Document:

Customer Agreement between the Trust and CFL

 Exhibit 10.2 

 
 

 
 Date: April 11, 2012 

 

	 	(1)	BNP PARIBAS COMMODITY FUTURES LIMITED 

  

	 	(2)	BNP PARIBAS S&P DYNAMIC ROLL GLOBAL COMMODITIES FUND, a single series under the BNP Paribas Exchange Traded Trust, a Delaware series trust, severally and not
jointly with any other series 

  

 
 TERMS OF
BUSINESS 
 (SEGREGATED ACCOUNTS) 
  

 
 BNP Paribas Commodity Futures
Limited 
 10 Harewood Avenue London NW1 6AA – Tel: +44 (0)20 7595 4721 – Fax: +44 (0)20 7595 5100 / 5101 

BNP Paribas Commodity Futures Limited is authorised and regulated by the Financial Services Authority 

BNP Paribas Commodity Futures Limited, a wholly owned subsidiary of BNP Paribas S.A., is registered in England and Wales No. 2391477 – VAT
Registration No. 417 7346 42 

 

 
  

 THIS AGREEMENT is dated April 11, 2012 and made between: 

 

	(1)	BNP PARIBAS COMMODITY FUTURES LIMITED, whose registered office and principal place of business is at 10 Harewood Avenue, London, NW1 6AA
(“CFL”); and 

  

	(2)	BNP Paribas S&P Dynamic Roll Global Commodities Fund, a single series under the BNP Paribas Exchange Traded Trust, a Delaware series trust, severally and not
jointly with any other series, of 787 Seventh Avenue, New York, NY 10019 (the “Client”). 

 WHEREAS:

  

	(A)	CFL has agreed that it may from time to time provide to the Client the investment, trading and other services described in this Agreement. 

 

	(B)	CFL is authorised to provide those services and is regulated in the conduct of its designated investment business in the United Kingdom by the Financial Services
Authority. 

 NOW THIS AGREEMENT WITNESSES as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement:

 “Account” means each account (including but not limited to Account B411) opened or about to be opened by the Client with CFL
(and includes any replacement, redesignation or successor account) and “Accounts” shall refer to all Accounts collectively; 

“Applicable Regulation” means: 
  

	(a)	FSA Rules or any other rules of a relevant regulatory authority; 

  

	(b)	the rules of the relevant Exchange; and 

  

	(c)	all other applicable laws, rules and regulations as in force from time to time; 

 “Business Day” means a day which is not a Saturday or a Sunday which banks are open for general business in London and New York, and: 

 

	(a)	(in relation to any date for payment of a currency other than Euro) the principal financial centre of the country of that currency; or 

 

 
  

	(b)	(in relation to any date for payment of Euro) any TARGET day; 

 “Conflict of Interest Policy” means CFL’s conflict of interest policy document as in effect from time to time; 
 “Credit Support Document” means a guarantee, security or similar document executed in favour of CFL in respect of the obligations of the Client under this Agreement; 

“Credit Support Provider” means a person who executes a Credit Support Document in favour of CFL; 

“Electronic Service” means a service provided by CFL, an Exchange or a third party, including an internet trading service offering
clients access to information and trading facilities, via an internet service, a WAP service and/or an electronic Order Routing System; 

“Event of Default” means each of the events and circumstances listed in 13.1 (Events of Default); 

“Exchange” means, in relation to any Service rendered or Order executed pursuant to this Agreement, (i) any recognised investment
exchange, (ii) any regulated market and (iii) any other organised market for trading, whether or not regulated as an exchange in any jurisdiction; 
 “Execution Policy” means CFL’s execution policy as in effect from time to time and which can be accessed at http://cib.bnpparibas.com/file?q=DOC&i=15830_DOC.pdf; 

“Financial Instruments” means any financial instrument including swaps, futures, options, contracts for differences and spot or forward
contracts of any kind in relation to any commodity, metal, currency, interest rate, index or any combination thereof (whether or not traded on an Exchange); 
 “FSA Rules” means the handbook of Rules and guidance issued by the Financial Services Authority, as amended from time to time; 
 “Give-Up” means an International Uniform Execution (Give-Up) Brokerage Agreement or equivalent document dealing with substantially the same commercial circumstances, entered into between
the Client and CFL; 
 “Initial Margin” means: 
  

	(a)	 an amount at least equal to any deposit which, at the time an Order is executed, CFL may be required to pay to the Exchange on which the relevant
Financial Instrument 

 

 
  

	 	
is traded or the clearing house through which the relevant Financial Instrument is cleared in accordance with the rules and regulations of that Exchange or clearing house;

  

	(b)	such further amounts as CFL may require from the Client by way of deposit or security in respect of a Financial Instrument; and 

 

	(c)	in no circumstance shall the sum of (a) and (b) above be greater than 150% of the amount CFL is required to pay to the Exchange. 

“Order” means an order from the Client to CFL in respect of the purchase or proposed purchase of a Financial Instrument; 

“Order Allocation Policy” means CFL’s order allocation policy document which forms part of the Execution Policy as in effect from
time to time; 
 “Order Routing System” means any electronic trading platform through which CFL may execute any Order on behalf
of the Client; 
 “Potential Event of Default” means any event which may become (with the passage of time, the giving of
notice, the making of any determination or any combination thereof) an Event of Default; 
 “Services” means the services
described in clause 2.1 (Nature of the Services); 
 “System” means all computer hardware and software, equipment,
network facilities and other resources and facilities needed to enable the Client to use an Electronic Service; 
 “Variation
Margin” means: 
  

	(a)	amounts equal to any variation margin which, while a Financial Instrument is outstanding, CFL may from time to time be required to pay to the Exchange on which the
relevant Financial Instrument is traded or the clearing house through which the relevant Financial Instrument is cleared in accordance with the rules and regulations of that Exchange or clearing house in order to reflect changes in the value of that
Financial Instrument on a mark-to-market basis; 

  

	(b)	such further amounts as CFL may from time to time require from the Client by way of deposit or security in respect of a Financial Instrument; and

  

	(c)	in no circumstance shall the sum of (a) and (b) above be greater than 150% of the amount CFL is required to pay to the Exchange. 

 

 
  

	1.2	Interpretation 

  

	1.2.1	Clause headings are for convenience only and shall not affect the interpretation of this Agreement. 

 

	1.2.2	A person who is not a party to this Agreement is not entitled to enjoy the benefit of, or to enforce any of the terms of, this Agreement. 

 

	1.2.3	This Agreement shall be read together with any product- or market-specific schedule provided by CFL to the Client in connection with this Agreement.

  

	2.	THE SERVICES 

  

	2.1	Nature of the Services 

This Agreement sets out the basis on which CFL may from time to time and on terms agreed between the parties provide to the Client all or
any of the following services: 
  

	 	a)	entering into, executing, arranging, carrying, clearing and settling transactions in Financial Instruments with or for the Client; 

 

	 	b)	the provision of investment advice which is incidental to the services described in (a) above and which is provided solely for the purpose of enabling the Client to
make its own investment decisions; and 

  

	 	c)	such other services as may be agreed between CFL and the Client from time to time in writing. 

 

	2.2	CFL as Service Provider 

In providing services to the Client under this Agreement: 
 (a) CFL will be party to any transaction as principal; 
 (b) CFL shall treat the
Client as its sole client for the purposes of the FSA Rules; 
 (c) each determination, calculation, specification, designation
and adjustment which is to be made by CFL under this Agreement shall be made by CFL promptly, in good faith and in a commercially reasonable manner having reasonable regard to all information available to it. 

 

	2.3	Status of the Client 

 The
Client acknowledges that the Services will be provided by CFL on the basis that: 
  

	 	(a)	the Client is classified under the FSA Rules in relation to all Services as set out in the client classification letter sent to the client; 

 

 
  

	 	(b)	if the Client believes that it has not been classified correctly in relation to the Services or that it should no longer be classified as set out in the client
classification letter in relation to the Services, then it will notify CFL immediately; 

  

	 	(c)	following receipt of any such notification, CFL may refuse any further instructions from the Client and may terminate this Agreement with immediate effect; and

  

	 	(d)	the Client will observe the standard of behaviour reasonably expected of persons in its position and will not take any step which may cause CFL to fail to observe the
standard of conduct reasonably expected of it. 

  

	2.4	Advice 

 The Client
acknowledges that, where CFL provides advice of the kind contemplated by clause 2.1 (Nature of the Services): 
  

	 	(a)	the information CFL may provide to other clients may be different from advice given to the Client due to (i) individual analysis of fundamental and technical
factors by different personnel, (ii) unforeseen changes to market conditions and factors influencing them and/or (iii) the operation of “Chinese Wall” arrangements within CFL which restrict the internal flow of information within
CFL; and 

  

	 	(b)	such information may not be consistent with the proprietary investments of CFL itself or any of its affiliates, directors, employees or agents.

  

	3.	OPERATION OF THE ACCOUNT(S) 

  

	3.1	Establishment of the Account(s) 

 The Client has opened or is about to open an Account or Accounts with CFL. All transactions effected pursuant to this Agreement will be attributed to an Account (as specified by the Client) and all
payments, gains and losses shall be credited or debited accordingly. 
  

	3.2	Orders 

 Subject to the
terms of this Agreement, the Client may from time to time place Orders with CFL. 

 

 
  

	3.3	Communication of Orders 

Unless CFL notifies the Client otherwise, Orders may be placed by or on behalf of the Client in writing, by email or orally in accordance
with the provisions of clause 20 (Notices). 
  

	3.4	General Provisions as to Orders 

 The following provisions shall apply to Orders received by CFL pursuant to this clause 3: 
  

	 	(a)	CFL may rely upon, and the Client shall be bound by and agrees to accept full responsibility for any Orders given or purported to be given by or on behalf of the Client
(whether through an Electronic Service or otherwise) and CFL shall not be obliged to make any enquiry concerning the genuineness of any such Order, the identity or authority of the person giving it or any other matter; 

 

	 	(b)	notwithstanding (a) above, if CFL elects to make further enquiries with respect to a particular Order, it shall not be liable for any loss which the Client may
suffer as a result of the resultant delay in executing, or the refusal to execute, the relevant Order; 

  

	 	(c)	CFL may place financial or other limits on the Orders which it is prepared to accept and or clear on behalf of the Client and may in any event refuse to accept or to
execute any Order without giving any reason for that decision (and the Client shall be bound by any action taken by CFL pursuant to this sub-clause); 

  

	 	(d)	CFL may close out or otherwise liquidate any transaction in order to give effect to any limit imposed pursuant to sub-clause (c) above); and

  

	 	(e)	the Client may only cancel an Order with the consent of CFL. 

  

	3.5	Execution of Orders 

Subject always to the provisions of clause 4.1 (Execution) and to any contrary agreement between CFL and the Client in particular
cases, CFL may execute Orders in any way CFL, in its discretion, considers appropriate, including: 
  

	 	(a)	by way of electronic trade matching or instruction entry systems; 

  

	 	(b)	crossing trade instructions with trade instructions of other customers, provided that such cross trades are in accordance with Applicable Regulation; and

 

 
  

	 	(c)	through the use of such intermediate brokers (including affiliates of CFL) as CFL may select. 

 

	3.6	Debit Balances and Position Limits 

 The Client shall from time to time on demand by CFL: 
  

	 	(a)	pay to CFL an amount equal to any debit balance for the time being on any Account; and 

 

	 	(b)	limit the number of its open positions in such manner as CFL may determine (and, in order to secure compliance with any such requirement, CFL may in its reasonable
discretion close out any one or more transactions on an Account or Accounts). 

  

	4.	EXECUTION; AGGREGATION; CONFIRMATIONS AND STATEMENTS 

  

	4.1	Execution 

 Except where
the Client provides specific instructions to CFL as to the mode of execution of an Order, CFL is required to take all reasonable steps to obtain the best possible result for the Client when executing Orders, having regard to various factors which
may affect that process. To that end, CFL executes Orders in accordance with the terms of the Execution Policy and the Client confirms its agreement to it. 
  

	4.2	Aggregation 

 CFL does
not in the ordinary course of its business aggregate Orders and will not aggregate or permit aggregation of orders unless: 
  

	 	(a)	it is unlikely that the aggregation of transactions will work to the overall disadvantage of the Client (although the Client acknowledges that aggregation may work to
its disadvantage in relation to particular Orders); and 

  

	 	(b)	the benefit of the aggregated orders is distributed in accordance with the Order Allocation Policy (and the Client acknowledges that it has received a copy of, and
approves, that policy). 

  

	4.3	Confirmations and Statements 

 The following provisions shall apply to confirmations and statements: 
  

	 	(a)	CFL shall send to the Client confirmation of any transaction effected under this Agreement promptly following its execution; 

 

 
  

	 	(b)	a confirmation delivered pursuant to (a) above shall, in the absence of an obvious error, be binding on the Client unless either party notifies a discrepancy to
the other party within one Business Day of its dispatch provided the parties have reconciled the positions at the end of such day, otherwise within one Business Day of actual delivery to and receipt by Client; 

 

	 	(c)	CFL shall send to the Client a statement of its Account(s) at monthly intervals; and 

 

	 	(d)	a statement delivered pursuant to (c) above shall, in the absence of an obvious error, be binding on the Client unless either party notifies a discrepancy to the
other party within five Business Days of its despatch. 

  

	5.	EXERCISE OF OPTIONS; CLOSE OUT OF FUTURES 

  

	5.1	Options 

 The Client
agrees and acknowledges that: 
  

	 	(a)	Exchanges have exercise cut-off times for the tender of exercise instructions in relation to options and that options will become worthless in the event that the Client
does not deliver instructions by such exercise cut-off time; 

  

	 	(b)	CFL may establish exercise cut-off times which may be earlier than the exercise cut-off times established by the relevant Exchange; and 

 

	 	(c)	the Client shall have no claims against CFL for failure to exercise an option on the Client’s behalf in the event that it docs not provide to CFL
(i) instructions to exercise such option and (ii) the funds which are necessary for that purpose, in each case by the earliest cut-off time established pursuant to (a) or (b) above. 

 

	5.2	Futures 

 The Client
agrees and acknowledges that: 
  

	 	(a)	CFL may establish and notify to the Client cut-off times for receipt of instructions to close out open futures positions maturing in a current month;

  

	 	(b)	in respect of positions which the Client does not intend to close out prior to maturity, it will provide CFL with sufficient funds and/or documents as CFL may require
by such time or times as it may notify to the Client for that purpose; and 

 

 
  

	 	(c)	if such instructions, funds or documents are not received by CFL in time, then CFL may, without notice to the Client, either (i) close out any open positions or
(ii) receive delivery on the Client’s behalf upon such terms and by such methods as CFL may deem reasonable in the circumstances. 

  

	6.	ELECRONIC TRADING TERMS 

  

	6.1	Application 

 This clause
6 applies to the Client’s use of any Electronic Services. Any transaction entered into by the Client using an Electronic Service shall be a Financial Instrument and shall be governed by the terms of this Agreement. In the event of any conflict
between any term of this clause 6 and a term of a Give-Up, the terms of this clause 6 shall prevail. 
  

	6.2	Access 

 Once the Client
has gone through the security procedures associated with an Electronic Service provided by CFL, CFL may, but is not obliged to, give the Client access to such service, unless agreed otherwise. An Electronic Service shall be provided on the basis
that the Client shall use such Electronic Service solely at its business premises, unless otherwise agreed with CFL, and for its own internal and commercial purposes only. CFL may change its security procedures at any time and will tell the Client
of any new procedures that applies to the Client as soon as possible. 
  

	6.3	Restrictions on services provided 

 CFL may place restrictions on the number of Financial Instruments that the Client can enter into on any one day and also in terms of the total value of those Financial Instruments when using an Electronic
Service. The Client acknowledges that some Exchanges place restrictions on the types of orders that can be directly transmitted to their electronic trading systems. The transmission of such orders to the Exchange is dependent upon the accurate and
timely receipt of prices or quotes from the relevant Exchange or market data provider. The Client acknowledges that an Exchange may cancel such an order when upgrading its systems, trading screens may drop the record of such an order, and the Client
enters such orders at its own risk. 

 

 
  

	6.4	Right of Access 

 In
respect of any Exchange to which CFL allows the Client to submit orders or receive information or data using the Electronic Services, CFL may at any time or times, on reasonable notice (which, in certain circumstances, may be immediate) enter (or
instruct its or the Exchange’s subcontractors to enter) the Client’s premises and inspect the Client’s System to ensure that it complies with the requirements notified by CFL to the Client from time to time and that the Client is
using the Electronic Services in accordance with this Agreement and any requirements of Applicable Regulations. 
  

	6.5	Access requirements 

 CFL
will not be responsible for providing the System to enable the Client to use an Electronic Service. 
  

	6.6	Virus detection 

 The
Client will be responsible for the installation and proper use of any virus detection/scanning program CFL requires from time to time. 
  

	6.7	Use of information, data and software 

 In the event that the Client receives any data, information or software via an Electronic Service other than that which the Client is entitled to receive pursuant to this Agreement, the Client will
immediately notify CFL and will not use, in any way whatsoever, such data, information or software. 
  

	6.8	Maintaining standards 

When using an Electronic Service the Client must: 
  

	 	(a)	ensure that the Client’s System is maintained in good order and is suitable for use with such Electronic Service; 

 

	 	(b)	run such tests and provide such information to CFL as CFL shall reasonably consider necessary to establish that the Client’s System satisfies the requirements
notified by CFL to the Client from time to time; 

  

	 	(c)	carry out virus checks on a regular basis; 

  

	 	(d)	inform CFL immediately of any unauthorised access to such Electronic Service or any unauthorised Financial Instrument or instruction which the Client knows of or
suspects and, if within the Client’s control, cause such unauthorised use to cease; and 

 

 
  

	 	(e)	control access to such Electronic Service and put and keep systems in place to prevent unauthorised access. 

 

	6.9	System defects 

 If the
Client becomes aware of a material defect, malfunction or virus in the System or in an Electronic Service, the Client will immediately notify CFL and, if required by the Exchange, the market operator, of such defect, malfunction or virus and cease
all use of such Electronic Service until the Client has received permission from CFL to resume use. 
  

	6.10	Intellectual Property 

All rights in patents, copyrights, design rights, trade marks and any other intellectual property rights (whether registered or
unregistered) relating to the Electronic Services remains vested in CFL or its licensors. The Client will not copy, interfere with, tamper with, alter, amend or modify the Electronic Services or any part or parts thereof unless expressly permitted
by CFL in writing; reverse compile or disassemble the Electronic Services; nor purport to do any of the same or permit any of the same to be done, except in so far as such acts are expressly permitted by law. Any copies of the Electronic Services
made in accordance with law are subject to the terms and conditions of this Agreement. The Client shall ensure that all the licensors’ trademarks and copyright and restricted rights notices are reproduced on these copies. If CFL so requests,
the Client shall as soon as reasonably practical, provide to CFL a statement of the number and whereabouts of copies of the Electronic Services. 
  

	6.11	Responsibility for Orders 

The Client shall be responsible for and liable to CFL for any Financial Instrument entered into using an Electronic Service and shall
ensure that an adequate audit trail exists so that it is clear which of its authorised individuals is responsible for each Financial Instrument executed using an Electronic Service. Except in the event of fraud or (subject to clause 16 (Force
Majeure) default, neither CFL nor any of its directors, officers, employees or agents shall be liable for any direct, indirect or consequential losses or liabilities (whether in respect of taxation or otherwise) which the Client may suffer or incur
as a result of the Client’s use of an Electronic Service. 

 

 
  

	6.12	Commissions 

 The Client
agrees that all commissions, expenses and fees relating to any System or Electronic Service shall be payable in accordance with the terms of the fee schedule in place between CFL and the Client. 

 

	6.13	Liability and Indemnity 

Without prejudice to any other terms of this Agreement, relating to the limitation of liability and provision of indemnities, the
following clauses shall apply to the Electronic Services. 
 (a) System errors 

CFL shall have no liability to the Client for damage which the Client may suffer as a result of transmission errors, technical faults,
malfunctions, illegal intervention in network equipment, network overloads, malicious blocking of access by third parties, internet malfunctions, interruptions or other deficiencies on the part of internet service providers or if any Electronic
Service is unavailable for any other reason whether temporarily or otherwise. The Client acknowledges that access to Electronic Services may be limited or unavailable due to such system errors, and that CFL reserves the right upon notice to suspend
access to Electronic Services for this reason. 
 (b) Delays 

Neither CFL nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any
data provided to the Client in connection with an Electronic Service. 
 (c) Viruses from an Electronic Service

 CFL shall have no liability to the Client (whether in contract or in tort, including negligence) in the event that any
viruses, worms, software bombs or similar items are introduced into the Client’s System via an Electronic Service or any software provided by CFL to the Client in order to enable the Client to use such Electronic Service, provided that CFL has
taken reasonable steps to prevent any such introduction. 
 (d) Viruses from the Client’s System 

The Client will ensure that no computer viruses, worms, software bombs or similar items are introduced into CFL’s computer system or
network and will indemnify CFL on demand for any loss that CFL suffers arising as a result of any such introduction. 

 

 
  

 (e) Unauthorised use or breach of Applicable Regulation 

CFL shall not be liable for any loss or cost whatsoever arising from any unauthorised use of the Electronic Service or breach by the
Client or by any of its officers or employees or any third party of any Applicable Regulation in relation to the use of an Electronic Service. The Client shall on demand indemnify, protect and hold CFL harmless from and against all losses,
judgments, suits, actions, proceedings, claims and costs resulting from or arising out of any act or omission by any person using an Electronic Service by using the Client’s designated passwords, whether or not the Client authorised such use.
In the event that the Client becomes aware of any unauthorised use or breach of any Applicable Regulation by it or by any of its officers or employees or any third party, the Client will notify CFL immediately. The Client authorises CFL to take all
such steps as CFL may in its reasonable discretion consider necessary or appropriate for CFL to take to end the unauthorised use or to comply with the Applicable Regulations. 
 (f) Exchanges 
 CFL shall not be liable for any action taken by or on the
instruction of an Exchange, clearing house or regulatory body. 
  

	6.14	Suspension or permanent withdrawal with notice 

 CFL may suspend or permanently withdraw an Electronic Service, by giving the Client five Business Days’ written notice. 

 

	6.15	Immediate suspension or permanent withdrawal 

 CFL has the right, unilaterally and with immediate effect, to suspend or withdraw permanently the Client’s ability to use any Electronic Service, or any part thereof, without notice, where CFL
considers it necessary or advisable to do so, for example due to the Client’s non-compliance with the Applicable Regulations, breach of any provisions of this Agreement, on the occurrence of an Event of Default, network problems, failure of
power supply, for maintenance, or to protect the Client when there has been a breach of security. In addition, the use of an Electronic Service may be terminated automatically, upon the termination (for whatever reason) of (i) any licence
granted to CFL which relates to the Electronic Service; or (ii) this Agreement. The use of an Electronic Service may be terminated immediately if an Electronic Service is withdrawn by any Exchange or CFL is required to withdraw the facility to
comply with Applicable Regulations. 

 

 
  

	6.16	Effects of termination 

In the event of a termination of the use of an Electronic Service for any reason, upon request by CFL, the Client shall, at CFL’s
option, return to CFL or destroy all hardware, software and documentation CFL may have provided the Client with in connection with such Electronic Service and any copies thereof. 

 

	7.	CLEARING AND GIVE-UP ARRANGEMENTS 

  

	7.1	Application 

 This clause
7 applies, subject to the rules of any relevant Exchange, where CFL clears Financial Instruments for the Client, including in circumstances where there is a Give- Up between CFL, the Client and a third party executing broker and the reference number
or mnemonic applicable to the Client is quoted by such executing broker when a Financial Instrument is submitted to CFL for clearing. 
  

	7.2	Acceptance and Clearing 

Notwithstanding any provision contained in any relevant Give-Up, if CFL accepts a transaction for clearing, such transaction shall be
binding and conclusive on the Client immediately on its acceptance for clearing by CFL whether or not the details of such transaction have previously been confirmed to CFL by the Client. 

 

	7.3	Discrepancies and Disputes 

CFL shall not be liable for any losses, costs, expenses or damages arising from any discrepancy between (i) details of the
transaction the Client has executed or the Client’s instructions to an executing broker under a Give-Up (as applicable) and (ii) details of transactions submitted to CFL for clearing by or on behalf of the Client. Any dispute relating to a
transaction given up or attempted to be given up to CFL for clearing shall be determined under the applicable rules of the relevant Exchange, if any, or otherwise in accordance with this Agreement. 

 

 
  

	8.	MATCHING TRANSACTIONS AND OTHER MATTERS 

  

	8.1	Matching Transactions 

The Client agrees that CFL shall only be obliged to make performance of any obligations to the Client under a transaction to the extent
that CFL has received the benefit of performance of equivalent obligations owed to it by the relevant Exchange or clearing house which is its counterparty under the matched transaction corresponding to such transaction. 

 

	8.2	Physical Delivery 

 The
Client acknowledges and agrees that: 
  

	 	(a)	in connection with any such matched transaction, CFL may be subject to certain obligations under the rules of an Exchange and/or a related clearing house in respect of
physical delivery of underlying instruments or commodities; 

  

	 	(b)	the Client shall be responsible for the physical delivery of any underlying instrument or commodity in relation to any such obligation arising in connection with a
transaction or any such matched transaction; and 

  

	 	(c)	the Client will provide CFL with any information it may require and take any action that CFL may deem necessary in order to allow it to comply with its obligations
(including any related delivery obligations in respect of any such transaction). 

  

	8.3	Indemnity 

 Without
prejudice to any other terms of this Agreement, the Client agrees to indemnify CFL in respect of any liability it may incur or to which it may be subjected as a result of or arising out of obligations assumed by it (including any related physical
delivery obligations), or indemnities provided by it, in respect of any transaction pursuant to rules of any Exchange and/or a related clearing house, except for liabilities arising from CFL’s own negligence, (subject to clause 16 (Force
Majeure) default, bad faith, misconduct or breach of this Agreement. 
  

	8.4	Non-registration/Rejection 

Where a transaction submitted by CFL to a clearing house for registration is not registered, or is rejected, or is otherwise not accepted
for clearing by the clearing house, then the matching transaction between the Client and CFL will also immediately terminate without any obligation or liability of either party (subject to any accrued obligations or liabilities at the date of
termination) except where expressly agreed otherwise between the parties or expressly stated to the contrary pursuant to the rules of the relevant Exchange and/or clearing house. 

 

 
  

	9.	CHARGES 

  

	9.1	Agreed and Other Charges 

The Client agrees to pay to CFL: 
  

	 	(a)	such charges as may be agreed from time to time; 

  

	 	(b)	any other charges or amounts incurred in connection with the provision of the Services, including (i) any amounts incurred in connection with the clearing and/or
settlement of transactions (ii) any amounts relating to storage and delivery of physical products and (iii) the fees of any Exchange, clearing house or regulatory body; and 

 

	 	(c)	value added or other taxes payable in respect of any of the foregoing. 

  

	9.2	Deduction 

 Any amounts
due to CFL under this Agreement or in respect of any transaction shall be debited to the relevant Account(s). 
  

	10.	CONFLICTS OF INTEREST; CLIENT MONEY 

  

	10.1	Conflicts of Interest 

The Client acknowledges that it has received a summary of CFL’s approach to managing conflicts of interest which may potentially
arise during the normal course of business and that CFL is committed to managing such conflicts, should they arise, to prevent their abuse and to protect its clients. Further information has been provided to the Client under Appendix 3 to the
Markets in Financial Instruments Directive notification sent to the Client as part of the client on-boarding process. 
  

	10.2	Client Money 

  

	 	10.2.1	The Client acknowledges and agrees that: 

  

	 	(a)	in order to execute Orders, CFL is required to carry on business and to enter into commitments in its own name acting as principal, on behalf of the Client, and this is
required by the very nature of the business; 

 

 
  

	 	(b)	CFL complies with the client money and client assets rules as set out in the FSA’s Client Assets Sourcebook and that payments made by the Client and held by CFL on
account and payments received by CFL from an Exchange, its related clearing house or relevant clearing broker, in each case in relation to a Financial Instrument in an Account, as well as any Financial Instrument held in an Account, will be held in
a segregated client pool and CFL at all times shall comply with all FSA client segregation rules and requirements; 

  

	 	(c)	payments made by the Client in respect of Initial Margin and Variation Margin will generally be paid to the Exchange, its related clearing house or relevant clearing
broker, on which a Financial Instrument has been effected and the Client consents to such payments to the Exchange, its related clearing house or relevant clearing broker, being made by CFL out of the relevant Account; 

 

	 	(d)	fees due to CFL in relation to an Account will generally be paid to CFL out of the relevant Account and the Client consents to such payment out of the relevant Account
to CFL; 

  

	 	(e)	all client money held by CFL in the segregated client pool will be placed in a general client bank account with an authorised institution nominated by CFL;

  

	 	(f)	the general client bank account containing client money will be separate from all other bank accounts containing CFL’s own money and Financial Instruments held in
an Account will be separate from all accounts containing CFL’s own Financial Instruments; 

  

	 	(g)	the client money held by CFL in the general bank account will be held by CFL as trustee on behalf of the Client. 

 

	 	10.2.2	The Client further acknowledges and agrees that: 

  

	 	(a)	 upon written notice from CFL to Client that specifies any clearing house which does not offer the facility to segregate collateral and other monies
held on behalf of CFL from monies held on behalf of CFL’s clients, the Client hereby agrees that any Order accepted by CFL in respect of a transaction cleared through such a clearing house will be effected by CFL entering into a direct
commitment as principal with the relevant clearing house and, by way of exception to the segregation arrangements described in Clause 10.2.1 above, the Client agrees that full title and ownership of any amounts necessary to meet any margin call in

 

 
  

	 	
respect of any such transaction shall be transferred to CFL by the movement of such monies into CFL’s own account. The Client agrees and acknowledges that, once the monies move into
CFL’s own account, they shall cease to be treated as “client money” for the purposes of the FSA’s Client Assets Sourcebook; and 

  

	 	(b)	where CFL arranges for the segregation of money held on behalf of the Client (and/or any other clients, in the case of client monies pooled in an omnibus cash account)
with a third party bank, exchange, clearing house or broker (each, a “Third Party”), it shall do so in accordance with the FSA’s client money rules and existing CFL policies which correspond to the credit practices of BNP Paribas. CFL
will hold the claim against the relevant Third Party for the return of the funds on trust in accordance with the trust terms set out in the FSA’s client money rules, these rules being intended by the FSA to provide a structure which protects a
client’s money in the event of the insolvency of its broker/clearer. The intention of such a trust is to ensure that the relevant funds remain segregated from CFL’s own assets in the event of the insolvency of CFL. The Client agrees and
acknowledges, however, that CFL does not guarantee the return of any monies held by any Third Party and that the Client bears the risk of the insolvency of any Third Party which whom its funds arc placed or which otherwise receive funds on the
Client’s behalf. 

  

	11.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	11.1	Representations and Warranties 

 The Client represents and warrants to CFL that on the date of this Agreement and as of the date of each transaction that: 
  

	 	(a)	this Agreement, each transaction and the obligations created under them are binding and enforceable against the Client in accordance with their terms and do not and
will not violate the terms of any regulation, instruction, charge or agreement by which the Client is bound; 

  

	 	(b)	it is in material compliance with all laws and regulations to which it is subject, including, without limitation, tax laws and regulations, exchange control
requirements and registration requirements; 

  

	 	(c)	no Event of Default or Potential Event of Default has occurred and is continuing; 

 

 
  

	 	(d)	it acts as principal and as sole beneficial owner in entering into this Agreement and each transaction; 

 

	 	(e)	any information which is provided to CFL in respect of the Client’s business, financial position, domicile or other matters is accurate and not misleading in any
material respect; 

  

	 	(f)	there has been no material adverse change in the Client’s financial condition since the date on which any information referred to in sub-clause (e) above was
presented to CFL; 

  

	 	(g)	it has selected BNP Paribas Quantitative Strategies, LLC as the managing owner of the Client (the “Managing Owner”). The Managing Owner will negotiate and
execute transactions on behalf of the Client and the Client will be bound by those transactions as if they had been negotiated directly by CFL and the Client and CFL shall be entitled to rely upon any and all instructions or notices received from
the Managing Owner with respect to this Agreement and the Account. Based on the foregoing representation CFL shall be under no obligation to determine whether the giving of any notice, instruction or entering into any transaction in connection with
this Agreement is within the authority of the Managing Owner. 

  

	11.2	Undertakings 

 The Client
undertakes and agrees with CFL that: 
  

	 	(a)	it will at all times obtain, maintain and comply with, all consents, licences and authorisations required by it in connection with this Agreement and any transaction;

  

	 	(b)	it will promptly notify CFL of the occurrence of any Event of Default or Potential Event of Default; 

 

	 	(c)	it will comply with all laws, regulations and rules applicable to this Agreement and any transaction (whether effected through an Electronic Service or otherwise), and
will (i) deliver evidence of such compliance to CFL on demand and (ii) allow CFL reasonable access to the Client’s premises, personnel and business reviews for the purpose of monitoring such compliance; 

 

	 	(d)	concurrent with this Agreement being entered into, each time such information changes and upon request by CFL, it will provide CFL with: 

(i) a list of authorised signatories of the Client authorised to sign this Agreement and any other documentation relating to the
Account(s), including details of Client’s signing policy to bind the client; and 

 

 
  

 (ii) standard payment instructions for any payments to be made under this Agreement and
any other documentation relating to the Account(s), signed by two authorised signatories of the Client; 
 in each case on headed
paper of the Client and duly authenticated in accordance with the Client’s standard procedures; and 
  

	 	(e)	it will provide to CFL on demand from time to time such information as it may reasonably require about the Client’s business and financial condition and that of
any Credit Support Provider. 

  

	11.3	KYC Undertakings 

 The
Client undertakes and agrees with CFL that: 
  

	 	(a)	it will provide to CFL on demand from time to time such documents and information as CFL may reasonably require in order to enable it to comply with any know your
customer (“KYC”) or similar identification or verification procedures imposed by law or regulation in any relevant jurisdiction; 

  

	 	(b)	any KYC documents or information held by an affiliate of CFL or any member of the BNP Paribas Group may be released to CFL notwithstanding any laws or regulations as to
confidentiality or secrecy (including, without limitation, those contained in article L511-33 of the Code Monetaire et Financier and Article 47 of the Swiss Federal Banking Law); 

 

	 	(c)	CFL may refuse instructions and/or terminate this Agreement if satisfactory evidence of identity is not provided to CFL within a reasonable time;

  

	 	(d)	the Client will ensure that access to any Electronic Service will only be granted to properly trained individuals and that proper controls will be implemented to ensure
that this remains the case; and 

  

	 	(e)	the Client will ensure that adequate audit trails exist so as to ensure that the individuals responsible for the placing of each Order (whether through an Electronic
Service or otherwise) are readily identifiable. 

 

 
  

	12.	MARGIN; SECURITY; MARGIN FACILITY 

  

	12.1	Obligation to Provide Margin 

 The Client shall on demand from time to time in relation to any transaction provide to CFL such Initial Margin and Variation Margin in such form or currencies and in such amounts or values as CFL may
notify to the Client provided, however, that demands for Margin received by client after 2pm NY Time may be satisfied by the close of the next Business Day. 
  

	12.2	Form and Application of Margin 

 The Client acknowledges and agrees that: 
  

	 	(a)	margin payments must be made in cash unless CFL agrees to an alternative arrangement; and 

 

	 	(b)	CFL may grant a security interest over any Initial Margin or Variation Margin originally provided by the Client, to cover CFL’s obligations with respect to the
Client’s transactions to any intermediate broker, exchange or clearing house. 

  

	12.3	Security 

 Without
prejudice to Clauses 10.2 and 12.2 above, the Client, with full title guarantee, charges to CFL all Initial Margin, Variation Margin and any other amounts or assets held by CFL pursuant to this Agreement or any transaction as a continuing security
for the performance of the Client’s obligations (whether actual or contingent, present or future) to CFL under or pursuant to this Agreement or in respect of any transaction effected pursuant to it. 

 

	12.4	Further Assurance 

 The
Client agrees to execute such documents and take such other action as CFL may reasonably request in order to create, protect or perfect the security interest intended to be created by clause 12.3 (Security). 

 

 
  

	13.	DEFAULT AND TERMINATION 

  

	13.1	Events of Default 

 The
following events and circumstances shall each constitute an Event of Default: 
  

	 	(a)	the Client or any Credit Support Provider fails, either on the due date or within any applicable grace period, (i) to make any payment or (ii) to perform any
other material obligation, including any material undertaking, imposed upon it pursuant to this Agreement or any Credit Support Document, provided in the case of this sub-paragraph (ii) that CFL makes a good faith effort to confer with a senior
officer of the Client, and following such conference such failure is not cured within 2 hours; 

  

	 	(b)	any petition is presented (by the Client or any other person and whether on grounds of insolvency or otherwise) for or with a view to the liquidation, dissolution,
winding up, administration, appointment of a custodian or trustee (or any equivalent officer) of or with respect to the Client, any Credit Support Provider or any of their respective assets (or any equivalent step is taken under the laws of
jurisdiction; 

  

	 	(c)	the Client or any Credit Support Provider is unable to pay its debts as they fall due or is bankrupt or insolvent, as defined under any bankruptcy or insolvency law
applicable to it; 

  

	 	(d)	any indebtedness in excess of USD 500,000 of the Client or any Credit Support Provider is not paid on the due date, or becomes capable at any time of being declared,
due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable; 

  

	 	(e)	proceedings are commenced for any execution, attachment or garnishment, or distress against, or an encumbrancer takes possession of, the whole or any part of the
property, undertaking or assets of the Client or any Credit Support Provider; 

  

	 	(f)	any representation or warranty made or given or deemed made or given by the Client under this Agreement or any Credit Support Provider proves to have been false or
misleading in any material respect as at the time it was made or given or deemed made or given; 

  

	 	(g)	the net asset value of Client as of any day either (1) declines by 20% or more from the last business day of the immediately preceding month period or
(2) declines by 35% or more from the last business day of the immediately preceding 12-months period (the NAV will be publicly available since on the NYSE Arca under the symbol “BNPC”); 

 

 
  

	 	(h)	BNP Paribas Quantitative Strategies, LLC ceases, or will within 60 days cease, to be the managing owner of the Client. 

 

	13.2	Termination on notice 

Subject to clause 13.3 (Automatic Termination), at any time following the occurrence of an Event of Default, CFL may, by notice to
the Client specify a date (the “Liquidation Date”) for the termination and liquidation of all outstanding transactions in accordance with the provisions of clause 13.4 (Calculation of Liquidation Amount). 

 

	13.3	Automatic termination 

Unless the Parties have agreed otherwise, the date of the occurrence of any Event of Default under clause 13.1 (b) (a
“Bankruptcy Default”) shall automatically constitute a Liquidation Date, without the need for any notice by either Party and the provisions of clause 13.4 (Calculation of Liquidation Amount) shall then apply. 

 

	13.4	Calculation of Liquidation Amount 

 Upon the occurrence of a Liquidation Date: 
  

	 	(a)	neither party shall be obliged to make any further payments or deliveries under any transactions which would, but for this clause, have fallen due for performance on or
after the Liquidation Date and such obligations shall instead be satisfied in accordance with the ensuing provisions of this clause 13.4; 

  

	 	(b)	on or as soon as reasonably practicable after the Liquidation Date, CFL shall in a commercially reasonable and good faith manner determine in respect of each
outstanding transaction its total cost, loss or, as the case may be, gain, in accordance with its normal practices and the rules of any exchange which may be applicable to those transactions; 

 

	 	(c)	in making the calculations contemplated by sub-clause (b) above, CFL may (i) take into account losses or gains according to it in respect of any hedge or
related trading position and (ii) convert losses or gains into sterling or such other reference currency as it may deem appropriate for these purposes at such rate of exchange as it may reasonably select; 

 

	 	(d)	if, following the calculations made pursuant to sub-clause (b) above, CFL determines that it has suffered a net loss in respect of the relevant transactions, then
the Client shall on demand pay that sum to CFL. If, however, CFL determines that it has made a net gain, then it shall promptly pay that amount to the Client. 

 

 
  

	13.5	Payments 

 Except as
contemplated by clause 13.4 (Calculation of the Liquidation Amount), CFL shall not be obliged to make any payment or delivery scheduled to be made by it under a transaction for as long as an Event of Default or a Potential Event of Default
has occurred and is continuing. 
  

	13.6	Closing out 

 Unless
otherwise agreed in writing between the parties or the rules of any relevant Exchange provide otherwise, if CFL enters into any transaction with the Client in order to close out any existing transaction then the respective obligations under both
such transactions shall automatically and immediately be terminated upon entering into the second transaction, except for any settlement payment due from one party to the other in respect of such close-out. 

 

	14	RIGHTS ON OCCURRENCE OF EVENT OF DEFAULT 

  

	14.1	Rights of CFL 

 In
addition and without prejudice to any rights or powers CFL may have under Clause 13 (Default and Termination) of this Agreement or any other agreement, on the occurrence of any Event of Default that is continuing or at any time the Client is
in breach of any material term of this Agreement, CFL may, after a good faith effort to confer with a senior officer of the Client: 
  

	 	(a)	(without any requirement to observe the provisions of Sections 93 of 103 of the Law or Property Act 1925) sell or charge, in any way CFL may in its reasonable
discretion select, any or all of the Client’s assets and property in the possession or control of CFL or any of its affiliates (including those assets charged to CFL pursuant to clause 12.3 (Security)) and apply the proceeds in meeting
the costs of such action and in or towards the satisfaction of the Client’s obligations in such order and manner as CFL may decide; 

  

	 	(b)	buy any investment or other property of which any Account may be short; 

  

	 	(c)	take any action it sees fit in order to close-out any Account, in whole or in part, or in order to close-out any commitments made on the Client’s behalf; and

 

 
  

	 	(d)	enter into any foreign exchange transaction, at such rates and times as CFL may conclusively determine, as is appropriate in order to meet obligations incurred by CFL
on behalf of the Client. 

  

	14.2	Authority and Indemnity 

The Client: 
  

	 	(a)	authorises CFL to take any or all of the steps contemplated by clause 14.1 (Rights of CFL) without notice to the Client; 

 

	 	(b)	agrees that the Client shall remain liable for any deficiency following such action; and 

 

	 	(c)	agrees to indemnify and hold CFL harmless in relation to all reasonable costs and expenses (including reasonable legal fees) which it may incur in taking any such steps
or in recovering any deficit. 

  

	14.3	Net Basis 

 Unless
otherwise agreed between the parties, all amounts which are payable under this Agreement or in respect of any transaction will be settled on a net basis. 
  

	15.	LIABILITY; INDEMNITY, LIMITATIONS OF LIABILITY OF THE CLIENT AND SHAREHOLDERS 

 

	15.1	Exoneration 

 Except in
the event of fraud, negligence, bad faith or (subject to clause 16 (Force Majeure) default, neither CFL nor any of its directors, officers, employees or agents shall be liable for any direct, indirect or consequential losses or liabilities (whether
in respect of taxation or otherwise) which the Client may suffer or incur as a result of: 
  

	 	(a)	any action taken or omitted by the Client in reliance on or as a result of any information, advice or recommendation given to the Client by CFL in the course of
providing the Services; 

  

	 	(b)	any action taken or omitted by CFL in respect of any transactions or the Services in accordance with the terms of this Agreement; or 

 

	 	(c)	any change in market prices or conditions or any other matter which affects or may affect any Order or transaction. 

 

 
  

	15.2	Indemnity 

 The Client
shall pay to CFL such sums as it may from time to time require to cover, on a full indemnity basis, losses, liabilities, costs or expenses (including reasonable legal fees), taxes (other than taxes on income), imposts and levies which, in each case
CFL may incur or be subjected to in performance of its obligations under this Agreement: 
  

	 	(a)	the Account(s) or any transaction or any matching transaction on an Exchange or with an intermediate broker or any documentation relating to the Account(s);

  

	 	(b)	any misrepresentation by the Client or any violation by it of its obligations under this Agreement, any transaction or any regulations applicable thereto; and

  

	 	(c)	the enforcement of CFL’s rights arising under or in any way connected with this Agreement or any transaction. 

 

	15.3	Limitations of Liability of the Client and Shareholders 

  

	 	(a)	Notwithstanding anything to the contrary provided herein, CFL agrees that the liabilities of the Client shall be limited such that the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to the Client shall be enforceable against the assets of the Client only, and not against the assets of any other series under the BNP Paribas
Exchange Traded Trust. 

  

	 	(b)	It is expressly acknowledged and agreed that the obligations of each Client hereunder shall not be binding upon any shareholder, officer, employee or agent of such
Client, personally. This Agreement has been duly executed by the Client and such execution shall not be deemed to have been made by any shareholder, officer, employee or agent of such Client individually or to impose any liability on any of them
personally. 

  

	16.	FORCE MAJEURE 

 CFL shall
not be liable to the Client for any partial or non-performance of CFL’s obligations under this Agreement by reason of any cause beyond its reasonable control, including without limitation: 

 

	 	(a)	any breakdown, malfunction or failure of transmission, communication or computer facilities; 

 

 
  

	 	(b)	volatile market conditions; 

  

	 	(c)	acts and regulations of any governmental, state or supra national bodies or authorities; 

 

	 	(d)	the default or failure of any relevant intermediate broker, agent, principal, custodian, sub-custodian, dealer, exchange, clearing house or regulatory or self-
regulatory organisation; 

  

	 	(e)	any act of God, fire, war, civil commotion, terrorism, interruptions of power supplies or labour disputes of whatever nature. 

 

	17.	TERMINATION 

  

	17.1	Termination Rights 

 This
Agreement may be terminated upon at least 30 days prior notice to that effect given by CFL or the Client to the other party. 
  

	17.2	Effect of Termination 

Upon termination of this Agreement, all outstanding transactions, to the extent that CFL deems it practical given the nature of a
transaction and the prevailing market conditions, will be terminated and liquidated in accordance with clause 13.4 (Calculation of Liquidation Amount) and all amounts payable by the Client to CFL under this Agreement will become immediately
due and payable, including (without limitation): 
  

	 	(a)	all outstanding fees, charges and commissions; 

  

	 	(b)	all expenses incurred upon or as a consequence of the termination of this Agreement; and 

 

	 	(c)	any losses or expenses incurred or realised by CFL in closing out any transactions or settling or concluding any outstanding obligations incurred by it on behalf of the
Client. 

  

	17.3	Outstanding Rights and Obligations 

 Termination of this Agreement shall not affect any outstanding rights and obligations of either party under this Agreement and, where applicable, any transaction which CFL is unable to terminate and
liquidate in accordance with clause 17.2 (Effect of Termination), which shall continue to be governed by the terms of this Agreement until all obligations have been fully performed. 

 

 
  

	18.	APPLICABLE REGULATIONS AND EXCHANGES 

  

	18.1	Regulations and Exchange Requirements 

 The Client acknowledges and agrees that: 
  

	 	(a)	any transaction effected pursuant to this Agreement shall be subject to Applicable Regulation; and 

 

	 	(b)	CFL may take such action as it may deem appropriate for the purpose of complying with Applicable Regulation and shall not incur any liability to the Client for the
consequences of any such action. 

  

	18.2	Action by an Exchange 

 If
an Exchange (or intermediate broker or agent, acting at the direction of, or as a result of action taken by, an Exchange) or clearing house takes any action which affects a transaction, then CFL may take any action which it, in its reasonable
discretion, considers desirable to correspond with such action or to mitigate any loss incurred by CFL as a result of such action or to protect its interests, including where necessary the cancellation of one or more transactions. Any such action
shall be binding on the Client, and CFL shall have no liability for any losses, costs, expenses or damages incurred or suffered by the Client as a result of it. 
  

	19.	MISCELLANEOUS 

  

	19.1	Partial Invalidity 

 Each
provision of this Agreement is severable and in the event of any provision becoming, illegal, invalid, unenforceable the remaining provisions shall continue to be binding on each party. 

 

	19.2	Interest 

 If the Client
fails to pay to CFL any amount required to be paid under this Agreement when it is due, CFL reserves the right to charge interest (both before and after any judgment) on any such unpaid amount calculated at the rate as reasonably determined by CFL
to be the cost of funding such overdue amount. Interest will accrue on a daily basis and will be due and payable on demand. 

 

 
  

	19.3	Withholding taxes 

 CFL
may deduct or withhold all forms of tax (whether of the United Kingdom or elsewhere in the world whenever imposed) from any payment if obliged to do so under Applicable Regulation. 

 

	19.4	Complaints Procedure 

 CFL
confirms that: 
  

	 	(a)	it has internal procedures for handling complaints fairly and promptly; 

  

	 	(b)	the Client may submit a complaint to CFL in writing; and 

  

	 	(c)	CFL will send to the Client a written acknowledgement of the complaint within five days of receipt enclosing details of CFL’s complaints procedure.

  

	20.	NOTICES 

  

	20.1	Notices in Writing 

 Where
this Agreement requires that any notice or communication to be given or made under this Agreement shall be made or given in writing, it may be given: 
  

	 	(a)	by letter, fax or email; and 

  

	 	(b)	in the case of a notice by CFL to the Client, by posting on any secure website maintained by CFL and to which the Client has access. 

 

	20.2	Contact details 

 Any such
notice or communication to be given or made by letter, fax or email must be given or made to the relevant party in accordance with that party’s notice details set out on the execution pages of this Agreement or to such substitute address, fax
or email as the intended recipient may have notified to the sender. 
  

	20.3	Service of Notices 

 Any
notice or communications shall be deemed to have been served: 
  

	 	(a)	if delivered by hand, at the time of delivery; 

  

	 	(b)	if sent by fax, at the time of the successful fax transmission report; 

  

	 	(c)	if sent by email, at the time of despatch (provided that delivery is not subsequently rejected); and 

 

 
  

	 	(d)	if posted on a secure website, at the time when it is first available to be viewed on that site. 

 

	20.4	Orders 

 Notwithstanding
the other provisions of this clause 20: 
  

	 	(a)	orders may be made orally (whether by telephone or otherwise); and 

  

	 	(b)	any Order placed by telephone may be recorded by CFL without warning the Client. 

 

	21.	MISCELLANEOUS 

  

	21.1	Variations in Writing 

 No
variation of this Agreement shall be effective unless made in writing and signed by each of the parties. 
  

	21.2	Remedies Cumulative 

 Any
rights, powers and remedies provided by any term of this Agreement are cumulative and not exclusive of any other rights, powers and remedies provided by the other terms of this Agreement or by law. 

 

	21.3	No partnership 

 Nothing
in this Agreement shall constitute a partnership or create a relationship of principal or agent or any other fiduciary relationship between the parties. 
  

	21.4	No waiver 

 The failure to
exercise, or any delay in exercising, a right, power or remedy provided by this Agreement or by law shall not constitute a waiver of that right, power or remedy. If a party waives a breach of any provision of this Agreement that shall not operate as
a waiver of any subsequent breach of that provision, or as a waiver of any breach of any other provision. 
  

	21.5	Counterparts 

 This
Agreement may be executed by the parties in any number of counterparts and shall together constitute one and the same instrument. 
  

	21.6	Successors 

 This
Agreement shall be binding upon the parties and their respective successors. 

 

 
  

	22.	LAW AND JURISDICTION 

  

	22.1	Governing Law 

 This
Agreement is governed by English law. 
  

	22.2	English Courts 

 The
courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement). 

 

	22.3	Convenient Forum 

 The
parties agree that the courts of England are the most appropriate and convenient courts to settle disputes and no party will argue to the contrary. 
  

	22.4	Other Jurisdictions 

 This
clause 22 is for the benefit of CFL only. As a result, CFL shall not be prevented from taking proceedings relating to a dispute in any other court with jurisdiction. To the extent allowed by law, CFL may take concurrent proceedings in any number of
jurisdictions. 

 

 
  

							
	Executed for and on behalf of	 		 	 /s/ Bertrand Meyer
	 	
				
	BNP PARIBAS COMMODITY	 		 	Bertrand Meyer – Managing Director	 	
				
	FUTURES LIMITED	 		 		 	
				
		 		 	 /s/ Ian Verrill
	 	
				
		 		 	Ian Verrill - Director	 	

  

			
	Address:	  	10 Harewood Avenue
		
		  	London
		
		  	NW1 6AA
		
	Fax No:	  	+44 207 595 5100/5101
		
	Tel No:	  	+44 207 595 6000
		
	Attention:	  	Timothy J. Knight
		
	Email:	  	tim.knight@bnpparibas.com
		
	 with copies to
	  	commodity.futures@bnpparibas.com

  

							
	 Executed for and on behalf of
	 		 	  
	 	

 BNP PARIBAS S&P DYNAMIC ROLL GLOBAL COMMODITIES FUND, a single series under the BNP Paribas Exchange Traded Trust,
a Delaware series trust, severally and not jointly with any other series 
  

							
		 		 	 /s/ M. Andrews Yeo

 
	 	
	 	 	 	 	M. Andrews Yeo - Chief Executive Officer,	 	 

 BNP Paribas Quantitative Strategies, LLC, the managing owner of BNP Paribas S&P Dynamic Roll Global
Commodities Fund, a single series under the BNP Paribas Exchange Traded Trust. 
  

							
	 Date of Signature(s):
	 		 	 11APR12
	 	

  

			
	Address:	  	787 Seventh Avenue, New York, NY 10019

 

 
  

			
	Fax No:	  	610-491-1838
		
	Tel No:	  	212-841-2000 (direct 917-472-4991)
		
	Attention:	  	M. Andrews Yeo
		
	Email:	  	andy.yeo@us.bnpparibas.com
		
	    with copies to	  	Joseph A. Inzerillo, Esq.
		
		  	c/o BNP Paribas Quantitative Strategies, LLC
		
		  	787 Seventh Avenue, New York, NY 10019Fund Administration and Accounting Agreement

 Exhibit 10.3 
 FUND ADMINISTRATION AND ACCOUNTING AGREEMENT 

AGREEMENT made as of September 7th, 2011, by and between BNP Paribas Quantitative Strategies, LLC, as sponsor of the funds listed on Exhibit A, as
amended or supplemented from time to time (each, individually, a “Fund” and collectively, the “Funds”), and The Bank of New York Mellon, a New York banking organization (“BNY”). 

W I T N E S S E T H : 

WHEREAS, each Fund desires to retain BNY to provide the services described herein, and BNY is willing to provide such services, all as
more fully set forth below; 
 NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the
parties hereby agree as follows: 
 1. Appointment. 

Each Fund hereby appoints BNY for the term of this Agreement as its agent to perform the services described on Schedule I or
Schedule II hereto. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth. 
 2.
Definitions. 
 Whenever used in this Agreement, the following words shall have the meanings set forth below: 

(a) “Authorized Person” shall be any person, whether or not an officer or employee of a Fund, duly authorized by a Fund to
execute any Certificate or to give any Oral Instruction, such persons to be designated in a Certificate annexed hereto as Exhibit B hereto or such other Certificate as may be received by BNY from time to time. 

(b) “BNY Affiliate” shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation. 

 (c) “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system
for receiving and delivering securities, its successors and nominees. 
 (d) “Business Day” shall mean for a Fund any
day described in such Fund’s Prospectus (as hereinafter defined) as a day on which such Fund is open for business. 
 (e)
“Certificate” shall mean any notice, instruction, or other instrument in writing, authorized or required by this Agreement to be given to BNY, which is actually received by BNY by letter or facsimile transmission and signed on behalf of a
Fund by an Authorized Person or a person reasonably believed by BNY to be an Authorized Person. 
 (f) “Instructions”
shall mean communications transmitted by electronic or telecommunications media, including S.W.I.F.T., computer-to-computer interface, dedicated transmission lines, or other mutually agreed upon means. 

(g) “Oral Instructions” shall mean verbal instructions received by BNY from an Authorized Person or from a person reasonably
believed by BNY to be an Authorized Person. 
 3. Representations and Warranties. 

Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing and repeated on
each day on which BNY is acting hereunder, that: 
 (a) It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 
 (b) This Agreement has been duly authorized, executed and delivered by it in accordance with all requisite action and constitutes a valid and legally binding obligation, enforceable against it in
accordance with its terms; 
 (c) It is conducting its business in material compliance with all applicable laws and regulations
and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on 

  
 - 2 -

 
it and no provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or
performance of this Agreement; 
 (d) To the extent the performance of any services described in Schedule II attached
hereto by BNY in accordance with the then effective Prospectus (as hereinafter defined) would violate any applicable laws or regulations, the Fund shall immediately so notify BNY in writing and thereafter shall either furnish BNY with the
appropriate values of securities, net asset value or other computation, as the case may be, or, subject to the prior approval of BNY, instruct BNY in writing to value securities and/or compute net asset value or other computations in a manner it
specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute its representation that the same is consistent with all applicable laws and regulations and with its Prospectus; 

(e) It will not use the services provided by BNY hereunder in any manner that is, or will result in, a violation of any Jaw, rule or
regulation applicable to it; and 
 (f) It is fully informed of the protections and risks associated with various methods of
transmitting Instructions and Oral Instructions and delivering Certificates to BNY, shall, and shall cause each Authorized Person, to safeguard and treat with extreme care any user and authorization codes, passwords and/or authentication keys,
understands that there may be more secure methods of transmitting or delivering the same than the methods selected by It, agrees that the security procedures (if any) to be utilized provide a commercially reasonable degree of protection in light of
its particular needs and circumstances, and acknowledges and agrees that Instructions may be presumed by BNY to have been given by person(s) duly authorized, and may be acted upon as given. 

4. Delivery of Documents. 
 (a) Each Fund will promptly deliver to BNY true and correct copies of each of the following documents as currently in effect and will promptly deliver to it all future amendments and supplements thereto,
if any: 
 (i) Its Organizational documents and all amendments thereto (the “Charter”); 

  
 - 3 -

 (ii) The Fund’s registration statement most recently filed with the Securities and
Exchange Commission (the “SEC”) relating to the shares of the Fund (the “Registration Statement”) and the prospectus therein contained (the “Prospectus”); 

(iii) Resolutions of BNP Paribas Quantitative Strategies, LLC, the managing owner of the Funds (the “Managing Owner”)
authorizing the execution, delivery and performance of this Agreement by the Fund; 
 True and correct copies of any material
contract between it and any third party (collectively, “Material Contracts”); 
 (v) Copies of all filings required
to be filed by the Fund with respect to its constituent documents with an official body or office (collectively, “Required Filings”); 
 (b) Each copy of the Charter shall be certified by an appropriate governmental representative of the jurisdiction of organization, and if the Charter is required by law also to be filed with a county or
other officer or official body, a certificate of such filing shall be filed with a certified copy submitted to BNY. Each copy of the Declaration of Trust and Trust Agreement, Registration Statement, Prospectus, Material Contracts and Required
Filings, and all amendments thereto, shall be certified by the Managing Owner. 
 (c) It shall be the sole responsibility of
each Fund to deliver to BNY from time to time its then currently effective Prospectus and BNY shall not be deemed to have notice of any information contained therein until it is actually received by BNY. 

5. Duties and Obligations of BNY. 
 (a) Subject to the direction and control of the Managing Owner and the provisions of this Agreement, BNY shall provide separately to each Fund (i) the administrative services set forth on Schedule
I attached hereto, and (ii) the valuation and computation services listed on Schedule II attached hereto. 
 (b)
In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel. 

  
 - 4 -

 (c) BNY shall not provide services relating to the management, investment advisory or
sub-advisory functions of any Fund, distribution of shares of any Fund, maintenance of any Fund’s financial records, other than those listed in Schedules I and II attached hereto, or other services normally performed by the Funds
respective counsel or independent auditors. 
 (d) Upon receipt of a Fund’s prior written consent (which shall not be
unreasonably withheld), BNY may delegate any of its duties and obligations hereunder to such Fund to any delegee or agent whenever and on such terms and conditions as it deems necessary or appropriate. Notwithstanding the foregoing, no Fund’s
consent shall be required for any such delegation to any BNY Affiliate notwithstanding the domicile of such BNY Affiliate, and BNY shall not be liable for any loss or damage arising out of, or in connection with, the actions or omissions to act of
any delegee or agent utilized hereunder so long as BNY acts in good faith and without negligence or willful misconduct in the selection or supervision of such delegee or agent, provided that BNY shall be liable for the acts or omissions of any BNY
Affiliate to the same extent it would be liable under the terms hereof had it committed such act or omission and not delegated the same, and BNY shall notify each affected Fund upon any such delegation to a BNY Affiliate. 

(e) To the extent permitted by applicable laws and provided that such information is not subject o any confidentiality obligation by the
relevant party, each Fund shall make commercially reasonable efforts to cause its officers, managers, advisors, sponsor, distributor, legal counsel, independent accountants, current administrator (if any) and transfer agent to cooperate with BNY and
to provide BNY, upon reasonable request, with such information, documents and advice relating to that Fund as is within the possession or knowledge of such persons in order to enable BNY to perform its duties hereunder. In connection with its duties
hereunder, BNY shall be entitled reasonably to rely, and shall be held harmless by each Fund when acting in reliance, upon the instructions, advice or any documents relating to a Fund provided to BNY by any of the aforementioned persons. BNY shall
not be liable for any loss, damage or expense resulting from or arising out of the failure of a Fund to cause any information, documents or advice to be provided to BNY as provided herein, provided BNY acts without negligence or willful misconduct.
All fees or costs charged by such persons shall be borne by the relevant Fund. 

  
 - 5 -

 (f) Nothing in this Agreement shall limit or restrict BNY, any affiliate or BNY Affiliate or
any officer or employee thereof from acting for or with any third parties and providing services similar or identical to some or all of the services provided hereunder. 
 (g) Each Fund shall furnish BNY with any and all instructions, explanations, information, specifications and documentation deemed necessary by BNY in the performance of its duties hereunder, including,
without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses. BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of net asset value, any
accrual for any federal, state, or foreign income taxes unless the Fund shall have specified to BNY the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. Each Fund shall also furnish BNY with
bid, offer, or market values of Securities if BNY notifies such Fund that same are not available to BNY from a security pricing or similar service utilized, or subscribed to, by BNY which BNY in its judgment deems reliable at the time such
information is required for calculations hereunder. At any time and from time to time, the Fund also may furnish BNY with bid, offer, or market values of Securities and instruct BNY to use such information in its calculations hereunder. BNY shall at
no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market
price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall
be solely for the Fund. 
 (h) BNY may apply to the Managing Owner for written instructions with respect to any matter arising
in connection with BNY’s performance hereunder for such Fund, and BNY shall not be liable for any action taken or not taken by it in good faith in accordance with such instructions. Such application for instructions may, at the option of BNY,
set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and BNY shall not be liable for any
action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received written instructions in response
to such application specifying the action to be taken or omitted. 

  
 - 6 -

 (i) BNY may consult with counsel to a Fund or its own counsel, at such Fund’s expense,
and shall be fully protected with respect to anything done or omitted by it in good faith after consultation with the Managing Owner in accordance with the advice or opinion of such counsel. 

(j) Notwithstanding any other provision contained in this Agreement, but to the extent expressly otherwise provided in Schedules I or
II attached hereto, BNY shall have no duty or obligation to with respect to, including, without limitation, any duty or obligation to determine, or advise or notify a Fund of: (i) the taxable nature of any distribution or amount received or
deemed received by, or payable to, such Fund, (ii) the taxable nature or effect on such Fund or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable nature or taxable
amount of any distribution or other amount paid, payable or deemed paid, by such Fund to its shareholders; or (iv) the effect under any federal, state, foreign, or other applicable income tax laws of such Fund making or not making any
distribution or other payment, or any election with respect thereto. 
 (k) BNY, in performing the services required of it under
the terms of this Agreement, shall be entitled reasonably to rely fully on the accuracy and validity of any and all instructions, explanations, information, specifications and documentation furnished to it by a Fund and shall have no duty or
obligation to review the accuracy, validity or propriety of such instructions, explanations, information, specifications or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts
and times of accrual of a Fund’s liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of Securities; and amounts receivable or amounts payable for the sale or redemption of Fund shares effected by or
on behalf of a Fund. In the event BNY’s computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon,
from a pricing or similar service utilized, or subscribed to, by BNY which BNY in its judgment deems reliable, or from a broker-dealer selected by BNY, BNY shall not be responsible for, under any

  
 - 7 -

 
duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be
required to inquire into any valuation of securities or other assets by a Fund or any third party described in this sub-section (k) even though BNY in performing services similar to the services provided pursuant to this Agreement for others
may receive different valuations of the same or different securities of the same issuers. 
 (l) BNY, in performing the services
required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund. 

(m) Subject to the provisions of this sub-section (m), BNY shall compute the net asset value per share of each Fund and shall value the
Securities held by such Fund at such times and dates and in the manner specified in the then currently effective Prospectus of such Fund, except that notwithstanding any language in the Prospectus, in no event shall BNY be required to determine, or
have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed
that all such determinations and considerations shall be solely for each Fund. To the extent valuation of Securities or computation of a Fund’s net asset value as specified in the Fund’s then currently effective Prospectus is at any time
inconsistent with any applicable laws or regulations, such Fund shall immediately so notify BNY in writing and thereafter shall either furnish BNY at all appropriate times with the values of such Securities and net asset value, or subject to the
prior approval of BNY, instruct BNY in writing to value Securities and compute net asset value in a manner which such Fund then represents in writing to be consistent with all applicable laws and regulations. Such Fund may also from time to time,
subject to the prior approval of BNY, instruct BNY in writing to compute the value of the Securities or net asset value in a manner other than as specified in this sub-section (m). By giving such instruction, such Fund shall be deemed to have
represented that such instruction is consistent with all applicable laws and regulations and its then currently effective Prospectus. Each Fund shall have sole responsibility for determining the method of valuation of Securities and the method of
computing net asset value. 

  
 - 8 -

 (n) BNY shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement and Schedules I and II attached hereto, and no covenant or obligation shall be implied against BNY in connection with this Agreement. 

6. Allocation of Expenses. 
 Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by each Fund, including but not limited to,
organizational costs and costs of maintaining its existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of such Fund’s manager(s), shareholders, officers or employees, legal, accounting and
audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or
repurchase of Fund shares, fees and expenses incident to the registration or qualification under federal, state or other applicable securities laws of each Fund or its shares, costs (including printing and mailing costs) of preparing and
distributing any materials, reports, notices and proxy material to a Fund’s shareholders, all expenses incidental to holding meetings of such Fund’s shareholders, and extraordinary expenses as may arise, including litigation affecting a
Fund and legal obligations relating thereto for which the Fund may have to indemnify its manager(s), shareholders, or officers. BNY shall maintain separate and distinct records with respect to all costs and expenses for each Fund and its manager(s)
or officers 
 7. Standard of Care: Indemnification. 

(a) BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees
(collectively, “Losses”), incurred by or asserted against a Fund, except those Losses arising out of BNY’s own gross negligence or willful misconduct. In no event shall BNY be liable to a Fund or any third party for special, indirect
or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action, nor shall BNY be liable for
(i) acting in accordance with any Certificate or Oral Instructions actually received by BNY and reasonably believed by BNY to be given by an 

  
 - 9 -

 
Authorized Person: (ii) acting in accordance with Instructions: (iii) presuming that all instructions that are Instructions and are not contained in a Certificate or Oral
Instructions are given only by person(s) duly authorized; (iv) relying upon prices provided by any third party pricing service or broker-dealer believed by BNY to be reliable; (v) subject to Section 11 hereof, for any
Losses due to forces beyond the control of BNY, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services; (vi) any Losses arising from the applicability of any law or regulation now or hereafter in effect; or (vii) any Losses, resulting from, arising out of, or in
connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by or on behalf of a Fund, or for delays caused by circumstances beyond BNY’s
reasonable control, unless any Loss described in this Subsection (a) arises out of the gross negligence or willful misconduct of BNY. 
 (b) Each Fund shall indemnify and hold harmless BNY from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by such Fund), and reasonable attorneys’
and accountants’ fees relating thereto, which are sustained or incurred or which may be asserted against BNY, by reason of or as a result of any action taken or omitted to be taken by BNY in good faith hereunder or in reliance upon (i) any
law, act, regulation or interpretation of the same, issued by a court or governmental agency, (ii) a Fund’s Registration Statement or Prospectus, (iii) any instructions of an officer of the Managing Owner, or (iv) any opinion of
legal counsel for a Fund or BNY, or arising out of transactions or other activities of a Fund which occurred prior to the commencement of this Agreement; provided, that a Fund shall not indemnify BNY for costs, expenses, damages, liabilities
or claims for which BNY is liable under preceding sub-section 7(a). This indemnity shall be a continuing obligation of each Fund, its respective successors and assigns, notwithstanding the termination of this Agreement. Without limiting the
generality of the foregoing, each Fund shall indemnify BNY against and save BNY harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more
of the following: 
 (i) Errors in records or instructions, explanations, information, specifications or documentation of any
kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of such Fund; 

  
 - 10 -

 (ii) Action or inaction taken or omitted to be taken by BNY pursuant to any Certificate,
Instructions or Oral Instructions of such Fund or otherwise without negligence or willful misconduct; 
 (iii) Any action taken
or omitted to be taken by BNY in good faith after consultation with the Fund in accordance with the advice or opinion of counsel for such Fund or its own counsel; 
 (iv) Any improper use by such Fund or its agents, distributor or investment advisor of any valuations or computations supplied by BNY pursuant to this Agreement; 

(v) The method of valuation of the securities and the method of computing such Fund’s net asset value; or 

(vi) Any valuations of securities or net asset value provided by such Fund. 

(c) Actions taken or omitted in reliance on oral or written instructions, or upon any information, order, indenture, stock certificate,
power of attorney, assignment, affidavit or other instrument reasonably believed by BNY to be genuine or bearing the signature of a person or persons reasonable believed to be authorized to sign, countersign or execute the same, or upon the opinion
of legal counsel for the Fund or its own counsel, shall be conclusively presumed to have been taken or omitted in good faith. 

8. Limitation of Liability. 
 (a) BNY agrees that, as each Fund is a distinct entity, the liabilities of each Fund shall be limited such that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing and relating to this Agreement with respect to a particular Fund shall be enforceable against the assets of that particular Fund only, and not against the assets of any other Fund and that they have executed one instrument for convenience
only. 

  
 - 11 -

 (b) It is expressly acknowledged and agreed that the obligations of each Fund hereunder
shall not be binding upon any shareholder, Trustee, officer, employee or agent of such Fund, personally. This Agreement has been duly authorized, executed and delivered by each Fund and neither such authorization nor such execution and delivery
shall be deemed to have been made by any of them individually or to impose any liability on any of them personally. 
 9.
Compensation and Reimbursements. 
 For the services provided hereunder, each Fund agrees to pay BNY such compensation as
is mutually agreed from time to time and such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in
performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Each Fund authorizes BNY to debit such Fund’s custody account for all amounts due and payable hereunder. BNY
shall deliver to each Fund invoices for services rendered after debiting such Fund’s custody account with an indication that payment has been made. Upon termination of this Agreement before the end of any month, the compensation for such part
of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY,
each Fund’s net asset value shall be computed at the times and in the manner specified in the Fund’s Prospectus. 

10. Term of Agreement. 
 (a) This Agreement shall continue until terminated by either BNY giving to a Fund, or a Fund giving to BNY, a notice in writing specifying the date of such termination, which date shall be not less than
ninety (90) days after the date of the giving of such notice. Upon termination hereof, the affected Fund(s) shall pay to BNY such compensation as may be due as of the date of such termination, and shall reimburse BNY for any disbursements and
expenses made or incurred by BNY and payable or reimbursable hereunder. 
 (b) Notwithstanding the foregoing, BNY may terminate
this Agreement upon thirty (30) days prior written notice to a Fund if such Fund shall terminate its custody agreement with The Bank of New York Mellon, or fail to perform its obligations hereunder in a material respect. 

  
 - 12 -

 (c) Termination of this Agreement by any Fund shall not constitute a termination by any
other Fund unless separate notice is given. 
 11. Authorized Persons. 

Attached hereto as Exhibit B is a list of persons duly authorized by each Fund to execute this Agreement and give any written or
oral instructions, or written or oral specifications, by or on behalf of a Fund. From time to time a Fund may deliver a new Exhibit B to add or delete any person and BNY shall be entitled to rely on the last Exhibit B actually received by BNY.

 12. Amendment. 
 This Agreement may not be amended or modified in any manner except by a written agreement executed by BNY and each Fund to be bound thereby, and authorized or approved by each Fund to be bound thereby.

 13. Assignment. 
 This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by any Fund without
the written consent of BNY, or by BNY without the written consent of the Funds. 
 14. Governing Law; Consent to
Jurisdiction. 
 This Agreement shall be construed in accordance with the laws of the State of New York, without regard to
conflict of laws principles thereof. Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law
its right to a trial by jury. To the extent that in any jurisdiction a Fund may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, each Fund
irrevocably agrees not to claim, and each hereby waives, such immunity. 

  
 - 13 -

 15. Severability. 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other
persons and circumstances. Each Fund is entering this Agreement on its own account and no action by one Fund shall affect this Agreement with any other Fund. 
 16. No Waiver. 
 Each and every right granted to BNY hereunder or under any
other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY to exercise, and no delay in exercising, any right will operate
as a waiver thereof, nor will any single or partial exercise by BNY of any right preclude any other or future exercise thereof or the exercise of any other right. 
 17. Notices. 
 All notices, requests, consents and other communications
pursuant to this Agreement in writing shall be sent as follows: 
 if to a Fund, at the address for such Funds specified on
Exhibit A 
 if to BNY, at 
 The Bank of New York Mellon 
 Tel: 212.635.8918 

New York, New York 10286 
 Attention: Beth Stubenrauch 
 Title: Relationship Management 

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt. 

18. Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together shall constitute only one instrument. 

  
 - 14 -

 19. Entire Agreement. 

BNY and each Fund shall have no duties or responsibilities whatsoever except such duties and responsibilities specifically set forth in
this Agreement and no covenant or obligation shall be implied against BNY or any Fund in connection with this Agreement. 
 IN
WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized persons, all as of the day and year first above written. 

 

			
	BNP PARIBAS QUANTITATIVE
	STRATEGIES, LLC, as Sponsor of each Fund listed on Exhibit A
		
	By:	 	 /s/ M. Andrews Yeo

	Name	 	M. Andrews Yeo
	Title:	 	President

  

			
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Andrew Pfeifer

	Name	 	Andrew Pfeifer
	Title:	 	Vice President

  
 - 15 -

 EXHIBIT A 

FUNDS 
  

			
	 Name of Fund
	  	 Address

	BNP Paribas S&P Dynamic Roll Global Commodities Fund	  	Attention: Andy Yeo
	  	787 Seventh Avenue
	  	New York, NY 10019
		
	BNP Paribas Enhanced Volatility Fund	  	Attention: Andy Yeo
	  	787 Seventh Avenue
		  	New York, NY 10019

 SCHEDULE I 
 ADMINISTRATIVE SERVICES 
  

	1.	Provide periodic reports and other information to the Managing Owner or its accountants to assist in the periodic updating of the Registration Statement, Prospectus,
and the preparation of Form 1G-K and Form 10-Q and proxy materials, if any, with respect to the Funds. 

  

	2.	Prepare and, subject to approval of Fund, disseminate to Fund quarterly unaudited financial statements and schedules of Fund’s investments and make presentations
to the Managing Owner’s Board, as appropriate. 

  

	3	Prepare separate and distinct statistical reports for each Fund for outside information services. 

 

	4.	Attend meetings of the Managing Owner’s Board of Directors or its shareholders or members as requested from time to time. 

 

	5.	Establish appropriate expense accruals and maintain expense files for each Fund (each of which shall be separate and distinct from each other) and coordinate the
payment of invoices. 

  

	6.	Maintain certain books and records in respect of the Funds as listed on Schedule II by and among BNP Paribas Quantitative Strategies, LLC, a sponsor of the
Funds, and BNY as amended from time-to-time. 

  

	7.	When applicable BNY accepts delegation of the obligations of BNP Paribas Quantitative Strategies, LLC as contemplated under the Participant Agreement.

  
 - 3 -

 SCHEDULE II 
 VALUATION AND COMPUTATION SERVICES 
  

	1.	With respect to each Fund, BNY shall maintain the following records, separately and distinctly, on a daily basis with respect to the following:

  

	 	1.	Report of priced portfolio securities 

  

	 	2.	Statement of net asset value per share 

  

	II.	With respect to each Fund, BNY shall maintain the following records, separately and distinctly, on a monthly basis, with respect to the following:

  

	 	1.	General Ledger 

  

	 	2.	General Journal 

  

	 	3.	Cash Receipts Journal 

  

	 	4.	Cash Disbursements Journal 

  

	 	5.	Subscriptions Journal 

  

	 	6.	Redemptions Journal 

  

	 	7.	Accounts Receivable Reports 

  

	 	8.	Accounts Payable Reports 

  

	 	9.	Transaction (Securities) Journal 

  

	 	10.	Broker Transaction Journal 

  

	 	11.	Holdings Ledger 

  

	 	12.	Buy-Sell Ledger (Broker’s Ledger) 

 The
above reports may be printed according to any other required frequency to meet the requirements of the Internal Revenue Service, the Securities and Exchange Commission and the Fund’s Auditors.

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