Document:

EX-10.2

 Exhibit 10.2 

ADMINISTRATION AGREEMENT 

THIS ADMINISTRATION AGREEMENT (this “Agreement”) is made as of the          day of
October, 2017 (the “Effective Date”), by and between Metaurus Equity Component Trust, a statutory trust formed under the laws of the State of Delaware (the “Trust”), and SEI Investments Global Funds Services, a
statutory trust formed under the laws of the State of Delaware (the “Administrator”). 
 WHEREAS, the Trust is comprised of
one or more separate series (each, a “Fund” and collectively, the “Funds”) as set forth on Schedule I (Funds) hereto; and 

WHEREAS, each Fund has registered with the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of
1933 (the “1933 Act”) to issue common units of fractional undivided beneficial interest (“Shares”); and 
 WHEREAS, the
Trust desires the Administrator to provide, and the Administrator is willing to provide, administrative and accounting services to the Trust on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Trust and the Administrator hereby agree as
follows: 
 SECTION 1 DEFINITIONS 
  

	 	1.01	“Authorized Participant” means an individual or institution that has entered into an Authorized Participant Agreement with the Trust and the Trust’s Distributor that is authorized to purchase and
redeem Creation Units of Funds within the Trust. 

  

	 	1.02	“Confidential Information” shall have the meaning given to such term in Section 11.01 of this Agreement. 

 

	 	1.03	“Creation Unit” means an aggregation of a specified number of Fund shares that is purchased and/or redeemed by an Authorized Participant as described in the Fund’s Prospectus and Statement of
Additional Information and in accordance with any terms and procedures set forth in the Distributor’s AP Handbook and/or related procedures. 

  

	 	1.04	“Disclosing Party” shall have the meaning given to such term in Section 11.01 of this Agreement. 

 

	 	1.05	“Fund” shall have the meaning given to such term in the preamble of this Agreement. 

  

	 	1.06	“Gross Negligence” means a conscious, voluntary act or omission in reckless disregard of a legal duty and the rights of, or consequences to, others, and not merely a lack of due care. 

 

	 	1.07	“Initial Term” shall have the meaning given to such term in Section 9.01 of this Agreement. 

 

	 	1.08	“Interested Party” or “Interested Parties” means the Administrator, its subsidiaries and its affiliates and each of their respective officers, directors, employees, agents, delegates
and associates. 

  

	 	1.09	“Investments” shall mean such cash, securities and all other assets and property of whatsoever nature now owned or subsequently acquired by or for the account of the Trust. 

  
 1 

 

 
  

	 	1.10	“Live Date” means the date of the launch of the first Fund and the date on which the Administrator begins calculating the Trust’s official net asset values (“NAV”).

  

	 	1.11	“Organizational Documents” means, as applicable, the articles of incorporation, declaration of trust, certificate of formation, memorandum of association, partnership agreement, bylaws or other similar
documentation setting forth the respective rights and obligations of directors, managers and Authorized Participants in the Trust. 

  

	 	1.12	“Person” shall mean any natural person, partnership, estate, association, custodian, nominee, limited liability company, corporation, trust or other legal entity. 

 

	 	1.13	“Receiving Party” shall have the meaning given to such term in Section 11.01 of this Agreement. 

 

	 	1.14	“Renewal Term” shall have the meaning given to such term in Section 9.01 of this Agreement. 

 

	 	1.15	“Services” shall have the meaning given to such term in Section 2.01 of this Agreement. 

  

	 	1.16	“Sponsor” means Metaurus Advisors LLC or any other Person acting as sponsor to the Trust . 

  

	 	1.17	Unless the context otherwise requires and except as otherwise specified in this Agreement, the term the “Trust” shall include, as applicable, a sponsor, general partner, trustee or other Person having
similar status or performing similar functions, as the case may be, acting on behalf of the Trust. 

  

	 	1.18	“Trust Data” shall have the meaning given to such term in Section 2.04 of this Agreement. 

 

	 	1.19	“Trust Materials” means any prospectus, registration statement, statement of additional information, proxy solicitation and tender offer materials, annual or other periodic report of the Trust or any
advertising, marketing, shareholder communication, or promotional material generated by the Trust or the Sponsor from time to time, as appropriate, including all amendments or supplements thereto. 

SECTION 2 APPOINTMENT AND CONTROL 
  

	 	2.01	Services. The Trust hereby appoints the Administrator to be, and the Administrator agrees to act as, the administrative agent of the Trust for the term and subject to the provisions hereof. The Administrator
shall perform (and may delegate or sub-contract, as provided below) the services set forth in this Agreement, including the services set forth in Schedule II (Services), which may be amended from time
to time in writing by the parties (“Services”). In performing its duties under this Agreement, the Administrator will act in all material respects in accordance with the Organizational Documents and Trust Materials as they may be
amended (to the extent that copies of such documents are delivered to the Administrator). 

  

	 	2.02	 Authority. Each of the activities engaged in under the provisions of this Agreement by the Administrator
on behalf of the Trust shall be subject to the overall direction and control of the Trust or any Person authorized to act on the Trust’s behalf (including, without limitation, the Sponsor); provided, however, that the Administrator shall have
the general authority to do all acts deemed in the Administrator’s good faith belief to 

  

			
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be necessary and proper to perform its obligations under this Agreement. In performing its duties hereunder, the Administrator shall observe and generally comply with the Trust Materials, all
applicable instructions from the Sponsor of which it has notice, and applicable laws which may from time to time apply to the Services rendered by the Administrator. In the event that a Fund desires to amend its Organizational Documents in any
manner that can reasonably be expected to have a material impact on the Administrator’s performance of the Services hereunder, such Fund shall notify the Administrator in advance of such amendment and the parties will work together in good
faith to minimize the impact of such change on the Administrator’s operations and compensate the Administrator in connection therewith. The Administrator (i) shall not have or be required to have any authority to supervise the investment
or reinvestment of the Creation Units, underlying securities or other properties which comprise the assets of the Trust and (ii) shall not provide any investment advisory services to the Trust, and shall have no liability related to the
foregoing. 

  

	 	2.03	Third Parties; Affiliates. The Administrator may delegate to, or sub-contract with, third parties or affiliates administrative or other functions it deems necessary to
perform its obligations under this Agreement subject to the notice and consent provisions of this section; provided, however, all fees and expenses incurred in any delegation or sub-contract shall be paid by
the Administrator and the Administrator shall remain responsible to the Trust for the acts and omissions of such other entities as if such acts or omissions were the acts or omissions of the Administrator. The Trust acknowledges that during the term
of this Agreement, the services to be performed by the Administrator may be completed by one or more of the Administrator’s affiliates or third parties located in or outside of the United States of America so long as such entities are to the
extent required, duly licensed to perform the activities and have the appropriate expertise and resources to perform the duties at a level consistent with the Administrator. The Administrator shall provide written notice to the Trust and the Sponsor
as promptly as practicable of any such delegation of administrative or other functions to a non-affiliated third party. The Administrator shall use commercially reasonable efforts to replace or improve the
performance, as promptly as practicable, of any such non-affiliated third party that the Trust identifies as unsatisfactory. 

 

	 	2.04	Trust Data. The Trust shall be solely responsible for the accuracy, completeness, and timeliness of all data and other information provided to the Administrator by or on behalf of the Trust pursuant to this
Agreement other than information generated or collected by the Administrator (including, without limitation, (i) prices, (ii) sufficient transaction supporting documentation, (iii) detailed accounting methodologies with respect to the
Trust’s Investments, as reviewed by the Trust’s auditors, (iv) the terms of any agreement between the Trust and an investor or Authorized Participant regarding any special fee or specific fee arrangement or access to portfolio
information that may impact or affect the Services, (v) trade and settlement information from prime brokers and custodians, and (vi) information or instructions provided to the Administrator via the Web Access (collectively, “Trust
Data”)). All Trust Data shall be provided to the Administrator on a timely basis and in a format and medium reasonably requested by the Administrator from time to time. The Trust shall have an ongoing obligation to promptly update all Trust
Data so that such information remains complete and accurate. All Trust Data shall be prepared and maintained, by or on behalf of the Trust, in accordance with applicable law, Trust Materials and generally acceptable accounting principles. The
Administrator shall be entitled to rely on all the Trust Data and shall have no liability for any loss, damage or expense incurred by the Trust or any other Person to the extent that such loss, damage or expense arises out of or is related to the
Trust Data that is not timely, current, complete and accurate except to the extent that such failure is due to an action or inaction of the Administrator. 

  

			
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 SECTION 3 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE TRUST 

 

	 	3.01	The Trust represents and warrants that: 

  

	 	3.01.01.	it intends to issue and offer shares registered under the 1933 Act of one or more exchange traded funds; 

  

	 	3.01.02.	shares of a Fund in the Trust are or, after issuance will be, available for purchase and redeemable only by Authorized Participants and only in Creation Units; 

 

	 	3.01.03.	it has full power, right and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly and validly approved by all requisite actions on its part, and no other proceedings on its part are necessary to approve this Agreement or to consummate the transactions contemplated hereby; this Agreement has been
duly executed and delivered by it; this Agreement constitutes a legal, valid and binding obligation, enforceable against it in accordance with its terms; 

  

	 	3.01.04.	it is not a party to any, and there are no, pending or threatened legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations or inquiries (collectively,
“Actions”) of any nature against it or its properties or assets which could, individually or in the aggregate, have a material effect upon its business or financial condition. There is no injunction, order, judgment, decree, or
regulatory restriction imposed specifically upon it or any of its properties or assets; 

  

	 	3.01.05.	it is not in default under any contractual or statutory obligations whatsoever (including the payment of any tax) which, individually or in the aggregate, could materially and adversely affect, or is likely to
materially and adversely affect, its business or financial condition; 

  

	 	3.01.06.	it will take all action necessary to register or qualify Shares under the federal and state securities laws so that there will be available for sale no less than the number of Shares necessary in connection with the
number of Creation Units the Distributor may reasonably be expected to sell and to pay all fees associated with said registration; 

  

	 	3.01.07.	it has obtained all consents and given all notices (regulatory or otherwise), made all required regulatory filings and is in compliance with all applicable laws and regulations; 

 

	 	3.01.08.	prior to the Live Date, it will have a valid engagement with an independent auditor and custodian and will provide additional information regarding such service providers, including information regarding the terms of
its agreement with such service providers, upon request; 

  

	 	3.01.09.	it has notified the Administrator of any and all separate agreements between the Trust and any third party that are reasonably likely materially to impact the Administrator’s performance of its obligations pursuant
to this Agreement; and 

  

			
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	 	3.01.10.	it has disclosed the terms of any agreement between the Trust and an investor or Authorized Participant regarding any special fee or specific fee arrangement or access to portfolio information that, in each case, are
reasonably likely materially to impact or affect the Services. 

  

	 	3.02	The Trust covenants and agrees that: 

  

	 	3.02.01.	it will furnish the Administrator from time to time with complete copies, authenticated or certified, of each of the following: 

  

	 	(a)	Copies of the following documents: 

  

	 	(1)	Copies of the Trust’s current Organizational Documents and of any amendments thereto, certified by the proper official of the state in which such document has been filed; 

 

	 	(b)	A list of all the officers of the Trust, together with specimen signatures of those officers who are authorized to instruct the Administrator in all matters. 

 

	 	(c)	Copies of all Trust Materials, including the current prospectus and statement of additional information for the Trust. 

  

	 	(d)	A list of all issuers the Trust is restricted from purchasing. 

  

	 	(e)	A list of all issuers and or indices that any Fund in the Trust will invest in and/or track. 

  

	 	(f)	A list of all affiliated persons of the Trust that are broker-dealers. 

  

	 	(g)	The identity of the Trust’s auditors along with contact information. 

  

	 	(h)	The expense budget for each Fund for the current fiscal year. 

  

	 	(i)	A list of contact persons (primary, backup and secondary backup) of the Sponsor and, if applicable, sub-adviser, who can be reached until 6:30 p.m. ET with respect to valuation
matters. 

  

	 	(j)	Copies of all the Trust Data reasonably requested by the Administrator or necessary for the Administrator to perform its obligations pursuant to this Agreement. 

The Trust shall promptly provide the Administrator with written notice of any updates of or changes to any of the foregoing documents or
information, including an updated written copy of such document or information. Until the Administrator receives such updated information or document, the Administrator shall have no obligation to implement or rely upon such updated information or
document. 
  

	 	3.02.02.	it shall timely perform or oversee the performance of all obligations identified in this Agreement as obligations of the Trust, including, without limitation, providing the Administrator with all the Trust Data and
Organizational Documents reasonably requested by the Administrator; 

  

			
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	 	3.02.03.	it will notify the Administrator as soon as reasonably practical in advance of any matter which is reasonably likely to materially affect the Administrator’s performance of its duties and obligations under this
Agreement, including any amendment to the documents referenced in Section 3.02.01 above; 

  

	 	3.02.04.	it will comply in all material respects with all applicable requirements of the 1933 Act, the Securities Exchange Act of 1934, and any laws, rules and regulations of governmental authorities having jurisdiction over the
Trust; 

  

	 	3.02.05.	any reference to the Administrator or this Agreement in the Trust Materials shall be limited solely to the description provided by the Administrator in writing from time to time or such other description as the parties
shall mutually agree in advance and in writing; 

  

	 	3.02.06.	it shall be solely responsible for its compliance with applicable investment policies, Trust Materials, and any laws and regulations governing the manner in which its assets may be invested, and shall be solely
responsible, as between the Trust and the Administrator, for any losses attributable to non-compliance with Trust Materials, and applicable policies, laws and regulations governing the Trust, its activities or
the duties, actions or omissions of the Sponsor; 

  

	 	3.02.07.	it will promptly notify the Administrator of updates to its representations and warranties hereunder; and 

  

	 	3.02.08.	it will negotiate in the good faith an agreement with the Sponsor pursuant to which the Sponsor shall review the portfolio holdings file (“PLF”) and confirm that it is complete and accurate.

 SECTION 4 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE ADMINISTRATOR 

 

	 	4.01	The Administrator represents and warrants and agrees that: 

  

	 	4.01.01.	it has full power, right and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly and validly approved by all requisite action on its part, and no other proceedings on its part are necessary to approve this Agreement or to consummate the transactions contemplated hereby; this Agreement has been
duly executed and delivered by it; this Agreement constitutes a legal, valid and binding obligation, enforceable against it in accordance with its terms. 

  

	 	4.01.02.	it is not a party to any, and there are no, pending or threatened Actions of any nature against it or its properties or assets which could, individually or in the aggregate, have a material effect upon its business or
financial condition. There is no injunction, order, judgment, decree, or regulatory restriction imposed specifically upon it or any of its properties or assets. 

  

	 	4.01.03.	it is not in default under any statutory obligations whatsoever (including the payment of any tax) which materially and adversely affects, or is likely to materially and adversely affect, its business or financial
condition. 

  

	 	4.01.04	it is and at all times this Agreement is in effect it will be to the extent required, duly licensed to carry out its obligations under this Agreement. 

  

			
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	 	4.01.05	it will promptly notify the Trust and the Sponsor of any investigations or enforcement actions or law suits brought or threatened against it relating to the Services provided herein, this Agreement, the Trust or any
Funds. 

  

	 	4.01.06	it will subject to applicable rules and regulations, promptly notify the Trust and the Sponsor in the event it is or becomes insolvent or becomes a party to any bankruptcy, insolvency or similar proceeding.

 SECTION 5 LIMITATION OF LIABILITY AND INDEMNIFICATION 
  

	 	5.01	THE DUTIES OF THE ADMINISTRATOR SHALL BE CONFINED TO THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT, AND NO IMPLIED DUTIES ARE ASSUMED BY OR MAY BE ASSERTED AGAINST THE ADMINISTRATOR. THE ADMINISTRATOR’S AGGREGATE
LIABILITY TO THE TRUST AND THE FUNDS WILL BE LIMITED TO MONETARY DAMAGES MUTUALLY AGREED UPON FROM TIME TO TIME IN A SEPARATE WRITING EXECUTED BY THE PARTIES.    For the avoidance of doubt, the Administrator shall not be
responsible for any breach in the performance of its obligations under this Agreement due to (i) the failure or delay of the Trust or its agents to perform its obligations under this Agreement or (ii) the Administrator’s reliance on
the Trust Data. Each party shall have the duty to mitigate its damages for which another party may become responsible. As used in this Section 5, the term “Administrator” shall include the officers,
directors, employees, affiliates and agents of the Administrator as well as that entity itself. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL,
PUNITIVE, CONSEQUENTIAL, OR OTHER NON-DIRECT DAMAGES OF ANY KIND WHETHER SUCH LIABILITY IS PREDICATED ON CONTRACT, STRICT LIABILITY, OR ANY OTHER THEORY AND REGARDLESS OF WHETHER THE FUND IS ADVISED OF THE
POSSIBILITY OF ANY SUCH DAMAGES. 

  

	 	5.02	The Administrator may, from time to time, provide to the Trust services and products (“Special Third Party Services”) from external third party sources that are Pricing Sources or other similar service
providers (“Special Third Party Vendors”). The Trust acknowledges and agrees that the Special Third Party Services are confidential and proprietary trade secrets of the Special Third Party Vendors. Accordingly, the Trust shall honor
requests by the Administrator and the Special Third Party Vendors to protect their proprietary rights in their data, information and property including requests that the Trust place copyright notices or other proprietary legends on printed matter,
print outs, tapes, disks, film or any other medium of dissemination.    The Trust further acknowledges and agrees that all Special Third Party Services are provided on an “AS IS WITH ALL FAULTS” basis solely for such
the Trust’s internal use, and as an aid in connection with the receipt of the Services. The Trust may use Special Third Party Services as normally required on view-only screens and hard copy statements, reports and other documents necessary to
support the Trust’s investors, however the Trust shall not distribute any Special Third Party Services to other third parties. THE SPECIAL THIRD PARTY VENDORS AND THE ADMINISTRATOR MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY,
FITNESS FOR A PARTICULAR USE, OR ANY OTHER MATTER WITH RESPECT TO ANY OF THE SPECIAL THIRD PARTY SERVICES. NEITHER THE ADMINISTRATOR NOR THE SPECIAL THIRD PARTY VENDORS SHALL BE LIABLE FOR ANY DAMAGES SUFFERED BY THE FUND IN THE USE OF ANY OF THE
SPECIAL THIRD PARTY SERVICES EXCEPT IN THE CASE OF ANY NEGLIGENCE, FRAUD OR MISCONDUCT BY THE ADMINISTRATOR OR LACK OF DUE CARE IN SELECTION AND MONITORING OF SUCH SPECIAL THIRD PARTY VENDORS BUT SHALL NOT HAVE LIABILITY FOR ANY INCIDENTAL,
CONSEQUENTIAL OR SIMILAR DAMAGES. 

  

			
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	 	5.03	Without in any way limiting the liability of the Administrator to the Trust as set forth in Section 5.01, the Trust shall indemnify, defend and hold harmless the Administrator from and against
all losses incurred by the Administrator and the Administrator shall have no liability in connection with any and all actions, suits and claims, whether groundless or otherwise, and from and against any and all losses, damages, costs, charges,
reasonable counsel fees and disbursements, payments, expenses and liabilities (including reasonable investigation expenses) arising directly or indirectly out of: (i) any act or omission of the Administrator in carrying out its duties hereunder
or as a result of the Administrator’s reliance upon any instructions, notice or instrument that the Administrator believes in good faith to be genuine and signed or presented by an authorized Person of the Trust; provided that this
indemnification shall not apply to the extent any such loss, damage or expense is caused by or arises from the Administrator’s or its delegate’s or agent’s Gross Negligence, bad faith, fraud, criminal misconduct or willful misconduct
in the performance of the Services; (ii) any violation by the Trust or any agent of the Trust of any applicable investment policy, law or regulation, unless caused by the negligence or willful malfeasance of the Administrator or its delegates
or agents; (iii) any material misstatement or material omission in Trust Materials or any Trust Data; (iv) any breach by the Trust of any representation, warranty or agreement contained in this Agreement; (v) any act or omission of
the Trust, a Special Third Party Vendor, the Trust’s other service providers (such as custodians, prime brokers, transfer agents, investment advisers and sub-adviser(s) ; provided that this
indemnification shall not apply to the extent any such loss, damage or expense is caused by or arises from the Administrator’s or its delegate’s or agent’s Gross Negligence, bad faith, fraud, criminal misconduct or willful misconduct
in the performance of the Services; (vi) any pricing error caused by the failure of the Sponsor or sub-adviser to provide a trade ticket or for incorrect information included in any trade ticket; or
(vii) any act or omission of the Administrator as a result of the Administrator’s compliance with the Regulations, including, but not limited to, returning an investor or Authorized Participant’s investment or restricting the payment
of redemption proceeds; provided that this indemnification shall not apply to the extent any such loss, damage or expense is caused by or arises from the Administrator’s or its delegate’s or agent’s Gross Negligence, bad faith, fraud,
criminal misconduct or willful misconduct in the performance of the Services. 

  

	 	5.04	To the extent that the Trust receives Special Third Party Services from Interactive Data Corporation (“IDC”), the Trust shall indemnify and hold harmless IDC and its suppliers from any and all losses,
damages, liability, costs, including reasonable attorney’s fees, resulting directly or indirectly from any claim or demand against IDC by a third party arising out of, derived from, or related to the accuracy or completeness of any such Special
Third Party Services received by the Trust. IDC shall not be liable for any claim or demand against the Trust by any third party. 

  

	 	5.05	The Administrator shall have no liability for its reliance on the Trust Data or the performance or omissions of unaffiliated third parties not selected by the Administrator pursuant to Section 2.03, such as, by way
of example and not limitation, transfer agents, sub-transfer agents, custodians, prime brokers, placement agents, third party marketers, asset data service providers, investment advisers (including, without
limitation, the sponsor) or sub-advisers, current or former third party service providers, Pricing Sources, software providers, printers, postal or delivery services, prior administrators, telecommunications
providers and processing and settlement services. The Administrator may rely on and shall have no duty to investigate or confirm the accuracy or adequacy of any information provided by any of the foregoing third parties. 

  

			
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	 	5.06	The Administrator shall have no obligations with respect to any laws relating to the distribution, purchase or sale of Creation Units or underlying securities. Further, the Trust assumes full responsibility for the
preparation, contents and distribution of its Trust Materials and for compliance by the Trust Materials with all applicable laws, rules, and regulations, provided that this shall not exculpate the Administrator from culpability and associated
liability the Administrator may incur for improper performance of the Services. 

  

	 	5.07	The indemnification rights hereunder shall include the right to reasonable advances of defense expenses on an as-incurred basis in the event of any pending or threatened
litigation or Action with respect to which indemnification hereunder may ultimately be merited. If in any case the Trust is asked to indemnify or hold the Administrator harmless, the Administrator shall promptly advise the Trust of the pertinent
facts concerning the situation in question, and the Administrator will use all reasonable care to identify and notify the Trust promptly concerning any situation which presents or appears likely to present the probability of such a claim for
indemnification, but failure to do so shall not affect the rights hereunder. 

  

	 	5.08	The Trust shall be entitled to participate at its own expense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the
defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and satisfactory to the Administrator, whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit
and retain counsel, the Administrator shall bear the fees and expenses of any additional counsel retained by it. If the Trust does not elect to assume the defense of a suit, it will advance to the Administrator the fees and expenses of any counsel
retained by the Administrator. None of the parties hereto shall settle or compromise any action, suit, proceeding or claim if such settlement or compromise provides for an admission of liability on the part of the indemnified party without such
indemnified party’s written consent. 

  

	 	5.09	THE TRUST AND THE ADMINISTRATOR HAVE FREELY AND OPENLY NEGOTIATED THIS AGREEMENT, INCLUDING THE PRICING, WITH THE KNOWLEDGE THAT THE LIABILITY OF THE PARTIES IS TO BE LIMITED IN ACCORDANCE WITH THE PROVISIONS OF THIS
AGREEMENT. 

  

	 	5.10	The provisions of this Section 5 shall survive the termination of this Agreement. 

SECTION 6 VALUATION 
 The Administrator
is entitled to rely on the price and value information (hereinafter “Valuation Information”) provided by prior administrators, brokers and custodians, investment advisers (including, without limitation, the sponsor) of an underlying
fund in which a Fund invests, if applicable, or any third-party pricing services selected by the Administrator, the Sponsor or the Trust (collectively hereinafter referred to as the “Pricing Sources”) as reasonably necessary in the
performance of the Services. The Administrator shall have no obligation to obtain Valuation Information from any sources other than the Pricing Sources and may rely on estimates provided by the Sponsor or the applicable underlying fund. In the event
that the Sponsor does not provide a timely value for an underlying fund, the Administrator shall have the right to use the prior month’s valuation in its calculation of the current month’s NAV, and the Administrator shall have no liability
and shall be indemnified by the applicable the Trust in connection with such action. The Administrator shall have no liability or 

  

			
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 responsibility for the accuracy of the Valuation Information provided by a Pricing Source or
the delegate of a Pricing Source and the Trust shall indemnify and defend the Administrator against any loss, damages, costs, charges or reasonable counsel fees and expenses in connection with any inaccuracy of such Valuation Information. The Trust
shall not use Valuation Information for any purpose other than in connection with the Services and in accordance with the provisions of this Agreement.  

SECTION 7 ALLOCATION OF CHARGES AND EXPENSES 
  

	 	7.01	The Administrator. The Administrator shall furnish at its own expense the personnel necessary to perform its obligations under this Agreement. 

 

	 	7.02	Fund Expenses. The Trust assumes and shall pay or cause to be paid all expenses of the Trust (including any Fund of the Trust) not otherwise allocated in this Agreement, including, without limitation,
organizational costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Trust Materials, proxy solicitation and tender offer materials and notices to existing
shareholders; all expenses incurred in connection with issuing and redeeming Creation Units; the costs of Pricing Sources; the costs of loan credit activity data; the costs of escrow and custodial services; the cost of document retention and
archival services, the costs of responding to document production requests; the cost of initial and ongoing registration of the shares under Federal and state securities laws; costs associated with attempting to locate lost shareholders; all
expenses incurred in connection with any custom programming or systems modifications required to provide any reports or services requested by the Trust; any expense, if applicable, incurred to reprint the Trust documents identifying the
Administrator (along with its address and telephone number) as the Trust’s new administrator; costs associated with DST FanMail or similar reporting service; bank service charges; NSCC trading charges; insurance; interest; brokerage costs;
litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to the Trust. The Trust shall reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services expenses, including all reasonable charges for independent third party audit charges, printing, financial reporting software/typesetting
fees, copying, postage, telephone, and fax charges incurred by the Administrator in the performance of its duties. 

 SECTION 8
COMPENSATION 
  

	 	8.01	Fees. Trust shall pay to the Administrator compensation for the services performed and the facilities and personnel provided by the Administrator pursuant to this Agreement, its
pro-rata portion of the fees set forth in the written fee schedule annexed hereto as Schedule III and incorporated herein. Payment of the Fees will commence upon the Live Date and not upon the
Effective Date. The Trust shall have no right of set-off. The fees set forth herein are determined based on the characteristics of each Fund as of the date of launch of such Fund subject to the maximum fee
levels set forth in Schedule III. Any material change to the characteristics to a Fund may give rise to an adjustment to the fees set forth in this Agreement. In the event of such a change, the parties shall negotiate any adjustment to the fees
payable hereunder in good faith; provided, however, that if the parties cannot in good faith agree on such adjustment to the fees within a reasonable period of time, the Administrator may terminate this Agreement upon sixty days prior written notice
to the Trust. Trust shall pay the Administrator’s fees monthly in U.S. Dollars, unless otherwise agreed to by the parties. The Administrator is hereby authorized to, and may, at its option, automatically debit its fees due from the Trust’s
portfolio account(s). Trust shall pay the foregoing fees despite the existence of any dispute 

  

			
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among the parties. If this Agreement becomes effective subsequent to the first day of any calendar month or terminates before the last day of any calendar month, the Administrator’s
compensation for that part of the month in which this Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in Schedule III. Trust agrees to pay interest on all amounts past due in an
amount equal to the lesser of the maximum amount permitted by applicable law or the month fee of one and one-half percent (1
 1⁄2 %) times the amount past due multiplied by the number of whole or partial months from the date on which such amount was first due up to and including the
day on which payment is received by the Administrator. 

  

	 	8.02	Adjustment of Fees. Trust acknowledges that from time to time after the first anniversary of the Effective Date, Administrator may increase all non-asset based Fees upon
sixty days written notice to the Trust, in an amount equal to the greater of: (a) five percent; or (b) the percentage increase in the CPI since the Effective Date of the first such increase and since the date of the immediately preceding
increase with respect to all subsequent increases; provided, however, that Administrator may not increase the Fees more than one time during any twelve-month period. Notwithstanding the above, in the event of an increase to Administrator’s
costs for Special Third Party Services, Administrator may at any time upon thirty days written notice increase the Fees applicable to such Special Third Party Services, provided, that such fee increase will not exceed the applicable percentage
increase in costs incurred by Administrator with respect to such Special Third Party Services. 

 SECTION 9 DURATION AND TERMINATION

  

	 	9.01	Term and Renewal. This Agreement shall become effective as of the Effective Date and shall remain in effect for a period of three years from and after the Live Date (the “Initial Term”), and
thereafter shall automatically renew for successive three year terms (each such period, a “Renewal Term”) unless terminated by any party giving written notice of non-renewal at least ninety
days prior to the last day of the then current term to each other party hereto. 

  

	 	9.02	Termination for Cause.  

  

	 	9.02.01.	This Agreement may be terminated by any party giving prior notice in writing to the other parties if at anytime the other party or parties have been first (i) notified in writing that such party shall have
materially failed to perform its duties and obligations under this Agreement (such notice shall be of the specific asserted material breach) (“Breach Notice”) and (ii) the party receiving the Breach Notice shall not have
remedied the noticed failure within sixty days, after receipt of the Breach Notice requiring it to be remedied. 

  

	 	9.02.02.	This Agreement may be terminated with respect to a particular Fund by any party giving ninety days prior notice in writing to the other parties prior to the Liquidation (as hereinafter defined) of such Fund. For
purposes of this paragraph, the term “liquidation” shall mean a transaction in which all the assets of a Fund are sold or otherwise disposed of and proceeds there from are distributed in cash or in kind to the Authorized Participants in
complete liquidation of the interests of such Authorized Participants in the Fund. A termination pursuant to this Section 9.02.02 shall be effective as of the date of such liquidation. Notwithstanding the foregoing, the
right to terminate set forth in this Section 9.02.02 shall not relieve the Fund of its obligation to pay the fees set forth on Schedule III (Fees) for the remainder of the one hundred eighty days day period set forth
in this Section 9.02.02, which amount shall be payable prior to the effective date of such liquidation. 

  

			
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	 	9.02.03.	Notwithstanding anything contained in this Agreement to the contrary, in the event of a merger, acquisition, change in control, re-structuring,
re-organization or any other decision involving the Trust that causes it to cease to use the Administrator as a provider of the Services in favor of another service provider prior to the expiration of the then
current term of this Agreement, the Administrator shall use reasonable efforts to facilitate the deconversion of the Trust to such successor service provider; provided, however that the Administrator makes no guaranty that such deconversion shall
happen as of any particular date. In connection with the foregoing and prior to the effective date of such deconversion, the deconverting Trust shall pay to the Administrator (1) all fees and other costs as set forth in Schedule III as
if the Administrator had continued providing Services until the expiration of the then current term and calculated based upon the assets of the deconverting Trust on the date notice of termination in accordance with this Section was given and
(2) all fees and expenses previously waived by the Administrator at any time during the term of the Agreement. This Agreement shall terminate effective as of the conclusion of the deconversion as set forth in this Section. 

 

	 	9.03	Effect of Termination. 

  

	 	9.03.01.	The termination of this Agreement shall be without prejudice to any rights that may have accrued hereunder to any party hereto prior to such termination. 

 

	 	9.03.02.	After termination of this Agreement and upon payment of all accrued fees, reimbursable expenses and other moneys owed to the Administrator, the Administrator shall send to the Trust, or as it shall direct, all books of
account, records, registers, correspondence, documents and assets relating to the affairs of or belonging to the Trust in the possession of or under the control of the Administrator or any of its agents or delegates. 

 

	 	9.03.03.	In the event any and all accrued fees, reimbursable expenses and other moneys owed to the Administrator hereunder remain unpaid in whole or in part for more than thirty days past due, the Administrator, without further
notice, may take any and all actions it deems necessary to collect such amounts due, and any and all of its collection expenses, costs and fees shall be paid by the Trust, including, without limitation, administrative costs, attorneys’ fees,
court costs, collection agencies or agents and interest. 

  

	 	9.03.04.	Notwithstanding the foregoing, in the event this Agreement is terminated and for any reason the Administrator, with the written consent of the Trust, in fact continues to perform any one or more of the services
contemplated by this Agreement, the pertinent provisions of this Agreement, including without limitation, the provisions dealing with payment of fees and indemnification shall continue in full force and effect. The Administrator shall
be entitled to collect from the Trust, in addition to the compensation described in Schedule III (Fees), the amount of all of the Administrator’s expenses in connection with the Administrator’s activities following such termination,
including without limitation, the delivery to the Trust and/or its designees of the Trust’s property, records, instruments and documents. 

  

			
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 SECTION 10 CONFLICTS OF INTEREST 

 

	 	10.01	Non-Exclusive. The services of the Administrator rendered to the Trust are not deemed to be exclusive. The Administrator is free to render such services to others. The
Administrator shall not be deemed to be affected by notice of, or to be under any duty to disclose to the Trust or Person acting on the Trust’s behalf, information which has come into its possession or the possession of an Interested Party in
the course of or in connection with providing administrative or other services to any other person or in any manner whatsoever other than in the course of carrying out its duties pursuant to this Agreement. 

 

	 	10.02	Rights of Interested Parties. Subject to applicable law, nothing herein contained shall prevent: 

  

	 	10.02.01.	an Interested Party from buying, holding, disposing of or otherwise dealing in any shares or Creation Units for its own account or the account of any of its customers or from receiving remuneration in connection
therewith, with the same rights which it would have had if the Administrator were not a party to this Agreement; provided, however, that the prices quoted by the Administrator are no more favorable to the Interested Party than to a similarly
situated investor in or redeeming holder of shares or Creation Units; 

  

	 	10.02.02.	an Interested Party from buying, holding, disposing of or otherwise dealing in any securities or other investments for its own account or for the account of any of its customers and receiving remuneration in connection
therewith, notwithstanding that the same or similar securities or other investments may be held by or for the account of the Trust; 

  

	 	10.02.03.	an Interested Party from receiving any commission or other remuneration which it may negotiate in connection with any sale or purchase of shares or Creation Units or Investments effected by it for the account of the
Trust; provided, however, that the amount of such commission or other remuneration is negotiated at arm’s length; and 

  

	 	10.02.04.	an Interested Party from contracting or entering into any financial, banking or other transaction with the Trust or from being interested in any such contract or transaction; provided, however, that the terms of such
transaction are negotiated at arm’s length. 

 SECTION 11 CONFIDENTIALITY 

 

	 	11.01	 Confidential Information. The Administrator and the Trust (in such capacity, the “Receiving
Party”) acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter defined) provided by the Administrator and the Trust (in such capacity, the “Disclosing Party”) in connection with
this Agreement. The Receiving Party shall not disclose or disseminate the Disclosing Party’s Confidential Information to any Person other than those employees, agents, contractors, subcontractors and licensees of the Receiving Party who
reasonably have a need to know in connection with this Agreement, or with respect to the Administrator as a Receiving Party, to those employees, agents, technology service providers, contractors, subcontractors, licensors and licensees of any agent
or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party (a) shall take all
reasonable steps to prevent unauthorized access to the Disclosing Party’s Confidential Information, and (b) shall not use the Disclosing 

  

			
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	 	Party’s Confidential Information, or authorize other Persons to use the Disclosing Party’s Confidential Information, for any purposes other than in connection with performing its obligations or exercising its
rights hereunder. As used herein, “reasonable steps” means steps that a party takes to protect its own, similarly confidential or proprietary information of a similar nature, which steps shall in no event be less than a reasonable standard
of care. 

 The term “Confidential Information,” as used herein, means any of the Disclosing Party’s
proprietary or confidential information including, without limitation, any non-public personal information (as defined in Regulation S-P) of the Disclosing Party, its
affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement, the terms of (or any exercise of
rights granted by) this Agreement, technical data; trade secrets; know-how; business processes; product design plans; product designs; service plans; services; customer lists and customers; markets; software;
developments; inventions; processes; formulas; technology; designs; drawings; and marketing, distribution or sales methods and systems; sales and profit figures or other financial information that is disclosed, directly or indirectly, to the
Receiving Party by or on behalf of the Disclosing Party, whether in writing, orally or by other means and whether or not such information is marked as confidential. 
  

	 	11.02	Exclusions. The provisions of this Section 11 respecting Confidential Information shall not apply to the extent, but only to the extent, that such Confidential Information: (a) is
already known to the Receiving Party free of any restriction at the time it is obtained from the Disclosing Party, (b) is subsequently learned from an independent third party free of any restriction and without breach of this Agreement;
(c) is or becomes publicly available through no wrongful act of the Receiving Party or any third party; (d) is independently developed by or for the Receiving Party without reference to or use of any Confidential Information of the
Disclosing Party; or (e) is required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided, however, that the Receiving Party shall advise the
Disclosing Party of such required disclosure promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure). 

 

	 	11.03	Permitted Disclosure. The Receiving Party shall advise its employees, agents, contractors, subcontractors and licensees, and shall require its affiliates to advise their employees, agents, contractors,
subcontractors and licensees, of the Receiving Party’s obligations of confidentiality and non-use under this Section 11, and shall be responsible for ensuring compliance by its
and its affiliates’ employees, agents, contractors, subcontractors and licensees with such obligations and subject always to the limitations set forth in Section 5, liable for any failure to comply by any such persons.
In addition, the Receiving Party shall require all Persons that are provided access to the Disclosing Party’s Confidential Information, other than the Receiving Party’s accountants and legal counsel, to execute confidentiality or non-disclosure agreements containing provisions substantially similar to those set forth in this Section 11. The Receiving Party shall promptly notify the Disclosing Party in writing upon
learning of any unauthorized disclosure or use of the Disclosing Party’s Confidential Information by such Persons. 

  

	 	11.04	 Effect of Termination. Upon the Disclosing Party’s written request following the termination of this
Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof.
Notwithstanding the foregoing sentence, (a) the Receiving Party 

  

			
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may retain one copy of each item of the Disclosing Party’s Confidential Information for purposes of identifying and establishing its rights and obligations under this Agreement, for archival
or audit purposes and/or to the extent required by applicable law, and (b) the Administrator shall have no obligation to return or destroy Confidential Information of the Trust that resides in save tapes of the Administrator; provided, however,
that in either case all such Confidential Information retained by the Receiving Party shall remain subject to the provisions of Article 11 for so long as it is so retained. If requested by the Disclosing Party, the Receiving Party shall
certify in writing its compliance with the provisions of this paragraph. 

 SECTION 12 MISCELLANEOUS PROVISIONS 

 

	 	12.01	Internet Access. Data and information may be made electronically accessible to the Trust, the Sponsor and/or sub-adviser(s) and its investors or Authorized Participants
through Internet access to one or more web sites provided by the Administrator (“Web Access”). As between the Trust and Administrator, the Administrator shall own all right, title and interest to such Web Access, including, without
limitation, all content, software, interfaces, documentation, data, trade secrets, design concepts, “look and feel” attributes, enhancements, improvements, ideas and inventions and all intellectual property rights inherent in any of the
foregoing or appurtenant thereto including all patent rights, copyrights, trademarks, know-how and trade secrets (collectively, the “Proprietary Information”). The Trust recognizes that the
Proprietary Information is of substantial value to the Administrator and shall not use or disclose the Proprietary Information except as specifically authorized in writing by the Administrator. Use of the Web Access by the Trust or its agents or
investors will be subject to any additional terms of use set forth on the web site. All Web Access and the information (including text, graphics and functionality) on the web sites related to such Web Access is presented “As Is” and
“As Available” without express or implied warranties including, but not limited to, implied warranties of non-infringement, merchantability and fitness for a particular purpose. The Administrator
neither warrants that the Web Access will be uninterrupted or error free, nor guarantees the accessibility, reliability, performance, timeliness, sequence, or completeness of information provided on the Web Access. 

 

	 	12.02	Independent Contractor. In making, and performing under, this Agreement, the Administrator shall be deemed to be acting as an independent contractor of the Trust and neither the Administrator nor its employees
shall be deemed an agent, affiliate, legal representative, joint venturer or partner of the Trust. No party is authorized to bind any other party to any obligation, affirmation or commitment with respect to any other Person. 

 

	 	12.03	Assignment; Binding Effect. Except as otherwise provided in this Section 12.03, Neither party may assign, delegate or transfer, by operation of law or otherwise, this Agreement (in whole
or in part), or any of its obligations hereunder, without the prior written consent of the other party. Notwithstanding the foregoing, the Administrator may assign or transfer, by operation of law or otherwise, all or any portion of its rights under
this Agreement to an affiliate of the Administrator under common control with SEI Investments Company (NASDAQ: SEIC) provided that such affiliate agrees in advance and in writing to be bound by the terms, conditions and provisions of this Agreement.
Subject to the foregoing, all of the terms, conditions and provisions of this Agreement shall be binding upon and shall inure to the benefit of each party’s successors and permitted assigns. Any assignment, delegation, or transfer in violation
of this provision shall be void and without legal effect. 

  

			
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	 	12.04	Agreement for Sole Benefit of the Administrator and the Trust. This Agreement is for the sole and exclusive benefit of the Administrator and the Trust and will not be deemed to be for the direct or indirect
benefit of either (i) the clients or customers of the Administrator or the Trust or (ii) the sponsor. The clients or customers of the Administrator or the Trust will not be deemed to be third party beneficiaries of this Agreement nor to
have any other contractual relationship with the Administrator by reason of this Agreement and each party hereto agrees to indemnify and hold harmless the other party from any claims of its clients or customers against the other party including any
attendant expenses and attorneys’ fees, based on this Agreement or the services provided hereunder in accordance with the provisions of Section 5. 

  

	 	12.05	Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to any choice or conflict of law provision or
rule that would cause the application of the laws of any other jurisdiction. To the extent that the applicable laws of the Commonwealth of Pennsylvania, or any of the provisions of this Agreement, conflict with the applicable provisions of the 1933
Act or the Securities Exchange Act of 1934, the latter shall control. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the nonexclusive jurisdiction of the state courts of the Commonwealth of Pennsylvania
or the United States District Courts for the Eastern District of Pennsylvania for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement, and (ii) hereby waives to the extent not
prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be
stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

 

	 	12.06	Equitable Relief. Each party agrees that any other party’s violation of the provisions of Section 11 (Confidentiality) may cause immediate and irreparable harm to the other party
for which money damages may not constitute an adequate remedy at law. Therefore, the parties agree that, in the event either party breaches or threatens to breach said provision or covenant, the other party shall have the right to seek, in any court
of competent jurisdiction, an injunction to restrain said breach or threatened breach, without posting any bond or other security. 

  

	 	12.07	Dispute Resolution. Whenever either party desires to institute legal proceedings against the other concerning this Agreement, it shall provide written notice to that effect to such other party. Except in respect
to actions for injunctive or equitable relief (in respect to which no waiting period shall be required), the party providing such notice shall refrain from instituting said legal proceedings for a period of thirty days following the date of
provision of such notice. During such period, the parties shall attempt in good faith to amicably resolve their dispute by negotiation among their executive officers. This Section 12.07 shall not prohibit either party from
seeking, at any time, equitable relief as permitted under Section 12.06. 

  

	 	12.08	 Notice. All notices provided for or permitted under this Agreement (except for correspondence between the
parties related to operations in the ordinary course) shall be deemed effective upon receipt, and shall be in writing and (a) delivered personally, (b) sent by commercial overnight courier with written verification of receipt, or
(c) sent by certified or registered U.S. mail, postage prepaid and return receipt requested, to 

  

			
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the party to be notified, at the address for such party set forth below, or at such other address of such party specified in the opening paragraph of this Agreement. Notices to the Administrator
shall be sent to the attention of: General Counsel, SEI Investments Global Trusts Services, One Freedom Valley Drive, Oaks, Pennsylvania 19456, with a copy, given in the manner prescribed above, to the Trust’s current relationship manager.
Notices to the Trust shall be sent to the persons specified in Schedule IV (Notice Instruction Form). 

  

	 	12.09	Entire Agreement; Amendments. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof. This Agreement supersedes all prior or contemporaneous representations,
discussions, negotiations, letters, proposals, agreements and understandings between the parties hereto with respect to the subject matter hereof, whether written or oral. This Agreement may be amended, modified or supplemented only by a written
instrument duly executed by an authorized representative of each of the parties. 

  

	 	12.10	Severability. Any provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction,
without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent jurisdiction declares any provision of this
Agreement to be invalid or unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases, or to replace the provision with
a provision that is valid and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement shall be enforceable as so modified. 

 

	 	12.11	Waiver. Any term or provision of this Agreement may be waived at any time by the party entitled to the benefit thereof by written instrument executed by such party. No failure of either party hereto to exercise
any power or right granted hereunder, or to insist upon strict compliance with any obligation hereunder, and no custom or practice of the parties with regard to the terms of performance hereof, will constitute a waiver of the rights of such party to
demand full and exact compliance with the terms of this Agreement. 

  

	 	12.12	Anti-Money Laundering Laws. In connection with performing the Services set forth herein, the Administrator agrees to use reasonable efforts to provide information that the Trust may rely upon in connection with
the Trust’s compliance with applicable laws, policies and regulations aimed at the prevention and detection of money laundering and/or terrorism activities (hereinafter, the “Regulations”). The Trust and the Administrator agree
that the Trust shall be responsible for its compliance with all such Regulations. It shall be a condition precedent to providing Services to the Trust under this Agreement and the Administrator shall have no liability for non-performance of its obligations under this Agreement unless it is satisfied, in its absolute discretion, that it has sufficient and appropriate information and material to discharge its obligations under the
Regulations, and that the performance of such obligations will not violate any Regulations applicable to it. Without in any way limiting the foregoing, the Trust acknowledges that the Administrator is authorized to return an Authorized
Participant’s Investment in any Fund and take any action necessary to restrict repayment of redemption proceeds to the extent necessary to comply with its obligations pursuant to the Regulations. 

  

			
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	 	12.13	Force Majeure. No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing
or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism,
earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the
cause ceases to exist, give prompt notice thereof to the other party. 

  

	 	12.14	Equipment Failures. In the event of equipment failures beyond the Administrator’s control, the Administrator shall take reasonable and prompt steps to minimize service interruptions but shall have no
liability with respect thereto. The Administrator shall develop and maintain a plan for recovery from equipment failures which may include contractual arrangements with appropriate parties making reasonable provision for emergency use of electronic
data processing equipment to the extent appropriate equipment is available. 

  

	 	12.15	Non-Solicitation. During the term of this Agreement and for a period of one year thereafter, the Trust shall not solicit, make an offer of employment to, or enter into a
consulting relationship with, any person who was an employee of the Administrator during the term of this Agreement. If the Trust breaches this provision, the Trust shall pay to the Administrator liquidated damages equal to 100% of the most recent
twelve month salary of the Administrator’s former employee together with all legal fees reasonably incurred by the Administrator in enforcing this provision. The foregoing restriction on solicitation does not apply to unsolicited applications
for jobs, responses to public advertisements or candidates submitted by recruiting firms, provided that such firms have not been contacted to circumvent the spirit and intention of this Section 12.15. 

 

	 	12.16	Headings. All Article headings contained in this Agreement are for convenience of reference only, do not form a part of this Agreement and will not affect in any way the meaning or interpretation of this
Agreement. 

  

	 	12.17	Counterparts. This Agreement may be executed in two or more counterparts, all of which shall constitute one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be
necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears
the original facsimile or scanned signatures of each of the parties. 

  

	 	12.18	 Publicity. Except to the extent required by applicable Law or in connection with disclosure to other
service providers to the Trust, listing exchanges for the Trust or the Funds, regulatory authorities, Authorized Participants, potential investors in the Trust or the Funds or to any regulatory or self-regulatory authority, neither the Administrator
nor the Trust shall issue or initiate any press release arising out of or in connection with this Agreement or the Services rendered hereunder; provided, however, that if no special prominence is given or particular reference made to
the Trust over other clients, nothing herein shall prevent the Administrator from (i) placing the Trust’s, any Fund’s or the Sponsor’s name and/or company logo(s) (including any registered trademark or service mark) on the
Administrator’s client list(s) (and sharing such list(s) with current or potential clients of the Administrator) and/or marketing material which will include such entities’ name, logo and those services provided to the Fund(s) by the
Administrator; (ii) using the Trust as reference; or (iii) otherwise orally disclosing that the Trust is a client of the Administrator at presentations, conferences or other similar meetings. If the Administrator desires to engage in any
type of publicity other 

  

			
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than as set forth in subsections (i) through (iii) above or if the Trust desires to engage in any type of publicity, the party desiring to engage in such publicity shall obtain the prior
written consent of the other party hereto, such consent not to be unreasonably withheld, delayed or conditioned. 

  

	 	12.19	Insurance. The Trust hereby represents that it maintains adequate insurance coverage with respect to its responsibilities pursuant to this Agreement, including commercially reasonable fidelity bond(s), errors and
omissions, directors and officers, professional liability insurance; provided, however, that the amount of insurance coverage shall in no way affect a party’s obligations or liability as otherwise set forth in this Agreement. In the event that
the Administrator makes an employee of the Administrator available to the Trust to serve as an officer of the Trust, the Trust shall maintain professional liability (directors’ & officers’ and errors and omissions) insurance covering
such officer with limits of not less than $5 million per occurrence. All of the foregoing policies shall be issued by insurance companies having an “A minus” rating or better by A.M. Best Company or an equivalent Standard &
Poor’s rating. The Trust shall furnish Certificates of Insurance evidencing all of the foregoing insurance coverages upon execution of this Agreement, and annually upon the written request of the Administrator. The Trust shall promptly inform
the Administrator of any material changes to its policies, endorsements or coverages. 

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intentionally been left blank.] 

  

			
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
Effective Date. 
  

									
	SEI INVESTMENTS GLOBAL FUNDS SERVICES	 		  	METAURUS EQUITY COMPONENT TRUST

									
					
	By:	 	  
	 		  	By:	 	  

	 Name:
 Title:
	 		 		  	 Name:
 Title:
	 	

  

			
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 SCHEDULE I 

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

  

			
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 SCHEDULE II 

Services 
  

	1)	Maintain the Trust’s accounting books and records; 

  

	2)	Obtain underlying security valuations for securities, listed futures and other financial instruments from Pricing Sources consistent with the Trust’s pricing and valuation policies, and calculate net asset value
of each Fund; 

  

	3)	Receive PLF files from Sponsor and, subject to final approval of such file by Sponsor, send PLF files to custodian in appropriate format; 

 

	4)	Compute yields, total return, expense ratios, portfolio turnover rate and average dollar-weighted portfolio maturity, as appropriate; 

 

	5)	Track and validate income and expense accruals, analyze and modify expense accrual changes periodically, and process expense disbursements to vendors and service providers; 

 

	6)	Perform cash processing such as recording paid-in capital activity, perform necessary reconciliations with the transfer agent and the custodian, and provide cash availability
data to the adviser, if requested; 

  

	7)	Determine gain/loss on securities; and futures’ sales, and identify such as short-term or long term gain/loss; coordinate estimated cash payments, and perform necessary reconciliations with the transfer agent;
coordinate with the Funds’ accountants and tax reporting form in connection with providing tax reporting information in the possession of the Administrator to the Trust’s tax preparer as reasonably requested for preparation of the K-1s; 

  

	8)	Provide standardized performance reporting data to the Trust and its Sponsor; 

  

	9)	Provide performance, financial and expense information for registration statements; 

  

	10)	Communicate net asset value, yield, total return or other financial data to appropriate third party reporting agencies, and assist in resolution of errors reported by such third party agencies; 

 

	11)	Update accounting system to reflect rate changes, as received from a Fund’s investment adviser, sub-adviser or respective designee, on variable interest rate instruments;

  

	12)	Accrue expenses of each Fund according to instructions received from the Trust’s treasurer or other authorized representative (including officers of the Trust’s investment adviser); 

 

	13)	Determine the outstanding receivables and payables for all (1) security trades, (2) portfolio share transactions and (3) income and expense accounts in accordance with the budgets provided by the Trust
or its investment adviser; 

  

	14)	Prepare the Trust’s financial statements as mutually agreed with the Administrator for review by Fund management and independent auditors, manage annual, quarterly and/or monthly report preparation process;

  

	15)	Provide such fund accounting and financial reports in connection with meetings of the Advisory Committee as may reasonably be requested; 

 

	16)	Provide individuals to serve as ministerial officers of the Trust, as requested; 

  

			
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	17)	Provide principal accounting officer (if requested); 

  

	18)	Coordinate with the Trust’s counsel on filing of the Trust’s registration statements, and coordinate printing and delivery of the Trust’s prospectuses; 

 

	19)	Assist the Trust in handling and responding to routine regulatory examinations with respect to records retained or services provided by the Administrator, and coordinate with the Trust’s legal counsel in
responding to any non-routine regulatory matters with respect to such matters; 

  

	20)	Cooperate with, and take all reasonable actions in the performance of its duties under this Agreement to ensure that all necessary information is made available to the Trust’s independent public accountants in
connection with the preparation of any audit or report requested by the Trust, including the provision of a conference room at the Administrator’s location if necessary (in this regard, the Trust’s independent auditors shall provide the
Administrator with reasonable notice of any such audit so that (i) the audit will be completed in a timely fashion and (ii) the Administrator will be able to promptly respond to such information requests without undue disruption of its
business); 

  

	21)	Manage the preparation for and conducting of Advisory Committee meetings by (i) coordinating Advisory Committee book production and distribution process, (ii) subject to review and approval by the Trust and
its counsel, preparing meeting agendas and solely at Administrator’s discretion subject to payment of additional fees, resolutions, (iii) preparing the relevant sections of Advisory Committee materials required to be prepared by the
Administrator, (iv) attending Advisory Committee meetings, and (v) performing such other Advisory Committee meeting functions as shall be agreed by the parties in writing (in this regard, the Trust shall provide the Administrator with
notice of regular meetings at least six (6) weeks before such meeting and as soon as practicable before any special meeting of an Advisory Committee 

  

	22)	Additional Reports and Services. 

  

	 	•	 	Upon reasonable notice and as mutually agreed upon, the Administrator may provide additional reports upon the request of the Trust or its investment adviser, which may result in additional charges, the amount of
which shall be agreed upon between the parties prior to the provision of such report. 

  

	 	•	 	Upon reasonable notice and as mutually agreed upon, the Administrator may provide such additional services with respect to a Fund, which may result in an additional charge, the amount of which shall be agreed upon
between the parties prior to the provision of such service. 

  

	23)	Provide such fund accounting and financial reports in connection with semi-annual meetings of an Advisory Committee; 

  

	24)	If applicable, manage the Trust’s proxy solicitation process, including evaluating proxy distribution channels, coordinating with outside service provider to distribute proxies, track shareholder responses and
tabulate voting results, and managing the proxy solicitation vendor if necessary; 

  

	25)	Provide officers to serve as ministerial officers of the Trust, as requested; 

  

	26)	Coordinate with the Trust’s counsel on filing of the Trust’s registration statements and proxy statements. 

*** 

  

			
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THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI GLOBAL SERVICES, INC. 

 

 
  

 SCHEDULE III 

Fees 

Administration and Accounting Fee: 
 The
following fees are due and payable monthly to Administrator pursuant to Section 8 of the Agreement. The Trust will be charged the greater of the Asset Based Fee or the Annual Minimum Fee, plus any additional fees set forth
herein, in each case calculated in the manner set forth below. 
 Asset Based Fees: (calculated and assessed monthly in arrears based on the
aggregate net assets of the Trust and allocated to each Fund pro-rata based on the average daily net assets of each Fund): 

[ ] 
 Annual Minimum Fee
(calculated and paid on a monthly basis): 
 [ ] 

Expense Reimbursement: 
 All
reasonable expenses incurred by the Administrator on behalf of a Fund will be billed to the applicable Fund quarterly in arrears as set forth in Section 7.02 of this Agreement. 

Tax Services: 
 Tax Services (1099’s,
etc.) are not included in the above fee and will be specifically addressed with the Trust upon completion of the offering documents. PwC will create and distribute K-1’s, but the Administrator will
cooperate with the Trust’s tax preparer and provide it with all information in the possession of the Administrator as reasonably requested to create and distribute K-1s for the Funds 

Change of Terms: 
 This schedule is based
upon regulatory requirements and the Trust’s requirements as set forth in its Trust Materials as of the Effective Date. Any material change to any of the foregoing, including but not limited to, a material change in the Trust’s assets or
the investment objective of a Fund will constitute a material change to this Agreement. If such a change occurs, the Administrator agrees to review the change with representatives of the Trust and provide information concerning the feasibility of
implementing any additional or enhanced services and associated costs resulting from such change. The parties shall then in good faith agree to mutually agreeable terms applicable to such additional or enhanced service. 

Custom Development Fees: 
 Payable at
Administrator’s then current rates pursuant to mutually agreed upon project work order(s) 
 Out of Pocket Fees:

 Out of pocket expenses would include, but are not limited to the following: SSAE 16 allocation, printing fees, security pricing fees, postage, NSCC
trading charges. 

  

			
	Metaurus Equity Component Trust Administration Agreement	  	Page 3 of 4

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THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI GLOBAL SERVICES, INC. 

 

 
  

 SCHEDULE IV 

Notice Instruction Form 

TO WHOM NOTICES SHOULD BE SENT PURSUANT TO SECTION 12.08 OF THE AGREEMENT: 

 

					
	Name of Party or Parties:	  	  
	  	
			
	Name of Contact:	  	  
	  	
			
	Address:	  	  
	  	
			
	Telephone No.:	  	  
	  	
			
	Facsimile No.:	  	  
	  	
			
	Email Address:	  	  
	  	

  

  

			
	Metaurus Equity Component Trust Administration Agreement	  	Page 4 of 4

 SEI – 234234v1 

THIS DOCUMENT CONSTITUTES CONFIDENTIAL INFORMATION OF SEI GLOBAL SERVICES, INC.EX-10.3

 Exhibit 10.3 

CUSTODIAN AND TRANSFER AGENT AGREEMENT 

THIS AGREEMENT, dated as of December     , 2017, between Metaurus Equity Component Trust, a statutory trust organized under
the laws of the State of Delaware (the “Fund”), on behalf of each series listed on Appendix A to this Agreement as it may be amended from time to time, severally and not jointly (each a “Portfolio” and
collectively, the “Portfolios”), and [ ], a limited partnership formed under the laws of the State of [ ] (“[ ]” or, when referring to [ ] in its capacity as custodian, the “Custodian,” and
when referring to [ ] in its capacity as transfer agent, “TA”). The terms of this Agreement shall apply separately and respectively to each Portfolio, and each reference to the “Fund” herein shall mean the Fund on behalf
of each Portfolio. 
 W I T N E S S E T H: 

WHEREAS, the Fund wishes to employ [ ] to act as custodian and transfer agent for the Portfolios and to provide related services, all as
provided herein, and [ ] is willing to accept such employment, subject to the terms and conditions herein set forth; 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, the Fund and [ ] hereby agree, as follows: 
 1. Appointment of Custodian and
Transfer Agent. 
 1.1 The Fund hereby appoints [ ] as each Portfolio’s custodian, and [ ] hereby accepts such appointment. All
Investments of a Portfolio delivered to the Custodian or its agents or Subcustodians shall be dealt with as provided in this Agreement. The duties of the Custodian with respect to the Portfolio’s Investments shall be only as set forth expressly
in this Agreement, including any attachments or schedules thereto, which duties are generally comprised of safekeeping assets and various administrative duties that will be performed in accordance with Instructions (as defined below) and as
reasonably required to effect Instructions. The terms of this Agreement shall apply separately and respectively to each Portfolio for which a separate account is maintained on the books of the Custodian. The Parties agree that Sections 2.1-9 and
11-17 and Schedules I, II and II of the Agreement contain the provisions related to [ ]’s performance as Custodian. 
 1.2 The Fund
hereby engages [ ] as its transfer agent to perform the obligations set forth in this Agreement, and [ ] accepts such engagement. The Parties agree that Sections 2.1, 3 and 10-17 and Schedule III of the Agreement and the Transfer Agency Services
Schedule attached hereto contain the provisions related to [ ]’s performance as TA. 
 2. Representations, Warranties and Covenants of the
Fund. The Fund hereby represents, warrants and covenants each of the following: 
 With respect to [ ] appointment as Custodian and
TA: 
 2.1 This Agreement has been, and at the time of delivery of each Instruction, such Instruction will have been, duly authorized,
executed and delivered by the Fund. Neither this Agreement, nor any Instruction issued hereunder violates any Applicable Law or conflicts with or constitutes a default under the applicable Portfolio’s prospectus, the Fund’s organizational
documents or any agreement, judgment, order or decree to which the Fund is a party or Portfolio or its Investments is bound. 
 With respect
to [ ] appointment as Custodian: 
 2.2 By providing an Instruction with respect to the first acquisition of an Investment (as defined below)
in a jurisdiction other than the United States of America, the Fund shall be deemed to have confirmed to the Custodian that the Fund has (a) assessed and accepted all material Country, Sanctions or Sovereign Risks and accepted responsibility
for their occurrence, (b) made all determinations required to be made by the Fund under Applicable Law, and (c) if appropriate, adequately disclosed the material investment risks of such Investment, including Country Risks. Nothing in this
Section 2.2 shall relieve the Custodian of its responsibilities under Section 8.2 of this Agreement. 

 2.3 The Fund shall safeguard and shall solely be responsible for the safekeeping of any testkeys,
identification codes, passwords, other security devices or statements of account with which the Custodian provides it. If the Fund uses any on-line or similar communications service made available by the Custodian, the Fund and the Custodian each
shall be solely responsible for ensuring the security of its access to the service and for the authorized use of the service, and shall only attempt to access the service and the Custodian’s computer systems as directed by the Custodian. If the
Custodian provides any computer software to the Fund relating to the services described in this Agreement, the Fund will only use the software for the purposes for which the Custodian provided the software to the Fund, and will abide by the license
agreement accompanying the software and any other security policies which the Custodian provides to the Fund. 
 2.4 By providing an
Instruction in respect of an Investment (which Instruction may relate to among other things, the processing of orders and/or settlement of transactions in funds), the Fund hereby (i) authorizes [ ] to complete such documentation as may be
required or appropriate to carry out the Instruction, and agrees to be contractually bound to the terms of such documentation “as is” without recourse against [ ]; (ii) represents, warrants and covenants that it has accepted and
agreed to comply with all Applicable Law, terms and conditions to which it and/or its Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering circular, subscription agreement, any
application or other documentation relating to an Investment (e.g., compliance with suitability requirements and eligibility restrictions); (iii) acknowledges and agrees that [ ] will not be responsible for the accuracy of any information
provided to [ ] by or on behalf of the Fund, or for any underlying commitment or obligation inherent to an Investment; (iv) except as otherwise provided for in Section 2.4.1, represents, warrants and covenants that it will not affect any
sale, transfer or disposition of Investment(s) held in [ ]’s name by any means other than the issuance of an Instruction by the Fund to [ ]; (v) acknowledges that collective investment pools (and/or their agent(s)) in which the Fund
invests may pay to [ ] certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Fund’s investments in such pools; (vi) agrees that [ ] shall have no obligation or responsibility whatsoever to
respond to, or provide capital in connection with any capital calls, letters of intent of other requirements as set out in the prospectus or offering circular of an Investment; (vii) represents, warrants and covenants that it will provide [ ]
with such information as is necessary or appropriate to enable [ ]’s performance pursuant to an Instruction or under this Agreement; (viii) undertakes to inform [ ] and to keep the same updated as any tax withholding or benefit to which an
Investment may be subject; (ix) authorizes [ ] to furnish the customer due diligence records maintained by [ ] on the Fund and its beneficial owners to the transfer agent or other agent of an issuer of an Investment to satisfy regulatory
obligations; (x) represents and warrants that to the extent the Fund provides [ ] with any personal data or personally identifiable information in connection with an Investment, the Fund will have obtained the consent of the applicable
individuals to provide such data and information to [ ] and the Fund and to the use of such data and information as described in the applicable account opening, subscription and related Fund documentation; (xi) acknowledges that [ ] shall have
no obligation to fund any order placed by the Fund for which the Fund does not have sufficient cash on deposit with [ ]; and (xii) agrees that [ ] shall be held harmless for the acts, omissions or any unlawful activity of any agent of the Fund,
or any transfer agent or other agent of an Investment in which the Fund may invest. 
 2.4.1 To the extent that the Fund holds Investments in
an account opened in the name of [ ] as custodian for and at the direction of the Fund, and the Fund requests that [ ] provide the Fund with the capability to place orders in fund shares directly with such fund companies and/or their transfer agents
which shall be settled in an account established with each such fund company or its transfer agent, the Fund hereby acknowledges that [ ] is under no obligation to agree to such arrangement but if [ ] so agrees, the Fund (i) acknowledges that
all relevant terms under Section 2.4 above apply thereto, (ii) authorizes [ ] as custodian, to grant a limited power of attorney to the Fund or its designated agent to enable the Fund to place orders in fund shares directly with the fund
companies and/or their transfer agents, (iii) agrees to ensure that any instructions issued by 

  
 2 

 
the Fund or its designated agent shall also be concurrently submitted to [ ], and (iv) shall adhere to any [ ] procedures established with each such fund or its transfer agent with respect
thereto including, but not limited to, the terms of the limited power of attorney. The Fund also acknowledges and agrees that (1) [ ] is acting solely in its capacity as custodian and is not acting as a broker or introducing broker on behalf of
the Fund, (2) [ ] is not receiving compensation in connection with the Fund’s own execution hereunder of trades with each such fund other than its usual and customary custody fees and transaction charges, (3) it will provide such
account opening information to each such fund and/or transfer agent as and when requested by such fund and/or transfer agent, and (4) [ ] is not responsible for (a) providing information published by the relevant distributor of each such
fund including, but not limited to, the prospectus for each such Investment in a fund or for resolving execution queries or complaints relative to any such Investment, and (b) assessing the suitability of any such Investment placed directly by
the Fund. 
 2.5 The Fund represents and warrants that it is not resident in or organized under the laws of any country with which
transactions or dealings are prohibited under a Sanctions Regime. The Fund further warrants that it is not owned or controlled by: (i) the government of any country with which transactions or dealings by any person are prohibited under a
Sanctions Regime; (ii) a person or entity resident in or organized under the laws of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; or (iii) any person or entity on the List of
Specially Designated Nationals and Blocked Persons published by OFAC or any comparable Sanctions Regime lists. 
 [2.5.1 The Fund represents
and warrants that it conducts ongoing screening of relevant parties engaged by the Fund, including but not limited to Authorized Participants and distributors, against lists promulgated by a Sanctions Regime, as such lists are amended from time to
time.] 
 2.5.2 The Fund represents and warrants that it has implemented adequate risk management, control and compliance procedures and
systems to ensure that it will not instruct or otherwise cause Custodian to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not instruct Custodian to invest in a collective investment vehicle on
its behalf, nor engage in or facilitate any transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited
under a Sanctions Regime; (ii) any person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is subject to any Sanctions Regime (collectively, “Sanctioned Property”). The
Fund further represents and warrants that it has confirmed that relevant parties engaged by the Fund, including but not limited to Authorized Participants and distributors, have implemented equivalent controls as stated above. The Fund further
represents and warrants that it will promptly notify the Custodian in writing if either it or any of its underlying customers whose assets are held by the Custodian becomes subject to a Sanctions Regime or holds assets that subsequently became
Sanctioned Property. 
 [2.6 The Fund represents and warrants that it has developed and implemented an anti-money laundering
(“AML”) program (“AML Program”) that is designed to comply with all applicable AML and terrorist financing laws and regulations, including but not limited to: the United States Bank Secrecy Act, as amended by the USA PATRIOT Act
of 2001, and the regulations promulgated thereunder; the 4th European Union Anti-Money Laundering Directive; or Financial Action Task Force (“FATF”) standards against money laundering
and terrorist financing (collectively, “applicable AML Laws”). The Fund represents and warrants that its AML Program includes proper due diligence on relevant parties, including but not limited to Authorized Participants and distributors,
and confirmation that such parties have implemented their own policies and procedures designed to comply with applicable AML Laws. The Fund further represents and warrants that it creates and maintains all records and documentation required by
applicable AML Laws, including identification and verification records of the Fund’s customers.] 
 2.6.1 The Fund acknowledges that the
Custodian is obligated under applicable US AML Laws to obtain, verify and record identifying information about its customers prior to opening an account. 

  
 3 

 2.6.2 The Fund represents and warrants that upon request, it will provide the Custodian with
information that the Custodian requires to comply with applicable AML Laws and Sanctions Regimes. 
 2.6.3 The Fund further represents and
warrants that it will not instruct or otherwise cause Custodian to hold any assets in custody or engage in or facilitate any transaction that would cause Custodian to violate any applicable AML laws. 

2.7 The Fund represents and warrants that, due to the “publicly-offered security” exemption (or other available exemption), it is not
a “Plan” (which term includes (1) employee benefit plans that are subject to the United States (“US”) Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or plans, individual retirement accounts
and other arrangements that are subject to Section 4975 of the US Internal Revenue Code of 1986, as amended (the “Code”), (2) plans, individual retirement accounts and other arrangements that are subject to the prohibited
transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (3) entities the underlying assets of which are considered to include “plan assets” of such plans, accounts and arrangements), or an entity
purchasing shares on behalf of, or with the “plan assets” of, a Plan, and further undertakes to inform [ ] and to keep the same updated if the Fund becomes aware that such status has changed. 

2.8 Notwithstanding anything in this Agreement to contrary effect, the Fund specifically represents and warrants to the Custodian that it shall
at all times be principally liable for the repayment of any Advance made by the Custodian under this Agreement. 
 2.9 The Fund represents
and warrants that it will promptly notify the Custodian in writing if any of the above representations cease to be true. 
 3. Representation and
Warranty of [ ] as Custodian and TA. [ ] hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by [ ] and does not and will not violate any Applicable Law or conflict with or constitute a default
under [ ]’s limited partnership agreement or any agreement, instrument, judgment, order or decree to which [ ] is a party or by which it is bound. 
 4.
Instructions. Unless otherwise explicitly indicated herein, the Custodian shall perform its duties pursuant to Instructions. As used herein, the term Instruction shall mean a directive initiated by the Fund, acting through its
board of trustees, officers or other Authorized Person, which directive shall conform to the requirements of this Section 4. 
 4.1
Authorized Persons. For purposes hereof, an Authorized Person shall be a person or entity authorized by the Fund to give Instructions to the Custodian for or on behalf of the Fund or Portfolio, as applicable, in accordance with
procedures delivered to and acknowledged by the Custodian. The Custodian may treat any Authorized Person as having the full authority of the Fund to issue Instructions hereunder unless the notice of authorization contains explicit limitations as to
said authority. The Custodian shall be entitled to rely upon the authority of designated Authorized Persons to give Instructions with respect to the Fund or a Portfolio until it receives appropriate written notice from the Fund to the contrary. 

4.2 Form of Instruction. Each Instruction shall be transmitted by such secured or authenticated electro-mechanical means as the
Custodian shall make available to the Fund from time to time unless the Fund elects to transmit such Instruction in accordance with Subsections 4.2.1 through 4.2.3 of this Section. 

4.2.1 Fund Designated Secured-Transmission Method. Instructions may be transmitted through a secured or tested electro-mechanical
means identified by the Fund or by an Authorized Person entitled to give Instruction and acknowledged and accepted by the Custodian, it being understood that such acknowledgment shall authorize the Custodian to accept such means of delivery but
shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Authorized Person. 

  
 4 

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

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

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

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

  
 5 

 5. Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it
or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or,
(b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments
delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of the Fund and shall
segregate Investments on its books and records (in a manner that clearly identifies the assets as belonging to such Fund) from assets belonging to the Custodian and any of its other customers and shall cause its Subcustodians to segregate
Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian. 

5.1 Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either
directly or through one or more Subcustodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective
between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such
Investments in the Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or (any agent of either) from holding its client assets in such a separate account, the Custodian,
the Subcustodian or other agent shall as appropriate segregate such Investments for benefit of the Fund or for benefit of clients of the Custodian generally on its own books. 

5.2 Certificated Assets. Investments which are certificated may be held in registered or bearer form: (a) in the
Custodian’s vault; (b) in the vault of a Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account maintained by the Custodian, Subcustodian or agent at a Securities Depository; all in accordance with customary
market practice in the jurisdiction in which any Investments are held. 
 5.3 Registered Assets. Investments which are
registered may be registered in the name of the Custodian, a Subcustodian, or in the name of the Fund, a Portfolio or a nominee for any of the foregoing, and may be held in any manner set forth in Section 5.2 above. 

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

  
 6 

 6.3 Delivery and Receipt in Connection with Borrowings of the Fund or other Collateral and
Margin Requirements. Pursuant to Instruction, the Custodian may deliver or receive Investments or cash of the Fund in connection with borrowings or loans by the Fund and other collateral and margin requirements. 

6.4 [Reserved]  

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

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

  
 7 

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

6.13 Ownership Certificates and Disclosure of the Fund’s Interest. The Custodian is hereby authorized to execute on
behalf of the Fund or a Portfolio ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Fund or Portfolio
with respect to Investments, or in connection with the sale, purchase or ownership of Investments. 
 With respect to securities issued in
the United States of America, the Custodian [    ] may [X] may not release the identity of the Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of
direct communications between such issuer and the Fund. IF NO BOX IS CHECKED, THE CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE FUND. With respect to securities issued outside of the United States of
America, information shall be released in accordance with law or custom of the particular country in which such security is located. 
 6.14.
Taxes. The Custodian shall, where applicable, assist the Fund and its Portfolios in the reclamation of taxes withheld on dividends and interest payments received by the Fund, including on behalf of a Portfolio. In the performance of
its duties with respect to tax withholding and reclamation, the Custodian shall be entitled to rely on the advice of others pursuant to Section 13.11 below and upon information and advice regarding the Fund’s tax status that is received
from or on behalf of the Fund without duty of separate inquiry. 
 6.15 Other Dealings. The Custodian shall otherwise act as
directed by Instruction, including without limitation effecting the free payments of moneys or the free delivery of securities, provided that such Instruction shall indicate the purpose of such payment or delivery and that the Custodian shall record
the party to whom the payment or delivery is made. 
 6.16 Nondiscretionary Details and Minor Expenses. The Custodian shall
attend to all nondiscretionary details in connection with the sale or purchase or other administration of Investments in its performance hereunder, except as otherwise directed by Instruction, and may make payments for minor expenses of
administering Investments under this Agreement, provided that the Custodian shall disclose all such expenses to the Fund and that the Fund shall have the right to request an accounting with respect to such expenses. 

6.17 Use of Agents. The Custodian may appoint (and remove) any affiliate, bank, trust fund or subcontractor as its agent (each an
“Agent” and collectively, the “Agents”), in addition to Subcustodians, to carry out such provisions of this Agreement. The Custodian shall exercise reasonable care in the selection and monitoring of such Agents and
Subcustodians. The appointment of an Agent or Subcustodian shall not relieve the Custodian of its obligations under this Agreement and the Custodian shall remain responsible as if it had performed or not performed the acts or omissions of such
Agents or Subcustodians itself. 

  
 8 

 6.18 Registration Document Completion Service. The Fund may appoint the Custodian
to further provide registration document completion services for account openings, name changes, conversions, mergers, market-specific licensing renewals, account closings and other events, and for such markets, as may be agreed between each Fund
and the Custodian from time to time (the “Registration Services”). The Fund shall pay Custodian such fees as may be agreed between the parties from time to time with respect to the Registration Services in accordance with Section 14
hereof. The Fund further acknowledges and agrees that: (i) as part of the Registration Services, the Custodian will complete registration documentation for the agreed markets on behalf of the Fund and then forward such documentation to the Fund
or an Authorized Person for final review and signature on behalf of the Fund; (ii) by the Fund or an Authorized Person signing and submitting the aforementioned documentation to the Custodian on behalf of the Fund (the “Submitted
Documents”), the Fund shall be deemed to have confirmed to the Custodian that the Fund has reviewed the Submitted Documents and has determined that all of the information contained therein is accurate and complete; (iii) the submission of
the Submitted Documents to the Custodian, shall be deemed an Instruction under Section 4 hereof to open one or more accounts in the referenced market (in accordance with the information provided in the Submitted Documents) and to provide the
Submitted Documents and/or the information contained therein to the Subcustodian in the referenced market (and where applicable, for further submission to the relevant Securities Depository, exchanges, regulatory and tax authorities, tax agents
and/or brokers in the referenced market). 
 7. Cash Accounts, Deposits and Money Movements. Subject to the terms and conditions set forth in
this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself or with Subcustodians, cash accounts in United States Dollars, in such other currencies as are the currencies of the countries in which the Fund or
Portfolios maintain Investments or in such other currencies as the Fund, on behalf of the Portfolios, shall from time to time request by Instruction, including standing Instructions for Principal Accounts to participate in a [ ] cash management
vehicle. Notwithstanding any in this Agreement to the contrary, the Fund shall be liable as principal for any overdrafts occurring in its cash accounts. 

7.1 Types of Cash Accounts. Cash accounts opened on the books of the Custodian (Principal Accounts) shall be opened
in the name of the Fund, on behalf of the applicable Portfolios. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in
Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund, on behalf of the Portfolios, or in the name of the Custodian for the Fund or in the name of the Custodian for its customers generally
(Agency Accounts). Such deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund and the applicable Portfolios. Accordingly, the Custodian shall be responsible for exercising reasonable care in the
administration of such accounts, but shall not be liable for their repayment in the event the Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. In connection with the services provided hereunder, the
Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund, and/or for the purposes of aggregating, netting and/or
clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes on behalf of the Fund or the Fund and affiliated funds (each an
“Account”). Each such Account shall be subject to the terms and conditions of this Agreement (including, without limitation Section 7.6) and the Fund shall be liable for the satisfaction of its own obligations in connection with each
Account; provided however, the Fund shall not be liable for the obligations of any other affiliated fund thereunder. 
 7.1.1
Administrative Accounts. In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or
processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other
administrative purposes, each on behalf of the Fund (each an “Account”). Each such Account shall be subject to the terms and conditions of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection
with each Account. 

  
 9 

 7.2 Payments and Credits with Respect to the Cash Accounts. The Custodian
shall make payments from or deposits to any of the cash accounts in the course of carrying out its administrative duties, including but not limited to income collection with respect to a Portfolio’s Investments, and otherwise in accordance with
Instructions. The Custodian and its Subcustodians shall be required to credit amounts to the cash accounts only when moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit
made to any Principal or Agency Account before actual receipt of cleared funds shall be provisional and may be reversed by the Custodian in the event such payment is not actually collected. Unless otherwise specifically agreed in writing by the
Custodian or any Subcustodian, all deposits shall be payable only at the branch of the Custodian or Subcustodian where the deposit is made or carried. 

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

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

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

  
 10 

 
of the Portfolios accepts full responsibility for its use of third-party foreign exchange dealers and for execution of the foreign exchange contracts and options and understands that each
applicable Portfolio shall be responsible for any and all costs and interest charges which may be incurred by it or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange. 

7.4.2 Foreign Exchange with the Custodian as Principal. The Custodian may enter into foreign exchange transactions with
the Fund. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the parties have no otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the
terms and conditions currently posted on the Custodian’s website at <http:// www.[ ].com/fxtermsandconditions /> ( the “FX Online Terms and Conditions”), which terms are available in hardcopy upon request, and which terms
may be updated from time to time. The Custodian shall provide notice of any material change to the FX Online Terms and Conditions to the Fund at least ten (10) business days prior to their taking effect, unless the Custodian determines that the
circumstances require that a shorter period apply. Foreign exchange transactions that occur or are placed on or after the effective date of such changes, as stated in the applicable notice, shall be governed by the modified FX Online Terms and
Conditions. The Fund represents and warrants, each and every time an Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the
Commodity Exchange Act and the regulations thereunder, as amended from time to time. 
 7.5 Delays. If no event of Force
Majeure shall have occurred and be continuing and in the event that a delay shall have been caused by the negligence or willful misconduct of the Custodian in carrying out an Instruction to credit or transfer cash, the Custodian shall be liable to
the Fund on behalf of the applicable Portfolios for damages, plus: (a) with respect to Principal Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the
time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, for interest to be calculated at the rate customarily paid on such
deposit and currency by the Subcustodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall not be liable for delays in
carrying out Instructions to transfer cash which are not due to the Custodian’s own negligence or willful misconduct. 
 7.6
Advances. If, for any reason in connection with this Agreement the Custodian or any Subcustodian makes an Advance to facilitate settlement or otherwise for the benefit of the Fund or a Portfolio (whether or not any Principal or Agency
Account shall be overdrawn either during, or at the end of, any Business Day), the Fund hereby does: 
 7.6.1 acknowledge that the Fund shall
have no right, title or interest in or to any Investments purchased with such Advance or proceeds of such Investments, and that any credit of Investments to an account of Fund shall be provisional, until: (a) the debit of the Principal or
Agency Account by Custodian for an amount equal to Advance Costs; and/or (b) if such debit produces an overdraft in such account, reimbursement to the Custodian or Subcustodian for the amount of such overdraft; 

7.6.2 acknowledge that the Custodian has an automatically perfected statutory security interest in Investments purchased with any such Advance
pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of New York from time to time; 
 7.6.3 in addition,
in order to secure the obligations of the Fund to pay or perform any and all obligations of the Fund pursuant to this Agreement, including without limitation to repay any Advance made pursuant to this Agreement, grant to the Custodian a security
interest in all Investments and proceeds thereof (as defined in the Uniform Commercial Code as currently in effect in the State of New York); and agree to take, and agree that the Custodian may take, in respect of the security interest referenced
above, any further actions that the Custodian may reasonably require. 

  
 11 

 7.7 Custodian’s Rights. Neither the Custodian nor any Subcustodian
shall be obligated to make any Advance or to allow an Advance to occur to the Fund or a Portfolio, and in the event that the Custodian or any Subcustodian does make or allow an Advance, any such Advance and any transaction giving rise to such
Advance shall be for the account and risk of the Fund and shall not be deemed to be a transaction undertaken by the Custodian for its own account and risk. If such Advance shall have been made or allowed by a Subcustodian or any other person, the
Custodian may assign all or part of its security interest referenced above and any other rights granted to the Custodian hereunder to such Subcustodian or other person. If the Fund or Portfolio shall fail to repay the Advance Costs when due, the
Custodian or its assignee, as the case may be, shall be entitled to a portion of the available cash balance in any Agency or Principal Account equal to such Advance Costs, and the Fund authorizes the Custodian, on behalf of the Fund or Portfolio, to
pay an amount equal to such Advance Costs irrevocably to such Subcustodian or other person, and to dispose of any property in such Account to the extent necessary to make such payment. Any Investments credited to accounts subject to this Agreement
created pursuant hereto shall be treated as financial assets credited to securities accounts under Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York from time to time. Accordingly, the Custodian and any
Subcustodian shall have the rights and benefits of a secured creditor that is a securities intermediary under such Articles 8 and 9. 
 7.8
Integrated Account. For purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in Dollars) shall collectively constitute a single and indivisible current account with respect to the
Fund’s obligations to the Custodian or its assignee, and balances in the Principal Accounts shall be available for satisfaction of the Fund’s obligations under this Section 7. The Custodian shall further have a right of offset against
the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn. 
 8. Subcustodians
and Securities Depositories. Subject to the provisions hereinafter set forth in this Section 8, the Fund hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of a Portfolio and to appoint from time
to time and to utilize Subcustodians. With respect to Investments held by a Subcustodian, either directly or indirectly (including by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the contrary,
payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form in accordance with (a) governmental regulations,
(b) rules of Securities Depositories and Clearing Agencies, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Instructions.

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

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

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

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

  
 13 

 
held, (e) the acts, omissions and operation of any Securities Depository, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities
transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets. 

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

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

9.2.3 Reliance on Instruction. Action by the Custodian or the Subcustodian in accordance with an Instruction, even when
such action conflicts with, or is contrary to any provision of, the Fund’s trust instrument, certificate of trust or by-laws, Applicable Law, or actions by the trustees, directors or shareholders of the Fund. 

9.2.4 Restricted Securities. The limitations inherent in the rights, transferability or similar investment characteristics of a
given Investment of the Fund. 

  
 14 

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

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

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

10.1.3 TA shall incur no liability with respect to any telecommunications, equipment or power failures, or any failures to perform or delays in
performance by postal or courier services or third-party information providers. 
 10.1.4 TA shall in no event be required to advance or
expend its own funds in connection with the services provided hereunder, or take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction. 

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

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

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

  
 15 

 10.2 Instructions. TA shall not be liable for, and shall be indemnified by the Fund
against any and all losses, costs, damages or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions (as hereinafter defined) or upon any other written notice, request, direction, instruction, certificate
or other instrument believed by it to be genuine and signed or authorized by the proper party or parties. 
 10.2.1 Instructions shall mean a
written request, direction, instruction or certification signed or initialed on behalf of the Fund by one or more Authorized Persons. Authorized Persons may be identified by name, title or position. Telephonic and other oral instructions or
instructions given by facsimile transmission may be given by any one of the Authorized Persons. Such instructions shall be considered Instructions if TA reasonably believes them to have been given by an Authorized Person. In no event shall
Instructions be in the form of electronic mail. 
 10.2.2 Where Instructions are conveyed through facsimile transmissions, the Fund hereby
acknowledges that (i) receipt of legible instructions cannot be assured, (ii) TA cannot verify that authorized signatures on facsimile Instructions are original, and (iii) TA shall not be responsible for losses or expenses incurred
through actions taken in reliance on such Instructions. The Fund agrees that such facsimile Instructions shall be conclusive evidence of the Fund’s Instruction to TA to act or to omit to act. 

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

10.3 Representations of TA. 

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

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

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

  
 16 

 12. Reports and Records. [ ] shall: 

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

12.5 The Fund acknowledges that the Custodian obtains information on the value of assets from outside sources which may be utilized in certain
reports made available to the Fund. The Custodian deems such sources to be reliable, if reasonable to do so, but the Fund acknowledges and agrees that the Custodian does not verify such information nor make any representations or warrantees as to
its accuracy or completeness and accordingly shall be without liability in selecting and using such sources and furnishing such information. 
 13.
Miscellaneous. 
 13.1 Powers of Attorney, etc. The Fund on behalf of its Portfolios will promptly execute and
deliver, upon request, such proxies, powers of attorney or other instruments as may reasonably be necessary or desirable for the Custodian to provide, or to cause any Subcustodian to provide, the services contemplated by this Agreement. 

13.2 Entire Agreement; Amendment. This Agreement constitutes the entire understanding and agreement of the parties hereto and
supersedes any other oral or written agreements heretofore in effect between the Fund and the Custodian with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by
the party against which enforcement of the amendment or termination is sought, provided, however, that an Instruction shall, whether or not such Instruction shall constitute a waiver, amendment or modification for purposes hereof, be deemed to have
been accepted by the Custodian when it commences actions pursuant thereto or in accordance therewith. In the event of a conflict between the terms of this Agreement and the terms of a service level agreement or other operating agreement in place
between the parties from time to time, the terms of this Agreement shall control. 
 13.3 Binding Effect; Assignment. This
Agreement shall be binding upon and shall inure to the benefit of the Custodian and the Fund and their successors and assignees, provided that neither party may assign this Agreement without the prior written consent of the Custodian. Each party
agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund or other third party shall have any rights under this Agreement and such
rights are explicitly disclaimed by the parties. 

  
 17 

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

 

			
	If to the Fund:	  	c/o Metaurus Advisors, LLC
		  	589 Fifth Avenue, Suite 808
		  	New York, New York 10017
		  	Attn: Sean Dillon, Head of Trading
		
		  	Telephone: (212) 634-4250
		  	Facsimile: (212) 634-4250
		
	With a copy to:	  	c/o Metaurus Advisors, LLC
		  	22 Hudson Place, Suite 3
		  	Hoboken, New Jersey 07030
		  	Attn: Richard Sandulli, Co-Chief Executive Officer
		
		  	Telephone: (212) 634-4250
		  	Facsimile: (212) 634-4250
		
	If to the Custodian:	  	[ ]

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

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

13.8 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. This
Agreement shall become effective when one or more counterparts have been signed and delivered by the Fund and the Custodian. A photocopy or telefax of the Agreement shall be acceptable evidence of the existence of the Agreement and the Custodian
shall be protected in relying on the photocopy or telefax until the Custodian has received the original of the Agreement. 
 13.9
Confidentiality. The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential
information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may be 

  
 18 

 
required in carrying out this Agreement (including, without limitation, disclosure to Subcustodians or Agents appointed by the Custodian), shall not be disclosed to any third party without the
prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to
be disclosed by or to any regulator of the Custodian or any Agent or Subcustodian, any Regulatory Authority, any auditor or attorney of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law. 

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

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

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

(b) the Custodian and/or its associates shall not be under any duty to disclose any information in connection with any such transaction to the
Fund; 
 (c) the Custodian and/or its associates shall not be liable to account to the Fund or a Portfolio for any profits or benefits made
or derived by or in connection with any such transaction,; and 
 (d) the Fund shall use all reasonable efforts to disclose this provision,
among other provisions in this Agreement, to its shareholders. 
 13.13 Online Terms and Conditions. Foreign exchange services
provided under or otherwise referenced in this Agreement will be performed and subject to the terms and conditions posted on the Custodian’s website at 

< http://www.[ ].com/fxtermsandconditions/> (the “FX Online Terms and Conditions”), which terms are available
in hardcopy upon request, and which terms may be updated from time to time. The Custodian shall provide notice of any change to the FX Online Terms and Conditions to the Fund at least ten business days prior to their taking effect, unless the
Custodian determines that the circumstances require that a shorter period apply. Foreign exchange transactions that occur or are placed on or after the effective date of such changes, as stated in the applicable notice, shall be governed by the
modified FX Online Terms and Conditions. 
 14. Definitions. The following defined terms will have the respective meanings set forth below.

 14.1 Advance(s) shall mean any extension of credit by or through the Custodian or by or through any Subcustodian and shall
include, without limitation, amounts due to the Custodian as the principal counterparty to any foreign exchange transaction with the Fund as described in Section 7.4.2 hereof, or paid to third parties for account of the Fund or in discharge of
any expense, tax or other item payable by the Fund. 

  
 19 

 14.2 Advance Costs shall mean any Advance, interest on the Advance and any related
expenses, including without limitation any mark to market loss of the Custodian or Subcustodian on any Investment to which Section 7.6.1 applies. 

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

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

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

14.13 Global Custody Network Listing shall mean Countries and Subcustodians approved for Investments in non-U.S. Markets.

 14.14 Instruction(s) shall have the meaning assigned in Section 4 hereof. 

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

14.17 Margin Account shall have the meaning set forth in Section 6.4 hereof. 

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

  
 20 

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

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

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

16.1 Term, Notice and Effect. This Agreement shall have an initial term of two (2) years from the date hereof.
Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective ninety (90) days or more following delivery of that notice to the other
party at its address set forth hereof. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within 60 days, in which case
termination shall be effective upon written receipt of notice by the non-terminating party, or (b) upon thirty (30) days written notice to the other party in the event that either party is adjudged bankrupt or insolvent, or there shall be
commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. 
 16.2
Notice and Succession. In the event a termination notice is given by a party hereto, all reasonable costs and expenses associated with any required systems, facilities, procedures, personnel, and other resourced modifications as well
as the movement of records and materials and the conversion thereof shall be paid by the Fund for which Services shall cease to be performed hereunder. Furthermore, to the extent that it appears impracticable given the circumstances to effect an
orderly delivery of the necessary and appropriate records of [ ] to a successor within the time specified in the notice of termination as aforesaid, [ ] and the Fund agree that this Agreement shall remain in full force and effect for such reasonable
period as may be required to complete necessary arrangements with a successor. 
 16.3 Successor Custodian. In the event
of the appointment of a successor custodian, it is agreed that the Investments of the Fund held by the Custodian or any Subcustodian shall be delivered to the successor custodian in accordance with reasonable Instructions timely provided by the
Fund. The Custodian agrees to cooperate with the Fund in the execution of documents and performance of other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the
Custodian shall in like manner transfer the Fund’s Investments in accordance with Instructions. 

  
 21 

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

  

			
		  	 METAURUS EQUITY COMPONENT TRUST
  

	 By:
                                         
                                   

Name:
 Title:

Date:
	  	 By:
                                         
                               

Name:
 Title:

Date:

  
 22 

 APPENDIX A 

TO 
 CUSTODIAN AND TRANSFER AGENT
AGREEMENT 
 Dated as of December     , 2017 

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

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

 SCHEDULE I: FUNDS TRANSFER SERVICES SCHEDULE 

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

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

• Written Instructions. Instructions may be transmitted in an original writing that bears the manual signature of an Authorized
Person(s). 
 3. Fund Designated Security Procedure. FT Instructions may be transmitted through such other means, and subject to such
additional security procedures, as may be elected by the Fund (or by an Authorized Person entitled to give Instructions) and acknowledged and accepted by the Custodian (the transmission methods and security procedures referenced below, as may be
supplemented by such additional security procedures, each a Fund Designated Security Procedure); it being understood that the Custodian’s acknowledgment shall authorize it to accept such means of delivery but shall not represent a
judgment by the Custodian as to the reasonableness or security of the means utilized by the Fund. 
 • Computer Transmission. The
Custodian is able to accept transmissions sent from the Fund’s computer facilities to the Custodian’s computer facilities. If the Fund determines to use its proprietary transmission or other electronic transmission method, it must provide
Custodian sufficient notice and information to allow testing or other confirmation that FT Instructions received via the Fund Designated Security Procedure can be processed in good time and order. The Custodian may require the Fund to execute
additional documentation prior to the use of such transmission method. 
 • Facsimile Transmission. 

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

  
 2 

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

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

• Telephonic. The Fund may call a telephonic payment order into the Custodian at the telephone number designated from time-to-time
by the Custodian for that purpose. The caller shall identify herself/himself as an Authorized Person. The Custodian shall obtain the FT Instruction details from the caller. The Custodian shall then follow one of the procedures below: 

i. If the telephonic FT Instruction pertains to a non-repetitive payment order, the Custodian will perform a Callback; or 

ii. If the telephonic FT Instruction pertains to a repetitive payment order (see Section 7 below), the Custodian may (at its sole
discretion) perform a Callback. The Fund acknowledges that prior to its issuance of any repetitive payment order, it must (a) request that the appropriate repetitive payment order process be approved and set up at the Custodian, and
(b) complete such documentation as may be required by the Custodian, including a PPO. 
 In electing to transmit a FT Instruction via a Fund Designated
Security Procedure, the Fund (i) agrees to be bound by the transaction(s) or payment order(s) specified on said FT Instruction, whether or not authorized, and accepted by the Custodian in compliance with such Fund Designated Security Procedure,
and (ii) accepts the risk associated with such Fund Designated Security Procedure and confirms it is commercially reasonable for the transmission and authentication of the FT Instruction. 

The parties agree that the Fund’s transmission of a FT Instruction by means of any of the above Fund Designated Security Procedures and the
Custodian’s acceptance and execution of such FT Instruction shall constitute a FT Instruction sent via a Fund Designated Security Procedure and governed by the terms of this FTSA. 

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

  
 3 

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

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

  

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

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

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

  
 4 

 SCHEDULE II: ELECTRONIC AND ON-LINE SERVICES SCHEDULE 

This Electronic and On-Line Services Schedule (this Schedule) to a Custodian Agreement dated as of December     , 2017 (as amended
from time to time hereafter, the Agreement) by and between[ ] (we, us our) and Metaurus Equity Component Trust (you, your or the Fund), provides general provisions governing your use of and access to the Services (as
hereinafter defined) provided to you by us via the Internet (at [ ]or such other URL as we may instruct you to use to access our products) and via a direct dial-up connection between your computer and our computers, as of December
    , 2017 (the Effective Date). Use of the Services constitutes acceptance of the terms and conditions of this Schedule, any Appendices hereto, the Terms and Conditions posted on our web site, and any terms and conditions
specifically governing a particular Service or our other products, which may be set forth in the Agreement or in a separate related agreement (collectively, the Related Agreements). 

 

	1.	General Terms. 

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

 

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

 

	 	1.2.	[ ], a system for executing foreign exchange trades; 

  

	 	1.3.	[ ], a system for receiving fund and prospectus information; 

  

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

  

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

  

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

  

	2.	Security / Passwords. 

  

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

  

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

 

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

  

	3.	Instructions. 

  

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

  

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

  

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

  

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

  

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

  
 5 

	4.	Electronic Documents. 

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

	5.	Malicious Code. 

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

	6.	Indemnification.  

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

 

	7.	Payment. 

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

	8.	Term/Termination. 

  

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

  

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

 

	9.	Miscellaneous. 

  

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

 

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

  
 6 

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

  

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

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

			
	 Metaurus Equity Component Trust (“you”)

 

			
	By:	 	  

	Title:	 	  

	Date:	 	  

  
 7 

 SCHEDULE III: TRANSFER AGENT SERVICES SCHEDULE 

[ ] shall perform the following transfer agency services for the Fund and, where applicable, the Fund’s Portfolios. As used herein, the term Fund
incorporates and includes the term Portfolio: 
  

	I.	Issuance and Redemption of Unit Baskets. 

  
 8 

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

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

F. Shares may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant Agreement and TA shall duly
process all redemption requests. 
 G. TA will act only upon Instruction from the Fund and/or the Distributor in addressing any failure in
the delivery of cash, securities and/or Shares in connection with the issuance and redemption of Shares. 
  

	II.	Recordkeeping. 

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

	III.	Services Related to the Monitoring of Cash Collateral.  

  

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

  
 9 

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

 

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

 US MONEY MARKET FUND INVESTMENTS SCHEDULE TO CUSTODIAN AGREEMENT 

TERMS & CONDITIONS 

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

This US MMF T&C supplements the Custodian Agreement between Metaurus Equity Component Trust (“Client”) and [ ] (“[ ]”) dated as of
December     , 2017, as amended from time to time (the “Custodian Agreement”), and provides terms and conditions related to Instructions to [ ] thereunder to process orders in and custody shares of U.S. registered
investment companies that hold themselves out as money market funds (“MMFs”), if any. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Custodian Agreement. 

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

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

 

	1)	Orders in MMFs. 

  

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

  

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

  

	2)	Liquidity Fees and Gates.  

  

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

  
 10 

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

  

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

  

	3)	Retail MMFs.  

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

	4)	No Agency. 

 With respect to orders in a MMF: 

 

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

 

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

 

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

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

*** *** *** 

  
 11

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