Document:

Sixth Amendment

 Exhibit 10.119 

SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT 

This Sixth Amendment to Employment Agreement (the “Amendment”) is entered into as of August 13, 2010 (the “Effective
Date”), between Roger G. Stoll, Ph.D. (the “Executive”) and Cortex Pharmaceuticals, Inc. (the “Company”). 

RECITALS 

On October 29, 2002, the Company and the Executive entered into an Employment Agreement, which the parties subsequently amended on
April 8, 2003, November 10, 2004, August 13, 2005, July 11, 2008 and July 29, 2009 (as amended, the “Agreement”). 

The Executive is serving as the Company’s Executive Chairman pursuant to the terms of the Agreement, and the parties wish to amend
the Agreement pursuant to the terms and conditions set forth below. 
 AGREEMENT 

NOW THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, the parties hereby agree as follows
effective as of the Effective Date. Except as otherwise defined herein, capitalized terms shall have the meanings assigned to them in the Agreement. 

1. Section 2 of the Agreement shall be amended in its entirety to read as follows: 

“Term. The term of this Agreement shall expire on August 13, 2011.” 

2. Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect. 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date. 

 

	
	EXECUTIVE
	
	 /s/ Roger G. Stoll

	Roger G. Stoll, Ph.D.

  

			
	CORTEX PHARMACEUTICALS, INC.
		
	By:	 	 /s/ M. Ross Johnson

		 	M. Ross Johnson, Ph.D.
	Its:	 	Chairman, Compensation CommitteeForm of Amended and Restated Declaration of Trust and Trust Agreement

 Exhibit 4.1 

AMENDED AND RESTATED 

DECLARATION OF TRUST 

AND 

TRUST AGREEMENT 

OF 

JEFFERIES S&P 500 VIX SHORT-TERM FUTURES ETF 

Dated as of [            ], 2010 

By and Between 

JEFFERIES COMMODITY INVESTMENT SERVICES, LLC 

and 

WILMINGTON TRUST COMPANY 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		  	ARTICLE I	  	
			
		  	DEFINITIONS; THE TRUST	  	
			
	SECTION 1.1	  	Definitions	  	1
	SECTION 1.2	  	Name	  	8
	SECTION 1.3	  	Delaware Trustee; Business Offices	  	9
	SECTION 1.4	  	Declaration of Trust	  	9
	SECTION 1.5	  	Purposes and Powers	  	9
	SECTION 1.6	  	Tax Treatment	  	10
	SECTION 1.7	  	Legal Title	  	10
	SECTION 1.8	  	Commencement of Business	  	10
	SECTION 1.9	  	Officers of the Trust	  	10
			
		  	ARTICLE II	  	
			
		  	THE TRUSTEE	  	
			
	SECTION 2.1	  	Term; Resignation	  	11
	SECTION 2.2	  	Powers	  	12
	SECTION 2.3	  	Compensation and Expenses of the Trustee	  	12
	SECTION 2.4	  	Indemnification	  	12
	SECTION 2.5	  	Successor Trustee	  	13
	SECTION 2.6	  	Liability of Trustee	  	13
	SECTION 2.7	  	Reliance; Advice of Counsel	  	14
	SECTION 2.8	  	Payments to the Trustee	  	15
			
		  	ARTICLE III	  	
			
		  	UNITS; CREATION BASKETS	  	
			
	SECTION 3.1	  	General	  	15
	SECTION 3.2	  	Establishment of Classes and Sub-Classes	  	16
	SECTION 3.3	  	Offer of Units; Procedures for Creation and Issuance of Creation Baskets	  	16
	SECTION 3.4	  	Book-Entry-Only System, Trust Global Security	  	17
	SECTION 3.5	  	Assets of the Trust	  	20
	SECTION 3.6	  	Distributions	  	20
	SECTION 3.7	  	Liabilities of the Trust	  	20
	SECTION 3.8	  	Distributions to Classes of Units	  	20
	SECTION 3.9	  	Voting Rights	  	21
	SECTION 3.10	  	Equality	  	21

  

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		  	ARTICLE IV	  	
			
		  	THE MANAGING OWNER	  	
			
	SECTION 4.1	  	Management of the Trust	  	21
	SECTION 4.2	  	Authority of Managing Owner	  	21
	SECTION 4.3	  	Obligations of the Managing Owner	  	22
	SECTION 4.4	  	General Prohibitions	  	23
	SECTION 4.5	  	Liability of Covered Persons	  	25
	SECTION 4.6	  	Fiduciary Duty	  	25
	SECTION 4.7	  	Indemnification of the Managing Owner	  	26
	SECTION 4.8	  	Expenses and Limitations Thereon	  	27
	SECTION 4.9	  	Compensation of the Managing Owner	  	29
	SECTION 4.10	  	Other Business of Unitholders	  	29
	SECTION 4.11	  	Voluntary Withdrawal of the Managing Owner	  	29
	SECTION 4.12	  	Authorization of Acts Described in a Registration Statement	  	29
	SECTION 4.13	  	Litigation	  	30
			
		  	ARTICLE V	  	
			
		  	TRANSFERS OF UNITS	  	
			
	SECTION 5.1	  	General Prohibition	  	30
	SECTION 5.2	  	Transfer of Managing Owner’s Units	  	30
	SECTION 5.3	  	Transfer of Units by Limited Owners	  	31
			
		  	ARTICLE VI	  	
			
		  	ALLOCATIONS AND DISTRIBUTIONS	  	
			
	SECTION 6.1	  	Capital Accounts	  	31
	SECTION 6.2	  	Monthly Closing of Books	  	32
	SECTION 6.3	  	Monthly Allocations	  	32
	SECTION 6.4	  	Code Section 754 Adjustments	  	32
	SECTION 6.5	  	Allocation of Profit and Loss for U.S. Federal Income Tax Purposes	  	33
	SECTION 6.6	  	Effect of Section 754 Election	  	34
	SECTION 6.7	  	Allocation of Distributions	  	34
	SECTION 6.8	  	Admissions of Unitholders; Transfers	  	34
	SECTION 6.9	  	Liability for State and Local and Other Taxes	  	34
	SECTION 6.10	  	Consent to Methods	  	35
			
		  	ARTICLE VII	  	
			
		  	REDEMPTIONS	  	
			
	SECTION 7.1	  	Redemption of Redemption Baskets	  	35
	SECTION 7.2	  	Other Redemption Procedures	  	35

  

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		  	ARTICLE VIII	  	
			
		  	THE LIMITED OWNERS	  	
			
	SECTION 8.1	  	No Management or Control; Limited Liability; Exercise of Rights through DTC	  	36
	SECTION 8.2	  	Rights and Duties	  	36
	SECTION 8.3	  	Limitation of Liability	  	37
			
		  	ARTICLE IX	  	
			
		  	BOOKS OF ACCOUNT AND REPORTS	  	
			
	SECTION 9.1	  	Books of Account	  	37
	SECTION 9.2	  	Annual Reports, Monthly Statements and Periodic Reports	  	38
	SECTION 9.3	  	Tax Information	  	38
	SECTION 9.4	  	Calculation of Net Asset Value	  	38
	SECTION 9.5	  	Maintenance of Records	  	38
			
		  	ARTICLE X	  	
			
		  	FISCAL YEAR	  	
			
	SECTION 10.1	  	Fiscal Year	  	39
			
		  	ARTICLE XI	  	
			
		  	AMENDMENT OF TRUST AGREEMENT; MEETINGS	  	
			
	SECTION 11.1	  	Amendments to the Trust Agreement	  	39
	SECTION 11.2	  	Meetings of the Trust	  	40
	SECTION 11.3	  	Action Without a Meeting	  	40
			
		  	ARTICLE XII	  	
			
		  	TERM	  	
			
	SECTION 12.1	  	Term	  	43
			
		  	ARTICLE XIII	  	
			
		  	TERMINATION	  	
			
	SECTION 13.1	  	Events Requiring Dissolution of the Trust	  	43
	SECTION 13.2	  	Distributions on Dissolution	  	44
	SECTION 13.3	  	Termination; Certificate of Cancellation	  	45
			
		  	ARTICLE XIV	  	
			
		  	MISCELLANEOUS	  	
			
	SECTION 14.1	  	Governing Law	  	45
	SECTION 14.2	  	Provisions In Conflict With Law or Regulations	  	46
	SECTION 14.3	  	Merger and Consolidation	  	46

  

 iii 

					
	SECTION 14.4	  	Construction	  	46
	SECTION 14.5	  	Notices	  	46
	SECTION 14.6	  	Counterparts	  	47
	SECTION 14.7	  	Binding Nature of Trust Agreement	  	47
	SECTION 14.8	  	No Legal Title to Trust Estate	  	47
	SECTION 14.9	  	Creditors	  	47
	SECTION 14.10	  	Integration	  	47
	SECTION 14.11	  	Goodwill; Use of Name	  	47
			
	 EXHIBIT A
	  		  	
	 Description of the Index
	  	A-1
	 EXHIBIT B
	  		  	
	 Form of Global Certificate
	  	B-1
	 EXHIBIT C
	  		  	
	 Form of Participant Agreement
	  	C-1
	 EXHIBIT D
	  		  	
	 Form of Initial Purchaser Agreement
	  	D-1

  

 iv 

 JEFFERIES S&P 500 VIX SHORT-TERM FUTURES ETF 

AMENDED AND RESTATED 

DECLARATION OF TRUST 

AND TRUST AGREEMENT 
 This
AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of Jefferies S&P 500 VIX Short-Term Futures ETF is made and entered into as of the [__] day of [            ], 2010, by and
between Jefferies Commodity Investment Services, LLC, a Delaware limited liability company, and Wilmington Trust Company, a Delaware banking company, as trustee. 

*        *        * 

RECITALS 

WHEREAS, the Trust was formed on April 21, 2010 pursuant to the execution and filing by the Trustee of the Certificate of Trust on
April 21, 2010 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of April 21, 2010 (the “Original Agreement”); 

WHEREAS, currently, there are and have not been any Limited Owners; 

WHEREAS, the Trustee and the Managing Owner desire to amend the Original Agreement to make the amendments effectuated hereby. 

NOW, THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee and the Managing Owner hereby amend and restate the
Original Agreement in its entirety as set forth below. 
 ARTICLE I 

DEFINITIONS; THE TRUST 

SECTION 1.1 Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the context
otherwise requires: 
 “Adjusted Capital Account” means, as of the last day of a taxable period,
a Unitholder’s Capital Account as maintained pursuant to Section 6.1, increased by any amounts which such Unitholder is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to
Treasury Regulation section 1.704-2 and decreased by the amount of all losses and deductions that, as of the end of the taxable period, are reasonably expected to be allocated to such Unitholder in subsequent years under sections 704(e)(2) and
706(d) of the Code and the amount of all distributions that, as of the end of such taxable period, are reasonably expected to be made to such Unitholder in subsequent years in accordance with 

 

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the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Capital Account that are reasonably expected to occur during or prior to the year in which such
distributions are reasonably expected to be made. The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 “Adjusted Property” means any property the adjusted basis of which has been adjusted pursuant
to Sections 6.1(a) and (b). 
 “Administrator” means any Person from time-to-time engaged to
perform administrative services for the Trust pursuant to authority delegated by the Managing Owner. 

“Affiliate” – An “Affiliate” of a Person means (i) any Person directly or indirectly
owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with
power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control with such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if
such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 

“Basket” means a Creation Basket or a Redemption Basket, as the context may require. 

“Beneficial Owners” shall have the meaning assigned to such term in Section 3.4(d). 

“Book-Tax Disparity” means with respect to any item of Adjusted Property, as of the date of any
determination, the difference between the adjusted value of such property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. A Unitholder’s portion of the Trust’s Book-Tax Disparities in all of its
Adjusted Property will be reflected by the difference between such Unitholder’s Capital Account balance as maintained pursuant to Section 6.1 and the hypothetical balance of such Unitholder’s Capital Account computed as if it had been
maintained strictly in accordance with U.S. federal income tax accounting principles. 
 “Brokerage
Expenses” shall have the meaning assigned thereto in Section 4.8(b). 
 “Business Day”
means any day other than a day when banks in New York City are required or permitted to be closed. 

“Capital Account” means the capital account maintained for a Unitholder pursuant to Section 6.1.

 “Capital Contributions” means the amounts of cash contributed and agreed to be contributed to
the Trust by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 

“CE Act” means the Commodity Exchange Act, as amended. 

 

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 “Certificate of Trust” means the Certificate of Trust of
the Trust filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 

“CFTC” means the Commodity Futures Trading Commission. 

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

“Commodity Broker” means any person who engages in the business of effecting transactions in Futures
Contracts or Instruments, as applicable, for the account of others or for his or her own account. 

“Conflicting Provisions” shall have the meaning assigned thereto in Section 14.2(a). 

“Corporate Trust Office” means the principal office at which at any particular time the corporate trust
business of the Trustee is administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, DE 19890. 

“Covered Expenses” shall have the meaning assigned thereto in Section 4.8(c). 

“Covered Person” means the Trustee, the officers of the Trust (if any), the Managing Owner and their
respective Affiliates. 
 “Creation Basket” means the minimum number of Units that may be
created at any one time, which shall be 20,000 or such greater or lesser number as the Managing Owner may determine from time-to-time for the Trust. 

“Creation Basket Capital Contribution” of the Trust means a Capital Contribution made by a Participant in
connection with a Purchase Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription
Agreement by (ii) the Net Asset Value per Basket of the Trust as of closing time of the Exchange or the last to close of the exchanges on which any one of the Index Instruments are traded, whichever is later, on the Purchase Order Subscription
Date. 
 “Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12
of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time-to-time. 

“Depository” means The Depository Trust Company, New York, New York, or such other depository of Units as
may be selected by the Managing Owner as specified herein. 
 “Depository Agreement” means the
Letter of Representations relating to the Trust from the Managing Owner to the Depository, dated as of [            ], 2010 as the same may be amended or supplemented from time to
time. 
 “Direct Participants” shall have the meaning assigned to such term in
Section 3.4(c). 
  

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 “Distributor” means any Person from time to time engaged to
provide distribution services or related services to the Trust pursuant to authority delegated by the Managing Owner. 

“DTC” shall have the meaning assigned to such term in the legend contained in Section 3.4(b).

 “DTCC” shall have the meaning assigned to such term in Section 3.4(c). 

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

“Event of Withdrawal” shall have the meaning set forth in Section 13.1(a) hereof. 

“Exchange” means the NYSE Arca, or, if the Units shall cease to be listed on the NYSE Arca and are listed
on one or more other exchanges, the exchange on which the Units are principally traded, as determined by the Managing Owner. 

“Expenses” shall have the meaning assigned to such term in Section 2.4. 

“Fiscal Quarter” shall mean each period ending on the last day of each March, June, September and
December of each Fiscal Year, or, if the Trust is required by law to have a Fiscal Year other than a calendar year, such other applicable quarterly period. 

“Fiscal Year” shall have the meaning set forth in Article X hereof. 

“Futures Contract” means any futures contract or option thereon providing for the delivery or receipt at
a future date of a specified amount and grade of a traded commodity or financial instrument, as applicable, at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 

“Futures-Linked Investments” means forward agreements, swaps or other over-the-counter derivatives.

 “Global Security” means the global certificate for the Trust issued to the Depository as
provided in the Depository Agreement, which shall be in substantially the form attached hereto as Exhibit B. 

“Indemnified Parties” shall have the meaning assigned to such term in Section 2.4. 

“Index” means the Index that the Trust is designed to track as more fully described in
Exhibit A hereto, as it may be amended from time to time. 
 “Index Instruments”
means the underlying Instruments that comprise the Index from time-to-time, as described in the Prospectus. 

“Indirect Participants” shall have the meaning assigned to such term in Section 3.4(c). 

“Initial Purchaser” means Jefferies & Company, Inc. 

 

 4 

 “Initial Purchaser Agreement” means an agreement among the
Trust, the Managing Owner and the Initial Purchaser, substantially in the form of Exhibit D hereto, as it may be amended from time to time in accordance with its terms. 

“Instruments” means positions in Futures Contracts, Futures-Linked Investments, foreign exchange
positions and traded physical commodities, as well as cash commodities resulting from any of the foregoing positions. 

“Internal Revenue Service” or “IRS” means the U.S. Internal Revenue Service or any
successor thereto. 
 “Limited Owner” means any person or entity who is or becomes a Beneficial
Owner of Units other than the Managing Owner. 
 “Liquidating Trustee” shall have the meaning
assigned thereto in Section 13.2. 
 “Losses” means, in respect of each Fiscal Year of the
Trust, losses of the Trust as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Management Fee” shall have the meaning assigned to such term in Section 4.9. 

“Managing Owner” means Jefferies Commodity Investment Services, LLC, or any substitute therefor as
provided herein, or any successor thereto by merger or operation of law. 
 “Margin Call” means
a demand for additional funds after the initial good faith deposit required to maintain a customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 

“Net Asset Value” means the total assets of the Trust including, but not limited to, all cash and cash
equivalents or other debt securities less total liabilities of the Trust, each determined on the basis of generally accepted accounting principles. In particular, Net Asset Value includes any unrealized profit or loss on open futures contracts,
Futures-Linked Investments (if any) and any other credit or debit accruing to the Trust but unpaid or not received by the Trust. All open futures contracts traded on a United States exchange are calculated at their then current market values, which
are based upon the settlement price for any particular futures contract traded on the applicable United States exchange on the date with respect to which Net Asset Value is being determined; provided, that if a futures contract traded on a United
States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could have
been liquidated will be the basis for determining the market value of such position for such day. The current market values of all open futures contracts traded on a non-United States exchange, to the extent applicable, are based upon the settlement
price for any particular futures contract traded on the applicable non-United States exchange on the date with respect to which Net Asset Value is being determined; provided further, that if a futures contract traded on a non-United States exchange,
to the extent applicable, could not be liquidated on such day, due to the operation of daily limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the

  

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most recent day on which the position could have been liquidated will be the basis for determining the market value of such position for such day. The Managing Owner may in its discretion (and
under extraordinary circumstances, including, but not limited to, periods during which a settlement price of a futures contract is not available due to exchange limit orders or force majeure type events such as systems failure, natural or manmade
disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) value any asset of the Trust pursuant to such other principles as the Managing Owner deems fair and equitable so long as such
principles are consistent with normal industry standards. Interest earned on the Trust’s futures brokerage account, if applicable, will be accrued at least monthly. The amount of any distribution will be a liability of the Trust from the day
when the distribution is declared until it is paid. 
 In calculating the Net Asset Value of the Trust, the
settlement value of a Futures-Linked Investment is determined by either applying the then-current disseminated value for the underlying VIX Futures (as defined in the Prospectus) or the terms as provided under the applicable Futures-Linked
Investment. However, in the event that the underlying VIX Futures is not trading due to the operation of daily limits or otherwise, the Managing Owner may in its sole discretion choose to value the Trust’s Futures-Linked Investment on a fair
value basis in order to calculate the Trust’s Net Asset Value. 
 “Net Asset Value Per
Basket” means the product obtained by multiplying the Net Asset Value Per Unit by the number of Units comprising a Basket at such time. 

“Net Asset Value Per Unit” means the Net Asset Value divided by the number of Units outstanding on the
date of calculation. 
 “NFA” means the National Futures Association. 

“NYSE Arca” means NYSE Arca, Inc. 

“Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(ii).

 “Overall Expense Cap” shall have the meaning assigned thereto in Section 4.8(c).

 “Participant” means a Person that is (1) a registered broker dealer or other securities
market participant such as a bank or other financial institution which is not required to register as a broker dealer to engage in securities transactions, (2) a Direct Participant, and (3) has entered into a Participant Agreement which,
at the relevant time, is in full force and effect. 
 “Participant Agreement” means an agreement
among the Trust, the Managing Owner and a Participant, substantially in the form of Exhibit C hereto, as it may be amended or supplemented from time to time in accordance with its terms. 

“Percentage Interest” shall be a fraction, the numerator of which is the number of the Unitholder’s
Units and the denominator of which is the total number of Units outstanding as of the date of determination. 
  

 6 

 “Person” means any natural person, partnership, limited
liability company, statutory trust, corporation, association, trust, or other legal entity. 
 “Pit
Brokerage Fee” shall include floor brokerage, clearing fees, NFA fees and exchange fees. 

“Profits” means, for each Fiscal Year of the Trust, profits of the Trust as determined for U.S. federal
income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Prospectus” means the final prospectus and disclosure document of the Trust, constituting a part of a
Registration Statement, as filed with the SEC and declared effective thereby, or becoming automatically effective, as the same may at any time and from time to time be amended or supplemented. 

“Purchase Order Subscription Agreement” shall have the meaning assigned thereto in the Participant
Agreement. 
 “Purchase Order Subscription Date” shall have the meaning assigned thereto in the
Participant Agreement. 
 “Pyramiding” means the use of unrealized profits on existing
Instruments to provide margin for additional Instruments positions of the same or related Instrument. 

“Reconstituted Trust” shall have the meaning assigned thereto in Section 13.1(a). 

“Redemption Basket” means the minimum number of Units that may be redeemed pursuant to the Participant
Agreement, which shall be the number of Units constituting a Creation Basket on the relevant Redemption Order Date, as defined in the Participant Agreement. 

“Redemption Distribution” shall have the meaning assigned thereto in the Participant Agreement.

 “Registration Statement” means a registration statement on Form S-1, or any other form, as
applicable, as it may be amended from time to time, filed with the SEC pursuant to which the Trust registered the Units, as the same may at any time and from time to time be further amended or supplemented. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Subscribing Participant” means a Participant who has submitted a Purchase Order Subscription Agreement
to create one or more Units that has not yet been filled or accepted by the Managing Owner. 
 “Tax
Matters Partner” shall have the meaning assigned thereto in Section 1.6(b). 
  

 7 

 “Treasury Regulations” means regulations, including
proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

 “Trust” means Jefferies S&P 500 VIX Short-Term Futures ETF, a Delaware statutory trust
formed pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 

“Trust Agreement” means this Amended and Restated Declaration of Trust and Trust Agreement, as it may at
any time or from time-to-time be amended. 
 “Trust Estate” means any cash, futures, forward and
option contracts and Futures-Linked Investments, all funds on deposit in the Trust’s accounts, and any other property held by the Trust, and all proceeds therefrom, including any rights of the Trust pursuant to any other agreements to which the
Trust is a party. 
 “Trustee” means Wilmington Trust Company or any substitute therefor as
provided herein, acting not in its individual capacity but solely as trustee of the Trust. 

“Unitholders” means the Managing Owner and all Limited Owners, as holders of Units of the Trust where no
distinction is required by the context in which the term is used. 
 “Units” means the common
units of fractional undivided beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of, the Trust. Units need not be represented by certificates. 

“Unrealized Gain” attributable to the Trust property means, as of any date of determination, the excess,
if any, of the fair market value of such property as of such date over the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination. 

“Unrealized Loss” attributable to the Trust property means, as of any date of determination, the excess,
if any, of the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination over the fair market value of such property as of such date of determination. 

SECTION 1.2 Name. 

(a) The name of the Trust is “Jefferies S&P 500 VIX Short-Term Futures ETF” in which name the Managing Owner may engage in
the business of the Trust, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust. 

 

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 SECTION 1.3 Delaware Trustee; Business Offices. 

(a) The sole Trustee of the Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in
the State of Delaware as the Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is
removed as the Trustee, the Trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to Section 2.5. 

(b) The principal office of the Trust, and such additional offices as the Managing Owner may establish, shall be located at such place or
places inside or outside the State of Delaware as the Managing Owner may designate from time-to-time in writing to the Trustee and the Unitholders. Initially, the principal office of the Trust shall be at c/o Jefferies Commodity Investment Services,
LLC, The Metro Center, One Station Place, Three North, Stamford, Connecticut 06902. 
 SECTION 1.4 Declaration of Trust.
The Managing Owner hereby acknowledges that the Trust has received the sum of $1,000 for the Trust in a bank account in the name of the Trust controlled by the Managing Owner, and hereby declares that it shall hold such sum in trust, upon and
subject to the conditions set forth herein for the use and benefit of the Unitholders. It is the intention of the parties hereto that the Trust shall be a statutory trust, under the Delaware Trust Statute and that this Trust Agreement shall
constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal
relationship other than a Delaware statutory trust except to the extent that the Trust is deemed to constitute a partnership under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the
Unitholders partners or members of a joint stock association except to the extent such Unitholders are deemed to be partners under the Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the Managing
Owner to create a partnership among the Unitholders for purposes of taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties
set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation
of the Trust under the Delaware Trust Statute. 
 SECTION 1.5 Purposes and Powers. The purpose of the Trust shall be:
(a) directly or indirectly to trade, buy, sell, spread or otherwise acquire, hold or dispose of the applicable Instruments or Index Instruments with a view to tracking the changes in the level of the Index over time; (b) to enter into any
lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes; and (c) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a
statutory trust may be organized under the Delaware Trust Statute. The Trust shall have all of the powers specified in Section 14.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of
the Trust under this Trust Agreement. 
  

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 SECTION 1.6 Tax Treatment. 

(a) Each of the Unitholders, by entering into this Trust Agreement, (i) expresses its intention that the Units will qualify under
applicable tax law as interests in a partnership which holds the Trust Estate for their benefit, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with the
treatment of the Trust as a partnership in which each of the Unitholders thereof is a partner, and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any taxing authority having
jurisdiction over such holders of Units with respect to the treatment of the Units as anything other than interests in a partnership. 

(b) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding state and local tax law) of the Trust
initially shall be the Managing Owner. The Tax Matters Partner, at the expense of the Trust, (i) shall prepare or cause to be prepared and filed the Trust’s tax returns as a partnership for U.S. federal, state and local tax purposes and
(ii) shall be authorized to perform all duties imposed by Section 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits and other administrative proceedings with respect to the Trust’s tax
items; (B) the power to extend the statute of limitations for all Unitholders with respect to the Trust’s tax items; (C) the power to file a petition with an appropriate U.S. federal court for review of a final administrative
adjustment of the Trust; and (D) the power to enter into a settlement with the IRS on behalf of, and binding upon, those Limited Owners having less than 1% interest in the Trust, unless a Limited Owner shall have notified the IRS and the
Managing Owner that the Managing Owner shall not act on such Limited Owner’s behalf. The designation made by each Unitholder in this Section 1.6(b) is hereby approved by each Unitholder as an express condition to becoming a Unitholder.
Each Unitholder agrees to take any further action as may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.7, the Trust hereby indemnifies, to the full extent permitted by law, the Managing Owner from
and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters Partner, provided such action taken or
omitted to be taken does not constitute fraud, gross negligence, bad faith or willful misconduct. 
 SECTION 1.7 Legal
Title. Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise,
the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 

SECTION 1.8 Commencement of Business. The commencement of the Trust’s business and the sale of the Units to the Initial
Purchaser pursuant to the Initial Purchaser Agreement shall commence at such time as the Managing Owner shall determine. 

SECTION 1.9 Officers of the Trust. 

(a) The Managing Owner may, but is not obligated to, appoint officers of the Trust, who shall be agents of the Trust with such titles and
duties as the Managing Owner shall specify. Any number of offices may be held by the same person. 
  

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 (b) The officers of the Trust shall be appointed by the Managing Owner, and each shall serve
at the pleasure of the Managing Owner, subject to the rights, if any, an officer may have under any contract of employment. 

(c) Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without
cause, by the Managing Owner. Any officer may resign at any time by giving written notice to the Managing Owner. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and unless
otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.

 (d) Subject to the supervision and oversight of the Managing Owner, the officers of the Trust are delegated the authority to
act on behalf of the Trust consistent with the parameters and powers of their position as outlined from time to time by the Managing Owner, including to prepare, negotiate, deliver and execute documents, agreements, plans, registration statements,
any and all applications for exemptive orders, and any amendments or supplements thereto, that the officers or any of them believe, with advice of counsel, are necessary or desirable for the Trust. 

ARTICLE II 

THE TRUSTEE 

SECTION 2.1 Term; Resignation. 

(a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one
Trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the
terms of Section 2.5 hereof. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least
one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Managing Owner and shall have no obligation to supervise or monitor
the Managing Owner or otherwise manage the Trust. 
 (b) The Trustee may resign at any time upon the giving of at least sixty
(60) days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If
the Managing Owner does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 

 

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 SECTION 2.2 Powers. Except to the extent expressly set forth in Section 1.3 and
this Article II, the duty and authority to manage the business and affairs of the Trust is vested in the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7) of
the Delaware Trust Statute. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of
the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Trust Statute, and (iii) any other duties specifically allocated to the Trustee in the Trust Agreement. The Trustee shall provide prompt
notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that would reasonably be expected to affect
the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 
 SECTION 2.3
Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Trust reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Trust
for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may
employ in connection with the exercise and performance of its rights and duties hereunder. As a security for any amounts owing the Trustee hereunder, the Trustee shall have a lien against the Trust Estate, which lien shall be prior to the rights of
the Managing Owner or any other beneficial owner of the Trust. 
 SECTION 2.4 Indemnification. The Trust, whether or not
any of the transactions contemplated hereby shall be consummated, shall be liable for, and does hereby indemnify, protect, save and keep harmless the Trustee (in its capacity as Trustee and individually) and its successors, assigns, legal
representatives, officers, directors, employees, agents and servants (the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or
measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements (including legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of
the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the fraud, gross negligence, bad faith or
willful misconduct of the Indemnified Parties. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Party within sixty (60) days of a request for payment owed hereunder, the Managing Owner shall, as secondary
obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Party as if it were the primary obligor hereunder; provided, however, that the Managing Owner shall not be required to indemnify any Indemnified Party
for any Expenses which are a result of the fraud, gross negligence, bad faith or willful misconduct of an Indemnified Party. 
  

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 The indemnities contained in this Section 2.4 shall survive the termination of this
Trust Agreement or the removal or resignation of the Trustee. 
 SECTION 2.5 Successor Trustee. Upon the resignation or
removal of the Trustee, the Managing Owner shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any
resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and
expenses due to the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust
Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. 

SECTION 2.6 Liability of Trustee. Except as otherwise provided in this Article II, in accepting the trust created hereby,
Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company by reason of the transactions contemplated by this Trust Agreement and any other
agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the
Trust is a party, except for the Trustee’s own fraud, gross negligence, bad faith or willful misconduct. In particular, but not by way of limitation: 

(a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form,
character, genuineness, sufficiency, value or validity of the Trust Estate; 
 (b) The Trustee shall not be liable for any
actions taken or omitted to be taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee as defined in Section 13.2 hereof; 

(c) The Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 

(d) The Trustee shall not have any duty or obligation to supervise the performance of any obligations of the Managing Owner or its
delegatees or any Participant or Commodity Broker; 
 (e) No provision of this Trust Agreement shall require the Trustee to act
or expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder; 

(f) Under no circumstances shall the Trustee be liable for indebtedness evidenced by or other obligations of the Trust arising under this
Trust Agreement or any other agreements to which the Trust is a party; 
  

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

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

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

UNITS; CREATION BASKETS 

SECTION 3.1 General. (a) The Managing Owner shall have the power and authority, without Limited Owner approval, to issue
Units from time to time as it deems necessary or desirable. 
 (b) The Managing Owner may, without Limited Owner approval,
divide or subdivide Units into two or more classes or sub-classes, Units of each such class or sub-class having such preferences and special or relative rights and privileges as the Managing Owner may determine as provided in Section 3.2. The
fact that the Trust shall have been initially established and designated without any specific establishment or designation of classes or sub-classes, shall not limit the authority of the Managing Owner to divide the Trust and establish and designate
separate classes or sub-classes thereof. 
 (c) The number of Units authorized shall be unlimited, and the Units so authorized
may be represented in part by fractional Units, calculated to four decimal places. From time to time, the Managing Owner may divide or combine the Units of the Trust or class thereof into a greater or lesser number without thereby changing the
proportionate beneficial interests in the class. The Managing Owner may issue Units of the Trust for such consideration and on such terms as it may determine (or for no consideration if pursuant to a distribution or split-up), all without action or
approval of the Limited Owners thereof. All Units when so issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Managing Owner may classify or reclassify any unissued Units or any Units previously issued
and reacquired of any class into one or more classes thereof that may be established and designated from time to time. 
 (d)
The Managing Owner and/or its Affiliates will make and maintain a permanent investment in Units of not less than $1,000. 
  

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 (e) Other than as contemplated by Section 3.4, no certificates or other evidence of
beneficial ownership of the Units will be issued. 
 (f) Every Unitholder, by virtue of having purchased or otherwise acquired a
Unit, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
 SECTION 3.2
Establishment of Classes and Sub-Classes. The division of the Trust into two or more classes or sub-classes and the establishment and designation of such classes or sub-classes shall be effective upon the execution by the Managing Owner of an
instrument setting forth such division, and the establishment, designation, and relative rights and preferences of such classes, or as otherwise provided in such instrument. The relative rights and preferences of the classes or sub-classes may
differ in such respects as the Managing Owner may determine to be appropriate, provided that such differences are set forth in the aforementioned instrument. At any time that there are no Units outstanding of any particular class or sub-class
previously established and designated, the Managing Owner may by an instrument executed by it abolish that class or sub-class and the establishment and designation thereof. Each instrument referred to in this section shall have the status of an
amendment to this Trust Agreement. 
 SECTION 3.3 Offer of Units; Procedures for Creation and Issuance of Creation
Baskets. 
 (a) General. The procedures for creation and issuance of Creation Baskets as specified in the exhibits,
annexes, attachments and procedures, as applicable, to the Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this
Trust Agreement), will govern the Trust with respect to the creation and issuance of Creation Baskets. 
 (b) Deposit with
the Depository. Upon issuing a Creation Basket pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s customary
procedures, for credit to the account of the Participant that submitted the Purchase Order Subscription Agreement. 
 (c)
Global Certificate Only. Certificates for Creation Baskets will not be issued, other than the applicable Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed
and Units will be transferable solely through the book-entry systems of the Depository and the Direct Participants and their Indirect Participants as more fully described in Section 3.4. The Depository may determine to discontinue providing its
service with respect to Creation Baskets and Units by giving notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law.
Under such circumstances, the Managing Owner shall take action either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to
terminate the Trust. 
  

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 (d) Rejection. The Managing Owner shall have the absolute right, but shall have no
obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax
consequences to the Trust or to any Limited Owners; (iii) the acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it
for all practical purposes not feasible to process Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 

SECTION 3.4 Book-Entry-Only System, Trust Global Security. 

(a) Global Security. The Trust and the Managing Owner will enter into the Depository Agreement pursuant to which the Depository
will act as securities depository for the Units. Units will be represented by a Global Security (which will consist of one certificate), which will be registered, as the Depository shall direct, in the name of Cede & Co., as nominee for the
Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Units will be issued. The Global Security for the Trust shall be in the form attached hereto as Exhibit B or described therein and shall
represent such Units as shall be specified therein, and may provide that it shall represent the aggregate amount of outstanding Units from time to time endorsed thereon and that the aggregate amount of outstanding Units represented thereby may from
time to time be increased or decreased to reflect creations or redemptions of Baskets. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Units represented thereby shall be made in
such manner and upon instructions given by the Managing Owner on behalf of the Trust as specified in the Depository Agreement. 

(b) Legend. Any Global Security issued to The Depository Trust Company or its nominee shall bear a legend substantially to the
following effect: “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Trust or its agent for registration of transfer, exchange, or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

(c) The Depository. The Depository is a limited-purpose trust company organized under the New York Banking Law, a “banking
organization” within the meaning of the New York Banking Law, a member of the U.S. Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency”
registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC holds and provides asset servicing for DTC’s participants (“Direct Participants”). DTC also facilitates the post-trade
settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for

  

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physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other
organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of
which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and
clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). 

(d) Beneficial Owners. Upon the settlement date of any creation, transfer or redemption of Units, the Depository will credit or
debit, on its book-entry registration and transfer system, the number of Units so created, transferred or redeemed to the accounts of the appropriate Direct Participants. The accounts to be credited and charged shall be designated by the Managing
Owner on behalf of the Trust and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interest in Units will be limited to Direct Participants, Indirect Participants and persons holding interests through
Direct Participants and Indirect Participants. Owners of beneficial interests in Units (“Beneficial Owners”) will be shown on, and the transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of
Direct Participants, records maintained by the Depository and, in the case of Indirect Participants and Beneficial Owners holding through a Direct Participant or an Indirect Participant, through those records or the records of the relevant Direct
Participants. Beneficial Owners are expected to receive from or through the broker or bank that maintains the account through which the Beneficial Owner has purchased or sold Units a written confirmation relating to their purchase or sale of Units.

 (e) Reliance on Procedures. So long as Cede & Co., as nominee of the Depository, is the registered owner of
Units, references herein to the registered or record owners of Units shall mean Cede & Co. and shall not mean the Beneficial Owners of Units. Beneficial Owners of Units will not be entitled to have Units registered in their names, will not
receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered the record or registered holder of Units under this Trust Agreement. Accordingly, to exercise any rights of a holder of Units under
this Trust Agreement, a Beneficial Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a Direct Participant, on the procedures of each Direct Participant or Indirect Participant through which such Beneficial
Owner holds its interests. The Trust and the Managing Owner understand that under existing industry practice, if the Trust requests any action of a Beneficial Owner, or a Beneficial Owner desires to take any action that the Depository, as the record
owner of all outstanding Units, is entitled to take, in the case of a Trustee request, the Depository will notify the Direct Participants regarding such request, such Direct Participants will in turn notify each Indirect Participant holding Units
through it, with each successive Indirect Participant continuing to notify each person holding Units through it until the request has reached the Beneficial Owner, and in the case of a request or authorization to act being sought or given by a
Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the Trust through each Indirect Participant and Direct Participant through which the Beneficial Owner’s interest in the Units is held.

  

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 (f) Communication between the Trust and the Beneficial Owners. As described above,
the Trust will recognize the Depository or its nominee as the owner of all Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be
effected as follows. Pursuant to the Depository Agreement, the Depository is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Unit holdings of each Direct Participant. The Trust shall
inquire of each such Direct Participant as to the number of Beneficial Owners holding Units, directly or indirectly, through such Direct Participant. The Trust shall provide each such Direct Participant with sufficient copies of such notice,
statement or other communication, in such form, number and at such place as such Direct Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such Direct Participant, directly or indirectly,
to such Beneficial Owners. In addition, the Trust shall pay to each such Direct Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. 

(g) Distributions. Distributions on Units pursuant to Section 3.8 shall be made to the Depository or its nominee,
Cede & Co., as the registered owner of all Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of distributions in respect of Units, shall credit immediately Direct
Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Units as shown on the records of the Depository or its nominee. The Trust and the Managing Owner also expect that payments by Direct
Participants to Indirect Participants and Beneficial Owners held through such Direct Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts
of customers in bearer form or registered in a “street name,” and will be the responsibility of such Direct Participants and Indirect Participants. None of the Trust, the Trustee or the Managing Owner will have any responsibility or
liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Units, or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests or for any other aspect of the relationship between the Depository and the Direct Participants or the relationship between such Direct Participants and the Indirect Participants and Beneficial Owners owning through such Direct
Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is considered to own Units. 

(h) Limitation of Liability. The Global Security to be issued hereunder is executed and delivered solely on behalf of the Trust by
the Managing Owner, as managing owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in the Global Security are made and
intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but are made and intended for the purpose of binding only the Trust. Nothing in the Global Security shall be construed as creating any
liability of the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Trust Agreement. 

 

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 (i) Successor Depository. If a successor to The Depository Trust Company shall be
employed as Depository hereunder, the Trust and the Managing Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section. 

SECTION 3.5 Assets of the Trust. All consideration received by the Trust for the issue or sale of Units together with all of the
Trust Estate in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any
reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and except as may otherwise be required by applicable tax laws, and shall be
so recorded upon the books of account of the Trust. 
 SECTION 3.6 Distributions. Distributions on Units may be paid with
such frequency as the Managing Owner may determine in its sole discretion, which may be daily or otherwise, to the Unitholders from such of the income and capital gains, accrued or realized, as the Managing Owner may determine, after providing for
actual and accrued liabilities of the Trust. All distributions on Units shall be distributed pro rata to the Unitholders in proportion to the total outstanding Units held by such Unitholders at the date and time of record established for the payment
of such distribution. 
 SECTION 3.7 Liabilities of the Trust. The Trust Estate shall be charged with the liabilities of
the Trust. The Managing Owner shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be
conclusive and binding upon the Unitholders. 
 SECTION 3.8 Distributions to Classes of Units. (a) Distributions on
Units of any class thereof may be paid with such frequency as the Managing Owner may determine in its sole discretion, which may be daily or otherwise, to the Unitholders in that class, from such of the income and capital gains, accrued or realized,
from the Trust Estate allocable to that class, as the Managing Owner may determine, after providing for actual and accrued liabilities belonging to that class, as the Managing Owner may determine. All distributions on Units in a particular class
thereof shall be distributed pro rata to the Unitholders in that class in proportion to the total outstanding Units in that class held by such Unitholders at the date and time of record established for the payment of such distribution, except to the
extent otherwise required or permitted by the preferences and special or relative rights and privileges of any class. Such distributions may be made in cash or Units of that class as determined by the Managing Owner or pursuant to any program that
the Managing Owner may have in effect at the time for the election by each Unitholder of the mode of the making of such distribution to that Unitholder. 

(b) The Units in a class of the Trust shall represent units of beneficial interest in the Trust Estate allocable to such class. Each
Unitholder in a class shall be entitled to receive its pro rata share of distributions of income and capital gains made with respect to such class. Upon reduction or withdrawal of its Units or indemnification for liabilities incurred by reason of
being or having been a holder of Units in a class, such Unitholder shall be paid solely out of the funds and property allocable to such class of the Trust. 
  

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 SECTION 3.9 Voting Rights. Notwithstanding any other provision hereof, on each matter
submitted to a vote of the Unitholders, each Unitholder shall be entitled to a proportionate vote based upon the (x) product of the Net Asset Value Per Unit multiplied by the number of Units, or fraction thereof, owned by such Unitholder
standing in its name on the books of the Trust as of the relevant record date declared by the Managing Owner (y) divided by the product of the Net Asset Value Per Unit multiplied by all outstanding Units. 

SECTION 3.10 Equality. Except as provided herein or in the instrument establishing and designating any class, all Units shall
represent an equal proportionate beneficial interest in the assets belonging to that class subject to the liabilities belonging to that class, and each Unit of any particular class shall be equal to each other Unit of that class; however, the
provisions of this sentence shall not restrict any distinctions permissible under Section 3.8 that may exist with respect to distributions on Units of the same class. The Managing Owner may from time to time divide or combine the Units of any
particular class into a greater or lesser number of Units of that class without thereby changing the proportionate beneficial interest in the assets belonging to that class or in any way affecting the rights of Unitholders of any other class.

 ARTICLE IV 

THE MANAGING OWNER 

SECTION 4.1 Management of the Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed
by the Managing Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. 

SECTION 4.2 Authority of Managing Owner. In addition to and not in limitation of any rights and powers conferred by law or other
provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Trust, all powers
and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the following: 

(a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any
or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Units and the conduct of Trust activities, including, but not limited
to, contracts with third parties for commodity brokerage services and/or administrative services, provided, however, that such services may be performed by an Affiliate or Affiliates of the Managing Owner so long as the Managing Owner
has made a good faith determination that: (A) the Affiliate which it proposes to engage to perform such services is qualified to do so (considering the prior experience of the Affiliate or the individuals employed thereby); (B) the terms and
conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are no less favorable to the Trust than could be 
  

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obtained from equally-qualified unaffiliated third parties; and (C) the maximum period covered by the agreement pursuant to which such Affiliate is to perform services for the Trust shall
not exceed one year, and such agreement shall be terminable without penalty upon sixty (60) days’ prior written notice by the Trust. 

(b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking
and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the
Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 
 (c) To
deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement; 

(d) To supervise the preparation and filing of a Registration Statement and any supplements and amendments thereto and a Prospectus;

 (e) To pay or authorize the payment of distributions to the Unitholders and expenses of the Trust; 

(f) To make any elections on behalf of the Trust under the Code, or any other applicable U.S. federal or state tax law as the Managing
Owner shall determine to be in the best interests of the Trust; and 
 (g) In the sole discretion of the Managing Owner, to
admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners. Notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its
removal as a Managing Owner, pursuant to Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the outstanding Units (not including Units owned by the Managing Owner) is not obtained. 

SECTION 4.3 Obligations of the Managing Owner. In addition to the obligations expressly provided by the Delaware Trust Statute or
this Trust Agreement, the Managing Owner shall: 
 (a) Devote such of its time to the business and affairs of the Trust as it
shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Limited Owners; 

(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be
appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 

(c) Retain independent public accountants to audit the accounts of the Trust; 

(d) Employ attorneys to represent the Trust; 
  

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 (e) Select the Trust’s Trustee, Administrator, transfer agent, custodian and clearing
brokers, and any other service provider; 
 (f) Use its best efforts to maintain the status of the Trust as a “statutory
trust” for state law purposes and as a “partnership” for U.S. federal income tax purposes; 
 (g) Monitor the
brokerage fees charged to the Trust, and the services rendered by futures commission merchants to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust for futures brokerage are at competitive rates and are the
best price and services available under the circumstances, and if necessary, renegotiate the brokerage fee structure to obtain such rates and services for the Trust; 

(h) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Managing Owner’s immediate
possession or control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in the Prospectus) in any manner except for the benefit of the Trust, including,
among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in
all activities relating to the conduct of the business of the Trust and in resolving conflicts of interest; 
 (i) Enter into a
Participant Agreement with each Participant and discharge the duties and responsibilities of the Trust and the Managing Owner thereunder; 

(j) Interact with the Depository as required; 

(k) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or Distributors, as
applicable; 
 (l) Perform such other services as the Managing Owner believes that the Trust may from time to time require;

 (m) Cause the Trust to make, refrain from making, or once having made, to revoke, the election referred to in section 754 of
the Code, and any similar election provided by state or local law, or any similar provision enacted in lieu thereof; and 
 (n)
Cause the Trust to make, refrain from making, or once having made, to revoke the election by a qualified fund under Code section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar provision enacted in lieu
thereof. 
 SECTION 4.4 General Prohibitions. The Trust shall not: 

(a) Redeem the Units other than to fund a redemption request from a Participant; 

(b) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person, except that the foregoing is not
intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, or (ii) obtaining lines of credit for the trading of forward contracts;
provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; 
  

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 (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or
other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or Instruments, as applicable, positions of the Trust so as
to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate
reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than
contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s,
workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if
required by generally accepted accounting principles, and liens arising under ERISA; 
 (d) Commingle its assets with those of
any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; 
 (e) Engage in
Pyramiding of its Index Instruments and/or positions in Instruments, as applicable; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional
Index Instruments and/or positions in Instruments, as applicable; 
 (f) Permit rebates to be received by the Managing Owner or
any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 

(g) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the
purchase or sale of Index Instruments; 
 (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing
Owner (except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or for the provision of
goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; 

(i) Permit churning of its commodity trading account(s) for the purpose of generating excess brokerage commissions; 

(j) Enter into any exclusive brokerage contract; or 

 

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 (k) Cause the Trust to elect to be classified as an association taxable as a corporation for
U.S. federal income tax purposes. 
 SECTION 4.5 Liability of Covered Persons. A Covered Person shall have no liability
to the Trust or to any Unitholder or other Covered Person for any loss suffered by the Trust which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the
best interest of the Trust and such course of conduct did not constitute fraud, gross negligence, bad faith or willful misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any other Covered Person shall be
personally liable for the return or repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall
be made solely from the assets of Trust without any rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator or other delegatee selected by
the Managing Owner with reasonable care. 
 SECTION 4.6 Fiduciary Duty. 

(a) The term “Managing Owner” as used only in this Section 4.6 shall include, in addition to the Managing Owner, any other
Covered Person performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 

(b) To the extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto
to the Trust, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement
subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by
the parties hereto to replace such other duties and liabilities of the Managing Owner. To the fullest extent permitted by law, no person other than the Managing Owner and the Trustee shall have any duties (including fiduciary duties) or liabilities
at law or in equity to the Trust and the Limited Owners or any other person. Any material changes in the Trust’s structure or basic investment policies shall occur only upon the written approval or affirmative vote of Limited Owners holding
Units equal to at least a majority (over 50%) of the Net Asset Value (excluding Units held by the Managing Owner and its Affiliates). 

(c) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the one
hand, and the Trust or any Unitholder or any other Person, on the other hand; or 
 (ii) whenever this Trust
Agreement or any other agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Unitholder or any other Person, 

 

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 the Managing Owner shall resolve such conflict of interest, take such action or provide such terms,
considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices,
and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Trust
Agreement or any other agreement contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 

(d) The Managing Owner and any Affiliate of the Managing Owner may engage in or possess an interest in other profit-seeking or business
ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Managing Owner. If the
Managing Owner acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Managing Owner shall
not be liable to the Trust or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity
or information to the Trust. Neither the Trust nor any Unitholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses
derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Managing Owner may engage or be interested in
any financial or other transaction with the Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 
 SECTION
4.7 Indemnification of the Managing Owner. 
 (a) The term “Managing Owner” as used in this Section 4.7
shall include, in addition to the Managing Owner, any other Covered Person performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 

(b) The Managing Owner shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in
settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Managing Owner was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of
conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Managing Owner and (ii) any
such indemnification will only be recoverable from the Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the
withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. 

 

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 (c) Notwithstanding the provisions of Section 4.7(b) above, the Managing Owner and any
Person acting as broker-dealer for the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful
adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims
have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court
of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 

(d) The Trust shall not incur the cost of that portion of any insurance which insures any party against any liability, the
indemnification of which is herein prohibited. 
 (e) Expenses incurred in defending a threatened or pending civil,
administrative or criminal action, suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or
services by the Managing Owner on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a court of competent jurisdiction specifically
approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 4.7. 

(f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage,
cost or expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and
reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 

(g) Nothing contained in this Section 4.7 shall affect any right to indemnification to which persons other than the Managing Owner
and officers of the Trust may be separately entitled by contract or otherwise. 
 SECTION 4.8 Expenses and Limitations
Thereon. 
 (a) Organization and Offering Expenses. 

(i) The Trust will be responsible for paying, or for reimbursing the Managing Owner or its Affiliates for paying, all of
the expenses incurred in connection with organizing the Trust as well as the expenses incurred in connection with the offering of the Trust’s Units (whether incurred prior to or after the commencement of the Trust’s trading operations),
subject to the Overall Expense Cap (described below). 
  

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 (ii) Organization and Offering Expenses shall mean those expenses incurred
in connection with the formation, qualification and registration of the Trust and the Units and in offering, distributing and processing the Units under applicable U.S. federal law, and any other expenses actually incurred and, directly or
indirectly, related to the organization of the Trust or the offering of the Units, including, but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and taxes, (ii) costs of preparing,
printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the exhibits thereto and the Prospectus, (iii) the costs of qualifying, printing, (including typesetting), amending, supplementing,
mailing and distributing sales materials used in connection with the offering and issuance of the Units, (iv) travel, telegraph, telephone and other expenses in connection with the offering and issuance of the Units, (v) accounting,
auditing and legal fees (including disbursements related thereto) incurred in connection therewith, (vi) any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted
indemnification associated therewith) related thereto; and (vii) tax preparation and related fees. 
 (b) Routine
Operational, Administrative and Other Ordinary and Extraordinary Expenses. The Trust will be responsible for paying, or for reimbursing the Managing Owner or its Affiliates for paying, all of the routine operational, administrative and other
ordinary expenses of the Trust’s operation, including, but not limited to, the routine expenses associated with (i) all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other
transaction-related fees and expenses charged in connection with trading activities (collectively, “Brokerage Expenses”); (ii) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state
regulatory authorities; (iii) Trust meetings and preparing, printing and mailing of proxy statements and reports to Unitholders; (iv) the payment of any distributions related to redemption of Baskets; (v) routine services of the
Trustee, legal counsel and independent accountants; (vi) routine accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vii) postage and insurance; (viii) client
relations and services; (ix) computer equipment and system maintenance; and (x) required payments to any other service providers of the Trust pursuant to any applicable contract subject to the Overall Expense Cap. The Trust will be
responsible for paying, or for reimbursing the Managing Owner or its Affiliates for paying, all the extraordinary fees and expenses, if any, of the Trust. Extraordinary fees and expenses are fees and expenses which are non-recurring and unusual in
nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses will not be subject to the Overall Expense Cap. 

(c) Overall Expense Cap. The Managing Owner has agreed to pay the expenses incurred in connection with organizing the Trust as
well as the expenses incurred in connection with the offering of the Trust’s Units (whether incurred prior to or after the commencement of the Trust’s trading operations), the Brokerage Expenses, and the routine operational, administrative
and other ordinary expenses of the Trust (the “Covered Expenses”), to the extent that, in the aggregate, they exceed the amount prescribed in the Prospectus (the “Overall Expense Cap”). Any such amounts paid by the Managing Owner
will be subject to reimbursement by the Trust, without interest. Any expense reimbursement payment during any 
  

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month will be counted toward the annual Overall Expense Cap in respect of such month. The Management Fee and the extraordinary fees and expenses are not subject to the Overall Expense Cap. If in
any month the Trust’s Covered Expenses are lower than the cap, the entire difference between the Covered Expenses for such month and the cap for such month will be available to reimburse the Managing Owner for unreimbursed expenses paid by the
Managing Owner. If the Trust terminates before the Managing Owner has been fully reimbursed for any of the foregoing expenses, the Managing Owner will forfeit the unreimbursed portion of such expenses outstanding as of such time. 

(d) The Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such
Affiliate of any expenses which it advances on behalf of the Trust for which payment the Trust is responsible. In addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing services for the Trust in its
capacity as the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s
“overhead,” is prohibited. 
 SECTION 4.9 Compensation of the Managing Owner. The Managing Owner shall be
entitled to compensation for its services as managing owner of the Trust as set forth in the Prospectus (the “Management Fee”). The Managing Owner shall, in its capacity as a Unitholder, be entitled to receive allocations and distributions
pursuant to the provisions of this Trust Agreement. 
 SECTION 4.10 Other Business of Unitholders. Except as otherwise
specifically provided herein, any Unitholder, officer, director, employee or other person holding a legal or beneficial interest in an entity which is a Unitholder, may engage in or possess an interest in other business ventures of every nature and
description, independently or with others, and the pursuit of such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. 

SECTION 4.11 Voluntary Withdrawal of the Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the
Trust only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, Limited Owners holding Units equal to at least a
majority (over 50%) of the Trust’s aggregate Net Asset Value (excluding Units held by the Managing Owner) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on the
business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at their respective Net Asset Value. If the Managing Owner withdraws and a successor Managing Owner is named, the
withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
 SECTION 4.12 Authorization of Acts
Described in a Registration Statement. Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust, the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and
matters contemplated hereby or described in or contemplated by any Registration Statement on behalf of the Trust without any further act, approval or vote of the Limited Owners, notwithstanding any other provision of this Trust Agreement, the
Delaware Trust Statute or any applicable law, rule or regulation. 
  

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 SECTION 4.13 Litigation. The Managing Owner is hereby authorized to prosecute,
defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any court, board or authority
having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, either, out of any insurance proceeds available therefor, or, out of the Trust’s assets. 

ARTICLE V 

TRANSFERS OF UNITS 

SECTION 5.1 General Prohibition. To the fullest extent permitted by law, a Limited Owner may not sell, assign, transfer or
otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title and interest in the capital or profits in the Trust except as permitted in this Article V and any act in violation of this
Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge thereof), unless approved in writing by the Managing Owner. 

SECTION 5.2 Transfer of Managing Owner’s Units. (a) Upon an Event of Withdrawal (as defined in Section 13.1), the
Managing Owner’s Units shall be purchased by the Trust for a purchase price in cash equal to the Net Asset Value thereof. The Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an
assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any
statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a
trustee, receiver or liquidator for itself or of all or any substantial part of its properties. 
 (b) To the full extent
permitted by law, and on sixty (60) days’ prior written notice to the Limited Owners, of their right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent
the merger of the Managing Owner with another corporation or other entity, the reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of
the Units, rights, duties and liabilities of the Managing Owner by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an
Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of
Units for purposes of Sections 5.2(a) or 5.2(c). 
  

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 (c) Upon assignment of all of its Units, the Managing Owner shall not cease (x) to be a
Managing Owner of the Trust, or (y) to have the power to exercise any rights or powers as a Managing Owner, until an additional Managing Owner, who shall carry on the business of the Trust, has been admitted to the Trust. 

SECTION 5.3 Transfer of Units by Limited Owners. Beneficial Owners that are not Direct Participants may transfer Units by
instructing the Direct Participant or Indirect Participant holding the Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that are Direct Participants may transfer Units by instructing the
Depository in accordance with the rules of the Depository and standard securities industry practice. 
 ARTICLE VI

 ALLOCATIONS AND DISTRIBUTIONS 

SECTION 6.1 Capital Accounts. The Trust shall maintain for each Unitholder (which includes beneficial owners of Trust interests
where information regarding the identity of such owner has been furnished to the Trust in accordance with section 6031(c) of the Code or any other method acceptable to the Managing Owner in its sole discretion) owning a Trust interest a separate
Capital Account with respect to the Trust interest in accordance with the rules of Treasury Regulation section 1.704-1(b)(2)(iv). The initial balance of each Unitholder’s book capital account shall be the amount of its initial Capital
Contribution. Such Capital Account shall be (i) increased by the amount of all Capital Contributions made with respect to the Trust interest and all items of income and gain with respect to the Trust computed and allocated to the
Unitholder’s Units in accordance with this Trust Agreement and (ii) decreased by the amount of cash distributions made with respect to the Trust interest and all items of deduction and loss with respect to the Trust computed and allocated
in accordance with this Trust Agreement. 
 (a) Consistent with the provisions of Treasury Regulation section
1.704-1(b)(2)(iv)(f), upon an issuance of additional Units with respect to the Trust for cash, the Capital Accounts of all Unitholders with respect to the Trust shall, immediately prior to such issuances, be adjusted (consistent with the provisions
hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss attributable to the Trust property, as if such Unrealized Gain or Loss had been recognized upon an actual sale of each such property, immediately prior to such issuance,
and had been allocated to its Unitholders at such time pursuant to Section 6.3. 
 (b) In accordance with Treasury
Regulation section 1.704-1(b)(2)(iv)(f), immediately prior to the distribution of cash in redemption of all or a portion of a Unitholder’s Units, the capital accounts of all Unitholders with respect to the Trust shall, immediately prior to any
such distribution, be adjusted (consistent with the provisions hereof) upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to the Trust property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an
actual sale of each such property, immediately prior to such distribution, and had been allocated to the Unitholders at such time pursuant to Section 6.3. 
  

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 SECTION 6.2 Monthly Closing of Books. Within forty-five (45) days after the end
of each calendar month or such shorter period as required for the final closing of the books for the taxable year, the Trust shall conduct an interim closing of the books of the Trust as of the end of the last day of that calendar month. On the
basis of the closing of the books for each calendar month, the Trust shall determine the amount of Profit and Loss of the Trust attributable to that calendar month. Trust Profits and Losses shall be determined in accordance with the accounting
methods followed by the Trust for U.S. federal income tax purposes. 
 SECTION 6.3 Monthly Allocations. All allocations
to Unitholders of items included within the Trust’s Profits and Losses attributable to each calendar month shall be allocated solely among the Unitholders recognized as Unitholders as of the close of the last trading day of the preceding month,
as follows: 
 (a) For purposes of maintaining the Trust’s Capital Accounts and in determining the rights of the
Unitholders among themselves, except as otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Unitholders in accordance with their respective Percentage Interests. 

(b) Any item of loss or deduction otherwise allocated to the Managing Owner pursuant to Section 6.3(a) which is in excess of such
Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all other items for such period) shall instead be allocated to the other Unitholders in accordance with their respective Percentage
Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account balance; provided that the allocation of any such item to such other Unitholders shall only be made hereunder to the extent the
allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other Unitholders. If such an allocation occurs, items of income or gain that would otherwise be allocated to the Managing Owner equal to the
amount of such allocated loss or deduction will be allocated to the other Unitholders in accordance with their Percentage Interests as quickly as possible. 

(c) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation sections
1.704-1(b)(ii)(d)(4), (5) or (6), items of Trust income and gain shall be specially allocated to such Unitholder in an amount and manner sufficient to eliminate a deficit in its Adjusted Capital Account created by such adjustments, allocations
or distributions as quickly as possible. This Section 6.3(c) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d). 

SECTION 6.4 Code Section 754 Adjustments. To the extent an adjustment to the tax basis of any Trust asset pursuant to
Section 743(b) or 743(c) of the Code is required, pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as
an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be specially allocated to the Unitholders in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under section 743(b) of the Code, the Trust is authorized (but not required) to adopt a convention 

 

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

(b) In an attempt to eliminate Book-Tax Disparities attributable to Adjusted Property, items of income, gain, and loss will be allocated
for U.S. federal income tax purposes among the Unitholders as follows: 
 (i) Items attributable to an Adjusted
Property will be allocated among the Unitholders in a manner consistent with the principles of section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof pursuant to
Section 6.3(a) and (b). 
 (ii) Any items of income, gain, loss or deduction otherwise allocable under this
Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted Property otherwise resulting from the application of the ceiling limitation
under section 704(c) principles to the allocations provided under this Section. 
 (iii) Subject to this
Section 6.5(b), any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant to Section 6.3(a) that constitutes the tax corollary of an item of “book” income, gain, loss or deduction that has
been allocated to the other Unitholders pursuant to Section 6.3(b) shall be allocated to such other Unitholders in the same manner and to the same extent provided in this Section 6.5(b). 

(iv) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury
Regulation section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Unitholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 6.3(c). 

(c) The tax allocations prescribed by this Section 6.5 shall be made to each holder of a Unit whether or not the holder is a
substituted Limited Owner. For purposes of this Section 6.5, tax allocations shall be made to the Managing Owner’s Units on a Unit-equivalent basis. 

(d) The allocation of income and loss (and items thereof) for U.S. federal income tax purposes set forth in this Section 6.5 is
intended to allocate taxable income and loss among Unitholders generally in the ratio and to the extent that net profit and net loss shall be allocated to such Unitholders under Section 6.3 so as to eliminate, to the extent possible, any
disparity between a Unitholder’s book capital account and his tax capital account, consistent with the principles set forth in sections 704(b) and (c)(2) of the Code. 
  

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 (e) Notwithstanding this Section 6.5, if after taking into account any distributions to
be made with respect to such Unit for the relevant period pursuant to Section 6.7 herein, any allocation would produce a deficit in the book capital account of a Unit, the portion of such allocation that would create such a deficit shall
instead be allocated pro rata to the book capital accounts of all the remaining Unitholders in the Trust (subject to the same limitation). 

SECTION 6.6 Effect of Section 754 Election. All items of income, gain, loss, deduction and credit recognized by the Trust for
U.S. federal income tax purposes and allocated to Unitholders in accordance with the provisions of this Trust Agreement shall be determined without regard to any election under section 754 of the Code which may be made by the Trust; provided,
however, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or required by sections 734 or 743 of the Code. 

SECTION 6.7 Allocation of Distributions. Initially, distributions shall be made by the Managing Owner, and the Managing Owner
shall have sole discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the Units; provided, however, that no distribution shall be made that violates the Delaware Trust Statute. The
aggregate distributions made in a Fiscal Year (other than distributions on termination, which shall be allocated in the manner described in Article XIII) shall be allocated among the holders of record of Units in the ratio in which the number of
Units held of record by each of them bears to the number of Units held of record by all of the Unitholders as of the record date of such distribution; provided, further, however, that any distribution made in respect of a Unit shall not exceed the
book capital account for such Unit. 
 SECTION 6.8 Admissions of Unitholders; Transfers. For purposes of this Article VI,
items of the Trust’s income, gain, loss, deduction and credit attributable to a transferred Unit shall, for U.S. federal income tax purposes, be determined on an annual basis and prorated on a monthly basis (or other basis, as required or
permitted by section 706 of the Code) and shall be allocated to such Unitholders who own the Units as of the close of the NYSE Arca on the last day of the month in which the transfer is recognized by the Trust; provided that, gain or loss on the
sale or other disposition of all or a substantial portion of the assets of the Trust shall be allocated to the Unitholders who own Units on the last day of the month in which such gain or loss is recognized for U.S. federal income tax purposes. The
Managing Owner may revise, alter or otherwise modify such methods of determination and allocation as it determines necessary, to the extent permitted by section 706 of the Code and the regulations or rulings promulgated thereunder. 

SECTION 6.9 Liability for State and Local and Other Taxes. In the event that the Trust shall be separately subject to taxation by
any state or local or by any foreign taxing authority, the Trust shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust shall be required to make payments to any U.S. federal, state or local or any foreign taxing
authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust to such Unitholder, and such Unitholder shall be liable for, and

  

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shall pay to the Trust, any taxes so required to be withheld and paid over by the Trust within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be
liable for (and the Managing Owner shall be entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust to the IRS or other taxing authority, from the date of the
Managing Owner’s request for payment to the date of payment or the redemption, as the case may be, at the rate of [two percent (2%) over the prime rate charged from time to time by [Citibank, N.A.]] The amount, if any, payable by the Trust
to the Unitholder in respect of Units so redeemed, or in respect of any other actual distribution by the Trust to such Unitholder, shall be reduced by any obligations owed to the Trust by the Unitholder, including, without limitation, the amount of
any taxes required to be paid over by the Trust to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust from any actual distribution or redemption payment to such Unitholder shall be treated as
an actual distribution to such Unitholder for all purposes of this Trust Agreement. 
 SECTION 6.10 Consent to Methods.
The methods set forth in this Article VI by which distributions are made and items of Profit and Loss are allocated are hereby expressly consented to by each Unitholder as an express condition to becoming a Unitholder. 

ARTICLE VII 

REDEMPTIONS 

SECTION 7.1 Redemption of Redemption Baskets 

(a) The procedures for the redemption of Redemption Baskets as specified in the exhibits, annexes, attachments and procedures, as
applicable, to the Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust
with respect to the redemption of Redemption Baskets. 
 (b) Redemption Baskets effectively redeemed pursuant to the provisions
of the Participant Agreement shall be cancelled by the Trust in accordance with the Depository’s procedures. 
 SECTION 7.2
Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Units in lot sizes smaller than the Redemption Basket and permitting the Redemption
Distribution to be in a form, and delivered in a manner, other than that specified in the Participant Agreement. 
  

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 ARTICLE VIII 

THE LIMITED OWNERS 

SECTION 8.1 No Management or Control; Limited Liability; Exercise of Rights through DTC. The Limited Owners shall not participate
in the management or control of the Trust’s business nor shall they transact any business for the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Managing Owner. Except as provided in
Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of its Capital Contribution plus its share of the Trust Estate and profits remaining, if any.
Except as provided in Section 8.3 hereof, each Unit owned by a Limited Owner shall be fully paid and no assessment shall be made against any Limited Owner. No salary shall be paid to any Limited Owner in its capacity as a Limited Owner, nor
shall any Limited Owner have a drawing account or earn interest on its Capital Contribution. By the purchase and acceptance or other lawful delivery and acceptance of Units, each Beneficial Owner shall be deemed to be a Limited Owner and beneficiary
of the Trust and vested with beneficial undivided interest in the Trust to the extent of the Units owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Trust Agreement. The rights of Beneficial Owners under this
Trust Agreement must be exercised by Direct Participants, or Indirect Participants, as applicable, acting on their behalf in accordance with the rules and procedures of the Depository, as provided in Section 3.3. 

SECTION 8.2 Rights and Duties. The Limited Owners shall have the following rights, powers, privileges, duties and liabilities:

 (a) The Limited Owners shall have the right to obtain from the Managing Owner information on all things affecting the Trust,
provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust. 

(b) The Limited Owners shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times
provided for in this Trust Agreement. 
 (c) Except for the Limited Owners’ redemption rights set forth in Article VII
hereof, the Limited Owners shall have the right to demand the return of their Capital Account only upon the dissolution and winding up of the Trust and only to the extent of funds available therefor. In no event shall a Limited Owner be entitled to
demand or receive property other than cash. Except with respect to class differences, no Limited Owner shall have priority over any other Limited Owner either as to the return of capital or as to profits, losses or distributions. The Limited Owners
shall not have any right to bring an action for partition against the Trust. 
 (d) Limited Owners holding Units representing at
least a majority (over 50%) in Net Asset Value (not including Units held by the Managing Owner and its Affiliates), voting separately as a class, may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the
Managing Owner on reasonable prior written notice to the Managing Owner, and (iii) terminate the Trust as provided in Section 13.1(e). Units held by the Managing Owner and its Affiliates shall be excluded in determining the above voting
percentage. 
  

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 Except as set forth above, the Limited Owners shall have no voting or other
rights with respect to the Trust. 
 SECTION 8.3 Limitation of Liability. 

(a) Except as provided in Section 4.7(f), and as otherwise provided under Delaware law, the Limited Owners shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of the Trust in excess of its
Capital Contribution and its share of the Trust Estate and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Limited Owner’s Participant Agreement delivered in connection
with his purchase of Units. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts
received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount. 

(b) The Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of
the Trust Estate, each Limited Owner against any claims of liability asserted against such Limited Owner solely because he is a beneficial owner of one or more Units as a Limited Owner (other than for taxes for which such Limited Owner is liable
under Section 6.5 hereof). 
 (c) Every written note, bond, contract, instrument, certificate or undertaking made or issued
by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon the Limited Owners individually but are binding only upon the
assets and property of the Trust, and no resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any
further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing
contained in this Section 8.3 shall diminish the limitation on the liability of the Trust to the extent set forth in Sections 3.6 and 3.7 hereof. 

ARTICLE IX 

BOOKS OF ACCOUNT AND REPORTS 

SECTION 9.1 Books of Account. Proper books of account for the Trust shall be kept and shall be audited annually by an independent
certified public accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust’s business as are required by the CE Act and regulations
promulgated thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust
and each Limited Owner (or any duly 
  

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constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the
Limited Owner’s interest as a beneficial owner of the Trust, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and the Trust shall report its Profits and Losses on, the accrual method of
accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
 SECTION 9.2 Annual Reports,
Monthly Statements and Periodic Reports. 
 (a) Each Limited Owner shall be furnished as of the end of each month and as of
the end of each Fiscal Year with (a) such reports (in such detail) as are required to be given to Limited Owners by the CFTC and the NFA subject to certain relief granted by the CFTC, as applicable, (b) any other reports (in such detail)
required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Trust and (c) any other reports or information which the Managing Owner, in its discretion, determines to be necessary
or appropriate. 
 (b) Each Limited Owner will have access to periodic reports filed with the SEC by the Managing Owner on
behalf of the Trust. The Managing Owner will file (a) the Quarterly Reports on Form 10-Q, filed for the first three quarters of each fiscal year, and (b) the Annual Reports on Form 10-K, filed at end of each fiscal year and
(c) Current Reports on Form 8-K, which will be filed as necessary to announce material events not disclosed in either Form 10-Q or 10-K. 

SECTION 9.3 Tax Information. Appropriate tax information (adequate to enable each Limited Owner to complete and file its U.S.
federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 

SECTION 9.4 Calculation of Net Asset Value. Net Asset Value shall be calculated at such times as the Managing Owner shall
determine from time to time. 
 SECTION 9.5 Maintenance of Records. The Managing Owner shall maintain: (a) for a
period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known addresses of, and number of Units owned by, all Unitholders, a copy of the Certificate of Trust and all certificates of
amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Trust’s U.S. federal, state and local income tax returns and reports, if any; and (b) for a
period of at least six Fiscal Years copies of any effective written Trust Agreements, Participant Agreements, including any amendments thereto, and any financial statements of the Trust. The Managing Owner may keep and maintain the books and records
of the Trust in paper, magnetic, electronic or other format as the Managing Owner may determine in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 

 

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 ARTICLE X 

FISCAL YEAR 

SECTION 10.1 Fiscal Year. The Trust initially shall adopt the calendar year as its taxable year (“Fiscal Year”). The
first Fiscal Year of the Trust shall commence on the date of filing of the Certificate of Trust and shall end on the December 31 of the year during which the Certificate of Trust was initially filed. If, after commencement of operations,
applicable tax rules require the Trust to adopt a taxable year other than the calendar year, the term “Fiscal Year” for the Trust shall mean such other taxable year as required by Code section 706 or an alternative taxable year chosen by
the Managing Owner which has been approved by the Internal Revenue Service. The Fiscal Year in which the Trust shall terminate shall end on the date of such termination. 

ARTICLE XI 

AMENDMENT OF TRUST AGREEMENT; MEETINGS 

SECTION 11.1 Amendments to the Trust Agreement. 

(a) This Trust Agreement may be amended without Unitholder approval, and all Unitholders purchase Units with notice that it may be so
amended except to the extent expressly required under applicable U.S. federal law. The Managing Owner may, without any Limited Owner vote, amend or otherwise supplement this Trust Agreement by making an amendment, a trust instrument supplemental
hereto or an amended and restated Trust Agreement; provided, that the Limited Owners shall have the right to vote on any amendment if expressly required under U.S. federal law or rules or regulations under an Exchange, or submitted to them by the
Managing Owner in its sole discretion; and provided, further, that no amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing. No amendment shall be
made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee. 

(b) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to
reflect such change. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is required in the opinion of the Trustee. 

(c) The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a
party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee
that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and
(iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee and do not adversely affect the Trustee. 

 

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 (d) To the fullest extent permitted by law, no provision of this Trust Agreement may be
amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this Section. 

SECTION 11.2 Meetings of the Trust. Meetings of the Unitholders may be called by the Managing Owner and will be called by it upon
the written request of Limited Owners holding Units equal to at least 30% of the Net Asset Value. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of
Limited Owners. 
 The Managing Owner shall deposit in the United States mail, within fifteen (15) days after receipt of
said request, written notice to all Limited Owners of the meeting and the purpose of the meeting, which shall be held on a date, not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a
reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the
debts of the Trust. Any Unitholder may waive notice, which waiver may be submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver of notice need not
specify either the business to be transacted or the purpose of any meeting of Unitholders. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting
to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if
that objection is expressly made at the beginning of the meeting. 
 Unitholders entitled to vote on any matter shall have the
right to do so either in person or by one or more agents authorized by a written or electronic proxy authorized by the person and filed with the Managing Owner. A proxy shall be deemed authorized if the Unitholder’s name is placed on the proxy
(whether by manual signature, typewriting, telephonic or internet transmission or otherwise) by the Unitholder or the Unitholder’s attorney-in-fact. A validly authorized proxy which does not state that it is irrevocable shall continue in full
force and effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Managing Owner stating that the proxy is revoked or by a subsequent proxy executed by, or attendance at the
meeting and voting in person by, the person executing that proxy; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the Managing Owner before the vote pursuant to that proxy is counted; provided
however, that no proxy shall be valid after the expiration of eleven (11) months from the date of the proxy unless otherwise provided in the proxy. 

SECTION 11.3 Action Without a Meeting. Any action required or permitted to be taken by Unitholders by vote may be taken without a
meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Unitholder to any action of the Trust or any Unitholder, as

  

 40 

 
contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder given in the manner provided in Section 14.6. The
vote or consent of each Unitholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Unitholder, unless the
Unitholder expresses written objection to the vote or consent by notice given in the manner provided in Section 14.6 below and actually received by the Trust within twenty (20) days after the notice of solicitation is effected. The
Managing Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Trust in so doing. Any action taken or
omitted in reliance on any such deemed vote or consent of one or more Unitholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Unitholders in any manner other than as expressly provided
in Section 14.6. 
 SECTION 11.4. Record Dates. For the purpose of determining the Unitholders of any class who are
entitled to vote or act at any meeting or any adjournment thereof, the Managing Owner may from time to time fix a date, which shall be not more [than one-hundred and twenty (120) days] before the date of any meeting of Unitholders, as the
record date for determining the Unitholders of such class having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Unitholders of record on such record date shall have such right, notwithstanding
any transfer of Units on the books of the Trust after the record date. For the purpose of determining the Unitholders of any class who are entitled to receive payment of any distribution, the Managing Owner may from time to time fix a date, which
shall be before the date for the payment of such dividend or such other payment, as the record date for determining the Unitholders of such class having the right to receive such distribution. Nothing in this Section shall be construed as precluding
the Managing Owner from setting different record dates for different classes. 
 SECTION 11.5. Voting Powers.
(a) Except as required under applicable U.S. federal law or under the rules or regulations of an Exchange, the Unitholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or
transfers to or domestication in any jurisdiction by the Trust or with respect to any other matters that under the Delaware Trust Statute default voting rights are provided to holders of beneficial interests.) The Unitholders shall have the right to
vote on other matters only as the Managing Owner may consider desirable and so authorizes in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a
mandatory basis) expand, eliminate or limit Unitholders’ right to vote on any specific matter, the Unitholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the
Managing Owner or the Unitholders. 
 (b) On each matter, if any, submitted to a vote of Unitholders, unless the Managing Owner
determines otherwise, all Units of all classes shall vote together as a single class; provided, however, that: (i) as to any matter with respect to which a separate vote of any class is required by applicable law or is required by attributes
applicable to any class, such requirements as to a separate vote by that class shall apply; (ii) unless the Managing Owner determines that this clause (ii) shall not apply in a particular case, to the extent that a matter

  

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referred to in clause (i) above affects more than one class and the interests of each such class in the matter are identical, then the Units of all such affected classes shall vote together
as a single class; and (iii) as to any matter which does not affect the interests of a particular class, only the holders of Units of the one or more affected classes shall be entitled to vote. As determined by the Managing Owner, in its sole
discretion, without the vote or consent of Unitholders, on any matter submitted to a vote of Unitholders either (i) each whole Unit shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Unit shall be
entitled to a proportionate fractional vote or (ii) each dollar of Net Asset Value (number of Units owned times Net Asset Value per unit of the Trust, or of such class, as applicable) shall be entitled to one vote on any matter on which such
Units are entitled to vote and each fractional dollar amount shall be entitled to a proportionate fractional vote. Without limiting the power of the Trustees in any way to designate otherwise in accordance with the preceding sentence, the Managing
Owner hereby establishes that each whole Unit shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Unit shall be entitled to a proportionate fractional vote. Units may be voted in person or by proxy or
in any manner determined by the Managing Owner. 
 SECTION 11.6. Adjourned Meeting; Notice. Any Unitholders’
meeting, whether or not a quorum is present, may be adjourned from time to time by the Managing Owner or by the vote of a majority of the Units of the Trust or a class, as the case may be, represented at that meeting, either in person or by proxy.
When any meeting of Unitholders is adjourned to another time or place, notice need not be given of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for
more than sixty (60) days from the date set for the original meeting, in which case the Managing Owner shall set a new record date. Notice of any such adjourned meeting shall be given to each Unitholder of record entitled to vote at the
adjourned meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting. 

SECTION 11.7. Voting Procedure. The Trust shall be authorized to solicit, and a Limited Owner shall be entitled to submit a proxy
ballot containing the voting instructions of such Unitholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media, provided however, that the Managing
Owner or an officer of the Trust may limit or delineate the types of media and methods by which a Limited Owner may submit voting instructions. On any matter any Unitholder may vote part of the Units in favor of the proposal and refrain from voting
the remaining Units or vote them against the proposal, but if the Limited Owner fails to specify the number of Units which the Limited Owner is voting affirmatively, it will be conclusively presumed that the Unitholder’s approving vote is with
respect to the total Units that the Limited Owner is entitled to vote on such proposal. 
 SECTION 11.8. Quorum And Required
Vote. Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Units entitled to vote shall constitute a quorum at a
Unitholder’s meeting. When any one or more classes is to vote as a single class separate from any other Units, thirty-three and one-third percent (33 1/3%) of the Units of each such class entitled to vote shall constitute a quorum at a
Unitholder’s meeting of that class. Any meeting of Unitholders may be adjourned consistent with the provisions of Section 11.6 above, 

 

 42 

 
whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Units represented at the meeting shall decide any questions except when a different vote is required
by any provision of this Trust Agreement or by applicable law. 
 ARTICLE XII 

TERM 

SECTION 12.1 Term. The term for which the Trust is to exist shall commence on the date of the filing of the Certificate of Trust
and shall be perpetual, unless terminated pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 

ARTICLE XIII 

TERMINATION 

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

 

 43 

 (c) In the event of the suspension, revocation or termination of the Managing Owner’s
registration as a commodity pool operator or commodity trading advisor under the CE Act, or membership as a commodity pool operator or commodity trading advisor with the NFA (if, in either case, such registration is required under the CE Act or the
rules promulgated thereunder) unless at the time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated. 

(d) The Trust becomes insolvent or bankrupt. 

(e) The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value (which excludes the Units of the
Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) days prior to the effective date of termination. 

(f) The determination of the Managing Owner that the Trust’s aggregate net assets in relation to the operating expenses of the Trust
make it unreasonable or imprudent to continue the business of the Trust, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust because the aggregate Net Asset Value as of the close of
business on any Business Day declines below $10 million. 
 (g) The Trust is required to be registered as an investment company
under the Investment Company Act of 1940. 
 (h) DTC is unable or unwilling to continue to perform its functions, and a
comparable replacement is unavailable. 
 The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any
Limited Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the termination of the Trust and such Limited Owner, his estate, custodian or personal representative shall have no right to withdraw or
value such Limited Owner’s Units except as provided in the Participant Agreement. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the
legal representative of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the Trust and any right to an audit or examination of the books of the Trust, except for such
rights as are set forth in Article IX hereof relating to the books of account and reports of the Trust. 
 SECTION 13.2
Distributions on Dissolution. Upon the dissolution of the Trust, the Managing Owner (or in the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose
and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner
under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions,
obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with
obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the 
  

 44 

 
expenses of liquidation and termination and to creditors, including Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether
by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account
balance, less any amount owing by such Unitholder, after giving effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. 

SECTION 13.3 Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of the Trust, the
Trust shall terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause a certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust
Statute at the expense of the Managing Owner. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation.

 ARTICLE XIV 

MISCELLANEOUS 

SECTION 14.1 Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by
the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions
thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall
control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the
Managing Owner, the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts which relate to or regulate in a manner inconsistent with
the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a
trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a
trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or
other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or
authorities and powers of the Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a
“statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the
powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 

 

 45 

 SECTION 14.2 Provisions In Conflict With Law or Regulations. 

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

(b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any
manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 

SECTION 14.3 Merger and Consolidation. The Managing Owner may cause (i) the Trust to be merged into or consolidated
with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) the Units of a class to be converted into another class of Units; (iii) the Units of the Trust to be converted into beneficial interests
in another statutory trust; or (iv) the Units of the Trust to be exchanged for units in another trust or company under or pursuant to any state or federal statute to the extent permitted by law. For the avoidance of doubt, the Managing Owner,
with written notice to the Unitholders, may approve and effect any of the transactions contemplated under (i) – (iv) above without any vote or other action of the Unitholders. 

SECTION 14.4 Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the
plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement.

 SECTION 14.5 Notices. All notices or communications under this Trust Agreement (other than notices of pledge or
encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by
overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such
notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Notices of pledge or encumbrance of Units shall be effective upon timely
receipt by the Managing Owner in writing. 
  

 46 

 SECTION 14.6 Counterparts. This Trust Agreement may be executed in several
counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 

SECTION 14.7 Binding Nature of Trust Agreement. The terms and provisions of this Trust Agreement shall be binding upon and inure
to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Unitholders. For purposes of determining the rights of any Unitholder or assignee hereunder,
the Trust and the Managing Owner may rely upon the Trust records as to who are Unitholders and permitted assignees, and all Unitholders and assignees agree that the Trust and the Managing Owner, in determining such rights, shall rely on such records
and that Limited Owners and assignees shall be bound by such determination. 
 SECTION 14.8 No Legal Title to Trust
Estate. Subject to the provisions of Section 1.7 in the case of the Managing Owner, the Unitholders shall not have legal title to any part of the Trust’s Trust Estate. 

SECTION 14.9 Creditors. No creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal
or equitable remedies with respect to the Trust’s Trust Estate. 
 SECTION 14.10 Integration. This Trust Agreement
constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

SECTION 14.11 Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively
to Jefferies Commodity Investment Services, LLC. 
  

 47 

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

			
	Wilmington Trust Company,
	as Trustee
		
	By: 	 	 
		 	Name:
		 	Title:

  

			
	Jefferies Commodity Investment Services, LLC,
	as Managing Owner
		
	By: 	 	 
		 	Name:
		 	Title:

  

 48 

 EXHIBIT A 

DESCRIPTION OF THE INDEX 
  

 A-1 

 EXHIBIT B 

FORM OF GLOBAL CERTIFICATE 

CERTIFICATE OF BENEFICIAL INTEREST 

-Evidencing- 

All Units 

-in- 

Jefferies S&P 500 VIX Short-Term Futures ETF 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 This is to certify that CEDE & CO. is the
owner and registered holder of this Certificate evidencing the ownership of all issued and outstanding Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in Jefferies S&P 500 VIX Short-Term
Futures ETF (the “Trust”), a Delaware statutory trust formed under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of
State of the State of Delaware on April 21, 2010, and an Amended and Restated Declaration of Trust and Trust Agreement, dated as of [            ], 2010, by and among Jefferies
Commodity Investment Services, LLC, a Delaware limited liability company, as managing owner of the Trust (the “Managing Owner”), and Wilmington Trust Company, a Delaware banking company, as trustee (hereinafter called the “Trust
Agreement”), copies of which are available at the principal offices of the Trust. 
 At any given time this Certificate
shall represent all units of beneficial interest in the Trust, which shall be the total number of Units that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Trust from time to time and the issuance by the
Trust of additional Creation Baskets representing the undivided units of beneficial interest in the assets of the Trust. At the request of the registered holder this Certificate may be exchanged for one or more Certificates issued to the registered
holder in such denominations as the registered holder may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units outstanding at any given time. 

 

 B-1 

 Each Authorized Participant hereby grants and conveys all of its rights, title and interest
in and to the Trust to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms, conditions and covenants of which are incorporated herein
as if fully set forth at length. 
 The registered holder of this Certificate is entitled at any time upon tender of this
Certificate to the Trust, endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other governmental charges, to
receive at the time and in the manner provided in the Trust Agreement, such holder’s ratable portion of the assets of the Trust for each Redemption Basket tendered and evidenced by this Certificate. 

The holder of this Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust
Agreement, copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which reference is made for all the terms, conditions and covenants thereof. 

The Trust may deem and treat the person in whose name this Certificate is registered upon the books of the Trust as the owner hereof for
all purposes and the Trust shall not be affected by any notice to the contrary. 
 The Trust Agreement may be amended without
Unitholders approval, and all Unitholders purchase Units with notice that it may be so amended except to the extent expressly required under Delaware or applicable U.S. federal law. The Managing Owner may, without any Unitholder vote, amend or
otherwise supplement the Trust Agreement by making an amendment, a trust instrument supplemental hereto or an amended and restated Trust Agreement; provided, that Unitholders shall have the right to vote on any amendment if expressly required under
Delaware or U.S. federal law or rules or regulations under an Exchange, or submitted to them by the Managing Owner in its sole discretion; and provided, further, that no amendment affecting the rights or duties of the Trustee shall be binding upon
or effective against the Trustee unless consented to by the Trustee in writing. 
 In accordance with Section 3.7 of the
Trust Agreement, the holder of this Certificate agrees and consents (the “Consent”) to look solely to the assets (the “Trust Assets”) of the Trust for payment in respect of any claim against or obligation of the Trust. The Trust
Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of the Trust, including, without limitation, funds delivered to the Trust for the purchase of Units in the Trust.

 In furtherance of the Consent, the holder agrees that (i) any debts, liabilities, obligations, indebtedness, expenses
and claims of any nature and of all kinds and descriptions (collectively, “Claims”) of the Trust incurred, contracted for or otherwise existing and (ii) the Units shall be subject to the following limitations: 

(a) (i) except as set forth below, the Claims and Units (collectively, the “Subordinated Claims and Units”) shall be expressly
subordinate and junior in right of payment to any and all other claims against and Units in the Trust, pursuant to any contract; provided, 

 

 B-2 

 
however, that the holder’s Claims (if any) against and Units shall not be considered Subordinated Claims and Units with respect to enforcement against and distribution and repayment
from the Trust, the Trust Assets; and provided further that (1) the holder’s valid Claims, if any, against the Trust shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Trust and
(2) the holder’s Units shall be pari passu and equal in right of repayment and distribution with all other Units in the Trust; and (ii) the holder will not take, demand, or receive from the Trust (other than the Trust and the Trust
Assets) any payment for the Subordinated Claims and Units; 
 (b) the Claims and Units of the holder shall only be asserted and
enforceable against the Trust and the Trust Assets and such Claims and Units shall not be asserted or enforceable for any reason whatsoever against the Trust generally or any of its assets; 

(c) If the Claims of the holder against the Trust are secured in whole or in part, the holder hereby waives (under section 1111(b) of the
Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured Claims against the Trust; 

(d) in furtherance of the foregoing, if and to the extent that the holder receives monies in connection with the Subordinated Claims and
Units from the Trust, other than the Trust Assets, the holder shall be deemed to hold such monies in trust and shall promptly remit such monies to the Trust that paid such amounts for distribution by the Trust in accordance with the terms hereof;
and 
 (e) the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied, the Units represented
by this Certificate are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Units are terminated, rescinded or canceled. 

The Trust Agreement, and this Certificate, is executed and delivered by Jefferies Commodity Investment Services, LLC, as Managing Owner,
in the exercise of the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in the Trust Agreement or the Trust in this Certificate are made and
intended not as personal representations, undertakings and agreements by Jefferies Commodity Investment Services, LLC but are made and intended for the purpose of binding only the Trust. Nothing in the Trust Agreement or this Certificate shall be
construed as creating any liability on Jefferies Commodity Investment Services, LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in the Trust Agreement or this Certificate. 

This Certificate shall not become valid or binding for any purpose until properly executed by the Managing Owner pursuant to the Trust
Agreement. 
 Terms not defined herein have the same meaning as in the Trust Agreement. 

 

 B-3 

 IN WITNESS WHEREOF, Jefferies Commodity Investment Services, LLC, as Managing Owner, has
caused this Certificate to be executed in its name by the manual or facsimile signature of one of its Authorized Officers. 
  

			
	Jefferies S&P 500 VIX Short-Term Futures ETF
		
	 By:
	 	Jefferies Commodity Investment Services, LLC, as Managing Owner
		
	 By:
	 	 
		 	Authorized Officer
		
	Date:	 	___________________, ____

  

 B-4 

 EXHIBIT C 

FORM OF PARTICIPANT AGREEMENT 
  

 C-1 

 EXHIBIT D 

FORM OF INITIAL PURCHASER AGREEMENT 
  

 D-1

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