “Contracts”) 

RESOLVED:    That any officer of this Corporation or any employee or agent of this Corporation designated by
any such officer be and hereby is authorized to act for the Corporation in every respect concerning the Corporation’s account(s) with Morgan Stanley, the authority hereby granted including the power to do each of the following acts and actions:

 (a) To open one or more accounts in the name of the Corporation with Morgan Stanley for the purpose of trading in commodities and
Contracts and to execute in the name of the Corporation and deliver to Morgan Stanley a Morgan Stanley Commodity Futures Customer Agreement including the Cleared Derivatives Transactions Addendum thereto, Authorization to Transfer Funds, Consent to
Arbitration, Exchange Agreement, and any other documents or notices necessary to the opening, maintenance and/or trading of such account(s); 

(b) To buy, sell and trade and agree to buy, sell and trade commodities Contracts, on margin or otherwise, whether in the over-the-counter market, subject to the rules or protocols of any multilateral or other trading facility, system or platform, including any communication network or auction
facility or any designated contract market or otherwise, which power to sell includes the power to sell “short”; 
 (c) To submit
for clearing at a clearing organization (including but not limited to, a derivatives clearing organization registered under the Commodity Exchange Act) Contracts carried in one or more accounts with Morgan Stanley or its affiliates; 

(d) To effect and receive payment and delivery in performance of Contracts and commodities orders and any obligations undertaken in connection
therewith; 
 (e) To deposit with and withdraw from Morgan Stanley any money, commodities, Contracts, securities and other property; 

(f) To receive and promptly comply with    any request or demand for additional margin, any notice of intention to
liquidate, and any notice or demand of any other nature; 
 (g) To receive and acquiesce in the correctness of notices of transactions,
statements of account and other records and documents relating to the Corporation’s account(s) with Morgan Stanley; 
 (h) To borrow
funds from Morgan Stanley or its affiliate to finance any transactions in Contracts or commodities effected through or with Morgan Stanley, and the satisfaction of each and every obligation of the Corporation in connection with the Account(s) and
the transactions effected therein; and 
 (i) To take such other actions as may be necessary or desirable to carry out the intent of the
foregoing. 
 RESOLVED:    That Morgan Stanley be directed to send written confirmations of all trades effected by
Morgan Stanley for this Corporation and all statements of account of the Corporation with Morgan Stanley and other pertinent records and documents to ____________________________ (Name and Title of Officer or Agent) who is not authorized to trade in
commodities with Morgan Stanley but is hereby authorized to receive and acquiesce in the correctness of such confirmations, statements, and other records and documents; 

RESOLVED:    That any and all past transactions of the kind provided for by these Resolutions which have been
previously made by Morgan Stanley on behalf of or with this Corporation be and hereby are ratified, confirmed and approved in all respects; and 

  
 - 28 - 

 RESOLVED:    That Morgan Stanley and any interested third party are
authorized to rely and act upon the authority of these Resolutions until receipt by Morgan Stanley of a certificate showing rescission, amendment or modification thereof and signed by the Secretary of this Corporation under its seal, and that this
Corporation will indemnify Morgan Stanley and hold Morgan Stanley harmless from and against any liability, loss, cost or expense it incurs in continuing to act in reliance upon these Resolutions prior to its actual receipt of any such
certificate.” 
 IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of said Corporation this _________ day of
_______________________, 201__. 
 _____________________________________________ 

Secretary 
 (SEAL OF
CORPORATION TO BE AFFIXED HERE) 

  
 - 29 - 

 **FOR PARTNERSHIP ACCOUNTS ONLY** 

PARTNERSHIP AUTHORIZATION 
 The undersigned
hereby certify that we are general partners of ______________________________, a partnership organized and existing under the laws of ____________________________ (the “Partnership”), that each of us is of full legal age, and that the
Partnership is authorized to trade in swaps, commodities and commodity futures, option and forward contracts and over-the-counter derivative instruments, including
cleared OTC derivatives and cleared swaps. 
 The undersigned further certify that any one of us is authorized to open one or more accounts with Morgan
Stanley & Co. LLC (“Morgan Stanley”) for the purchase or sale of swaps, commodities and commodity futures, option and forward contracts and
over-the-counter derivative instruments, including cleared OTC derivatives and cleared swaps, for and in the name of the Partnership, and to execute for and on behalf of
the Partnership a Morgan Stanley Commodity Customer’s Agreement including the Cleared Derivatives Transactions Addendum thereto, Authorization to Transfer Funds, Execution Agreement, and any other documents or notices necessary to the opening,
maintenance and/or trading of such account(s), and that any one of the following general partners, acting alone, is authorized to act for the Partnership and its members in every respect concerning said account(s) and to do all things necessary or
incidental to the conduct and trading of said account(s): 
  

			
	                Name ______________________________	  	Name ________________________________
	                Name ______________________________	  	Name ________________________________

 In consideration of your maintaining the account(s) of the Partnership the undersigned agree that: 

(1) The undersigned are jointly and severally liable to you for any and all obligations arising out of transactions in or relating to the
account(s) of the Partnership with Morgan Stanley. 
 (2) If there is any change in this authorization or if any of the partners withdraw
from the Partnership, die or are judicially declared incompetent, one of the undersigned will notify you in writing immediately. Until you have actually received such written notice, you shall be entitled to act in reliance on this authorization.
The Partnership will indemnify you and hold you harmless from and against any loss suffered or liability incurred in continuing to act in reliance on this authorization prior to your actual receipt of such written notice. 

(3) Upon notice of the withdrawal, death or judicially declared incompetence of any of the partners, you are authorized in regard to the
account(s) of the Partnership to take such actions as are described in the Morgan Stanley Commodity Futures Customer Agreement executed in the name of the Partnership for the purpose of terminating said account(s) and satisfying any obligations the
partnership may have to you. You may take such actions as though each of the partners remained a partner, were alive and were competent without prior notice to any partner’s heirs, executors, administrators, legatees, personal representatives
or assigns. 
 (4) This authorization shall be considered a part of the Morgan Stanley Commodity Customer’s Agreement executed in the
name of the Partnership and shall cover, individually and collectively, all accounts of the Partnership at any time opened or reopened with Morgan Stanley, irrespective of any change or changes at any time in the personnel of Morgan Stanley, or its
successors, assigns or affiliates, for any cause whatsoever, and shall inure to the benefit of Morgan Stanley and any of its successors or assigns. 
 Any
and all past transactions between the Partnership and Morgan Stanley of the kind provided for by this authorization are hereby ratified, approved and confirmed in all respects. 

Dated this ______ day of ___________________, 201___. 
 General
Partners: 
  

					
	  
 (Signature)
	 		  	  
 (Signature)

	  
	 		  	  

	(Name — Please Print)	 		  	(Name — Please Print)
	  
	 		  	  

	(Signature)	 		  	(Signature)
	  
	 		  	  

	(Name — Please Print)	 		  	(Name — Please Print)

 (Please enclose a copy of your Partnership Agreement) 

(Please enclose a copy of the Trust Agreement) 

  
 - 30 - 

 **FOR LIMITED LIABILITY COMPANY ACCOUNTS ONLY** 

LIMITED LIABILITY COMPANY RESOLUTION 
 We
the undersigned, constituting all of the [Managing Members/Managers] of
                                         
               , a Limited Liability Company duly organized and existing under the laws of ______________, having its principal office at
______________________________________, DO HEREBY CERTIFY that a meeting of the [Managing Members/Managers] of said Company, duly held on the ______ day of _______, ____, the following resolutions were duly adopted, have not been amended, rescinded
or revoked and are in conformity with the articles of organization and operating agreement of said Company: 
 “RESOLVED: That
this Company open one or more accounts with Morgan Stanley & Co. LLC (“Morgan Stanley”) for the purpose of trading in swaps, commodities, commodity futures, option and forward contracts thereon, foreign futures and options thereon
and interests therein (including exchange for physical transactions, exchange for swap transactions, exchange-for-risk, exchange-for-options or exchange-for-related-positions transactions, block trades, over-the-counter derivative instruments, including cleared OTC derivatives and cleared swaps) (collectively “Contracts”); 

RESOLVED: That any [Managing Member/Manager] of this Company or any employee or agent of this Company designated by any such [Managing
Member/Manager] be and hereby is authorized to act for the Company in every respect concerning the Company’s account(s) with Morgan Stanley (“Account(s)”), the authority hereby granted including the power to do each of the following
acts and actions: 
  

	 	(a)	To open one or more accounts in the name of the Company with Morgan Stanley (“Account(s)”) for the purpose of trading in Contracts and to execute in the name of the Company and deliver to Morgan Stanley a
Morgan Stanley Commodity Futures Customer Agreement including the Cleared Derivatives Transactions Addendum thereto, Authorization to Transfer Funds, Execution Agreement, and any and all other agreements, documents, instruments or notices necessary
or relating to the opening, maintenance and/or trading of such Account(s); 

  

	 	(b)	To buy, sell and trade and agree to buy, sell and trade Contracts, on margin or otherwise, whether in the over-the-counter market, subject
to the rules or protocols of any multilateral or other trading facility, system or platform, including any communication network or auction facility or any designated contract market or otherwise, which power to sell includes the power to sell
“short”; 

  

	 	(c)	To effect and receive payment and delivery in the performance of Contracts and any obligations undertaken in connection therewith; 

  

	 	(d)	To deposit with and withdraw from Morgan Stanley any money, securities, commodities, Contracts and contracts for the purchase or sale of securities and other property; 

 

	 	(e)	To receive and promptly comply with any request or demand for additional margin, any notice of intention to liquidate, and any notice or demand of any other nature; 

 

	 	(f)	To receive and acquiesce in the correctness of notices of transactions, statements of account and other records and documents relating to the Company’s Account(s) with Morgan Stanley; 

 

	 	(g)	To borrow funds from Morgan Stanley or its affiliates to finance any transactions in Contracts effected through or with Morgan Stanley; 

 

	 	(h)	To take other such actions as may be necessary or desirable to carry out the intent of the foregoing and the satisfaction of each and every obligation of the Company in connection with the Account(s) and the
transactions effected therein. 

 RESOLVED: That Morgan Stanley be directed to send written confirmations of all
transactions in Contracts effected by Morgan Stanley for the Company and all statements of account of the Company with Morgan Stanley and other pertinent records and documents to 

  
 31 

 
___________________ (Name and Title of [Managing Member/Manager] or Agent), who is not authorized to trade in contracts with Morgan Stanley but is hereby authorized to receive and acquiesce in
the correctness of such confirmations, statements, and other records and documents; 
 RESOLVED: That any and all past transactions of
the kind provided for by the these Resolutions which have been previously made by Morgan Stanley on behalf of or with this Company be and hereby are ratified, confirmed and approved in all respects; and 

RESOLVED: That Morgan Stanley and any interested third party are authorized to rely and act upon the authority of these Resolutions
until receipt by Morgan Stanley of a certificate showing recession, amendment or modifications thereof and signed by the [Managing Member/Manager] of this Company, and that this Company will indemnify Morgan Stanley and hold Morgan Stanley harmless
from and against any liability, loss, cost or expenses it incurs in continuing to act in reliance upon these Resolutions prior to its actual receipt of any such certificate.” 

IN WITNESS WHEREOF, we have hereunto subscribed our names this ____ day of _______________, ____. 

 

					
	 [Managing Members/Managers]:
  
	 		  	
	  
	 		  	  

	(Signature)	 		  	(Signature)
	  
	 		  	  

	(Name & Title – Please Print)	 		  	(Name & Title – Please Print)
	  
	 		  	  

	(Signature)	 		  	(Signature)
	  
	 		  	  

	(Name & Title – Please Print)	 		  	(Name & Title – Please Print)

  
 32 

 **FOR ERISA ACCOUNTS ONLY** 

ERISA APPENDIX 

EMPLOYEE BENEFIT PLAN REPRESENTATIONS AND AUTHORIZATION 

_______________ (the “Customer”) and _______________ (the “Investment Advisor”), in its individual capacity, as well as in its capacity as
agent on behalf of Customer, acknowledge that Morgan Stanley & Co. LLC (“Morgan Stanley”) is entering into this Agreement in reliance on the representations and warranties in this ERISA Appendix. Unless otherwise specified in this
ERISA Appendix all capitalized terms used herein shall have the meanings as defined in the Commodity Futures Customer Agreement (the “Agreement”). 
  

	1.	Definitions    The capitalized terms herein shall have the following definitions: 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 

“Plan” means an employee benefit plan as defined in Section 3(3) of ERISA, subject to Title I of ERISA, or an entity the
assets of which constitute assets of such plan or plans. 
 “Investment Management Agreement” shall mean the investment
management agreement between the Customer and Investment Advisor. 
 “IRS Code” means the Internal Revenue Code of 1986, as
amended, or any successor statute. 
 “Plan Sponsor” means the entity specified herein, if any. 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 “QPAM” means a “qualified professional asset manager” within the meaning of Part V of the QPAM Exemption. 

“QPAM Exemption” means Prohibited Transaction Class Exemption 84-14 May 13,
1984 (Amended on October 10, 1985 (50 FR 41430)) issued by the United States Department of Labor, as amended. 
 “Trust”
means each employee benefit plan trust established by its relevant trust agreement and that is, or invests through, Customer. 
  

	2.	Customer and Investment Advisor, in its individual capacity, as well as in its capacity as agent on behalf of Customer each represents and warrants to Morgan Stanley, on the date of the Agreement and on each date
through the date the Agreement terminates, that: 

  

	 	(a)	Status of Advisor. The Investment Advisor is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization, is a QPAM with respect to Customer, is
properly registered as an investment advisor under the Investment Advisors Act of 1940, and had full power, authority and legal right to enter into the Investment Management Agreement at the time of its execution, (which power, authority and legal
right it continues to possess on the date of this Agreement and on each date through the date this Agreement terminates); and the Investment Management Agreement has been duly executed and delivered by all the parties thereto and constitutes the
legal, valid, and binding obligation of the Investment Advisor, enforceable against the Investment Advisor in accordance with the terms thereof; 

  
 33 

	 	(b)	Powers of the Investment Advisor. The Investment Advisor, as QPAM for Customer, has the exclusive authority and control under the Investment Management Agreement to negotiate, approve, and execute this Agreement
and any other documentation relating to this Agreement and all Contracts and transactions hereunder (collectively, “Transactions”), to make all investment decisions for and on behalf of Customer, to enter into Transactions hereunder on
behalf of Customer, and to cause Customer to perform its obligations under this Agreement and respecting those Transactions and has taken all necessary action to authorize such execution, delivery and performance; 

 

	 	(c)	Investment Guidelines. The Transactions entered into hereunder comply in all respects with any and all investment guidelines and restrictions applicable to Customer, as amended, supplemented, updated or otherwise
modified from time to time, set forth in: (a) the applicable governing documents; (b) the Investment Management Agreement; and (c) any other rule, law, regulation, similar guideline or other document governing the investment by
Customer of its assets;  

  

	 	(d)	General Exemption. The requirements and conditions of Part I “General Exemption” of the QPAM Exemption have otherwise been met with respect to this Agreement and each Transaction, and such exemption
fully exempts the execution, delivery, and performance of this Agreement and each Transaction (and the possession and exercise of each right, remedy, authority, or obligation with respect thereto) from the prohibitions of Section 406 of ERISA
and Section 4975 of the IRS Code. 

  

	 	(e)	Non-Fiduciary Status. (a) Customer and the Investment Advisor understand and agree that: (i) Morgan Stanley is not undertaking to provide impartial investment
advice, or give advice in a fiduciary capacity, in connection with a Transaction; and (ii) Morgan Stanley has and its affiliates have a financial interest in Customer entering into the Agreement and each Transaction and will receive
compensation in connection therewith as set forth in the Agreement; (b) the Investment Advisor is independent within the meaning of 29 CFR § 2510.3-21(c)(1), a fiduciary under ERISA or
Section 4975 of the IRS Code, or both, with respect to the Transaction, and is responsible for exercising independent judgment in evaluating each Transaction; (c) Morgan Stanley is not receiving a fee or other compensation directly from
Customer, any Plan fiduciary, Plan participant or beneficiary for the provision of investment advice (as opposed to other services) in connection with the Transaction; and (d) the Investment Advisor is capable of evaluating investment risks
independently, both in general and with regard to particular Transactions. 

  

	 	(f)	Adequate Consideration. The Investment Advisor will enter into each Transaction only if and to the extent it has concluded that in connection with the Transaction, Customer will receive no less nor pay no more
than “adequate consideration” within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the IRS Code. 

  

	 	(g)	Collateral. Customer and the Investment Advisor each agree that no assets held by or on behalf of Morgan Stanley as Collateral pursuant to a pledge by Customer under Section 6(f) of the Agreement shall be
regarded, while so held, as “plan assets” within the meaning of Title I of ERISA or Section 4975 of the IRS Code. The Investment Advisor considered and authorized the use by Morgan Stanley of any assets held by or on behalf of Morgan
Stanley as Collateral pursuant to a pledge by Customer under Section 6(f) of the Agreement as part of and in the context of negotiating the Agreement and each Transaction. 

  
 34 

	 	(h)	No Violation of Similar Law. The execution, delivery and performance of the Agreement and the Transactions will not constitute or result in a violation of any law, rule or restriction similar to Section 406
of ERISA and/or Section 4975 of the IRS Code applicable to Customer. 

  

	 	(i)	Written Notice. Customer will immediately provide written notice to Morgan Stanley upon becoming aware that any of the representation s and warranties in this ERISA Appendix are or will become untrue or
incorrect. 

  

	3.	Event of Default. It shall also constitute an “Event of Default” for purposes of the Agreement if any representation or warranty made or deemed made by the Investment Advisor herein to Morgan Stanley
proves false or misleading when made or deemed made, or if the Investment Advisor defaults on any obligation hereunder. 

 [If the Customer
is an individual employee benefit plan add Section 4 and 5 below): 
  

	4.	Sufficiency of Assets. Advisor will not enter into a Contract or Transaction under the Agreement that may cause the assets of the Plan under the Advisor’s authority and control to be insufficient to satisfy
the obligations of the Plan with respect to such Contract or Transaction. 

  

	5.	Recourse. Customer acknowledges and agrees that sufficient assets of the Trust of the Plan Sponsor, including assets not under the Advisor’s management, are and shall at all times be available to satisfy
Customer’s obligations under this Agreement.] 

 IN WITNESS WHEREOF, the parties have executed this ERISA Appendix on the
respective dates specified below with effect from the date specified in the Agreement. 
 Morgan Stanley may rely upon the foregoing representations and
warranties until such time as Morgan Stanley shall be notified otherwise in writing. 
 Dated this ______ day of ___________________, 201___ 

 

			
	  
 (Name of Customer
— Please Print)
  
	 	
	  

(Signature)                (Date)

 
	 	
	(Name & Title — Please Print)	 	

 [INVESTMENT ADVISOR], on its own behalf and on behalf of [CUSTOMER] 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 35 

 INCUMBENCY CERTIFICATE 

I,                 , the duly 

elected                  of
                 (the “Company”) do hereby certify the following: 

____________________________ is the duly elected
                of the Company, and has the authority to enter into and execute contracts and acknowledgments for and on behalf of the Company; and, 

Specifically, _____________________________ is authorized to execute the following contracts and acknowledgments for and on behalf of the
Company: 
  

	 	•	Commodity Customer Agreement by and between Morgan Stanley & Co. LLC and the Company 

  

	 	•	Cleared Derivatives Addendum to the Commodity Customer Agreement by and between Morgan Stanley & Co. LLC and the Company 

  

	 	•	Commodity Futures Trading Commission Risk Disclosure Statement Acknowledgment 

 The signature of
                 is as it appears below: 
  

	
	   

	

 IN WITNESS WHEREOF, I do hereby certify that the foregoing is true and correct as of the date hereof. 

 

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 

	
	 Dated: ___ ______________, 201_

  
 36 

 **FOR ERISA ACCOUNTS ONLY** 

ERISA APPENDIX 

EMPLOYEE BENEFIT PLAN REPRESENTATIONS AND AUTHORIZATION 

METAURUS EQUITY COMPONENT TRUST-U.S. EQUITY CUMULATIVE DIVIDENDS FUND-SERIES 2027 (the “Customer”) and
METAURUS ADVISORS LLC (the “Investment Manager”), in its individual capacity, as well as in its capacity as agent on behalf of Customer, acknowledge that Morgan Stanley & Co. LLC (“Morgan Stanley”) is entering into this
Agreement in reliance on the representations and warranties in this ERISA Appendix. Unless otherwise specified in this ERISA Appendix all capitalized terms used herein shall have the meanings as defined in the Commodity Futures Customer Agreement
(the “Agreement”). 
  

	6.	Definitions The capitalized terms herein shall have the following definitions: 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 

“Investment Management Agreement” shall mean the investment management agreement between the Customer and Investment Manager.

 “IRS Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 

 

	7.	Customer and Investment Manager, in its individual capacity, as well as in its capacity as agent on behalf of Customer each represents and warrants to Morgan Stanley, on each date that assets of the Customer constitute
“plan assets” within the meaning of Department of Labor Regulation 29 C.F.R. § 2510.3-101 (as amended by Section 3(42) of ERISA) that: 

 

	 	(j)	Status of Manager. The Investment Manager is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization and had full power, authority and legal
right to enter into the Investment Management Agreement at the time of its execution, (which power, authority and legal right it continues to possess on the date of this Agreement and on each date through the date this Agreement terminates); and the
Investment Management Agreement has been duly executed and delivered by all the parties thereto and constitutes the legal, valid, and binding obligation of the Investment Manager, enforceable against the Investment Manager in accordance with the
terms thereof; 

  

	 	(k)	Powers of the Investment Manager. The Investment Manager, has the exclusive authority and control under the Investment Management Agreement to negotiate, approve, and execute this Agreement and any other
documentation relating to this Agreement and all Contracts and transactions hereunder (collectively, “Transactions”), to make all investment decisions for and on behalf of Customer, to enter into Transactions hereunder on behalf of
Customer, and to cause Customer to perform its obligations under this Agreement and respecting those Transactions and has taken all necessary action to authorize such execution, delivery and performance; 

 

	 	(l)	Investment Guidelines. The Transactions entered into hereunder comply in all respects with any and all investment guidelines and restrictions applicable to Customer, as amended, supplemented, updated or otherwise
modified from time to time, set forth in: (a) the applicable governing documents; (b) the Investment Management Agreement; and (c) any other rule, law, regulation, similar guideline or other document governing the investment by
Customer of its assets;  

  
 37 

	 	(m)	General Exemption. 

  

	 	(i)	The requirements of Section 408(b)(17) and 4975(d)(20) of the IRS Code and/or Section 408(b)(2) of ERISA have been met with respect to the execution, delivery and performance of the Agreements, this Amendment
and each Transaction (other than those conditions of Section 408(b)(2) of ERISA that would be satisfied by Morgan Stanley (i.e., disclosure requirements)), and except with respect to such disclosure obligations, such exemptions fully exempt the
execution, delivery, and performance of the Agreements, this Amendment and each Transaction (and the possession and exercise of each right, remedy, authority, or obligation with respect thereto) from the prohibitions of Section 406 of ERISA and
Section 4975 of the IRS Code. Subject to Morgan Stanley satisfying any disclosure obligations under Section 408(b)(2) of ERISA, the execution, delivery and performance of the Agreements, this Amendment, and any Transaction do not and will
not otherwise constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the IRS Code. 

 

	 	(ii)	The Investment Manager represents and warrants that it (a) has substantial experience and expertise with respect to the negotiation, approval and performance of similar types of Transactions completed for the
Customer, (b) understands the purpose of these Transactions and the attendant risks and rewards to the Customer, and (c) has determined that the Transactions are prudent and otherwise suitable for the Customer. 

 

	 	(iii)	Investment Manager further represents and warrants that (A) neither Morgan Stanley nor any of its affiliates (directly or indirectly) has or exercises any discretionary authority or control with respect to
the assets of any plan invested in the Party B (including in connection with the exercise of Morgan Stanley’s rights under the Agreement) involved in a Transaction or renders any investment advice (within the meaning of ERISA or
Section 4975 of the Code) with respect to such assets; and (B) it has made a reasonable, good faith determination (and has documented such determination) that, with respect to each Transaction, the Fund will pay no more than and receive no
less than “adequate consideration” (as defined in Section 408(b)(17) of ERISA and Section 4975(d)(20) of the IRS Code) and in reaching such determination, the Investment Manager has consulted with its own legal, regulatory, tax,
business, investment, financial, and accounting advisors to the extent it has deemed necessary, and solely on such basis has made its own independent conclusion. 

  

	 	(n)	Non-Fiduciary Status. (a) Any information provided to Investment Manager of Customer from Morgan Stanley is not “investment advice” within the meaning of
Section 29 CFR 2510.3-21 nor given in a fiduciary capacity (b) Customer and the Investment Manager understand and agree that: (i) Morgan Stanley is not undertaking to provide impartial
investment advice, or give advice in a fiduciary capacity, in connection with a Transaction; (ii) Morgan Stanley has and its affiliates have a financial interest in Customer entering into the Agreement and each Transaction and will receive
compensation in connection therewith as set forth in the Agreement; and (iii) the Investment Manager is independent within the meaning of 29 CFR 2510.3-21(c)(1); (c) the Investment Manager is a fiduciary
under ERISA or Section 4975 of the IRS Code with respect to the Transaction, and is responsible for exercising independent judgment in evaluating each Transaction; (d) Morgan Stanley is not receiving a fee or other compensation directly
from Customer, any plan fiduciary, plan participant or beneficiary for the provision of investment advice (as opposed to other services) in connection with the Transaction; and (e) the Investment Manager is capable of evaluating investment
risks independently, both in general and with regard to particular transactions. 

  

	 	(o)	Adequate Consideration. The Investment Manager will enter into each Transaction only if and to the extent it has concluded that in connection with the Transaction, Customer will receive no less nor pay no more
than “adequate consideration” within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the IRS Code. 

  
 38 

	 	(p)	Collateral. The parties hereto each agree that no assets held by or on behalf of Morgan Stanley as Collateral pursuant to a pledge by Customer under Section 6(f) of the Agreement shall be regarded, while so
held, as “plan assets” within the meaning of Title I of ERISA or Section 4975 of the IRS Code. The Investment Manager considered and authorized the use by Morgan Stanley of any assets held by or on behalf of Morgan Stanley as
Collateral pursuant to a pledge by Customer under Section 6(f) of the Agreement as part of and in the context of negotiating the Agreement and each Transaction. 

 

	 	(q)	No Violation of Similar Law. The execution, delivery and performance of the Agreement and the Transactions will not constitute or result in a violation of any law, rule or restriction similar to Section 406
of ERISA and/or Section 4975 of the IRS Code applicable to Customer. 

  

	 	(r)	Written Notice. Customer or the Investment Manager will immediately provide written notice to Morgan Stanley upon becoming aware that any of the representations and warranties in this ERISA Appendix are or will
become untrue or incorrect. 

  

	8.	Event of Default. It shall also constitute an “Event of Default” for purposes of the Agreement if any representation or warranty made or deemed made by the Investment Manager herein to Morgan Stanley
proves false or misleading when made or deemed made, or if the Investment Manager defaults on any obligation hereunder. 

 Dated this ______
day of ___________________, 20__. 
 IN WITNESS WHEREOF, the parties have executed this ERISA Appendix on the respective dates specified below with
effect from the date specified in the Agreement. 
 Morgan Stanley may rely upon the foregoing representations and warranties until such time as Morgan
Stanley shall be notified otherwise in writing. 
  

					
		 	  
 (Name of Customer
— Please Print)
  
	 	
		 	  

(Signature)                (Date)

 
	 	
		 	  
 (Name &
Title — Please Print)
  
	 	
		 	  
	 	

  

			
	 METAURUS ADVISORS LLC
	 	
		
	  
	 	
	 (Signature)                 (Date)

 
	 	
	  
 (Name &
Title — Please Print)
	 	
	  
	 	

  
 39 

 **FOR ERISA ACCOUNTS ONLY** 

ERISA APPENDIX 
 EMPLOYEE
BENEFIT PLAN REPRESENTATIONS AND AUTHORIZATION 
 METAURUS EQUITY COMPONENT TRUST-U.S. EQUITY EX-DIVIDEND FUND-SERIES 2027 (the “Customer”) and METAURUS ADVISORS LLC (the “Investment Manager”), in its individual capacity, as well as in its capacity as agent on behalf of Customer,
acknowledge that Morgan Stanley & Co. LLC (“Morgan Stanley”) is entering into this Agreement in reliance on the representations and warranties in this ERISA Appendix. Unless otherwise specified in this ERISA Appendix all
capitalized terms used herein shall have the meanings as defined in the Commodity Futures Customer Agreement (the “Agreement”). 
  

	9.	Definitions The capitalized terms herein shall have the following definitions: 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 

“Investment Management Agreement” shall mean the investment management agreement between the Customer and Investment Manager.

 “IRS Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 

 

	10.	Customer and Investment Manager, in its individual capacity, as well as in its capacity as agent on behalf of Customer each represents and warrants to Morgan Stanley, on each date that assets of the Customer constitute
“plan assets” within the meaning of Department of Labor Regulation 29 C.F.R. § 2510.3-101 (as amended by Section 3(42) of ERISA) that: 

 

	 	(s)	Status of Manager. The Investment Manager is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation or organization and had full power, authority and legal
right to enter into the Investment Management Agreement at the time of its execution, (which power, authority and legal right it continues to possess on the date of this Agreement and on each date through the date this Agreement terminates); and the
Investment Management Agreement has been duly executed and delivered by all the parties thereto and constitutes the legal, valid, and binding obligation of the Investment Manager, enforceable against the Investment Manager in accordance with the
terms thereof; 

  

	 	(t)	Powers of the Investment Manager. The Investment Manager, has the exclusive authority and control under the Investment Management Agreement to negotiate, approve, and execute this Agreement and any other
documentation relating to this Agreement and all Contracts and transactions hereunder (collectively, “Transactions”), to make all investment decisions for and on behalf of Customer, to enter into Transactions hereunder on behalf of
Customer, and to cause Customer to perform its obligations under this Agreement and respecting those Transactions and has taken all necessary action to authorize such execution, delivery and performance; 

 

	 	(u)	Investment Guidelines. The Transactions entered into hereunder comply in all respects with any and all investment guidelines and restrictions applicable to Customer, as amended, supplemented, updated or otherwise
modified from time to time, set forth in: (a) the applicable governing documents; (b) the Investment Management Agreement; and (c) any other rule, law, regulation, similar guideline or other document governing the investment by
Customer of its assets;  

  
 40 

	(v)	General Exemption. 

  

	 	(i)	The requirements of Section 408(b)(17) and 4975(d)(20) of the IRS Code and/or Section 408(b)(2) of ERISA have been met with respect to the execution, delivery and performance of the Agreements, this Amendment
and each Transaction (other than those conditions of Section 408(b)(2) of ERISA that would be satisfied by Morgan Stanley (i.e., disclosure requirements)), and except with respect to such disclosure obligations, such exemptions fully exempt the
execution, delivery, and performance of the Agreements, this Amendment and each Transaction (and the possession and exercise of each right, remedy, authority, or obligation with respect thereto) from the prohibitions of Section 406 of ERISA and
Section 4975 of the IRS Code. Subject to Morgan Stanley satisfying any disclosure obligations under Section 408(b)(2) of ERISA, the execution, delivery and performance of the Agreements, this Amendment, and any Transaction do not and will
not otherwise constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the IRS Code. 

 

	 	(ii)	The Investment Manager represents and warrants that it (a) has substantial experience and expertise with respect to the negotiation, approval and performance of similar types of Transactions completed for the
Customer, (b) understands the purpose of these Transactions and the attendant risks and rewards to the Customer, and (c) has determined that the Transactions are prudent and otherwise suitable for the Customer. 

 

	 	(iii)	Investment Manager further represents and warrants that (A) neither Morgan Stanley nor any of its affiliates (directly or indirectly) has or exercises any discretionary authority or control with respect to
the assets of any plan invested in the Party B (including in connection with the exercise of Morgan Stanley’s rights under the Agreement) involved in a Transaction or renders any investment advice (within the meaning of ERISA or
Section 4975 of the Code) with respect to such assets; and (B) it has made a reasonable, good faith determination (and has documented such determination) that, with respect to each Transaction, the Fund will pay no more than and receive no
less than “adequate consideration” (as defined in Section 408(b)(17) of ERISA and Section 4975(d)(20) of the IRS Code) and in reaching such determination, the Investment Manager has consulted with its own legal, regulatory, tax,
business, investment, financial, and accounting advisors to the extent it has deemed necessary, and solely on such basis has made its own independent conclusion. 

  

	(w)	Non-Fiduciary Status. (a) Any information provided to Investment Manager of Customer from Morgan Stanley is not “investment advice” within the meaning of
Section 29 CFR 2510.3-21 nor given in a fiduciary capacity (b) Customer and the Investment Manager understand and agree that: (i) Morgan Stanley is not undertaking to provide impartial
investment advice, or give advice in a fiduciary capacity, in connection with a Transaction; (ii) Morgan Stanley has and its affiliates have a financial interest in Customer entering into the Agreement and each Transaction and will receive
compensation in connection therewith as set forth in the Agreement; and (iii) the Investment Manager is independent within the meaning of 29 CFR 2510.3-21(c)(1); (c) the Investment Manager is a fiduciary
under ERISA or Section 4975 of the IRS Code with respect to the Transaction, and is responsible for exercising independent judgment in evaluating each Transaction; (d) Morgan Stanley is not receiving a fee or other compensation directly
from Customer, any plan fiduciary, plan participant or beneficiary for the provision of investment advice (as opposed to other services) in connection with the Transaction; and (e) the Investment Manager is capable of evaluating investment
risks independently, both in general and with regard to particular transactions. 

  
 41 

	 	(x)	Adequate Consideration. The Investment Manager will enter into each Transaction only if and to the extent it has concluded that in connection with the Transaction, Customer will receive no less nor pay no more
than “adequate consideration” within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the IRS Code. 

  

	 	(y)	Collateral. The parties hereto each agree that no assets held by or on behalf of Morgan Stanley as Collateral pursuant to a pledge by Customer under Section 6(f) of the Agreement shall be regarded, while so
held, as “plan assets” within the meaning of Title I of ERISA or Section 4975 of the IRS Code. The Investment Manager considered and authorized the use by Morgan Stanley of any assets held by or on behalf of Morgan Stanley as
Collateral pursuant to a pledge by Customer under Section 6(f) of the Agreement as part of and in the context of negotiating the Agreement and each Transaction. 

 

	 	(z)	No Violation of Similar Law. The execution, delivery and performance of the Agreement and the Transactions will not constitute or result in a violation of any law, rule or restriction similar to Section 406
of ERISA and/or Section 4975 of the IRS Code applicable to Customer. 

  

	 	(aa)	Written Notice. Customer or the Investment Manager will immediately provide written notice to Morgan Stanley upon becoming aware that any of the representations and warranties in this ERISA Appendix are or will
become untrue or incorrect. 

  

	11.	Event of Default. It shall also constitute an “Event of Default” for purposes of the Agreement if any representation or warranty made or deemed made by the Investment Manager herein to Morgan Stanley
proves false or misleading when made or deemed made, or if the Investment Manager defaults on any obligation hereunder. 

 Dated this
                     day of
                                ,
20        . 
 IN WITNESS WHEREOF, the parties have executed this ERISA Appendix on the respective
dates specified below with effect from the date specified in the Agreement. 
 Morgan Stanley may rely upon the foregoing representations and warranties
until such time as Morgan Stanley shall be notified otherwise in writing. 
  

	
	  

	(Name of Customer — Please Print)
	
	  

	(Signature)                        (Date)
	
	  

	(Name & Title — Please Print)
	
	  

  

	
	 METAURUS ADVISORS LLC

	
	  

	(Signature)                        (Date)
	
	  

	(Name & Title — Please Print)
	
	  

  
  

  
 42

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