Document:

Form of Amend. and Restated Declaration of Trust and Trust Agmt. / Registrant

 EXHIBIT 4.1 
  

AMENDED AND RESTATED 
 DECLARATION
OF TRUST 
 AND 
 TRUST AGREEMENT 
 OF 
 POWERSHARES DB US DOLLAR INDEX TRUST 
  
 Dated as of                 , 2006 
  

By and Among 
  
 DB COMMODITY SERVICES LLC 
 WILMINGTON TRUST COMPANY 
  
 and 
  
 THE UNITHOLDERS 
 from time to time hereunder 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE I

		
	 DEFINITIONS; THE TRUST
	  	1
		
	 SECTION 1.1. Definitions
	  	1
	 SECTION 1.2. Name
	  	6
	 SECTION 1.3. Delaware Trustee; Business Offices
	  	6
	 SECTION 1.4. Declaration of Trust
	  	7
	 SECTION 1.5. Purposes and Powers
	  	7
	 SECTION 1.6. Tax Treatment
	  	7
	 SECTION 1.7. General Liability of the Managing Owner
	  	8
	 SECTION 1.8. Legal Title
	  	8
	 SECTION 1.9. Series Trust
	  	9
	 SECTION 1.10. Commencement of Business
	  	9
	
	 ARTICLE II

		
	 THE TRUSTEE
	  	9
		
	 SECTION 2.1. Term; Resignation
	  	9
	 SECTION 2.2. Powers
	  	9
	 SECTION 2.3. Compensation and Expenses of the Trustee
	  	10
	 SECTION 2.4. Indemnification
	  	10
	 SECTION 2.5. Successor Trustee
	  	10
	 SECTION 2.6. Liability of Trustee
	  	10
	 SECTION 2.7. Reliance; Advice of Counsel
	  	12
	 SECTION 2.8. Payments to the Trustee
	  	12
	
	 ARTICLE III

		
	 UNITS; CAPITAL CONTRIBUTIONS
	  	13
		
	 SECTION 3.1. General
	  	13
	 SECTION 3.2. Establishment of Series, or Funds, of the Trust
	  	14
	 SECTION 3.3. Establishment of Classes and Sub-Classes
	  	14
	 SECTION 3.4. Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets
	  	14
	 SECTION 3.5. Book-Entry-Only System, Fund Global Securities
	  	16
	 SECTION 3.6. Assets
	  	19
	 SECTION 3.7. Liabilities of Funds
	  	19
	 SECTION 3.8. Distributions
	  	21
	 SECTION 3.9. Voting Rights
	  	21
	 SECTION 3.10. Equality
	  	21

  

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	 ARTICLE IV

		
	 THE MANAGING OWNER
	  	22
		
	 SECTION 4.1. Management of the Trust
	  	22
	 SECTION 4.2. Authority of Managing Owner
	  	22
	 SECTION 4.3. Obligations of the Managing Owner
	  	23
	 SECTION 4.4. General Prohibitions
	  	24
	 SECTION 4.5. Liability of Covered Persons
	  	24
	 SECTION 4.6. Fiduciary Duty
	  	25
	 SECTION 4.7. Indemnification of the Managing Owner
	  	26
	 SECTION 4.8. Expenses and Limitations Thereon
	  	27
	 SECTION 4.9. Compensation to the Managing Owner
	  	28
	 SECTION 4.10. Other Business of Unitholders
	  	28
	 SECTION 4.11. Voluntary Withdrawal of the Managing Owner
	  	28
	 SECTION 4.12. Authorization of Registration Statements
	  	29
	 SECTION 4.13. Litigation
	  	29
	
	 ARTICLE V

		
	 TRANSFERS OF UNITS
	  	29
		
	 SECTION 5.1. General Prohibition
	  	29
	 SECTION 5.2. Transfer of Managing Owner’s General Units
	  	29
	 SECTION 5.3. Transfer of Limited Units
	  	30
	
	 ARTICLE VI

		
	 DISTRIBUTIONS
	  	30
		
	 SECTION 6.1. Distributions of Cash Received from the Master Funds Other than Redemption Proceeds
	  	30
	 SECTION 6.2. Liability for State and Local and Other Taxes
	  	30
	
	 ARTICLE VII

		
	 REDEMPTIONS
	  	31
		
	 SECTION 7.1. Redemption of Redemption Baskets
	  	31
	 SECTION 7.2. Other Redemption Procedures
	  	33
	
	 ARTICLE VIII

		
	 THE LIMITED OWNERS
	  	33
		
	 SECTION 8.1. No Management or Control; Limited Liability; Exercise of Rights through DTC
	  	33
	 SECTION 8.2. Rights and Duties
	  	33

  

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	 SECTION 8.3. Limitation on Liability
	  	34
	
	 ARTICLE IX

		
	 BOOKS OF ACCOUNT AND REPORTS
	  	35
		
	 SECTION 9.1. Books of Account
	  	35
	 SECTION 9.2. Annual Reports and Monthly Statements
	  	35
	 SECTION 9.3. Tax Information
	  	35
	 SECTION 9.4. Calculation of Net Asset Value
	  	35
	 SECTION 9.5. Maintenance of Records
	  	36
	 SECTION 9.6. Certificate of Trust
	  	36
	
	 ARTICLE X

		
	 FISCAL YEAR
	  	36
		
	 SECTION 10.1. Fiscal Year
	  	36
	
	 ARTICLE XI

		
	 AMENDMENT OF TRUST AGREEMENT; MEETINGS
	  	36
		
	 SECTION 11.1. Amendments to the Trust Agreement
	  	36
	 SECTION 11.2. Meetings of the Trust or the Funds
	  	38
	 SECTION 11.3. Action Without a Meeting
	  	38
	
	 ARTICLE XII

		
	 TERM
	  	39
		
	 SECTION 12.1. Term
	  	39
	
	 ARTICLE XIII

		
	 TERMINATION
	  	39
		
	 SECTION 13.1. Events Requiring Dissolution of the Trust or any Fund
	  	39
	 SECTION 13.2. Distributions on Dissolution
	  	40
	 SECTION 13.3. Termination; Certificate of Cancellation
	  	41
	
	 ARTICLE XIV

		
	 POWER OF ATTORNEY
	  	41
		
	 SECTION 14.1. Power of Attorney Executed Concurrently
	  	41
	 SECTION 14.2. Effect of Power of Attorney
	  	42
	 SECTION 14.3. Limitation on Power of Attorney
	  	42

  

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	 ARTICLE XV

		
	 MISCELLANEOUS
	  	42
		
	 SECTION 15.1. Governing Law
	  	42
	 SECTION 15.2. Provisions In Conflict With Law or Regulations
	  	43
	 SECTION 15.3. Construction
	  	43
	 SECTION 15.4. Notices
	  	44
	 SECTION 15.5. Counterparts
	  	44
	 SECTION 15.6. Binding Nature of Trust Agreement
	  	44
	 SECTION 15.7. No Legal Title to Trust Estate
	  	44
	 SECTION 15.8. Creditors
	  	44
	 SECTION 15.9. Integration
	  	44
	 SECTION 15.10. Goodwill; Use of Name
	  	44
		
	 EXHIBIT A
	  	 
	 Form of Certificate of Trust of PowerShares DB US Dollar Index Trust
	  	A-1
	 EXHIBIT B
	  	 
	 Form of Global Certificate
	  	B-1
	 EXHIBIT C
	  	 
	 Form of Participant Agreement
	  	C-1
	 EXHIBIT D
	  	 
	 Form of Initial Purchaser Agreement
	  	D-1

  

 iv 

 POWERSHARES DB US DOLLAR INDEX TRUST 
  
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST AGREEMENT 
  
 This AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of
POWERSHARES DB US DOLLAR INDEX TRUST is made and entered into as of the             day of             , 2006, by and among DB
COMMODITY SERVICES LLC, a Delaware limited liability company, WILMINGTON TRUST COMPANY, a Delaware banking company, as trustee, and the UNITHOLDERS from time to time hereunder. 
  
 *        *        * 
  
 RECITALS 
  
 WHEREAS, the Trust was formed on August 3, 2006 pursuant to the execution and filing by the Trustee of the Certificate of
Trust on August 3, 2006 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of August 3, 2006 (the “Original Agreement”); 
  
 WHEREAS, currently, there are and have been no Limited Owners; 
  
 WHEREAS, the Trustee and the Managing Owner desire to amend the Original
Agreement to make the amendments effectuated hereby. 
  
 NOW,
THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee and the Managing Owner hereby amend and restate the Original Agreement in its entirety as set forth below. 
  
 ARTICLE I 
  
 DEFINITIONS; THE TRUST 
  
 SECTION 1.1. Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the context otherwise
requires: 
  
 “Administrator” means any Person from
time to time engaged to provide administrative services to the Trust pursuant to authority delegated by the Managing Owner. 
  
 “Affiliate” – An “Affiliate” of a “Person” means (i) any Person directly or indirectly owning, controlling or
holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such
Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such 
  

 1 

 Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such
capacity. 
  
 “Basket” means a Creation Basket or a
Redemption Basket, as the context may require. 
  
 “Beneficial Owners” shall have the meaning assigned to such term in Section 3.5(d). 
  
 “Business Day” means a day other than Saturday, Sunday or other day when banks and/or securities exchanges in the City of New York or the City
of Wilmington are authorized or obligated by law or executive order to close. 
  
 “Capital Contributions” means the amounts of cash contributed and agreed to be contributed to the Trust by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof.

  
 “CE Act” means the Commodity Exchange Act, as
amended. 
  
 “Certificate of Trust” means the
Certificate of Trust of the Trust in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 
  
 “CFTC” means the Commodity Futures Trading Commission. 

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

  
 “Corporate Trust Office” means the principal office
at which at any particular time the corporate trust business of the Trustee is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust
Administration. 
  
 “Covered Person” means the Trustee,
the Managing Owner and their respective Affiliates. 
  
 “Creation Basket” means the minimum number of Limited Units of a Fund that may be created at any one time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time to time for each
Fund. 
  
 “Creation Basket Capital Contribution” of a
Fund means a Capital Contribution made by a Participant in connection with a Purchase Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation
Baskets set forth in the relevant Purchase Order Subscription Agreement by (ii) the Net Asset Value per Basket of a Fund as of closing time of the Exchange or the last to close of the exchanges on which any one of the Index Currencies of the
Fund’s corresponding Master Fund is traded, whichever is later, on the Purchase Order Subscription Date. 
  
 “Currencies” means positions in Currency Contracts, forward contracts, other foreign exchange positions, as well as cash resulting from any of
the foregoing positions. 
  

 2 

 “Currency Contract” means any futures contract or option thereon providing for the delivery or
receipt at a future date of a specified amount of a traded currency at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 
  
 “Delaware Trust Statute” means the Delaware Statutory Trust Act,
Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time. 
  
 “Depository” means The Depository Trust Company, New York, New York, or such other depository of Limited Units as may be selected by the
Managing Owner as specified herein. 
  
 “Depository
Agreement” means the Letter of Representations relating to each Fund from the Managing Owner to the Depository, dated as of
                    , 2006 as the same may be amended or supplemented from time to time. 
  
 “Distributor” means any Person from time to time engaged to provide
distribution services or related services to the Trust pursuant to authority delegated by the Managing Owner. 
  
 “DTC” shall have the meaning assigned to such term in Section 3.5(b). 
  
 “DTC Participants” shall have the meaning assigned to such term in Section 3.5(c). 
  
 “Exchange” means the American Stock Exchange or, if the Limited
Units of any Fund shall cease to be listed on the American Stock Exchange and are listed on one or more other exchanges, the exchange on which the Units of such Fund are principally traded, as determined by the Managing Owner. 
  
 “Fiscal Quarter” shall mean each period ending on the last day of
each March, June, September and December of each Fiscal Year. 
  
 “Fiscal Year” shall have the meaning set forth in Article X hereof. 
  
 “Fund” means a Fund established and designated as a series of the Trust as provided in Section 3.2(a). 
  
 “Global Security” means the global certificate or certificates for each Fund issued to the Depository as provided in the Depository Agreement,
each of which shall be in substantially the form attached hereto as Exhibit B. 
  
 “Index Currencies” means the underlying currencies that comprise the Deutsche Bank US Dollar Index (USDX®) Futures Index – Excess Return, from time to time, as described in the Prospectus. 
  
 “Indirect Participants” shall have the meaning assigned to such term in Section 3.5(c). 
  

 3 

 “Initial Purchaser Agreement” means an agreement among a Fund, the Managing Owner and the
Initial Purchaser of a Fund, substantially in the form of Exhibit D hereto, as it may be amended from time to time in accordance with its terms. 
  
 “Initial Purchaser” means the Initial Purchaser for any Fund. 
  
 “Internal Revenue Service” or “IRS” means the U.S. Internal Revenue Service or any successor thereto.

  
 “Limited Owner” means any person or entity who is or
becomes a Beneficial Owner of Limited Units of a Fund. 
  
 “Managing Owner” means DB Commodity Services LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law. 
  
 “Master Fund” means, as applicable, a particular series of the Master Trust corresponding to a Fund established
under this Trust Agreement. 
  
 “Master Fund Shares”
means the common units of fractional undivided beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of a Master Fund. 
  
 “Master Trust” means DB US Dollar Index Master Trust, a Delaware statutory trust. 
  
 “Net Asset Value of a Fund” at any time means the total assets in
the Trust Estate of a Fund, determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting. The amount of any distribution made pursuant to Article VI hereof
shall be a liability of such Fund from the day when the distribution is declared until it is paid. 
  
 “Net Asset Value per Basket of a Fund” means the product obtained by multiplying the Net Asset Value per Unit of a Fund by the number of Limited
Units comprising a Basket at such time. 
  
 “Net Asset Value
per Unit of a Fund” means the Net Asset Value of a Fund divided by the number of Units of the Fund outstanding on the date of calculation. 
  
 “NFA” means the National Futures Association. 
  
 “Order Cut-Off Time” means 1:00 pm, New York time, on a Business Day. 
  
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(iv).

  
 “Participant” means a Person that is a DTC
Participant and has entered into a Participant Agreement which, at the relevant time, is in full force and effect. 
  

 4 

 “Participant Agreement” means an agreement among a Fund, the Managing Owner and a Participant,
substantially in the form of Exhibit C hereto, as it may be amended or supplemented from time to time in accordance with its terms. 
  
 “Person” means any natural person, partnership, limited liability company, statutory trust, corporation, association, or other legal entity.

  
 “Prospectus” means the final prospectus and
disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, as the same may at any time and from time to time be amended or supplemented. 
  
 “Purchase Order Subscription Agreement” shall have the meaning
assigned thereto in Section 3.4(a)(i). 
  
 “Purchase
Order Subscription Date” shall have the meaning assigned thereto in Section 3.4(a)(i). 
  
 “Redemption Basket” means the minimum number of Limited Units of a Fund that may be redeemed pursuant to Section 7.1, which shall be the
number of Limited Units of such Fund constituting a Creation Basket on the relevant Redemption Order Date. 
  
 “Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket as specified in Section 7.1(c).

  
 “Redemption Order” shall have the meaning assigned
thereto in Section 7.1(a). 
  
 “Redemption Order
Date” shall have the meaning assigned thereto in Section 7.1(b). 
  
 “Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Registration Statement” means a registration statement on Form S-1, as it may be amended from time to time, filed with the Securities and
Exchange Commission pursuant to which the Trust registered the Units, as the same may at any time and from time to time be further amended or supplemented. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Sponsor” means any person directly or indirectly instrumental in organizing each Fund or any person who will manage or participate in the
management of each Fund, including the Managing Owner or an Affiliate of the Managing Owner, who pays any portion of the Organization and Offering Expenses of each Fund and any other person who regularly performs or selects the persons who perform
services for the Funds. Sponsor does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services rendered in connection with the offering of the Units. The term
“Sponsor” shall be deemed to include its Affiliates. 
  

 5 

 “Subscribing Participant” means a Participant who has submitted a Purchase Order Subscription
Agreement to create one or more Units that has not yet been filled or accepted by the Trust. 
  
 “Suspended Redemption Order” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Transaction Fee” shall have the meaning assigned thereto in Section 3.4(d). 
  
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code.
References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
  
 “Trust” means PowerShares DB US Dollar Index Trust, the Delaware statutory trust formed pursuant to the
Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
  
 “Trust Agreement” means this Amended and Restated Declaration of Trust and Trust Agreement as the same may at any time or from time to time be amended. 
  
 “Trustee” means Wilmington Trust Company or any substitute therefor
as provided herein, acting not in its individual capacity but solely as trustee of the Trust. 
  
 “Trust Estate” means, with respect to a Fund, all property and cash held by such Fund, and all proceeds therefrom. 
  
 “Unitholders” means the Managing Owner and all Limited Owners, as holders of Units of a Fund, where no distinction is required by the context in
which the term is used. 
  
 “Units” means the common
units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, a Fund. The Managing Owner’s Capital Contributions shall be represented by “General” Units and a Limited
Owner’s Capital Contributions shall be represented by “Limited” Units. 
  
 SECTION 1.2. Name. 
  
 (a)
The name of the Trust is “PowerShares DB US Dollar Index Trust” in which name the Trustee and the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and
be sued on behalf of the Trust. 
  
 SECTION 1.3. Delaware
Trustee; Business Offices. 
  
 (a) The sole Trustee of the
Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust
in the State of Delaware at the foregoing address. In the event Wilmington Trust 
  

 6 

 Company resigns or is removed as the Trustee, the Trustee of the Trust in the State of Delaware shall be the successor
Trustee. 
  
 (b) The principal office of the Trust, and such
additional offices as the Managing Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Unitholders. Initially,
the principal office of the Trust shall be at c/o DB Commodity Services LLC, 60 Wall Street, New York, New York 10005. 
  
 SECTION 1.4. Declaration of Trust. The Trustee hereby acknowledges that the Trust has received the sum of $1,000 for each Fund in bank accounts in
the name of each Fund controlled by the Managing Owner from the Managing Owner as grantor of the Trust, and hereby declares that it shall hold such sum in trust, upon and subject to the conditions set forth herein for the use and benefit of the
Unitholders of each Fund. It is the intention of the parties hereto that the Trust shall be a statutory trust organized in series, or Funds, under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of
the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware
statutory trust except to the extent that each Fund is deemed to constitute a grantor trust under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Unitholders partners or members of a
joint stock association. The Managing Owner shall not be liable to any person for the failure of the Trust or any Fund to qualify as a grantor trust under the Code or any comparable provision of the laws of any State or other jurisdiction where such
treatment is sought. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The
Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute. 
  
 SECTION 1.5. Purposes and Powers. The purposes of the Trust and each Fund shall be to acquire, hold and redeem
corresponding Master Fund Shares and to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes. The Funds shall not engage in any other business or activity and shall not
acquire or own any other assets or take any of the actions set forth in Section 4.4. The Trust and each Fund shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the powers which may be
exercised by a Managing Owner on behalf of the Trust under this Trust Agreement. Nothing in this Trust Agreement shall be construed to give the Trustee or the Managing Owner the power to vary the investment of the Beneficial Owners within the
meaning of Treasury Regulation Section 301.7701-4(c) or similar or successor provisions of United States Treasury Regulations under the Code, nor shall the Managing Owner take any action that would vary the investment of the Beneficial Owners.

  
 SECTION 1.6. Tax Treatment. 
  
 (a) Each of the parties hereto, by entering into this Trust Agreement,
(i) expresses its intention that the Units of each Fund will qualify under applicable tax law as interests in a grantor trust which holds the Trust Estate of each Fund for their benefit, (ii) agrees 
  

 7 

 that it will file its own Federal, state and local income, franchise and other tax returns in a manner that is consistent
with the treatment of each Fund as a grantor trust in which each of the Unitholders thereof is a beneficiary and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any taxing authority
having jurisdiction over such holders of Units of each Fund with respect to the treatment of the Units of such Fund as anything other than interests in a grantor trust. 
  
 (b) The Managing Owner shall prepare or cause to be prepared and filed each Fund’s tax returns as a grantor trust for
Federal, state and local tax purposes. Subject to Section 4.7, each Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against any damages or losses (including attorneys’ fees) arising out of or
incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities under this Section 1.6(b), provided such action taken or omitted to be taken does not constitute fraud, negligence or misconduct.

  
 (c) Each Unitholder shall furnish the Managing Owner and the
Trustee with information necessary to enable the Managing Owner to comply with U.S. federal income tax information reporting requirements in respect of such Unitholder’s Units. 
  
 SECTION 1.7. General Liability of the Managing Owner. 
  
 (a) The Managing Owner shall be liable for the acts, omissions, obligations and expenses of each Fund, to the extent not
paid out of the assets of each Fund, to the same extent the Managing Owner would be so liable if each Fund were a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were a general partner of such
partnership. The foregoing provision shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner under this Section 1.7 shall be evidenced by its ownership of the General
Units which, solely for purposes of the Delaware Trust Statute, will be deemed to be a separate class of Units of each Fund. Without limiting or affecting the liability of the Managing Owner as set forth in this Section 1.7, notwithstanding
anything in this Trust Agreement to the contrary, Persons having any claim against the Trust or any Fund by reason of the transactions contemplated by this Trust Agreement and any other agreement, instrument, obligation or other undertaking to which
the Trust or any Fund is a party, shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof. 
  
 (b) Subject to Sections 8.1 and 8.3 hereof, no Unitholder, other than the Managing Owner, to the extent set forth above, shall have any personal liability
for any liability or obligation of the Trust or any Fund. 
  
 SECTION 1.8. Legal Title. Legal title to all of the Trust Estate of each Fund shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction requires any part
of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 

 

 8 

 SECTION 1.9. Series Trust. The Shares of the Trust shall be divided into series, each a Fund, as
provided in Section 3806(b)(2) of the Delaware Trust Statute. Accordingly, it is the intent of the parties hereto that Articles IV, V, VII, VIII, IX and X of this Trust Agreement shall apply also with respect to each such Fund as if each such
Fund were a separate statutory trust under the Delaware Trust Statute, and each reference to the term “Trust” in such Articles shall be deemed to be a reference to each Fund separately to the extent necessary to give effect to the
foregoing intent, as the context may require. The use of the terms “Trust”, “Fund” or “series” in this Trust Agreement shall in no event alter the intent of the parties hereto that the Trust receive the full benefit of
the limitation on interseries liability as set forth in Section 3804 of the Delaware Trust Statute. 
  
 SECTION 1.10. Commencement of Business. The commencement of the Trust’s business and the sale of the Limited Units of each Fund to the
respective Initial Purchasers pursuant to each Initial Purchaser Agreement shall commence at such time as the Managing Owner shall determine. 
  
 ARTICLE II 
  
 THE TRUSTEE 
  
 SECTION 2.1. Term; Resignation. 
  
 (a)
Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing
Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof. 
  
 (b) The Trustee may resign at any time upon the giving of at least 60 days’ advance written notice to the Trust;
provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such sixty
(60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
  
 SECTION 2.2. Powers. Except to the extent expressly set forth in Section 1.3(a) and this Article II, the duty
and authority of the Trustee to manage the business and affairs of the Trust is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7) of
the Delaware Trust Statute. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the
Trust or any Fund. The Trustee shall have the power and authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt
notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the 
  

 9 

 Managing Owner with respect to the Trust that would reasonably be expected to affect the rights, obligations or
liabilities of the Trustee hereunder or under the Delaware Trust Statute. 
  
 SECTION 2.3. Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner (including the Trust) reasonable compensation for
its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner (including the Trust) for reasonable out-of-pocket expenses incurred by it in the
performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise and performance of
its rights and duties hereunder. 
  
 SECTION 2.4.
Indemnification. The Managing Owner agrees (and any additional Managing Owner admitted pursuant to Section 4.2(g) will be deemed to agree), whether or not any of the transactions contemplated hereby shall be consummated, to assume
liability for, and does hereby indemnify, protect, save and keep harmless Wilmington Trust Company (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, employees, agents and servants
(the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services
hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any
other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in
this Section 2.4 shall survive the termination of this Trust Agreement or the removal or resignation of the Trustee. The Indemnified Parties shall not be entitled to indemnification from any Trust Estate. 
  
 SECTION 2.5. Successor Trustee. Upon the resignation or removal of the
Trustee, the Managing Owner shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or
removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to
the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like
effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. 
  
 SECTION 2.6. Liability of Trustee. Except as otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company
acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust 
  

 10 

 Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust or
any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof; provided, however, that in no event is the foregoing intended to affect or limit the liability of the Managing Owner as set
forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust or any Fund is a party, except for the Trustee’s own gross negligence
or willful misconduct. In particular, but not by way of limitation: 
  
 (a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, value or validity of any Trust Estate; 
  
 (b) The Trustee shall not be liable for any actions taken or omitted to be
taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee as defined in Section 13.2 hereof; 
  
 (c) The Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 
  
 (d) The Trustee shall not be liable for its failure to supervise the
performance of any obligations of the Managing Owner or its delegatees or any Participant; 
  
 (e) No provision of this Trust Agreement shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder if the
Trustee shall have reasonable grounds for believing that such action, repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (f) Under no circumstances shall the Trustee be liable for indebtedness
evidenced by or other obligations of the Trust or any Fund arising under this Trust Agreement or any other agreements to which the Trust or any Fund is a party; 
  

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct or
defend any litigation under this Trust Agreement or any other agreements to which the Trust or any Fund is a party, at the request, order or direction of the Managing Owner or any Unitholders unless the Managing Owner or such Unitholders have
offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including, without limitation,
the reasonable fees and expenses of its counsel) therein or thereby; 
  
 (h) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will require the consent or approval or
authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any
fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming 
  

 11 

 payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware,
for causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 
  

(i) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the
Unitholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this
Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Trustee. 
  
 SECTION 2.7. Reliance; Advice of Counsel. 
  
 (a) In the absence of bad faith, the Trustee may conclusively rely upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in
acting on any signature, instrument, notice, resolutions, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not
investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust
Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full
force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

  
 (b) In the exercise or administration of the Trust hereunder
and in the performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Trust) (i) may act directly or through its agents,
attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or
nominees shall have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons. 
  
 SECTION 2.8. Payments to the Trustee. Any amounts paid to the Trustee pursuant to this Article shall be deemed not to be a part of any Trust Estate
immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the applicable Trust Estate. 
  

 12 

 ARTICLE III 
  
 UNITS; CAPITAL CONTRIBUTIONS 
  

SECTION 3.1. General. (a) The Managing Owner shall have the power and authority, without Limited Owner approval, to issue Units in one or
more series, or Funds, from time to time as it deems necessary or desirable. Each Fund shall be separate from all other Funds created as series of the Trust in respect of the assets and liabilities allocated to that Fund and shall represent a
separate investment portfolio of the Trust. The Managing Owner shall have exclusive power without the requirement of Limited Owner approval to establish and designate such separate and distinct series, as set forth in Section 3.2, and to fix
and determine the relative rights and preferences as between the Units of the Funds as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the
Funds shall have separate voting rights or no voting rights. 
  
 (b) The Managing Owner may, without Limited Owner approval, divide or subdivide Units of any Fund into two or more classes or subclasses, Units of each such class or subclass having such preferences and special or relative rights and
privileges as the Managing Owner may determine as provided in Section 3.3. The fact that a Fund shall have been initially established and designated without any specific establishment or designation of classes or subclasses, shall not limit the
authority of the Managing Owner to divide a Fund and establish and designate separate classes or subclasses thereof. 
  
 (c) The number of Fund Units authorized shall be unlimited, and the Units so authorized may be represented in part by fractional Units, calculated to four
decimal places. From time to time, the Managing Owner may divide or combine the Units of any Fund or class thereof into a greater or lesser number without thereby changing the proportionate beneficial interests in the Fund or class thereof. The
Managing Owner may issue Units of any Fund or class thereof for such consideration and on such terms as it may determine (or for no consideration if pursuant to a Unit dividend or split-up), all without action or approval of the Limited Owners
thereof. All Units when so issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Managing Owner may classify or reclassify any unissued Units or any Units previously issued and reacquired of any Fund or
class thereof into one or more series or classes thereof that may be established and designated from time to time. The Managing Owner may hold as treasury Units, reissue for such consideration and on such terms as it may determine, or cancel, at its
discretion from time to time, any Units of any Fund or class thereof reacquired by the Trust. Unless otherwise determined by the Managing Owner, treasury Units shall not be deemed cancelled. The Units of each Fund shall initially be divided into two
classes: General Units and Limited Units. 
  
 (d) The Managing
Owner and/or its Affiliates will make and maintain a permanent investment of $25,000 in each Fund. 
  
 (e) No certificates or other evidence of beneficial ownership of the Units will be issued. 
  

 13 

 (f) Every Unitholder, by virtue of having purchased or otherwise acquired a Share, shall be deemed to
have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
  
 SECTION 3.2. Establishment of Series, or Funds, of the Trust. (a) Without limiting the authority of the Managing Owner set forth in Section 3.2(b) to establish and designate any further series, the
Managing Owner hereby establishes and designates two initial series, or Funds, as follows: 
  
 PowerShares DB US Dollar Index Bullish Fund; and 
 PowerShares DB US Dollar Index Bearish Fund. 
  
 The provisions of this Article III shall be applicable to the
above-designated Funds and any further Fund that may from time to time be established and designated by the Managing Owner as provided in Section 3.2(b); provided, however, that such provisions may be amended, varied or abrogated by the
Managing Owner with respect to any Fund created after the initial formation of the Trust in the written instrument creating such Fund. 
  
 (b) The establishment and designation of any series, or Funds, other than those set forth above shall be effective upon the execution by the Managing
Owner of an instrument setting forth such establishment and designation and the relative rights and preferences of such series, or Funds, or as otherwise provided in such instrument. At any time that there are no Units outstanding of any particular
series previously established and designated, the Managing Owner may by an instrument executed by it abolish that series and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an
amendment to this Trust Agreement. 
  
 SECTION 3.3.
Establishment of Classes and Sub-Classes. The division of any series, or Funds, into two or more classes or sub-classes and the establishment and designation of such classes or sub-classes shall be effective upon the execution by the Managing
Owner of an instrument setting forth such division, and the establishment, designation, and relative rights and preferences of such classes, or as otherwise provided in such instrument. The relative rights and preferences of the classes or
sub-classes of any series may differ in such respects as the Managing Owner may determine to be appropriate, provided that such differences are set forth in the aforementioned instrument. At any time that there are no Units outstanding of any
particular class or sub-class previously established and designated, the Managing Owner may by an instrument executed by it abolish that class or sub-class and the establishment and designation thereof. Each instrument referred to in this paragraph
shall have the status of an amendment to this Trust Agreement. 
  
 SECTION 3.4. Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets. 
  
 (a) General. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the Participant Agreement for
each Fund, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will 
  

 14 

 govern the Trust with respect to the creation and issuance of additional Creation Baskets. Subject to the limitations
upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by each Fund is unlimited. 
  
 (i) On any Business Day, each Participant may submit to the Managing Owner a purchase order and subscription
agreement to subscribe for and agree to purchase one or more Creation Baskets for the applicable Fund (such request by a Participant, a “Purchase Order Subscription Agreement”) in the manner provided in the Participant Agreement. Purchase
Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The Managing Owner will process Purchase Order Subscription Agreements only from Participants with respect
to which a Participant Agreement for the Fund is in full force and effect. The Managing Owner will maintain and make available at the Trust’s principal offices during normal business hours a current list of the Participants for each Fund with
respect to which a Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause to be delivered) a copy of the Prospectus to each Fund Participant prior to its execution and delivery of the applicable Participant
Agreement and prior to accepting any Purchase Order Subscription Agreement. 
  
 (ii) Any Purchase Order Subscription Agreement is subject to rejection by the Managing Owner pursuant to Section 3.4(c). 
  

(iii) After accepting a Fund Participant’s Purchase Order Subscription Agreement, the Managing Owner will issue and deliver
Creation Baskets to fill such Fund Participant’s Purchase Order Subscription Agreement as of noon New York time on the business day immediately following the Purchase Order Subscription Date, but only if by such time the Managing Owner has
received (A) for its own account, the Transaction Fee, and (B) for the account of the applicable Fund the Creation Basket Capital Contribution due from the Fund Participant submitting the Purchase Order Subscription Agreement for the Fund.

  
 (b) Deposit with the Depository. Upon issuing a
Creation Basket for any Fund pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s customary procedures, for credit to
the account of the Fund Participant that submitted the Purchase Order Subscription Agreement. 
  
 (c) Rejection. For each Fund, the Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution:
(i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Trust, any Fund or to any Limited Owners; (iii) the acceptance or receipt of which
would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner
shall not be liable to any person by reason 
  

 15 

 of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
  
 (d) Transaction Fee. For each Fund, a non-refundable transaction fee
will be payable by a Fund Participant to the Managing Owner for its own account in connection with each Purchase Order Subscription Agreement pursuant to this Section and in connection with each Redemption Order of such Participant pursuant to
Section 7.1 (each a “Transaction Fee”). The Transaction Fee charged in connection with each such creation and redemption shall be initially $500, but may be changed as provided below. Even though a single Purchase Order Subscription
Agreement or Redemption Order may relate to multiple Creation Baskets, only a single Transaction Fee will be due for each Purchase Order or Redemption Order for a Fund. The Transaction Fee may subsequently be waived, modified, reduced, increased or
otherwise changed by the Managing Owner, but will not in any event exceed 0.10% of the Net Asset Value Per Basket of a Fund at the time of creation of a Creation Basket or redemption of a Redemption Basket, as the case may be. The Managing Owner
shall notify the Depository of any agreement to change the Transaction Fee and shall not implement any increase for redemptions of outstanding Units until 30 days after the date of that notice. The amount of the Transaction Fee in effect at any
given time shall be made available by the Trustee upon request. 
  
 (e) Global Certificate Only. Certificates for Creation Baskets will not be issued, other than the applicable Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued
and redeemed and Limited Units will be transferable solely through the book-entry systems of the Depository and the DTC Participants and their Indirect Participants as more fully described in Section 3.5. The Depository may determine to
discontinue providing its service with respect to Creation Baskets and Limited Units by giving notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with
respect thereto under applicable law. Under such circumstances, the Managing Owner shall take action either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if
such a replacement is unavailable, to terminate the Trust or the Funds, as applicable. 
  
 SECTION 3.5. Book-Entry-Only System, Fund Global Securities. 
  
 (a) Global Security. The Trust and the Managing Owner will enter into the Depository Agreement pursuant to which the Depository will act as
securities depository for Limited Units of each Fund. Limited Units of each Fund will be represented by a Global Security (which may consist of one or more certificates as required by the Depository), which will be registered, as the Depository
shall direct, in the name of Cede & Co., as nominee for the Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Limited Units will be issued. The Global Security for each Fund shall be in the
form attached hereto as Exhibit B or described therein and shall represent such Limited Units as shall be specified therein, and may provide that it shall represent the aggregate amount of outstanding Limited Units of a Fund from time to time
endorsed thereon and that the aggregate amount of outstanding Limited Units represented thereby may from time to time be increased or decreased to reflect creations or redemptions of Baskets. Any endorsement of a Global Security to reflect the
amount, or any increase or decrease in the amount, of outstanding Limited Units represented 
  

 16 

 thereby shall be made in such manner and upon instructions given by the Managing Owner on behalf of the Trust as
specified in the Depository Agreement. 
  
 (b) Legend. Any
Global Security issued to The Depository Trust Company or its nominee shall bear a legend substantially to the following effect: “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Trust or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is required by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 
  
 (c) The Depository. The Depository has advised the Trust and the Managing Owner as follows: The Depository is a limited-purpose trust company organized under the laws of the State of New York, a member of the
U.S. Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, as amended. The Depository was created to hold securities of its participants (the “DTC Participants”) and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through
electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations,
and certain other organizations, some of whom (and/or their representatives) own the Depository. Access to the Depository’s system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”). 
  
 (d) Beneficial Owners. As provided in the Depository Agreement, upon the settlement date of any creation, transfer or redemption of Limited Units
of a Fund, the Depository will credit or debit, on its book-entry registration and transfer system, the number of Limited Units so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The accounts to be credited and
charged shall be designated by the Managing Owner on behalf of each Fund and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interest in Limited Units will be limited to DTC Participants, Indirect
Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in Limited Units (“Beneficial Owners”) will be shown on, and the transfer of beneficial ownership by Beneficial
Owners will be effected only through, in the case of DTC Participants, records maintained by the Depository and, in the case of Indirect Participants and Beneficial Owners holding through a DTC Participant or an Indirect Participant, through those
records or the records of the relevant DTC Participants. Beneficial Owners are expected to receive from or through the broker or bank that maintains the account through which the Beneficial Owner has purchased Limited Units a written confirmation
relating to their purchase of Limited Units. 
  

 17 

 (e) Reliance on Procedures. So long as Cede & Co., as nominee of the Depository, is the
registered owner of Limited Units, references herein to the registered or record owners of Limited Units shall mean Cede & Co. and shall not mean the Beneficial Owners of Limited Units. Beneficial Owners of Limited Units will not be
entitled to have Limited Units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered the record or registered holder of Limited Units under this Trust
Agreement. Accordingly, to exercise any rights of a holder of Limited Units under this Trust Agreement, a Beneficial Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of
each DTC Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Trust and the Managing Owner understand that under existing industry practice, if the Trust or any Fund requests any action of a Beneficial
Owner, or a Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Limited Units of such Fund, is entitled to take, in the case of a Trustee request, the Depository will notify the DTC Participants
regarding such request, such DTC Participants will in turn notify each Indirect Participant holding Limited Units through it, with each successive Indirect Participant continuing to notify each person holding Limited Units through it until the
request has reached the Beneficial Owner, and in the case of a request or authorization to act being sought or given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the Trust or such Fund
through each Indirect Participant and DTC Participant through which the Beneficial Owner’s interest in the Limited Units is held. 
  
 (f) Communication between the Trust and the Beneficial Owners. As described above, the Trust and the Funds will recognize the Depository or its
nominee as the owner of all Limited Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows. Pursuant to the
Depository Agreement, the Depository is required to make available to the Funds upon request and for a fee to be charged to the Funds a listing of the Limited Unit holdings of each DTC Participant. The Trust or the Funds shall inquire of each such
DTC Participant as to the number of Beneficial Owners holding Limited Units, directly or indirectly, through such DTC Participant. The Trust or the Funds shall provide each such DTC Participant with sufficient copies of such notice, statement or
other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial
Owners. In addition, the Funds shall pay to each such DTC Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. 
  
 (g) Distributions. Distributions on Limited Units pursuant to
Section 3.8 shall be made to the Depository or its nominee, Cede & Co., as the registered owner of all Limited Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of
distributions in respect of Limited Units, shall credit immediately DTC Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Limited Units as shown on the records of the Depository or its
nominee. The Trust and the Managing Owner also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and
customary practices, as is now the case with securities 
  

 18 

 held for the accounts of customers in bearer form or registered in a “street name,” and will be the
responsibility of such DTC Participants and Indirect Participants. None of the Trust, the Funds, the Trustee or the Managing Owner will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners,
or payments made on account of beneficial ownership interests in Limited Units, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the
Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any
Beneficial Owner and any person by or through which such Beneficial Owner is considered to own Limited Units. 
  
 (h) Limitation of Liability. Each Global Security to be issued hereunder is executed and delivered solely on behalf of the applicable Fund by the
Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on the part of the Fund in each Global Security are made and
intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but are made and intended for the purpose of binding only the Fund. Nothing in the Global Security shall be construed as creating any
liability on the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Trust Agreement. 
  
 (i) Successor Depository. If a successor to The Depository Trust Company shall be employed as Depository hereunder,
the Trust and the Managing Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section 3.5. 
  
 SECTION 3.6. Assets. All consideration received by a Fund for the issue or sale of Units together with all of the Trust Estate in which such
consideration is invested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, shall belong to the Fund for all purposes, subject only to the rights of creditors
of the Fund and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of such Fund. 
  
 SECTION 3.7. Liabilities of Funds. (a) The Trust Estate belonging to each particular Fund shall be charged with the liabilities of the Trust
in respect of that series and only that series; and all expenses, costs, charges, indemnities and reserves attributable to that Fund, and any general liabilities, expenses, costs, charges, indemnities or reserves of the Trust which are not readily
identifiable as belonging to any particular Fund, shall be allocated and charged by the Managing Owner to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Managing Owner in
its sole discretion deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Managing Owner shall be conclusive and binding upon all Unitholders for all purposes. The Managing Owner shall have full
discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Unitholders. Every
written agreement, instrument or other undertaking made or issued by or on behalf of a particular series shall include a recitation limiting the obligation or claim represented thereby to that series and its assets. 
  

 19 

 (b) Without limitation of the foregoing provisions of this Section, but subject to the right of the
Managing Owner in its discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular
series shall be enforceable against the assets of such series only and against the Managing Owner, and not against the assets of the Trust generally or of any other series. Notice of this limitation on interseries liabilities shall be set forth in
the Certificate of Trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Trust Statute, and upon the giving of such notice in the
Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to limitations on interseries liabilities (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of
Trust) shall become applicable to the Trust and each Fund. Every Unit, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular series shall include a recitation limiting the obligation on
Units represented thereby to that series and its assets. 
  
 (i) Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all kinds and descriptions, if any, of the Managing Owner and the Trustee (the
“Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with all series, any combination of series or one particular series and their respective assets (the “Applicable
Series”) and the assets of the Trust shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any series thereof, and any of their respective assets, which may arise as a matter of law or
pursuant to any contract, provided, however, that the Claims of each of the Managing Owner and the Trustee (if any) against the Applicable Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and
repayment from the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and provided further that the valid Claims of either the Managing Owner or the Trustee, if any, against the Applicable Series shall be
pari passu and equal in right of repayment and distribution with all other valid Claims against the Applicable Series; 
  
 (ii) the Managing Owner and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets
(other than the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets) any payment for the Subordinated Claims; 
  
 (iii) The Claims of each of the Managing Owner and the Trustee with respect to the Applicable Series shall only be asserted and
enforceable against the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally, or any
of their respective assets; 
  
 (iv) If the
Claims of the Managing Owner or the Trustee against the Applicable Series or the Trust are secured in whole or in part, each of the Managing Owner and the Trustee hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b))
any right to have any deficiency Claims (which deficiency Claims may 
  

 20 

 arise in the event such security is inadequate to satisfy such Claims) treated as unsecured Claims
against the Trust or any series (other than the Applicable Series), as the case may be; 
  
 (v) In furtherance of the foregoing, if and to the extent that the Managing Owner and the Trustee receive monies in connection with the
Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets, the Managing Owner and the Trustee shall be deemed to hold such
monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for distribution by the Fund or the Trust in accordance with the terms hereof; and 
  
 (vi) The foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied, and
notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled. 
  
 (c) Any agreement entered into by the Trust, any Fund, or the Managing Owner, on behalf of the Trust generally or any Fund, including, without limitation,
the Purchase Order Subscription Agreement entered into with each Limited Owner, will include language substantially similar to the language set forth in Section 3.7(b). 
  
 SECTION 3.8. Distributions. 
  

(a) Distributions on Units may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the Unitholders,
from such of the income and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. All distributions on Units thereof shall be distributed pro rata to the Unitholders in proportion to the
total outstanding Units held by such Unitholders at the date and time of record established for the payment of such distribution and in accordance with Section 3.5(g). Such distributions may be made in cash or Units as determined by the
Managing Owner or pursuant to any program that the Managing Owner may have in effect at the time for the election by each Unitholder of the mode of the making of such distribution to that Unitholder. 
  
 (b) The Units shall represent units of beneficial interest in each applicable
Trust Estate. Each Unitholder shall be entitled to receive its pro rata share of distributions of income and capital gains in accordance with Section 3.8(a). 
  
 SECTION 3.9. Voting Rights. Notwithstanding any other provision hereof, on each matter submitted to a vote of the
Unitholders, each Unitholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value per Unit of a Fund multiplied by the number of Units, or fraction thereof, standing in its name on the books of such Fund in
accordance with Section 3.5(g). 
  
 SECTION 3.10.
Equality. Except as provided herein, all Units of a Fund shall represent an equal proportionate beneficial interest in the assets of the Fund subject to the liabilities of the Fund, and each Unit shall be equal to each other Unit. The
Managing Owner may from time to time divide or combine the Units into a greater or lesser number of Units 
  

 21 

 without thereby changing the proportionate beneficial interest in the assets of the Funds or in any way affecting the
rights of Unitholders. 
  
 ARTICLE IV 
  
 THE MANAGING OWNER 
  
 SECTION 4.1. Management of the Trust. Pursuant to
Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Managing Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust
Agreement. 
  
 SECTION 4.2. Authority of Managing Owner. In
addition to and not in limitation of any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute,
the Managing Owner shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without
limitation, the following: 
  
 (a) To enter into, execute,
deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or
appropriate for the offer and sale of the Units and the conduct of Trust activities; 
  
 (b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement
incidental to the Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust
by the Managing Owner; 
  
 (c) To deposit, withdraw, pay, retain
and distribute each Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement; 
  
 (d) To supervise the preparation and filing of the Registration Statement and supplements and amendments thereto, and the Prospectus; 
  
 (e) To pay or authorize the payment of distributions to the Unitholders and
expenses of each Fund; 
  
 (f) To make any elections on behalf of
the Trust under the Code, or any other applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best interests of the Trust; and 
  
 (g) In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional
Managing Owners; provided, that notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing 
  

 22 

 Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to
Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the outstanding Units of all Funds (not including Units owned by the Managing Owner) is not obtained. 
  
 SECTION 4.3. Obligations of the Managing Owner. In addition to the
obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall: 
  
 (a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to
conduct the business and affairs of the Trust for the benefit of the Trust and the Limited Owners; 
  
 (b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the
formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 
  
 (c) Retain independent public accountants to audit the accounts of the Trust; 
  
 (d) Employ attorneys to represent the Trust; 
  
 (e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purposes, and as
a “grantor trust” for U.S. federal income tax purposes; 
  
 (f) Have fiduciary responsibility for the safekeeping and use of each Trust Estate, whether or not in the Managing Owner’s immediate possession or control; 
  
 (g) For each Fund, enter into a Participant Agreement with each Participant and discharge the duties and responsibilities of
the Fund and the Managing Owner thereunder; 
  
 (h) For each Fund,
receive from Participants and process properly submitted Purchase Order Subscription Agreements, as described in Section 3.4(a)(iii); 
  
 (i) For each Fund, in connection with Purchase Order Subscription Agreements, receive Creation Basket Capital Contributions from Participants; 

 
 (j) For each Fund, in connection with Purchase Order Subscription
Agreements, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite Transaction Fee and the
Trust has received the requisite Purchase Order Capital Contribution, as described in Section 3.4(d); 
  
 (k) For each Fund, receive from Participants and process properly submitted Redemption Orders, as described in Section 7.1(a), or as may from time to
time be permitted by Section 7.2; 
  
 (l) For each Fund, in
connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel or cause to be cancelled, 
  

 23 

 Limited Units corresponding to the Redemption Baskets to be redeemed as described in Section 7.1, or as may from
time to time be permitted by Section 7.2; 
  
 (m) Interact
with the Depository as required; and 
  
 (n) Delegate those of its
duties hereunder as it shall determine from time to time to one or more Administrators or Distributors. 
  
 SECTION 4.4. General Prohibitions. The Trust and each Fund, as applicable, shall not: 
  
 (a) Invest proceeds received on the issuance or sale of Units in anything
other than the corresponding Master Fund Shares; 
  
 (b) Reinvest
distributions received in respect of the corresponding Master Fund Shares; 
  
 (c) Redeem the corresponding Master Fund Shares other than to fund a redemption request by a Participant; 
  
 (d) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person; 
  
 (e) Create, incur, assume or suffer to exist any lien, mortgage, pledge
conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have
been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for
the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s,
materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by
generally accepted accounting principles, and liens arising under ERISA; 
  
 (f) Operate the Trust or a Fund in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or 
  
 (g) Cause the Trust or any Fund to elect to be treated as an association
taxable as a corporation for U.S. federal income tax purposes. 
  
 SECTION 4.5. Liability of Covered Persons. A Covered Person shall have no liability to the Trust, any Fund or to any Unitholder or other Covered Person for any loss suffered by the Trust or any Fund which arises out of any action or
inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such course of conduct did not constitute negligence or 
  

 24 

 misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any other Covered Person
shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust
Agreement shall be made solely from the assets of the applicable Fund without any rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator or
other delegatee selected by the Managing Owner with reasonable care. 
  
 SECTION 4.6. Fiduciary Duty. 
  
 (a) To the extent
that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Funds, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be
liable to the Trust, the Funds, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the
extent that they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the
Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value of a Fund (excluding Units held by the
Managing Owner and its Affiliates) affected by the change pursuant to Section 11.1(a) below. 
  
 (b) Unless otherwise expressly provided herein: 
  
 (i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the one hand, and the Trust
or any Unitholder or any other Person, on the other hand; or 
  
 (ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust,
any Unitholder or any other Person, 
  
 the Managing Owner shall resolve such
conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to
such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by
the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
  
 (c) The Managing Owner and any Affiliate of the Managing Owner may engage in
or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the 
  

 25 

 Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Managing Owner. If the
Managing Owner acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Managing Owner shall
not be liable to the Trust or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity
or information to the Trust. Neither the Trust nor any Unitholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses
derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Managing Owner may engage or be interested in
any financial or other transaction with the Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 
  
 SECTION 4.7. Indemnification of the Managing Owner. 
  
 (a) The Managing Owner shall be indemnified by the Trust (or, in furtherance of Section 3.7, any Fund separately to the extent the matter in question
relates to a single Fund or is otherwise disproportionate) against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the
Managing Owner was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of negligence,
misconduct, or a breach of this Trust Agreement on the part of the Managing Owner and (ii) any such indemnification will only be recoverable from the applicable Trust Estate or Trust Estates. All rights to indemnification permitted herein and
payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary
petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. 
  
 (b) Notwithstanding the provisions of Section 4.7(a) above, the Managing Owner and any Person acting as broker-dealer for the Trust or any Fund shall not be indemnified for any losses, liabilities or expenses
arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and
the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee
and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that
indemnification of the settlement and related costs should be made. 
  
 (c) The Trust and the Funds shall not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited. 
  

 26 

 (d) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit
or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding, if the legal action relates to the performance of duties or services by the Managing Owner on behalf of the
Trust; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a court of competent jurisdiction specifically approves such advance; and (iii) the Managing
Owner undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 4.7. 
  
 (e) The term “Managing Owner” as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person
performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 
  
 (f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as
a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust
for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 
  
 (g) The payment of any amount pursuant to this Section shall be subject to Section 3.7 with respect to the allocation of liabilities and other
amount, as appropriate, among the Funds. 
  
 SECTION 4.8.
Expenses and Limitations Thereon. 
  
 (a)
(i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of all Organization and Offering Expenses incurred in connection with the creation of the Funds and sale of Units pursuant to the Initial
Purchaser Agreements. 
  
 (ii) The Managing Owner
or an Affiliate of the Managing Owner also shall be responsible for the payment of all Organization and Offering Expenses incurred after the commencement of such Fund’s trading operations. 
  
 (iii) [Reserved.] 
  
 (iv) Organization and Offering Expenses shall mean those
expenses incurred in connection with the formation, qualification and registration of the Trust, the Funds and the Units and in offering, distributing and processing the Units under applicable U.S. federal and state law, and any other expenses
actually incurred and, directly or indirectly, related to the organization of the Trust or the offering of the Units, including, but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and
taxes, (ii) costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the exhibits thereto and the Prospectus prior to the commencement of the Trust’s operations,
(iii) the costs of qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance 
  

 27 

 of the Units pursuant to the Initial Purchaser Agreements, (iv) travel, telegraph, telephone and other expenses in
connection with the offering and issuance of the Units pursuant to the Initial Purchaser Agreements, and (v) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith. However, such
Organization and Offering Expenses shall exclude any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 
  
 (b) All ongoing charges, costs and expenses of each Fund’s operation,
including, but not limited to, the routine expenses associated with (i) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities; (ii) Fund meetings and preparing,
printing and mailing of proxy statements and reports to Unitholders; (iii) the payment of any distributions related to redemption of Units; (iv) routine services of the Trustee, legal counsel and independent accountants; (v) routine
accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vi) postage and insurance; (vii) client relations and services; and (viii) computer equipment and system
maintenance shall be billed to and/or paid by the Managing Owner. The Management Fee and extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall be
billed to and/or paid by the respective Master Funds. 
  
 (c) The
Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of a Fund for which payment a Fund is responsible. In addition,
payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing services for a Fund in its capacity as the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or
depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s “overhead,” is prohibited. 
  

(d) All general expenses of the Trust will be allocated among the Funds as determined by the Managing Owner in its sole and absolute discretion.

  
  SECTION 4.9. Compensation to the Managing Owner.
The Managing Owner shall be entitled to compensation for its services as Managing Owner of the Trust as set forth in the Prospectus. 
   
 SECTION 4.10. Other Business of Unitholders. Except as otherwise specifically provided herein, any of the Unitholders and any shareholder, officer,
director, employee or other person holding a legal or beneficial interest in an entity which is a Unitholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the
pursuit of such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. 
  
 SECTION 4.11. Voluntary Withdrawal of the Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the Trust only upon
one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, Limited Owners holding Units equal to at least a majority (over 50%) of
the Fund’s aggregate Net Asset Value (not 
  

 28 

 including Units held by the Managing Owner) may vote to elect and appoint, effective as of a date on or prior to the
withdrawal, a successor Managing Owner who shall carry on the business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at their respective Net Asset Value. If the Managing
Owner withdraws and a successor Managing Owner is named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
  
 SECTION 4.12. Authorization of Registration Statements. Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust, the
Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by the Registration Statements on behalf of the Trust without any
further act, approval or vote of the Limited Owners of the Funds, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 
  
 SECTION 4.13. Litigation. The Managing Owner is hereby authorized to
prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any court, board or
authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Funds’ assets on a pro rata basis and, thereafter, out
of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Managing Owner. 
  
 ARTICLE V 
  
 TRANSFERS OF UNITS 
  
 SECTION 5.1. General Prohibition. A Limited Owner may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title
and interest in the capital or profits in any Fund except as permitted in this Article V and any act in violation of this Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge
thereof), unless approved in writing by the Managing Owner. 
  
 SECTION 5.2. Transfer of Managing Owner’s General Units. 
  
 (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General Units shall be purchased by the Trust for a purchase price in cash equal to the Net Asset Value thereof. The
Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed
against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties. 
  

 29 

 (b) To the full extent permitted by law, and on sixty (60) days’ prior written notice to the
Limited Owners, of their right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or other entity, the
reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the rights, duties and liabilities of the Managing Owner by, in the case of a
merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions
referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of Sections 5.2(a) or 5.2(c). 
  
 (c) Upon assignment of all of its Units, the Managing Owner shall not cease
to be a Managing Owner of the Trust, or to have the power to exercise any rights or powers as a Managing Owner, or to have liability for the obligations of the Trust under Section 1.7 hereof, until an additional Managing Owner, who shall carry
on the business of the Trust, has been admitted to the Trust. 
  
 SECTION 5.3. Transfer of Limited Units. Beneficial Owners that are not DTC Participants may transfer Limited Units by instructing the DTC Participant or Indirect Participant holding the Limited Units for such Beneficial Owner in
accordance with standard securities industry practice. Beneficial Owners that are DTC Participants may transfer Limited Units by instructing the Depository in accordance with the rules of the Depository and standard securities industry practice.

  
 ARTICLE VI 
  
 DISTRIBUTIONS 
  
 SECTION 6.1. Distributions of Cash Received from the Master Funds Other
than Redemption Proceeds. In the event a Fund receives any distributions of cash from its corresponding Master Fund other than from such Fund’s redemption of interests in the corresponding Master Fund, the Managing Owner shall cause the
Fund to distribute such amounts to the Fund’s Unitholders in accordance with their interests therein as promptly as practicable. Any such distributions shall be made in a manner that is in compliance with the Federal income tax rules applicable
to grantor trusts and Treasury Regulation 301.7701-4(c). Any temporary investment of such cash receipts prior to their distribution shall be made in short-term debt instruments in compliance with the requirements of Treasury Regulation
§ 301.7701-4(c) as interpreted by the IRS so as to ensure that the Trust maintains its status as a fixed investment trust within the meaning of such Regulation. 
  
 SECTION 6.2. Liability for State and Local and Other Taxes. In the event that the Trust or a Fund shall be separately
subject to taxation by any state or local or by any foreign taxing authority, the Trust or such Fund shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust or any Fund shall be required to make payments to any
Federal, state or local or any foreign taxing authority in respect of any Unitholder’s allocable share of income, the 
  

 30 

 amount of such taxes shall be considered a loan by the Trust or such Fund to such Unitholder, and such Unitholder shall
be liable for, and shall pay to the Trust or such Fund, any taxes so required to be withheld and paid over by the Trust or such Fund within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be liable for
(and the Managing Owner shall be entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust or the Fund to the IRS or other taxing authority, from the date of the
Managing Owner’s request for payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the Trust or
a Fund to the Unitholder in respect of Units so redeemed, or in respect of any other actual distribution by the Trust or any Fund to such Unitholder, shall be reduced by any obligations owed to the Trust or any Fund by the Unitholder, including,
without limitation, the amount of any taxes required to be paid over by the Trust or any Fund to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust or any Fund from any actual distribution or
redemption payment to such Unitholder shall be treated as an actual distribution to such Unitholder for all purposes of this Trust Agreement. 
  
 ARTICLE VII 
  
 REDEMPTIONS 
  
 SECTION 7.1. Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Participant Agreement, which may be amended from time to time in
accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets. 
  
 (a) On any Business Day, a Participant with respect to which a Participant
Agreement is in full force and effect (as reflected on the list maintained by the Managing Owner pursuant to Section 3.4(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository
by delivering a request for redemption to the Managing Owner (such request, a “Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, as amended from time to time in
accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement). 
  
 (b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the
Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and
regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
  
 (c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall
consist of cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set 
  

 31 

 forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund as of the closing time of
the Exchange or the last to close of the exchanges on which any of the Index Currencies is traded, whichever is later, on the Redemption Order Date. 
  
 (d) By noon, New York time, on the Business Day immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the
Managing Owner’s account at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner
shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by such Redemption Settlement Time the Managing Owner has not received from a redeeming
Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant and (ii) keep the redeeming
Participant’s Redemption Order open until noon, New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the
Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Managing Owner’s account at the Depository by noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended
Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time the Managing Owner has not received from the redeeming Participant all Redemption Baskets comprising the Suspended
Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such
conditions as the Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable
Fund’s account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 
  
 (e) The Managing Owner may, in its discretion, suspend the right of
redemption, or postpone the Redemption Settlement Date, (i) for any period during which the Exchange or any other applicable exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted;
(ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of a Fund’s assets is not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be
necessary for the protection of Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 
  
 (f) Redemption Baskets effectively redeemed pursuant to the provisions of
this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures. 
  
 SECTION 7.2. Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with
respect to redemption of 
  

 32 

 Limited Units in lot sizes smaller than the Redemption Basket and permitting the Redemption Distribution to be in a form,
and delivered in a manner, other than that specified in Section 7.1. 
  
 ARTICLE VIII 
  
 THE
LIMITED OWNERS 
  
 SECTION 8.1. No Management or Control;
Limited Liability; Exercise of Rights through DTC. The Limited Owners shall not participate in the management or control of the Trust’s or the applicable Fund’s business nor shall they transact any business for the Trust or any Fund or
have the power to sign for or bind the Trust or any Fund, said power being vested solely and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the
expenses, liabilities or obligations of the Trust or any Fund in excess of his Capital Contribution plus his share of any Fund Trust Estate in which such Limited Owner owns a Unit and profits remaining, if any. Except as provided in Section 8.3
hereof, each Limited Unit owned by a Limited Owner shall be fully paid and no assessment shall be made against any Limited Owner. No salary shall be paid to any Limited Owner in his capacity as a Limited Owner, nor shall any Limited Owner have a
drawing account or earn interest on his contribution. By the purchase and acceptance or other lawful delivery and acceptance of Limited Units, each Beneficial Owner shall be deemed to be a Limited Owner and beneficiary of the applicable Fund and
vested with beneficial undivided interest in such Fund to the extent of the Limited Units owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Trust Agreement. The rights of Beneficial Owners under this Trust
Agreement must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of the Depository, as provided in Section 3.5. 
  
 SECTION 8.2. Rights and Duties. The Limited Owners shall have the following rights, powers, privileges, duties and
liabilities: 
  
 (a) The Limited Owners shall have the right to
obtain from the Managing Owner information of all things affecting the Trust or the applicable Fund, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust or the applicable
Fund, including, without limitation, such reports as are set forth in Article IX and the list of Participants contemplated by Section 3.4(a)(i). In the event that the Managing Owner neglects or refuses to produce or mail to a Limited Owner a
copy of the list of Participants contemplated by Section 3.4(a)(i), the Managing Owner shall be liable to such Limited Owner for the costs, including reasonable attorney’s fees, incurred by such Limited Owner to compel the production of
such information, and for any actual damages suffered by such Limited Owner as a result of such refusal or neglect; provided, however, it shall be a defense of the Managing Owner that the actual purpose of the Limited Owner’s request for such
information was not reasonably related to the Limited Owner’s interest as a beneficial owner in a Fund (e.g., to secure such information in order to sell it, or to use the same for a commercial purpose unrelated to the participation of such
Limited Owner in the Fund). The foregoing rights are in addition to, and do not limit, other remedies available to Limited Owners under U.S. federal or state law. 
  

 33 

 (b) The Limited Owners shall receive the share of the distributions provided for in this Trust Agreement
in the manner and at the times provided for in this Trust Agreement. 
  
 (c) Except for the Limited Owners’ redemption rights set forth in Article VII hereof, Limited Owners shall have the right to demand the return of their capital account only upon the dissolution and winding up of the applicable Fund or
the Trust and only to the extent of funds available therefor. In no event shall a Limited Owner be entitled to demand or receive property other than cash. No Limited Owner shall have priority over any other Limited Owner either as to the return of
capital or as to profits, losses or distributions. No Limited Owner shall have the right to bring an action for partition against the Trust or a Fund. 
  
 (d) Limited Owners holding Units representing at least a majority (over 50%) in Net Asset Value of each affected Fund (not including Units held by the
Managing Owner and its Affiliates), voting separately as a class, may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner,
(iii) elect and appoint one or more additional Managing Owners, or consent to such matters as are set forth in Section 5.2(b), (iv) approve a material change in the trading policies, as set forth in the Prospectus, which change shall
not be effective without the prior written approval of such majority, (v) approve the termination of any agreement entered into between the Trust and the Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty,
(vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Trust as provided in Section 13.1(e), and in the case of (iii), (iv) and (v) in each instance on 60 days’
prior written notice. 
  
 Except as set forth above, the Limited
Owners shall have no voting or other rights with respect to the Trust or any Fund. 
  
 SECTION 8.3. Limitation on Liability. 
  
 (a) Except as provided in Sections 4.7(f), and 6.2 hereof, and as otherwise provided under Delaware law, the Limited Owners shall be entitled to the same limitation of personal liability extended to stockholders of
private corporations for profit organized under the general corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of the Trust or the applicable Fund in excess of his Capital Contribution and his share of the
applicable Fund Trust Estate and undistributed profits. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Fund shall not make a claim against a Limited Owner with respect to
amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount. 
  
 (b) The Trust or the applicable Fund shall indemnify to the full extent permitted by law and the other provisions of this
Trust Agreement, and to the extent of the applicable Fund Trust Estate, each Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited Units) against any claims of liability asserted against such Limited Owner solely
because he is a beneficial owner of one or more Units as a Limited Owner (other than for taxes for which such Limited Owner is liable under Section 6.2 hereof). 
  

 34 

 (c) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the
Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust or the applicable Fund and that the obligations of such instrument are not binding upon the Limited Owners individually but are binding
only upon the assets and property of the applicable Fund, and no resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement
and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument, certificate or
undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the liability of the Trust to the extent set forth in Sections 3.6 and 3.7 hereof. 
  
 ARTICLE IX 
  
 BOOKS OF ACCOUNT AND REPORTS 
  
 SECTION 9.1. Books of Account. Proper books of account for each Fund shall be kept and shall be audited annually by an independent certified public
accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Fund’s business as are required by the CE Act and regulations promulgated
thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust and each
Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the Limited Owner’s
interest as a beneficial owner of the applicable Fund, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and the Trust shall report its profits and losses on, the accrual method of accounting
for financial accounting purposes on a Fiscal Year basis as described in Article X. 
  
 SECTION 9.2. Annual Reports and Monthly Statements. Each Limited Owner shall be furnished as of the end of each month and as of the end of each Fiscal Year with (a) such reports (in such detail) as are
required to be given to Limited Owners by the CFTC and the NFA, (b) any other reports (in such detail) required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Trust and the
Funds and (c) any other reports or information which the Managing Owner, in its discretion, determines to be necessary or appropriate. 
  
 SECTION 9.3. Tax Information. Appropriate tax information (adequate to enable each Limited Owner to complete and file his U.S. federal tax return)
shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 
  
 SECTION 9.4. Calculation of Net Asset Value. Net Asset Value of a Fund shall be calculated at such times as the Managing Owner shall determine from
time to time. 
  

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 SECTION 9.5. Maintenance of Records. The Managing Owner shall maintain: (a) for a period of
at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known address of, and number of Units owned by, all Unitholders of each Fund, a copy of the Certificate of Trust and all certificates of
amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Trust’s and Funds’ Federal, state and local income tax returns and reports, if any; and a record
of the information obtained to indicate that a Limited Owner meets the investor suitability standards set forth in the Prospectus, and (b) for a period of at least six Fiscal Years copies of any effective written trust agreements, subscription
agreements and any financial statements of the Trust and the Funds. The Managing Owner may keep and maintain the books and records of the Trust and the Funds in paper, magnetic, electronic or other format at the Managing Owner may determine in its
sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 
  
 SECTION 9.6. Certificate of Trust. Except as otherwise provided in the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall not
be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Limited Owner; however, such certificates shall be maintained at the principal office of the Trust and shall be available for
inspection and copying by the Limited Owners in accordance with this Trust Agreement. 
  
 ARTICLE X 
  
 FISCAL YEAR

  
 SECTION 10.1. Fiscal Year. The Fiscal Year shall
begin on the 1st day of January and end on the 31st day of December of each year. The first Fiscal Year of the Trust
shall commence on the date of filing of the Certificate of Trust and end on the 31st day of December 2006. The
Fiscal Year in which the Trust shall terminate shall end on the date of termination. 
  
 ARTICLE XI 
  
 AMENDMENT
OF TRUST AGREEMENT; MEETINGS 
  
 SECTION 11.1. Amendments
to this Trust Agreement. 
  
 (a) Amendments to this Trust
Agreement may be proposed by the Managing Owner or by Limited Owners holding Units equal to at least 10% of the Net Asset Value of each Fund, unless the proposed amendment affects only certain series, in which case such amendment may be proposed by
Limited Owners holding Units equal to at least ten percent (10%) of Net Asset Value of each affected series. Following such proposal, the Managing Owner shall submit to the Limited Owners of each affected series a verbatim statement of any
proposed amendment, and statements concerning the legality of such amendment and the effect of such amendment on the limited liability of the Limited Owners. The Managing Owner shall include in any such submission its recommendations as to the
proposed amendment. The amendment shall become effective only upon the written approval or affirmative vote of Limited Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority 
  

 36 

 (over 50%) of the Net Asset Value of all Funds (excluding Units held by the Managing Owner and its Affiliates) or, if the
proposed amendment affects only certain series, of each affected series, or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and
binding and will not adversely affect the limitations on liability of the Limited Owners as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this
Trust Agreement requires the approval or affirmative vote of Limited Owners holding a greater interest in Limited Units than is required to amend this Trust Agreement under this Section 11.1, and/or the approval or affirmative vote of the
Managing Owner, an amendment to such provision(s) shall be effective only upon the written approval or affirmative vote of the minimum number of Unitholders which would be required to take or authorize such action, or as may otherwise be required by
applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except as otherwise provided below, reduction of the capital account of any assignee or modification of the
percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement without such assignee’s approval. 
  
 (b) Notwithstanding any provision to the contrary contained in Section 11.1(a) hereof, the Managing Owner may, without
the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner
herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or in the Prospectus, or to make any other
provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable,
provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owners; (B) is consistent with Section 4.1 hereof; (C) except
as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owners or between the Limited Owners and the Managing Owner; and (D) does not adversely affect the limitations on
liability of the Limited Owners, as described in Article VIII hereof or the status of the Trust or any Fund as a grantor trust for U.S. federal income tax purposes. Amendments to this document which adversely affect (i) the rights of Limited
Owners, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Trust pursuant to Section 13.1(f) below and (iv) any material changes in the Trust’s or a Fund’s
basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value of each Fund or, if not all Funds are affected, of
the affected Fund or Funds (excluding Units held by the Managing Owner and its Affiliates) pursuant to Section 11.1(a) above. 
  
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may, without the approval of the
Limited Owners, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are necessary to ensure that the Trust’s status as a grantor trust will
be respected for U.S. federal income tax purposes. 
  

 37 

 (d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required
by the Delaware Trust Statute, to reflect such change. 
  
 (e) No
amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not
withhold its consent for any action which the Limited Owners are permitted to take under Section 8.2(d) above. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by
the Managing Owner or if such amendment is required in the opinion of the Trustee. 
  
 (f) The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Managing Owner, in
form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust
Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are
covered by the indemnity provisions of the Trust Agreement in favor of the Trustee. 
  
 (g) No provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this Section. 
  
 SECTION 11.2. Meetings of the Trust or the Funds. Meetings of the
Unitholders may be called by the Managing Owner and will be called by it upon the written request of Limited Owners holding Units equal to at least 10% of the Net Asset Value of all Funds or any Fund, as applicable. Such call for a meeting shall be
deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the United States mails, within 15 days after receipt of said request, written
notice to all Unitholders of the applicable Fund of the meeting and the purpose of the meeting, which shall be held on a date, not less than 30 nor more than 60 days after the date of mailing of said notice, at a reasonable time and place. Any
notice of meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the debts of the applicable Fund.
Unitholders may vote in person or by proxy at any such meeting. 
  
 SECTION 11.3. Action Without a Meeting. Any action required or permitted to be taken by Unitholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated
for all purposes as votes at a meeting. If the vote or consent of any Unitholder to any action of the Trust, any Fund or any Unitholder, as contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected
by notice to each Unitholder given in the manner provided in Section 15.4. The vote or consent of each Unitholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not
the notice of solicitation is actually received by that Unitholder, unless the Unitholder expresses written objection to the 
  

 38 

 vote or consent by notice given in the manner provided in Section 15.4 below and actually received by the Trust
within 20 days after the notice of solicitation is effected. The Managing Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be
fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Unitholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of
such Unitholders in any manner other than as expressly provided in Section 15.4. 
  
 ARTICLE XII 
  
 TERM

  
 SECTION 12.1. Term. The term for which the Trust
and each Fund is to exist shall commence on the date of the filing of the Certificate of Trust, and shall terminate pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 
  
 ARTICLE XIII 
  
 TERMINATION 
  
 SECTION 13.1. Events Requiring Dissolution of the Trust or any Fund.
The Trust or, as the case may be, any Fund shall dissolve at any time upon the happening of any of the following events: 
  
 (a) The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of 90 days after the date of notice
to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an “Event of
Withdrawal”) unless at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within 90 days of such Event of Withdrawal all the remaining Unitholders agree in
writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of Withdrawal and a failure of all remaining Unitholders
to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within 120 days of such Event of Withdrawal, Limited Owners holding Units representing at least a majority (over 50%) of the Net
Asset Value (not including Units held by the Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in
this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust.
If such an election is made, all Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the Reconstituted Trust. 
  
 (b) The occurrence of any event which would make unlawful the continued existence of the Trust or any Fund, as the case may be. 
  

 39 

 (c) In the event of the suspension, revocation or termination of the Managing Owner’s registration
as a commodity pool operator under the CE Act, or membership as a commodity pool operator with the NFA (if, in either case, such registration is required under the CE Act or the rules promulgated thereunder) unless at the time there is at least one
remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated. 
  
 (d) The Trust or any Fund, as the case may be, becomes insolvent or bankrupt. 
  
 (e) The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value of all Funds (which
excludes the Units of the Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination. 
  
 (f) The determination of the Managing Owner that a Fund’s aggregate net
assets in relation to the operating expenses of such Fund make it unreasonable or imprudent to continue the business of such Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust
because the aggregate Net Asset Value of the Trust or any Fund as of the close of business on any Business Day declines below $10 million. 
  
 (g) The Trust is required to be registered as an investment company under the Investment Company Act of 1940. 
  
 (h) DTC is unable or unwilling to continue to perform its functions, and a
comparable replacement is unavailable. 
  
 The death, legal
disability, bankruptcy, insolvency, dissolution, or withdrawal of any Limited Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the termination of the Trust or any Fund, and such Limited Owner, his
estate, custodian or personal representative shall have no right to withdraw or value such Limited Owner’s Units. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and
his estate, and he directs the legal representative of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the applicable Fund and any right to an audit or examination of
the books of the applicable Fund, except for such rights as are set forth in Article IX hereof relating to the books of account and reports of the applicable Fund. 
  
 SECTION 13.2. Distributions on Dissolution. Upon the dissolution of the Trust or any Fund, the Managing Owner (or in
the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and approve) shall take full charge of the applicable Trust Estate. Any Liquidating Trustee so
appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations,
contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust or the Funds. Thereafter, 
  

 40 

 in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust or any Fund
shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: to the expenses of liquidation
and termination and to creditors, including Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust or the Funds (whether by payment or the making of reasonable provision for payment
thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Unitholder, after giving
effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. 
  
 SECTION 13.3. Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of all Funds, the Trust shall
terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute.
Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. 
  
 ARTICLE XIV 
  
 POWER OF ATTORNEY 
  
 SECTION 14.1. Power of Attorney Executed Concurrently. Concurrently
with the written acceptance and adoption of the provisions of this Trust Agreement, each Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of its applicable Purchase Order Subscription Agreement, or in such
other form as may be prescribed by the Managing Owner. Each Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and
lawful attorney-in-fact and agent for such Limited Owner with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following:

  
 (a) Any certificates and other instruments, including but not
limited to, any applications for authority to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct
business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction;

  
 (b) Any instrument which may be required to be filed by the
Trust under the laws of any state or by any governmental agency, or which the Managing Owner deems advisable to file; and 
  

 41 

 (c) This Trust Agreement and any documents which may be required to effect an amendment to this Trust
Agreement approved under the terms of the Trust Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of others as additional or substituted Limited Owners, or the termination of the
Trust, provided such continuation, admission or termination is in accordance with the terms of this Trust Agreement. 
  
 SECTION 14.2. Effect of Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner: 
  
 (a) Is a special, irrevocable Power of Attorney coupled with an interest,
and shall survive and not be affected by the death, disability, dissolution, liquidation, termination or incapacity of the Limited Owner; 
  
 (b) May be exercised by the Managing Owner for each Limited Owner by a facsimile signature of one of its officers or by a single signature of one of its
officers acting as attorney-in-fact for all of them; and 
  
 (c)
Shall survive the delivery of an assignment by a Limited Owner of the whole or any portion of his Limited Units; except that where the assignee thereof has been approved by the Managing Owner for admission to the Trust as a substituted Limited
Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Managing Owner to execute, acknowledge and file any instrument necessary to effect such substitution. 
  
 Each Limited Owner agrees to be bound by any representations made by the
Managing Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 
  
 SECTION 14.3. Limitation on Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to
the Managing Owner shall not authorize the Managing Owner to act on behalf of Limited Owners in any situation in which this Trust Agreement requires the approval of Limited Owners unless such approval has been obtained as required by this Trust
Agreement. In the event of any conflict between this Trust Agreement and any instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 
  
 ARTICLE XV 
  
 MISCELLANEOUS 
  
 SECTION 15.1. Governing Law. The validity and construction of this
Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of
Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 15.1, and provided, further, that the
parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or 
  

 42 

 common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by
applicable law, there shall not be applicable to the Trust, the Funds, the Trustee, the Managing Owner, the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust
Statute) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges,
(b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal
property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount
or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers
of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall
not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The
Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such
power or privilege or take such actions. 
  
 SECTION 15.2.
Provisions In Conflict With Law or Regulations. 
  
 (a) The
provisions of this Trust Agreement are severable, and if the Managing Owner shall determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware
Trust Statute or other applicable U.S. federal or state laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement;
provided, however, that such determination by the Managing Owner shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing
Owner or Trustee shall be liable for making or failing to make such a determination. 
  
 (b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other
jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 
  
 SECTION 15.3. Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include
all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 
  

 43 

 SECTION 15.4. Notices. All notices or communications under this Trust Agreement (other than
requests for redemption of Units, notices of assignment, transfer, pledge or encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by
mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Trust or the applicable Fund or such other address as may be specified
in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case
may be. Requests for redemption, notices of assignment, transfer, pledge or encumbrance of Units shall be effective upon timely receipt by the Managing Owner in writing. 
  
 SECTION 15.5. Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall
constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
  

SECTION 15.6. Binding Nature of Trust Agreement. The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit
of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Unitholders. For purposes of determining the rights of any Unitholder or assignee hereunder, the Trust and the
Managing Owner may rely upon the Trust and Fund records as to who are Unitholders and permitted assignees, and all Unitholders and assignees agree that the Trust, each Fund and the Managing Owner, in determining such rights, shall rely on such
records and that Limited Owners and assignees shall be bound by such determination. 
  
 SECTION 15.7. No Legal Title to Trust Estate. Subject to the provisions of Section 1.8 in the case of the Managing Owner, the Unitholders shall not have legal title to any part of the applicable
Fund’s Trust Estate. 
  
 SECTION 15.8. Creditors. No
creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the applicable Fund’s Trust Estate. 
  
 SECTION 15.9. Integration. This Trust Agreement constitutes the entire agreement among the parties hereto pertaining
to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
  
 SECTION 15.10. Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust or any Fund, which shall belong exclusively to
DB Commodity Services LLC. 
  

 44 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amended and Restated Declaration of
Trust and Trust Agreement as of the day and year first above written. 
  

			
	WILMINGTON TRUST COMPANY,
	 as Trustee

		
	 By:
	 	

	 	 	 Name:

	 	 	 Title:

	
	 DB COMMODITY SERVICES LLC, as
 Managing Owner

		
	 By:
	 	

	 	 	 Name: Kevin Rich

	 	 	 Title: Director and Chief Executive Officer

		
	 By:
	 	

	 	 	 Name: Gregory Collett

	 	 	 Title: Chief Operating Officer

	
	All Limited Owners now and hereafter admitted as Limited Owners of the Trust and reflected in the records maintained by the Depository, the DTC Participants or the Indirect
Participants, as the case may be, as Limited Owners from time to time, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
		
	 By:
	 	DB COMMODITY SERVICES LLC, as attorney-in-fact
		
	 By:
	 	

	 	 	 Name: Kevin Rich

	 	 	 Title: Director and Chief Executive Officer

		
	 By:
	 	

	 	 	 Name: Gregory Collett

	 	 	 Title: Chief Operating Officer

  

 45 

 EXHIBIT A 
  

CERTIFICATE OF TRUST 
 OF 
 POWERSHARES DB US DOLLAR INDEX TRUST 
  
 THIS Certificate of Trust of PowerShares DB US Dollar Index Trust (the “Trust”) is being duly executed and filed
on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 
  
 1. Name. The name of the statutory trust formed by this Certificate of
Trust is PowerShares DB US Dollar Index Trust. 
  
 2. Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are Wilmington Trust Company, 1100 North Market Street, Wilmington, DE 19890. 
  
 3. Separate Series. Pursuant to Section 3806(b)(2) of the Act, the Trust will issue one or more series of
beneficial interests having the rights and preferences specified in the governing instrument of the Trust, as it may be amended from time to time (each a “Series”). 
  
 4. Notice of Limitation of Liability of Each Series. Pursuant to Section 3804(a) of the Act, the liabilities of
each Series shall be limited such that (a) the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to a particular Series shall be enforceable against the assets of that particular Series
only, and not against the assets of the Trust generally, or the assets of any other Series and (b) none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally and
any other Series shall be enforceable against the assets of the particular Series. 
  
 5. Effective Date. This Certificate of Trust shall be effective upon filing. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	WILMINGTON TRUST COMPANY, not in its
individual capacity but solely as Trustee of the Trust
		
	 By:
	 	

	 	 	Name:
	 	 	Title:

  

 A-1 

 EXHIBIT B 
  

FORM OF GLOBAL CERTIFICATE1 
  
 CERTIFICATE OF BENEFICIAL
INTEREST 
 -Evidencing- 
 All Limited Units 
 -in- 
  
 POWERSHARES DB US DOLLAR INDEX [        ]FUND 
  
  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE TRUST WITH RESPECT TO THE FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
   
 This is to certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the ownership of all issued and outstanding Limited Units (“Units”), each of which represents a
fractional undivided unit of beneficial interest in PowerShares DB US Dollar Index [            ] Fund (the “Fund”), established and designated as a series of PowerShares DB US
Dollar Index Trust (the “Trust”), a Delaware statutory trust formed under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the
Secretary of State of the State of Delaware on August 3, 2006, and an Amended and Restated Declaration of Trust and Trust Agreement, dated as of            
        , 2006, by and among DB Commodity Services LLC, a Delaware limited liability company, as managing owner, Wilmington Trust Company, a Delaware banking company, as trustee, and the unitholders of
each series from time to time thereunder (hereinafter called the “Trust Agreement”), copies of which are available at the principal offices of the Trust. 
  
  At any given time this Certificate shall represent all limited units of beneficial interest in the Fund, which shall be
the total number of Units that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Fund from time to time and the issuance by the Trust, with respect to the Fund of additional Creation Baskets representing the
undivided units of 
   

	1	Forms of Global Certificates of Beneficial Interest for each of PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund shall be,
except for the names of the Funds, substantially identical to this Form of Global Certificate. 

  

 B-1 

 beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged
for one or more Certificates issued to the registered holder in such denominations as the registered holder may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units
outstanding at any given time. 
  
 Each Authorized Participant
hereby grants and conveys all of its rights, title and interest in and to the Fund to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the
terms, conditions and covenants of which are incorporated herein as if fully set forth at length. 
  
 The registered holder of this Certificate is entitled at any time upon tender of this Certificate to the Fund, endorsed in blank or accompanied by all
necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other governmental charges, to receive at the time and in the manner provided in the Trust Agreement,
such holder’s ratable portion of the assets of the Fund for each Redemption Basket tendered and evidenced by this Certificate. 
  
 The holder of this Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust Agreement, copies
of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which reference is made for all the terms, conditions and covenants thereof. 
  
 The Fund may deem and treat the person in whose name this Certificate is
registered upon the books of the Fund as the owner hereof for all purposes and the Fund shall not be affected by any notice to the contrary. 
  
 The Trust Agreement permits, with certain exceptions as therein provided, the amendment thereof, by the Managing Owner with the consent of the Beneficial
Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the net asset value of the Fund and other funds established as series of the Trust or such higher percentage as may be
required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding and will not adversely affect the limitations on liability of the Beneficial Owners; provided,
however that the Managing Owner may, without the approval of the Beneficial Owners, make such amendments to the Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any
right or power granted to the Managing Owner in the Trust Agreement, for the benefit of the Beneficial Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision in the Trust Agreement which may be inconsistent
with any other provision in the Trust Agreement or in the Prospectus, or to make any other provisions with respect to matters or questions arising under the Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the
Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to clause (iii) unless the adoption thereof (A) is not adverse to the interests of the
Beneficial Owners; (B) is consistent with Managing Owner’s control of and power to conduct the business of the Trust; (C) with certain exceptions, does not affect the allocation of profits and losses among the Beneficial Owners or
between the Beneficial 
  

 B-2 

 Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Beneficial
Owners or the status of the Trust or the Fund as a grantor trust for U.S. federal income tax purposes. Any such consent or waiver by the holder of Units shall be conclusive and binding upon such holder of Units and upon all future holders of Units,
and shall be binding upon any Units, whether evidenced by a Certificate or held in uncertificated form, issued upon the registration or transfer hereof whether or not notation of such consent or waiver is made upon this Certificate and whether or
not the Units evidenced hereby are at such time in uncertificated form. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of any holders of Units. 
  
 In accordance with Section 3.7 of the Trust Agreement, the holder of
this Certificate agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the Fund and to the Managing Owner and its assets for payment in respect of any claim against or obligation of the Fund. The
Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of the Fund, including, without limitation, funds delivered to the Trust for the purchase of Units in the Fund.

  
 In furtherance of the Consent, the holder agrees that
(i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) of the Fund incurred, contracted for or otherwise existing and (ii) the Units
shall be subject to the following limitations: 
  
 (a) (i) except
as set forth below, the Claims and Units (collectively, the “Subordinated Claims and Units”) shall be expressly subordinate and junior in right of payment to any and all other claims against and Units in the Trust and any series thereof,
pursuant to any contract; provided, however, that the holder’s Claims (if any) against and Units shall not be considered Subordinated Claims and Units with respect to enforcement against and distribution and repayment from the Fund, the Fund
Assets and the Managing Owner and its assets; and provided further that (1) the holder’s valid Claims, if any, against the Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the
Fund and (2) the holder’s Units shall be pari passu and equal in right of repayment and distribution with all other Units in the Fund; and (ii) the holder will not take, demand, or receive from any series or the Trust or any of their
respective assets (other than the Fund, the Fund Assets and the Managing Owner and its assets) any payment for the Subordinated Claims and Units; 
  
 (b) the Claims and Units of the holder shall only be asserted and enforceable against the Fund, the Fund Assets and the Managing Owner and its assets and
such Claims and Units shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 
  
 (c) If the Claims of the holder against the Fund or the Trust are secured in whole or in part, the holder hereby waives
(under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured Claims against
the Trust or any series (other than the Fund), as the case may be; 
  

 B-3 

 (d) in furtherance of the foregoing, if and to the extent that the holder receives monies in connection
with the Subordinated Claims and Units from a series or the Trust (or their respective assets), other than the Fund, the Fund Assets and the Managing Owner and its assets, the holder shall be deemed to hold such monies in trust and shall promptly
remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 
  
 (e) the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied, the Units represented by this Certificate are sold,
transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Units are terminated, rescinded or canceled. 
  
 The Trust Agreement, and this Certificate, is executed and delivered by DB Commodity Services LLC, as Managing Owner, in the
exercise of the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in the Trust Agreement or the Fund in this Certificate are made and intended not
as personal representations, undertakings and agreements by DB Commodity Services LLC but are made and intended for the purpose of binding only the Trust and the Fund. Nothing in the Trust Agreement or this Certificate shall be construed as creating
any liability on DB Commodity Services LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in the Trust Agreement or this Certificate. 
  
 This Certificate shall not become valid or binding for any purpose until
properly executed by the Managing Owner pursuant to the Trust Agreement. 
  
 Terms not defined herein have the same meaning as in the Trust Agreement. 
  
 IN WITNESS WHEREOF, DB Commodity Services LLC, as Managing Owner, has caused this Certificate to be executed in its name by the manual or facsimile
signature of one of its Authorized Officers. 
  
  
			
	 PowerShare DB US Dollar Index Trust, with respect
to PowerShare DB US Dollar Index
                 Fund

	
	 DB Commodity Services LLC,
as Managing Owner

		
	 By:
	 	

	 	 	Authorized Officer
		
	 By:
	 	

	 	 	Authorized Officer
	
	 Date:               ,
20    

   

 B-4 

 EXHIBIT C 
  

FORM OF PARTICIPANT AGREEMENT 
  

 C-1 

 EXHIBIT D 
  

FORM OF INITIAL PURCHASER AGREEMENT 
  

 D-1Form of Amend. and Restated Declaration of Trust and Trust Agmt. / Co-Registrant

 EXHIBIT 4.2 
  

AMENDED AND RESTATED 
 DECLARATION
OF TRUST 
 AND 
 TRUST AGREEMENT 
 OF 
 DB US DOLLAR INDEX MASTER TRUST 
  
 Dated as of                      , 2006 
  
 By and Among 
  
 DB COMMODITY SERVICES LLC 
 WILMINGTON
TRUST COMPANY 
  
 and 
  
 POWERSHARES DB US DOLLAR INDEX TRUST 

 TABLE OF CONTENTS 
  

			
	 	  	Page
		
	 ARTICLE I DEFINITIONS; THE MASTER TRUST
	  	1
		
	 SECTION 1.1 Definitions
	  	1
	 SECTION 1.2 Name
	  	7
	 SECTION 1.3 Delaware Trustee; Business Offices
	  	7
	 SECTION 1.4 Declaration of Trust
	  	8
	 SECTION 1.5 Purposes and Powers
	  	8
	 SECTION 1.6 Tax Treatment.
	  	8
	 SECTION 1.7 General Liability of the Managing Owner
	  	9
	 SECTION 1.8 Legal Title
	  	10
	 SECTION 1.9 Series Trust
	  	10
	 SECTION 1.10 Commencement of Business
	  	10
		
	 ARTICLE II THE TRUSTEE
	  	10
		
	 SECTION 2.1 Term; Resignation
	  	10
	 SECTION 2.2 Powers
	  	10
	 SECTION 2.3 Compensation and Expenses of the Trustee
	  	11
	 SECTION 2.4 Indemnification
	  	11
	 SECTION 2.5 Successor Trustee
	  	11
	 SECTION 2.6 Liability of Trustee
	  	12
	 SECTION 2.7 Reliance; Advice of Counsel
	  	13
	 SECTION 2.8 Payments to the Trustee
	  	14
		
	 ARTICLE III SHARES; CREATION BASKETS
	  	14
		
	 SECTION 3.1 General
	  	14
	 SECTION 3.2 Establishment of Series, or Master Funds, of the Trust
	  	15
	 SECTION 3.3 Establishment of Classes and Sub-Classes
	  	15
	 SECTION 3.4 Offer of Limited Shares; Procedures for Creation and Issuance of Creation Baskets
	  	16
	 SECTION 3.5 Assets of Master Funds
	  	16
	 SECTION 3.6 Distributions
	  	17
	 SECTION 3.7 Liabilities of Master Funds
	  	17
	 SECTION 3.8 Dividends and Distributions
	  	19
	 SECTION 3.9 Voting Rights
	  	19
	 SECTION 3.10 Equality
	  	20
		
	 ARTICLE IV THE MANAGING OWNER
	  	20
		
	 SECTION 4.1 Management of the Master Trust
	  	20
	 SECTION 4.2 Authority of Managing Owner
	  	20
	 SECTION 4.3 Obligations of the Managing Owner
	  	21
	 SECTION 4.4 General Prohibitions
	  	23

  

 i 

			
	 SECTION 4.5 Liability of Covered Persons
	  	24
	 SECTION 4.6 Fiduciary Duty
	  	24
	 SECTION 4.7 Indemnification of the Managing Owner
	  	25
	 SECTION 4.8 Expenses and Limitations Thereon
	  	26
	 SECTION 4.9 Compensation to the Managing Owner
	  	28
	 SECTION 4.10 Other Business of Shareholders
	  	28
	 SECTION 4.11 Voluntary Withdrawal of the Managing Owner
	  	28
	 SECTION 4.12 Authorization of Registration Statements
	  	28
	 SECTION 4.13 Litigation
	  	28
		
	 ARTICLE V TRANSFERS OF SHARES
	  	29
		
	 SECTION 5.1 Transfer of Managing Owner’s General Shares
	  	29
	 SECTION 5.2 Transfer of Limited Shares
	  	29
		
	 ARTICLE VI DISTRIBUTIONS AND ALLOCATIONS
	  	32
		
	 SECTION 6.1 Capital Accounts
	  	32
	 SECTION 6.2 Monthly Closing of Books
	  	32
	 SECTION 6.3 Monthly Allocations
	  	33
	 SECTION 6.4 Code Section 754 Adjustments
	  	33
	 SECTION 6.5 Allocation of Profit and Loss for U.S. Federal Income Tax Purposes
	  	34
	 SECTION 6.6 Effect of Section 754 Election
	  	35
	 SECTION 6.7 Allocation of Distributions
	  	35
	 SECTION 6.8 Admissions of Shareholders; Transfers
	  	35
	 SECTION 6.9 Liability for State and Local and Other Taxes
	  	35
	 SECTION 6.10 Consent to Methods
	  	36
		
	 ARTICLE VII REDEMPTIONS
	  	36
		
	 SECTION 7.1 Redemption of Redemption Baskets
	  	36
	 SECTION 7.2 Other Redemption Procedures
	  	37
		
	 ARTICLE VIII THE LIMITED OWNERS
	  	38
		
	 SECTION 8.1 No Management or Control; Limited Liability
	  	38
	 SECTION 8.2 Rights and Duties
	  	38
	 SECTION 8.3 Limitation on Liability
	  	39
		
	 ARTICLE IX BOOKS OF ACCOUNT AND REPORTS
	  	39
		
	 SECTION 9.1 Books of Account
	  	39
	 SECTION 9.2 Annual Reports and Monthly Statements
	  	40
	 SECTION 9.3 Tax Information
	  	40
	 SECTION 9.4 Calculation of Net Asset Value
	  	40
	 SECTION 9.5 Maintenance of Records
	  	40
	 SECTION 9.6 Certificate of Trust
	  	40
	 SECTION 9.7 Registration of Shares
	  	41

  

 ii 

			
	 ARTICLE X FISCAL YEAR
	  	41
		
	 SECTION 10.1 Fiscal Year
	  	41
		
	 ARTICLE XI AMENDMENT OF TRUST AGREEMENT; MEETINGS
	  	41
		
	 SECTION 11.1 Amendments to the Trust Agreement
	  	41
	 SECTION 11.2 Meetings of the Master Trust
	  	43
	 SECTION 11.3 Action Without a Meeting
	  	43
		
	 ARTICLE XII TERM
	  	44
		
	 SECTION 12.1 Term
	  	44
		
	 ARTICLE XIII TERMINATION
	  	44
		
	 SECTION 13.1 Events Requiring Dissolution of the Master Trust or a Master Fund
	  	44
	 SECTION 13.2 Distributions on Dissolution
	  	45
	 SECTION 13.3 Termination; Certificate of Cancellation
	  	46
		
	 ARTICLE XIV POWER OF ATTORNEY
	  	46
		
	 SECTION 14.1 Power of Attorney Executed Concurrently
	  	46
	 SECTION 14.2 Effect of Power of Attorney
	  	47
	 SECTION 14.3 Limitation on Power of Attorney
	  	47
		
	 ARTICLE XV MISCELLANEOUS
	  	48
		
	 SECTION 15.1 Governing Law
	  	48
	 SECTION 15.2 Provisions In Conflict With Law or Regulations
	  	48
	 SECTION 15.3 Construction
	  	49
	 SECTION 15.4 Notices
	  	49
	 SECTION 15.5 Counterparts
	  	49
	 SECTION 15.6 Binding Nature of Trust Agreement
	  	49
	 SECTION 15.7 No Legal Title to Trust Estate
	  	49
	 SECTION 15.8 Creditors
	  	49
	 SECTION 15.9 Integration
	  	50
	 SECTION 15.10 Goodwill; Use of Name
	  	50
		
	 EXHIBIT A
	  	 
	 Form of Certificate of Trust of DB US Dollar Index Master Trust
	  	A-1
		
	 EXHIBIT B
	  	 
	 Description of the Deutsche Bank US Dollar Index (USDX®) Future Index – Excess Return
	  	B-1

  

 iii 

 DB US DOLLAR INDEX MASTER TRUST 
  
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST AGREEMENT 
  
 This AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of DB US DOLLAR INDEX
MASTER TRUST is made and entered into as of the                   day of             
    , 2006, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company, WILMINGTON TRUST COMPANY, a Delaware banking company, as trustee, and POWERSHARES DB US DOLLAR INDEX TRUST, a Delaware statutory trust.

  
 *        
*         * 
  
 RECITALS

  
 WHEREAS, the Master Trust was formed on August 3, 2006
pursuant to the execution and filing by the Trustee of the Certificate of Trust on August 3, 2006 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of August 3, 2006
(the “Original Agreement”); 
  
 WHEREAS, currently,
there are and have not been any Limited Owners; 
  
 WHEREAS, the
Trustee and the Managing Owner desire to amend the Original Agreement to make the amendments effectuated hereby. 
  
 NOW, THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee and the Managing Owner hereby amend and restate the Original Agreement
in its entirety as set forth below. 
  
 ARTICLE I

  
 DEFINITIONS; THE MASTER TRUST 
  
 SECTION 1.1 Definitions. As used in this Trust Agreement, the
following terms shall have the following meanings unless the context otherwise requires: 
  
 “Administrator” means any person from time-to-time performing administrative services for the Master Trust or a Master Fund pursuant to authority delegated by the Managing Owner. 
  
 “Adjusted Capital Account” means, for each Master Fund, as of the
last day of a taxable period, a Shareholder’s Capital Account as maintained pursuant to Section 6.1, (a) increased by any amounts which such Shareholder is obligated to restore pursuant to any provision of this Agreement or is deemed
to be obligated to restore pursuant to Treasury Regulation section 1.704-2 and decreased by the amount of all losses and deductions that, as of the end of the taxable period, are reasonably expected to be allocated to such Shareholder in subsequent
years under sections 704(e)(2) and 706(d) of the Code and the amount of all distributions that, as of the 
  

 1 

 end of such taxable period, are reasonably expected to be made to such Shareholder in subsequent years in accordance with
the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Capital Account that are reasonably expected to occur during or prior to the year in which such distributions are reasonably expected to be made. The
foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
  
 “Adjusted Property” means any property the adjusted basis of which
has been adjusted pursuant to Sections 6.1(a) and (b). 
  
 “Affiliate” – An “Affiliate” of a “Person” means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such
Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or
under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person
acts in any such capacity. 
  
 “Basket” means a Creation
Basket or a Redemption Basket, as the context may require. 
  
 “Book-Tax Disparity” means with respect to any item of Adjusted Property, as of the date of any determination, the difference between the adjusted value of such property and the adjusted basis thereof for federal income tax
purposes as of such date. For each Master Fund, a Shareholder’s portion of such Master Fund’s Book-Tax Disparities in all of its Adjusted Property will be reflected by the difference between such Shareholder’s Capital Account balance
as maintained pursuant to Section 6.1 and the hypothetical balance of such Shareholder’s Capital Account computed as if it had been maintained strictly in accordance with federal income tax accounting principles. 
  
 “Business Day” means a day other than Saturday, Sunday or other day
when banks and/or securities exchanges in the City of New York or the City of Wilmington are authorized or obligated by law or executive order to close. 
  
 “Capital Account” means the capital account maintained for a Shareholder pursuant to 6.1. 
  
 “Capital Contributions” means the amounts of cash contributed to
the Master Trust or any Master Fund, as applicable, by a Shareholder in accordance with Article III hereof. 
  
 “CE Act” means the Commodity Exchange Act, as amended. 
  

“Certificate of Trust” means the Certificate of Trust of the Master Trust in the form attached hereto as Exhibit A, filed with the Secretary
of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 
  
 “CFTC” means the Commodity Futures Trading Commission. 
  

 2 

 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commodity Broker” means any person who engages in the business of
effecting transactions in Currency Contracts for the account of others or for his or her own account. 
  
 “Corporate Trust Office” means the principal office at which at any particular time the corporate trust business of the Trustee is administered,
which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 
  
 “Covered Person” means the Trustee, the Managing Owner and their respective Affiliates. 
  
 “Creation Basket” means the minimum number of Limited Shares of a
Master Fund that may be created at any one time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time-to-time for each Master Fund. 
  
 “Creation Basket Capital Contribution” of a Master Fund means a Capital Contribution made by its Limited Owner in
connection with a Purchase Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription
Agreement by (ii) the Net Asset Value per Basket of a Master Fund as of closing time of the Exchange or the last to close of the exchanges on which any one of the Index Currencies is traded, whichever is later, on the Purchase Order
Subscription Date. 
  
 “Currencies” means positions in
Currency Contracts, forward contracts, other foreign exchange positions, as well as cash resulting from any of the foregoing positions. 
  
 “Currency Contract” means any futures contract or option thereon providing for the delivery or receipt at a future date of a specified amount
and grade of a traded commodity at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 
  

“Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq.,
as the same may be amended from time-to-time. 
  
 “Exchange” means the American Stock Exchange or, if the common units of fractional undivided beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of, any Limited
Owner shall cease to be listed on the American Stock Exchange and are listed on one or more other exchanges, the exchange on which such common units of such Limited Owner are principally traded, as determined by the Managing Owner. 
  
 “Fiscal Quarter” shall mean each period ending on the last day of
each March, June, September and December of each Fiscal Year, or, if the Trust is required by law to have a Fiscal Year other than a calendar year, such other applicable quarterly period. 
  
 “Fiscal Year” shall have the meaning set forth in Article X hereof. 
  

 3 

 “Fund” means a series of PowerShares DB US Dollar Index Trust, a Delaware statutory trust, and
a Limited Owner. 
  
 “Index” or “Indexes”
means the Index or Indexes that each Master Fund is designed to track as more fully described in Exhibit B hereto, as it may be amended from time to time. 
  

“Index Currencies” means the underlying Currencies that comprise an Index or Indexes from time to time. 
  
 “Limited Owner” means, as applicable, any Fund of PowerShares DB US
Dollar Index Trust, a Delaware statutory trust. 
  
 “Limited
Shares” means Shares of a Master Fund that are owned by a Limited Owner. 
  
 “Losses” means, in respect of each Fiscal Year of a Master Fund, losses of such Master Fund as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into
the computation thereof. 
  
 “Managing Owner” means DB
Commodity Services LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law. 
  
 “Management Fee” means the management fee set forth in Section 4.9. 
  
 “Margin Call” means a demand for additional funds after the initial good faith deposit required to maintain a
customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 
  
 “Master Fund” means a series of the Master Trust. 
  
 “Master Trust” means DB US Dollar Index Master Trust, the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and
affairs of which are governed by this Trust Agreement. 
  
 “Net Asset Value of a Master Fund” means the total assets of the Trust Estate of a Master Fund including, but not limited to, all cash and cash equivalents or other securities less total liabilities of such Master Fund, each
determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting, including, but not limited to, the extent specifically set forth below: 
  
 (a) Net Asset Value of a Master Fund shall include any unrealized profit or
loss on open Currencies positions and any other credit or debit accruing to such Master Fund but unpaid or not received by the Master Fund. 
  
 (b) All open currency futures contracts and options traded on a United States exchange are calculated at their then current market value, which shall be
based upon the settlement price for that particular currency futures contract and options traded on the applicable United States exchange on the date with respect to which Net Asset Value of a Master Fund is being determined; provided, that if a
currency futures contract or option traded on a United 
  

 4 

 States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange
upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value of all
open currency futures contracts and options traded on a non-United States exchange shall be based upon the settlement price for that particular currency futures contract or option traded on the applicable non-United States exchange on the date with
respect to which Net Asset Value of a Master Fund is being determined; provided, that if a currency futures contract or option traded on a non-United States exchange could not be liquidated on such day, due to the operation of daily limits (if
applicable) or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could be liquidated shall be the basis for determining the market value of such position
for such day. The current market value of all open forward contracts entered into by a Master Fund shall be the mean between the last bid and last asked prices quoted by the bank or financial institution which is a party to the contract on the date
with respect to which Net Asset Value of a Master Fund is being determined; provided, that if such quotations are not available on such date, the mean between the last bid and asked prices on the first subsequent day on which such quotations are
available shall be the basis for determining the market value of such forward contract for such day. The Managing Owner may in its discretion value any of the Trust Estate pursuant to such other principles as it may deem fair and equitable so long
as such principles are consistent with normal industry standards. 
  
 (c) Interest earned on a Master Fund’s commodity brokerage account shall be accrued at least monthly. 
  
 (d) The amount of any distribution made pursuant to Article VI hereof shall be a liability of a Master Fund from the day when the distribution is declared
until it is paid. 
  
 “Net Asset Value Per Share of a Master
Fund” means the Net Asset Value of a Master Fund divided by the number of Shares of such Master Fund outstanding on the date of calculation. 
  
 “Net Asset Value Per Basket of a Master Fund” means the product obtained by multiplying the Net Asset Value Per Share of a Master Fund by the
number of Limited Shares comprising a Basket of such Master Fund at such time. 
  
 “NFA” means the National Futures Association. 
  
 “Order Cut-Off Time” means 1:00 p.m., New York time, on a Business Day. 
  
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(iv). 
  
 “Percentage Interest” shall be a fraction, the numerator of which
is the number of a Master Fund Shareholder’s Shares and the denominator of which is the total number of Shares of such Master Fund outstanding as of the date of determination. 
  

 5 

 “Person” means any natural person, partnership, limited liability company, statutory trust,
corporation, association or other legal entity. 
  
 “Pit
Brokerage Fee” shall include floor brokerage, clearing fees, National Futures Association fees and exchange fees. 
  
 “Profits” means, for each Fiscal Year of a Master Fund, profits of such Master Fund as determined for U.S. federal income tax purposes and each
item of income, gain, loss or deduction entering into the computation thereof. 
  
 “Prospectus” means the final prospectus and disclosure document of the Trust and the Master Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, as
the same may at any time and from time to time be amended or supplemented. 
  
 “Purchase Order Subscription Agreement” shall have the meaning assigned thereto in Section 3.4(a)(i). 
  
 “Purchase Order Subscription Date” shall have the meaning assigned thereto in Section 3.4(a)(i). 
  
 “Pyramiding” means the use of unrealized profits on existing
Currencies to provide margin for additional Currencies positions of the same or related Currency. 
  
 “Redemption Basket” means the minimum number of Limited Shares of a Master Fund that may be redeemed pursuant to Section 7.1, which shall
be the number of Limited Shares of a Master Fund constituting a Creation Basket on the relevant Redemption Order Date. 
  
 “Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket in accordance with
Section 7.1(c). 
  
 “Redemption Order” shall have
the meaning assigned thereto in Section 7.1(a). 
  
 “Redemption Order Date” shall have the meaning assigned thereto in Section 7.1(b). 
  
 “Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Shareholders” generally means the Managing Owner and all Limited
Owners, as holders of Shares of a Master Fund, where no distinction between them is required by the context in which the term is used. However, if the Master Trust or a Master Fund is notified in a manner satisfactory to the Managing Owner as to the
identity of a beneficial owner of applicable Shares of a Master Fund, such beneficial owner will be treated as a Shareholder owning a direct interest in the Master Fund for purposes of Article VI of this Agreement. 
  
 “Shares” means the common units of fractional undivided beneficial
interest in the profits, losses, distributions, capital and assets of, and ownership of, a Master Fund. The Managing Owner’s Capital Contributions shall be represented by “General” Shares and a 
  

 6 

 Limited Owner’s Capital Contributions shall be represented by “Limited” Shares of each Master Fund. Shares
need not be represented by certificates. 
  
 “Suspended
Redemption Order” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Trust” means PowerShares DB US Dollar Index Trust, a Delaware statutory trust with separate series. 
  
 “Trust Agreement” means this Amended and Restated Declaration of Trust and Trust Agreement, as it may at any time or from time-to-time be
amended. 
  
 “Trustee” means Wilmington Trust Company or
any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Master Trust. 
  
 “Trust Estate” means, with respect to a Master Fund, any cash, currency futures, forward and option contracts, all funds on deposit in the
Master Fund’s accounts, and any other property held by the Master Fund, and all proceeds therefrom, including any rights of the Master Fund pursuant to any other agreements to which the Master Fund is a party. 
  
 “Unrealized Gain” attributable to a Master Fund property means, as
of any date of determination, the excess, if any, of the fair market value of such property as of such date over the property’s adjusted basis for federal income tax purposes as of the date of determination. 
  
 “Unrealized Loss” attributable to a Master Fund property means, as
of any date of determination, the excess, if any, of the property’s adjusted basis for federal income tax purposes as of the date of determination over the fair market value of such property as of such date of determination. 
  
 SECTION 1.2 Name. 
  
 (a) The name of the Master Trust is “DB US Dollar Index Master
Trust” in which name the Trustee and the Managing Owner may engage in the business of the Master Trust, make and execute contracts and other instruments in the name and on behalf of the Master Trust and sue and be sued in the name and on behalf
of the Master Trust. 
  
 SECTION 1.3 Delaware Trustee; Business
Offices. 
  
 (a) The sole Trustee of the Master Trust is
Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Master Trust
in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee of the Master Trust in the State of Delaware shall be the successor Trustee. 
  
 (b) The principal office of the Master Trust, and such additional offices as
the Managing Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the 
  

 7 

 Trustee and the Limited Owners. Initially, the principal office of the Master Trust shall be at c/o DB Commodity Services
LLC, 60 Wall Street, New York, New York 10005. 
  
 SECTION 1.4
Declaration of Trust. The Trustee hereby acknowledges that the Master Trust has received the sum of $1,000 for each Master Fund in a bank account in the name of each Master Fund controlled by the Managing Owner from the Managing Owner as
grantor of the Master Trust, and hereby declares that it shall hold such sum in trust, upon and subject to the conditions set forth herein for the use and benefit of the Shareholders. It is the intention of the parties hereto that the Master Trust
shall be a statutory trust under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Master Trust. It is not the intention of the parties hereto to create a general partnership, limited
partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the extent that each Master Fund is deemed to constitute a partnership under the
Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association except to the extent such Shareholders are deemed to be partners under the
Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the parties hereto to create a partnership among the Shareholders for purposes of taxation under the Code and applicable state and local tax laws.
Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Master Trust. The Trustee has
filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Master Trust under the Delaware Trust Statute. 
  
 SECTION 1.5 Purposes and Powers. The purpose of the Master Trust and each Master Fund shall be: (a) directly or
indirectly to trade, buy, sell, spread or otherwise acquire, hold or dispose of the Index Currencies, including but not limited to, exchange-traded futures on the Index Currencies with a view to tracking the performance of the applicable Indexes
over time; (b) to enter into forward contracts referencing the applicable Indexes or one or more of the Index Currencies with a view to tracking the performance of the applicable Indexes over time; (c) to enter into any lawful transaction
and engage in any lawful activities in furtherance of or incidental to the foregoing purposes; and (d) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a statutory trust may be
organized under the Delaware Trust Statute. The Master Trust shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of the Master
Trust under this Trust Agreement. 
  
 SECTION 1.6 Tax
Treatment. 
  
 (a) Each of the parties hereto, by entering
into this Trust Agreement, (i) expresses its intention that the Shares of each Master Fund will qualify under applicable tax law as interests in a partnership which holds the Trust Estate of each Master Fund for their benefit, (ii) agrees
that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of each Master Fund as a partnership in which each of the Shareholders thereof is a partner, and
(iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any 
  

 8 

 taxing authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares of each
Master Fund as anything other than interests in a partnership. 
  
 (b) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding state and local tax law) of each Master Fund initially shall be the Managing Owner. The Tax Matters Partner, at the expense of each Master Fund,
shall prepare or cause to be prepared and filed each Master Fund’s tax returns as a partnership for U.S. federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed by § 6221 et seq. of the Code,
including, without limitation, (A) the power to conduct all audits and other administrative proceedings with respect to each Master Fund’s tax items; (B) the power to extend the statute of limitations for all Shareholders with respect
to each Master Fund’s tax items; (C) the power to file a petition with an appropriate U.S. federal court for review of a final administrative adjustment of any Master Fund; and (D) the power to enter into a settlement with the IRS on
behalf of, and binding upon, those Limited Owners having less than 1% interest in any Master Fund, unless a Limited Owner shall have notified the IRS and the Managing Owner that the Managing Owner shall not act on such Limited Owner’s behalf.
The designation made by each Shareholder of a Master Fund in this Section 1.6(b) is hereby approved by each Shareholder of such Master Fund as an express condition to becoming a Shareholder. Each Shareholder agrees to take any further action as
may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.7, each Master Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against any damages or losses (including
attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters Partner, provided such action taken or omitted to be taken does not constitute
fraud, negligence or misconduct. 
  
 (c) Each Shareholder shall
furnish the Managing Owner and the Trustee with information necessary to enable the Managing Owner to comply with U.S. federal income tax information reporting requirements in respect of such Shareholder’s Master Fund Shares. 
  
 SECTION 1.7 General Liability of the Managing Owner. 
  
 (a) The Managing Owner shall be liable for the acts, omissions, obligations
and expenses of each Master Fund, to the extent not paid out of the assets of each Master Fund, to the same extent the Managing Owner would be so liable as if each Master Fund were a partnership under the Delaware Revised Uniform Limited Partnership
Act and the Managing Owner were a general partner of such partnership. The foregoing provision shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner under this
Section 1.7 shall be evidenced by its ownership of the General Shares which, solely for purposes of the Delaware Trust Statute, will be deemed to be a separate class of Shares of each Master Fund. Without limiting or affecting the liability of
the Managing Owner as set forth in this Section 1.7, notwithstanding anything in this Trust Agreement to the contrary, Persons having any claim against the Master Trust or any Master Fund by reason of the transactions contemplated by this Trust
Agreement and any other agreement, instrument, obligation or other undertaking to which the Master Trust or any Master Fund is a party, shall look only to the appropriate Master Fund Trust Estate for payment or satisfaction thereof. 
  

 9 

 (b) Subject to Sections 8.1 and 8.3 hereof, no Shareholder, other than the Managing Owner, to the extent
set forth above, shall have any personal liability for any liability or obligation of the Master Trust or any Master Fund. 
  
 SECTION 1.8 Legal Title. Legal title to all of the Trust Estate of each Master Fund shall be vested in the Master Trust as a separate legal entity;
provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the
Managing Owner or any other Person (other than a Shareholder) as nominee. 
  
 SECTION 1.9 Series Trust. The Shares of the Master Trust shall be divided into series, each a Master Fund, as provided in Section 3806(b)(2) of the Delaware Trust Statute. Accordingly, it is the intent of
the parties hereto that Articles IV, V, VII, VIII, IX and X of this Trust Agreement shall apply also with respect to each such Master Fund as if each such Master Fund were a separate statutory trust under the Delaware Trust Statute, and each
reference to the term “Master Trust” in such Articles shall be deemed to be a reference to each Master Fund separately to the extent necessary to give effect to the foregoing intent, as the context may require. The use of the terms
“Master Trust”, “Master Fund” or “series” in this Agreement shall in no event alter the intent of the parties hereto that the Master Trust receive the full benefit of the limitation on interseries liability as set forth
in Section 3804 of the Delaware Trust Statute. 
  
 SECTION
1.10 Commencement of Business. The commencement of the Master Trust’s business shall commence at such time as the Managing Owner shall determine. 
  
 ARTICLE II 
  
 THE TRUSTEE 
  
 SECTION 2.1 Term; Resignation. 
  
 (a) Wilmington
Trust Company has been appointed and hereby agrees to serve as the Trustee of the Master Trust. The Master Trust shall have only one Trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing
Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof. 
  
 (b) The Trustee may resign at any time upon the giving of at least 60 days’ advance written notice to the Master Trust;
provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such sixty
(60) day period, the Trustee may apply, at the expense of the Master Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
  
 SECTION 2.2 Powers. Except to the extent expressly set forth in Section 1.3 and this Article II, the duty and
authority of the Trustee to manage the business and affairs of the Master Trust is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7)
of the Delaware Trust Statute. The Trustee shall have only the rights, obligations and liabilities 
  

 10 

 specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to
the business and affairs of the Master Trust or any Master Fund. The Trustee shall have the power and authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Master Trust in the
State of Delaware. The Trustee shall provide prompt notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the
Master Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 
  
 SECTION 2.3 Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the
Managing Owner (including the Master Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner (including the
Master Trust) for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as
the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. 
  
 SECTION 2.4 Indemnification. The Managing Owner agrees (and any additional Managing Owner admitted pursuant to Section 4.2(g) will be deemed
to agree), whether or not any of the transactions contemplated hereby shall be consummated, to assume liability for, and does hereby indemnify, protect, save and keep harmless Wilmington Trust Company (in its capacity as Trustee and individually)
and its successors, assigns, legal representatives, officers, directors, employees, agents and servants (the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any
taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or
disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the
formation, operation or termination of the Master Trust, the execution, delivery and performance of any other agreements to which the Master Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses
resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section 2.4 shall survive the termination of this Trust Agreement or the removal or resignation of the Trustee. The
Indemnified Parties shall not be entitled to indemnification from any Master Fund Trust Estate. 
  
 SECTION 2.5 Successor Trustee. Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee by delivering a
written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become
effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are paid. Following compliance with the preceding
sentence, the successor Trustee shall become fully vested with all of the rights, 
  

 11 

 powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally
named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. 
  
 SECTION 2.6 Liability of Trustee. Except as otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company
acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Master
Trust or any Master Fund is a party shall look only to the appropriate Master Fund Trust Estate for payment or satisfaction thereof; provided, however, that in no event is the foregoing intended to affect or limit the liability of the Managing Owner
as set forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Master Trust or any Master Fund is a party, except for the Trustee’s
own gross negligence or willful misconduct. In particular, but not by way of limitation: 
  
 (a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, value or validity of any Trust Estate;

  
 (b) The Trustee shall not be liable for any actions taken or
omitted to be taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee as defined in Section 13.2 hereof; 
  
 (c) The Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 
  
 (d) The Trustee shall not be liable for its failure to supervise the
performance of any obligations of the Managing Owner or its delegatees or any commodity broker; 
  
 (e) No provision of this Trust Agreement shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided
to it; 
  
 (f) Under no circumstances shall the Trustee be liable
for indebtedness evidenced by or other obligations of the Master Trust or any Master Fund arising under this Trust Agreement or any other agreements to which the Master Trust or any Master Fund is a party; 
  
 (g) The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the Master Trust or any Master Fund is a party, at the request, order or direction of the
Managing Owner or any Shareholders unless the Managing Owner or such Shareholders have offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by Wilmington Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; 
  

 12 

 (h) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take
any action in any jurisdiction other than in the State of Delaware if the taking of such action will require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect
of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in
existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts
unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 
  
 (i) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Master Trust, the
Shareholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Master Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions
of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Trustee. 
  
 SECTION 2.7 Reliance; Advice of Counsel. (a) In the absence of
bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained
therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolutions, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties and need not investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of
the same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the
president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it
in good faith in reliance thereon. 
  
 (b) In the exercise or
administration of the Master Trust hereunder and in the performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Master Trust) may
act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such
agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall
not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons. 
  

 13 

 SECTION 2.8 Payments to the Trustee. Any amounts paid to the Trustee pursuant to this Article
shall be deemed not to be a part of any Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the applicable Trust Estate. 
  
 ARTICLE III 
  
 SHARES; CREATION BASKETS 
  
 SECTION 3.1 General. (a) The Managing Owner shall have the power
and authority, without Limited Owner approval, to issue Shares in one or more series, or Master Funds, from time to time as it deems necessary or desirable. Each Master Fund shall be separate from all other Master Funds created as series of the
Master Trust in respect of the assets and liabilities allocated to that Master Fund and shall represent a separate investment portfolio of the Master Trust. The Managing Owner shall have exclusive power without the requirement of Limited Owner
approval to establish and designate such separate and distinct series, as set forth in Section 3.2, and to fix and determine the relative rights and preferences as between the Shares of the separate Master Funds as to right of redemption,
special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the Master Funds shall have separate voting rights or no voting rights. 
  
 (b) The Managing Owner may, without Limited Owner approval, divide or
subdivide Shares of any Master Fund into two or more classes or sub-classes, Shares of each such class or sub-class having such preferences and special or relative rights and privileges as the Managing Owner may determine as provided in
Section 3.3. The fact that a Master Fund shall have been initially established and designated without any specific establishment or designation of classes or sub-classes, shall not limit the authority of the Managing Owner to divide a Master
Fund and establish and designate separate classes or sub-classes thereof. 
  
 (c) The number of Master Fund Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares, calculated to four decimal places. From time to time, the Managing
Owner may divide or combine the Shares of any Master Fund or class thereof into a greater or lesser number without thereby changing the proportionate beneficial interests in the Master Fund or class thereof. The Managing Owner may issue Shares of
any Master Fund or class thereof for such consideration and on such terms as it may determine (or for no consideration if pursuant to a Share dividend or split-up), all without action or approval of the Limited Owners thereof. All Shares when so
issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Managing Owner may classify or reclassify any unissued Shares or any Shares previously issued and reacquired of any Master Fund or class thereof into
one or more series or classes thereof that may be established and designated from time to time. The Managing Owner may hold as treasury Shares, reissue for such consideration and on such terms as it may determine, or cancel, at its discretion from
time to time, any Shares of any series or class thereof reacquired by the Master Trust. Unless otherwise determined by the Managing Owner, treasury Shares shall not be deemed cancelled. The Shares of each Master Fund shall initially be divided into
two classes: General Shares and Limited Shares. 
  

 14 

 (d) The Managing Owner and/or its Affiliates will make and maintain a permanent investment in each Master
Fund of $25,000. 
  
 (e) No certificates or other evidence of
beneficial ownership of the Shares will be issued. 
  
 (f) Every
Shareholder, by virtue of having purchased or otherwise acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
  
 SECTION 3.2 Establishment of Series, or Master Funds, of the Trust. (a) Without limiting the authority of the
Managing Owner set forth in Section 3.2(b) to establish and designate any further series, the Managing Owner hereby establishes and designates two initial series, or Master Funds, as follows: 
  
 DB US Dollar Index Bullish Master Fund; and 
 DB US Dollar Index Bearish Master Fund. 
  
 The provisions of this Article III shall be applicable to the above-designated Master Funds and any further Master Fund that may from time to time be
established and designated by the Managing Owner as provided in Section 3.2(b); provided, however, that such provisions may be amended, varied or abrogated by the Managing Owner with respect to any Master Fund created after the initial
formation of the Master Trust in the written instrument creating such Master Fund. 
  
 (b) The establishment and designation of any series of Shares other than those set forth above shall be effective upon the execution by the Managing Owner of an instrument setting forth such establishment and
designation and the relative rights and preferences of such series, or as otherwise provided in such instrument. At any time that there are no Shares outstanding of any particular series previously established and designated, the Managing Owner may
by an instrument executed by it abolish that series and the establishment and designation thereof. Each instrument referred to in this section shall have the status of an amendment to this Trust Agreement. 
  
 SECTION 3.3 Establishment of Classes and Sub-Classes. The division of
any series into two or more classes or sub-classes and the establishment and designation of such classes or sub-classes shall be effective upon the execution by the Managing Owner of an instrument setting forth such division, and the establishment,
designation, and relative rights and preferences of such classes, or as otherwise provided in such instrument. The relative rights and preferences of the classes or sub-classes of any series may differ in such respects as the Managing Owner may
determine to be appropriate, provided that such differences are set forth in the aforementioned instrument. At any time that there are no Shares outstanding of any particular class or sub-class previously established and designated, the Managing
Owner may by an instrument executed by it abolish that class or sub-class and the establishment and designation thereof. Each instrument referred to in this section shall have the status of an amendment to this Trust Agreement. 
  

 15 

 SECTION 3.4 Offer of Limited Shares; Procedures for Creation and Issuance of Creation Baskets.
(a) General. The following procedures, as supplemented by the more detailed procedures agreed from time to time between the Managing Owner and the Limited Owner of each Master Fund, will govern the Master Trust with respect to the
creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by any Master Fund is unlimited.

  
 (i) On any Business Day, a Limited Owner may
submit to the Managing Owner a purchase order and subscription agreement to subscribe for and agree to purchase one or more Creation Baskets for the applicable Master Fund (such request by a Limited Owner, a “Purchase Order Subscription
Agreement”). Purchase Order Subscription Agreements must be received by the Managing Owner from the Limited Owner of a Master Fund no later than the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The
Managing Owner will process Purchase Order Subscription Agreements only from the Limited Owner of a Master Fund. 
  
 (ii) Any Purchase Order Subscription Agreement is subject to rejection by the Managing Owner pursuant to Section 3.4(c). 

 
 (iii) After accepting a Purchase Order Subscription
Agreement from the Limited Owner of a Master Fund, the Managing Owner will issue and deliver Creation Baskets for the applicable Master Fund to fill such Limited Owner’s Purchase Order Subscription Agreement as of noon New York time on the
Business Day immediately following the Purchase Order Subscription Date, but only if by such time the Managing Owner has received (A) for its own account, the applicable Transaction Fee, and (B) for the account of the applicable Master
Fund the Creation Basket Capital Contribution for the Master Fund due from the Limited Owner in respect of such Purchase Order Subscription Agreement for the Master Fund. 
  
 (b) Issuance of Creation Basket. Upon issuing a Creation Basket for any Master Fund pursuant to a Purchase Order
Subscription Agreement, the Managing Owner will issue the Creation Basket to the Limited Owner of such Master Fund. 
  
 (c) Rejection. For each Master Fund, the Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order
Subscription Agreement or Creation Basket Capital Contribution (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Master Trust, any Master
Fund or to a Limited Owner; (iii) the acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it for all practical purposes
not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
  
 SECTION 3.5 Assets of Master Funds. All consideration received by the
Master Trust for the issue or sale of Creation Baskets of a particular Master Fund together with all of the 
  

 16 

 applicable Trust Estate in which such consideration is invested or reinvested, all income, earnings, profits, and
proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that
Master Fund for all purposes, subject only to the rights of creditors of such Master Fund and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Master Trust. Separate and distinct
records shall be maintained for each Master Fund and the assets associated with a Master Fund shall be held and accounted for separately from the other assets of the Master Trust, or any other Master Fund. In the event that there is any Trust
Estate, or any income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Master Fund, the Managing Owner shall allocate them among any one or more of the Master Funds
established and designated from time to time in such manner and on such basis as the Managing Owner, in its sole discretion, deems fair and equitable. Each such allocation by the Managing Owner shall be conclusive and binding upon all Shareholders
for all purposes. 
  
 SECTION 3.6 Distributions.
Distributions on Shares may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the Shareholders from such of the income and capital gains, accrued or realized, as the Managing Owner may determine,
after providing for actual and accrued liabilities of each Master Fund. All distributions on Shares shall be distributed pro rata to the Shareholders in proportion to the total outstanding Shares held by such Shareholders at the date and time of
record established for the payment of such distribution. 
  
 SECTION 3.7 Liabilities of Master Funds. (a) The Trust Estate belonging to each particular Master Fund shall be charged with the liabilities of the Master Trust in respect of that series and only that series; and all expenses,
costs, charges, indemnities and reserves attributable to that Master Fund, and any general liabilities, expenses, costs, charges, indemnities or reserves of the Master Trust which are not readily identifiable as belonging to any particular Master
Fund, shall be allocated and charged by the Managing Owner to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Managing Owner in its sole discretion deems fair and
equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Managing Owner shall be conclusive and binding upon all Shareholders for all purposes. The Managing Owner shall have full discretion, to the extent not
inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders. Every written agreement, instrument
or other undertaking made or issued by or on behalf of a particular series shall include a recitation limiting the obligation or claim represented thereby to that series and its assets. 
  
 (b) Without limitation of the foregoing provisions of this Section, but subject to the right of the Managing Owner in its
discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be
enforceable against the assets of such series only and against the Managing Owner, and not against the assets of the Master Trust generally or of any other series. Notice of this limitation on interseries liabilities shall be set forth in the
Certificate of Trust of the Master Trust (whether 
  

 17 

 originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware
pursuant to the Delaware Trust Statute, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to limitations on interseries liabilities (and the statutory
effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Master Trust and each Master Fund. Every Share, note, bond, contract, instrument, certificate or other undertaking made or issued
by or on behalf of a particular series shall include a recitation limiting the obligation on Shares represented thereby to that series and its assets. 
  
 (i) Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all
kinds and descriptions, if any, of the Managing Owner and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with all series, any combination of series or one
particular series and their respective assets (the “Applicable Series”) and the assets of the Master Trust shall be expressly subordinate and junior in right of payment to any and all other Claims against the Master Trust and any series
thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract, provided, however, that the Claims of each of the Managing Owner and the Trustee (if any) against the Applicable Series shall not be
considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and provided further that the valid Claims of
either the Managing Owner or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Applicable Series; 
  
 (ii) the Managing Owner and the Trustee will not take,
demand or receive from any Master Fund or the Master Trust or any of their respective assets (other than the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets) any payment for the Subordinated Claims;

  
 (iii) The Claims of each of the Managing
Owner and the Trustee with respect to the Applicable Series shall only be asserted and enforceable against the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and such Claims shall not be asserted or
enforceable for any reason whatsoever against any other series, the Master Trust generally, or any of their respective assets; 
  
 (iv) If the Claims of the Managing Owner or the Trustee against the Applicable Series or the Master Trust are secured in whole or in part,
each of the Managing Owner and the Trustee hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to
satisfy such Claims) treated as unsecured Claims against the Master Trust or any series (other than the Applicable Series), as the case may be; 
  
 (v) In furtherance of the foregoing, if and to the extent that the Managing Owner and the Trustee receive monies in connection with the
Subordinated Claims from a Master Fund or the Master Trust (or their respective assets), other than the 
  

 18 

 Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets, the Managing Owner and the
Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Master Fund or the Master Trust that paid such amounts for distribution by the Master Fund or the Master Trust in accordance with the terms hereof; and

  
 (vi) The foregoing Consent shall apply at all
times notwithstanding that the Claims are satisfied, and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled. 
  

(c) Any agreement entered into by the Master Trust, any Master Fund, or the Managing Owner, on behalf of the Master Trust generally or any Master Fund,
including, without limitation, the Purchase Order Subscription Agreement entered into with each Limited Owner, will include language substantially similar to the language set forth in Section 3.7(b). 
  
 SECTION 3.8 Dividends and Distributions. (a) Dividends and
distributions on Shares of a particular series or any class thereof may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the Shareholders in that series or class, from such of the income and
capital gains, accrued or realized, from the Trust Estate belonging to that series, or in the case of a class, belonging to that series and allocable to that class, as the Managing Owner may determine, after providing for actual and accrued
liabilities belonging to that series. All dividends and distributions on Shares in a particular series or class thereof shall be distributed pro rata to the Shareholders in that series or class in proportion to the total outstanding Shares in that
series or class held by such Shareholders at the date and time of record established for the payment of such dividends or distribution, except to the extent otherwise required or permitted by the preferences and special or relative rights and
privileges of any series or class. Such dividends and distributions may be made in cash or Shares of that series or class or a combination thereof as determined by the Managing Owner or pursuant to any program that the Managing Owner may have in
effect at the time for the election by each Shareholder of the mode of the making of such dividend or distribution to that Shareholder. 
  
 (b) The Shares in a series or a class of the Master Trust shall represent units of beneficial interest in the Trust Estate belonging to such series or in
the case of a class, belonging to such series and allocable to such class. Each Shareholder in a series or a class shall be entitled to receive its pro rata share of distributions of income and capital gains made with respect to such series or such
class. Upon reduction or withdrawal of its Shares or indemnification for liabilities incurred by reason of being or having been a holder of Shares in a series or a class, such Shareholder shall be paid solely out of the funds and property of such
series or in the case of a class, the funds and property of such series and allocable to such class of the Master Trust. Upon liquidation or termination of a series of the Master Trust, Shareholders in such series or class shall be entitled to
receive a pro rata share of the Trust Estate belonging to such series or in the case of a class, belonging to such series and allocable to such class. 
  
 SECTION 3.9 Voting Rights. Notwithstanding any other provision hereof, on each matter submitted to a vote of the Shareholders of a Master Fund,
each Shareholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value Per Share of a 
  

 19 

 Master Fund multiplied by the number of Shares, or fraction thereof, standing in its name on the books of the Master
Trust or such Master Fund. As to any matter which affects the Shares of more than one Master Fund, the Shareholders of each affected Master Fund shall be entitled to vote, and each such Master Fund shall vote as a separate class. 
  
 SECTION 3.10 Equality. Except as provided herein or in the instrument
designating and establishing any class or series, all Shares of each particular series shall represent an equal proportionate beneficial interest in the assets belonging to that series subject to the liabilities belonging to that series, and each
Share of any particular series or class shall be equal to each other Share of that series or class; but the provisions of this sentence shall not restrict any distinctions permissible under Section 3.8 that may exist with respect to dividends
and distributions on Shares of the same series or class. The Managing Owner may from time to time divide or combine the Shares of any particular series or class into a greater or lesser number of Shares of that series or class without thereby
changing the proportionate beneficial interest in the assets belonging to that series or in any way affecting the rights of Shareholders of any other series or class. 
  
 ARTICLE IV 
  
 THE MANAGING OWNER 
  
 SECTION 4.1 Management of the Master Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Master Trust shall be managed by
the Managing Owner and the conduct of the Master Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. 
  
 SECTION 4.2 Authority of Managing Owner. In addition to and not in limitation of any rights and powers conferred by
law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Master
Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Master Trust, which shall include, without limitation, the following: 
  
 (a) To enter into, execute, deliver and maintain, and to cause the Master
Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Master Trust purposes or necessary or appropriate for the offer and sale
of the Shares and the conduct of Master Trust activities, including, but not limited to, contracts with third parties for commodity brokerage services and/or administrative services, provided, however, that such services may be performed by an
Affiliate or Affiliates of the Managing Owner so long as the Managing Owner has made a good faith determination that: (A) the Affiliate which it proposes to engage to perform such services is qualified to do so (considering the prior experience
of the Affiliate or the individuals employed thereby); (B) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Master Trust are no less favorable to the Master Trust than could be obtained
from equally-qualified unaffiliated third parties; and (C) the maximum period covered by the agreement pursuant to which such affiliate is to perform 
  

 20 

 services for the Master Trust shall not exceed one year, and such agreement shall be terminable without penalty upon
sixty (60) days’ prior written notice by the Master Trust. 
  
 (b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon accounts on behalf of the Master Trust with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to
the Master Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Master Trust
by the Managing Owner; 
  
 (c) To deposit, withdraw, pay, retain
and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement; 
  
 (d) To supervise the preparation and filing of the Registration Statement and supplements and amendments thereto, and the Prospectus; 
  
 (e) To pay or authorize the payment of distributions to the Shareholders and
expenses of each Master Fund; 
  
 (f) To make any elections on
behalf of the Master Trust under the Code, or any other applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best interests of the Master Trust; and 
  
 (g) In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional
Managing Owners. Notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof,
or if the concurrence of at least a majority in interest (over 50%) of the outstanding Shares of all Master Funds (not including Shares owned by the Managing Owner) is not obtained. 
  
 SECTION 4.3 Obligations of the Managing Owner. In addition to the obligations expressly provided by the Delaware
Trust Statute or this Trust Agreement, the Managing Owner shall: 
  
 (a) Devote such of its time to the business and affairs of the Master Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Master Trust for the benefit of the
Master Trust and the Limited Owners; 
  
 (b) Execute, file, record
and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Master Trust and for the conduct of its business in all appropriate
jurisdictions; 
  
 (c) Retain independent public accountants to
audit the accounts of the Master Trust; 
  
 (d) Employ attorneys
to represent the Master Trust; 
  

 21 

 (e) Select the Master Trust’s or any Master Fund’s Trustee, Administrator, and Clearing
Brokers; 
  
 (f) Use its best efforts to maintain the status of
the Master Trust as a “statutory trust” for state law purposes, and each Master Fund as a “partnership” for U.S. federal income tax purposes; 
  
 (g) Monitor the brokerage fees charged to the Master Trust, and the services rendered by futures commission merchants to the
Master Trust, to determine whether the fees paid by, and the services rendered to, the Master Trust for futures brokerage are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate
the brokerage fee structure to obtain such rates and services for the Master Trust. No material change related to brokerage fees shall be made except upon 60 Business Days’ prior notice to the Limited Owners, which notice shall include a
description of the Limited Owners’ voting rights as set forth in Section 8.2 hereof and a description of the Limited Owners’ redemption rights as set forth in Section 7.1 hereof; 
  
 (h) Have fiduciary responsibility for the safekeeping and use of each Trust
Estate, whether or not in the Managing Owner’s immediate possession or control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in the Prospectus) in
any manner except for the benefit of the Master Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner shall at all times
act with integrity and good faith and exercise due diligence in all activities relating to the conduct of the business of the Master Trust and in resolving conflicts of interest; 
  
 (i) Refuse to recognize any attempted transfer or assignment of a Share that is not made in accordance with the provisions
of Article V; 
  
 (j) Maintain a current list in alphabetical
order, of the names and last known addresses and, if available, business telephone numbers of, and number of Shares owned by, each Shareholder and the other Master Trust documents described in Section 9.5 at the Master Trust’s principal
place of business, which documents shall be made available thereat at reasonable times during ordinary business hours for inspection by any Limited Owner or his representative for any purpose reasonably related to the Limited Owner’s interest
as a beneficial owner of the Master Trust. Upon request, for any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Master Trust, including without limitation, matters relating to a Shareholder’s voting
rights hereunder or the exercise of a Limited Owner’s rights under federal proxy law, either in person or by mail, the Managing Owner will furnish a copy of such list to a Limited Owner or his representative within ten days of a request
therefor, upon payment of the cost of reproduction and mailing; provided, however, that the Limited Owner requesting such list shall give written assurance that the list will not, in any event, be used for commercial purposes. Subject to applicable
law, a Limited Owner shall give the Managing Owner at least ten Business Days’ prior written notice for any inspection and copying permitted pursuant to this Section 4.3(j) by the Limited Owner or his authorized attorney or agent; and

  

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 (k) Perform such other services as the Managing Owner believes that the Master Trust may from time to
time require. 
  
 SECTION 4.4 General Prohibitions. The
Master Trust shall not: 
  
 (a) Borrow money from or loan money
to any Shareholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Currencies positions or (ii) obtaining
lines of credit for the trading of forward contracts; provided, however, that the Master Trust is prohibited from incurring any indebtedness on a non-recourse basis; 
  
 (b) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention
agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a commodity broker to close out sufficient Currencies positions of the Master Trust so as to restore the Master Trust’s account to proper margin
status in the event that the Master Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established,
(iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of
money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or
other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted
accounting principles, and liens arising under ERISA; 
  
 (c)
Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; 
  
 (d) Engage in Pyramiding of its Currencies positions; provided, however, that the Managing Owner may take into account open trade equity positions in
determining generally whether to require additional Currencies positions; 
  
 (e) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements
which would circumvent the foregoing prohibition; 
  
 (f) Permit
the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to commodity trading activities; 
  
 (g) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of Shares) which has
a term of more than one year and which does not provide that it may be canceled by the Master Trust without penalty on sixty (60) days prior written notice or for the provision of goods and services, except at rates and terms at least as
favorable as those which may be obtained from third parties in arms-length negotiations; 
  

 23 

 (h) Permit churning of its Currency trading account(s) for the purpose of generating excess brokerage
commissions; 
  
 (i) Enter into any exclusive brokerage contract;

  
 (j) Operate the Master Trust in any manner so as to contravene
the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or 
  
 (k) Cause the Master Trust or any Master Fund to elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes.

  
 SECTION 4.5 Liability of Covered Persons. A Covered
Person shall have no liability to the Master Trust or to any Shareholder or other Covered Person for any loss suffered by the Master Fund which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith,
determined that such course of conduct was in the best interest of the Master Trust and such course of conduct did not constitute negligence or misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any other
Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to
this Trust Agreement shall be made solely from the assets of the Master Trust without any rights of contribution from the Managing Owner or any other Covered Person. 
  
 SECTION 4.6 Fiduciary Duty. 
  

(a) To the extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Master
Trust, the Shareholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to the Master Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust
Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by the
parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the Master Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited
Owners’ holding Shares equal to at least a majority (over 50%) of the Net Asset Value of a Master Fund (excluding Shares held by the Managing Owner and its Affiliates) affected by the change pursuant to Section 11.1(a) below. 

 
 (b) Unless otherwise expressly provided herein: 
  
 (i) whenever a conflict of interest exists or arises between
the Managing Owner or any of its Affiliates, on the one hand, and the Master Trust or any Shareholder or any other Person, on the other hand; or 
  
 (ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Managing Owner shall act in a
manner 
  

 24 

 that is, or provides terms that are, fair and reasonable to the Master Trust, any Shareholder or any
other Person, 
  
 the Managing Owner shall resolve such conflict of interest, take
such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not
constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
  
 (c) The Managing Owner and any Affiliate of the Managing Owner may engage in or possess an interest in other profit-seeking
or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Master Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Managing
Owner. If the Managing Owner acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Master Trust, it shall have no duty to communicate or offer such opportunity to the Master Trust,
and the Managing Owner shall not be liable to the Master Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or
does not communicate such opportunity or information to the Master Trust. Neither the Master Trust nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such
independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Master Trust, shall not be deemed wrongful or improper. Except to the extent expressly
provided herein, the Managing Owner may engage or be interested in any financial or other transaction with the Master Trust, the Shareholders or any Affiliate of the Master Trust or the Shareholders. 
  
 SECTION 4.7 Indemnification of the Managing Owner. 
  
 (a) The Managing Owner shall be indemnified by the Master Trust (or, in
furtherance of Section 3.7, any Master Fund separately to the extent the matter in question relates to a single Master Fund or is otherwise disproportionate) against any losses, judgments, liabilities, expenses and amounts paid in settlement of any
claims sustained by it in connection with its activities for the Master Trust, provided that (i) the Managing Owner was acting on behalf of or performing services for the Master Trust and has determined, in good faith, that such course of
conduct was in the best interests of the Master Trust and such liability or loss was not the result of negligence, misconduct, or a breach of this Trust Agreement on the part of the Managing Owner and (ii) any such indemnification will only be
recoverable from the applicable Trust Estate or Trust Estates. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the
withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the U.S. Code by or against the Managing Owner. 
  

 25 

 (b) Notwithstanding the provisions of Section 4.7(a) above, the Managing Owner and any Person acting
as broker-dealer for the Master Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on
the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been
dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of
competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 
  
 (c) The Master Trust shall not incur the cost of that portion of any insurance which insures any party against any
liability, the indemnification of which is herein prohibited. 
  
 (d) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Managing Owner shall be paid by the Master Trust in advance of the final disposition of such action, suit or
proceeding, if (i) the legal action relates to the performance of duties or services by the Managing Owner on behalf of the Master Trust; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is
initiated by a Limited Owner and a court of competent jurisdiction specifically approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Master Trust in cases in which it is not entitled to
indemnification under this Section 4.7. 
  
 (e) The term
“Managing Owner” as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person performing services on behalf of the Master Trust and acting within the scope of the Managing Owner’s
authority as set forth in this Trust Agreement. 
  
 (f) In the
event the Master Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or
liabilities unrelated to Master Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Master Trust for all such loss, liability, damage, cost and expense incurred, including
attorneys’ and accountants’ fees. 
  
 (g) The payment of
any amount pursuant to this Section shall be subject to Section 3.7(a) with respect to the allocation of liabilities and other amounts, as appropriate, among the Master Funds. 
  
 SECTION 4.8 Expenses and Limitations Thereon. 
  
 (a) Organization and Offering Expenses. 
  
 (i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of all
Organization and Offering Expenses incurred in connection with the creation of the Master Trust and sale of Shares. 
  

 26 

 (ii) The Managing Owner or an Affiliate of the Managing Owner also shall be responsible
for the payment of all Organization and Offering Expenses incurred after the commencement of such Master Fund’s trading operations. 
  
 (iii) [Reserved.] 
  
 (iv) Organization and Offering Expenses shall mean those expenses incurred in connection with the formation, qualification and
registration of the Master Trust and the Shares and in offering, distributing and processing the Shares under applicable U.S. federal law, and any other expenses actually incurred and, directly or indirectly, related to the organization of the
Master Trust or the offering of the Shares, including, but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and taxes, (ii) costs of preparing, printing (including typesetting),
amending, supplementing, mailing and distributing the Registration Statement, the Exhibits thereto and the Prospectus prior to the commencement of the Master Trust’s operations, (iii) the costs of qualifying, printing, (including
typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Shares, (iv) travel, telegraph, telephone and other expenses in connection with the offering and issuance
of the Shares, and (v) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith. However, such Organizations and Offering Expenses shall exclude any extraordinary expenses (including, but
not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 
  
 (b) Routine Operational, Administrative and Other Ordinary and Extraordinary Expenses. All ongoing charges, costs and expenses of the Master
Trust’s operation, including, but not limited to, the routine expenses associated with (i) all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and
expenses charged in connection with trading activities; (ii) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities; (iii) Master Fund meetings and preparing,
printing and mailing of proxy statements and reports to Shareholders; (iv) the payment of any distributions related to redemption of Baskets; (v) routine services of the Trustee, legal counsel and independent accountants; (vi) routine
accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vii) postage and insurance; (viii) client relations and services; (ix) computer equipment and system
maintenance; and (x) required payments to any other service providers of the Master Trust pursuant to any applicable contract shall be billed to and/or paid by the Managing Owner. The Management Fee and extraordinary expenses (including, but
not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall be billed to and/or paid by the applicable Master Fund. 
  
 (c) The Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing
Owner or such Affiliate of any expenses which it advances on behalf of the Master Trust for which payment the Master Trust is responsible. In addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing
services for the Master Trust in its capacity as the managing owner of the Master Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the
category of the Managing Owner’s “overhead,” is prohibited. 
  

 27 

 (d) All general expenses of the Master Trust will be allocated among the Master Funds as determined by
the Managing Owner in its sole and absolute discretion. 
  
 SECTION 4.9 Compensation to the Managing Owner. Each Master Fund shall pay to the Managing Owner, out of such Master Fund’s Trust Estate, in arrears, a monthly management fee in an amount equal to 0.0417% (0.50% per annum) (each
individually and collectively, the “Management Fee”) of each such Master Fund’s Net Asset Value as of the end of such month. The Managing Owner shall, in its capacity as a Shareholder, be entitled to receive allocations and
distributions pursuant to the provisions of this Trust Agreement. 
  
 SECTION 4.10 Other Business of Shareholders. Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer, director, employee or other person holding a legal or beneficial interest in an
entity which is a Shareholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the business of the Master
Trust, shall not be deemed wrongful or improper. 
  
 SECTION 4.11
Voluntary Withdrawal of the Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the Master Trust only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the
Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, the Limited Owners holding Shares equal to at least a majority (over 50%) of the Master Fund aggregate Net Asset Value (excluding Shares held by the Managing Owner) may
vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on the business of the Master Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a
redemption of its Share at the Net Asset Value thereof on the next Redemption Date following the date of removal or withdrawal. If the Managing Owner withdraws and a successor Managing Owner is named, the withdrawing Managing Owner shall pay all
expenses as a result of its withdrawal. 
  
 SECTION 4.12
Authorization of Registration Statements. Each Limited Owner hereby agrees that the Master Trust, the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated
hereby or described in or contemplated by the Registration Statements on behalf of the Master Trust without any further act, approval or vote of the Limited Owners, notwithstanding any other provision of this Trust Agreement, the Delaware Trust
Statute or any applicable law, rule or regulation. 
  
 SECTION
4.13 Litigation. The Managing Owner is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Master Trust’s interests. The Managing
Owner shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor,
next, out of the Master Trust’s assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Managing Owner. 
  

 28 

 ARTICLE V 
  

TRANSFERS OF SHARES 
  
 SECTION 5.1 Transfer of Managing Owner’s General Shares. (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing
Owner’s General Shares shall be purchased by the Master Trust for a purchase price in cash equal to the Net Asset Value thereof. The Managing Owner will not cease to be a Managing Owner of the Master Trust merely upon the occurrence of its
making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under
any statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a
Trustee, receiver or liquidator for itself or of all or any substantial part of its properties. 
  
 (b) To the full extent permitted by law, and on sixty (60) days’ prior written notice to the Limited Owners, of their right to vote thereon, if
the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or other entity, the reorganization of the Managing Owner into or with any
other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the Shares, rights, duties and liabilities of the Managing Owner by, in the case of a merger, reorganization or consolidation, the
surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Shares to an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall
be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Shares for purposes of Sections 5.2(a) or 5.2(c). 
  
 (c) Upon assignment of all of its Shares, the Managing Owner shall not cease to be a Managing Owner of the Master Trust, or
to have the power to exercise any rights or powers as a Managing Owner, or to have liability for the obligations of the Master Trust under Section 1.7 hereof, until an additional Managing Owner, who shall carry on the business of the Master
Trust, has been admitted to the Master Trust. 
  
 SECTION 5.2
Transfer of Limited Shares. (a) The Managing Owner reserves the right to permit or deny, in its sole discretion, any written requests from the Limited Owners with respect to transferring Limited Shares. Permitted assignees of the Limited
Owners shall be admitted as substitute Limited Owners pursuant to this Article V only upon the Managing Owner’s prior written consent. 
  
 (i) A substituted Limited Owner is a permitted assignee that has been admitted as a Limited Owner with all the rights and powers of a
Limited Owner hereunder. If all of the conditions provided in Section 5.2(b) below are satisfied, the Managing Owner shall admit permitted assignees into the Master Trust as a Limited Owner by making an entry on the books and records of the
Master Trust reflecting that such permitted assignees have been admitted as a Limited Owner, and such permitted 
  

 29 

 assignees will be deemed Limited Owners at such time as such admission is reflected on
the books and records of the Master Trust. 
  
 (ii) A permitted assignee is a Person to whom a Limited Owner has assigned his Limited Shares with the consent of the Managing Owner, as provided below in Section 5.2(d) but who has not become a substituted Limited Owner. A permitted
assignee shall have no right to vote, to obtain any information on or account of the Master Trust’s transactions or to inspect the Master Trust’s books, but shall only be entitled to receive the share of the profits, or the return of the
Capital Contribution, to which his assignor would otherwise be entitled as set forth in Section 5.2(d) below to the extent of the Limited Shares assigned. Each Limited Owner agrees that any permitted assignee may become a substituted Limited
Owner without the further act or consent of the Limited Owner, regardless of whether his permitted assignee becomes a substituted Limited Owner. 
  
 (iii) A Limited Owner shall bear all extraordinary costs (including attorneys’ and accountants’ fees), if any, related to any
transfer, assignment, pledge or encumbrance of his Limited Shares. 
  
 (b) No permitted assignee of the whole or any portion of a Limited Owner’s Limited Shares shall have the right to become a substituted Limited Owner in place of his assignor unless all of the following conditions are satisfied:

  
 (i) The written consent of the Managing Owner
to such substitution shall be obtained, the granting or denial of which shall be within the sole and absolute discretion of the Managing Owner, subject to the provisions of Section 5.2(d)(i). 
  
 (ii) A duly executed and acknowledged written instrument of
assignment has been filed with the Master Trust setting forth the intention of the assignor that the permitted assignee become a substituted Limited Owner in his place; 
  
 (iii) The assignor and permitted assignee execute and acknowledge and/or deliver such other instruments as
the Managing Owner may deem necessary or desirable to effect such admission, including his execution and delivery to the Managing Owner, as a counterpart to this Trust Agreement, of a Power of Attorney in the form set forth in the Purchase Order
Subscription Agreement; and 
  
 (iv) Upon the
request of the Managing Owner, an opinion of the Master Trust’s independent legal counsel is obtained to the effect that (A) the assignment will not jeopardize the Master Trust’s tax classification as a partnership and (B) the
assignment does not violate this Trust Agreement or the Delaware Trust Statute. 
  
 (c) Any Person admitted as a Shareholder shall be subject to all of the provisions of this Trust Agreement as if an original signatory hereto. 
  
 (d) (i) Subject to the provisions of Section 5.2(e) below and to the provisions of this Section generally, a
Limited Owner, subject to the Managing Owner’s consent, may have the right to assign all or any of his Limited Shares to any assignee by a written assignment (on a 
  

 30 

 form acceptable to the Managing Owner) the terms of which are not in contravention of any of the provisions of this Trust
Agreement, which assignment has been executed by the assignor and received by the Master Trust and recorded on the books thereof. An assignee of a Limited Share (or any interest therein) will not be recognized as a permitted assignee without the
consent of the Managing Owner, which consent the Managing Owner may withhold in its sole discretion. The Managing Owner shall incur no liability to any investor or prospective investor for any action or inaction by it in connection with the
foregoing, provided it acted in good faith. 
  
 (ii) Except as specifically provided in this Trust Agreement, a permitted assignee of a Share shall be entitled to receive distributions attributable to the Share acquired by reason of such assignment from and after the effective date of
the assignment of such Share to him. The “effective date” of an assignment of a Limited Share shall be determined by the Managing Owner in its sole discretion. 
  
 (iii) Anything herein to the contrary notwithstanding, the Master Trust and the Managing Owner shall be
entitled to treat the permitted assignor of such Share as the absolute owner thereof in all respects, and shall incur no liability for distributions made in good faith to him, until such time as the written assignment has been received by, and
recorded on the books of, the Master Trust. 
  
  (e) (i) No
assignment or transfer of a Share may be made which would result in the Limited Owners and permitted assignees of the Limited Owners owning, directly or indirectly, individually or in the aggregate, 5% or more of the stock of the Managing Owner or
any related person as defined in Sections 267(b) and 707(b)(1) of the Code. If any such assignment or transfer would otherwise be made by bequest, inheritance of operation of law, the Share transferred shall be deemed sold by the transferor to the
Master Trust immediately prior to such transfer in the same manner as provided in Section 5.2(e)(ii). 
  
 (ii) Anything else to the contrary contained herein notwithstanding: (A) In any particular twelve (12) consecutive month period no
assignment or transfer of a Share may be made which would result in increasing the aggregate total of Shares previously assigned and/or transferred in said period to 49% or more of the outstanding Shares. This limitation is hereinafter referred to
as the “forty-nine percent (49%) limitation”; (B) Clause (ii)(A) hereof shall not apply to a transfer by gift, bequest or inheritance, or a transfer to the Master Fund, and, for purposes of the forty-nine percent (49%) limitation, any such
transfer shall not be treated as such; (C) If, after the forty-nine percent (49%) limitation is reached in any consecutive 12 month period, a transfer of a Share would otherwise take place by operation of law (but not including any transfer referred
to in clause (iii)(B) hereof) and would cause a violation of the forty-nine percent (49%) limitation, then said Share(s) shall be deemed to have been sold by the transferor to the Master Fund in liquidation of said Share(s) immediately prior to such
transfer for a liquidation price equal to the Net Asset Value of said Share(s) on such date of transfer. The liquidation price shall be paid within 90 days after the date of the transfer. 
  
 (f) The Managing Owner, in its sole discretion, may cause a Master Fund to make, refrain from making, or once having made,
to revoke, the election referred to in section 754 of the Code, and any similar election provided by state or local law, or any similar provision enacted in lieu thereof. 
  
 (g) The Managing Owner, in its sole discretion, may cause a Master Fund to make, refrain from making, or once having made,
to revoke the election by a qualified fund under Code section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar provision enacted in lieu thereof. 
  
 (h) Each Limited Owner hereby agrees to indemnify and hold harmless the
Master Trust and each Shareholder against any and all losses, damages, liabilities or expense (including, without limitation, tax liabilities or loss of tax benefits) arising, directly or indirectly, as a result of any transfer or purported transfer
by such Limited Owner in violation of any provision contained in this Section 5.2. 
   

 31 

 ARTICLE VI 
  

DISTRIBUTIONS AND ALLOCATIONS 
  
 SECTION 6.1 Capital Accounts. The Master Trust shall maintain for each Shareholder with respect to each Master Fund (which includes beneficial
owners of Master Fund interests where information regarding the identity of such owner has been furnished to the Master Trust in accordance with section 6031(c) or the Code or any other method acceptable to the Managing Owner in its sole discretion)
owning a Master Fund interest a separate Capital Account with respect to such Master Fund interest in accordance with the rules of Treasury Regulation section 1.704-1(b)(2)(iv). The initial balance of each Shareholder’s book capital account
shall be the amount of his initial Capital Contribution. Such Capital Account shall be (i) increased by the amount of all Capital Contributions made with respect to the respective Master Fund interest and all items of income and gain with
respect to each Master Fund computed and allocated to the Master Fund Shares in accordance with this Agreement and (ii) decreased by the amount of cash distributions made with respect to such Master Fund interest and all items of deduction and
loss with respect to each Master Fund computed and allocated in accordance with this Agreement. 
  
 (a) Consistent with the provisions of Treasury Regulation section 1.704-1(b)(2)(iv)(f), upon an issuance of additional Shares with respect to a Master
Fund for cash, the Capital Accounts of all Shareholders with respect to such Master Fund shall, immediately prior to such issuances, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or
Unrealized Loss attributable to each Master Fund property, as if such Unrealized Gain or Loss had been recognized upon an actual sale of each such property, immediately prior to such issuance, and had been allocated to its Shareholders at such time
pursuant to Section 6.3. 
  
 (b) In accordance with Treasury
Regulation section 1.704-1(b)(2)(iv)(f), immediately prior to the distribution of cash in redemption of all or a portion of a Shareholder’s Shares, the capital accounts of all Shareholders with respect to a Master Fund shall, immediately prior
to any such distribution, be adjusted (consistent with the provisions hereof) upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to each Master Fund property, as if such Unrealized Gain or Unrealized Loss had been
recognized upon an actual sale of each property, immediately prior to such distribution, and had been allocated to the Shareholders at such time pursuant to Section 6.3. 
  
 SECTION 6.2 Monthly Closing of Books. Within 45 days after the end of each calendar month or such shorter period as
required for the final closing of the books for the taxable year, the Master Trust shall conduct an interim closing of the books of each Master Fund as of the end of the last day of that calendar month. On the basis of the closing of the books for
each calendar month, the Master Trust shall determine the amount of Profit and Loss of each Master Fund attributable to that calendar month. Master Fund Profits and Losses shall be determined in accordance with the accounting methods followed by the
Master Trust for federal income tax purposes. 
  
 SECTION 6.3
Monthly Allocations. All allocations to Shareholders of items included within the Master Fund’s Profits and Losses attributable to each calendar month shall be 
  

 32 

 allocated solely among the Shareholders recognized as shareholders as of the close of the last trading day of the
preceding month, as follows: 
  
 (a) For purposes of maintaining
each Master Fund’s Capital Accounts and in determining the rights of the Shareholders among themselves, except as otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Shareholders in
accordance with their respective Percentage Interests. 
  
 (b) Any
item of loss or deduction otherwise allocated to the Managing Owner pursuant to Section 6.3(a) which is in excess of such Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all
other items for such period) shall instead be allocated to the other Shareholders in accordance with their respective Percentage Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account
balance; provided that the allocation of any such item to such other Shareholders shall only be made hereunder to the extent the allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other
Shareholders. If such an allocation occurs, items of income or gain that would otherwise be allocated to the Managing Owner equal to the amount of such allocated loss or deduction will be allocated to the other Shareholders in accordance with their
Percentage Interests as quickly as possible. 
  
 (c) If any
Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation sections 1.704-1(b)(ii)(d)(4), (5) or (6), items of Master Fund income and gain shall be specially allocated to such Shareholder in
an amount and manner sufficient to eliminate a deficit in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible. This section 6.3(c) is intended to constitute a “qualified income
offset” within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d). 
  
 (d) Notwithstanding any other provision of this Agreement, upon or prior to the issuance of additional Shares, the Managing Owner shall have the sole and complete discretion, without the approval of any other
Shareholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or advisable to comply with any current or future provisions of the Code or the Treasury Regulations or to implement the terms and conditions of any
Shares. 
  
 SECTION 6.4 Code Section 754 Adjustments.
To the extent an adjustment to the tax basis of any Master Fund asset pursuant to Section 743(b) or 743(c) of the Code is required, pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital
Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be
specially allocated to the Shareholders in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under section 743(b) of the Code, a
Master Fund is authorized (but not required) to adopt a convention whereby the price paid by a transferee of Shares will be deemed to be the lowest quoted closing price of the Shares of the particular Master Fund on the American Stock 
  

 33 

 Exchange during the calendar month in which such transfer is deemed to occur pursuant to Section 5.2 without regard
to the actual price paid by the transferee. 
  
 SECTION 6.5
Allocation of Profit and Loss for U.S. Federal Income Tax Purposes. 
  
 (a) Except as otherwise provided, each item of income, gain, loss, deduction and credit of each Master Fund shall be allocated among the Shareholders in accordance with their respective Percentage Interests.

  
 (b) In an attempt to eliminate Book-Tax Disparities
attributable to Adjusted Property, items of income, gain, and loss will be allocated for federal income tax purposes among the Shareholders of each Master Fund as follows: 
  
 (i) Items attributable to an Adjusted Property will be allocated among the Shareholders of each Master Fund
in a manner consistent with the principles of section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof pursuant to Section 6.3(a) and (b). 
  
 (ii) Any items of income, gain, loss or deduction otherwise
allocable under this Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted Property otherwise resulting from the application of
the ceiling limitation under section 704(c) principles to the allocations provided under this Section. 
  
 (iii) Subject to this Section 6.5(b), any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant
to Section 6.3(a) that constitutes the tax corollary of an item of “book” income, gain, loss or deduction that has been allocated to the other Shareholders of a Master Fund pursuant to Section 6.3(b) shall be allocated to such
other Shareholders in the same manner and to the same extent provided in this Section 6.5(b). 
  
 (iv) If any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation section
1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Shareholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 6.3(c). 
  
 (c) The tax allocations prescribed by this Section 6.5 shall be made to
each holder of a Share whether or not the holder is a substituted Limited Owner. For purposes of this Section 6.5, tax allocations shall be made to the Managing Owner’s Shares on a Share-equivalent basis. 
  
 (d) The allocation of income and loss (and items thereof) for U.S. federal
income tax purposes set forth in this Section 6.5 is intended to allocate taxable income and loss among Shareholders generally in the ratio and to the extent that net profit and net loss shall be allocated to such Shareholders under
Section 6.3 so as to eliminate, to the extent possible, any disparity between a Shareholder’s book capital account and his tax capital account, consistent with the principles set forth in sections 704(b) and (c)(2) of the Code. 

 

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 (e) Notwithstanding this Section 6.5, if after taking into account any distributions to be made with
respect to such Share for the relevant period pursuant to Section 6.7 herein, any allocation would produce a deficit in the book capital account of a Share, the portion of such allocation that would create such a deficit shall instead be
allocated pro rata to the book capital accounts of all the remaining Shareholders in such Master Fund (subject to the same limitation). 
  
 SECTION 6.6 Effect of Section 754 Election. All items of income, gain, loss, deduction and credit recognized by a Master Fund for federal
income tax purposes and allocated to Shareholders in such Master Fund in accordance with the provisions of this Agreement shall be determined without regard to any election under section 754 of the Code which may be made by such Master Fund;
provided, however, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or required by sections 734 or 743 of the Code. 
  
 SECTION 6.7 Allocation of Distributions. Initially, distributions
shall be made by the Managing Owner, and the Managing Owner shall have sole discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the Shares; provided, however, that no distribution shall be
made that violates the Delaware Trust Statute. The aggregate distributions made in a Fiscal Year (other than distributions on termination, which shall be allocated in the manner described in Article XIII) shall be allocated among the holders of
record of Shares in the ratio in which the number of Shares held of record by each of them bears to the number of Shares held of record by all of the Shareholders of such Master Fund as of the record date of such distribution; provided, further,
however, that any distribution made in respect of a Share shall not exceed the book capital account for such Share. 
  
 SECTION 6.8 Admissions of Shareholders; Transfers. For purposes of this Article VI, items of each Master Fund’s income, gain, loss, deduction
and credit attributable to a transferred Share shall, for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis (or other basis, as required or permitted by section 706 of the Code) and shall be allocated to
such Shareholders who own the Shares as of the close of the American Stock Exchange on the last day of the month in which the transfer is recognized by the Master Trust; provided that, gain or loss on the sale or other disposition of all or a
substantial portion of the assets of the Master Trust shall be allocated to the Shareholders who own Shares on the last day of the month in which such gain or loss is recognized for federal income tax purposes. The Managing Owner may revise, alter
or otherwise modify such methods of determination and allocation as it determines necessary, to the extent permitted by section 706 of the Code and the regulations or rulings promulgated thereunder. 
  
 SECTION 6.9 Liability for State and Local and Other Taxes. In the
event that the Master Trust or any Master Fund shall be separately subject to taxation by any state or local or by any foreign taxing authority, the Master Trust or such Master Fund shall be obligated to pay such taxes to such jurisdiction. In the
event that the Master Trust or any Master Fund shall be required to make payments to any U.S. federal, state or local or any foreign taxing authority in respect of any Shareholder’s allocable share of income, the amount of such taxes shall be
considered a loan by the Master Trust or such Master Fund to such Shareholder, and such Shareholder shall be liable for, and shall pay to the Master Trust or such Master Fund, any taxes so required to be 
  

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 withheld and paid over by the Master Trust or such Master Fund within ten (10) days after the Managing Owner’s
request therefor. Such Shareholder shall also be liable for (and the Managing Owner shall be entitled to redeem additional Shares of the foreign Shareholder as necessary to satisfy) interest on the amount of taxes paid over by the Master Trust or
any Master Fund to the IRS or other taxing authority, from the date of the Managing Owner’s request for payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from
time to time by Citibank, N.A. The amount, if any, payable by the Master Trust to the Shareholder in respect of Shares so redeemed, or in respect of any other actual distribution by the Master Trust or any Master Fund to such Shareholder, shall be
reduced by any obligations owed to the Master Trust or any Master Fund by the Shareholder, including, without limitation, the amount of any taxes required to be paid over by the Master Trust to the IRS or other taxing authority and interest thereon
as aforesaid. Amounts, if any, deducted by the Master Trust or any Master Fund from any actual distribution or redemption payment to such Shareholder shall be treated as an actual distribution to such Shareholder for all purposes of this Trust
Agreement. 
  
 SECTION 6.10 Consent to Methods. The methods
set forth in this Article VI by which Distributions are made and items of Profit and Loss are allocated are hereby expressly consented to by each Shareholder as an express condition to becoming a Shareholder. 
  
 ARTICLE VII 
  
 REDEMPTIONS 
  
 SECTION 7.1 Redemption of Redemption Baskets. The following
procedures, as supplemented by the more detailed procedures agreed from time-to-time between the Managing Owner and the Limited Owners, will govern the Master Trust with respect to the redemption of Redemption Baskets. 
  
 (a) On any Business Day, a Shareholder may redeem one or more Redemption
Baskets by delivering a request for redemption to the Managing Owner (such request a “Redemption Order”) in accordance with such procedures as the Managing Owner shall from time-to-time determine. 
  
 (b) To be effective, a Redemption Order must be submitted on a Business Day
by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any Redemption Order the fulfillment of
which its counsel advises may be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
  
 (c) Subject to deduction of any tax or other governmental charges due
thereon, if any, the redemption distribution (“Redemption Distribution”) shall consist of an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by
(ii) the Net Asset Value Per Basket of a Master Fund 
  

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  as of the closing time of the Exchange or the last to close of the exchanges on which the applicable Master Fund
assets are traded, whichever is later, on the Redemption Order Date. 
   
 (d) By noon New York time on the Business Day immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the Managing Owner’s account at the Depository has by noon, New York
time, on such day been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution by means of such procedures
as the Managing Owner shall determine from time-to-time. If by such Redemption Settlement Time, the Managing Owner has not received from a redeeming Shareholder all Redemption Baskets comprising the Redemption Order, the Managing Owner will
(i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Shareholder and (ii) keep the Shareholder’s Redemption Order open until noon, New York time, on the first Business Day following the
Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to Managing Owner’s account by
noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time, the
Managing Owner has not received from the redeeming Shareholder all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received
and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption
Distribution notwithstanding that a Redemption Basket has not been credited to the Master Trust’s account if the Shareholder has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole
discretion, from time to time agree. 
  
 (e) The Managing Owner
may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for any period during which the Exchange or any other applicable exchange is closed other than customary weekend and holiday closings, or
trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of a Master Fund’s assets is not reasonably practicable, or (iii) for such other period as
the Managing Owner determines to be necessary for the protection of the Limited Owners. The Managing Owner 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. 

 
 (f) Redemption Baskets effectively redeemed pursuant to the provisions of
this Section 7.1 shall be cancelled. 
  
 SECTION 7.2 Other
Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Limited Shares in lot sizes smaller than the Redemption Basket and permitting the Redemption
Distribution to be in a form, and delivered in a manner, other than that specified in Section 7.1. 
  

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 ARTICLE VIII 
  
 THE LIMITED OWNERS 
  
 SECTION 8.1 No Management or Control; Limited Liability. The Limited Owners shall not participate in the management or control of the Master
Trust’s business nor shall they transact any business for the Master Trust or a Master Fund or have the power to sign for or bind the Master Trust or a Master Fund, said power being vested solely and exclusively in the Managing Owner. Except as
provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Master Trust or a Master Fund in excess of his Capital Contribution plus its share of any Master
Fund Trust Estate in which such Limited Owners own a Share and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Share owned by a Limited Owner shall be fully paid and no assessment shall be made against any
Limited Owner. No salary shall be paid to any Limited Owner in its capacity as a Limited Owner, nor shall any Limited Owner have a drawing account or earn interest on his contribution. 
  
 SECTION 8.2 Rights and Duties. The Limited Owners shall have the following rights, powers, privileges, duties and
liabilities: 
  
 (a) The Limited Owners shall have the right to
obtain from the Managing Owner information of all things affecting the Master Funds, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of a Master Fund, including, without limitation,
such reports as are set forth in Article IX. The foregoing rights are in addition to, and do not limit, other remedies available to the Limited Owner under U.S. federal or state law. 
  
 (b) The Limited Owners shall receive the share of the distributions provided for in this Trust Agreement in the manner and
at the times provided for in this Trust Agreement. 
  
 (c) Except
for the Limited Owners’ redemption rights set forth in Article VII hereof, the Limited Owners shall have the right to demand the return of their capital account only upon the dissolution and winding up of the Master Trust and only to the extent
of funds available therefor. In no event shall a Limited Owner be entitled to demand or receive property other than cash. Except with respect to series or class differences, no Limited Owner shall have priority over any other either as to return of
capital or as to profits, losses or distributions. The Limited Owners shall not have any right to bring an action for partition against the Master Trust. 
  
 (d) Limited Owners holding Shares representing at least a majority in Net Asset Value of each affected Master Fund, voting separately as a class, may
(i) continue the Master Trust as provided in Section 13.1(b), (ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner, (iii) elect and appoint one or more additional Managing Owners, or consent to
such matters as are set forth in Section 5.2(b), (iv) approve a material change in investment policies, as set forth in the Prospectus, (v) approve the termination of any agreement entered into between the Master Trust and the
Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty, (vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Master Trust as 
  

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 provided in Section 13.1(e), and in the case of (iii), (iv) and (v) in each instance on 60 days’
prior written notice. Shares held by the Managing Owner and its Affiliates shall be excluded in determining the above voting percentage. 
  
 Except as set forth above, the Limited Owners shall have no voting or other rights with respect to the Master Trust or a Master Fund. 
  
 SECTION 8.3 Limitation on Liability. 
  
 (a) Except as provided in Sections 4.7(f), 5.2(g) and 6.6 hereof, and as
otherwise provided under Delaware law, the Limited Owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no
Limited Owner shall be liable for claims against, or debts of the Master Trust in excess of his Capital Contribution and his share of the applicable Master Fund Trust Estate and undistributed profits, except in the event that the liability is
founded upon misstatements or omissions contained in such Limited Owner’s Participant Agreement delivered in connection with his purchase of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the
Master Trust shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such
amount. 
  
 (b) The Master Trust shall indemnify to the full
extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the applicable Master Fund Trust Estate, each Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited Shares) against
any claims of liability asserted against such Limited Owner solely because he is a beneficial owner of Shares as a Limited Owner (other than for taxes for which such Limited Owner is liable under Section 6.6 hereof). 
  
 (c) Every written note, bond, contract, instrument, certificate or
undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Master Trust and that the obligations of such instrument are not binding upon the Limited Owners individually
but are binding only upon the assets and property of the Master Trust, and no resort shall be had to the Limited Owner’s personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this
Trust Agreement and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument,
certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the liability of the Master Trust to the extent set forth in Section 3.5 and 3.7 hereof. 
  
 ARTICLE IX 
  
 BOOKS OF ACCOUNT AND REPORTS 
  
 SECTION 9.1 Books of Account. Proper books of account for the Master
Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected 
  

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 by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things
relating to the Master Trust’s business as are required by the CE Act and regulations promulgated thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business
of like character. The books of account shall be kept at the principal office of the Master Trust and each Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and
the right to inspect and copy the same for any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Master Trust, including such access as is required under CFTC rules and regulations. Such books of account
shall be kept, and the Master Trust shall report its Profits and Losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
  
 SECTION 9.2 Annual Reports and Monthly Statements. Each Limited Owner
shall be furnished as of the end of each month and as of the end of each Fiscal Year with (a) such reports (in such detail) as are required to be given to Limited Owners by the CFTC and the NFA, (b) any other reports (in such detail)
required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Master Fund and (c) any other reports or information which the Managing Owner, in its discretion, determines to be
necessary or appropriate. 
  
 SECTION 9.3 Tax Information.
Appropriate tax information (adequate to enable each Limited Owner to complete and file its U.S. federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than
March 15. 
  
 SECTION 9.4 Calculation of Net Asset
Value. Net Asset Value of a Master Fund shall be calculated at such times as the Managing Owner shall determine from time to time. 
  
 SECTION 9.5 Maintenance of Records. The Managing Owner shall maintain: (a) for a period of at least six Fiscal Years all books of account
required by Section 9.1 hereof; a list of the names and last known address of, and number of Shares owned by, all Shareholders of each Master Fund, a copy of the Certificate of Trust and all certificates of amendment thereto, together with
executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of each Master Fund’s (and, if applicable, the Master Trust’s) U.S. federal, state and local income tax returns and reports, if any; and
(b) for a period of at least six Fiscal Years copies of any effective written Trust Agreements, Participant Agreements and any financial statements of the Master Trust. The Managing Owner may keep and maintain the books and records of the
Master Trust in paper, magnetic, electronic or other format at the Managing Owner may determine in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 
  
 SECTION 9.6 Certificate of Trust. Except as otherwise provided in the
Delaware Trust Statute or this Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to the Limited Owner; however, such certificates shall be
maintained at the principal office of the Master Trust and shall be available for inspection and copying by the Limited Owners in accordance with this Trust Agreement. The Certificate of Trust shall not be amended in any 
  

 40 

 respect if the effect of such amendment is to diminish the limitation on interseries liability under Section 3804 of
the Delaware Trust Statute. 
  
 SECTION 9.7 Registration of
Shares. The Managing Owner shall keep, at the Master Trust’s principal place of business, a Share Register in which, subject to such reasonable regulations as it may provide, it shall provide for the registration of Shares and of transfers
of Shares. Subject to the provisions of Article V, the Managing Owner may treat the Person in whose name any Share shall be registered in the Share Register as the Shareholder of such Share for the purpose of receiving distributions pursuant to
Article VI and for all other purposes whatsoever. 
  
 ARTICLE X

  
 FISCAL YEAR 
  
 SECTION 10.1 Fiscal Year. The Master Trust initially will adopt the
calendar year as its taxable year (“Fiscal Year”). The first Fiscal Year of the Master Trust shall commence on the date of filing of the Certificate of Trust. If, after commencement of operations, applicable tax rules require a Master Fund
to adopt a taxable year other than the calendar year, Fiscal Year for such Master Fund shall mean such other taxable year as required by Code section 706 or an alternative taxable year chosen by the Managing Owner which has been approved by the
Internal Revenue Service. The Fiscal Year in which the Master Trust or a Master Fund shall terminate shall end on the date of such termination. 
  
 ARTICLE XI 
  
 AMENDMENT OF TRUST AGREEMENT; MEETINGS 
  
 SECTION 11.1 Amendments to the Trust Agreement. 
  
 (a) Amendments to this Trust Agreement may be proposed by the Managing Owner or by the Limited Owners holding Shares equal to at least 10% of the Net
Asset Value of each Master Fund, unless the proposed amendment affects only certain series, in which case such amendment may be proposed by Limited Owners holding Shares equal to at least ten percent (10%) of Net Asset Value of each affected
series. Following such proposal, the Managing Owner shall submit to the Limited Owners of each affected series a verbatim statement of any proposed amendment, and statements concerning the legality of such amendment and the effect of such amendment
on the limited liability of the Limited Owner. The Managing Owner shall include in any such submission its recommendations as to the proposed amendment. The amendment shall become effective only upon the written approval or affirmative vote of
Limited Owners holding Shares equal to at least a majority (over 50%) of the Net Asset Value of a Master Fund (excluding Shares held by the Managing Owner and its Affiliates) or, if the proposed amendment affects only certain series, of each
affected series, or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel as set forth in Section 8.2 hereof and to the effect that the amendment is legal, valid and binding and
will not adversely affect the limitations on liability of the Limited Owner as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this Trust
Agreement requires the 
  

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 approval or affirmative vote of Limited Owners holding a greater interest in Limited Shares than is required to amend
this Trust Agreement under this Section 11.1, and/or the approval or affirmative vote of the Managing Owners, an amendment to such provision(s) shall be effective only upon the written approval or affirmative vote of the minimum number of
Shareholders which would be required to take or authorize such action, or as may otherwise be required by applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except
as otherwise provided below, reduction of the capital account of any assignee or modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement
without such assignee’s approval. 
  
 (b) Notwithstanding any
provision to the contrary contained in Section 11.1(a) hereof, the Managing Owner may, without the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties
or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may
be inconsistent with any other provision herein or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the
Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the
Limited Owners; (B) is consistent with Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owners or between the Limited Owners and
the Managing Owner; and (D) does not adversely affect the limitations on liability of the Limited Owners, as described in Article VIII hereof or the status of each Master Fund as a partnership for U.S. federal income tax purposes.
(i) Amendments to this document which adversely affect the rights of Limited Owners, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Master Trust pursuant to
Section 13.1(f) below and (iv) any material changes in a Master Fund’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of the Limited Owners holding Shares equal to at least a
majority (over 50%) of the Net Asset Value of the Master Fund (excluding Shares held by the Managing Owner and its Affiliates) pursuant to Section 11.1(a) above. 
  
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may,
without the approval of the Limited Owners, amend the provisions of Article VI of this Trust Agreement relating to the allocations of Profits, Losses, Disposition Gain, Disposition Loss and distributions among the Shareholders if the Master Trust is
advised at any time by the Master Trust’s accountants or legal counsel that any of the allocations provided in Article VI of this Trust Agreement are unlikely to be respected for U.S. federal income tax purposes, either because of the
promulgation of new or revised Treasury Regulations under Section 704 of the Code or other developments in the law. The Managing Owner is empowered to amend such provisions to the minimum extent necessary in accordance with the advice of the
accountants and counsel to effect the allocations and distributions provided in this Trust Agreement. New allocations made by the Managing Owner in reliance upon the advice of the accountants or counsel described above shall be deemed to be made
pursuant to the 
  

 42 

 obligation of the Managing Owner to the Master Trust and the Limited Owners, and no such new allocation shall give rise
to any claim or cause of action by any Limited Owner. 
  
 (d) Upon
amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. 
  
 (e) No amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects
any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the Limited Owners are permitted to take under Section 8.2(d) above. At the expense of the Managing
Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is required in the opinion of the Trustee. 
  
 (f) The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which
the Master Trust is a party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and
warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Master Trust is a party and does not conflict with or violate any other agreement to
which the Master Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee. 
  
 (g) No provision of this Trust Agreement may be amended, waived or otherwise
modified orally but only by a written instrument adopted in accordance with this Section. 
  
 SECTION 11.2 Meetings of the Master Trust. Meetings of the Shareholders of the Master Trust or any Master Fund thereof may be called by the Managing Owner and will be called by it upon the written request of
Limited Owners holding Shares equal to at least 10% of the Net Asset Value of the Master Trust or any Master Fund. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing Owner of a written request from the
requisite percentage of Limited Owners. The Managing Owner shall deposit in the United States mails, within 15 days after receipt of said request, written notice to all Shareholders of the applicable Master Funds of the meeting and the purpose of
the meeting, which shall be held on a date, not less than 30 nor more than 60 days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the
meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the debts of the Master Trust. Shareholders may vote in person or by proxy at any such meeting. 
  
 SECTION 11.3 Action Without a Meeting. Any action required or
permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any
Shareholder to any action of the Master Trust or any Shareholder, as contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall 
  

 43 

 be effected by notice to each Shareholder given in the manner provided in Section 15.4. The vote or consent of each
Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses
written objection to the vote or consent by notice given in the manner provided in Section 15.4 below and actually received by the Master Trust within 20 days after the notice of solicitation is effected. The Managing Owner and all persons
dealing with the Master Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Master Trust in so doing. Any action taken or omitted in
reliance on any such deemed vote or consent of one or more Shareholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Shareholders in any manner other than as expressly provided in
Section 15.4. 
  
 ARTICLE XII 
  
 TERM 
  
 SECTION 12.1 Term. The term for which the Master Trust and each Master Fund is to exist shall commence on the date of
the filing of the Certificate of Trust, and shall terminate pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 
  
 ARTICLE XIII 
  
 TERMINATION 
  
 SECTION 13.1 Events Requiring Dissolution of the Master Trust or any Master Fund. The Master Trust or, as the case may be, any Master Fund shall dissolve at any time upon the happening of any of the following events: 
  
 (a) The filing of a certificate of dissolution or revocation of the Managing
Owner’s charter (and the expiration of 90 days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the
Managing Owner (each of the foregoing events an “Event of Withdrawal”) unless at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Master Trust or (ii) within 90
days of such Event of Withdrawal all the remaining Shareholders agree in writing to continue the business of the Master Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Master Trust is
terminated as the result of an Event of Withdrawal and a failure of all remaining Shareholders to continue the business of the Master Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within 120 days of such Event
of Withdrawal, Limited Owners holding Shares representing at least a majority (over 50%) of the Net Asset Value of each Master Fund (not including Shares held by the Managing Owner and its Affiliates) may elect to continue the business of the Master
Trust by forming a new statutory trust (the “Reconstituted Master Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be
necessary to reform the Master Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted 
  

 44 

 Master Trust. If such an election is made, all Limited Owners of the Master Fund shall be bound thereby and continue as
Limited Owners of the Reconstituted Master Trust. 
  
 (b) The
occurrence of any event which would make unlawful the continued existence of the Master Trust or any Master Fund thereof, as the case may be. 
  
 (c) In the event of the suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator or commodity trading
advisor under the CE Act, or membership as a commodity pool operator or commodity trading advisor with the NFA unless at the time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or
terminated. 
  
 (d) The Master Trust or, as the case may be, any
Master Fund, becomes insolvent or bankrupt. 
  
 (e) The Limited
Owners holding Shares representing at least a majority (over 50%) of the Net Asset Value (which excludes the Shares of the Managing Owner) vote to dissolve the Master Trust, notice of which is sent to the Managing Owner not less than ninety
(90) Business Days prior to the effective date of termination. 
  
 (f) The determination of the Managing Owner that a Master Fund’s aggregate net assets in relation to the operating expenses of such Master Fund make it unreasonable or imprudent to continue the business of such Master Fund, or, in the
exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Master Trust because the aggregate Net Asset Value of the Master Trust or any such Master Fund as of the close of business on any Business Day declines
below $10 million. 
  
 (g) The Master Trust is required to be
registered as an investment company under the Investment Company Act of 1940. 
  
 (h) DTC is unable or unwilling to continue to perform its functions, and a comparable replacement is unavailable. 
  
 The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Limited Owner (as long as such Limited Owner is not the sole
Limited Owner of the Master Trust) shall not result in the termination of the Master Trust or any Master Fund thereof, and such Limited Owner, his estate, custodian or personal representative shall have no right to withdraw or value such Limited
Owner’s Shares except as provided in Section 7.1 hereof. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative
of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the Master Trust and any right to an audit or examination of the books of the Master Trust, except for such rights as
are set forth in Article IX hereof relating to the Books of Account and reports of the Master Trust. 
  
 SECTION 13.2 Distributions on Dissolution. Upon the dissolution of the Master Trust or any Master Fund, the Managing Owner (or in the event there
is no Managing Owner, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose 
  

 45 

 and approve) shall take full charge of the applicable Master Fund Trust Estate. Any Liquidating Trustee so appointed
shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations,
contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Master Trust. Thereafter, in accordance with
Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Master Trust or Master Fund shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds
therefrom shall be applied and distributed in the following order of priority: to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of
liabilities of the Master Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Shareholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance
with his positive book capital account balance, less any amount owing by such Shareholder to the Master Trust, after giving effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Shareholders pursuant to
Article VI. After the distribution of all remaining assets of the Master Trust, the Managing Owner will contribute to the Master Trust an amount equal to the lesser of (i) the deficit balance, if any, in its book capital account, and
(ii) the total Capital Contributions of the Limited Owners. Any Capital Contributions made by the Managing Owner pursuant to this Section shall be applied first to satisfy any amounts then owed by the Master Trust to its creditors, and the
balance, if any, shall be distributed to those Shareholders in the Master Trust whose book capital account balances (immediately following the distribution of any liquidation proceeds) were positive, in proportion to their respective positive book
capital account balances. 
  
 SECTION 13.3 Termination;
Certificate of Cancellation. Following the dissolution and distribution of the assets of all Master Funds, the Master Trust shall terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute
and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Master Trust as a
separate legal entity shall continue until the filing of such certificate of cancellation. 
  
 ARTICLE XIV 
  
 POWER OF
ATTORNEY 
  
 SECTION 14.1 Power of Attorney Executed
Concurrently. Concurrently with the written acceptance and adoption of the provisions of this Trust Agreement, each Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of the Participant Agreement, or in
such other form as may be prescribed by the Managing Owner. Each Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the
true and lawful attorney-in-fact and agent for such Limited Owner with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Master Trust documents, including, but not limited to,
the following: 
  

 46 

 (a) Any certificates and other instruments, including but not limited to, any applications for authority
to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Master Trust as a business trust in the jurisdictions in which the Master Trust may conduct business, so long as such qualifications and
continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Master Trust or the Shareholders under the laws of any jurisdiction; 
  
 (b) Any instrument which may be required to be filed by the Master Trust
under the laws of any state or by any governmental agency, or which the Managing Owner deems advisable to file; and 
  
 (c) This Trust Agreement and any documents which may be required to effect an amendment to this Trust Agreement approved under the terms of the Trust
Agreement, and the continuation of the Master Trust, the admission of the signers of the Power of Attorney as Limited Owners or of others as additional or substituted Limited Owners, or the termination of the Master Trust, provided such
continuation, admission or termination is in accordance with the terms of this Trust Agreement. 
  
 SECTION 14.2 Effect of Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner: 
  
 (a) Is a special, irrevocable Power of Attorney coupled with an interest,
and shall survive and not be affected by the death, disability, dissolution, liquidation, termination or incapacity of the Limited Owner; 
  
 (b) May be exercised by the Managing Owner for each Limited Owner by a facsimile signature of one of its officers or by a single signature of one of its
officers acting as attorney-in-fact for all of them; and 
  
 (c)
Shall survive the delivery of an assignment by a Limited Owner of the whole or any portion of his Limited Shares; except that where the assignee thereof has been approved by the Managing Owner for admission to the Master Trust as a substituted
Limited Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Managing Owner to execute, acknowledge and file any instrument necessary to effect such substitution. 

 
 Each Limited Owner agrees to be bound by any representations made by the
Managing Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 
  
 SECTION 14.3 Limitation on Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the
Managing Owner shall not authorize the Managing Owner to act on behalf of the Limited Owners in any situation in which this Trust Agreement requires the approval of Limited Owners unless such approval has been obtained as required by this Trust
Agreement. In the event of any conflict between this Trust Agreement and any instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 
  

 47 

 ARTICLE XV 
  

MISCELLANEOUS 
  
 SECTION 15.1 Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the
State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided,
however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or
limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Master Trust, the Trustee, the Managing Owner, the
Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the
necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the
allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding
of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the
trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Master Trust. The Master Trust shall be of the type commonly called a “statutory
trust,” and without limiting the provisions hereof, the Master Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Master Trust specifically reserves the right to exercise any of the powers or
privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Master Trust may not exercise such power or privilege or take such actions. 
  
 SECTION 15.2 Provisions In Conflict With Law or Regulations.

  
 (a) The provisions of this Trust Agreement are severable, and
if the Managing Owner shall determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable U.S. federal or state
laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the
Managing Owner shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be liable for making or
failing to make such a determination. 
  

 48 

 (b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction,
such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 
  
 SECTION 15.3 Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular
or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust
Agreement. 
  
 SECTION 15.4 Notices. All notices or
communications under this Trust Agreement (other than requests for redemption of Shares, notices of assignment, transfer, pledge or encumbrance of Shares, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and
shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Master Trust
or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a
representative of an overnight courier, as the case may be. Requests for redemption, notices of assignment, transfer, pledge or encumbrance of Shares shall be effective upon timely receipt by the Managing Owner in writing. 
  
 SECTION 15.5 Counterparts. This Trust Agreement may be executed in
several counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
  
 SECTION 15.6 Binding Nature of Trust Agreement. The terms and
provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes
of determining the rights of any Shareholder or assignee hereunder, the Master Trust and the Managing Owner may rely upon the Master Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the
Master Trust and the Managing Owner, in determining such rights, shall rely on such records and that Limited Owner and assignees shall be bound by such determination. 
  
 SECTION 15.7 No Legal Title to Trust Estate. Subject to the provisions of Section 1.8 in the case of the
Managing Owner, the Shareholders shall not have legal title to any part of the Trust Estate. 
  
 SECTION 15.8 Creditors. No creditors of any Shareholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the Master Trust or any Master Fund Trust
Estate. 
  

 49 

 SECTION 15.9 Integration. This Trust Agreement constitutes the entire agreement among the parties
hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
  
 SECTION 15.10 Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Master Trust or any Master Fund, which shall belong
exclusively to DB Commodity Services LLC. 
  

 50 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amended and Restated Declaration of Trust and
Trust Agreement as of the day and year first above written. 
  

			
	 WILMINGTON TRUST COMPANY,
 as
Trustee

		
	By:	 	

	 	 	Name:
	 	 	Title:
	
	 DB Commodity Services LLC,
 as Managing Owner

		
	 By:
	 	

	 	 	 Name: Kevin Rich

	 	 	 Title: Director and Chief Executive Officer

		
	 By:
	 	

	 	 	 Name: Gregory S. Collett

	 	 	 Title: Chief Operating Officer

	
	All Limited Owners now and hereafter admitted as Limited Owners of the Master Trust and reflected in the books and records of the Master Trust as Limited Owners from time to time,
pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
	
	POWERSHARES DB US DOLLAR INDEX TRUST,
	for the Limited Owners
		
	By:	 	 DB Commodity Services LLC, as
 attorney-in-fact

	
	 DB Commodity Services LLC,
 as Managing Owner

		
	 By:
	 	

	 	 	 Name: Kevin Rich

	 	 	 Title: Director and Chief Executive Officer

		
	 By:
	 	

	 	 	 Name: Gregory S. Collett

	 	 	 Title: Chief Operating Officer

  

 51 

 EXHIBIT A 
  

CERTIFICATE OF TRUST 
 OF

 DB US DOLLAR INDEX MASTER TRUST 
  
 THIS Certificate of Trust of DB US Dollar Index Master Trust (the “Trust”) is being duly executed and filed on behalf of the Trust by the
undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 
  
 1. Name. The name of the statutory trust formed hereby is DB US Dollar Index Master Trust. 
  
 2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware are Wilmington Trust Company, 1100 North Market Street, Wilmington, DE 19890. 
  
 3. Separate Series. Pursuant to Section 3806(b)(2) of the Act, the Trust will issue one or more series of beneficial interests having the
rights and preferences specified in the governing instrument of the Trust, as it may be amended from time to time (each a “Series”). 
  
 4. Notice of Limitation of Liability of each Series. Pursuant to Section 3804(a) of the Act, the liabilities of each Series shall be limited
such that (a) the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to a particular Series shall be enforceable against the assets of that particular Series only, and not against the
assets of the Trust generally, or the assets of any other Series and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally and any other Series shall be
enforceable against the assets of the particular Series. 
  
 5.
Effective Date. This Certificate of Trust shall be effective upon filing. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee of the Master Trust
		
	 By: 
	 	 
	 	 	 Name:

	 	 	 Title:

  

 A-1 

  Exhibit B 
  
 DESCRIPTION OF THE 
  
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX – EXCESS RETURN 
  
 General 
  
 The Deutsche Bank US Dollar Index (USDX®) Futures Index – Excess Return (the “Index”) is designed to reflect the changes in market value over time, whether positive or negative, from investing in the first to expire futures
contracts1 (the “DX Contracts”) whose changes in market value over time, whether positive or
negative, in turn, is tied to the U.S. Dollar Index® (the “USDX®”). DX Contracts are traded through the FINEX® currency markets of the New York Board of Trade® (the “NYBOT®”) under the symbol “DX.” The fair value of DX Contracts is based on foreign exchange future prices for the underlying Index Currencies (as defined below). The fair value of DX Contracts is calculated
in the same way as a spot index. DX Contracts, similar to single currency futures contracts, will trade at a forward premium or discount based on the interest rate differential between the U.S. dollar and the Index Currencies. 
  
 USDX® is a leading benchmark of the spot U.S. dollar and provides a general indication of the international value of the U.S.
dollar by geometrically averaging the exchange rates between the U.S. dollar and the six major world currencies (each, “Index Currency”, collectively, “Index Currencies”) which comprise the USDX® — Euro, Japanese Yen, British Pound, Canadian
Dollar, Swedish Krona and Swiss Franc. 
  
 The following table
reflects the index base weight (the “Index Base Weight”) of each Index Currency as of March 1973 with respect to USDX®: 
   

			
	 Index Currency

	  	Index Base Weight

	 Euro
	  	0.576
	 Japanese Yen
	  	0.136
	 British Pound
	  	0.119
	 Canadian Dollar
	  	0.091
	 Swedish Krona
	  	0.042
	 Swiss Franc
	  	0.036
	 Closing Level at Inception:
	  	1.000

   
  The Euro was
included in the USDX® in 1999 and replaced the
following currencies that were originally included in the USDX®: Belgian Franc, Dutch Guilder, German Mark, French Franc and Italian Lira. 
  

	1	The first to expire futures contracts are futures contracts that expire during the months of March, June, September and December. 

   

 -1- 

  The Index reflects the changes, whether positive or negative, of the first to expire DX Contract
relative to the value of the U.S. dollar as of December 31, 1986 (the “Base Date”). 
  
 The long Index (the “Long Index”) is calculated to reflect the changes in market value over time, whether positive or negative, of long
positions in DX Contracts. The short Index (“Short Index”) is calculated to reflect the changes in market value over time, whether positive or negative, of short positions in DX Contracts. Both the Long Index and the Short Index
reflect the changes in market value over time, whether positive or negative, of the DX Contract which expires in March, June, September and December. 
  
 The use of long positions in DX Contracts in the construction of the Long Index causes the Long Index to rise as a result of any upward price movement in
the DX Contracts. In turn, this appreciation in the long DX Contracts reflects the rise of the U.S. dollar relative to the underlying basket of Index Currencies which comprises the USDX®. 
  
 The use of short positions in DX Contracts in the construction of the Short Index causes the Short Index to rise as a result
of any downward price movement in the DX Contracts. In turn, this appreciation in the short DX Contracts reflects the fall of the U.S. dollar relative to the underlying basket of Index Currencies which comprises the USDX®. 
  
 The sponsor of the Index (the “Index Sponsor”) is Deutsche Bank AG London. The composition of the Index may
be adjusted in the Index Sponsor’s discretion. 
  
 The Index
Sponsor calculates the Closing Level (as defined below) of the Index on both an excess return basis and a total return basis. The excess return index reflects the changes in market value over time, whether positive or negative, of the DX Contracts.
The total return is the sum of the changes in market value over time, whether positive or negative, of the DX Contracts plus the return of 3-month U.S. Treasury bills. The Closing Levels of the Index have been calculated using historic exchange
closing price data of the DX Contract since December 31, 1986. 
  
 For the purposes of this Description: 
  
 “Closing Level” means, in respect of an Index Business Day (as defined below), the closing level of the Index for such Index Business Day. 
  
 Index Calculation and Rules 
  
 Excess Return Index Calculation 
  
 The excess return calculation of the Index reflects the weighted return of the change in price of the underlying DX Contracts. The excess return Index is
calculated as follows: 
  
 

 
  
 3-Month U.S. Treasury Bill Return Calculation

  
 A 3-month U.S. Treasury bill return is used in the
calculation of the Index on a total return basis. The return for the 3-month U.S. Treasury bill investment is calculated on a daily basis using: 
  
 

 
   

 -2- 

  Total Return Index Calculation 
  
 The calculation of the Index on a total return basis represents the return from investing in both DX Contracts and 3-month
U.S. Treasury bills and is calculated as follows: 
  
 

 
  
 Timing of Rolls 
  
 The underlying DX Contracts of the Index are rolled quarterly on the Index
Roll Day. 
  
 DX Contracts are rolled on the Wednesday prior to
each IMM Date as follows: 
  

	 	•	 	The DX Contract that expires on the next IMM Date is sold. 

  

	 	•	 	A position in the DX Contract that expires on the IMM Date following the next IMM Date is purchased. 

  
 For the purposes of this Description: 
  
 “Index Roll Day” takes place on the Wednesday prior to the applicable IMM Date. 
  
 “IMM Date” means the third Wednesday of March, June,
September and December, a traditional settlement date in the International Money Market. 
  
 Index Rolling for the Long Index 
  
 On the Index Roll Day, the position in the old DX Contract is sold. The position in the new DX Contract is simply zero: 
  
 

 
  
 The notional value of the new DX
Contract is expressed as: 
  
 

 
  
 Index Rolling for the Short Index

  
 On the Index Rolling Day, the position in the old DX
Contract is sold. The position in the new DX Contract is simply zero: 
  
 

 
   

 -3- 

  The new DX Contracts are sold to create a short position. The notional value of the new DX Contracts
is expressed as: 
  
 

 
  
 Initial Index Notional Value 
  
 On the Base Date, the initial long positions on the DX Contract in the Long
Index was expressed as: 
  
 

 
  
 On the Base Date, the initial short
positions on the DX Contract in the Short Index was expressed as: 
  
 

 
  
 Where: 
  

	 	i	= old DX Contract 

  

	 	j	= new DX Contract 

  

	 	t	= Index calculation date 

  

	 	Fp(t,i)	= future price of old i on day t 

  

	 	Fp(t,j)	= future price of new j on day t 

  

	 	y(t)	= T-bill yield on day t 

  

	 	Rt(t)	= T-bill return on t 

  

	 	ILer(t)	= Excess Return Index level on day t 

  

	 	ILtr(t)	= Total Return Index level on day t 

  

	 	d(t,t-1)	= Number of calendar days between day t and Index calculation day t-1 excluding day t 

  

	 	N(t,i)	= Notional holding of i on Index calculation day t 

  

	 	N(t,j)	= Notional holding of j on Index calculation day t 

  
 Index Disruption Event 
  
 If an Index Disruption Event in relation to (A) any DX Contract or (B) any underlying Index Currency or an Exchange Instrument on such
underlying Index Currency continues for a period of five successive Exchange Business Days, the Index Sponsor will, in its discretion, either with respect to (A), review the price of an instrument, if available, that is substantially similar to the
DX Contract, or with respect to (B), obtain all the Closing Prices for the unaffected Index Currencies, then, with respect to the disrupted Index Currenc(y)(ies) either (i) calculate the relevant Closing Price by reference to the Closing Price
of the Exchange Instrument on such Index Currency on the 

   

 -4- 

  
immediately preceding Valid Date (as provided in the definition of the relevant Closing Price) for a further period of five successive Exchange Business Days
or (ii) select: 
  

	 	(a)	an Exchange Traded Instrument relating to the relevant Index Currency or in the determination of the Index Sponsor a currency substantially similar to the relevant Index Currency
published in U.S. Dollars; or 

  

	 	(b)	if no Exchange Traded Instrument as described in (a) above is available or the Index Sponsor determines that for any reason (including, without limitation, the liquidity or
volatility of such Exchange Traded Instrument at the relevant time) the inclusion of such Exchange Traded Instrument in the Index would not be appropriate, an Exchange Traded Instrument relating to the relevant Index Currency or in the determination
of the Index Sponsor a currency substantially similar to the relevant Index Currency published in a currency other than U.S. Dollars; 

  
 in each case to replace the Exchange Instrument relating to the relevant Index Currency, all as determined by the Index Sponsor. 
  
 In the case of (a) above, if an Index Disruption Event in relation to
the relevant Exchange Instrument on an Index Currency continues for the further period of five successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (b) above shall apply. 
  
 In the case of a replacement of an Exchange Traded Instrument as described in
(b) above, the Index Sponsor will make such adjustments to the methodology and calculation of the Index as it determines to be appropriate to account for the relevant replacement and will publish such adjustments in accordance with the section
“Publication of Closing Levels and Adjustments” below. 
  
 For the purposes of this Description: 
  
 “Valid
Date” means, in respect of an Index Currency, a day which is an Exchange Business Day in respect of such Index Currency and a day on which an Index Disruption Event in respect of such Index Currency or a related Exchange Instrument on such
Index Currency does not occur. 
  
 “Exchange Business
Day” means, in respect of a futures contract on an Index Currency, a day that is (or, but for the occurrence of an Index Disruption Event or Force Majeure Event would have been) a trading day for such Index Currency on the Relevant
Exchange. 
  
 “Closing Price” means, in respect
of an Index Business Day, the closing price on the Relevant Exchange of the relevant Exchange Instrument, as published by the Relevant Exchange for that Index Business Day or, if in the determination of the Index Sponsor such Index Business Day is
not a Valid Date, the closing price on the Relevant Exchange of the relevant Exchange Instrument published by the Relevant Exchange for the immediately preceding Valid Date, subject as provided in the sections “Index Disruption Event” and
“Force Majeure.” 
  
 “Exchange
Instrument” means, in respect of each Index Currency, an instrument for future delivery of that Index Currency on a specified delivery date traded on the Relevant Exchange. 
  
 “Exchange Traded Instrument” means, in respect of an Index Currency, an instrument for future delivery of
that Index Currency on a specified delivery date traded on an exchange. 
  
 “Index Business Day” means a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign
currency deposits) in New York City. 
  
 “Index Disruption
Event” means, in respect of an Index Currency or a Exchange Instrument on such underlying Index Currency, an event (other than a Force Majeure Event) that would require the Index Sponsor to calculate the Closing Price in respect of the
relevant Exchange Instrument on such Index Currency on an alternative basis were such event to occur or exist on a day that is an Exchange Business Day (or, if different, the day on which the Closing Price for such Exchange Instrument on such Index
Currency for the relevant Index Business Day would, in the ordinary course, be published or announced by the Relevant Exchange). 
   

 -5- 

  “Relevant Exchange” is the exchange on which an Index Currency is traded.

  
 Force Majeure 
  
 If a Force Majeure Event occurs on an Index Business Day, the Index Sponsor
may in its discretion: 
  

	 	(i)	make such determinations and/or adjustments to the terms of this Description of the Index as it considers appropriate to determine any Closing Level on any such Index Business Day;
and/or 

  

	 	(ii)	defer publication of the information relating to the Index, until the next Index Business Day on which it determines that no Force Majeure Event exists; and/or

  

	 	(iii)	permanently cancel publication of the information relating to the Index. 

  
 For the purposes of this Description: 
  
 “Force Majeure Event” means an event or circumstance (including, without limitation, a systems failure, natural or man-made disaster, act
of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) that is beyond the reasonable control of the Index Sponsor and that the Index Sponsor determines affects the Index, USDX®, DX Contracts, any Index Currency or any Exchange
Instrument. 
  
 Change in the Methodology of the Index 
  
 The Index Sponsor will, subject as provided below, employ the methodology
described above and its application of such methodology shall be conclusive and binding. While the Index Sponsor currently intends to employ the above described methodology to calculate the Index, no assurance can be given that fiscal, market,
regulatory, juridical or financial circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting the Index, USDX®, DX Contracts, any Index Currency or any Exchange Instrument) will not arise that would, in the view of the Index
Sponsor, necessitate a modification of or change to such methodology and in such circumstances the Index Sponsor may make any such modification or change as it determines appropriate. The Index Sponsor may also make modifications to the terms of the
Index in any manner that it may deem necessary or desirable, including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision contained in this Description of the Index. The Index
Sponsor will publish notice of any such modification or change and the effective date thereof in accordance with Publication of Closing Levels and Adjustments below. 
  
 Publication of Closing Levels and Adjustments 
  
 In order to calculate the indicative Index level, the Index Sponsor will poll Reuters every 15 seconds to determine the real
time price of the DX Contract. The Index Sponsor will then apply a set of rules to these values to create the indicative level of the Index. These rules are consistent with the rules which the Index Sponsor applies at the end of each trading day to
calculate the Closing Level of the Index. A similar polling process is applied to the U.S. Treasury bills to determine the indicative value of the U.S. Treasury bills held by the Funds every 15 seconds throughout the trading day. 
  
 The Index Sponsor will publish the Closing Level of the Index daily.
Additionally, the Index Sponsor will publish the intra-day Index level once every fifteen seconds throughout each trading day. 
   

 -6- 

  All of the foregoing information will be published as follows: 
  
 The intra-day level of the Index (symbol: Long Index: USDUPX; Short Index:
USDDNX) (quoted in USD) will be published once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at http://www.dbfunds.db.com, or any successor thereto.

  
 The most recent end- of- day Index Closing Level (symbol: Long
Index: USDUPX; Short Index: USDDNX) will be published as of the close of business for the Amex each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at http://www.dbfunds.db.com, or any
successor thereto. 
  
 The Index Sponsor will publish any
adjustments made to the Index on the Managing Owner’s website http://www.dbfunds.db.com, or any successor thereto. 
  
 All of the foregoing information with respect to the Index also will be published at http://index.db.com. 
  
 Historical Closing Levels 
  
 Set out below are the Closing Levels of both the Long Index and the Short
Index based on historical data from December 31, 1986 to November 30, 2006. The data with respect to Various Statistical Measures and Annualized Index Levels are from December 31, 1986 to November 30, 2006. The data with respect
to Correlation of Monthly Returns is from December 31, 1988 to November 30, 2006. The start date of December 31, 1988 was selected because underlying data with respect to DBLCI TR was not available prior to December 31, 1988.

  
 The following Closing Levels Tables of both the Long Index and
the Short Index reflect both the high and low Closing Levels, the annual Index changes and Index changes since December 31, 1986, the Base Date, of each Index. 
  
 Since the Base Date of December 31, 1986 with respect to each of the Long Index and the Short Index, close prices of DX
Contracts traded on the NYBOT were used for each Index calculation. Although the DX Contract started trading in 1985, the Base Date of December 31, 1986 was selected because reasonably reliable pricing data was not available prior to
December 31, 1986. The Index Sponsor has not independently verified the DX Contracts close prices obtained from Bloomberg and Reuters. 
  
 The first to expire DX Contracts (i.e., March, June, September and December) were used in the Index calculation. 
  
 The underlying DX Contracts of the Index are rolled quarterly on the Index
Roll Day, which is the Wednesday prior to the applicable IMM Date. “IMM Date” means the third Wednesday of March, June, September and December, a traditional settlement date in the International Money Market. 
  
 DX Contracts are rolled on the Wednesday prior to each IMM Date as follows:

  

	 	•	The DX Contract that expires on the next IMM Date is sold. 

  

	 	•	A position in the DX Contract that expires on the IMM Date following the next IMM Date is purchased. 

  
 Each Index is calculated on both an excess return basis and a total return basis. The excess return index reflects the
changes in market value over time, whether positive or negative, of the underlying DX Contracts. The total return is the sum of the changes in market value over time, whether positive or negative, of the underlying DX Contracts plus the return of
3-month U.S. Treasury bills. The following tables reflect both the excess return calculation and the total return calculation of the Long Index and the Short Index. 
   

 -7- 

  Cautionary Statement–Statistical Information 
  
 Various statistical information is presented on the following pages,
relating to the Closing Levels of the Long Index and the Short Index, on an annual and cumulative basis, including certain comparisons of each Index to other currency indices. In reviewing such information, prospective investors should consider
that: 
  

	 	•	Changes in Closing Levels of each Index during any particular period or market cycle may be volatile. 

   

					
	 Index

	  	 Worst Peak- to- Valley
 Drawdown and Time Period

	  	 Worst Monthly Drawdown
 and Month and Year

	 Long Index
	  	(40.29)%, 12/86-12/04	  	(5.56)%, 12/91
	 Short Index
	  	(36.82)%, 6/95-1/02	  	(8.77)%, 3/91

   
  For example,
the “Worst Peak- to- Valley Drawdown” of each Index, represents the greatest percentage decline from any month-end Closing Level, without such Closing Level being equaled or exceeded as of a subsequent month-end, which occurred during the
above-listed time period. 
  
 The “Worst Monthly
Drawdown” of each Index occurred during the above-listed month and year. 
  
 See “Volatility of the Various Indexes” on the following page. 
  

	 	•	Neither the fees charged by any Fund nor the execution costs associated with establishing futures positions in the DX Contracts are incorporated into the Closing Levels of each
Index. Accordingly, such Index Levels have not been reduced by the costs associated with an actual investment, such as a Fund, with an investment objective of tracking the corresponding Index. 

  

	 	•	The Indexes were established in August 2006, and are independently calculated by Deutsche Bank AG London, the Index Sponsor. The Index calculation methodology and DX Contracts
selection is the same before and after August 2006, as described above. Accordingly, the Closing Levels of each Index, terms of each Index methodology and DX Contracts, reflect an element of hindsight at the time each Index was established. See
“The Risks You Face—(10) You May Not Rely on Past Performance in Deciding Whether to Buy Shares” and “—(11) Fewer Representative Index Currencies May Result In Greater Index Volatility.” 

  
 WHILE EACH FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE
PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE CORRESPONDING INDEX, BECAUSE EACH INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY
HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT EACH INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT EACH FUND WILL GENERATE
PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE CORRESPONDING INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND
THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION
PRESENTED 

   

 -8- 

  
HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006 WITH RESPECT TO EACH INDEX, AS APPLICABLE, EACH INDEX’S CLOSING LEVELS REFLECT THE
APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE
CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF EACH FUND’S EFFORTS TO TRACK ITS CORRESPONDING INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING
PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR EACH FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH EACH FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR
ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS.

   

 -9- 

  DATA 
 RELATING TO 
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — EXCESS RETURN 
   

 -10- 

  CLOSING LEVELS TABLE 
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — EXCESS RETURN (LONG INDEX) 
   

											
	 	  	Closing Level

	  	 	 	 	 	 
	 	  	High1

	  	Low2

	  	 Annual
Index
 Changes3

	 	 	 Index
Changes
Since
 Inception4

	 
	 19865
	  	100.00	  	100.00	  	0.00	 	 	0.00	 
	 1987
	  	100.58	  	80.31	  	-19.69	%	 	-19.69	%
	 1988
	  	92.74	  	80.91	  	7.06	%	 	-14.02	%
	 1989
	  	98.38	  	85.91	  	0.84	%	 	-13.30	%
	 1990
	  	87.89	  	73.85	  	-13.34	%	 	-24.86	%
	 1991
	  	85.99	  	72.11	  	-3.76	%	 	-27.69	%
	 1992
	  	77.65	  	65.06	  	3.67	%	 	-25.04	%
	 1993
	  	76.18	  	70.10	  	-0.51	%	 	-25.42	%
	 1994
	  	74.65	  	64.27	  	-10.47	%	 	-33.23	%
	 1995
	  	67.54	  	60.33	  	-5.30	%	 	-36.77	%
	 1996
	  	66.56	  	63.18	  	4.32	%	 	-34.04	%
	 1997
	  	76.53	  	66.13	  	14.46	%	 	-24.50	%
	 1998
	  	78.10	  	70.33	  	-4.85	%	 	-28.16	%
	 1999
	  	80.14	  	71.30	  	9.38	%	 	-21.42	%
	 2000
	  	92.51	  	77.39	  	8.85	%	 	-14.47	%
	 2001
	  	94.55	  	84.91	  	6.01	%	 	-9.33	%
	 2002
	  	93.28	  	77.72	  	-14.28	%	 	-22.28	%
	 2003
	  	78.64	  	65.14	  	-16.19	%	 	-34.86	%
	 2004
	  	68.46	  	59.71	  	-8.33	%	 	-40.29	%
	 2005
	  	68.31	  	60.01	  	13.14	%	 	-32.44	%
	 20066
	  	67.50	  	62.37	  	-7.68	%	 	-37.63	%

   
  THE BULLISH
FUND WILL TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK US DOLLAR 
 INDEX (USDX®) FUTURES INDEX — EXCESS RETURN (LONG INDEX) OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, 
 POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — EXCESS RETURN (SHORT INDEX) 
   

											
	 	  	Closing Level

	  	 	 	 	 	 
	 	  	High1

	  	Low2

	  	 Annual
Index
 Changes3

	 	 	 Index
Changes
Since
 Inception4

	 
	 19865
	  	100.00	  	100.00	  	0.00	 	 	0.00	 
	 1987
	  	123.07	  	99.42	  	23.07	%	 	23.07	%
	 1988
	  	122.24	  	105.99	  	-7.47	%	 	13.88	%
	 1989
	  	113.97	  	98.33	  	-2.79	%	 	10.70	%
	 1990
	  	128.74	  	109.22	  	14.37	%	 	26.61	%
	 1991
	  	131.41	  	109.44	  	1.96	%	 	29.10	%
	 1992
	  	141.41	  	120.25	  	-5.86	%	 	21.54	%
	 1993
	  	129.24	  	119.46	  	0.09	%	 	21.65	%
	 1994
	  	140.43	  	121.53	  	11.19	%	 	35.26	%
	 1995
	  	148.76	  	133.74	  	4.64	%	 	41.54	%
	 1996
	  	141.66	  	134.35	  	-4.21	%	 	35.59	%
	 1997
	  	135.23	  	115.36	  	-13.47	%	 	17.32	%
	 1998
	  	125.36	  	113.35	  	4.85	%	 	23.01	%
	 1999
	  	123.92	  	109.83	  	-8.91	%	 	12.05	%
	 2000
	  	113.78	  	94.09	  	-9.29	%	 	1.64	%
	 2001
	  	102.32	  	91.91	  	-5.82	%	 	-4.28	%
	 2002
	  	110.87	  	92.90	  	15.83	%	 	10.87	%
	 2003
	  	130.21	  	109.65	  	17.44	%	 	30.21	%
	 2004
	  	141.83	  	123.83	  	8.41	%	 	41.16	%
	 2005
	  	140.46	  	122.29	  	-12.22	%	 	23.91	%
	 20066
	  	133.83	  	124.03	  	8.00	%	 	33.83	%

   
  THE BEARISH
FUND WILL TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK US DOLLAR INDEX 
 (USDX®) FUTURES INDEX — EXCESS RETURN (SHORT INDEX) OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE 
 AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Please refer to notes and legends that follow on page 15. 
   

 -11- 

  All Statistics based on data from December 31, 1986 to November 30, 2006 
   

										
	 Various Statistical Measures

	  	DB USDX Long Future ER7,8

	 	 	DB USDX Long Future TR8,9

	 	 	USDX Spot Index10

	 
	 Annualized Changes to Index Level11
	  	-2.3	%	 	2.3	%	 	-1.1	%
	 Average rolling 3 month volatility12
	  	8.6	%	 	8.6	%	 	8.3	%
	 Sharpe Ratio13
	  	-0.80	 	 	-0.26	 	 	-0.68	 
	 % of months with positive change14
	  	46	%	 	53	%	 	47	%
	 Average monthly positive change15
	  	2.0	%	 	2.1	%	 	2.0	%
	 Average monthly negative change16
	  	-2.0	%	 	-1.9	%	 	-1.9	%
				
	 Annualized Index Levels17

	  	DB USDX Long Future ER7,8

	 	 	DB USDX Long Future TR8,9

	 	 	USDX Spot Index10

	 
	 1 yr
	  	-7.9	%	 	-3.5	%	 	-9.4	%
	 3 yr
	  	-2.7	%	 	0.3	%	 	-2.8	%
	 5 yr
	  	-7.0	%	 	-4.8	%	 	-6.5	%
	 7 yr
	  	-3.3	%	 	-0.2	%	 	-2.9	%
	 10 yr
	  	-0.5	%	 	3.1	%	 	-0.6	%
	 15 yr
	  	-1.4	%	 	2.5	%	 	-0.4	%

   
  Correlation of Monthly
Returns (between December 31, 1988 to November 30, 2006)* ,22 
   

											
	 	  	 DB USDX Long
 Future TR7,8

	  	S&P 500 TR18

	  	 JP Morgan US
 Treasury19

	  	DBLCI TR20

	  	 NAR Existing One
 Family Home Sales
Median Price Index21

	 DB USDX Long Future TR
	  	1.00	  	0.05	  	-0.19	  	-0.09	  	0.01
	 S&P 500 TR
	  	 	  	1.00	  	0.03	  	-0.08	  	0.04
	 JP Morgan US Treasury
	  	 	  	 	  	1.00	  	-0.05	  	-0.09
	 DBLCI TR
	  	 	  	 	  	 	  	1.00	  	-0.07
	 NAR Existing One Family Home Sales Median Price Index
	  	 	  	 	  	 	  	 	  	1.00

   
  NEITHER THE PAST PERFORMANCE
OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 

	*	“Correlation” is a statistical term which describes the degree to which two or more asset classes show a tendency to rise or fall in value together. Diversification of an
investment portfolio among asset classes that are not correlated with each other tends to reduce overall volatility and risk in the portfolio as a whole. The hypothetical returns of DB USDX Long Future TR have been compared with the S&P 500 TR,
the JP Morgan U.S. Treasury, the DBCLI TR and the NAR Existing One Family Home Sales Median Price Index to permit an investor to compare and contrast the degree of correlation between DB USDX Long Future TR (which is a currency index) and indices
which are commonly used to measure the performance of the equity, fixed income, commodity and real estate markets, respectively. 

  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST
2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR
CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL
ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 

 
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH
THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN
HINDSIGHT. 
  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF
FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS
INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX
INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX
CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 Please refer to notes and legends that follow on page 15. 
   

 -12- 

  COMPARISON OF VARIOUS US DOLLAR INDICES (DECEMBER, 1986 – NOVEMBER, 2006) 
  
 

 
  
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE
PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Each of the DB USDX Long Future-ER, DB USDX Long Future-TR and USDX Spot Index are indices and do not reflect actual trading or any fees or expenses. 
  
 USDX Spot Index is calculated on an excess return basis. 
  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO
MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING
MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE
FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY
INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF
HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO
HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 Please refer to notes and legends that follow on page 15. 
   

 -13- 

  COMPARISON OF ANNUAL RETURNS OF COMPARISON OF VARIOUS US DOLLAR INDICES 
 (DECEMBER, 1986 – NOVEMBER, 2006) 
  
 

 
  
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE
PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Each of the DB USDX Long Future-ER and USDX Spot Index are indices and do not reflect actual trading or any fees or expenses. 
  
 USDX Spot Index is calculated on an excess return basis. 
  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO
MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING
MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE
FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY
INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF
HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO
HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 Please refer to notes and legends that follow on page 15. 
   

 -14- 

  NOTES AND LEGENDS: 
  
 1. “High” reflects the highest closing level of the Index during the applicable year. 
  
 2. “Low” reflects the lowest closing level of the Index during the applicable year.

  
 3. “Annual Index Changes” reflect the change to the Index level on
an annual basis as of December 31 of each applicable year. 
  
 4. “Index
Changes Since Inception” reflects the change of the Index level since inception on a compounded annual basis as of December 31 of each applicable year. 
  
 5. Closing levels as of Base Date of December 31, 1986. 
  
 6. Closing levels as of November 30, 2006. 
  
 7. “DB USDX Long Future ER” is the Deutsche Bank US Dollar Index (USDX®) Futures Index – Excess Return with respect to the Long Index. The Deutsche Bank US Dollar Index (USDX®) Futures Index is calculated on both an excess return
basis and total return. The DB USDX Long Future ER calculation is not funded and reflects the changes in market value over time, whether positive or negative, of the underlying DX Contracts. The sponsor of the Index, or the Index Sponsor, is
Deutsche Bank AG London. 
  
 8. In the current interest rate environment, the
total return on an investment in a Fund is expected to outperform the DB USDX Long Future ER and underperform the DB USDX Long Future TR (as such term is defined in the following footnote). The only difference between the DB USDX Long Future ER and
the DB USDX Long Future TR is that the DB USDX Long Future ER does not include interest income from a hypothetical basket of fixed income securities while the DB USDX Long Future TR does include such a component. The difference in the changes in
market value over time, whether positive or negative, in the DB USDX Long Future ER and the DB USDX Long Future TR is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. A Fund’s
interest income from its holdings of fixed-income securities is expected to exceed such Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected closely to
track the DB USDX Long Future ER. The total return on an investment in a Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently,
in the current interest rate environment, a Fund’s total return is expected to outperform the DB USDX Long Future ER by the amount of the excess of its interest income over its fees and expenses but, as a result of such Fund’s fees and
expenses, the total return on a Fund is expected to underperform the DB USDX Long Future TR. If a Fund’s fees and expenses were to exceed such Fund’s interest income from its holdings of fixed income securities, such Fund would
underperform the DB USDX Long Future ER. 
  
 9. “DB USDX Long Future TR”
is the Deutsche Bank US Dollar Index (USDX®)
Futures Index – Total Return with respect to the Long Index. The Deutsche Bank US Dollar Index (USDX®) Futures Index is calculated on both an excess return basis and total return. The DB USDX Long Future TR calculation is funded and reflects the changes in market value over time, whether
positive or negative, of both the underlying DX Contracts and the interest income from a hypothetical basket of fixed income securities. The sponsor of the Index, or the Index Sponsor, is Deutsche Bank AG London. 
  
 10. “USDX Spot Index” is the U.S. Dollar Index® which provides a general indication of the international value of the USD by
averaging the exchange rates between the USD and the six major world currencies the USDX Spot Index Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. U.S. Dollar Index® is a registered service mark of the Board of Trade of the City of New York, Inc.

  
 11. “Annualized Changes to Index Level” reflects the changes of the
applicable index on an annual basis as of December 31 of each applicable year. 
  
 12. “Average rolling 3 month daily volatility.” The daily volatility reflects the relative rate at which the price of the applicable index moves up and down, which is found by calculating the annualized standard deviation of the
daily change in price. In turn, an average of this value is calculated on a 3 month rolling basis. 
  
 13. “Sharpe Ratio” compares the annualized rate of return minus the annualized risk-free rate of return to the annualized variability — often referred to as the “standard deviation” — of
the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in calculating the ratio, the rate of return achieved by a particular strategy has equaled or exceeded the risks assumed by such strategy.
The risk-free rate of return that was used in these calculations was assumed to be 4.52%. 
  
 14. “% of months with positive change” during the period from inception to November 30, 2006. 
  
 15. “Average monthly positive change” during the period from inception to November 30, 2006. 
   

 -15- 

  16. “Average monthly negative change” during the period from inception to November 30, 2006.

  
 17. “Annualized Index Levels” reflects the change in the applicable
index on an annual basis as of December 31 of each the applicable time period (e.g., 1 year, 3, 5, 7, 10 or 15 years). 
  
 18. “S&P 500 TR” is the Standard & Poor’s index calculated on a total return basis. Widely regarded as the benchmark gauge of the U.S.
equities market, this index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large cap segment of the market, with over 80% coverage of U.S. equities, it
also serves as a proxy for the total market. The total return calculation provides investors with a price plus gross cash dividend return. Gross cash dividends are applied on the ex date of the dividend. 
  
 19. “JP Morgan US Treasury” means the JP Morgan US Treasury Index which is a broad
total return index of US Treasury securities. It is published on a daily basis by JP Morgan Indices. 
  
 20. “DBLCI-TR” is the Deutsche Bank Liquid Commodity IndexTM Total Return. This Index is intended to reflect the changes in notional value in the following commodities: Light, Sweet Crude Oil, Heating Oil,
Aluminum, Gold, Corn and Wheat. The notional amounts of each index commodity included in this index are broadly in proportion to historical levels of the world’s production and stocks of the index commodities. The sponsor of the Index, or the
Index Sponsor, is Deutsche Bank AG London. Deutsche Bank Liquid Commodity IndexTM – Total Return is a trade mark of Deutsche Bank AG and is the subject of Community Trade Mark Number 3054996. Trade Mark applications in the United States are
pending. 
  
 21. “NAR Existing One Family Home Sales Median Price Index”
is one component of The National Association Of Realtors® Existing-Home Sales Series, which is the premier measurement of national and regional residential real estate market. On or about the 25th of each month, NAR releases statistics on sales and prices of existing
single-family homes for the nation and the four regions. These figures include condos and co-ops, in addition to single-family homes. NAR Existing One Family Home Sales Median Price Index reflects current sales rates, actual totals and median prices
by month going back 12 months. Annual totals cover a period of three years, which includes all existing-home sales — single-family, condos and co-ops—rolled into monthly and annual totals. 
  
 22. “Correlation of Monthly Returns.” Every investment asset, by definition, has a
correlation coefficient of 1.0 with itself; 1.0 indicates 100% positive correlation. Two investments that always move in the opposite direction from each other have a correlation coefficient of 1.0; 1.0 indicates 100% negative correlation. Two
investments that perform entirely independently of each other have a correlation coefficient of 0; 0 indicates 100% non correlation. December 31, 1988 was used as the start date with respect to the underlying data because closing levels with
respect to DBLCI-TR was not available prior to December 31, 1988. 
  
 WHILE
THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE
“HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN.
SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE
FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN
RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS,
INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE
PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES
AND COSTS ASSOCIATED WITH THE FUND. 
   

 -16- 

  THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE
NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 ALTHOUGH THE INDEX SPONSOR WILL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE
CALCULATION OF THE INDEX FROM SOURCE(S) WHICH THE INDEX SPONSOR CONSIDERS RELIABLE, THE INDEX SPONSOR WILL NOT INDEPENDENTLY VERIFY SUCH INFORMATION AND DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED
THEREIN. THE INDEX SPONSOR SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX AND THE INDEX SPONSOR IS UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN. 
  
 UNLESS OTHERWISE SPECIFIED, NO TRANSACTION RELATING TO THE INDEX IS SPONSORED, ENDORSED, SOLD
OR PROMOTED BY THE INDEX SPONSOR AND THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO (A) THE ADVISABILITY OF PURCHASING OR ASSUMING ANY RISK IN CONNECTION WITH ANY SUCH TRANSACTION (B) THE LEVELS AT WHICH
THE INDEX STANDS AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE (C) THE RESULTS TO BE OBTAINED BY THE ISSUER OF ANY SECURITY OR ANY COUNTERPARTY OR ANY SUCH ISSUER’S SECURITY HOLDERS OR CUSTOMERS OR ANY SUCH COUNTERPARTY’S CUSTOMERS OR
COUNTERPARTIES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH ANY LICENSED RIGHTS OR FOR ANY OTHER USE OR (D) ANY OTHER MATTER. THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED
REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. 
  
 WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX SPONSOR HAVE ANY LIABILITY (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY DIRECT, INDIRECT,
SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 
   

 -17- 

  DATA 
 RELATING TO 
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX – TOTAL RETURN 
   

 -18- 

  CLOSING LEVELS TABLE 
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — TOTAL RETURN (LONG INDEX) 
   

											
	 	  	Closing Level

	  	 	 	 	 	 
	 	  	High1

	  	Low2

	  	 Annual Index
 Changes3

	 	 	 Index Changes
 Since Inception4

	 
	 19865
	  	100.00	  	100.00	  	0.00	 	 	0.00	 
	 1987
	  	100.66	  	85.33	  	-14.67	%	 	-14.67	%
	 1988
	  	102.65	  	86.02	  	14.80	%	 	-2.04	%
	 1989
	  	116.74	  	97.97	  	9.54	%	 	7.30	%
	 1990
	  	110.08	  	97.96	  	-6.41	%	 	0.43	%
	 1991
	  	118.38	  	97.40	  	1.66	%	 	2.09	%
	 1992
	  	110.58	  	94.16	  	7.37	%	 	9.61	%
	 1993
	  	112.43	  	103.48	  	2.57	%	 	12.43	%
	 1994
	  	112.56	  	100.16	  	-6.53	%	 	5.08	%
	 1995
	  	106.73	  	96.63	  	0.14	%	 	5.24	%
	 1996
	  	116.61	  	105.21	  	9.82	%	 	15.57	%
	 1997
	  	139.28	  	115.91	  	20.51	%	 	39.28	%
	 1998
	  	148.93	  	134.97	  	-0.11	%	 	39.13	%
	 1999
	  	160.01	  	138.16	  	14.67	%	 	59.54	%
	 2000
	  	198.12	  	157.20	  	15.48	%	 	84.23	%
	 2001
	  	208.23	  	183.08	  	9.78	%	 	102.26	%
	 2002
	  	208.39	  	176.24	  	-12.86	%	 	76.24	%
	 2003
	  	178.34	  	149.23	  	-15.33	%	 	49.23	%
	 2004
	  	157.39	  	138.01	  	-7.05	%	 	38.71	%
	 2005
	  	163.02	  	139.43	  	16.79	%	 	62.00	%
	 20066
	  	163.23	  	152.48	  	-3.52	%	 	56.29	%

   
  THE BULLISH FUND AND THE
BEARISH FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — TOTAL RETURN (LONG INDEX) OVER TIME. 
  
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE
PERFORMANCE. 
  
 DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — TOTAL RETURN (SHORT INDEX)

   

											
	 	  	Closing Level

	  	 	 	 	 	 
	 	  	High1

	  	Low2

	  	 Annual Index
 Changes3

	 	 	 Index Changes
 Since Inception4

	 
	 19865
	  	100.00	  	100.00	  	0.00	 	 	0.00	 
	 1987
	  	130.76	  	99.50	  	30.76	%	 	30.76	%
	 1988
	  	131.84	  	117.08	  	-0.78	%	 	29.74	%
	 1989
	  	137.94	  	116.55	  	5.60	%	 	37.00	%
	 1990
	  	170.77	  	135.31	  	23.51	%	 	69.21	%
	 1991
	  	182.61	  	150.65	  	7.70	%	 	82.25	%
	 1992
	  	204.64	  	170.95	  	-2.50	%	 	77.69	%
	 1993
	  	192.01	  	175.28	  	3.19	%	 	83.36	%
	 1994
	  	218.83	  	183.23	  	16.09	%	 	112.86	%
	 1995
	  	240.62	  	210.69	  	10.66	%	 	135.54	%
	 1996
	  	241.78	  	228.68	  	0.85	%	 	137.55	%
	 1997
	  	236.99	  	208.43	  	-8.89	%	 	116.42	%
	 1998
	  	240.56	  	212.61	  	10.07	%	 	138.22	%
	 1999
	  	240.09	  	217.83	  	-4.51	%	 	127.49	%
	 2000
	  	231.10	  	200.46	  	-3.77	%	 	118.91	%
	 2001
	  	220.85	  	202.43	  	-2.46	%	 	113.52	%
	 2002
	  	251.42	  	207.52	  	17.75	%	 	151.42	%
	 2003
	  	298.30	  	248.66	  	18.65	%	 	198.30	%
	 2004
	  	329.44	  	284.67	  	9.92	%	 	227.89	%
	 2005
	  	327.76	  	291.85	  	-9.38	%	 	197.12	%
	 20066
	  	335.34	  	299.83	  	12.86	%	 	235.34	%

   
  THE BULLISH FUND AND THE
BEARISH FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK US DOLLAR INDEX (USDX®) FUTURES INDEX — TOTAL RETURN (SHORT INDEX) OVER TIME. 
  
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE
PERFORMANCE. 
  
 Please refer to notes and legends that follow on
page 23. 
   

 -19- 

  All Statistics based on data from December 31, 1986 to November 30, 2006 
   

										
	 Various Statistical Measures

	  	DB USDX Short Future ER7,8

	 	 	DB USDX Short Future TR8,9

	 	 	USDX Spot Index10

	 
	 Annualized Changes to Index Level11
	  	1.5	%	 	6.3	%	 	-1.1	%
	 Average rolling 3 month volatility12
	  	8.6	%	 	8.6	%	 	8.3	%
	 Sharpe Ratio13
	  	-0.35	 	 	0.20	 	 	-0.68	 
	 % of months with positive change14
	  	54	%	 	61	%	 	47	%
	 Average monthly positive change15
	  	1.9	%	 	2.1	%	 	2.0	%
	 Average monthly negative change16
	  	-2.0	%	 	-1.9	%	 	-1.9	%
				
	 Annualized Index Levels17

	  	DB USDX Short Future ER7,8

	 	 	DB USDX Short Future TR8,9

	 	 	USDX Spot Index10

	 
	 1 yr
	  	8.4	%	 	13.7	%	 	-9.4	%
	 3 yr
	  	2.1	%	 	5.3	%	 	-2.8	%
	 5 yr
	  	6.7	%	 	9.3	%	 	-6.5	%
	 7 yr
	  	2.6	%	 	5.8	%	 	-2.9	%
	 10 yr
	  	-0.2	%	 	3.5	%	 	-0.6	%
	 15 yr
	  	0.6	%	 	4.5	%	 	-0.4	%

   
  Correlation of Monthly
Returns (between December 31, 1988 to November 30, 2006)*, 22 
   

											
	 	  	 DB USDX Short
 Future TR7,8

	  	S&P 500 TR18

	  	 JP Morgan US
 Treasury19

	  	DBLCI TR20

	  	 NAR Existing One
 Family Home Sales
 Median Price
Index21

	 DB USDX Short Future TR
	  	1.00	  	-0.04	  	0.21	  	0.10	  	-0.01
	 S&P 500 TR
	  	 	  	1.00	  	0.03	  	-0.09	  	0.04
	 JP Morgan US Treasury
	  	 	  	 	  	1.00	  	-0.05	  	-0.09
	 DBLCI TR
	  	 	  	 	  	 	  	1.00	  	-0.07
	 NAR Existing One Family Home Sales Median Price Index
	  	 	  	 	  	 	  	 	  	1.00

   
  NEITHER THE PAST PERFORMANCE
OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 

	*	“Correlation” is a statistical term which describes the degree to which two or more asset classes show a tendency to rise or fall in value together. Diversification of an
investment portfolio among asset classes that are not correlated with each other tends to reduce overall volatility and risk in the portfolio as a whole. The hypothetical returns of DB USDX Short Future TR have been compared with the S&P 500 TR,
the JP Morgan U.S. Treasury, the DBCLI TR and the NAR Existing One Family Home Sales Median Price Index to permit an investor to compare and contrast the degree of correlation between DB USDX Short Future TR (which is a currency index) and indices
which are commonly used to measure the performance of the equity, fixed income, commodity and real estate markets, respectively. 

  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST
2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR
CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL
ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 

 
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH
THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN
HINDSIGHT. 
  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF
FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS
INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX
INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX
CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 Please refer to notes and legends that follow on page 23. 
   

 -20- 

  COMPARISON OF VARIOUS US DOLLAR INDICES (DECEMBER, 1986 – NOVEMBER, 2006) 
  
 

 
  
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE
PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Each of the DB USDX Short Future-ER, DB USDX Short Future-TR and USDX Spot Index are indices and do not reflect actual trading or any fees or expenses. 
  
 USDX Spot Index is calculated on an excess return basis. 
  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO
MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING
MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE
FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY
INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF
HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO
HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 Please refer to notes and legends that follow on page 23. 
   

 -21- 

  COMPARISON OF ANNUAL RETURNS OF COMPARISON OF VARIOUS US DOLLAR INDICES (DECEMBER, 1986 –
NOVEMBER, 2006) 
  
 

 
  
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE
PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Each of the DB USDX Short Future-ER and USDX Spot Index are indices and do not reflect actual trading or any fees or expenses. 
  
 USDX Spot Index is calculated on an excess return basis. 
  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO
MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING
MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE
FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY
INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF
HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO
HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 Please refer to notes and legends that follow on page 23. 
   

 -22- 

  NOTES AND LEGENDS: 
  
 1. “High” reflects the highest closing level of the Index during the applicable year. 
  
 2. “Low” reflects the lowest closing level of the Index during the applicable year.

  
 3. “Annual Index Changes” reflect the change to the Index level on
an annual basis as of December 31 of each applicable year. 
  
 4. “Index
Changes Since Inception” reflects the change of the Index level since inception on a compounded annual basis as of December 31 of each applicable year. 
  
 5. Closing levels as of Base Date of December 31, 1986. 
  
 6. Closing levels as of November 30, 2006. 
  
 7. “DB USDX Long Future ER” is the Deutsche Bank US Dollar Index (USDX®) Futures Index – Excess Return with respect to the Long Index. The Deutsche Bank US Dollar Index (USDX®) Futures Index is calculated on both an excess return
basis and total return. The DB USDX Long Future ER calculation is not funded and reflects the changes in market value over time, whether positive or negative, of the underlying DX Contracts. The sponsor of the Index, or the Index Sponsor, is
Deutsche Bank AG London. 
  
 8. In the current interest rate environment, the
total return on an investment in a Fund is expected to outperform the DB USDX Long Future ER and underperform the DB USDX Long Future TR (as such term is defined in the following footnote). The only difference between the DB USDX Long Future ER and
the DB USDX Long Future TR is that the DB USDX Long Future ER does not include interest income from a hypothetical basket of fixed income securities while the DB USDX Long Future TR does include such a component. The difference in the changes in
market value over time, whether positive or negative, of the DB USDX Long Future ER and the DB USDX Long Future TR is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. A Fund’s
interest income from its holdings of fixed-income securities is expected to exceed such Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected closely to
track the DB USDX Long Future ER. The total return on an investment in a Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently,
in the current interest rate environment, a Fund’s total return is expected to outperform the DB USDX Long Future ER by the amount of the excess of its interest income over its fees and expenses but, as a result of such Fund’s fees and
expenses, the total return on a Fund is expected to underperform the DB USDX Long Future TR. If a Fund’s fees and expenses were to exceed such Fund’s interest income from its holdings of fixed income securities, such Fund would
underperform the DB USDX Long Future ER. 
  
 9. “DB USDX Long Future TR”
is the Deutsche Bank US Dollar Index (USDX®)
Futures Index – Total Return with respect to the Long Index. The Deutsche Bank US Dollar Index (USDX®) Futures Index is calculated on both an excess return basis and total return. The DB USDX Long Future TR calculation is funded and reflects the changes in market value over time, whether
positive or negative, of both the underlying DX Contracts and the interest income from a hypothetical basket of fixed income securities. The sponsor of the Index, or the Index Sponsor, is Deutsche Bank AG London. 
  
 10. “USDX Spot Index” is the U.S. Dollar Index® which provides a general indication of the international value of the USD by
averaging the exchange rates between the USD and the six major world currencies the USDX Spot Index Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. U.S. Dollar Index® is a registered service mark of the Board of Trade of the City of New York, Inc.

  
 11. “Annualized Changes to Index Level” reflects the changes of the
applicable index on an annual basis as of December 31 of each applicable year. 
  
 12. “Average rolling 3 month daily volatility.” The daily volatility reflects the relative rate at which the price of the applicable index moves up and down, which is found by calculating the annualized standard deviation of the
daily change in price. In turn, an average of this value is calculated on a 3 month rolling basis. 
   

 -23- 

  13. “Sharpe Ratio” compares the annualized rate of return minus the annualized risk-free rate of return to
the annualized variability — often referred to as the “standard deviation” — of the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in calculating the ratio, the rate of
return achieved by a particular strategy has equaled or exceeded the risks assumed by such strategy. The risk-free rate of return that was used in these calculations was assumed to be 4.52%. 
  
 14. “% of months with positive change” during the period from inception to
November 30, 2006. 
  
 15. “Average monthly positive change” during
the period from inception to November 30, 2006. 
  
 16. “Average monthly
negative change” during the period from inception to November 30, 2006. 
  
 17. “Annualized Index Levels” reflects the change in the applicable index on an annual basis as of December 31 of each the applicable time period (e.g., 1 year, 3, 5, 7, 10 or 15 years). 
  
 18. “S&P 500 TR” is the Standard & Poor’s index calculated on a
total return basis. Widely regarded as the benchmark gauge of the U.S. equities market, this index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large cap
segment of the market, with over 80% coverage of U.S. equities, it also serves as a proxy for the total market. The total return calculation provides investors with a price plus gross cash dividend return. Gross cash dividends are applied on the ex
date of the dividend. 
  
 19. “JP Morgan US Treasury” means the JP
Morgan US Treasury Index which is a broad total return index of US Treasury securities. It is published on a daily basis by JP Morgan Indices. 
  
 20. “DBLCI-TR” is the Deutsche Bank Liquid Commodity IndexTM Total Return. This Index is intended to reflect the changes in notional value in the following
commodities: Light, Sweet Crude Oil, Heating Oil, Aluminum, Gold, Corn and Wheat. The notional amounts of each index commodity included in this index are broadly in proportion to historical levels of the world’s production and stocks of the
index commodities. The sponsor of the Index, or the Index Sponsor, is Deutsche Bank AG London. Deutsche Bank Liquid Commodity IndexTM – Total Return is a trade mark of Deutsche Bank AG and is the subject of Community Trade Mark Number 3054996.
Trade Mark applications in the United States are pending. 
  
 21. “NAR
Existing One Family Home Sales Median Price Index” is one component of The National Association Of Realtors® Existing-Home Sales Series, which is the premier measurement of national and regional residential real estate market. On or about the 25th of each month, NAR releases statistics on sales
and prices of existing single-family homes for the nation and the four regions. These figures include condos and co-ops, in addition to single-family homes. NAR Existing One Family Home Sales Median Price Index reflects current sales rates, actual
totals and median prices by month going back 12 months. Annual totals cover a period of three years, which includes all existing-home sales — single-family, condos and co-ops—rolled into monthly and annual totals. 
  
 22. “Correlation of Monthly Returns.” Every investment asset, by definition, has a
correlation coefficient of 1.0 with itself; 1.0 indicates 100% positive correlation. Two investments that always move in the opposite direction from each other have a correlation coefficient of 1.0; 1.0 indicates 100% negative correlation. Two
investments that perform entirely independently of each other have a correlation coefficient of 0; 0 indicates 100% non correlation. December 31, 1988 was used as the start date with respect to the underlying data because closing levels with
respect to DBLCI-TR was not available prior to December 31, 1988. 
  
 WHILE
THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN AUGUST 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE
“HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN.
SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE
FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
   

 -24- 

  ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO
THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1986 THROUGH JULY 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF DX CONTRACTS, IN HINDSIGHT. 
  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE”, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH
CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE
FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE
PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
 ALTHOUGH THE INDEX SPONSOR WILL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM SOURCE(S) WHICH THE INDEX SPONSOR CONSIDERS RELIABLE, THE INDEX SPONSOR WILL NOT INDEPENDENTLY VERIFY SUCH INFORMATION AND
DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE INDEX SPONSOR SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX AND THE INDEX SPONSOR IS UNDER NO
OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN. 
  
 UNLESS OTHERWISE
SPECIFIED, NO TRANSACTION RELATING TO THE INDEX IS SPONSORED, ENDORSED, SOLD OR PROMOTED BY THE INDEX SPONSOR AND THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO (A) THE ADVISABILITY OF PURCHASING OR ASSUMING
ANY RISK IN CONNECTION WITH ANY SUCH TRANSACTION (B) THE LEVELS AT WHICH THE INDEX STANDS AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE (C) THE RESULTS TO BE OBTAINED BY THE ISSUER OF ANY SECURITY OR ANY COUNTERPARTY OR ANY SUCH
ISSUER’S SECURITY HOLDERS OR CUSTOMERS OR ANY SUCH COUNTERPARTY’S CUSTOMERS OR COUNTERPARTIES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH ANY LICENSED RIGHTS OR FOR ANY OTHER USE
OR (D) ANY OTHER MATTER. THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. 
  
 WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX SPONSOR HAVE ANY LIABILITY
(WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 
   

 -25-

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