Document:

EXHIBIT 4.7

                          LICENSE AGREEMENT COVER PAGE

                  THIS LICENSE AGREEMENT COVER PAGE (the "Cover Page," and
together with the attached License Terms, the "License Agreement") is entered
into as of November 22, 2006 (the "Effective Date"), by the following parties:

                                    PARTIES
                                    -------

         Licensor:                         MacroMarkets LLC, a Delaware limited
                                           liability company

         Up-MACRO Holding Trust:           Claymore MACROshares Oil Up Holding
                                           Trust, a New York trust

         Down-MACRO Holding Trust:         Claymore MACROshares Oil Down
                                           Holding Trust, a New York trust

         Up-MACRO Tradeable Trust:         Claymore MACROshares Oil Up
                                           Tradeable Trust, a New York trust

         Down-MACRO Tradeable Trust:       Claymore MACROshares Oil Down
                                           Tradeable Trust, a New York trust

                  Initially capitalized terms (including the following terms)
shall have the meaning ascribed to them in this Cover Page and in the License
Terms.

                                     SHARES
                                     ------

         Up-MACRO Holding Shares:          Claymore MACROshares Oil Up Holding
                                           Shares, which represent units of
                                           undivided beneficial interest in the
                                           Up-MACRO Holding Trust

         Down-MACRO Holding Shares         Claymore MACROshares Oil Down Holding
                                           Shares, which represent units of
                                           undivided beneficial interest in the
                                           Down-MACRO Holding Trust

         Up-MACRO Tradeable Shares:        Claymore MACROshares Oil Up Tradeable
                                           Shares, which represent units of
                                           undivided beneficial interest in the
                                           Up-MACRO Tradeable Trust

         Down-MACRO Tradeable Shares:      Claymore MACROshares Oil Down
                                           Tradeable Shares, which represent
                                           units of undivided beneficial
                                           interest in the Down-MACRO Tradeable
                                           Trust

                                     TRUSTS
                                     ------

         Trustee:                          Investors Bank & Trust Company, a
                                           Massachusetts trust company

         Up-MACRO Holding                  The Up-MACRO Holding Trust Agreement,
         Trust Agreement:                  dated as of the date hereof, by and
                                           among MACROs Securities Depositor,
                                           LLC, the

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                                           Trustee, the Administrative
                                           Agent and the Marketing Agents

         Down-MACRO Holding                The Down-MACRO Holding Trust
         Trust Agreement:                  Agreement, dated as of the date
                                           hereof, by and among MACROs
                                           Securities Depositor, LLC, the
                                           Trustee, the Administrative Agent and
                                           the Marketing Agents

         Up-MACRO Tradeable                The Up-MACRO Tradeable Trust
         Trust Agreement:                  Agreement, dated as of the date
                                           hereof, by and among MACROs
                                           Securities Depositor, LLC, the
                                           Trustee, the Administrative Agent
                                           and the Marketing Agents

         Down-MACRO Tradeable              The Down-MACRO Tradeable Trust
         Trust Agreement:                  Agreement, dated as of the date
                                           hereof, by and among MACROs
                                           Securities Depositor, LLC, the
                                           Trustee, the Administrative Agent
                                           and the Marketing Agents

                                     TERMS
                                     -----

         Administrative Agent:             Claymore Securities, Inc.

         Annual Fee Rate:                  0.20% (two tenths of one percent)

         Marketing Agent:                  Claymore Securities, Inc. and MACRO
                                           Financial, LLC, as marketing agents

         Product Name:                     "Claymore MACROshares"

         Territory:                        Worldwide

                              CONTACT INFORMATION
                              -------------------

         CONTACT INFORMATION FOR LICENSOR:

                  MacroMarkets LLC
                  73 Green Tree Drive #9
                  Dover, DE 19904
                  Attention:  Samuel Masucci, III
                  Telephone:  (888) MACROS1

         CONTACT INFORMATION FOR LICENSEES:

                  If to the Up-MACRO Holding Trust:

                           Claymore MACROshares Oil Up Holding Trust
                           c/o Investors Bank & Trust Company
                           200 Clarendon Street
                           Boston, Massachusetts 02116
                           Attention:  Timothy McGowan
                           Telephone: (617) 937-6369
                           Facsimile:  (617) 937-6033

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                  If to the Down-MACRO Holding Trust:

                           Claymore MACROshares Oil Down Holding Trust
                           c/o Investors Bank & Trust Company
                           200 Clarendon Street
                           Boston, Massachusetts 02116
                           Attention:  Timothy McGowan
                           Telephone: (917) 637-6369
                           Facsimile:  (617) 937-6033

                  If to the Up-MACRO Tradeable Trust:

                           Claymore MACROshares Oil Up Tradeable Trust
                           c/o Investors Bank & Trust Company
                           200 Clarendon Street
                           Boston, Massachusetts 02116
                           Attention:  Timothy McGowan
                           Telephone: (917) 637-6369
                           Facsimile:  (617) 937-6033

                  If to the Down-MACRO Tradeable Trust:

                           Claymore MACROshares Oil Down Tradeable Trust
                           c/o Investors Bank & Trust Company
                           200 Clarendon Street
                           Boston, Massachusetts 02116
                           Attention:  Timothy McGowan
                           Telephone: (917) 637-6369
                           Facsimile:  (617) 937-6033

                  Licensor and each Licensee (each a "Party," and collectively,
the "Parties") hereby acknowledge and agree that they have reviewed, and shall
be bound by, this Cover Page and the License Terms, which License Terms are
incorporated into this Cover Page by reference.

                  IN WITNESS WHEREOF, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties have
caused the License Agreement to be executed by their duly authorized
representatives as of the Effective Date.

                                   MACROMARKETS LLC,
                                   as Licensor

                                   By:     /S/  Samuel Masucci, III
                                           ------------------------
                                   Name:   Samuel Masucci, III
                                   Title:  President

                                   CLAYMORE MACROSHARES OIL UP HOLDING TRUST,
                                   as Licensee

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<PAGE>

                                   By:  INVESTORS BANK & TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   trustee of the Claymore MACROshares Oil Up
                                   Holding Trust

                                   By:     /S/  Michael F. Rogers
                                           ----------------------
                                   Name:   Michael F. Rogers
                                   Title:  President

                                   CLAYMORE MACROSHARES OIL DOWN HOLDING TRUST,
                                   as Licensee

                                   By:  INVESTORS BANK & TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   trustee of the Claymore MACROshares Oil Down
                                   Holding Trust

                                   By:     /S/  Michael F. Rogers
                                           ----------------------
                                   Name:   Michael F. Rogers
                                   Title:  President

                                   CLAYMORE MACROSHARES OIL UP TRADEABLE TRUST,
                                   as Licensee

                                   By:  INVESTORS BANK & TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   trustee of the Claymore MACROshares Oil Up
                                   Tradeable Trust

                                   By:     /S/  Michael F. Rogers
                                           ----------------------
                                   Name:   Michael F. Rogers
                                   Title:  President

                                   CLAYMORE MACROSHARES OIL DOWN TRADEABLE
                                   TRUST, as Licensee

                                   By:  INVESTORS BANK & TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   trustee of the Claymore MACROshares Oil Down
                                   Tradeable Trust

                                   By:     /S/  Michael F. Rogers
                                           ----------------------
                                   Name:   Michael F. Rogers
                                   Title:  President

                                      C-4
<PAGE>

                                 LICENSE TERMS

                  These LICENSE TERMS (the "License Terms ") are incorporated
into the Cover Page to which these License Terms are attached, and form part of
the License Agreement.

1.       DEFINITIONS.

         For the purposes of the License Agreement, initially capitalized terms
shall have the meaning ascribed to them in this Cover Page and in the License
Terms, including the following terms:

         (a)      "Administrative Agent" means the "Administrative Agent", not
                  in its individual capacity but solely as Administrative Agent
                  under the Up-MACRO Holding Trust Agreement, the Down-MACRO
                  Holding Trust Agreement, the Up-MACRO Tradeable Trust
                  Agreement, and the Down-MACRO Tradeable Trust Agreement.

         (b)      "Affiliate" means, with respect to any Person, any other
                  Person that, directly or indirectly through one or more
                  intermediaries, Controls, or is Controlled by, or is under
                  common Control with, such Person.

         (c)      "Annual Fee Rate" has the meaning set forth in the Cover
                  Page.

         (d)      "Calculation Period" means, with respect to any Distribution
                  Date, the period from but excluding the second Business Day
                  prior to the last Distribution Date (or, in the case of the
                  first Distribution Date, from and including November 22,
                  2006, which is the closing date for the transaction) to and
                  including the second Business Day prior to the current
                  Distribution Date. The Calculation Period that precedes a
                  particular Distribution Date is referred to herein as being
                  "related" to such Distribution Date.

         (e)      "Claymore Marks" means the name and mark "Claymore."

         (f)      "Confidential Information" has the meaning set forth in
                  Section 10 hereunder.

         (g)      "Control" means, with respect to any Person, the possession,
                  directly or indirectly, of the power to direct or cause the
                  direction of the management or policies of a Person, whether
                  through the ownership of voting securities, by contract or
                  otherwise.

         (h)      "Distribution Date" has the meaning set forth in the
                  applicable Holding Trust Agreement.

         (i)      "Distribution Payment Date" has the meaning set forth in the
                  applicable Holding Trust Agreement.

         (j)      "Down-MACRO Asset Amount" has the meaning set forth in the
                  Down-MACRO Holding Trust Agreement.

         (k)      "Down-MACRO Holding Shares" has the meaning set forth in the
                  Cover Page.

         (l)      "Down-MACRO Holding Trust" has the meaning set forth in the
                  Cover Page.

         (m)      "Down-MACRO Holding Trust Agreement" has the meaning set
                  forth in the Cover Page.

         (n)      "Down-MACRO Tradeable Shares" has the meaning set forth in
                  the Cover Page.

                                      T-1
<PAGE>

         (o)      "Down-MACRO Tradeable Trust" has the meaning set forth in the
                  Cover Page.

         (p)      "Down-MACRO Tradeable Trust Agreement" has the meaning set
                  forth in the Cover Page.

         (q)      "Effective Date" has the meaning set forth in the preamble.

         (r)      "Holding Trust" means the Up-MACRO Holding Trust and the
                  Down-MACRO Holding Trust.

         (s)      "Improvements" has the meaning set forth in Section 3(d)
                  hereunder.

         (t)      "Indemnified Party" has the meaning set forth in Section 8(c)
                  hereunder.

         (u)      "Indemnifying Party" has the meaning set forth in Section
                  8(c) hereunder.

         (v)      "License Agreement" has the meaning set forth in the preamble
                  to the Cover Page.

         (w)      "Licensed Patents" means any patents and patent applications
                  of Licensor in the Territory that are related to the MACROs
                  Structure, including the patent applications as set forth on
                  Schedule I attached hereto.

         (x)      "Licensed Patents and Know-How" means the Licensed Patents
                  and any related know-how provided by Licensor to Licensees.

         (y)      "Licensee" has the meaning set forth in the preamble to the
                  Cover Page.

         (z)      "Licenses" has the meaning set forth in Section 2(a)
                  hereunder.

         (aa)     "Licensor" has the meaning set forth in the preamble to the
                  Cover Page.

         (bb)     "Licensing Fee" has the meaning set forth in Section 5(a)
                  hereunder.

         (cc)     "Losses" has the meaning set forth in Section 8(a) hereunder.

         (dd)     "MACROs Structure" means any synthetic structured products
                  which transform various economic goods and services, and
                  aggregate economic measures, into interests (the value of
                  which is linked to the performance of a reference index or
                  price) that can be acquired by investors in the form of
                  securities and are based on the Patented Products.

         (ee)     "MACRO Holding Shares" means the Up-MACRO Holding Shares
                  together with the Down-MACRO Holding Shares.

         (ff)     "MACRO Tradeable Shares" means the Up-MACRO Tradeable Shares
                  together with the Down-MACRO Tradeable Shares.

         (gg)     "Marketing Agent" means the Marketing Agent, not in its
                  individual capacity but solely as the marketing agent of the
                  Up-MACRO Holding Trust, the Down-MACRO Holding Trust, the
                  Up-MACRO Tradeable Trust, and the Down-MACRO Tradeable Trust.

         (hh)     "Marks" means the names "MACRO," "MacroMarkets," and
                  "MACROshares."

                                      T-2
<PAGE>

         (ii)     "Party(ies)" has the meaning set forth in the Cover Page.

         (jj)     "Person" shall be construed broadly and shall include an
                  individual, a partnership, a corporation, a limited liability
                  company, an association, a joint stock company, a trust, a
                  joint venture, an unincorporated organization or another
                  entity, including a governmental entity (or any department,
                  agency or political subdivision thereof).

         (kk)     "Proceeding" has the meaning set forth in Section 8(c)
                  hereunder.

         (ll)     "Product Name" has the meaning set forth in the Cover Page.

         (mm)     "Territory" has the meaning set forth in the Cover Page.

         (nn)     "Tradeable Trusts" means the Up-MACRO Tradeable Trust and the
                  Down-MACRO Tradeable Trust.

         (oo)     "Trustee" means the Trustee, not in its individual capacity
                  but solely as trustee of the Up-MACRO Holding Trust, the
                  Down-MACRO Holding Trust, the Up-MACRO Tradeable Trust, and
                  the Down-MACRO Tradeable Trust.

         (pp)     "Trusts" means the Holding Trusts and the Tradeable Trusts.

         (qq)     "Up-MACRO Asset Amount" has the meaning as defined in the
                  Up-MACRO Holding Trust Agreement.

         (rr)     "Up-MACRO Holding Shares" has the meaning set forth in the
                  Cover Page.

         (ss)     "Up-MACRO Holding Trust" has the meaning set forth in the
                  Cover Page.

         (tt)     "Up-MACRO Holding Trust Agreement" has the meaning set forth
                  in the Cover Page.

         (uu)     "Up-MACRO Tradeable Shares" has the meaning set forth in the
                  Cover Page.

         (vv)     "Up-MACRO Tradeable Trust" has the meaning set forth in the
                  Cover Page.

         (ww)     "Up-MACRO Tradeable Trust Agreement" has the meaning set
                  forth in the Cover Page.

         Additionally, the term "including" shall mean including, but not
limited to.

2.       LICENSES.

         (a)      The Licenses. Subject to the terms and conditions of the
                  License Agreement, Licensor hereby grants to:

                  (i)      each of the Holding Trusts (x) a limited,
                           non-exclusive, non-transferable, fee-based license,
                           throughout the Territory for the Term to use the
                           Licensed Patents and Know-How solely in connection
                           with each Licensee's activities as an issuer of the
                           Holding Shares that employ the MACROs Structure, (y)
                           a limited, non-exclusive, and non-transferable,
                           fee-based license throughout the Territory for the
                           Term to use the Marks solely as a part of the name
                           of each Holding Trust and the MACRO Holding Shares
                           issued by such Holding Trust, and (z) a limited,
                           non-exclusive, and non-transferable, fee-based
                           sub-license throughout the

                                      T-3
<PAGE>

                           Territory for the Term to use the Claymore Mark
                           solely as part of the Product Name in connection
                           with each Holding Trust's name and the names of the
                           MACRO Holding Shares issued by such Holding Trust;
                           and

                  (ii)     each of the Tradeable Trusts (x) a limited,
                           non-exclusive, non-transferable, license throughout
                           the Territory for the Term to use the Licensed
                           Patents and Know-How solely in connection with each
                           Licensee's activities as an issuer of the respective
                           MACRO Tradeable Shares that employ the MACROs
                           Structure, (y) a limited, non-exclusive, and
                           non-transferable, royalty-free license throughout
                           the Territory for the Term to use the Marks solely
                           as a part of the name of each Tradeable Trust and
                           the MACRO Tradeable Shares issued by such Tradeable
                           Trust, and (z) a limited, non-exclusive, and
                           non-transferable, fee-based sub-license throughout
                           the Territory for the Term to use the Claymore Mark
                           solely as part of the Product Name in connection
                           with each Tradeable Trust's name and the names of
                           the MACRO Tradeable Shares issued by such Tradeable
                           Trust (collectively with (i), the "Licenses").

         (b) No Right to Sublicense. Each Licensee hereby expressly agrees not
to sublicense the Licenses to any Person without the express prior written
consent of Licensor.

         (c) Invalidation of Licensed Patents. Each Licensee acknowledges that
the overall value of the licensed system is a function of, among other factors,
the total Asset Amounts of the Holding Trusts. Accordingly, for administrative
convenience, the royalties set forth in Section 5(a) hereunder are calculated
based on the total Asset Amounts of the Holding Trusts regardless of whether a
portion of such MACRO Holding Shares or MACRO Trading Shares are sold and/or
administered in countries in which there are no pending, or in force, Licensed
Patents. However, in the event that all of the patent claims in all of the
Licensed Patents in the United States and any other jurisdiction within the
Territory in which a substantial amount of revenue is derived and/or a
substantial portion of the administration occurs (collectively, with the United
States, the "Main Markets") have expired, or in the event that all of the
patent claims in all remaining unexpired Licensed Patents in the Main Markets
are finally determined (i.e., after exhaustion of all potential appeals) to be
unpatentable, invalid or unenforceable by a court or other government agency of
competent jurisdiction in all jurisdictions in which the Holding Shares and
Offering Shares are sold, offered for sale, issued, or administered, the
Licensing Fees payable under Section 5(a) hereunder shall automatically be
reduced by five (5%) percent. Notwithstanding the foregoing, no such royalty
reduction shall apply to the Licensing Fee if a Licensed Patent that is pending
or in force in the Main Markets.

         (d) Marking; Usage Guidelines. Each Licensee shall mark patent rights
with respect to any patents licensed hereunder in a manner as reasonably
directed by Licensor and/or approved by Licensor in writing in advance, such
approval not to be unreasonably withheld. Each Licensee shall include
appropriate service mark and trademark notices, including the following written
notice in connection with its use of the Licensed Marks (or such other written
ownership notice as reasonably requested by Licensor from time to time):
"[insert Mark] are service marks of Macro Markets, LLC and are used under
license to [Licensee]." Each Licensee shall designate the MACRO Structure, the
MACRO Holding Shares and the MACRO Tradeable Shares only through the use of the
Product Name. Each Licensee shall adhere to Licensor's trademark usage
guidelines with respect to the Marks and the Claymore Marks as issued by
Licensor from time to time.

         (e) Compliance with Law. Licensee shall comply with all applicable
laws and regulations in connection with the creation, development, and
marketing of the MACRO Structured Product, including all regulations of the
SEC, NASD and any other applicable federal or state regulatory authorities.

                                      T-4
<PAGE>

         (f) ALL RIGHTS NOT SPECIFICALLY AND EXPRESSLY GRANTED TO LICENSEES IN
THIS ARTICLE 2 ARE HEREBY RESERVED TO LICENSOR.

         (g) Quality Control. Licensor shall have the right to review all uses
of the Marks and the Claymore Marks by each Licensee hereunder, and Licensees
shall furnish in advance to Licensor all materials, including, where
applicable, any prospectus, or other offering, marketing, and promotional
materials, to be used hereunder (collectively, the "Materials") in connection
with the Trusts in which any of the Marks and the Claymore Marks are used, for
Licensor's prior review and approval of the uses of the Marks and Claymore
Marks therein. In the event the Materials are issued in a language other than
English, Licensee shall provide Licensor with an English translation of the
relevant portion of such materials. Licensor shall promptly notify Licensee
following receipt thereof from Licensee. If Licensor does not approve of any
use, it shall advise Licensee of its reasons. In this regard, each Licensee
agrees that the quality of the services, in connection with which the Marks and
the Claymore Marks may or will be used by such Licensee as permitted herein,
will be commensurate with Licensor's reputation for reliability and high
quality in financial services, and Licensor shall have the right to require
each Licensee to adhere to that standard of quality. Each Licensee shall do
nothing hereunder which will impair the validity of the Marks or the Claymore
Marks, Licensor's or Claymore's rights in the Marks or the Claymore Marks,
respectively, or the good will symbolized by each of the Marks.

3.       ACKNOWLEDGMENT OF RIGHTS.

         (a) Property Rights. Each Licensee acknowledges that the Licensed
Patents and Know-How, the MACROs Structure and the Marks are and, under all
circumstances shall remain, the sole and exclusive property of Licensor. All
goodwill resulting from usage of the Licenses by Licensees pursuant to the
License Agreement shall accrue to the benefit of Licensor.

         (b) Acknowledgement of Rights. Each Licensee agrees and acknowledges
that the marks are the valuable property of, and are owned by, Licensor. Each
Licensee will not directly or indirectly: (i) challenge or contest the validity
or enforceability of the Licenses; (ii) dispute the validity, enforceability or
Licensor's ownership of the Marks, or initiate or participate in any proceeding
of any kind opposing the grant of Marks, or challenging any trademark
application in connection with the Marks; (iii) apply to register or otherwise
obtain registration of (A) the Licenses, or (B) the Marks or any variation
thereon or derivative thereof with any trademark, business or domain name
registrar; or (iv) assist any other Person to do any of the foregoing (except
if and to the extent required by court order or subpoena). Any violation of
this Section 3(b) will constitute a material breach of the License Agreement.

         (c) Maintaining the Licenses. Each Licensee shall, at Licensor's
expense, fully cooperate with and assist Licensor in the maintenance of any
patent, trademark, or other applications and shall execute or obtain execution
of any documents that Licensor shall reasonably request in connection
therewith, including but not limited to any assignment of invention rights.

         (d) Improvements. Licensees acknowledge that Licensor shall own all
improvements, modifications and derivative works of the MACROs Structure and
the Licensed Patents and Know-How whether made by Licensor or any Licensee,
alone or in combination (collectively, "Improvements"). Each Licensee hereby
assigns all its rights in and to any Improvements to Licensor and shall execute
all documents, and perform such additional lawful acts, as reasonably requested
by Licensor, to fully effectuate such assignment and to enforce Licensor's
rights to such Improvements.

4.       TERM.

                                      T-5
<PAGE>

         (a) Term. The term of the License Agreement shall commence as of the
Effective Date and for each Licensee shall remain in full force and effect
until the expiration or termination of the applicable Up-MACRO Holding Trust
Agreement, Down-MACRO Holding Trust Agreement, Up-MACRO Tradeable Trust
Agreement or Down-MACRO Tradeable Trust Agreement, unless earlier terminated
pursuant to the terms of the License Agreement (the "Term"). Notwithstanding
the foregoing sentence, the Term of the Licenses hereunder solely with respect
to the Licensed Patents in a particular jurisdiction shall not extend beyond
the expiration or cancellation of such Licensed Patents in the relevant
jurisdiction in the Territory.

         (b) Termination. Licensor may terminate the License Agreement with
respect to all Licensees on thirty (30) days' prior written notice if any
Licensee shall fail or be unable to perform its material obligations under the
License Agreement and such failure shall not have been remedied within thirty
(30) days after written notice thereof. Licensee may terminate the License
Agreement on thirty (30) days' prior written notice only with the consent of
all Licensees if Licensor shall fail or be unable to perform its material
obligations under the License Agreement and such failure shall not have been
remedied within thirty (30) days after written notice thereof.

         (c) Effect of Termination. On expiration or termination of the License
Agreement, all Licensees shall immediately cease from all use of the Licenses,
the Marks, the Licensed Patents and Know-How, and inventions or works based on
or derivative thereof; and shall immediately deliver all materials bearing or
made in connection with the Licenses including all inventions or works based on
or derivative thereof, to Licensor at the address set forth in the notice
section below, or destroy them, at the option of Licensor. Each Licensee
acknowledges that the licenses granted under the License Agreement are related
and that termination of the License Agreement by any Licensee shall (at
Licensor's option) terminate the License Agreement, and all Licenses hereunder,
with respect to all other Licensees.

5.       FEES.

         (a) Payment of License Fees. On each Distribution Payment Date, each
Holding Trust will pay to Licensor, as payment in full for the Licenses granted
hereunder, a fee equal to, for each day during each Calculation Period, the
Up-MACRO Asset Amount or the Down-MACRO Asset Amount as applicable, as of the
preceding day, multiplied by the Annual Fee Rate divided by 365 or 366
depending on the number of days in the current year (the "Licensing Fee"). The
Tradeable Trusts shall pay no royalty directly to Licensor, however the
Licenses granted hereunder to each of the Tradeable Trusts are subject to the
payment of Licensing Fees by both of the Holding Trusts.

         (b) Auditing Rights. Licensor shall have the right, in each calendar
year, at its own expense and upon due notice to Holding Trusts and Tradable
Trusts, to have an accountant audit during normal business hours and at Holding
Trusts' and Tradable Trusts' designated place of business, the books and
records of each Holding Trust and Tradable Trust, which relate to the asset
amount of the Trusts, in order to verify the daily Asset Amount of the Trusts
based on which the Licensing Fees are paid. In the event that any discrepancies
are found Licensees shall each be jointly and severally responsible to pay to
Licensor promptly any amount due and unpaid. To the extent that the amount due
and unpaid has been found to exceed 5% of the amount that should have been paid
during the preceding year from the auditing day, Licensees shall each be
jointly and severally responsible to pay the amount due promptly together with
a penalty interest rate in the amount of prime rate plus 2% per month.

6.       ENFORCEMENT.

         (a) Each Licensee shall promptly (i) notify Licensor of any potential
or actual infringement by a third party of any of the Licensed Patents and
Know-How or Marks of which such Licensee becomes

                                      T-6
<PAGE>

aware, and (ii) provide to Licensor all evidence of such infringement in that
Licensee's possession, custody or control. Licensor shall have the sole right,
but not the obligation, to initiate any legal action at its own expense against
such infringement and to recover damages and enforce any injunction granted as
a result of any judgment in Licensor's favor. Licensor shall have sole control
over any such action, including, without limitation, the sole right to settle
and compromise such action. In the event of a dispute between Licensor and any
third party regarding the infringement, validity or enforceability of the
Licensed Patents and Know-How or Marks, each Licensee agrees, at Licensor's
reasonable expense, to do all things reasonably requested by Licensor to assist
Licensor in connection with such dispute.

         (b) Any Licensee's delay, of more than thirty (30) days, in performing
its obligations pursuant to Section 6(a) hereof will constitute a material
breach of the License Agreement.

7.       REPRESENTATIONS AND WARRANTIES.

         (a) Each Party hereby represents and warrants that (i) it has the power
and authority to enter into the License Agreement and perform its obligations
hereunder; (ii) the execution and delivery of the License Agreement have been
duly authorized and all necessary actions have been taken to make the License
Agreement a legal, valid and binding obligation of such Party enforceable in
accordance with its terms; and (iii) the execution and delivery of the License
Agreement and the performance by such Party of its obligations hereunder will
not contravene or result in any breach of the Certificate of Incorporation,
Bylaws or any other organizational document of such Party or of any agreement,
contract, indenture, license, instrument or understanding or, to the best of its
knowledge, result in any violation of law, rule, regulation, statute, order or
decree to which such Party is bound or by which they or any of their property is
subject.

         (b) Licensor represents and warrants that, to its actual knowledge, it
owns and/or has the right to license to each Licensee the Licenses in the
United States and that the Licenses and Licensees' use of the Licensed Patents
and Know-How and the Marks in accordance with the License Agreement will not
infringe any copyright, trademark, trade secret or patent right owned by any
third party.

         (c) LICENSOR DOES NOT GUARANTEE THE ACCURACY, APPLICATION OR ANY
RESULTS OF THE LICENSED PATENTS AND KNOW-HOW OR THE MACROS STRUCTURE. EXCEPT AS
EXPRESSLY SET FORTH IN THE FOREGOING, LICENSOR DOES NOT MAKE AND HEREBY
EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, STATUTORY OR
OTHERWISE, REGARDING THE SUBJECT MATTER OF THE LICENSE AGREEMENT INCLUDING, BUT
NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, OR FITNESS
FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF
LICENSOR TO LICENSEES AND ITS AFFILIATES AND ASSIGNEES UNDER OR RELATING TO THE
LICENSE AGREEMENT AT ANY TIME EXCEED THE AGGREGATE AMOUNT OF THE FEES RECEIVED
BY LICENSOR PURSUANT TO THE LICENSE AGREEMENT AND THE TRUST AGREEMENTS PRIOR TO
SUCH TIME EXCEPT THAT THIS LIMITATION SHALL NOT BE APPLICABLE TO A CLAIM BY
LICENSEE FOR INDEMNIFICATION PURSUANT TO ARTICLE 8 HERETO.

8.       INDEMNIFICATION.

         (a) Each Licensee shall defend, indemnify and hold harmless Licensor,
and Licensor shall defend, indemnify and hold harmless Licensees, and such
indemnified Party's Affiliates, employees, officers, directors and agents or
assignees from and against any liabilities, losses, damages, costs or expenses
(including, without limitation, reasonable attorneys' fees) (collectively,
"Losses") arising from any third-party claim or action resulting from or
arising in connection with the breach by the

                                      T-7
<PAGE>

Indemnifying Party of any of the representations, warranties, or covenants of
such indemnifying Party contained in the License Agreement.

         (b) Without limitation to the foregoing Section 8(a), each Licensee
shall indemnify, defend and hold harmless Licensor and its Affiliates,
employees, officers, directors, and agents or assignees from and against any
Losses resulting or arising from any claim (whether such claim arises under
tort, breach of express or implied contract, or otherwise) by any person
arising from the offering of the MACRO Holding Shares or MACRO Tradeable
Shares.

         (c) If any action, suit, proceeding (including any governmental
investigation), claim or dispute (collectively, a "Proceeding") is brought or
asserted against a Party for which indemnification is sought under the License
Agreement, the Party seeking indemnification (the "Indemnified Party") shall
promptly (and in no event more than seven (7) days after receipt of notice of
such Proceeding) notify the Party obligated to provide such indemnification
(the "Indemnifying Party") of such Proceeding. The failure of the Indemnified
Party to so notify the Indemnifying Party shall not impair the Indemnified
Party's ability to obtain indemnification from the Indemnifying Party except to
the extent such failure adversely affects the Indemnifying Party's ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from
the Indemnified Party, the Indemnifying Party shall be entitled to participate
in such Proceeding at its own expense. Provided no conflict of interest exists
as specified in clause (ii) below and there are no other defenses available to
the Indemnified Party as specified in clause (iv) below, the Indemnifying
Party, to the extent that it shall so desire, shall be entitled to assume the
defense of the Proceeding with counsel reasonably satisfactory to the
Indemnified Party, in which case all reasonable attorney's fees and expenses
shall be borne by the Indemnifying Party (except as specified below) and the
Indemnifying Party shall in good faith defend the Indemnified Party. After
receiving written notice from the Indemnifying Party of its election to assume
the defense of the Proceeding, the Indemnified Party shall have the right to
employ separate counsel in any such Proceeding and to participate in the
defense thereof, provided that the fees and expenses of such counsel shall be
borne entirely by the Indemnified Party unless (i) the Indemnifying Party
expressly agrees in writing to pay such fees and expenses, (ii) there is such a
conflict of interest between the Indemnifying Party and the Indemnified Party
as would preclude, in compliance with the ethical rules in effect in the
jurisdiction in which the Proceeding was brought, one lawyer from representing
both Parties simultaneously, (iii) the Indemnifying Party fails, within the
earlier of (x) twenty (20) days following receipt of notice of the Proceeding
from the Indemnified Party or (y) seven (7) days prior to the date the first
response or appearance is required to be made in such Proceeding, to assume the
defense of such Proceeding with counsel reasonably satisfactory to the
Indemnified Party or (iv) there are legal defenses available to the Indemnified
Party that are different from or are in addition to those available to the
Indemnifying Party. In each of cases (i) through (iv), the fees and expenses of
counsel shall be borne by the Indemnifying Party. No compromise or settlement
of such Proceeding may be effected by either Party without the other Party's
written consent unless (m) there is no finding or admission of any violation of
law and no effect on any other claims that may be made against such other Party
and (n) the sole relief provided is monetary damages that are paid in full by
the Indemnifying Party. Neither Party shall have any liability with respect to
any compromise or settlement effected without its written consent, which shall
not be unreasonably withheld. The Indemnifying Party shall have no obligation
to indemnify and hold harmless the Indemnified Party from any loss, expense or
liability incurred by the Indemnified Party as a result of a default judgment
entered against the Indemnified Party unless such judgment was entered after
the Indemnifying Party agreed, in writing, to assume the defense of such
Proceeding.

         (d) Joint and Several Liability. Licensees shall be jointly and
severally liable for their indemnification obligations hereunder.

9.       LIMITATION OF LIABILITY.

                                      T-8
<PAGE>

         EXCEPT FOR EACH PARTY'S OBLIGATION TO INDEMNIFY THE OTHER PARTY FOR
THIRD PARTY LOSSES PURSUANT TO ARTICLE 8 HERETO, NEITHER PARTY SHALL BE LIABLE
TO THE OTHER FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR
OTHER INDIRECT DAMAGES, HOWSOEVER CAUSED, WHETHER ARISING IN CONTRACT, TORT OR
OTHERWISE, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

10.      CONFIDENTIALITY.

         Except as provided below, all information concerning the Licenses, and
all other business, financial, marketing and product information disclosed to
the other Party orally or in writing is deemed confidential, restricted and
proprietary to the disclosing Party (the "Confidential Information"). Each
Party agrees to use the Confidential Information received from the other Party
only for the purpose of the License Agreement. The Confidential Information
disclosed or supplied is not to be reproduced in any form except as required to
accomplish the intent of, and in accordance with the terms of, the License
Agreement. The receiving Party must provide the same degree of care to avoid
disclosure or unauthorized use of the Confidential Information as it accords to
protect its own similar proprietary information, but in no event less than
reasonable care under the circumstances. All Confidential Information must be
retained by the receiving Party in a secure place with access limited to only
such of its employees, consultants, subcontractors, suppliers or agents who
need to know such information for purposes of the License Agreement and to such
third parties as the disclosing Party has consented to by prior written
approval and only when such persons have agreed in writing to be bound by the
terms of the License Agreement or who have entered into a non-disclosure
agreement with Licensee at least as restrictive as those contained in the
License Agreement. All Confidential Information, unless otherwise specified in
writing (x) remains the property of the disclosing Party, (y) must be used by
the receiving Party only for the purpose for which it was intended, and (z)
including all copies thereof, must be returned to the disclosing Party or
destroyed after the receiving Party's need for it has expired or upon request
of the disclosing Party, and, in any event, upon expiration or termination of
the License Agreement. At the request of the disclosing Party, the receiving
Party will furnish a certificate of an officer of the receiving Party
certifying that the Confidential Information not returned to the disclosing
Party has been destroyed. The obligation of confidentiality set forth in this
Section 10 shall survive expiration of the License Agreement for a period of
three (3) years. Licensee shall vigorously enforce its rights as against any
employee, consultant, subcontractor, supplier or agent or other third parties
to whom Confidential Information has been provided and who breaches, or
threatens or attempts to breach, its obligations of confidentiality and non-use
as set forth in this Article 10. For the purpose hereof, the Confidential
Information shall not include information, to the extent evidenced by
reasonable documentation, that:

                  (i)      is published or is otherwise in the public domain
                           through no fault of the receiving Party at the time
                           of any claimed unauthorized disclosure or use by the
                           receiving Party;

                  (ii)     prior to disclosure pursuant to the License
                           Agreement, is properly within the legitimate
                           possession of the receiving Party;

                  (iii)    subsequent to disclosure pursuant to the License
                           Agreement, is lawfully received from a third party
                           having rights in the information without restriction
                           of the third party's right to disseminate the
                           information and without notice of any restriction
                           against its further disclosure; or

                  (iv)     the disclosing Party agrees in writing that the
                           information disclosed is free of such restrictions.

                                      T-9
<PAGE>

         Notwithstanding the above, a Party may produce information pursuant to
an order of a court or other similar requirement, rule or regulation of any
governmental authority, so long as the Party required to disclose the
information provides the disclosing Party with prior written notice of such
order or requirement and its cooperation to the extent reasonable in preserving
its confidentiality and limiting the scope of disclosure.

         The Parties agree that, without limiting any other rights and remedies
specified herein, an injunction may be sought against the Party who has
breached or threatened to breach this Article 10.

11.      ASSIGNMENT.

         (a) Licensor may assign or otherwise transfer (whether by operation of
law or otherwise) any right or obligation hereunder without the prior written
consent of Licensees, provided, a due notice is given to each Licensees.

         (b) Each Licensee may not assign or otherwise transfer (whether by
operation of law, change of control or otherwise) any right or obligation under
the License Agreement without the prior written consent of Licensor.

         (c) The License Agreement is binding on and inures to the benefit of
the Parties and their permitted successors and assigns.

         (d) Any attempted assignment or other transfer of rights under the
License Agreement in violation of Section 11(b) hereof will be void.

12.      MISCELLANEOUS PROVISIONS.

         (a) GOVERNING LAW. The License Agreement shall be interpreted,
construed and enforced in accordance with the laws of the State of New York
without reference to or inclusion of the principles of choice of law or
conflicts of law of that jurisdiction (except that questions affecting the
construction and effect of any patent or trademark will be determined by the
law of the country in which the patent was granted). Each Party agrees that any
legal action, proceeding, controversy or claim between the Parties arising out
of or relating to the License Agreement may be brought and prosecuted only in
the United States District Court for the Southern District of New York or, if
that Court lacks or declines to exercise subject matter jurisdiction, in the
Supreme Court of the State of New York in and for New York County, and by
execution of the License Agreement each Party hereto submits to the exclusive
jurisdiction of such court and waives any objection it might have based upon
improper venue or inconvenient forum. Each Party hereto waives any right it may
have to a jury trial in connection with any legal action, proceeding,
controversy or claim between the Parties arising out of or relating to the
License Agreement.

         (b) EXCLUSIVE JURISDICTION AND VENUE. Any action brought by any Party
that arises out of or relates to the License Agreement will be filed only in
the state or federal courts located in New York County, New York. Each Party
irrevocably submits to the jurisdiction of those courts. Each Party waives any
objections that it may have now or in the future to the jurisdiction of those
courts, and also waives any claim that it may have now or in the future that
litigation brought in those courts has been brought in an inconvenient forum.

         (c) ENTIRE AGREEMENT. The License Agreement (including the Cover
Sheet, these License Terms and the attached Schedule I) sets forth the entire
agreement of the Parties as to its subject

                                     T-10
<PAGE>

matter and supersedes all prior agreements, negotiations, representations, and
promises between them with respect to its subject matter.

         (d) SEVERABILITY. If any provision of the License Agreement is held
unenforceable by a court of competent jurisdiction, the other provisions will
remain in full force and effect. If legally permitted, the unenforceable
provision will be replaced with an enforceable provision that as nearly as
possible gives effect to the Parties' intent.

         (e) SURVIVAL. Notwithstanding anything to the contrary in the License
Agreement, Sections 3, 5, 6, 7(c), 8, 9, 10, 11 and 12 of these License Terms
shall survive termination of the License Agreement.

         (f) RELATIONSHIP OF THE PARTIES. Nothing in the License Agreement
creates a partnership, joint venture or agency relationship between any of the
Parties.

         (g) NOTICES. A notice under the License Agreement is not sufficient
unless it is: (i) in writing; (ii) addressed using the contact information
listed under the "Contact Information" section of the Cover Sheet for the Party
to which the notice is being given (or using updated contact information which
that Party has specified by written notice in accordance with this Section
12(g)); and (iii) sent by hand delivery, facsimile transmission, registered or
certified mail (return receipt requested), or reputable express delivery
service with tracking capabilities (such as Federal Express).

         (h) FORCE MAJEURE. No Party shall be deemed in default of the License
Agreement to the extent that performance of its obligations or attempts to cure
any breach are delayed, restricted, or prevented by reason of any act of God,
fire, natural disaster, governmental regulations, terrorism, a state of
national emergency, war or other similar events that are not within the
reasonable control of the Parties ("Force Majeure Event"); provided that such
Party gives the other Parties written notice thereof promptly and, in any
event, within ten (10) days of discovery thereof and uses all commercially
reasonable efforts to cure the delay. In the event that any Force Majeure Event
prevents any Licensee from carrying out its obligations under the License
Agreement for a period of more than ninety (90) days, Licensor may terminate
the License Agreement upon an additional ten (10) days' written notice. In the
event that any Force Majeure Event prevents Licensor from carrying out its
obligations under the License Agreement for a period of more than ninety (90)
days, each Licensee may terminate the License Agreement only with the written
consent of all other Licensees hereunder upon an additional ten (10) days'
written notice.

         (i) AMENDMENTS. The License Agreement may not be amended unless the
amendment is in writing and signed by authorized representatives of all
Parties.

         (j) WAIVERS. A waiver of rights under the License Agreement will not
be effective unless it is in writing and signed by an authorized representative
of the Party that is waiving the rights.

         (k) COUNTERPARTS. The Parties may execute the License Agreement by
signing separate copies of the signature line of the Cover Page. A facsimile
copy of the signature line of the Cover Page shall have the same effect as the
original.

                                     T-11
<PAGE>
<TABLE>
<CAPTION>

                                                  SCHEDULE I

                                              Patented Products
                                               Granted Patents
                                               ---------------

--------------------------------------------- ------------------------------------ ---------------------------
                   Title                                    Country                      Patent Number
                                                                                           Issue Date
--------------------------------------------- ------------------------------------ ---------------------------
<S>                                           <C>                                  <C>
PROXY ASSET DATA PROCESSOR                    United States of America             5987435
                                                                                   16-Nov-1999
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Singapore                            72456
                                                                                   30-Apr-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    United States of America             6513020B1
                                                                                   28-Jan-2003
--------------------------------------------- ------------------------------------ ---------------------------

                                               Pending Patents
                                               ---------------

--------------------------------------------- ------------------------------------ ---------------------------
                   Title                                    Country                      Patent Number
                                                                                           Issue Date
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Patent Cooperation Treaty            PC/US98/22224
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    European Patent Convention           98952389.9
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Brazil                               P198131702
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Canada                               2308279
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Hong Kong                            01104416.7
                                                                                   26-Jun-2001
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Israel                               135829
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 India                                1551CHENP2003
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Japan                                JP2000-519380
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      United States of America             09/567,901
                                                                                   10-May-2000
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 United States of America             10/087,339
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 Patent Cooperation Treaty            PC/US02/06328
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      United Arab Emirates                 340/2002
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Australia                            2001261834
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Brazil                               PI0110752-6
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Canada                               2408539
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      China (People's Republic)            01812637.5
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      European Patent Convention           01935772.2
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
</TABLE>

                                   Sch. I-1
<PAGE>
<TABLE>
<CAPTION>

--------------------------------------------- ------------------------------------ ---------------------------
                   Title                                    Country                      Patent Number
                                                                                           Issue Date
--------------------------------------------- ------------------------------------ ---------------------------
<S>                                           <C>                                  <C>
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Israel                               152729
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      India                                INPC200201871
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Japan                                2001-583442
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Mexico                               Paa2002011114
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Norway                               20025364
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      New Zealand                          522575
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Russian Federation                   2002133433
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Singapore                            200206835-1
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 Russian Federation                   2003129533
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 European Patent Convention           02709752.6
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 Australia                            2002244221
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 Canada                               2443278
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET SYSTEM AND METHOD                 New Zealand                          528555
                                                                                   01-Mar-2002
--------------------------------------------- ------------------------------------ ---------------------------
TECHNIQUES FOR INVESTING IN PROXY ASSETS      Hong Kong                            04101764.8
                                                                                   09-May-2001
--------------------------------------------- ------------------------------------ ---------------------------
PROXY ASSET DATA PROCESSOR                    Israel                               162738
                                                                                   20-Oct-1998
--------------------------------------------- ------------------------------------ ---------------------------
SELF HEDGING MULTI-LAYERED INVESTMENT         United States of America             60/691,397
SYSTEM AND METHOD USING INTERNAL                                                   17-Jun-2005
CONTRACTUAL RELATIONSHIPS
--------------------------------------------- ------------------------------------ ---------------------------
</TABLE>

                                   Sch. I-2EXHIBIT 4.8

                     REFERENCE PRICE SUBLICENSING AGREEMENT

                  THIS SUBLICENSE AGREEMENT (the "Sublicense Agreement") is
entered into as of November 22, 2006 ("Effective Date"), by and among
MACROMARKETS LLC, a Delaware limited liability company ("Sublicensor"), and
Investors Bank & Trust Company, a Massachusetts trust company, not in its
individual capacity but solely (i) as trustee of the Claymore MACROshares Oil
Up Holding Trust (the "Up-MACRO Holding Trust"), (ii) as trustee of the
Claymore MACROshares Oil Down Holding Trust (the "Down-MACRO Holding Trust" and
together with the Up-MACRO Holding Trust, the "Paired Holding Trusts"), (iii)
as trustee of the Claymore MACROshares Oil Up Tradeable Trust (the "Up-MACRO
Tradeable Trust"), and (iv) as trustee of the Claymore MACROshares Oil Down
Tradeable Trust (the "Down-MACRO Tradeable Trust" and together with the
Up-MACRO Tradeable Trust, the "Tradeable Trusts" and collectively, with the
Paired Holding Trusts, the "MACRO Trusts") (such entity, in its capacities set
forth above, the "Trustee").

                  WHEREAS, the Sublicensor and the New York Mercantile
Exchange, Inc., a Delaware corporation ("NYMEX") have entered into a License
Agreement, dated as of November 22, 2006 (the "NYMEX License Agreement");

                  WHEREAS, pursuant to the NYMEX License Agreement, NYMEX has
granted the Sublicensor a limited, worldwide, non-exclusive, non-transferable
License to use certain of its proprietary settlement prices solely for the
purpose of (i) the issuance, sale, redemption and valuation of the MACRO
Securities (as defined herein), (ii) the making of distributions on the MACRO
Securities, and (iii) the preparation of disclosure in a public registration
statement or a private offering documents pursuant to the securities or other
applicable laws of the United States or any other country about any MACRO
Securities as deemed necessary or desirable by the Sublicensor under any such
laws and any related rules or regulations (such purposes, the "Permitted
Purposes");

                  WHEREAS, the NYMEX License Agreement includes the limited
right of the Sublicensor to grant sublicenses to its wholly-owned subsidiaries
and Affiliates, Claymore Securities Inc., and the MACRO Trusts, but solely for
the Permitted Purposes;

                  WHEREAS, the Up-MACRO Holding Trust was established pursuant
to a trust agreement, dated on or about November 22, 2006 (the "Up-MACRO
Holding Trust Agreement"), by and among Macro Securities Depositor, LLC, a
Delaware limited liability company, as depositor (the "Depositor"), Claymore
Securities, Inc., as administrative agent (in such capacity, the
"Administrative Agent") and marketing agent (in such capacity, the "Marketing
Agent") and the Trustee, pursuant to which the Up-MACRO Holding Trust will
issue shares representing undivided beneficial interests in and ownership of
the Up-MACRO Holding Trust (such shares, the "Up-MACRO Holding Shares");

                  WHEREAS, the Down-MACRO Holding Trust was established
pursuant to the Trust Agreement, dated as of November 22, 2006 (the "Down-MACRO
Holding Trust Agreement" and together with the Up-MACRO Holding Trust
Agreement, the "Holding Trust Agreements"), by and among the Depositor, the
Administrative Agent, the Marketing Agent and the Trustee, pursuant to which
the Down-MACRO Holding Trust will issue shares representing undivided
beneficial interests in and ownership of the Down-MACRO Holding Trust (such
shares, the "Down-MACRO Holding Shares");

                  WHEREAS, the Up-MACRO Tradeable Trust was established
pursuant to the Trust Agreement, dated as of November 22, 2006 (the "Tradeable
Trust Agreement"), by and among the Depositor, the Administrative Agent and the
Trustee, pursuant to which the Up-MACRO Tradeable Trust

<PAGE>

will issue shares representing undivided beneficial interests in and ownership
of the Up-MACRO Tradeable Trust (such shares, the "Up-MACRO Tradeable Shares");

                  WHEREAS, the Down-MACRO Tradeable Trust was established
pursuant to the Trust Agreement, dated as of November 22, 2006 (the "
Down-MACRO Tradeable Trust Agreement"), by and among the Depositor, the
Administrative Agent and the Trustee, pursuant to which the Down-MACRO
Tradeable Trust will issue shares representing undivided beneficial interests
in and ownership of the Down-MACRO Tradeable Trust (such shares, the
"Down-MACRO Tradeable Shares"); and

                  WHEREAS, the Sublicensor now desires to grant to the
Sublicensee a sublicense under the NYMEX License Agreement under the terms set
forth herein.

                  NOW, THEREFORE, in consideration of the promises and the
mutual agreements herein contained, and other good and valuable consideration,
the Sublicensor and the Sublicensees (each a "Party", and collectively, the
"Parties") agree as follows:

1. DEFINITIONS.

                  The following terms, when used in this Sublicense Agreement
shall have the respective meanings set forth below:

         1.1. "Administrative Agent" shall have the meaning set forth in the
preamble.

         1.2. "Affiliate" shall mean, with respect to a legal entity, any other
legal entity which, directly or indirectly, is in control of, or controlled by,
or is under common control with, such entity. For the purposes of this
definition, control of a legal entity shall mean the power, direct or indirect,
(i) to vote more than 50% of the securities having ordinary voting power for
the election of directors of any such entity or (ii) to direct or cause the
direction of the management and policies of such entity.

         1.3. "Calculation Period" shall have the meaning set forth in the
applicable Holding Trust Agreement.

         1.4. "CFTC" shall mean the U.S. Commodities Futures Trading
Commission.

         1.5. "Confidential Information" shall have the meaning set forth in
Section 5.1 herein.

         1.6. "Depositor" shall have the meaning set forth in the preamble.

         1.7. "Discloser" shall have the meaning set forth in Section 5.1
herein.

         1.8. "Distribution Date" shall have the meaning set forth in the
applicable Holding Trust Agreement.

         1.9. "Distribution Payment Date" shall have the meaning set forth in
the applicable Holding Trust Agreement.

         1.10. "Down-MACRO Holding Trust" shall have the meaning set forth in
the preamble.

         1.11. "Down-MACRO Holding Trust Agreement" shall have the meaning set
forth in the preamble.

                                       2
<PAGE>

         1.12. "Down-MACRO Tradeable Trust" shall have the meaning set forth in
the preamble.

         1.13. "Down-MACRO Tradeable Trust Agreement" shall have the meaning
set forth in the preamble.

         1.14. "Effective Date" shall mean the date of this Sublicense
Agreement.

         1.15. "Force Majeure Event" shall mean anything beyond the reasonable
control of the NYMEX, the Sublicensor or the Sublicensees to prevent or to
remedy, including but not limited to any flood, extraordinary weather
conditions, earthquake or other act of God, fire, war, act of terrorism,
insurrection, riot, labor dispute, accident, action of government,
communications or power failures, or equipment or software malfunctions.

         1.16. "Holding Trust Agreements" shall have the meaning set forth in
the preamble.

         1.17. "MACRO Securities" shall mean (i) the Up-MACRO Holding Shares,
(ii) the Down-MACRO Holding Shares, (iii) the Up-MACRO Tradeable Shares and
(iv) the Down-MACRO Tradeable Shares.

         1.18. "MACRO Trusts" shall have the meaning set forth in the preamble.

         1.19. "Market Data" shall mean NYMEX's proprietary settlement prices
for NYMEX's Light Sweet Crude Oil Futures Contracts for the front (or spot)
month and the month immediately thereafter that are licensed to Sublicensor
under the NYMEX License Agreement.

         1.20. "Marketing Agent" shall have the meaning set forth in the
preamble.

         1.21. "Marks" shall mean the service marks and trade names "NEW YORK
MERCANTILE EXCHANGE" and "NYMEX" as licensed to Sublicensor under the NYMEX
License Agreement.

         1.22. "Materials" shall have the meaning set forth in Section 2.2
herein.

         1.23. "NASD" shall mean the National Association of Securities
Dealers.

         1.24. "NYMEX" shall have the meaning set forth in the preamble.

         1.25. "NYMEX License" shall mean the license granted to the Licensor
pursuant to the NYMEX License Agreement.

         1.26. "NYMEX License Agreement" shall have the meaning set forth in
the preamble.

         1.27. "NYMEX Sublicense" shall have the meaning set forth in Section
2.1.

         1.28. "Party" shall have the meaning set forth in the preamble.

         1.29. "Paired Holding Trusts" shall have the meaning set forth in the
preamble.

         1.30. "Permitted Purposes" shall have the meaning set forth in the
preamble.

                                       3
<PAGE>

         1.31. "Price Determination Day" shall mean each business day (i.e.,
each day on which the NYMEX's open outcry exchange is open for trading) and,
for any day that is not a business day, the last preceding business day.

         1.32. "Prospectuses" shall mean (i) the prospectus filed as part of an
amendment to the registration statement on Form S-1, file No. 333-116566, by
the Sublicensees with the SEC for the Up-MACRO Holding Shares and the Up-MACRO
Tradeable Shares issued by the Up-MACRO Holding Trust and the Up-MACRO
Tradeable Trust, respectively, that will be used in connection with the
offering and sale of such shares and (ii) the prospectus filed as part of an
amendment to the registration statement on Form S-1, file No. 333-135120 by the
Sublicensees with the SEC for the Down-MACRO Holding Shares and the Down-MACRO
Tradeable Shares issued by the Down-MACRO Holding Trust and the Down-MACRO
Tradeable Trust, respectively, that will be used in connection with the
offering and sale of such shares.

         1.33. "Receiver" shall have the meaning set forth in Section 5.1.

         1.34. "SEC" shall mean the U.S. Securities and Exchange Commission.

         1.35. "Sublicensee" shall mean any of the Up-MACRO Holding Trust, the
Up-MACRO Tradeable Trust, the Down-MACRO Holding Trust or the Down-MACRO
Tradeable Trust, MACRO Securities Depositor, LLC, Investors Bank & Trust
Company or Claymore Securities, Inc. "Sublicensees" means all of the entities
listed in the first sentence of this paragraph 1.35.

         1.36. "Sublicense Fee" shall mean the compensation that the
Sublicensees shall pay the Sublicensor pursuant to Section 6.1 herein.

         1.37. "Sublicensor" shall have the meaning set forth in the preamble.

         1.38. "Sublicensor Indemnitees" shall have the meaning set forth in
Section 11.

         1.39. "Termination Date" shall have the meaning specified in Section
12.1 hereof.

         1.40. "Tradeable Trusts" shall have the meaning set forth in the
preamble.

         1.41. "Tradeable Trust Agreements" shall have the meaning set forth in
the preamble.

         1.42. "Trustee" shall have meaning set forth in the preamble.

         1.43. "Up-MACRO Holding Trust" shall have the meaning set forth in the
preamble.

         1.44. "Up-MACRO Holding Trust Agreement" shall have the meaning set
forth in the preamble.

         1.45. "Up-MACRO Tradeable Trust" shall have the meaning set forth in
the preamble.

2. SUBLICENSE.

         2.1. Pursuant to Article 2 of the NYMEX License Agreement, and subject
to the terms and conditions of this Sublicense Agreement, the Sublicensor
hereby grants to the Sublicensees (a) a limited, worldwide, non-exclusive,
non-transferable (except as set forth in Article 14 herein) sublicense under
the NYMEX License to use the Market Data solely for Permitted Purposes and (b)
a limited, worldwide (to the extent NYMEX has established service mark rights
in the Marks in countries outside of the United

                                       4
<PAGE>

States), non-exclusive, non-transferable (except as set forth in Article 14
herein) sublicense under the NYMEX License to use the Marks only in connection
with the identification of the source of the Market Data used in connection
with the Permitted Purposes (subsections (a) and (b) collectively, the "NYMEX
Sublicense"). It is expressly agreed and understood by the Sublicensees that no
rights to use the Market Data and Marks are granted hereunder to the
Sublicensees other than those specifically described and expressly granted
herein. Notwithstanding anything to the contrary contained in this Sublicense
Agreement, the Sublicensor has not granted to the Sublicensees any rights or
interests in any intellectual property of, or licensed to, the Sublicensor,
other than the Sublicense expressly granted in this Section 2.1 as limited by
the terms and conditions stated in this Sublicense Agreement.

         2.2. The Sublicensor and NYMEX shall have the right to review and
control all uses of the Marks hereunder by the Sublicensees, and the
Sublicensees shall furnish in advance to Sublicensor and NYMEX all materials,
including, where applicable and without limitation, the Prospectuses and any
related offering, marketing and promotional materials (collectively, the
"Materials") to be used in connection with any issuance of the MACRO Securities
in which any of the Marks are used, for the Sublicensor's and NYMEX's prior
review and approval of the uses of the Marks therein, which approval shall not
be unreasonably withheld. In the event the Materials are issued in a language
other than English, the Sublicensees shall provide the Sublicensor and NYMEX
with an English translation of the relevant portion of such Materials. The
Sublicensor and NYMEX each shall notify the Sublicensees, in accordance with
Article 13 hereof, of its approval or disapproval of any Materials (which shall
include the definition of the relevant settlement price used therein) within
seventy-two (72) hours (excluding Saturday, Sunday or on any date on which
NYMEX is closed for trading) following receipt thereof from the Sublicensees.
If either the Sublicensor or NYMEX does not approve of any use, it shall advise
the Sublicensees of its reasons. In the event the Sublicensor or NYMEX fails to
approve or disapprove any Material submitted to it for review within such
seventy-two (72) hour period, the Material shall be deemed approved by
Sublicensor or NYMEX, respectively. Once Materials have been approved or deemed
approved by both NYMEX and the Sublicensor, the Sublicensees will not need to
submit any subsequent Materials to the Sublicensor or NYMEX for their approval
if such subsequent Material does not alter the use or description of the
Sublicensor, NYMEX, the Marks or the Market Data. In this regard, the
Sublicensees agree that the quality of the services, in connection with which
the Marks may or will be used, as permitted herein, by the Sublicensees will be
commensurate with the reputation of both NYMEX and the Sublicensor for
reliability and high quality in financial services, and each of NYMEX and the
Sublicensor shall have the right to require the Sublicensees to adhere to that
standard of quality. The Sublicensees shall not do anything which will impair
the validity of the Marks, NYMEX's rights in the Marks, the Sublicensor's
License in the Marks, or the good will symbolized by each of the Marks.
Notwithstanding anything to the contrary in the aforementioned paragraph, any
approval to be given by NYMEX of Materials shall only be with respect to
information related to NYMEX and shall not include any approvals that relate
solely to the business and operations of the Sublicensor.

         2.3. The Sublicensees hereby expressly agree not to sublicense or
sub-sublicense the Sublicense granted hereunder to any Person without the
express prior written consent of NYMEX and the Sublicensor.

         2.4. Each of the Sublicensees agrees that it is bound by the
obligations of Sublicensor under the NYMEX License Agreement as if each of the
Sublicensees was the Sublicensor. In the event of any conflict between the
terms of this Sublicense Agreement and the NYMEX License Agreement with respect
to the scope of the License or any rights of NYMEX, the NYMEX License Agreement
shall govern.

                                       5
<PAGE>

         2.5. ALL RIGHTS OF SUBLICENSOR NOT SPECIFICALLY AND EXPRESSLY
SUBLICENSED TO SUBLICENSEES IN THIS SECTION 2 ARE HEREBY RESERVED FOR
SUBLICENSOR.

3. ACKNOWLEDGMENT OF RIGHTS.

         3.1. The Sublicensees will not directly or indirectly: (i) challenge
or contest the validity or enforceability of the Market Data and Marks; (ii)
dispute the validity, enforceability, or NYMEX's exclusive ownership of, any
trademark, trade name or domain name application or registration owned by NYMEX
with respect to the Marks or initiate or participate in any proceeding of any
kind opposing the grant to NYMEX of any trademark, trade name, or domain name
registration in the Marks or similar marks; (iii) fail to meet NYMEX's quality
control with respect to the Market Data or Marks or make any other use thereof
other than as expressly permitted herein; (iv) apply to register or otherwise
obtain registration of the Market Data or any works based thereon or derivative
thereof, the Marks or any marks similar thereto, in the trademark or copyright
office of any country or state, or with any business or domain name registrar;
or (v) assist any other Person to do any of the foregoing.

         3.2. Any violation of this Article 3 will constitute a material breach
of this Sublicense Agreement.

4. ENFORCEMENT.

                  The Sublicensees shall promptly (a) notify NYMEX and the
Sublicensor of any potential or actual infringement by a third party of the
Market Data or Marks of which the Sublicensees become aware, and (b) provide to
NYMEX and the Sublicensor all evidence of such infringement in the
Sublicensees' possession, custody or control. As between Sublicensor and
Sublicensees, the Sublicensor (or its delegate) shall have the sole right, but
not the obligation, to initiate any legal action at its own expense against
such infringement and to recover damages and enforce any injunction granted as
a result of any judgment in NYMEX's or the Sublicensor's favor. NYMEX shall
have sole control over any such action, including, without limitation, the sole
right to settle and compromise such action. In the event of a dispute between
NYMEX and any third party regarding the infringement, validity or
enforceability of NYMEX Market Data and Marks, the Sublicensees agree, at
NYMEX's expense, to do all things reasonably requested by NYMEX to assist NYMEX
in connection with such dispute.

5. CONFIDENTIALITY.

         5.1. Each party acknowledges that the business information of the
other party, any other information of the other party and the Market Data that
may exist from time to time which is provided to such party (the "Receiver") by
or on behalf of the other party (the "Discloser"), or to which Receiver is
given access by or on behalf of the Discloser, is, prior to such information
being disclosed to the general public, confidential to Discloser or, in the
case of the Market Data, to NYMEX (all such information being "Confidential
Information"). The Receiver shall maintain the confidentiality of the
Confidential Information in a manner using at least as great a degree of care
as the manner used by the Receiver to maintain the confidentiality of its own
confidential information, and the Receiver's other obligations under this
Section 5.1 shall not limit the generality of the foregoing; provided, however,
that Receiver shall be permitted to disclose such Confidential Information to
any entity that is involved in the issuance of the MACRO Securities, provided
that such entity agrees in writing to maintain the confidentially of such
information.

         5.2. Except as set forth in this Sublicense Agreement, or with the
prior written consent of the Discloser, the Receiver shall not, at any time
hereafter, directly or indirectly communicate or otherwise

                                       6
<PAGE>

disclose or permit the disclosure of any Confidential Information to any other
person or entity. The Receiver may disclose the Confidential Information only
to such of its employees, Affiliates, agents and service providers who have a
need to know such information in order to help the Receiver in issuing the
MACRO Securities or exercising its rights in accordance with the terms of this
Sublicense Agreement. The Receiver shall be accountable and responsible for any
acts of such employees, Affiliates, agents and service providers that in any
way constitute a breach of its obligations under this Section 5.2. The Receiver
shall ensure that its attorneys agree, and that such Affiliates, agents, and
service providers agree in writing, to be bound by the confidentiality
obligations set forth in this Section 5.2 as if such attorneys, Affiliates,
agents, and service providers were each the Receiver.

         5.3. This Article 5 imposes no obligation of confidentiality upon the
Receiver in respect of information that: (i) was in the Receiver's possession
before receipt from the Discloser or others acting on behalf of the Discloser;
(ii) is or becomes a matter of public knowledge through no fault of the
Receiver (provided, that disclosure of NYMEX's settlement prices on its website
or through vendors of market data shall not be regarded as making those prices
a matter of public knowledge); (iii) is rightfully received by the Receiver
from a third party without a duty of confidentiality; (iv) is independently
developed by the Receiver; or (v) is required by law or regulation to be
disclosed, or is released, in accordance with a valid court or governmental
order, (provided, that for the purposes of this clause (v), the Receiver shall,
at its own expense, provide the Discloser, in the case of such order, with
prompt notice thereof, including copies of subpoenas or orders requesting the
Confidential Information, cooperate reasonably with the Discloser in resisting
the disclosure of the Confidential Information via a protective order or other
appropriate legal action, minimize any such disclosure to the Confidential
Information specifically required to be disclosed and not make such disclosure
until the Discloser has had a reasonable opportunity to resist such disclosure,
unless Receiver is ordered to do otherwise).

6. COMPENSATION.

         6.1. As payment in full and consideration for the Sublicense granted
hereunder, the Sublicensees shall pay to the Sublicensor in arrears on each
Distribution Date, an amount equal to (i) with respect to any Distribution
Date, the sum of, for each day during the related Calculation Period, an amount
equal to a per annum rate of 0.065% multiplied by the Up-MACRO Underlying Value
on such day, which shall be payable to the Sublicensor from the amounts on
deposit in the Up-MACRO Holding Trust, plus (ii) with respect to any
Distribution Date, the sum of, for each day during the related Calculation
Period, an amount equal to a per annum rate of 0.065% multiplied by the
Down-MACRO Underlying Value on such day, which shall be payable to the
Sublicensor from the amounts on deposit in the Down-MACRO Holding Trust (such
aggregate amount, the "Sublicense Fee").

         6.2. The Sublicense Fee, plus any taxes payable or reimbursable to the
Sublicensor hereunder, shall be remitted to the Sublicensor in U.S. Dollars
only, by electronic transfer of immediately available funds on each
Distribution Payment Date. Nothing herein shall be deemed to require the
Sublicensor or NYMEX to furnish any of the Market Data directly to the
Sublicensees, and the Sublicensees warrant that, during the term of this
Sublicense Agreement, the Sublicensees will be receiving, at their own expense,
the Market Data through a market data vendor which has entered into an
agreement with NYMEX, regarding the furnishing of data and information of
NYMEX, including Market Data, to subscribers.

         6.3. The Sublicensees shall pay all sales, use, transfer, value added
or other taxes, if any (excluding taxes imposed on the net income of the
Sublicensor), levied or imposed by reason of the transactions contemplated
herein. All payments to be made by the Sublicensees to the Sublicensor under
this Sublicense Agreement shall be made without withholding or deduction for or
on account of any present or future taxes, duties, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of any authority
having power to tax unless the withholding or deduction of such taxes,

                                       7
<PAGE>

duties, assessments or governmental charges is required by law. In that event,
the Sublicensees shall pay such additional amounts as may be necessary in order
that the net amounts received by the Sublicensor after such withholding or
deduction shall equal the amount which would have been receivable in respect of
this Sublicense Agreement in the absence of such withholding or deduction.

         6.4. The Sublicensor shall have the right once each calendar year, and
at its expense, and upon reasonable advance notice to the Sublicensees, to have
an accountant audit, during normal business hours, at the Sublicensees'
designated place of business, the books and records of the Sublicensees, which
relate to the respective Underlying Values of the Up-MACRO and Down-MACRO
Holding Trusts, in order to verify (i) the Sublicensees' calculations of the
Sublicense Fee paid to the Sublicensor pursuant to this Sublicense Agreement,
and (ii) the elements used in such calculations. The Sublicensees shall make
all payments required to be made to eliminate any discrepancy revealed by any
such audit.

7. WARRANTIES; DISCLAIMER.

         7.1. Each of the Sublicensor and each Sublicensee warrants that it has
the right and power to enter into this Sublicense Agreement and that the terms
of this Sublicense Agreement are not inconsistent with any other contractual
obligations or other legal obligations it may have.

         7.2. NEITHER NYMEX NOR THE SUBLICENSOR GUARANTEES THE ACCURACY AND/OR
THE COMPLETENESS OF THE MARKET DATA OR ANY DATA USED TO CREATE IT. NEITHER
NYMEX NOR THE SUBLICENSOR GUARANTEES THE UNINTERRUPTED OR UNDELAYED CREATION OR
DISSEMINATION OF THE MARKET DATA OR ANY DATA USED IN CREATING IT. NEITHER NYMEX
NOR THE SUBLICENSOR MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY THE SUBLICENSEES OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF THE
MARKET DATA OR ANY DATA, USED TO CREATE IT, AND, FURTHER, NYMEX AND THE
SUBLICENSOR EXPRESSLY DISCLAIM ALL SUCH WARRANTIES, INCLUDING WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE MARKET
DATA OR ANY DATA USED IN CREATING IT.

8. LIMITATIONS OF LIABILITY.

                  IN NO EVENT SHALL THE SUBLICENSOR, NYMEX, OR THEIR RESPECTIVE
SUBSIDIARIES, AFFILIATES, MEMBERS, DIRECTORS, MANAGERS, OFFICERS, EMPLOYEES OR
AGENTS, HAVE ANY LIABILITY WHATSOEVER TO SUBLICENSEES OR ANY OTHER PERSON OR
ENTITY FOR ANY DAMAGES WHETHER SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL
(INCLUDING LOST PROFITS), ARISING FROM THE MARKET DATA, INCLUDING THE USE OF,
OR THE INABILITY TO USE, THE MARKET DATA, EVEN IF NOTIFIED OF THE POSSIBILITY
OF SUCH DAMAGES.

9. ALTERNATIVE LIMITATION OF LIABILITY.

                  In the event that the disclaimer of warranties and
limitations of liability set forth in Article 7 and Article 8 hereof,
respectively, are deemed invalid or ineffective by a court of competent
jurisdiction, the Sublicensor and NYMEX, and their respective subsidiaries,
Affiliates, members, directors, managers, officers, employees or agents, shall
not be liable to the Sublicensees or any other person or entity for any damage
arising out of the Sublicensees' use of the Market Data in connection with the
MACRO Securities, any interruption or delay by NYMEX in the creation or
dissemination of the Market Data, or any inability of the Sublicensees to use
any of the Market Data, beyond the actual amount

                                       8
<PAGE>

of the damage suffered by the Sublicensees (even if the Sublicensor or NYMEX is
found liable by any court).

10. DISCLAIMER.

                  The Sublicensees shall ensure that there is a disclaimer
substantially in the form set forth below, which shall be stated conspicuously
in the Prospectus (including any supplement thereto), on any website maintained
by the Trustee, Administrative Agent, Calculation Agent or other service
provider on behalf of the MACRO Trusts (the address for which website shall be
disclosed in the related Prospectus), and in all offering, marketing, and
promotional materials used or furnished by the Sublicensees in connection with
the MACRO Securities.

                         NEW YORK MERCANTILE EXCHANGE, INC. (i) DOES NOT IN ANY
        WAY PARTICIPATE IN THE OFFERING, SALE, OR ADMINISTRATION OF THE
        SECURITIES, OR ANY PAYMENTS TO BE MADE ON ANY OF THE SECURITIES, (ii)
        DOES NOT IN ANY WAY ENSURE THE ACCURACY OF ANY OF THE STATEMENTS MADE
        IN [THE] [OR THIS] PROSPECTUS [OR ANY PROSPECTUS SUPPLEMENT] [OR THIS
        DOCUMENT], (iii) IS NOT LIABLE FOR ANY ERROR OR OMISSION IN ANY
        SETTLEMENT PRICE USED IN CONNECTION WITH THE SECURITIES, AND (iv) IS
        NOT IN ANY WAY AN OFFEROR OF THE SECURITIES.

11. INDEMNIFICATION.

The Sublicensees shall defend, indemnify and hold the Sublicensor, NYMEX and
their respective Affiliates and subsidiaries, members, directors, managers,
officers, employees and agents, (collectively, "Sublicensor Indemnitees")
harmless from and against any and all liability, losses, claims, damages,
settlements, judgments, costs and expenses, including, but not limited to,
reasonable attorneys' fees, which the Sublicensor Indemnitees may suffer as a
result of any claim by any person arising from (a) the issuing, offering for
sale, marketing, promotion, sale, or redemption of the MACRO Securities or any
payment on the MACRO Securities, (b) the Sublicensees' use of, or inability to
use, the Market Data, or (c) the Sublicensees' use of any of the Marks as
Sublicensed herein, provided that the Sublicensees are promptly notified in
writing of any such claim. The Sublicensees shall not have the exclusive right
to control the defense of such claim. In no event shall the Sublicensees settle
or compromise any claim described above without the Sublicensor's and NYMEX's
prior written approval. Each of the Sublicensor and NYMEX shall have the right,
at its own cost and expense, to assist in the defense of any such claim and to
be represented by respective counsel of its choice.

12. TERM AND TERMINATION.

         12.1. This Sublicense Agreement shall become effective as of the
Effective Date, and shall remain in effect for an initial term until the
earlier of (i) the termination of the Up-MACRO and the Down-MACRO Holding
Trusts and (ii) the termination of the NYMEX License Agreement (the Date on
which the one of the forgoing events occurs, the "Termination Date").

         12.2. Upon termination of this Sublicense Agreement, the Sublicensees
shall cease all use of the Market Data hereunder and Marks sublicensed
hereunder and immediately pay to the Sublicensor all amounts due and owing to
the Sublicensor hereunder up to and including the date of termination.

13. NOTICES.

                                       9
<PAGE>

                  All notices or communications to be given under this
Sublicense Agreement shall be in writing, in the English language only, and
delivered either by (a) hand with written confirmation of receipt required, (b)
internationally recognized overnight courier (e.g., Federal Express, UPS or
DHL) providing written confirmation of delivery, or (c) registered or certified
mail, return receipt requested, postage prepaid, to the parties hereto at their
respective addresses set forth below, or at such other address as either party
may from time to time designate by prior written notice to the other. All
notices will be deemed given when delivered personally, if mailed by registered
or certified mail, five (5) days from the date of mailing, or if delivered by
overnight courier, 72 hours after being delivered to such overnight courier.

                  If to the Sublicensor:

                  MACROMARKETS LLC,
                  73 Green Tree Drive #9
                  Dover, DE 19904
                  (888) MACROS1
                  Attention: Samuel Masucci, III

                  With a copy to:
                  Skadden, Arps, Slate, Meagher & Flom, LLP
                  Four Times Square,
                  New York, New York 10036
                  (212) 735-3000
                  Attention: Richard F. Kadlick, Esq.

                  If to the Sublicensees:

                  Investors Bank & Trust Company
                  on behalf of each of the MACRO Trusts
                  200 Clarendon Street
                  Boston, Massachusetts 02116
                  (617) 937-6369
                  Attention:  Timothy McGowan

                  If to the NYMEX:

                  New York Mercantile Exchange, Inc.
                  One North End Avenue
                  World Financial Center
                  New York, New York 10282
                  Attention:  General Counsel

14. ASSIGNMENT.

         (a) Sublicensor may assign or otherwise transfer (whether by operation
of law or otherwise) any right or obligation hereunder without the prior
written consent of the Sublicensees, provided, that a due notice is given to
each of the Sublicensees.

                                      10
<PAGE>

         (b) Each Sublicensee may not assign or otherwise transfer (whether by
operation of law, change of control or otherwise) any right or obligation under
this Agreement without the prior written consent of Sublicensor and NYMEX.

         (c) This Agreement is binding on and inures to the benefit of the
Parties and their permitted successors and assigns. Any attempted assignment or
other transfer of rights under this Agreement in violation of this Section 14
will be void.

15. AMENDMENTS.

                  This Sublicense Agreement may not be modified, altered,
amended, changed, waived, or superseded except by agreement in writing signed
by the parties hereto.

16. WAIVERS.

                  No provision of this Sublicense Agreement may be waived
except by a written instrument signed by the party charged with the waiver.
Neither the delay nor failure of either party in exercising any right with
respect to any breach or default by the other party under any provision of this
Sublicense Agreement, nor the partial or single exercise thereof, shall be
deemed to constitute a waiver of such right with respect to any other breach or
default by such other party under that or any other provision of this
Sublicense Agreement. Furthermore, no breach, default or threatened breach or
default under any provision of this Sublicense Agreement by either party shall
relieve the other party of its obligations or liabilities under this Sublicense
Agreement. Nothing in this Article shall be construed to (a) limit the rights
of the Sublicensor to terminate this Sublicense Agreement pursuant to Article
12, or otherwise under the law, including but not limited to terminating for
uncured breach hereof by the Sublicensees, or (b) impose any obligation on the
Sublicensor, or require the performance of any obligation herein by the
Sublicensor, following termination of this Sublicense Agreement.

17. GOVERNING LAW.

                  This Sublicense Agreement is made in, and shall be governed
by and construed in accordance with the laws of the State of New York. The
parties hereby consent to the exclusive jurisdiction of the state and federal
courts located in the County of New York, State of New York for the purpose of
any action or proceeding brought by either of them in connection with this
Sublicense Agreement or any alleged breach thereof. Each party hereby consents
and agrees to the exercise of personal jurisdiction over such party by any such
court in the County and State of New York in any action or proceeding brought
by the other party against such party in connection with this Sublicense
Agreement or any alleged breach thereof. Each party hereby waives any objection
to venue for any such action or proceeding in any such court in the County and
State of New York. Each party hereby agrees that the other party may make
effective service of the summons and complaint in any such action or proceeding
on such party by use of an internationally recognized courier (e.g., Federal
Express, UPS, or DHL), or registered or certified mail, return receipt
requested, postage prepaid, addressed to such party and to the attention of the
individual as identified in Article 13 of this Sublicense Agreement.

18. SEVERABILITY.

                  The invalidity or unenforceability of any term or provision
of this Sublicense Agreement shall in no way affect the remaining terms and
provisions hereof, and such invalid or unenforceable provision shall be
replaced by a mutually acceptable provision of like economic intent and effect.

19. BINDING EFFECT.

                                      11
<PAGE>

                  This Sublicense Agreement shall be binding upon and inure to
the benefit of the parties, and their respective permitted successors and
assigns.

20. CONSTRUCTION.

                  Whenever the word "person" or "persons" is used in this
Sublicense Agreement, it shall be deemed to include but is not limited to a
natural person, firm, partnership, corporation, proprietorship, limited
liability company, association or any other organization. Article titles in no
way limit or modify the contents of their respective articles or Sections and
are for reference purposes only. As used herein, the singular of any term
includes the plural and the plural means the singular, whenever the context so
requires.

21. ENTIRE AGREEMENT.

                  This Sublicense Agreement constitutes the entire
understanding of the parties with respect to the subject matter hereof, and
supersedes all previous negotiations, representations and agreements, if any,
with respect thereto between the parties. Notwithstanding any other provision
of this Sublicense Agreement, (i) the parties hereto acknowledge that the
rights granted by the Sublicensor hereunder are subject to the NYMEX License
Agreement, and (ii) in the event of a conflict between the provisions of the
NYMEX License Agreement and the provisions of this Sublicense Agreement as to
the scope of the License or Sublicense or any of the rights of NYMEX, the
provisions of the NYMEX License Agreement shall control.

22. THIRD-PARTY BENEFICIARY

                  NYMEX is a third-party beneficiary of the Sublicensees'
obligations under this Sublicense Agreement.

23. SURVIVAL.

                  Notwithstanding anything to the contrary contained in this
Sublicense Agreement, (a) Articles 1, 3, 5, 7, 8, 9, 11, 13 and 16 through 23
hereof, (b) Section 12.2 hereof, and (c) the Sublicensees' obligation to pay
the Sublicensor all amounts due hereunder shall survive termination of this
Sublicense Agreement.

24. COUNTERPARTS.

                  This Sublicense Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, and all of
which, when taken together, shall constitute one and the same instrument.

                                      12
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Sublicense Agreement to be duly executed and delivered by their respective
authorized officers as of the date first set forth above.

                                          CLAYMORE MACROSHARES OIL UP
                                          HOLDING TRUST

                                          CLAYMORE MACROSHARES OIL DOWN
                                          HOLDING TRUST

                                          CLAYMORE MACROSHARES OIL UP
                                          TRADEABLE TRUST

                                          CLAYMORE MACROSHARES OIL DOWN
                                          TRADEABLE TRUST

                                          By: INVESTORS BANK AND TRUST COMPANY,
                                          not in its individual capacity but
                                          solely as Trustee of each of the
                                          aforementioned trusts

                                          By:      /S/  Michael F. Rogers
                                             -----------------------------
                                          Name:    Michael F. Rogers
                                          Title:   President

                                          MACROMARKETS LLC

                                          By:     /S/  Samuel Masucci, III
                                             -----------------------------
                                          Name:   Samuel Masucci, III
                                          Title:  President

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