Document:

Exhibit 4.2

FORM OF
ETFS COLLATERALIZED COMMODITIES
TRUST

AUTHORIZED PARTICIPANT AGREEMENT

          This
Authorized Participant Agreement (the “Agreement”), dated as of ___________,
is entered into by and among ___________ (the “Authorized Participant”),
ETFS Collateralized Commodities Trust, a Delaware statutory trust (the “Trust”),
on behalf of its separate series therein (“Funds”), and ETF Securities
USA LLC, a Delaware limited liability company, as sponsor of the Trust (the “Sponsor”). 

SUMMARY

          As
provided in the Trust Agreement of the Trust, as amended (the “Trust
Agreement”) as currently in effect and described in the Prospectus (defined
below), units of fractional undivided beneficial interest in and ownership of
the Trust (the “Shares”) may be created or redeemed by the Sponsor for an
Authorized Participant in aggregations of fifty thousand (50,000) Shares (each
aggregation, a “Creation Unit”). Creation Units are offered only pursuant to a
registration statement of the Trust on Form S-1, as amended (Registration No.:
___________, as declared effective by the Securities and Exchange Commission
(“SEC”) and as the same may be amended from time to time thereafter or any
successor registration statement in respect of Shares of the Trust
(collectively, the “Registration Statement”) together with the prospectus of
the Trust (the “Prospectus”) included therein. Under the Trust Agreement,
Creation Units may be issued to, and redeemed from, authorized participants,
only through the facilities of the Depository Trust Company (“DTC”), or a successor
depository, and only in exchange for cash. This Agreement and the Procedures
(defined below) set forth the specific procedures by which the Authorized
Participant may create or redeem Creation Units. 

          Because
new Shares can be created and issued on an ongoing basis, at any point during
the valid existence of the Trust, a “distribution,” as such term is used in the
Securities Act of 1933, as amended (“1933 Act”), may be occurring. The
Authorized Participant is cautioned that some of its activities may result in
its being deemed a participant in a distribution in a manner which would render
it a statutory underwriter and subject it to the prospectus-delivery and
liability provisions of the 1933 Act. The Authorized Participant should review the
“Plan of Distribution” portion of the Prospectus and consult with its own
counsel in connection with entering into this Agreement and submitting Orders
(defined below). 

          Capitalized
terms used but not defined in this Agreement shall have the meanings assigned
to such terms in the Trust Agreement or Authorized Participant Procedures
Handbook set forth in Attachment A hereto (the “Procedures”). 

          To
give effect to the foregoing premises and in consideration of the mutual
covenants and agreements set forth below, the parties hereto agree as follows:

          Section
1. Order Placement and Authorized Participant Covenants.

          (a)
To place orders to create or redeem one or more Creation Units, the Authorized
Participant must follow the procedures for creation and redemption referred to
in Section 3 of this Agreement and the Procedures described in Attachment A, as
each may be amended, modified or supplemented from time to time. 

          (b)
The Authorized Participant covenants and agrees: 

	
  

 	
  

 
	
  

 	
           (i)
 to use its best efforts to ensure that any payment of cash to a Counterparty
 through DTC, or any receipt of cash from a Counterparty through DTC, in
 connection with a Creation Order or Redemption Order placed by the Authorized
 Participant will take place only under the terms of the Trust Agreement; and

 
	
  

 	
  

 
	
  

 	
           (ii)
 it will enter into a Direct Agreement with each Counterparty pursuant to
 which it will agree with Counterparty to settle between themselves any
 amounts due as a result of order cancellations or other settlement failures.
 Fund will not be responsible for such payments.

 

          Section
2. Status, Representations and Warranties of
the Parties. 

          (a)
The Authorized Participant represents and warrants and covenants the following:

	
  

 	
  

 
	
  

 	
           (i)
 The Authorized Participant is a participant of DTC (as such a participant, a
 “DTC Participant”). If the Authorized Participant ceases to be a DTC
 Participant, the Authorized Participant shall give prompt notice to the
 Sponsor of such event, and this Agreement shall terminate immediately as of
 the date the Authorized Participant ceased to be a DTC Participant. 

 
	
  

 	
  

 
	
  

 	
           (ii)
 Unless Section 2(a)(iii) applies, the Authorized Participant either (i) is
 registered as a broker-dealer under the Securities Exchange Act of 1934, as
 amended (“1934 Act”), and is a member in good standing of the Financial
 Industry Regulatory Authority (the “FINRA”), or (ii) is exempt from being, or
 otherwise is not required to be, licensed as a broker-dealer or a member of
 FINRA, and in either case is qualified to act as a broker or dealer in the
 states or other jurisdictions where the nature of its business so requires.
 In connection with the purchase or redemption of Creation Units and any
 related offers or sales of Shares, the Authorized Participant will maintain
 any such registrations, qualifications and membership in good standing and in
 full force and effect throughout the term of this Agreement. The Authorized
 Participant will comply with all applicable federal laws, the laws of the
 states or other jurisdictions concerned, and the rules and regulations
 promulgated thereunder, and with the FINRA By-Laws and NASD Conduct Rules (or
 with comparable FINRA Conduct Rules, if such NASD Conduct Rules are
 subsequently renamed, repealed, rescinded, or are otherwise replaced by FINRA
 Conduct Rules) if it is a FINRA member, to the extent the foregoing relates
 to the Authorized Participant’s transactions in and activities with respect
 to Shares, and that it will not offer or sell Shares in any state or
 jurisdiction where they may not lawfully be offered and/or sold. 

 

	
  

 	
  

 
	
  

 	
           (iii)
 If the Authorized Participant is offering or selling Shares in jurisdictions
 outside the several states, territories and possessions of the United States
 and is not otherwise required to be registered, qualified or a member of
 FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant
 will, in connection with such offers and sales, (i) observe the applicable
 laws of the jurisdiction in which such offer and/or sale is made, (ii) comply
 with the prospectus delivery and other requirements of the 1933 Act, and the
 regulations promulgated thereunder, and (iii) conduct its business in
 accordance with the NASD Conduct Rules (or with comparable FINRA Conduct
 Rules, if such NASD Conduct Rules are subsequently renamed, repealed,
 rescinded, or are otherwise replaced by FINRA Conduct Rules), to the extent
 the foregoing relates to the Authorized Participant’s transactions in, and
 activities with respect to, Shares. 

 
	
  

 	
  

 
	
  

 	
           (iv)
 The Authorized Participant has policies, procedures, and internal controls in
 place that are reasonably designed to comply with applicable anti-money
 laundering laws and regulations, including applicable provisions of the
 Uniting and Strengthening America by Providing Appropriate Tools Required to
 Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the
 regulations promulgated thereunder, if the Authorized Participant is subject
 to the requirements of the USA PATRIOT Act. 

 
	
  

 	
  

 
	
  

 	
           (v)
 The Sponsor agrees that if it becomes aware of any new delivery or disclosure
 requirement under the 1933 Act relating to Shares, other than the current
 obligation to deliver the Prospectus, it shall use reasonable efforts to
 advise the Authorized Participant of such requirement(s). 

 
	
  

 	
  

 
	
  

 	
           (vi)
 The Authorized Participant agrees not to enforce against the Trust and
 Sponsor any patent rights with respect to the business of the Trust. For
 avoidance of doubt, this provision will only be effective during time periods
 in which the Agreement is in effect and shall not survive termination
 thereof. 

 

          (b)
The Sponsor represents and warrants that on the date hereof and at each time of
purchase by the Authorized Participant of a Creation Unit from the Trust (each
such time, the “Time of Purchase”), that: 

	
  

 	
  

 
	
  

 	
           (i)
 on the effective date of the Registration Statement and at each Time of
 Purchase, the Trust’s Registration Statement shall be effective and no stop
 order of the SEC with respect thereto shall have been issued and no
 proceedings for such purpose shall have been instituted or, to the Sponsor’s
 knowledge, will then be contemplated by the SEC; the Registration Statement
 complied when it became effective and complies at the Time of Purchase in all
 material respects with the requirements of the 1933 Act, and the Prospectus
 complied as of its date, and complies at the Time of Purchase, in all
 material respects with the requirements of the 1933 Act; and the conditions
 to the use of Form S-1 have been satisfied; the Registration Statement did
 not when it became effective and does not at the Time of Purchase contain an
 untrue statement of a material fact or omit to state a material fact required to be
 stated therein or necessary to make the statements therein not misleading,
 the Prospectus did not, as of its date and does not at the Time of Purchase,
 contain an untrue statement of a material fact or omit to state a 

 

	
  

 	
  

 
	
  

 	
 material
 fact required to be stated therein or necessary in order to make the
 statements therein, in the light of the circumstances under which they were
 made, not misleading; and, the documents comprising the Disclosure Package
 (as defined below) did not contain an untrue statement of a material fact or
 omit to state a material fact required to be stated therein or necessary in
 order to make the statements therein, in the light of the circumstances under
 which they were made, not misleading; provided, however, that the Sponsor
 makes no warranty or representation with respect to any statement contained
 in the Registration Statement, the Prospectus or the Disclosure Package in
 reliance upon and in conformity with information concerning the Authorized
 Participant and furnished in writing by or on behalf of the Authorized
 Participant to the Sponsor expressly for use therein. The “Disclosure
 Package” is the Prospectus and any amendments and supplements thereto at
 the Time of Purchase and any free writing prospectus as defined in Rule 405
 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor
 before the Time of Purchase and intended for general distribution;

 
	
  

 	
  

 
	
  

 	
           (ii)
 the Shares, when issued and delivered against payment of consideration therefor,
 as provided in this Agreement, will be duly and validly authorized, issued,
 fully paid and non-assessable and free of statutory and contractual
 preemptive rights, rights of first refusal and similar rights; 

 
	
  

 	
  

 
	
  

 	
           (iii)
 the Sponsor has been duly organized and, on the effective date of the
 Registration Statement and at each Time of Purchase, will be validly existing
 as a limited liability company in good standing under the laws of the State
 of Delaware, with full power and authority to act as the sponsor of the Trust
 as described in the Registration Statement and the Prospectus, and has all
 requisite power and authority to execute and deliver this Agreement; 

 
	
  

 	
  

 
	
  

 	
           (iv)
 at the time the Sponsor makes an offer of Shares following the filing of the
 Registration Statement, neither the Trust nor the Sponsor will be an
 “ineligible issuer” as defined in Rule 405 of the 1933 Act; and 

 
	
  

 	
  

 
	
  

 	
           (v)
 the Sponsor shall provide to the Authorized Participant copies of the then
 current Prospectus and any printed supplemental information in reasonable
 quantities upon request, the Sponsor will promptly notify the Authorized
 Participant when a revised, supplemented or amended Prospectus is available,
 the Sponsor will deliver or otherwise make available to the Authorized
 Participant copies of such revised, supplemented or amended Prospectus at
 such time and in such numbers as to enable the Authorized Participant to
 comply with any obligation the Authorized Participant may have to deliver
 such Prospectus to customers or in response to the Authorized Participant’s
 reasonable request, the Sponsor will make such revised, supplemented or
 amended Prospectus available to the Authorized Participant no later than the
 effective date thereof, and the Sponsor will be deemed to have complied with
 this paragraph when the Authorized Participant has received such revised,
 supplemented or amended Prospectus at the address indicated below the
 signature line of the Authorized Participant in such number of hard copies as
 to enable the Authorized Participant to comply with any obligation it may
 have to deliver such Prospectus to customers or as it may have reasonably
 requested. 

 

          (c) The
Sponsor, on its own behalf and in its capacity as sponsor of the Trust, agrees:

	
  

 	
  

 
	
  

 	
           (i)
 to endeavor, upon receipt of request from the Authorized Participant
 therefore, to file a post-effective amendment to the Registration Statement
 removing any reference to the Authorized Participant thereunder; and 

 
	
  

 	
  

 
	
  

 	
           (ii)
 to advise the Authorized Participant promptly, confirming such advice in
 writing, of any request by the SEC for amendments or supplements to the
 Registration Statement or the Prospectus or for additional information with
 respect thereto, or of notice of institution of proceedings for, or the entry
 of, a stop order suspending the effectiveness of the Registration Statement,
 and, if the SEC should enter a stop order suspending the effectiveness of the
 Registration Statement, to use its best efforts to obtain the lifting or
 removal of such order as soon as possible.

 

          Section
3. Orders. 

          (a)
All orders to create or redeem Creation Units shall be made in accordance with
the terms of the Trust Agreement, this Agreement and the Procedures. Each party
will comply with such foregoing terms and procedures to the extent applicable
to it. The Sponsor may issue, or caused to be issued, additional or other
procedures from time to time relating to the manner of creating or redeeming
Creation Units which are not related to the Procedures, and the Authorized
Participant will comply with such procedures of which it has received notice
delivered in accordance with Section 16(c) within a commercially reasonable
time following receipt of such notice. Each Fund directs the Authorized
Participant to contribute or receive cash payments directly to the
Counterparty.

          (b)
The Authorized Participant acknowledges and agrees that each order to create a
Creation Unit (a “Creation Order”) and each order to redeem a Creation Unit (a
“Redemption Order”, and each Creation Order and Redemption Order, an “Order”)
delivered to the Sponsor, or the Sponsor’s designee, may not be revoked by the
Authorized Participant after the specified Cut-off Time for the applicable
Fund. 

          (c)
The Sponsor may, in its discretion, suspend the right of epurchase, or postpone
the purchase settlement date, (i) for any period during which any of the NYSE,
CBOT, or COMEX is closed other than for customary holidays or weekend closings
or when trading is suspended or restricted on such exchanges in any of the
underlying commodities; (ii) for any period during which a Market Disruption
Event in the underlying index exists as a result of which the fulfillment of a
purchase order is not reasonably practicable; or (iii) for such other period as
the Sponsor determines to be necessary for the protection of the shareholders.
The Sponsor will not be liable to any person or in

any way
for any loss or damages that may result from any such suspension or
postponement. 

          (d)
The Sponsor, or its designee, shall also have the absolute right, but shall
have no obligation, to reject any Creation Order (i) determined by the Sponsor,
or its designee, not to be in proper form; (ii) that the Sponsor, or its
designee, has determined would have adverse tax consequences to the Trust or to
the Beneficial Owners; (iii) the acceptance or receipt of which could, in the
opinion of counsel to the Sponsor be unlawful; or (iv) if circumstances outside
the control of the Sponsor, or its designee, make it for all practical purposes
not feasible to process creations of Creation Units. The Sponsor shall not be
liable to any person by reason of the rejection of any Creation Order. 

          (e)
The Sponsor, or its designee, shall reject any Redemption Order the fulfillment
of which its counsel advises would be illegal under applicable laws and
regulations, and the Sponsor, or its designee, shall have no liability to any
person for rejecting a Redemption Order in such circumstances. 

          (f)
The Sponsor may, in its discretion, suspend the right of redemption, or
postpone the applicable Redemption Settlement Time, for any period during which
any of the NYSE, CBOT, or COMEX is closed other than for customary holidays or weekend
closings or when trading is suspended or restricted on such exchanges in any of
the underlying commodities: (i) for any period during which an emergency exists
as a result of which the redemption distribution is not reasonably practicable;
or (ii) for such other period as the Sponsor determines to be necessary for the
protection of the shareholders. The Sponsor will not be liable to any person or
in any way for any loss or damages that may result from any such suspension or
postponement. 

          (g)
The Authorized Participant hereby consents to the use of recorded telephone
lines whether or not such use is reflected in the Procedures. In the event that
the Sponsor, the Trust, or any of their affiliated persons becomes legally
compelled to disclose to any third party any recording involving communications
with the Authorized Participant, the Sponsor agrees to provide the Authorized
Participant with reasonable advance written notice identifying the recordings
to be so disclosed, together with copies of such recordings, so that the
Authorized Participant may seek a protective order or other appropriate remedy
with respect to the recordings or waive its right to do so. In the event that
such protective order or other remedy is not obtained, or the Participant
waives its right to seek such protective order or remedy, the Sponsor, the
Trust, or any of their affiliated persons, as the case may be, agrees to
furnish only that portion of the recorded conversation that, according to legal
counsel, is legally required to be furnished and will exercise its best efforts
to obtain a protective order or other reliable assurance that confidential
treatment will be accorded the recorded conversation. The Sponsor, the Trust,
and their affiliated persons shall not otherwise disclose to any third party
any recording involving communications with the Authorized Participant without
the Authorized Participant’s express written consent, except the Sponsor and
the Trust may disclose to a regulatory or self-regulatory organization, to the
extent required by applicable rule or law, recordings involving communications
with the Authorized Participant.

          Section
4. Fees. To
compensate ____________ for services as Administrator in processing the
creation and redemption of Creation Units, an Authorized Participant is
required to pay a fixed transaction fee of $___ per order to create or redeem
Creation Units. The transaction fee may be waived or otherwise adjusted by the
Sponsor and the Sponsor agrees to provide the Authorized Participant with
prompt notice in advance of any such waiver or adjustment of the transaction
fee.

          Section
5. Authorized Persons. Concurrently with the execution of this Agreement and as requested in writing
from time to time thereafter, the Authorized Participant shall deliver to the
Sponsor, or its designee, a certificate, duly certified as appropriate by its
secretary or other duly authorized official, in the form of Exhibit A, setting
forth the names and signatures of all persons authorized to give instructions
relating to activity contemplated hereby or by any other notice, request or
instruction given on behalf of the Authorized Participant (each, an “Authorized
Person”). The Sponsor may accept and rely upon such certificate as conclusive evidence
of the facts set forth therein and shall consider such certificate to be in
full force and effect until the Sponsor, or its designee, receives a
superseding certificate bearing a subsequent date and duly certified as
described above. Upon the termination or revocation of authority of any
Authorized Person by the Authorized Participant, the Authorized Participant
shall give prompt written notice of such fact to the Sponsor and such notice
shall be effective upon receipt by the Sponsor.

          Section
6. Redemption. The Authorized Participant represents and warrants that it will not initiate a
Redemption Order (as described in the Procedures) with the Sponsor for the
purpose of redeeming a Creation Unit unless (i) it owns outright or has the
right or authority to tender for redemption the Creation Units to be redeemed
and to receive the entire proceeds of the redemption, and (ii) such Creation
Units have not been loaned or pledged to another party and are not the subject
of a repurchase agreement, securities lending agreement or any other
arrangement which, under the circumstances, would preclude the delivery of such
Creation Units to the Sponsor on the third Business Day following the
Redemption Order Date. A “Business Day” means any day other than a day when the
New York Stock Exchange is closed for regular trading.

          Section
7. Role of Authorized Participant.

          (a)
The Authorized Participant acknowledges that, for all purposes of this
Agreement and the Trust Agreement, the Authorized Participant shall have no
authority to act as agent for the Trust or the Sponsor in any matter or in any
respect. 

          (b)
The Authorized Participant will make itself and its employees available, upon
reasonable request, during normal business hours to consult with the Sponsor or
its designees concerning the performance of the Authorized Participant’s
responsibilities under this Agreement. 

          (c)
The Authorized Participant, as a DTC Participant, agrees that it shall be bound
by all of the obligations of a DTC Participant in addition to any obligations
that it undertakes hereunder or in accordance with the Prospectus. 

          (d)
The Authorized Participant agrees, subject to any privacy, confidentiality or
other obligations it may have to its customers arising under federal or state
securities laws or the applicable rules of any self-regulatory organization, to
assist the Sponsor in ascertaining certain information regarding sales of
Shares made by or through the Authorized Participant upon request of the Trust
or the Sponsor that is necessary for the Trust to comply with its obligations
to distribute information to its shareholders under applicable state or federal
securities laws; provided that consistent with market practice, the Authorized
Participant may undertake to deliver prospectuses, proxy material, annual and
other reports of the Trust or other similar information that the Trust is
obligated to deliver to its shareholders to the Authorized Participant’s
customers that custody Shares with the Authorized Participant, after receipt
from the Trust or the Sponsor of sufficient quantities to allow mailing thereof
to such customers. The Sponsor agrees that the names and addresses and other
information concerning the Authorized Participant’s customers are and shall
remain the sole property of the Authorized Participant, and none of the
Sponsor, the Trust or any of their respective affiliates shall use such names,
addresses or other information for any purposes except in connection with the performance
of their duties and responsibilities hereunder and except for servicing and
informational mailings related to the Trust referred to in this Section 7(d) of
this Agreement.

          Section
8. Indemnification. 

          (a)
The Authorized Participant hereby indemnifies and holds harmless the Sponsor,
its respective direct or indirect affiliates (as defined below) and its
respective directors, sponsors, partners, members, managers, officers,
employees and agents (each, an “Authorized Participant Indemnified Party”) from
and against any losses, liabilities, damages, costs and expenses (including
reasonable attorney’s fees and the reasonable cost of investigation) incurred
by such Authorized Participant Indemnified Party as a result of: (i) any breach
by the Authorized Participant of any provisions of this Agreement that relates
to the Authorized Participant, including its representations, warranties and
covenants; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations set forth in this Agreement; (iii) any failure
by the Authorized Participant to comply with applicable laws and rules and
regulations of self-regulatory organizations to the extent the foregoing
relates to the Authorized Participant’s transactions in, and activities with
respect to, Shares under this Agreement, except that the Authorized Participant
shall not be required to indemnify an Authorized Participant Indemnified Party
to the extent that such failure was caused by the Authorized Participant’s
adherence to instructions given or representations made by the Sponsor or any
Authorized Participant Indemnified Party, as applicable; (iv) any actions of
such Authorized Participant Indemnified Party in reasonable reliance upon any
instructions issued by the Authorized Participant in accordance with the
Procedures

believed
by the Authorized Participant Indemnified Party to be genuine and to have been
given by the Authorized Participant; or (v) (A) any representation by the
Authorized Participant, its employees or its agents or other representatives
about the Shares, any Authorized Participant Indemnified Party or the Trust
that is not consistent with the Trust’s then-current Prospectus made in
connection with the offer or the solicitation of an offer to buy or sell Shares
and (B) any untrue statement or alleged untrue statement of a material fact
contained in any research reports, marketing material and sales literature
described in Section 12(b) or any alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
when read together with the Prospectus, in light of the circumstances under
which they were made, not misleading to the extent that such statement or
omission relates to the Shares or any Authorized Participant Indemnified Party,
unless, in either case, such representation, statement or omission was made or
included by the Authorized Participant at the written direction of the Sponsor
or is based upon any omission or alleged omission by the Sponsor to state a
material fact in connection with such representation, statement or omission
necessary to make such representation, statement or omission not misleading.
The Authorized Participant shall not be liable under its indemnity agreement contained
in this paragraph with respect to any claim made against any Authorized
Participant Indemnified Party unless the Authorized Participant Indemnified
Party shall have notified the Authorized Participant in writing of the claim
within a reasonable time after the summons or other first written notification
giving information of the nature of the claim shall have been served upon the
Authorized Participant Indemnified Party (or after the Authorized Participant
Indemnified Party shall have received notice of service on any designated
agent). However, failure to notify the Authorized Participant of any claim
shall not relieve the Authorized Participant from any liability which it may
have to any Authorized Participant Indemnified Party against whom such action
is brought otherwise than on account of its indemnity agreement contained in
this paragraph and shall only release it from such liability under this
paragraph to the extent it has been materially prejudiced by such failure to
give notice. The Authorized Participant shall be entitled to participate at its
own expense in the defense, or, if it so elects, to assume the defense of any
suit brought to enforce any claims, but if the Authorized Participant elects to
assume the defense, the defense shall be conducted by counsel chosen by it and
satisfactory to the Authorized Participant Indemnified Party in the suit, and
who shall not, except with the consent of the Authorized Participant
Indemnified Parties, be counsel to the Authorized Participant. If the Authorized
Participant does not elect to assume the defense of any suit, it will reimburse
the Authorized Participant Indemnified Party for the reasonable fees and
expenses of any counsel retained by them. 

          (b)
The Sponsor hereby agrees to indemnify and hold harmless the Authorized
Participant, its respective subsidiaries, affiliates, directors, officers,
employees and agents, and each person, if any, who controls such persons within
the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”)
from and against any losses, liabilities, damages, costs and expenses
(including reasonable attorneys’ fees and the reasonable cost of investigation)
incurred by such Sponsor Indemnified Party as a result of (i) any breach by the
Sponsor of any provision of this Agreement that relates

to the
Sponsor; (ii) any failure on the part of the Sponsor to perform any obligation
of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to
comply with applicable laws and the rules and regulations of any governmental
entity or any self-regulatory organization; (iv) any untrue statements or
omissions made in any promotional material or sales literature furnished to the
Authorized Participant or otherwise approved in writing by the Trust; (v)
actions of such Sponsor Indemnified Party in reasonable reliance upon any
instructions issued or representations made by the Sponsor or the Trust in
accordance with this Agreement or Attachment A hereto reasonably believed by
the Authorized Participant to be genuine and to have been given by the Sponsor
or the Trust; or (vi) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement of the Trust as
originally filed with the SEC or in any amendment thereof, or in the
Prospectus, or in any amendment thereof or supplement thereto, or arising out
of or based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, except those statements in the Registration Statement or the
Prospectus based on information furnished in writing by or on behalf of the
Authorized Participant expressly for use in the Registration Statement or the
Prospectus. The Sponsor shall not be liable under its indemnity agreement
contained in this paragraph with respect to any claim made against any Sponsor
Indemnified Party unless the Sponsor Indemnified Party shall have notified the
Sponsor in writing of the claim within a reasonable time after the summons or
other first written notification giving information of the nature of the claim
shall have been served upon the Sponsor Indemnified Party (or after the Sponsor
Indemnified Party shall have received notice of service on any designated agent).
However, failure to notify the Sponsor of any claim shall not relieve the
Sponsor from any liability which it may have to any Sponsor Indemnified Party
against whom such action is brought otherwise than on account of its indemnity
agreement contained in this paragraph and shall only release it from such
liability under this paragraph to the extent it has been materially prejudiced
by such failure to give notice. The Sponsor shall be entitled to participate at
its own expense in the defense, or, if it so elects, to assume the defense of
any suit brought to enforce any claims, but if the Sponsor elects to assume the
defense, the defense shall be conducted by counsel chosen by it and
satisfactory to the Sponsor Indemnified Party in the suit and who shall not,
except with the consent of the Sponsor Indemnified Party, be counsel to the
Sponsor. If the Sponsor does not elect to assume the defense of any suit, it
will reimburse the Sponsor Indemnified Party in the suit for the reasonable
fees and expenses of any counsel retained by them. 

          (c)
No indemnifying party, as described in paragraphs (a) and (b) above, shall,
without the written consent of the Authorized Participant Indemnified Party or
the Sponsor Indemnified Party, as the case may be, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is
an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the Authorized
Participant Indemnified Party or Sponsor Indemnified Party, as the case may be,
from all liability arising out of such action or

claim and
(ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any Authorized Participant Indemnified
Party or Sponsor Indemnified Party, as the case may be.

          (d)
The Sponsor and the Authorized Participant agree promptly to notify each other
of the commencement of any proceedings or litigation against it and, in the
case of the Sponsor, against any of the Sponsor’s officers or directors, in connection
with the issuance and sale of the Shares or in connection with the Registration
Statement or the Prospectus.

          Section
9. Liability. 

          (a)
Limitations on Liability.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1)

 	
 Neither the Sponsor nor the
 Authorized Participant shall be liable to each other or to any other person
 for any damages arising out of any mistake or error in data provided to any
 of them by a third party or out of any interruption or delay in the
 electronic means of communications used by them. 

 
	
  

 	
  

 	
 2)

 	
 The debts, liabilities,
 obligations, expenses, costs, charges, indemnities and reserves incurred,
 contracted for, attributable to or otherwise existing with respect to a
 particular Series shall be enforceable against the assets of such Series
 only, and not against the assets of the Trust generally or of any other
 Series and, unless otherwise provided by the Sponsor, none of the debts,
 liabilities, obligations, expenses, costs, charges, indemnities and reserves
 incurred, contracted for, attributable to or otherwise existing with respect
 to the Trust generally or any other Series shall be enforceable against the
 assets of such Series. Any general liabilities, expenses, costs, charges,
 indemnities or reserves of the Trust which are not readily identifiable as
 being held with respect to any particular Series shall be allocated and
 charged by the Sponsor to and among any one or more of the Series in such
 manner and on such basis as the Sponsor in its sole discretion deems fair and
 equitable. Pursuant to the Delaware Statutory Trust Act and the Amended and
 Restated Trust Agreement of the Trust, any party extending credit to,
 contracting with or having any claim against any Series of the Trust may look
 only to the assets of such Series to satisfy or enforce any debt with respect
 to that Series. 

 
	
  

 	
  

 	
 3)

 	
 This Agreement has been entered
 into by the Trust and was executed and delivered by an officer of its
 Sponsor, on behalf of the Trust, which officer was acting solely in his
 capacity as an officer of the Sponsor and not in his individual capacity and
 which Sponsor was acting solely in its capacity as sponsor of the Trust and
 not in its individual capacity. The obligations of this Agreement are not
 binding on such officer, the Sponsor or any shareholder of the series of the
 Trust individually. The obligations of this Agreement are binding only upon
 the assets and property of the Trust or belonging or attributable to a Series
 thereof.

 

          (b)
Tax Liability. The Authorized
Participant shall be responsible for the payment of any transfer tax, sales or
use tax, stamp tax, recording tax, value added tax and any other similar tax or
government charge applicable to the creation or redemption of any Creation Unit
made pursuant to this Agreement, regardless of whether or not such tax or charge
is imposed directly on the Authorized Participant. To the extent the Sponsor or
the Trust is required by law to pay any such tax or charge, the Authorized
Participant agrees to promptly indemnify such party for any such payment,
together with any applicable penalties, additions to tax or interest thereon
upon reasonable notice thereof; provided, however, that the Authorized
Participant shall not indemnify the Trust or the Sponsor for any tax or charge
or any penalties, additions to tax or interest thereon to the extent that such
payments result from the Sponsor’s, the Trust’s, or their designee’s willful
misconduct, negligence, or bad faith.

          Section
10. Acknowledgment. The
Authorized Participant acknowledges receipt of a (i) copy of the Trust
Agreement and (ii) the current Prospectus of the Trust, and represents that it
has reviewed and understands such documents. The Sponsor and the Trust agree to
process Orders, or cause its agents to process Orders, in accordance with the
provisions of the Prospectus of the Trust, the Trust Agreement, and the
Procedures. 

          Section
11. Effectiveness and Termination. Upon the
execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth above, and may be
terminated at any time by any party upon thirty (30) days prior written notice
to the other parties unless earlier terminated: (i) in accordance with Section
2(a)(i); (ii) upon written notice to the Authorized Participant by the Sponsor
in the event of a material breach by the Authorized Participant of this
Agreement or the procedures described or incorporated herein; (iii) immediately
in the circumstances described in Section 16(j); or (iv) at such time as the
Trust is terminated pursuant to the Trust Agreement. This Agreement supersedes
any prior agreement between the parties hereto with respect to the subject
matter contained herein. 

          Section
12. Marketing Materials; Representations
Regarding Shares; Identification in Registration Statement. 

          (a)
The Authorized Participant represents, warrants and covenants that (i) it will
not, in connection with any sale or solicitation of a sale of Shares, make, or
permit any of its representatives to make, any representations concerning the
Shares or any Authorized Participant Indemnified Party other than
representations not inconsistent with (A) the then-current Prospectus of the
Trust, (B) printed information approved by the Sponsor as information
supplemental to such Prospectus or (C) any promotional materials or sales
literature furnished to the Authorized Participant by the Sponsor, and (ii) the
Authorized Participant will not furnish or cause to be furnished to any person
or display or publish any information or material relating to the Shares or any Authorized

Participant Indemnified Party that are inconsistent with the Trust’s
then-current Prospectus. Copies of the then-current Prospectus of the Trust and
any such printed supplemental information will be supplied by the Sponsor to
the Authorized Participant in reasonable quantities upon request. 

          (b)
Notwithstanding the foregoing or anything to the contrary in this Agreement,
the Authorized Participant and its affiliates may without the written approval
of the Sponsor or the Trust prepare and circulate in the regular course of
their businesses research, sales literature, reports, and other similar
materials that include information, opinions or recommendations relating to the
Shares, provided that such research, sales literature, reports, and other
similar materials comply with applicable NASD rules (or with comparable FINRA
rules, if such NASD rules are subsequently repealed, rescinded, or are
otherwise replaced by FINRA rules). 

          (c)
The Authorized Participant hereby agrees that for the term of this Agreement
the Sponsor, or its designee, may deliver the then-current Prospectus, and any
revisions, supplements or amendments thereto or recirculation thereof, to the
Authorized Participant in Portable Document Format (“PDF”) via electronic mail
to (or to such other address as may be provided by the Authorized Participant
from time to time) in lieu of delivering the Prospectus in paper form. The
Authorized Participant may revoke the foregoing agreement at any time by
delivering written notice to the Sponsor, or the Sponsor’s designee, and,
whether or not such agreement is in effect, the Authorized Participant may, at
any time, request reasonable quantities of the Prospectus, and any revisions,
supplements or amendments thereto or recirculation thereof, in paper form from
the Sponsor or its designee. The Authorized Participant acknowledges that it
has the capability to access, view, save and print material provided to it in
PDF and that it will incur no appreciable extra costs by receiving the
Prospectus in PDF instead of in paper form. The Sponsor will, when requested by
the Authorized Participant, make available, or cause to be made available, at
no cost the software and technical assistance necessary to allow the Authorized
Participant to access, view and print the PDF version of the Prospectus. 

          (d)
For as long as this Agreement is effective, if required by the SEC, the
Authorized Participant agrees to be identified as an authorized participant of the
Trust (i) in the section of the Prospectus included within the Registration
Statement entitled “Creation and Redemption of Shares” and in any other section
as may be required by the SEC and (ii) on the Trust’s website. Upon the
termination of this Agreement, (i) during the period prior to when the Sponsor
qualifies and in its sole discretion elects to file on Form S-3, the Sponsor
will remove such identification from the Prospectus in the amendment of the
Registration Statement next occurring after the date of the termination of this
Agreement and, during the period after when the Sponsor qualifies and in its
sole discretion elects to file on Form S-3, the Sponsor will promptly file a
current report on Form 8-K indicating the withdrawal of the Authorized
Participant as an authorized participant of the Trust and (ii) the Sponsor will
promptly update the Trust’s

website to
remove any identification of the Authorized Participant as an authorized
participant of the Trust. 

          Section
13. Certain Covenants of the Sponsor. The
Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees: 

          (a)
to advise the Authorized Participant promptly of the happening of any event
during the term of this Agreement which could require the making of any change
in the Prospectus then being used so that the Prospectus would not include an
untrue statement of material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they
are made, not misleading, and, during such time, to prepare and furnish, at the
expense of the Trust, to the Authorized Participant promptly such amendments or
supplements to such Prospectus as may be necessary to reflect any such change; 

          (b)
to furnish directly or cause to be furnished to the Authorized Participant, at
each time (i) the Registration Statement or the Prospectus is amended or
supplemented by the filing of a post-effective amendment, (ii) a new
Registration Statement is filed to register additional Shares in reliance on
Rule 429 under the 1933 Act, and (iii) there is financial information
incorporated by reference into the Registration Statement or the Prospectus,
such customary documents and certificates in form and content as reasonably
requested and agreed; and 

          (c)
to cause the Trust to file a post-effective amendment to the Registration
Statement no less frequently than once per calendar quarter on or about the
same time that the Trust files a quarterly or annual report pursuant to Section
13 or 15(d) of the 1934 Act (including the information contained in such
report), until such time as the Trust’s reports filed pursuant to Section 13 or
15(d) of the 1934 Act are incorporated by reference in the Registration Statement.

          Section
14. Force Majeure. No party
to this Agreement shall incur any liability for any delay in performance, or
for the non-performance, of any of its obligations under this Agreement by
reason of any cause beyond its reasonable control. This includes any act of God
or war or terrorism, any breakdown, malfunction or failure of transmission in
connection with or other unavailability of any wire or communication
facilities, any transport, port, or airport disruption, industrial action, acts
and regulations and rules of any governmental or supra-national bodies or
authorities or regulatory or self-regulatory organization or failure of any
such body, authority or organization for any reason, to perform its
obligations.

          Section
15. Ambiguous Instructions. If a
Creation Order Form or a Redemption Order Form contains order terms that differ
from the information provided in the telephone call at the time of issuance of
the applicable order number, the Sponsor will use commercially reasonable efforts
to contact one of the Authorized Persons of the Authorized Participant to
request confirmation of the terms of the Order. If an Authorized Person
confirms the terms as they appear in the Order, then the Order will

be
accepted and processed. If an Authorized Person contradicts the Order terms,
the Order will be deemed invalid, and a corrected Order must be received by the
Sponsor. If the Sponsor is not able to contact an Authorized Person, then the
Order shall be accepted and processed in accordance with its terms
notwithstanding any inconsistency from the terms of the telephone information.
In the event that an Order contains terms that are not complete or are
illegible, the Order will be deemed invalid and the Sponsor will attempt to
contact one of the Authorized Persons of the Authorized Participant to request
retransmission of the Order.

          Section
16. Miscellaneous. 

          (a)
Amendment and Modification. This
Agreement, the Procedures attached as Attachment A and the Exhibits hereto may
be amended, modified or supplemented by the Trust and the Sponsor, without
consent of the Authorized Participant from time to time by the following
procedure. After the amendment, modification or supplement has been agreed to,
the Sponsor will mail a copy of the proposed amendment, modification or
supplement to the Authorized Participant in accordance with Section 16(c)
below. For the purposes of this Agreement, mail will be deemed received by the
recipient thereof on the third (3rd) day following the deposit of
such mail into the United States postal system. Within fifteen (15) calendar
days after its deemed receipt, the amendment, modification or supplement will
become part of this Agreement, the Attachments or the Exhibits, as the case may
be, in accordance with its terms. If at any time there is any material
amendment, modification or supplement of any ETFS Collateralized Commodities
Trust Authorized Participant Agreement (other than this Agreement), the Sponsor
will promptly mail a copy of such amendment, modification or supplement to the
Authorized Participant. 

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

          (c)
Notices. Except as otherwise
specifically provided in this Agreement, all notices required or permitted to
be given pursuant to this Agreement shall be given in writing and delivered by
personal delivery, by postage prepaid registered or certified United States
first class mail, return receipt requested, by nationally recognized overnight
courier (delivery confirmation received) or by telex, telegram or telephonic
facsimile or similar means of same day delivery (transmission confirmation
received), with a confirming copy regular mail, postage prepaid. For avoidance
of doubt, notices may not be given or transmitted by electronic mail. Unless
otherwise notified in writing, all notices to the Trust shall be given or sent
to the Sponsor. All notices shall be directed to the address or telephone or
facsimile numbers indicated below the signature line of the parties on the
signature page hereof. 

          (d)
Successors and Assigns. This Agreement
and all of the provisions hereof shall be binding upon and inure to the benefit
of the parties and their respective successors and permitted assigns.

          (e)
Assignment. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any party without the prior written consent of the other parties,
which shall not be unreasonably withheld, except that any entity into which a
party hereto may be merged or converted or with which it may be consolidated or
any entity resulting from any merger, conversion, or consolidation to which
such party hereunder shall be a party, or any entity succeeding to all or
substantially all of the business of the party, shall be the successor of the
party under this Agreement and except that the Sponsor may delegate its
obligations hereunder to the Distributor or the Administrator by advance
written notice to the Authorized Participant. The party resulting from any such
merger, conversion, consolidation or succession shall notify the other parties
hereto of the change. Any purported assignment in violation of the provisions
hereof shall be null and void. Notwithstanding the foregoing, this Agreement
shall be automatically assigned to any successor trustee or Sponsor at such
time such successor qualifies as a successor trustee or Sponsor under the terms
of the Trust Agreement. Furthermore, the Authorized Participant may assign its
rights, interests or obligations hereunder to an affiliate without mutual
written consent of any other party. 

          (f)
Governing Law; Consent to Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws
of the State of New York (regardless of the laws that might otherwise govern
under applicable New York conflict of laws principles) as to all matters,
including matters of validity, construction, effect, performance and remedies.
Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan
in such State in connection with any action, suit or other proceeding arising
out of or relating to this Agreement or any action taken or omitted hereunder,
and waives any claim of forum non conveniens and any objections as to laying of
venue. Each party further waives personal service of any summons, complaint or
other process and agrees that service thereof may be made by certified or
registered mail directed to such party at such party’s address for purposes of
notices hereunder. Each party hereby waives its right to a trial by jury of any
claim arising under or in connection with this Agreement. 

          (g)
Counterparts. This Agreement may
be executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement, and it shall not be necessary
in making proof of this Agreement as to any party hereto to produce or account
for more than one such counterpart executed and delivered by such party. 

          (h)
Interpretation. The article and
section headings contained in this Agreement are solely for the purpose of
reference, are not part of the agreement of the parties and shall not in any
way affect the meaning or interpretation of this Agreement. 

          (i)
Entire Agreement. This Agreement
and the Trust Agreement, along with any other agreement or instrument delivered
pursuant to this Agreement and the Trust Agreement, supersede all prior
agreements and understandings between the parties with respect to the subject
matter hereof, provided, however, that the Authorized Participant shall not be
deemed by this provision to be a party to the Trust Agreement. 

          (j)
Severance. If any provision of
this Agreement is held by any court or any act, regulation, rule or decision of
any other governmental or supra national body or authority or regulatory or
self-regulatory organization to be invalid, illegal or unenforceable for any
reason, it shall be invalid, illegal or unenforceable only to the extent so
held and shall not affect the validity, legality or enforceability of the other
provisions of this Agreement so long as this Agreement as so modified continues
to express, without material change, the original intentions of the parties as
to the subject matter of this Agreement and the deletion of such portion of
this Agreement will not substantially impair the respective benefits,
obligations, or expectations of the parties to this Agreement. If this Agreement
as so modified substantially impairs the respective benefits, obligations, or
expectations of the parties to this Agreement, it shall be subject to immediate
termination upon written notice by the terminating party delivered in
accordance with Section 16(c) of this Agreement. 

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

          (l)
Survival. Sections 8
(Indemnification) and 17 (No Promotion) hereof shall survive the termination of
this Agreement. 

          (m)
Other Usages. The following
usages shall apply in interpreting this Agreement: (i) references to a
governmental or quasigovernmental agency, authority or instrumentality shall
also refer to a regulatory body that succeeds to the functions of such agency,
authority or instrumentality; and (ii) ”including” means “including, but not
limited to.” 

          Section
17. No Promotion. Except as
provided in Section 12(d) of this Agreement, each of the Trust and the Sponsor
agrees that it will not, without the prior written consent of the Authorized
Participant in each instance, (i) use in advertising, publicity or otherwise
the name of the Authorized Participant or any affiliate of the Authorized
Participant, or any partner or employee of the Authorized Participant, nor any
trade name, trademark, trade device, service mark, symbol or any abbreviation,
contraction or

simulation
thereof owned by the Authorized Participant or its affiliates, or (ii)
represent, directly or indirectly, that any product or any service provided by
the Trust or the Sponsor has been approved or endorsed by the Authorized
Participant. 

[Signature
Page Follows] 

          IN
WITNESS WHEREOF, the Authorized Participant, the Trust and the Sponsor, on
behalf of the Trust, have caused this Agreement to be executed by their duly
authorized representatives as of the date first set forth above. 

	
  

 	
  

 	
  

 
	
 ETF SECURITIES USA LLC

 
	
 Sponsor of Trust

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name:

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 ETFS COLLATERALIZED
COMMODITIES
 TRUST, on behalf
of each Fund thereof

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name:

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 [AUTHORIZED PARTICIPANT]

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name:

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 

EXHIBIT A

ETFS COLLATERALIZED COMMODITIES TRUST

FORM OF

AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

          The
following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity contemplated
by the Authorized Participant Agreement or any other notice, request or
instruction on behalf of the Authorized Participant pursuant to the ETFS
Collateralized Commodities Trust Authorized Participant Agreement. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Authorized Participant:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Telephone:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Fax:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Telephone:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Fax:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Telephone:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Fax:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Telephone:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
 Fax:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Certified By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 
	
  

 	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 
	
  

 	
  

 	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 
	
  

 	
  

 	
  

 	
 Date:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	

 

 

ATTACHMENT A

ETFS COLLATERALIZED COMMODITIES

AUTHORIZED PARTICIPANT

PROCEDURES HANDBOOK

TABLE OF CONTENTS

	
  

 	
  

 	
  

 
	
 INTRODUCTION

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 LONG
 SHARES

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 SHORT
 SHARES

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 LEVERAGED
 SHARES

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 RIGHT TO REJECT
 PURCHASE ORDERS FOR CREATION UNIT AGGREGATIONS

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 REDEMPTION
 OF SHARES

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 SUSPENSION OF
 RIGHT TO REDEEM CREATION UNIT AGGREGATIONS

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 APPENDIX
 A – CONTACT INFORMATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 APPENDIX
 B – PRODUCT INFORMATION

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 APPENDIX
 C – GLOSSARY OF TERMS

 	
  

 	
  

 

INTRODUCTION

ETF Securities USA LLC (“Sponsor”) and ___________ (“Administrator”)
welcome you as an Authorized Participant (“Authorized Participant”) for ETFS
Collateralized Commodities Trust (the “Trust”). Only Authorized Participants
are permitted to directly purchase or redeem Shares of the Funds directly with
the Trust. Definitions used in this Procedures Handbook can be found in the
Glossary in Appendix C. 

This Procedures Handbook details the procedures for placing and
processing Creation Orders and Redemption Orders in Creation Units. All Orders
must be made in accordance with terms and procedures set forth herein. Sponsor
or Administrator may send you updates or supplements to this Procedures
Handbook from time to time, as necessary. 

Please note that before an Authorized Participant may place any
Creation Order, it must sign the Authorized Participant Agreement and return it
to Administrator as well as enter into a Direct Agreement with each
Counterparty. A list of all authorized traders must be sent to Administrator
with the Authorized Participant Agreement, but may be amended in writing as
necessary. Only authorized traders will be allowed to place Orders for Shares. 

LONG SHARES 

The following funds seek to provide daily investment results, before
fees and expenses, which correspond to the daily performance (100%) of a
particular index or benchmark. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Index
 or 

 Benchmark

 	
  

 	
 Objective

 	
  

 	
 Description

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 ETFS ex-U.S. Oil

 ETFS Natural Gas

 ETFS Copper

 ETFS Wheat

 ETFS Composite Agriculture

 ETFS Composite Industrial Metals

 ETFS Composite Energy

 ETFS All Commodities

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

SHORT SHARES 

The following funds seek to provide daily investment results, before
fees and expenses, which correspond to the inverse (negative 100%) of the daily
performance of a particular index or benchmark. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Index
 or 

 Benchmark

 	
  

 	
 Objective

 	
  

 	
 Description

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 ETFS Short ex-U.S.
 Oil

 ETFS Short Natural Gas

 ETFS Short Copper

 ETFS Short Wheat

 ETFS Short Gold 

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

LEVERAGED SHARES

The following funds seek to provide daily investment results, before
fees and expenses, which correspond to 2X (200%) of the daily performance of a
particular index or benchmark. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Index
 

 Benchmark

 	
  

 	
 Objective

 	
  

 	
 Description

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 ETFS Leveraged
 ex-U.S. Oil

 ETFS Leveraged Natural Gas

 ETFS Leveraged Copper

 ETFS Leveraged Wheat 

 ETFS Leveraged Gold

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

PURCHASE OF CREATION UNITS 

The Trust will offer, issue and sell Shares only in Creation Unit
Aggregations of a specified number of Shares (50,000), or such other amount of
Shares as designated in the relevant Fund’s Prospectus, through Administrator
on a continuous basis, without a sales load, at their Value per Share next
determined after receipt of a Creation Order on any Business Day. 

Cash Deposits 

Creation Units for each Fund will be exchanged only for cash. Creation
Units are sold at their Value per Share, plus a transaction fee. 

Eligibility 

To be eligible to place a Creation Order with Administrator, an
Authorized Participant must be a DTC Participant. 

Cut-Off Time for Creation Orders 

___ must receive all Creation Orders to purchase Creation Unit
Aggregations no later than the times listed below.

	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Cut-Off
 Time

 
	

 

 	
  

 	

 

 

If Creation Orders are received by a Fund’s identified Cut-off Time and
are accepted by Administrator, the Creation Order will be processed based on
the Value per Share of the Fund as next determined. The date on which a
Creation Order to purchase Creation Unit Aggregations is placed is referred to
as the “Transmittal Date.” An Authorized Participant placing orders for
Creation Unit Aggregations of the Funds should afford sufficient time to permit
proper submission of the order to Administrator prior to the identified Cut-off
Time on the Transmittal Date. Creation Orders received after the Cut-off Time
will be processed the next Business Day. 

Transmittal of Creation Orders 

Creation Orders may be transmitted by an Authorized Participant to
Administrator via, facsimile. 

	
  

 	
  

 
	
  

 	
 By 

 facsimile:

 

Economic or market disruptions, or telephone or other communication
failure may impede the ability to reach Administrator or an Authorized
Participant. 

Delivery of Cash 

Cash must be transferred directly to the Counterparty specified by
Administrator through the DTC on a Delivery Versus Payment (DVP) basis. The
terms of the Direct Agreement shall apply if the Authorized Person cancels the
order or the Counterparty does not receive the Cash by the market close on the
settlement date. 

Transaction Fees 

A Transaction Fee may be charged for each Creation Unit as described
below. 

	
  

 	
  

 	
  

 
	
 Funds

 	
  

 	
 Fixed Transaction Fee Per Creation
 Order

 
	

 

 	
  

 	

 

 

Receipt of Creation Order 

A Creation Order is deemed received by Administrator on the Transmittal
Date if (i) such order is received by Administrator not later than the
specified Cut-off Time on such Transmittal Date; and (ii) all other
applicable procedures set forth in this Procedures Handbook are properly
followed. The Funds reserve the right to reject a Creation Order for the
reasons set forth in the Prospectus, which are specified below. 

Once the Funds have received and accepted a Creation Order, upon next
determination of the Value per Share, Administrator will confirm the issuance
of a Creation Unit of Shares, against receipt of payment, at such Value per
Share. Administrator will then transmit a confirmation of acceptance to the
Authorized Participant that placed the Creation Order. 

Delivery of Creation Units 

When Cash is received by the Counterparty on the third
(3rd) Business Day after the Creation, the Shares will be released through
DTC. 

Settlement 

Creation Orders for the Funds settle on a T+3 basis. 

Right to Reject Creation Orders for Creation
Unit Aggregations 

In respect of any Fund, the Sponsor may, in its discretion, suspend the
right of repurchase, or postpone the purchase settlement date, (i) for any
period during which the ____ is closed other than for customary holidays or
weekend closings or when trading is suspended or restricted on such exchanges
in any of the underlying commodities; (ii) for any period during which an
emergency exists as a result of which the fulfillment of a purchase order is
not reasonably practicable; or (iii) for such other period as the Sponsor
determines to be necessary for the protection of the shareholders. The Sponsor
will not be liable to any person or in any way for any loss or damages that may
result from any such suspension or postponement. Each Fund reserves the right
to reject a Creation Order transmitted to it by Administrator if: 

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 it determines that
 the purchase order is not in proper form; 

 
	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 the Sponsor
 believes that the purchase order would have adverse tax consequences to any
 Fund or its shareholders; 

 

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 the Creation Order
 would in the opinion of counsel be illegal; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 circumstances
 outside the control of the Sponsor make it, for all practical purposes, not
 feasible to process creations of Creation Units. 

 

Administrator shall notify an Authorized Participant of the rejection
of a Creation Order. 

REDEMPTION OF SHARES 

Shares of the Funds may be redeemed only in Creation Unit Aggregations
of a specified number of Shares (50,000), or such other amount of Shares as
designated in the relevant Fund’s Prospectus, through Administrator on a
continuous basis, without a sales load, at their Value per Share next determined
after receipt of a Redemption Order on any Business Day. The Trust will not
redeem Shares in amounts less than the Creation Unit Aggregation. 

Cash Redemption 

The redemption proceeds for a Creation Unit of a Fund will consist
solely of cash. 

Eligibility 

To be eligible to place Redemption Orders with Administrator, an
Authorized Participant must be a DTC Participant. 

Cut-Off Time for Redemption Orders 

Administrator must receive all Redemption Orders to redeem Creation
Unit Aggregations no later than the times listed below. 

	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Cut-Off
 Time

 
	

 

 	
  

 	

 

 

If Redemption Orders are received by a Fund’s identified Cut-off Time
and are accepted by Administrator, the Redemption Order will be processed based
on the Value per Share of the Fund as next determined on such date. The date on
which a Redemption Order to redeem Creation Unit Aggregations is placed is
referred to as the “Transmittal Date.” An Authorized Participant placing a
Redemption Order for Creation Unit Aggregations of a Fund should afford sufficient
time to permit proper submission of the order to Administrator prior to the
identified Cut-off Time on the Transmittal Date. Requests received after the
Cut-off Time will be processed the next Business Day. 

Transmittal of Redemption Orders 

Redemption Orders may be transmitted by an Authorized Participant to
Administrator by telephone, facsimile or the internet. 

	
  

 	
  

 
	
  

 	
 By 

 facsimile:

 

Economic or market disruptions, or telephone or other communication
failure may impede the ability to reach Administrator or an Authorized
Participant. 

Receipt/Delivery of Redemption Order 

A Redemption Order for Creation Unit Aggregations is deemed received by
Administrator on the Transmittal Date if (i) such request is received by
Administrator not later than a Fund’s identified Cut-off Time on such
Transmittal Date; and (ii) all other applicable procedures set forth in
this Procedures Handbook are properly followed. Delivery of Cash will be made
through DTC on a DVP basis to the Authorized Participant on the third (3rd) Business
Day after the Redemption Order is deemed received by ___. 

If delivery fails, the Redemption Order may be cancelled. If a
Redemption Order is cancelled, the Authorized Participant will be required to
reimburse the Counterparty for costs associated with the cancellation as per
the terms of the Direct Agreement. The Trust will not settle partial Creation
Unit Aggregations. 

Transaction Fee 

A Transaction Fee may be charged for each Creation Unit redeemed as
described below. 

	
  

 	
  

 	
  

 
	
 Funds 

 	
  

 	
 Fixed Transaction Fee Per Redemption Order 

 
	

 

 	
  

 	

 

 

Settlement 

Redemption Orders customarily settle on a T+3 basis. 

Suspension of Right to Redeem Creation Unit
Aggregations 

The right of redemption may be suspended or the date of payment
postponed with respect to any Fund for any period during which the
_____________ is closed other than for customary holidays or weekend closings
or when trading is suspended or restricted on such exchanges in any of the
underlying commodities: (i) for any period 

during which an emergency exists as a result of which the redemption
distribution is not reasonably practicable; or (ii) for such other period
as the Sponsor determines to be necessary for the protection of the
shareholders. The Sponsor will not be liable to any person or in any way for
any loss or damages that may result from any such suspension or postponement. 

APPENDIX A – CONTACT INFORMATION

APPENDIX B – PRODUCT INFORMATION

APPENDIX C – GLOSSARY OF TERMS

“Business Day” means any day other than a day when any of the New York
Stock Exchange, the Chicago Board of Trade, or the COMEX is closed for regular
trading.

“Cash” shall mean same day funds in United States dollars. 

“CBOT” means the Chicago Board of Trade.

“COMEX” means a division of the New York Mercantile Exchange.

“Counterparty” means ______________________.

“Creation” means the act of creating a Creation Unit Aggregation.

“Creation Orders” refers to the action of placing and processing orders
to purchase Creation Unit Aggregations. 

“Creation Unit” and “Creation Unit Aggregation” means an aggregation of
a specified number of Shares of a particular Fund of the Trust as stated in the
Prospectus. 

“Custodian” means the Fund’s custodian, ____________. 

“Cut-off Time” means the time that a Creation Order must be transmitted
to ___ to be deemed received. All times are Eastern Time. 

“DTC” means The Depository Trust Company. 

“DTC Participant” refers to a participant in the facilities of the
Depository Trust Company. 

“DVP” means Delivery Versus Payment. 

“Fund” means a series of ETFS Collateralized Commodities Trust. 

“Procedures Handbook” means the Authorized Participant Procedures
Handbook, as supplemented or amended from time to time. 

“IIV” means Intraday Indicative Value. 

“Licensor” means ______________.

“Value per Share” means net Asset value per share. . 

“NYSE” means the New York Stock Exchange.

“Orders” means any order to purchase or redeem Creation Unit
Aggregations. 

“Prospectus” means the Trust’s then current prospectus and statement of
additional information included in its effective registration statement, as
supplemented or amended from time to time. 

“Redemption Orders” refers to the action of placing and processing
orders to redeem Creation Unit Aggregations. 

“Shares” means the shares represented in a Creation Unit Aggregation. 

“Sponsor” means the Funds’ sponsor, ETF Securities USA LLC. 

“Transaction Fee” is a fixed dollar fee charged for each Creation Unit
regardless of the number of Creations per Fund per Business Day for an
Authorized Participant and applicable variable fee charged based on the total
value of Creation Aggregation Units purchased or redeemed. 

“Transmittal Date” means the date on which a Creation Order to purchase
Creation Unit Aggregations is placed. 

“Trust” means the ETFS Collateralized Commodities Trust.

Any term capitalized
therein and not defined shall have the meaning referenced in:
_________________.Exhibit 10.1

FORM OF

FUND SERVICING AGREEMENT

TABLE
OF CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	

 
	
 SECTION

 	
  

 	
  

 
	
 1.

 	
 INTENTION OF THE PARTIES;
 DEFINITIONS

 	
  

 	
  

 
	
 1.1

 	
 Intention
 of the Parties.

 	
  

 	
  

 
	
 1.2

 	
 Definitions;
 Interpretation.

 	
  

 	
  

 
	
 2.

 	
 WHAT __________ IS REQUIRED TO DO

 	
  

 	
  

 
	
 2.1

 	
 The
 Services.

 	
  

 	
  

 
	
 2.2

 	
 No Duty to Monitor Compliance.

 	
  

 	
  

 
	
 2.3

 	
 No Responsibility for Tax
 Returns.

 	
  

 	
  

 
	
 2.4

 	
 Storage of Records.

 	
  

 	
  

 
	
 2.5

 	
 Compliance with Laws and
 Regulations.

 	
  

 	
  

 
	
 2.6

 	
 Change Control.

 	
  

 	
  

 
	
 3.

 	
 INSTRUCTIONS

 	
  

 	
  

 
	
 3.1

 	
 Acting on Instructions;
 Unclear Instructions.

 	
  

 	
  

 
	
 3.2

 	
 Verification
 and Security Procedures.

 	
  

 	
  

 
	
 3.3

 	
 Instructions
 Contrary To Applicable Law/Market Practice.

 	
  

 	
  

 
	
 3.4

 	
 Cut-Off
 Times.

 	
  

 	
  

 
	
 3.5

 	
 Electronic
 Access.

 	
  

 	
  

 
	
 4.

 	
 FEES AND EXPENSES OWING TO
 __________

 	
  

 	
  

 
	
 4.1

 	
 Fees
 and Expenses.

 	
  

 	
  

 
	
 5.

 	
 ADDITIONAL PROVISIONS RELATING TO
 THE TRUST

 	
  

 	
  

 
	
 5.1

 	
 Representations
 of the Trust and __________.

 	
  

 	
  

 
	
 5.2

 	
 The
 Trust to Provide Certain Information to __________.

 	
  

 	
  

 
	
 5.3

 	
 Information
 Used to Provide the Service.

 	
  

 	
  

 
	
 6.

 	
 WHERE __________ IS LIABLE TO THE
 TRUST OR THE FUNDS

 	
  

 	
  

 
	
 6.1

 	
 Standard
 of Care; Liability.

 	
  

 	
  

 
	
 6.2

 	
 Force
 Majeure.

 	
  

 	
  

 
	
 6.3

 	
 __________
 May Consult with Counsel.

 	
  

 	
  

 
	
 6.4

 	
 Limitations
 of __________’s Liability.

 	
  

 	
  

 
	
 7.

 	
 TERM AND TERMINATION

 	
  

 	
  

 
	
 7.1

 	
 Term
 and Termination.

 	
  

 	
  

 
	
 7.2

 	
 Termination
 for Convenience.

 	
  

 	
  

 
	
 7.3

 	
 Other
 Grounds for Termination.

 	
  

 	
  

 
	
 7.4

 	
 Consequences
 of Termination.

 	
  

 	
  

 
	
 7.5

 	
 Transition
 following Termination.

 	
  

 	
  

 
	
 8.

 	
 MISCELLANEOUS

 	
  

 	
  

 
	
 8.1

 	
 Notices.

 	
  

 	
  

 
	
 8.2

 	
 Successors and Assigns.

 	
  

 	
  

 
	
 8.3

 	
 Entire
 Agreement.

 	
  

 	
  

 
	
 8.4

 	
 Insurance.

 	
  

 	
  

 
	
 8.5

 	
 Governing
 Law and Jurisdiction.

 	
  

 	
  

 
	
 8.6

 	
 Severability;
 Waiver; and Survival.

 	
  

 	
  

 
	
 8.7

 	
 Confidentiality.

 	
  

 	
  

 
	
 8.8

 	
 Use
 of __________’s Name.

 	
  

 	
  

 
	
 8.9

 	
 Delegation.

 	
  

 	
  

 
	
 8.10

 	
 Third
 Party Rights.

 	
  

 	
  

 
	
 8.11

 	
 Counterparts.

 	
  

 	
  

 
	
 8.12

 	
 Limitations
 on Liability.

 	
  

 	
  

 
	
 SCHEDULE   1
 ACCOUNTING AND VALUE CALCULATION SERVICES

 	
  

 	
  

 
	
 APPENDIX A
 VALUE ERROR CORRECTION POLICY AND PROCEDURES

 	
  

 	
  

 
	
 SCHEDULE   2 FUND ADMINISTRATION SERVICES

 	
  

 	
  

 
	
 SCHEDULE   3
 REMUNERATION

 	
  

 	
  

 
	
 ANNEX A Electronic Access

 	
  

 	
 28

 

ADMINISTRATION AGREEMENT

This Agreement, dated [__________________], [20__], is
between________________________________,
whose principal place of business is at ___________________________.
(“__________”)
and ETF SECURITIES USA LLC, a Delaware limited liability company (“ETFS”) for services to be provided to ETFS COLLATERALIZED COMMODITIES TRUST, a
Delaware statutory trust currently organized into separate series (“Funds”) with offices at c/o ETF Securities
USA LLC, 48 Wall Street, 11ith Floor, New York, New York 10005 (the “Trust”).

	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 Intention
 of the Parties; Definitions

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.1

 	
 Intention
 of the Parties.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________
 is a Delaware corporation.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 The Trust is a Delaware statutory
 trust registered under
 the Securities Act of 1933, as amended (the “1933 Act”), with the purpose of investment of its assets in
 certain types of securities and instruments, as more fully described in the
 Trust’s Registration Statement, as amended from time to time.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 ETFS in its capacity as Sponsor
 (as defined herein) to the Trust has requested __________ to provide
 Accounting and Value Calculation Services and Fund Administration Services to
 the Funds, which __________ has agreed to do subject to the terms and
 conditions appearing in this Agreement and the Schedules.

 
	
  

 	
  

 	
  

 
	
  

 	
 1.2

 	
 Definitions;
 Interpretation.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 As used in this Agreement and the Schedules and
 Appendices to this Agreement, the following terms have the meaning
 hereinafter stated.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Accounting and Value Calculation
 Services” means the services described in Schedule 1.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Affiliate(s)”
 means an entity controlling, controlled by, or under common control with,
 __________ or Trust, as the case may be.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Applicable
 Law” means the
 applicable laws in force in the United States, including the 1933 Act and the
 Securities Exchange Act of 1934, as amended, (“1934 Act”) as well as any applicable statute, treaty, rule,
 regulation or common law and any applicable decree, injunction, judgment,
 order, formal interpretation or ruling issued by a court or governmental
 entity.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Articles”
 means the deed of
 trust of the Trust, as amended from time 

 

1

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 to time.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Authorized
 Person” means any
 person who has been designated by the Trust (or by any agent designated by
 the Trust) to act on behalf of Trust or the Funds under this Agreement. Such
 persons will continue to be Authorized Persons until such time as __________
 receives, and has had reasonable time to act upon, Instructions from the
 Trust (or its agent) that any such person is no longer an Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Board”
 means the board of trustees of the Trust.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Change” has the meaning given in Section 2.6.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Change
 Control” means the
 process set out in Section 2.6.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Change
 Request” has the
 meaning given in Section 2.6.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Confidential Information” means and includes
 all non-public information concerning the Trust and/or the Funds which
 __________ receives in the course of providing services under this Agreement.
 Nevertheless, the term Confidential Information shall not include information
 which is or becomes available to the general public by means other than
 __________’s breach of the terms of this Agreement or information which
 __________ obtains on a non-confidential basis from a person who is not known
 to be subject to any obligation of confidence to any person with respect to
 that information.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Fees”
 means the payments described in Article 4, to be made by the Sponsor to
 __________ for the Services provided to the Trust.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Fund
 Administration Services” means the services described in Schedule
 2.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Instruction” means an instruction that has been
 verified in accordance with a Security Procedure or, if no Security Procedure
 is applicable, which __________ believes in good faith to have been given by
 an Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “__________Indemnitees” means __________ and its affiliates and
 nominees, and their respective directors, officers, employees and agents.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Liabilities”
 means any liabilities, losses, claims, costs, damages, penalties, fines,
 obligations, taxes (other than taxes based solely on __________’s income) or
 expenses of any kind whatsoever (including, without limitation, reasonable
 attorneys’, accountants’, consultants’ or experts’ fees and disbursements).

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
“Prospectus”
 means the prospectus of the applicable Fund as supplemented, updated or
 amended from time to time.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
“Registration
 Statement” means the registration statement on Form S-1 of the
 applicable Fund, filed under the 1933 Act, as amended or supplemented,
 updated or amended from time to time.

 

2

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Regulator”
 means the United States Securities and Exchange Commission (“SEC”)

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Security Procedure”
 means any security procedure to be followed by Trust
 upon the issuance of an Instruction and/or by __________ upon the receipt of
 an Instruction, so as to enable __________ to verify that such Instruction is
 authorized, as set forth in operating procedures documentation in effect from
 time to time between the parties with respect to the services set forth in
 this Agreement, or as otherwise agreed in writing by the parties. A Security
 Procedure may, without limitation, involve the use of algorithms, codes,
 passwords, encryption or telephone call backs and may be updated by
 __________ from time to time upon notice to the Trust. Trust acknowledges that
 Security Procedures are designed to verify the authenticity of, and not
 detect errors in, Instructions. For the avoidance of doubt, the parties agree
 that a SWIFT message issued in the name of Trust through any third party
 utility agreed upon by the parties as being a method for providing
 Instructions and authenticated in accordance with that utility’s customary
 procedures, shall be deemed to be an authorized Instruction.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Service Commencement Date”
 means the first date on which __________ is entitled to receive fees under
 this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
“Services”
 means the Accounting and Value Calculation Services, and Fund Administration
 Services.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
“Shares”
 means the shares issued by the Trust.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Shareholder”
 means a holder of Shares.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
“Sponsor” means any person or entity appointed as investment
 adviser or manager of any of the
 Funds, in
 accordance with the Registration Statement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
“Trustee”
 means the Delaware statutory trustee of the Trust.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
Headings are for reference
 and convenience only and are not intended to affect interpretation.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
References to Articles and
 Sections are to Articles and Sections of this Agreement and references to
 sub-sections and paragraphs are to sub-sections of the Sections and
 paragraphs of the sub-sections in which they appear.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
Unless the context requires otherwise, references in
 this Agreement to “persons” shall include legal as well as natural entities;
 references importing the singular shall include the plural (and vice versa);
 use of the generic masculine pronoun shall include the feminine; use of the
 term “including” shall be deemed to mean “including but not limited to,” and
 references to appendices and numbered sections shall be to 

 

3

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
such addenda and provisions herein; all such addenda
 are hereby incorporated in this Agreement by reference.

 
	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
 What
 __________ is Required to Do

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.1

 	
 The
 Services.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
The Trust hereby appoints __________ to act as
 administrator of and to provide the Services with respect to each of the Funds and
 __________ agrees to act as administrator of and to provide the Services with
 respect to the Funds (subject to any limitations notified by the
 Trust to __________ in writing and subject to any requirements or
 restrictions imposed on the performance of such functions by any statutory
 provisions for the time being in force), until this Agreement is terminated
 as hereinafter provided.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
The Trust shall not permit the Registration Statement
 to be amended in any way inconsistent with the terms and conditions of the
 Agreement. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
__________ shall act as agent of the Trust and/or the Funds solely
 with respect to the duties of __________ described in this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 The Trust acknowledges that __________is not providing any
 legal, tax or investment advice in providing the Services.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.2

 	
 No Duty to Monitor Compliance.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each party hereto acknowledges that the duty of
 __________ in its capacity as the provider of any of the Services shall not
 constitute a duty to monitor the compliance of any other party hereto or
 their delegates or any other person whatsoever (other than __________ or any
 of its Affiliates or sub-contractor) with any restriction or guideline
 imposed on any of the Funds or the Sponsor by the
 Registration Statement and any other document, or by law or regulation or
 otherwise with regard to any of the Funds or the Sponsor, except as expressly set
 forth in this Agreement and further, that the duties of
 __________ in its capacity as the provider of any of the Services, shall not
 extend to enforcing compliance of any of the Funds, the
 Sponsor, their respective delegates or any other person whatsoever (other than
 __________ or any of its Affiliates or sub-contractor) with any such
 restrictions or guidelines.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.3

 	
 No Responsibility for Tax Returns.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Notwithstanding anything herein to the contrary,
 while __________ shall provide the Trust with information regarding taxable
 events in the United States in relation to the Trust and/or the Funds,
 __________ is not responsible for preparing or filing any tax reports or
 returns on behalf of the Shareholders or the Funds except as expressly set forth in
 this Agreement.

 

4

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.4

 	
 Storage of Records.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ is authorized to maintain all accounts,
 registers, corporate books and other documents on magnetic tape or disc, or
 on any other mechanical or electronic system; provided that they are capable
 of being reproduced in legible form in accordance with Applicable Law. Where
 any Authorized Person, including any Fund’s auditor, wishes to inspect such
 documents maintained by __________, __________ shall provide legible
 documents, for the discharge of the Fund’s and its auditors’ legal and
 regulatory duties. The applicable Funds shall be responsible for the payment
 of any research and copying costs associated with any such request, in
 accordance with __________’s customary practices.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.5

 	
 Compliance with Laws and
 Regulations.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will comply with Applicable Law in the
 United States with respect to the provision of the Services. The Trust
 undertakes to comply (and to cause the Funds to comply) with Applicable Law
 in the United States and in each state in which the Trust conducts business,
 to the extent that compliance with such Applicable Law is relevant to the
 provision or receipt of the Services or the marketing of the Funds.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.6

 	
 Change Control.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 If either party wishes to
 propose any amendment or modification to, or variation of, the Services
 (including the scope or details of the Services (a “Change”) then it shall
 notify the other party of that fact by sending a request (a “Change Request”)
 to the party, specifying in as much detail as is reasonably practicable the
 nature of the Change. __________ shall maintain a log of all Change Requests.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Promptly following the
 receipt of a Change Request, the parties shall agree whether to implement the
 Change Request, whether the Fees should be modified in light of the change to
 the Services, and the basis upon which __________ will be compensated for
 implementing the Change Request.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 If a change to Applicable
 Law requires a change to the provision of the Services, the parties shall
 follow the Change Control processes set forth in this Schedule. __________
 shall bear its own costs with respect to implementing such a Change Request
 except that:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 __________ shall be
 entitled to charge the Trust for any changes to software that has been
 developed or customized for the Trust; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 __________ shall be
 entitled to charge the Trust for any changes required as a result of the
 change in Applicable Law affecting the Trust and/or any of its Funds in a
 materially different way than it affects __________’s other customers, 

 

5

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 or which the Trust wishes
 __________ to implement in a way different from what __________ reasonably
 intends to implement for its other customers.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 If the change in
 Applicable Law results in a change to the Services, or an increase in
 __________’s risk associated with provision of the Services, __________ shall
 be entitled to make an appropriate increase in the Fees.

 
	
  

 	
  

 	
  

 	
  

 
	
 3.

 	
 Instructions

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.1

 	
 Acting on Instructions; Unclear
 Instructions.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 The Trust authorizes
 __________ to accept, rely upon and/or act upon any Instructions received by
 it without inquiry. The Trust will indemnify the__________Indemnitees
 against, and hold each of them harmless from, any Liabilities that may be
 imposed on, incurred by, or asserted against the __________Indemnitees as a
 result of any action or omission taken in accordance with any Instruction
 unless the Liabilities result from an act of negligence, fraud or willful
 misconduct on the part of the__________Indemnitees with respect to the manner
 in which such Instructions are followed.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 __________ shall promptly
 notify an Authorized Person or Shareholder, as applicable, if an Instruction does
 not contain all information reasonably necessary for __________ to carry out
 the Instruction. __________ may decline to act upon an Instruction if it does
 not receive clarification or confirmation satisfactory to it. __________ will
 not be liable for any loss arising from any reasonable delay in carrying out
 any such Instruction while it seeks such missing information, clarification
 or confirmation or in declining to act upon any Instruction for which it does
 not receive clarification satisfactory to it.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.2

 	
 Verification and Security Procedures.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________ and the
 Trust shall comply with any applicable Security Procedures with respect to the
 delivery or authentication of Instructions and shall ensure that any codes,
 passwords or similar devices are reasonably safeguarded.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 __________ may record any
 of its telephone communications.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.3

 	
 Instructions
 Contrary To Applicable Law/Market Practice.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ need not act
 upon Instructions which it reasonably believes to be contrary to Applicable
 Law or market practice but __________ will be under no duty to investigate
 whether any Instructions comply with Applicable Law or market practice. In
 the event __________ does not act upon such 

 

6

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Instructions, __________
 will notify Trust where reasonably practicable.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.4

 	
 Cut-Off
 Times.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ has established
 cut-off times for receipt of certain Instructions, which will be made
 available to the Trust. If __________ receives an Instruction (other than
 Instructions relating to a Share transaction, which shall be processed by __________
 in accordance with the Registration Statement) after its established cut-off
 time, __________ will attempt to act upon the Instruction on the day
 requested if __________ deems it practicable to do so or otherwise as soon as
 practicable after that day.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.5

 	
 Electronic
 Access.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Access by the Trust to
 certain applications or products of __________ via __________’s web site or
 otherwise shall be governed by this Agreement and the terms and conditions
 set forth in Annex A.

 
	
  

 	
  

 	
  

 	
  

 
	
 4.

 	
 Fees
 and Expenses Owing to __________

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.1

 	
 Fees and
 Expenses.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 The Sponsor will pay __________ for its services on
 behalf of the Trust under this Agreement, as agreed between the Sponsor and
 __________ from time to time and as described in Schedule 3.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 In addition to the fees provided for above, the
 Sponsor shall be responsible for the payment of [all the reasonable fees and
 disbursements of __________ in connection with the establishment, and ongoing
 business of the Trust and/or any Fund, all governmental or
 similar fees, charges, taxes, duties and imposts levied in or by any relevant
 authority in the United States on or in respect of the Trust and/or any Fund which
 are incurred by __________, and any other customary or extraordinary
 expenses. The Sponsor shall reimburse __________ for any of the foregoing and
 for all reasonable out-of-pocket expenses including without limitation
 telephone, postage and stationery and expenses of a similar nature as
 __________ may incur in the execution of its duties under this Agreement and
 including the costs and expenses, by the Sponsor’s request or with the
 Sponsor’s agreement, incurred by __________ and its agents in determining the
 value of assets in connection with its duty as the calculator of the Value of
 the Funds
 or any Shares and in connection with the performance of its duties pursuant
 to this Agreement.]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 Invoices will be payable
 within thirty (30) days of the date of the invoice. If the Trust disputes an
 invoice, it shall nevertheless pay on or before the date that payment is due
 such portion of the invoice as is not subject to a bona fide dispute. Without
 prejudice to __________’s 

 

7

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 other rights, __________
 reserves the right to charge interest on overdue amounts from the due date
 until actual payment at such rate as __________ customarily charges for
 similar overdue amounts.

 
	
  

 	
  

 	
  

 	
  

 
	
 5.

 	
 Additional Provisions Relating to
 the Trust

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 5.1

 	
 Representations
 of the Trust and __________.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 The Sponsor represents and
 warrants that (i) assuming execution and delivery of this Agreement by
 __________, this Agreement is the Sponsor’s legal, valid and binding
 obligation, enforceable against Sponsor in accordance with its terms, (ii) it
 has full power and authority to enter into and has taken all necessary
 corporate action to authorize the execution of this Agreement, and (iii) it
 has not relied on any oral or written representation made by __________ or
 any person on its behalf, and acknowledges that this Agreement sets out to
 the fullest extent the duties of __________.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 __________ represents and
 warrants that (i) assuming execution and delivery of this Agreement by the
 Trust, this Agreement is __________’s legal, valid and binding obligation,
 enforceable against __________ in accordance with its terms and (ii) it has
 full power and authority to enter into and has taken all necessary corporate
 action to authorize the execution of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 5.2

 	
 The Trust
 to Provide Certain Information to __________.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon request, the Trust
 will promptly provide to __________ such information about itself and its
 financial status as __________ may reasonably request, including the Articles
 and its current audited and unaudited financial statements, its Registration
 Statement and any contracts, regulatory documents or opinions from a lawyer or
 accountant that relate to the Services described in this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 5.3

 	
 Information
 Used to Provide the Service.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The Trust agrees with __________ that any information
 the Trust or the Sponsor provides to __________ pursuant to this Agreement
 shall be complete and accurate to enable __________ to perform its
 responsibilities pursuant to this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
 6.

 	
 Where
 __________ is Liable to the Trust or the Funds

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.1

 	
 Standard
 of Care; Liability.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________ will use
 reasonable care in performing its obligations under this Agreement.
 __________ will not be responsible for any loss or 

 

8

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 damage suffered by the
 Trust or the Funds with respect to any matter as to which __________ has
 satisfied its obligation of reasonable care unless the same results from an
 act of negligence, fraud or willful misconduct on the part of __________.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 __________ will be liable
 for the Trust’s and/or any Fund’s direct damages to the extent they result
 from __________’s fraud, negligence, or willful misconduct in performing its
 duties as set out in this Agreement. Nevertheless, under no circumstances
 will __________ be liable for any indirect, incidental, consequential or
 special damages (including, without limitation, lost profits or business) of
 any form incurred by any person or entity, whether or not foreseeable and
 regardless of the type of action in which such a claim may be brought,
 __________’s performance under this Agreement, or __________’s role as a
 service provider to the Trust.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 The Trust will indemnify
 the __________ Indemnitees against, and hold them harmless from, any
 Liabilities that may be imposed on, incurred by or asserted against any of the
 __________ Indemnitees in connection with or arising out of __________’s
 performance under this Agreement, provided the __________ Indemnitees have not
 acted with negligence or engaged in fraud or willful misconduct in connection
 with the Liabilities in question.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.2

 	
 Force
 Majeure.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will maintain
 and update from time to time business continuation and disaster recovery
 procedures with respect to its global business that it determines from time
 to time meet reasonable commercial standards. To the extent permitted by
 Applicable Law, __________ will have no liability, however, for any damage,
 loss, expense or liability of any nature that the Trust or any of the Funds
 may suffer or incur, caused by an act of God, fire, flood, civil or labor
 disturbance, war, terrorism, act of any governmental authority or other act
 or threat of any authority (de jure or de facto), legal constraint, fraud or
 forgery, (other than on the part of __________ or its employees), malfunction
 of equipment or software (except where such malfunction is primarily and
 directly attributable to __________’s negligence in maintaining the equipment
 or software), failure of or the effect of rules or operations of any external
 funds transfer system, inability to obtain or interruption of external
 communications facilities, or any cause beyond the reasonable control of
 __________.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.3

 	
 __________
 May Consult with Counsel.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will be
 entitled to rely on, and may act upon the advice of professional advisors in
 relation to matters of law, regulation or market practice (which may be the
 professional advisers of the Trust or the Funds), and shall not be liable to
 Trust under this Agreement for any action taken or omitted pursuant to such
 advice provided that __________ has acted with 

 

9

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 reasonable care.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.4

 	
 Limitations
 of __________’s Liability.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________
 may rely on information provided to it by or on behalf of the Funds, or which
 was prepared or maintained by the Trust or any third party on behalf of the
 Funds, in the course of discharging its duties under this Agreement.
 __________ shall not be liable to any person for any Liabilities suffered by
 any person as a result of __________: (i) having relied upon the authority,
 accuracy, truth or completeness of information including, without limitation,
 information supplied to __________ by the Trust or by the Sponsor or any third
 party which is not a subcontractor of __________, including but not limited
 to, information in relation to trades in respect of the Funds or expenses of
 the Funds; (ii) having relied upon the authority, accuracy, truth and
 completeness of information furnished to __________ by any pricing services,
 data services, or provider of other market information or information
 concerning securities held by the Funds.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 __________ shall not be
 liable for any error in data that is transitioned to __________ at the time
 it begins to provide the Services with respect to the Funds provided however that __________:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 shall use reasonable
 efforts to mitigate any Losses arising as a result of any such error of which
 it is aware; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 shall notify the Trust as
 soon as practicable after becoming aware of the error.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 __________ shall be entitled
 to reasonable compensation, at its customary hourly rates, for the
 remediation efforts needed to correct any such error in data.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 __________
 shall not be liable for any Losses resulting from a failure by any person (other than an
 Affiliate or subcontractor of __________) to provide __________ with any
 information or notice that is reasonably necessary for the provision of the
 Services provided
 however that the Losses do not result from an act of negligence, fraud
 or willful misconduct on the part of the __________ Indemnitees. __________
 shall use reasonable efforts to find alternative sources of information in
 the event of any such failure. In the event of any such failure that may
 affect the performance of the Services, __________ shall promptly notify the
 Trust.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 __________ shall not be liable for any Liabilities
 whatsoever incurred or suffered by any party hereto, whether on their own
 account or for the account of the Funds, as a result of the failure of the
 Trust or its agents, officers or employees to comply with the laws or
 regulations of any jurisdiction in which Shares are offered.

 

10

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (e)

 	
 __________’s responsibilities with respect to the
 correction of an error in calculating the value of any Fund shall be subject
 to the Value correction policy and procedures attached to this Agreement as
 Appendix A to Schedule 1 of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (f)

 	
 The Trust agrees that the accounting reports provided
 by __________, as well as any share class or other similar reports, are to
 enable the Trust to fulfill its statutory reporting and investor
 subscription/redemption obligations, and are not for investment, treasury or
 hedging purposes.

 
	
  

 	
  

 
	
 7.

 	
 Term
 and Termination

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.1

 	
 Term and
 Termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement shall be in effect for an initial term
 of _____ years from the Services Commencement Date (the “Initial Term”). The
 Agreement will automatically renew for additional one year periods effective
 from the first anniversary of the date of the end of the Initial Term of this
 Agreement, unless and until a valid termination notice is given by the
 Sponsor on behalf of the Trust or __________ at least ___________ days prior
 to the end of the applicable term.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.2

 	
 Termination
 for Convenience.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Notwithstanding Section 7.1, this Agreement shall be
 capable of being terminated prior to the end of the Initial Term, by not less
 than ________ months’ written notice given by the Sponsor on behalf of the
 Trust to ________. Nevertheless, if any termination by the Trust under this
 Section 7.2 becomes effective prior to the end of the Initial Term, the Trust
 shall pay ________ an early termination fee in an amount equal to
 ____________ (the “Early Termination Fee.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.3

 	
 Other
 Grounds for Termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 In the event of the termination of the custody
 agreement or the agency agreement between __________ and the Trust,
 __________ may terminate this Agreement in whole or in part and cease to
 provide the Services simultaneously with the transition of the assets of the respective
 Funds to a successor custodian.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
             (b)
 Either party may terminate this Agreement immediately upon written notice to
 the other party following the occurrence of any of the following:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (i) the other party being declared bankrupt, entering
 into a composition with creditors, obtaining a suspension of payment, being
 put under court controlled management or being the subject of a similar
 measure;

 

11

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (ii) the relevant federal or state authority
 withdrawing its authorization of either party; or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (iii) the other party committing any material breach of this Agreement and
 failing to remedy such breach (if capable of remedy) within 90 days of being
 given written notice of the material breach, unless the parties agree to
 extend the period to remedy the breach.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.4

 	
 Consequences
 of Termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Termination of this Agreement under the provisions of
 this Article7 will be without prejudice to the performance of any party’s
 obligations under this Agreement with respect to all outstanding transactions
 at the date of termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.5

 	
 Transition
 following Termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 As soon as reasonably practicable following its
 resignation or termination of appointment becoming effective and subject to
 payment of any amount owing to __________ under this Agreement, __________
 agrees to transfer such records and related supporting documentation as are
 held by it under this Agreement, to any replacement provider of the Services
 or to such other person as the Trust may direct. Except as otherwise provided
 in Section 7.3, __________ will provide the Services until a replacement
 administrator is in place subject to the terms and conditions of this
 Agreement (including Article 4). __________ will also provide reasonable
 assistance to its successor, for such transfer, subject to the payment of
 such reasonable expenses and charges as __________ customarily charges for
 such assistance. The Trust undertakes to use its best efforts to appoint a
 new administrative service provider as soon as possible.

 
	
  

 	
  

 	
  

 	
  

 
	
 8.

 	
 Miscellaneous

 
	
  

 	
  

 
	
  

 	
 8.1

 	
 Notices.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Notices required under
 this Agreement (other than Instructions) shall be sent or served by
 registered mail, overnight delivery services, such as Federal Express (FedEx)
 or United Parcel Service (UPS), etc., courier services or hand delivery to
 the address of the respective parties as set out on the first page of this
 Agreement, unless and until notice of a new address is given to the other
 party in writing. Notice will not be deemed to be given unless it has been
 received.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.2

 	
 Successors and Assigns.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement will be
 binding on each of the parties hereto and their respective successors and
 permitted assigns, but the parties agree that neither 

 

12

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 party can assign its
 rights and obligations under this Agreement without the prior written consent
 of the other party, which consent will not be unreasonably withheld or
 delayed; except __________ may assign this Agreement without the Trust’s
 consent to (a) any Affiliate or subsidiary of __________ or (b) in connection
 with a merger, reorganization, stock sale or sale of all or substantially all
 of __________’s fund servicing business

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.3

 	
 Entire
 Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement, including
 the Schedules and Appendices, sets out the entire Agreement between the
 parties in connection with the subject matter, and this Agreement supersedes
 any other agreement, statement, or representation relating to the Services
 under this Agreement, whether oral or written. Amendments must be in writing
 and signed by both parties.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.4

 	
 Insurance.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The Trust acknowledges
 that __________ will not be required to maintain any insurance coverage
 specifically for the benefit of the Trust or the Funds. __________ will, however,
 provide summary information of its own general insurance coverage, to the
 Trust upon written request.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.5

 	
 Governing
 Law and Jurisdiction.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement will be
 construed, regulated and administered under the laws of the U.S. or State of
 New York, as applicable, without regard to New York’s principles regarding
 conflict of laws. The U.S. District Court for the Southern District of New
 York will have the sole and exclusive jurisdiction over any lawsuit or other
 judicial proceeding relating to or arising from this Agreement. If that court
 lacks federal subject matter jurisdiction, the Supreme Court of the State of
 New York, New York County will have sole and exclusive jurisdiction. Either
 of these courts will have the proper venue for any such lawsuit or judicial
 proceeding, and the parties waive any objection to venue or their convenience
 as a forum. The parties agree to submit to the jurisdiction of any of the
 courts specified and to accept service of process to vest personal jurisdiction
 over them in any of these courts. The parties further hereby knowingly,
 voluntarily and intentionally waive, to the fullest extent permitted by
 Applicable Law, any right to a trial by jury with respect to any such lawsuit
 or judicial proceeding arising or relating to this Agreement or the
 transactions contemplated hereby.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.6

 	
 Severability;
 Waiver; and Survival.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (a) If one or more
 provisions of this Agreement are held invalid, illegal or unenforceable in
 any respect on the basis of any particular circumstances or in any
 jurisdiction, the validity, legality and enforceability of such provision or
 provisions under other circumstances or in other jurisdictions and of the
 remaining 

 

13

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 provisions will not in any
 way be affected or impaired.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (b) Except as otherwise
 provided herein, no failure or delay on the part of either party in
 exercising any power or right under this Agreement operates as a waiver, nor
 does any single or partial exercise of any power or right preclude any other
 or further exercise, or the exercise of any other power or right. No waiver
 by a party of any provision of this Agreement, or waiver of any breach or
 default, is effective unless it is in writing and signed by the party against
 whom the waiver is to be enforced.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (c) The parties’ rights,
 protections, and remedies under this Agreement shall survive its termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.7

 	
 Confidentiality.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (a) Subject to Section
 8.7(b), __________ will hold all Confidential Information in confidence and
 will not disclose any Confidential Information except as may be required by
 Applicable Law, a regulator with jurisdiction over __________’s or
 Funds business, or with the consent of the Trust. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (b) The Trust authorizes
 __________ to disclose Confidential Information to:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (i) any service providers
 and/or vendors to the Funds that __________ believes are reasonably required
 by such person to provide the relevant services;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 its professional advisers,
 auditors or public accountants;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 its Affiliates; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 any revenue authority or
 any governmental entity.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 Except as otherwise
 required by Applicable Law or as needed to enforce the terms of this
 Agreement, the parties shall hold the terms and conditions of this Agreement,
 including, without limitation, any commercial terms, in confidence.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.8

 	
 Use of
 __________’s Name.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The Trust agrees not to use (or permit the use of)
 __________’s name in any document, publication or publicity material relating
 to the Trust or the Funds, including but not limited to notices, sales
 literature, stationery, advertisements, etc., without the prior consent of
 __________ (which consent shall not be unreasonably withheld), provided that
 no prior consent is needed if the document in which __________’s name is used
 merely states that __________ is acting as administrator to the Funds.

 

14

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.9

 	
 Delegation.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ may delegate to a reputable agent any of
 its functions herein. However, __________ will remain responsible to the
 Funds for any such delegation. To the extent reasonably practicable,
 __________ will consult with the Trust before it implements the delegation of
 a material portion of the Services.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.10

 	
 Third
 Party Rights.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A
 person who is not a party to this Agreement shall have no right to enforce
 any term of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.11

 	
 Counterparts.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement may be
 executed in several counterparts each of which will be deemed to be an
 original and together will constitute one and the same agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.12

 	
 Limitations
 on Liability.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a) The debts,
 liabilities, obligations, expenses, costs, charges, indemnities and reserves
 incurred, contracted for, attributable to or otherwise existing with respect
 to a particular Series shall be enforceable against the assets of such Series
 only, and not against the assets of the Trust generally or of any other
 Series and, unless otherwise provided by the Sponsor, none of the debts,
 liabilities, obligations, expenses, costs, charges, indemnities and reserves
 incurred, contracted for, attributable to or otherwise existing with respect
 to the Trust generally or any other Series shall be enforceable against the
 assets of such Series. Any general liabilities, expenses, costs, charges,
 indemnities or reserves of the Trust which are not readily identifiable as
 being held with respect to any particular Series shall be allocated and
 charged by the Sponsor to and among any one or more of the Series in such
 manner and on such basis as the Sponsor in its sole discretion deems fair and
 equitable. Pursuant to the Delaware Statutory Trust Act and the Amended and
 Restated Trust Agreement of the Trust, any party extending credit to,
 contracting with or having any claim against any Series of the Trust may look
 only to the assets of such Series to satisfy or enforce any debt with respect
 to that Series.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b) This Agreement has
 been entered into by the Trust and was executed and delivered by an officer
 of its Sponsor, on behalf of the Trust, which officer was acting solely in
 his capacity as an officer of the Sponsor and not in his individual capacity
 and which Sponsor was acting solely in its capacity as sponsor of the Trust
 and not in its individual capacity. The obligations of this Agreement are not
 binding on such officer, the Sponsor or any shareholder of the series of the
 Trust individually. The obligations of this Agreement are binding only upon
 the assets and property of the Trust or belonging or attributable to a Series
 thereof.

 

15

AS WITNESS the hand of the duly authorized officers of
the parties hereto:

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETF
 SECURITIES USA LLC, on behalf of the

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	

 

 
	
 TRUST

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Title:

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date:

 	
  

 	
 Date:

 

16

SCHEDULE 1

Accounting and Value Calculation Services

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 A.

 	
 Definitions 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Definitions.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 As used in this Agreement and the Schedules and
 Appendices to this Agreement, the following terms have the meaning
 hereinafter stated:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Accounting Records” means the official
 books and records which are maintained by or in respect of the Funds in
 accordance with Applicable Law.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Business Day” means a day on which the
 New York Stock Exchange is open for Business. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Cash” means the
 cash that (i) must be tendered to a Counterparty on behalf of a Fund by an
 Authorized Participant to issue one or more Creation Units of the Shares of
 such Fund or (ii) must be tendered by a Counterparty on behalf of a Fund to
 an Authorized Participant to redeem one or more Creation Units of the Shares
 of such Fund.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Counterparty”
 means an entity that has entered into specified agreements with a Fund
 pursuant to which it can enter into commodity contracts with such Fund.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Creation
 Unit” means a large
 block of a specified number of Shares at a given value that makes up one unit
 of the Fund, as specified in the Trust’s prospectus. A Creation Unit is the
 minimum number of Shares that may be created or redeemed at any one time.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Custodian” means the entity appointed as
 the custodian of the Funds, as notified by the Trust to __________ in
 writing.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Daily” means, in relation to an activity,
 that it is repeated on each Business Day.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Value” means, in relation to any of the
 Funds, the net asset value per Share for that Fund.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  “Value
 Error” means one or
 more errors in the computation of net asset value which, when considered
 cumulatively, results in a computed error amount of at least .01 per Share.

 

17

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  “Order
 Taker” means the
 entity appointed as order taker of the Funds, as notified by the Trust to
 __________ in writing.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  “Portfolio
 Composition File” (or “PCF”) means the names, identifiers and number of shares of each equity
 security, the percentage of the Fund represented by each security, the types
 of financial instruments and their characteristics, money market instruments,
 and such other information as may be agreed with the Trust.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  “Transfer
 Agent” means
 __________ acting in the capacity as transfer agent for the Trust. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  “Valuation
 Procedures” means
 the procedures to be followed by __________ with respect to valuation of the
 Funds’ securities, as agreed by the parties.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Interpretation.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Capitalized terms which
 are defined in the main body of this Agreement shall be defined as provided
 in the main body unless otherwise defined in this Schedule.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 References to a “commodity
 contract” within the Schedules to the Agreement shall include derivatives on
 commodity contracts, including prepaid forward contracts.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 B.

 	
 Fund Accounting

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Maintenance
 of Accounting Records.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________ shall maintain
 the following Accounting Records in accordance with U.S. generally accepted
 accounting principles:

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 journals containing an itemized Daily record of all
 purchases and sales of securities, all receipts and disbursements of cash and
 all other debits and credits;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 general and auxiliary ledgers reflecting all asset,
 liability, reserve, capital, income and expense accounts, including interest
 accrued and interest received;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 separate ledger accounts; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 a monthly trial balance of all ledger accounts
 (except shareholder accounts).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (b)
 __________ shall update the Accounting Records to reflect completed Share
 transactions as notified to it by the Order Taker on a total aggregate basis.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (c)
 __________ is not required to calculate performance fees, or performance fee
 waivers, expense caps or collars, except as may 

 

18

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 be agreed with the Trust.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 2.

 	
 Distributions.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Daily
 Distributing Funds:
 __________ will compute each Fund’s net income and capital gains, dividend
 payables, dividend factors and agreed upon rates and yields.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Non-Daily
 Dividend Funds:
 __________ will record Fund distributions as notified to it by the Funds’
 Administrator.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Assistance
 to Auditors.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ shall provide
 reasonable cooperation and assistance to the auditors of the Funds, including
 without limitation by providing copies of extracts of the Accounting Records
 and other documentation which is maintained by __________ on behalf of the
 Funds as reasonably required by such auditors to carry out their functions.
 The Trust and/or the Sponsor shall coordinate all requests for assistance by
 auditors.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 C.

 	
 Fund Valuations

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Value
 Calculation and Reporting.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________ shall perform
 Value calculations in accordance with:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 the Prospectus;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Valuation Procedures; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 Instructions which are
 consistent with __________’s operating model,

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
      provided that, in the
 cases of (ii) and (iii), they are consistent with (i).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
           (b)
 __________ shall perform the following Value calculation functions Daily,
 unless otherwise agreed with the Trust:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 recording all security
 transactions including appropriate gains and losses from the sale of Fund
 securities and the termination in full or in part of commodity contracts;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 recording each Fund’s (or
 class’) capital share activities based upon Share Transactions received by
 the Order Taker;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 recording interest income,
 amortization/accretion income and dividend income;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 accruing Fund (or class)
 expenses according to instructions received from the Funds’ Administrator;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (v)

 	
 recording all corporate
 actions affecting securities and 

 

19

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 commodity contracts held by
 each Fund;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (vi)

 	
 determining the
 outstanding receivables and payables for all (1) security trades and
 commodity contract transactions, (2) Share transactions; and (3) income and
 expense accounts; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (vii)

 	
 obtaining security prices
 from independent pricing services, or if such quotes are unavailable,
 obtaining such prices from the Funds’ Sponsor or its designee, as approved by
 the Board.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (viii)

 	
 Sending the daily PCF to
 the Trust as directed.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 __________ shall report
 confirmed Value calculations to 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 the Sponsor;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 the Order Taker; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 such third parties as
 agreed with the Trust.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Value
 Errors.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Subject to Applicable Law
 and notwithstanding additional duties of __________ as furthermore described
 in Appendix A to this Schedule:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 __________ shall report
 all Value Errors to the Trust promptly upon discovery.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 The Trust shall ensure
 that all errors in Value calculations identified by it, or by the Sponsor, are
 reported to __________ as soon as reasonably practicable following discovery.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 __________ shall correct
 Value Errors as and when required by Appendix A to this Schedule.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 D.

 	
 Reconciliations of Securities
 Positions and Cash and/or Currency Balances

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1

 	
           __________
 shall reconcile its records of securities positions and cash and/or currency
 balances of the relevant Fund to the records of the relevant Custodian, and
 shall perform similar reconciliations to the relevant source with respect to
 other material investment assets or liabilities. Such reconciliations shall
 be conducted at the frequency as agreed with the Trust in the case of cash
 and/or currency holdings, securities and other investment assets or liabilities.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2

 	
           In
 cases where an Affiliate of __________ is not the appointed Custodian for a
 Fund, the Trust shall ensure that the Custodian shall provide __________ with
 timely, accurate and complete records of securities position, prepaid forward
 contracts, and cash and/or currency balances to __________ for each Fund. The
 Trust also shall ensure that the relevant source shall provide __________
 with timely, accurate and complete records of any other material investment
 assets or liabilities for each Fund.

 

20

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 E.

 	
 Standard Reporting

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 __________ shall make
 available a standard set of reports as agreed with the Trust.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 F.

 	
 Services Requiring Separate
 Arrangements

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Non-Standard Services and Reports.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Additional
 services and special reports are available by arrangement between the Trust
 and __________ under the terms and conditions of this Agreement (other than
 adjustments in compensation as may be agreed). The non-standard services and
 special reports will be subject to the Change Control processes set forth in
 Section 2.6.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Messaging/Communication.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Unless otherwise agreed in
 accordance with the Change Control process set forth in Section 2.6, all
 information delivered to __________ (including but not limited to trade flows
 and reconciliation reports) shall be via __________’s standard means of
 electronic communication.

 

21

APPENDIX A
Value Error Correction Policy and Procedures

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 As used in this Agreement and the Schedules and Appendices
 to this Agreement, the following terms have the meaning hereinafter stated:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  “Value
 Error” is defined
 as one or more errors in the computation of net asset value which, when
 considered cumulatively, result in a difference between the originally
 computed Value calculation and the corrected Value calculation of at least $0.010
 per share. This computation is based upon the actual difference and is not
 based upon the rounding of the Value calculation to the nearest cent per share.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The term “responsible person” means a person who,
 by virtue of negligence, fraud, or willful misconduct, caused or contributed
 to an Value Error.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
  

 	
 (a) In the event that a
 Value Error results in a computation error greater than $0.01, then any party
 receiving an over payment as a result of the Value Error shall be responsible
 to reimburse the payee for such excess amounts. The Trust will be responsible
 for obtaining any reimbursements due in accordance with this Agreement from
 the responsible person or persons. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 In cases where __________
 is not the responsible person with regard to a Value Error, __________ shall
 be entitled to reasonable compensation for the work it performs with respect
 to the remediation of the Value Error.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 In cases where a Value
 Error has occurred, the Trust, upon JPMorgan’s request, will instruct the
 Transfer Agent to reprocess each Authorized Participant’s Creation and/or
 Redemption transactions occurring during the Value Error period by adjusting
 only the corresponding dollar amounts associated with the transactions, at
 the expense of the responsible person or persons. If the Transfer Agent does
 not agree to reprocess transactions resulting from a Value Error for which
 JPMorgan is a responsible person, JPMorgan’s liability will be limited to the
 dollar amount it would have been liable for had the reprocessing occurred.

 

22

SCHEDULE 2 
Fund Administration Services 

	
  

 	
  

 
	
 A. 

 	
  Portfolio Compliance Service. 

 

	
  

 	
  

 
	
  

 	
 1.
 Subject to the timely availability of accurate data, __________ will perform
 testing of the Fund’s portfolio compliance at such frequency and with respect
 to such investment restrictions and other requirements, as may be agreed to
 among the Sponsor, __________ and each Fund as necessary to meet industry
 regulations.__________will report its findings to the Trust from time to time
 as agreed between the parties (the “Portfolio Compliance Service”). 

 
	
  

 	
  

 
	
  

 	
 2.
 __________ is providing the Portfolio Compliance Service as a reporting
 service to the Trust to assist it in the oversight of the Funds and is not
 acting in a fiduciary capacity for the Funds. Accordingly, __________ shall
 have no liability for any Liabilities (including investment losses) incurred
 by the Trust or any Fund resulting from the reliance by the Trust (or any
 other person) on the accuracy or completeness of the Portfolio Compliance
 Service. 

 
	
  

 	
  

 
	
  

 	
 3.
 In the event that __________, by reason of its negligence or willful
 misconduct, provides the Trust with the Portfolio Compliance Service that
 contain a Material Error, __________ shall be liable to the Trust for a
 service credit in an amount equal to [10% of that portion of the annual fees
 for fund administration that the parties allocate specifically to the service
 of providing Compliance Reports. The amount of any such service credit shall
 be set off against the next invoice for fees provided by __________ hereunder.
 “Material Error” means the Portfolio Compliance Service fails to detect a
 material breach of a investment guideline applicable to the Fund to which the
 Portfolio Compliance Service relates, subject to the availability of accurate
 data, which material breach is not corrected by the Trust without incurring a
 loss that would not have been incurred in the absence of the Material Error. 

 

	
  

 	
  

 	
  

 
	
 B.

 	
 Financial
 Reporting Services.

 
	
  

 	
  

 	
  

 
	
  

 	
 __________financial
 reporting services to include: 

 
	
  

 	
  

 
	
  

 	
 1.

 	
 Filings
 on Form 8-K 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Prepare and coordinate
 filing of Form 8-K with SEC.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Quarterly
 and Annual Reports on Forms 10-Q and 10-K. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Within
 a 90 day production cycle, or shorter time period as required by the SEC and
 communicated to __________ by the Trust, prepare an Annual Report on Form
 10-K for the Trust’s fiscal year. __________ shall assist the Trust with the

 

23

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 filing of the Annual
 Report with the SEC.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Within a 45 day production
 cycle, or shorter time period as required by the SEC and communicated to
 __________ by the Trust, prepare one Quarterly Report on Form 10-Q for the
 Trust for each of the first three fiscal quarters of the Funds, or as
 necessary. __________shall assist the Trust with the filing of the Quarterly
 Reports with the SEC.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon review and approval
 of each Annual Report and Quarterly Report by an Authorized Representative of
 the Trust, __________ shall cause such reports to be EDGARized and filed with
 the SEC, as required, including any applicable executive officer
 certifications or other exhibits to such reports. __________ shall also
 provide a file that can be uploaded to the _________website.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will prepare
 the Trust’s Financial Statements for review by the Trust and its auditors,
 such preparation to include the following: 

 

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 Statement of Financial
 Condition 

 
	
  

 	
 •

 	
 Statement of Investments 

 
	
  

 	
 •

 	
 Statement of Operations 

 
	
  

 	
 •

 	
 Change in Net Assets 

 
	
  

 	
 •

 	
 Cash Flows 

 
	
  

 	
 •

 	
 Notes to Financial
 Statements 

 
	
  

 	
 •

 	
 Review of other financial
 data included in 10-Qs and 10-Ks 

 
	
  

 	
 •

 	
 Any other information that
 may be required by rule or regulation 

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 In connection with the
 preparation of each Annual Report, __________ shall assist with the audit of
 the Trust by its independent public accountant (e.g., manage open items lists,
 host weekly audit meeting, etc.).

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will provide to the Trust
 sub-certifications for Sarbanes-Oxley attestation with respect to any Form
 10-Ks, Form 10-Qs which include any applicable executive officer
 certifications. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Additional
 Services. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The following services are
 available by arrangement between the Trust and __________ (and subject to
 additional fees): pro forma statements and in-house type-setting and
 publishing.

 

	
  

 	
  

 
	
 C.

 	
 Regulatory
 Services 

 
	
  

 	
  

 
	
  

 	
 __________ will perform
 the following services subject to the review and approval of the Trust and its
 legal counsel. 

 

24

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Calendars. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ shall prepare,
 update and maintain an annual calendar of all required SEC filings and NYSE
 regulatory matters. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Regulatory
 Filings

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________will also
 prepare and file, or cause to be filed, the following regulatory
 notices/forms/reports: 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 •

 	
 With the SEC, Forms 3, 4
 and 5 for the officers of the Trust and such other persons as requested by
 the Funds 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 •

 	
 With the SEC, Current
 Reports on Form 8-K as circumstances warrant 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 •

 	
 With the NYSE, such
 notices/forms as agreed to by the Trust and the Administrator 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Other
 Services 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 At the request of the
 Trust, __________ will review materials and reports prepared by the Trust’s
 auditors, and materials prepared by the Trust’s counsel which are submitted
 to __________; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 At the request of the
 Trust, __________ will assist with the preparation and or review of
 regulatory filings/notices in consideration of changes to the structure of
 existing Funds; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 At the request of the
 Trust, __________ will review any update or amendment to the Trust’s
 registration statement on Form S-1, prepared by the Trust’s counsel,
 coordinate the review and filing of such document with the SEC, and review
 for compliance with applicable rules; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will advise on
 product development issues; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 At the request of the
 Trust, __________ will assist with the coordination of the requests for
 information/documentation from the SEC and NYSE Arca; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will assist the
 Trust in preparing press releases with respect to interim statements and
 quarterly results and transmitting such press releases to the New York Stock
 Exchange (the “NYSE”) and such other entities as requested by the Funds
 and/or the Sponsor. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 D.

 	
 General
 Administration Services 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Expense
 Accruals. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________ will prepare
 Fund expense projections, establish accruals and review 

 

25

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 on
 a periodic basis, including expenses based on a percentage of average daily
 net assets (e.g., management, advisory and administrative fees) and expenses
 based on actual charges annualized and accrued daily (e.g. audit fees,
 registration fees, directors’ fees).__________ will establish a fund
 allocation methodology if necessary. __________ will prepare a monthly
 expense pro forma for the Funds. __________ will monitor expense reduction
 relating to Organization and Offering costs. 

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Expense Payments. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon
 Instruction by the Trust’s officer, __________ will arrange for the payment
 of each Fund’s expenses. 

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Reports. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will prepare and review monthly performance calculations and will report Fund
 performance to outside statistical service providers as instructed by the
 Sponsor. 

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 SEC Examinations. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will provide support and coordinate communications and data collection of
 records and documents held by __________ on the Trust’s behalf, with respect
 to routine SEC regulatory examinations of the ___________. 

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Non-Executive Officers. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will furnish appropriate non-executive officers for the Trust, such as
 assistant treasurers and secretaries. 

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Other Services. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will apply for all Trust and Fund Tax I.D. numbers and CUSIP numbers; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will assist in coordinating seed money and establish control accounts for new
 funds; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will provide consultative services with respect to financial matters of the
 Funds as may be requested and agreed to by the Trust and __________ from time
 to time; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 __________
 will provide financial information for the prospectus and other regulatory
 filings. 

 

26

SCHEDULE 3

Remuneration

[To be agreed by the parties]

27 

ANNEX A

Electronic Access

	
  

 	
  

 
	
 1.

 	
 __________
 shall permit the Trust and its Authorized Persons to access electronically
 the applications and products listed on Exhibit 1 to this Agreement (the
 “Products”). __________ reserves the right to modify this Annex A and,
 subject to the terms and conditions of the Agreement, the products and
 services available through the Products, upon notice to the Trust. __________
 shall use reasonable efforts to give the Trust reasonable notice of its
 termination or suspension of access hereunder to any Product, but may do so
 immediately upon written notice to the Trust if __________ determines, in its
 sole discretion, that providing access to such Product would violate
 Applicable Law or that the security or integrity of such Product is at risk.

 
	
  

 	
  

 
	
 2.

 	
 In
 consideration of the fees paid by the Trust to __________ and subject to any
 applicable software license addendum in relation to Bank owned or sublicensed
 software provided for a particular application, __________ grants to the Trust,
 and, where applicable, its Authorized Persons, on the terms of this Annex Aa
 non-exclusive license to use the Products and the information and data made
 available to the Trust through the Products (the “Data”) for the sole use of
 the Trust. The Trust may download the Data and print out hard copies for its
 reference, provided that it does not remove any copyright or other notices
 contained therein or any hyperlink or other reference to any such notice.

 
	
  

 	
  

 
	
 3.

 	
 The
 rights and obligations of the parties with respect to the provision of
 certain cash products and services via the Products shall also be governed,
 to the extent not governed by this Agreement, by __________’s terms and
 conditions relating to such products and services, as the same may be amended
 from time to time (the “Product Terms”). If and to the extent that there is a
 conflict between the Product Terms and this Annex A, the provisions of this
 Annex A shall prevail. 

 
	
  

 	
  

 
	
 4.

 	
 The
 Trust acknowledges that there are certain security, corruption, transaction
 error and access availability risks associated with using open networks such
 as the Internet, and the Trust hereby expressly assumes such risks. The Trust
 shall make its own independent assessment of the adequacy of the Internet and
 of the security procedures made available by __________. The Trust
 acknowledges and agrees that the selection and use by it of third party
 security and communications software and third party service providers is the
 sole responsibility of the Trust, and __________ disclaims all risks related
 thereto, notwithstanding that __________ may recommend certain security
 and/or communication software packages. All such software must be
 interoperable with __________’s software. Each of the Trust and __________
 shall be responsible for the proper functioning, maintenance and security of
 its own systems, services, software and other equipment.

 
	
  

 	
  

 
	
 5.

 	
 In
 cases where __________’s web site is unexpectedly down or otherwise
 unavailable, __________ shall provide other appropriate means for the Trust
 or its Authorized Persons to instruct __________ or obtain reports from
 __________. Provided that __________ reasonably provides such other means,
 shall not be liable for any Liabilities arising out of 

 

28

	
  

 	
  

 
	
  

 	
 inability
 to instruct or communicate using __________’s web site in the absence of
 __________’s gross negligence or willful misconduct.

 
	
  

 	
  

 
	
 6.

 	
 Trust
 shall use (and cause its Affiliates, Authorized Persons, and other agents to
 use) appropriate and up to date products that are commercially available to
 protect their respective systems and associated files and Data from the
 threat of computer viruses and other similar destructive software elements
 (“Viruses”) and to minimize the risk of transmission of Viruses between the
 parties..

 
	
  

 	
  

 
	
 7.

 	
 The
 Trust shall promptly and accurately designate in writing to __________ the
 geographic location of its users from time to time. The Trust further
 represents and warrants to __________ that the Trust shall not access the
 service from any jurisdiction which __________ informs the Trust or where the
 Trust has actual knowledge that the service is not authorized for use due to
 local regulations or laws. Prior to submitting any document which designates
 the persons authorized to act on the Trust’s behalf, the Trust shall obtain
 from each individual referred to in such document all necessary consents to
 enable __________ to process the Data set out therein for the purposes of
 providing the Products.

 
	
  

 	
  

 
	
 8.

 	
 The Trust shall be responsible for the compliance of its Authorized
 Persons with the terms of this Annex A.

 

29

EXHIBIT 1

Products

[To be Inserted]

30

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