Document:

Form of Participant Agreement

 Exhibit 4.2 

FORM OF 

JEFFERIES COMMODITY REAL RETURN ETF 

PARTICIPANT AGREEMENT 

This Participant Agreement (the “Agreement”), dated as of
             2010, is entered into by and among                      (the
“Authorized Participant”), Jefferies Commodity Real Return ETF, a Delaware statutory trust (the “Trust”), and Jefferies Commodity Investment Services, LLC, a Delaware limited liability company, as managing owner of the Trust (the
“Managing Owner”). 
 SUMMARY 

As provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the “Trust Agreement”) as
currently in effect and described in the Prospectus (defined below), units of fractional undivided beneficial interest in and ownership of the Trust (the “Shares”) may be created or redeemed by the Managing Owner for an Authorized
Participant in aggregations of ten thousand (50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration No.: 333-164811), as
declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter or any successor registration statement in respect of Shares of the Trust (collectively, the
“Registration Statement”) together with the prospectus of the Trust in the form filed with the SEC under Rule 424(b) under the Securities Act of 1933, as amended (the “1933 Act”), after the effectiveness of the Registration
Statement (the “Prospectus”), and as supplemented from time to time. Under the Trust Agreement, the Managing Owner is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants, only through the facilities of The
Depository Trust Company (“DTC” or the “Depository”), or a successor depository, and only in exchange for cash. This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets.

 Capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to such terms in the
Trust Agreement. To the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. To the extent there is a conflict between any provision of
this Agreement and the provisions of the Prospectus, the Prospectus shall control. 
 To give effect to the foregoing premises
and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 

Section 1. Order Placement. To place orders for the Managing Owner to create or redeem one or more Baskets, Authorized
Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented
from time to time. 
 Section 2. Status of Authorized Participant. The Authorized Participant represents and
warrants and covenants the following: 
 (a) The Authorized Participant is a participant of DTC (as such a participant, a
“DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Managing Owner of such event, and this Agreement shall terminate immediately as of the date the
Authorized Participant ceased to be a DTC Participant. 

 (b) Unless Section 2(d) applies, the Authorized Participant either (i) is
registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), or (ii) is exempt from being,
or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized
Participant shall maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant shall comply with all applicable United States federal
laws, including without limitation, the delivery requirements of Section 5 of the 1933 Act and all applicable rules of the SEC, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and
with the Constitution, By-Laws and Conduct Rules of FINRA, if it is a FINRA member, and shall not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 

(c) The Authorized Participant understands and acknowledges that the proposed method by which Baskets will be created and traded may
raise certain issues under applicable securities laws. The Authorized Participant understands and acknowledges that, for example, because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a
“distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a
statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution” section of the Prospectus and consult with its own counsel in
connection with entering into this Agreement and submitting a Purchase Order Subscription Agreement (defined below). 
 (d) If
the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in
Section 2(b) above, the Authorized Participant shall (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the 1933 Act, and the regulations
promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the FINRA Conduct Rules. 
 (e) The
Authorized Participant is in compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT
Act”), and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 
  

 2 

 Section 3. Orders. (a) All orders to create or redeem Baskets shall be made
in accordance with the terms of the Trust Agreement, this Agreement and the Procedures. Each party shall comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of
recorded telephone lines whether or not such use is reflected in the Procedures. The Managing Owner may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the
Procedures, and the Authorized Participant shall comply with such procedures of which it has been notified in accordance with this Agreement. 

(b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a
customer or otherwise) that each order to create a Basket (a “Purchase Order Subscription Agreement”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order Subscription Agreement and Redemption Order,
an “Order”) may not be revoked by the Authorized Participant upon its delivery to the Managing Owner. A form of Purchase Order Subscription Agreement is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as
Exhibit C. 
 (c) The Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order
Subscription Agreement or Creation Basket Capital Contribution (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Trust or to the Beneficial
Owners; (iii) the acceptance or receipt of which could, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it, for all practical purposes, not feasible to
process Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 

(d) The Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises would be illegal under applicable
laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 

(e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the applicable Redemption Settlement Time,
(i) for any period during which the NYSE Arca, Inc. or any exchange on which the Trust’s assets are regularly traded is closed other than for customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any
period during which an emergency exists as a result of which delivery, disposal or evaluation of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the
protection of the Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

Section 4. Fees. In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the
Managing Owner shall charge, and the Authorized Participant shall pay from its DTC account to the Managing Owner, the Transaction Fee prescribed in the Trust Agreement and/or the Prospectus (as applicable) with respect to such creation or
redemption. The initial Transaction Fee shall be [            ] Dollars ($[-]) per Basket. 

 

 3 

 
The Transaction Fee may be adjusted from time to time as set forth in the Trust Agreement and/or the Prospectus (as applicable). As described in the Procedures, the Authorized Participant will be
charged by the Managing Owner an additional processing charge if the Authorized Participant fails timely to deliver the Creation Basket Capital Contribution (in the case of a Purchase Order Subscription Agreement) or the Baskets (in the case of a
Redemption Order). 
 Section 5. Authorized Persons. Concurrently with the execution of this Agreement and from time
to time thereafter, the Authorized Participant shall deliver to the Managing Owner, notarized and duly certified as appropriate by its secretary or other duly authorized person, a certificate in the form of Exhibit A setting forth the names and
signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Managing
Owner may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Managing Owner receives a superseding certificate bearing a subsequent
date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Managing Owner and such notice shall be effective upon
receipt by the Managing Owner. The Managing Owner shall issue to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall be identified and by which instructions issued by the
Authorized Participant hereunder shall be authenticated. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN Number is
changed, the new PIN Number shall become effective on a date mutually agreed upon by the Authorized Participant and the Managing Owner. 

Section 6. Redemption. The Authorized Participant represents and warrants that it will not obtain an Order Number (as
described in the Procedures) from the Managing Owner for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to
tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending
agreement or any other arrangement which would preclude the delivery of such Baskets to the Managing Owner on the Business Day following the Redemption Order Date. 

Section 7. Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this
Agreement and the Trust Agreement, the Authorized Participant shall be deemed to be an independent contractor and shall have no authority to act as agent for the Trust or the Managing Owner in any matter or in any respect. 

(b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with
the Managing Owner or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 
  

 4 

 (c) With respect to any creation or redemption transaction made by the Authorized
Participant pursuant to this Agreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant shall extend to any such party all of the rights, and shall be
bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Trust Agreement. 

(d) Upon reasonable request by the Managing Owner, the Authorized Participant will, subject to any limitations arising under federal or
state securities laws relating to privacy or other obligations it may have to its customers, provide the Managing Owner written notice indicating the number of Shares that the Authorized Participant may hold as record holder and the number of such
Shares that it holds for the benefit of other broker-dealers that clear and settle transactions in Shares through the Authorized Participant, in each case as of the date of such request, with respect to the Trust. In addition, the Authorized
Participant agrees, upon request of the Managing Owner, and subject to applicable laws, rules and regulations, to transmit to its account holders who are Beneficial Owners of Shares, such written materials received from the Managing Owner (including
notices, annual reports, disclosure or other informational or tax materials and any amendments or supplements thereto and other communications) as may be required to be transmitted to Beneficial Owners pursuant to the Trust Agreement or applicable
law, provided that the expenses associated with such transmissions shall be borne by the Managing Owner in accordance with usual custom and practice in respect of such communications. 

Section 8. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Trust and the Managing Owner, their respective direct or
indirect affiliates (as defined below) and their respective directors, trustees, managing owners, partners, members, managers, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities,
damages, costs and expenses (including attorneys’ fees and the reasonable costs of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provisions of
this Agreement, including its representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized
Participant to comply with applicable laws and the rules and regulations of self-regulatory organizations; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures believed by the
AP Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified
Party or the Trust that is not consistent with the Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a
material fact contained in any research reports, marketing material and sales literature described in Section 12(b) hereof or any alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized
Participant at the written direction of the Managing 
  

 5 

 
Owner or is based upon any omission or alleged omission by the Managing Owner to state a material fact in connection with such representation, statement or omission necessary to make such
representation, statement or omission not misleading. 
 (b) The Managing Owner hereby agrees to indemnify and hold harmless the
Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Managing Owner
Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Managing Owner Indemnified Party as a result of (i) any
breach by the Managing Owner of any provision of this Agreement that relates to the Managing Owner; (ii) any failure on the part of the Managing Owner to perform any obligation of the Managing Owner set forth in this Agreement; (iii) any
failure by the Managing Owner to comply with applicable laws; or (iv) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally declared effective by the SEC or in any amendment
thereof, or in any Prospectus, or in any amendment thereof or supplement thereto, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, except those statements in the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the
Prospectus. 
 (c) This Section 8 shall not apply to the extent any such losses, liabilities, damages, costs and expenses
are incurred as a result of or in connection with any gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Managing Owner Indemnified Party, as the case may be. The term “affiliate” in this
Section 8 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with
such person, entity or organization. 
 (d) The indemnity agreements contained in this Section 8 shall remain in full force
and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees or any person (including each partner, stockholder, member, director, officer or
employee of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Managing Owner, its partners, stockholders, members, managers,
directors, officers, employees or any person who controls the Managing Owner within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Managing Owner, for
itself and on behalf of the Trust, and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Managing Owner, against any of the Managing Owner’s officers or
directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the Prospectus. 

Section 9. (a) Limitation of Liability. In the absence of gross negligence, bad faith or willful misconduct, neither the
Managing Owner, whether acting on its own behalf or on behalf of the Trust, nor the Authorized Participant shall be liable to each other or to any other person, 

 

 6 

 
including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other
information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. 

(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp
tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the
Authorized Participant. To the extent the Managing Owner or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties,
additions to tax or interest thereon. 
 Section 10. Acknowledgment. The Authorized Participant acknowledges receipt
of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust and represents that it has reviewed and understands such documents. 

Section 11. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall
become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with
Section 2(a) hereof; (ii) upon notice to the Authorized Participant by the Managing Owner in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately
in the circumstances described in Section 17(j) hereof; or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 

Section 12. Marketing Materials; Representations Regarding Shares; Identification in Registration Statement. 

(a) The Authorized Participant represents, warrants and covenants that (i), without the written consent of the Managing Owner, the
Authorized Participant shall not make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (A) in the then-current Prospectus of the Trust,
(B) in printed information approved by the Managing Owner as information supplemental to such Prospectus or (C) in any promotional materials or sales literature furnished to the Authorized Participant by the Managing Owner, and
(ii) the Authorized Participant shall not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person or the Trust that are not consistent with the
Trust’s then current Prospectus. Copies of the then current Prospectus of the Trust and any such printed supplemental information will be supplied by the Managing Owner to the Authorized Participant in reasonable quantities upon request.

 (b) Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Managing Owner prepare
and circulate in the regular course of its business research reports, marketing material and sales literature that includes information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that such
research reports, marketing material or sales literature compare the relative merits and 
  

 7 

 
benefits of Shares with other products; and (ii) for internal use by the Authorized Participant. The Authorized Participant shall file all such research reports, marketing material and sales
literature related to the Shares with FINRA to the extent required by the FINRA Conduct Rules. 
 (c) The Authorized Participant
hereby agrees that for the term of this Agreement the Managing Owner may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format
(“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no
appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Managing Owner shall, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the
Authorized Participant to access, view and print the PDF version of the Prospectus. 
 (d) For as long as this Agreement is
effective, the Authorized Participant agrees to be identified as an authorized participant of the Trust (i) in the section of the Prospectus entitled “Creation and Redemption of Shares” and in any other section as may be required by
the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) the Managing Owner shall remove such identification from the Prospectus in the amendment of either the Registration Statement or a supplement to the
Prospectus, as applicable, next occurring after the date of the termination of this Agreement and (ii) the Managing Owner shall promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized
participant of the Trust. 
 Section 13. Certain Representations, Warranties and Covenants of the Managing Owner.
The Managing Owner, on its own behalf and as sponsor of the Trust, covenants and agrees: 
 (a) that (i) the Registration
Statement and the Prospectus contained therein conform in all material respects to the requirements of the 1933 Act and the rules and regulations of the SEC thereunder and do not and will not, as of the applicable effective date as to the
Registration Statement and any amendment thereto and as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) the sale and distribution of the Shares as contemplated herein will not conflict with or result in a
breach or violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust, and (iii) no consent, approval, authorization, order, registration or qualification of or with
any such court or governmental agency is required for the issuance of the Shares, except registration of the Shares under the 1933 Act. 

(b) to notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the
making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they are made, not misleading, and, during such time, to prepare and furnish, at the expense of the Trust, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change;

  

 8 

 (c) to deliver to the Authorized Participant, at each time (i) the Registration
Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment and (ii) a new Registration Statement is filed to register additional Shares and a single Prospectus is used in reliance on Rule 429 under the
1933 Act, an Officer’s Certificate by duly authorized officers of the Managing Owner in the form attached hereto as Exhibit D. 

In addition, any certificate signed by any officer of the Managing Owner and delivered to the Authorized Participant or counsel for the
Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the Managing Owner to the Authorized Participant as to matters covered thereby. 

Section 14. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this Agreement, is a
third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any
obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

Section 15. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any Act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason to perform its obligations. 

Section 16. Ambiguous Instructions. If a Purchase Order Subscription Agreement or a Redemption Order otherwise in good form
contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Managing Owner will attempt to contact one of the Authorized Persons of the Authorized Participant to
request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order shall be accepted and processed. If an Authorized Person contradicts the Order terms, the Order shall be deemed
invalid, and a corrected Order must be received by the Managing Owner, as the case may be, not later than the earlier of: (i) within 15 minutes of such contact with the Authorized Person; or (ii) 45 minutes after the Order Cut-Off Time. If
the Managing Owner is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency with the terms of the telephone information. In the event that an Order
contains terms that are illegible, the Order shall be deemed invalid and the Managing Owner will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. A corrected Order must be
received by the Managing Owner not later than the earlier of (i) within 15 minutes of such contact with the Authorized Person or (ii) 45 minutes after the Order Cut-Off Time, as the case may be. 

 

 9 

 Section 17. Miscellaneous. 

(a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits
hereto may be amended, modified or supplemented by the Trust and the Managing Owner, without consent of any Beneficial Owner or Authorized Participant from time to time by the following procedure. After the proposed amendment, modification or
supplement has been agreed to, the Managing Owner shall mail a copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail shall be deemed received by the recipient thereof on
the third (3rd) day following the deposit of such
mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance
with its terms. If at any time there is any material amendment, modification or supplement of any Participant Agreement (other than this Agreement), the Managing Owner shall promptly mail a copy of such amendment, modification or supplement to the
Authorized Participant. 
 (b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation,
covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance
with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant
to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation
received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy by regular mail, postage prepaid. For avoidance of doubt, notices may not be given or
transmitted by electronic mail. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Managing Owner. All notices shall be directed to the address or telephone or facsimile numbers indicated below the signature
line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 

(e) Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party
without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which
such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Managing Owner may delegate its obligations
hereunder to the [Distributor or the 
  

 10 

 
Administrator]1 by
 notice to the Authorized Participant. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be
null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee or Managing Owner at such time such successor qualifies as a successor trustee or Managing Owner under the terms of the Trust
Agreement. 
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware (regardless of the laws that might otherwise govern under applicable Delaware conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each
party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or
relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and
agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. 

(g) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy
of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for more than one such
counterpart executed and delivered by such party. 
 (h) Interpretation. The section headings contained in this Agreement
are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 

(i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to
this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to be a
party to the Trust Agreement. 
 (j) Severance. If any provision of this Agreement is held by any court or any act,
regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to
the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein,
unless the Managing Owner determines in its discretion that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and
that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that 

 
  

 

 11 

 
case, upon the Managing Owner’s notification of the trustee of such a determination, this Agreement shall immediately terminate and the Managing Owner shall so notify the Authorized
Participant immediately. 
 (k) No Strict Construction. The language used in this Agreement shall be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. 

(l) Survival. Sections 8 (Indemnification) and 14 (Third Party Beneficiaries) hereof shall survive the termination of this
Agreement. 
 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a
governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but
not limited to.” 
 [Signature Page Follows] 
  

 12 

 IN WITNESS WHEREOF, the Authorized Participant and the Managing Owner, on behalf of the
Trust, have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

							
	 Jefferies Commodity Investment Services, LLC

Managing Owner of
 Jefferies Commodity Real
Return ETF
	 	 Jefferies Commodity Real Return ETF

        By Jefferies Commodity Investment Services, LLC,

              as Managing Owner of

              Jefferies Commodity Real Return ETF

				
	By:	 	  
	 	By:	 	  

				
	Name:	 	  
	 	Name:	 	  

				
	Title:	 	  
	 	Title:	 	  

				
	Address:	 	[[—]]	 	Address:	 	[[—]]
				
	Telephone:	 	(-) [[—]]	 	Telephone:	 	(-) [[—]]
				
	Facsimile:	 	(-) [[—]]]	 	Facsimile:	 	(-) [[—]]
		
	[Name of Authorized Participant]	 	
				
	By:	 	  
	 		 	
				
	Name:	 	  
	 		 	
				
	Title:	 	  
	 		 	
				
	Address:	 	  
	 		 	
				
	Telephone:	 	  
	 		 	
				
	Facsimile:	 	  
	 		 	

  

 13 

 EXHIBIT A 

JEFFERIES COMMODITY REAL RETURN ETF 

FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 

The following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions
relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Jefferies Commodity Real Return ETF Participant Agreement. 

Authorized Participant:
                                     

 

							
	Name:	 	  
	 	Name:	 	  

				
	Title:	 	  
	 	Title:	 	  

				
	Signature:	 	  
	 	Signature:	 	  

				
	Name:	 	  
	 	Name:	 	  

				
	Title:	 	  
	 	Title:	 	  

				
	Signature:	 	  
	 	Signature:	 	  

The undersigned, [name], [title] of [company], does hereby certify that the persons listed above have been duly elected to the offices
set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Jefferies Commodity Real Return ETF Participant Agreement by and between [name of Authorized
Participant], Jefferies Commodity Real Return ETF and Jefferies Commodity Investment Services, LLC, dated [date], and that their signatures set forth above are their own true and genuine signatures. 

In Witness Whereof, the undersigned has hereby set his/her hand and the seal of [company] on the date set forth below. 

 

					
	 Subscribed and sworn to before me

this      day of             ,
20    
	 	By:	 	  

	 	  
 Name:
	 	  

			
		 	Title:	 	  

			
	  
	 	Date:	 	  

	Notary Public	 		 	

  

 A-1 

 EXHIBIT B 

JEFFERIES COMMODITY REAL RETURN ETF 

FORM OF PURCHASE ORDER SUBSCRIPTION AGREEMENT 

[            ] (-)
[[—]]2 

 

			
	Authorized Participant:	 	  

			
		
	Authorized Participant Fax No.#:	 	  

			
		
	Order Number:	 	  

	(to be provided by Managing Owner)3

	
	Number of Shares to be issued:
	  
	 	

			
	DTC Clearing #:	 	  

			
		
	Trade Date:	 	  

			
		
	Number of Creation Baskets to be Created:	 	  

		 	

			
	  
 USD:
	 	  

	(to be provided by [Administrator]4
)

 All Purchase Order Subscription Agreements are subject to the terms and conditions of the Amended and
Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) of Jefferies Commodity Real Return ETF (the “Trust”) as currently in effect and the Jefferies Commodity Real Return ETF Participant Agreement among the
Authorized Participant, the Trust and the Managing Owner named therein (the “Participant Agreement”). All representations and warranties of the Authorized Participant set forth in the Participant Agreement are incorporated herein by
reference. Capitalized terms used but not defined herein have the meaning given in the Trust Agreement. 
 The undersigned understands that by
submitting this Purchase Order Subscription Agreement he/she (i) is making the representations and warranties set forth in Annex A to this Purchase Order Subscription Agreement, (ii) agrees that his/her execution of this Purchase Order
Subscription Agreement shall constitute (for all purposes) his/her execution of the Trust Agreement and agreement to the terms thereof, and (iii) acknowledges that the Managing Owner may rely upon his/her execution of this Purchase Order
Subscription Agreement as constituting an execution of the Trust Agreement and agreement of the terms thereof. The Authorized Participant understands that its DTC account will be charged the Transaction Fee as set forth in the currently effective
Trust Agreement and/or Prospectus (as applicable). 
 The undersigned does hereby certify as of the date set forth below
that he/she is an Authorized Person under the Jefferies Commodity Real Return ETF Participant Agreement and that he/she is authorized to [deliver this Purchase Order Subscription Agreement to the Managing
Owner]4 on behalf of the Authorized Participant.

  

							
		 		 	  

		 		 	(Please Print Name of Authorized Participant)
	Date:                    	 		 	
		 	By:	 	  

	Accepted by:	 		 	Name:
	Jefferies Commodity Real Return ETF	 		 	Title:
	 By: Jefferies Commodity Investment Services, LLC,

          as Managing Owner
	 		 	
	By:	 	  
	 		 	
		 	 Name:
 Title:
	 		 	
	By:	 	  
	 		 	
	Name:	 		 		 	
	Title:	 		 		 	

  

	2
	 Insert name of party that will receive Exhibit B, including, the phone # and the fax #. 

 

 B-1 

 ANNEX A TO EXHIBIT B 

TO 

PURCHASE ORDER SUBSCRIPTION AGREEMENT 

AUTHORIZED PARTICIPANT’S REPRESENTATIONS AND WARRANTIES 

1. CFTC Registration Status. The Authorized Participant either is not required to be registered with the Commodity Futures
Trading Commission (“CFTC”) or to be a member of the National Futures Association (“NFA”), or, if required to be so registered, is duly registered with the CFTC and is a member in good standing of the NFA. The Authorized
Participant agrees to supply the Managing Owner with such information as the Managing Owner may reasonably request in order to verify the foregoing representation. Vehicles for collective investment which acquire Shares may, as a result, themselves
become “commodity pools” within the intent of applicable CFTC and NFA rules, and their sponsors, accordingly, will be required to register as “commodity pool operators.” 

2. Disclosure Document. The Authorized Participant has received the Trust’s Prospectus which constitutes its CFTC
Disclosure Document. 
 3. Monthly Report. If trading for the Trust has commenced, the Authorized Participant has
obtained a copy of the most recent monthly report from the Trust’s website at www.[-].com. 
  

 B-2 

 EXHIBIT C 

JEFFERIES COMMODITY REAL RETURN ETF 

FORM OF REDEMPTION ORDER 

[            ] (-)
[[—]]4 

 

					
	Authorized Participant:	  	  
	  	

					
			
	Date:	  	  
	  	

					
			
	Order Number:	  	  
	  	
	(to be provided by the Managing Owner)6
	  	

					
			
	PIN Number:	  	  
	  	

					
			
	Number of Redemption Baskets to be Redeemed:	  	  
	  	

					
			
	Number of Shares to be Redeemed:	  	  
	  	

 All Redemption Orders are subject to the terms and conditions of the Amended and Restated Declaration of Trust and
Trust Agreement (the “Trust Agreement”) of Jefferies Commodity Real Return ETF (the “Trust”) as currently in effect and the Jefferies Commodity Real Return ETF Participant Agreement among the Authorized Participant, the Trust and
the Managing Owner named therein (the “Participant Agreement”). All representations and warranties of the Authorized Participant set forth in such Participant Agreement are incorporated herein by reference. 

The undersigned understands that its DTC account will be charged the Transaction Fee as set forth in the currently effective Trust Agreement and/or the
Prospectus (as applicable) including an additional fee as provided under Section 4 of the Participant Agreement if the Redemption Order is held open. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant
Agreement and that he/she is authorized to [deliver this Redemption Order to the Managing
Owner]5 on behalf of the Authorized Participant.

  

											
		 		 		 		 	[NAME OF AUTHORIZED PARTICIPANT]
						
	Date:	 	  
	 		 		 	By:	 	  

		 		 		 		 		 	Name:
		 		 		 		 		 	Title:

  

	4
	Insert name of party that will receive Exhibit B, including, the phone # and the fax #. 

 

 C-1 

 EXHIBIT D 

JEFFERIES COMMODITY REAL RETURN ETF 

JEFFERIES COMMODITY INVESTMENT SERVICES, LLC 

OFFICER’S CERTIFICATE 

The undersigned, a duly authorized officer of Jefferies Commodity Investment Services, LLC, a Delaware limited liability company, the
managing owner (the “Managing Owner”) of Jefferies Commodity Real Return ETF (the “Trust”), and pursuant to Section 13(c) of the Jefferies Commodity Real Return ETF Participant Agreement (the “Participant
Agreement”), dated as of              20    , as amended from time-to-time, by and among the Managing Owner, the Trust and
                     (the “Authorized Participant”), hereby certify that: 

 

	 	1.	Each of the following representations and warranties of the Managing Owner is true and correct in all material respects as of the date hereof: 

 

	 	(a)	the Prospectus of the Trust in the form filed with the Securities and Exchange Commission (the “SEC”) under rule 424 of the Securities Act of 1933, as amended
(the “1933 Act”) does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading; the currently effective registration statement of the Trust on Form S-1 or S-3, if applicable (the “Registration Statement”) and the Prospectus comply in all material respects with the requirements of the 1933 Act; any
statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed; the conditions to the use
of Form S-1 or S-3, if applicable, have been satisfied; and the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading and the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, that the Managing Owner makes no warranty or representation with respect to any statement contained in the Registration Statement or any Prospectus in reliance upon and in conformity with information concerning the Authorized
Participant and furnished in writing by or on behalf of the Authorized Participant to the Managing Owner expressly for use in the Registration Statement or such Prospectus; 

 

	 	(b)	 the Trust has been duly formed and is validly existing as an investment trust under the laws of the State of Delaware, as described in the Registration
Statement and the Prospectus, and the Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) 

 

 D-1 

	 	 
authorizes the Managing Owner to issue and deliver the units of fractional undivided beneficial interest in and ownership of the Trust (the “Shares”) to the Authorized Participant
hereunder as contemplated in the Registration Statement and the Prospectus; 

  

	 	(c)	the Managing Owner has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full
power and authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver the Participant Agreement; 

 

	 	(d)	the Managing Owner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; and the Trust is not
required to so qualify in any jurisdiction; 

  

	 	(e)	complete and correct copies of the Trust Agreement, and any and all amendments thereto, have been delivered to the Authorized Participant, and no changes thereto have
been made; 

  

	 	(f)	the outstanding Shares have been duly and validly issued and are fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first
refusal and similar rights; 

  

	 	(g)	the Shares conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus and the holders of the Shares will not
be subject to personal liability by reason of being such holders; 

  

	 	(h)	the Participant Agreement has been duly authorized, executed and delivered by the Trust and the Managing Owner and constitutes the valid and binding obligations of the
Trust and the Managing Owner, enforceable against the Trust and the Managing Owner in accordance with its terms; 

  

	 	(i)	 neither the Managing Owner nor the Trust is in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time
or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of
such indebtedness under) its respective constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the
Managing Owner or the Trust is a party or by which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of the Participant Agreement, the issuance and sale of Shares to the Authorized
Participant thereunder and the consummation of the 

  

 D-2 

	 	 
transactions contemplated hereby does not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both
would result in any breach or violation of or constitute a default under), respectively, the limited liability company agreement of the Managing Owner or the Trust Agreement, or any indenture, mortgage, deed of trust, bank loan or credit agreement
or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which, respectively, the Managing Owner or the Trust is a party or by which the Managing Owner or the Trust or any of their respective properties
may be bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Managing Owner or the Trust; 

 

	 	(j)	no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency is required in connection with the issuance and sale of Shares to the Authorized Participant hereunder or the consummation by the Managing Owner or the Trust of the transactions contemplated hereunder other than registration of the Shares
under the 1933 Act, which has been effected, and any necessary qualification under the securities laws of the various jurisdictions in which the Shares are being offered or under the rules and regulations of the Financial Industry Regulatory
Authority (“FINRA”); 

  

	 	(k)	except as set forth in the Registration Statement and the Prospectus (i) no person has the right, contractual or otherwise, to cause the Trust to issue or sell to
it any Shares or other equity interests of the Trust, and (ii) no person has the right to act as an underwriter or as a financial advisor to the Trust in connection with the offer and sale of the Shares, in the case of each of the foregoing
clauses (i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise; no person has the right, contractual or otherwise, to cause the Managing Owner on
behalf of the Trust or the Trust to register under the 1933 Act any other equity interests of the Trust, or to include any such shares or interests in the Registration Statement or the offering contemplated thereby, whether as a result of the filing
or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise; 

  

	 	(l)	each of the Managing Owner and the Trust have all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any
federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order to conduct its respective business; neither the Managing Owner nor the Trust is in violation
of, or in default under, or has received notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order
or judgment applicable to the Managing Owner or the Trust; 

  

 D-3 

	 	(m)	all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character
required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 

 

	 	(n)	except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or
contemplated to which the Managing Owner or the Trust, or any of the Managing Owner’s directors or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any
federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency; 

  

	 	(o)	[[—]], whose report on the audited financial statements of the Trust is filed with the SEC as part of the Registration Statement and the Prospectus, are
independent public accountants as required by the 1933 Act; 

  

	 	(p)	the audited financial statement(s) included in the Prospectus, together with the related notes and schedules, presents fairly the financial position of the Trust as of
the date indicated and has been prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma) that are required to be
included in the Registration Statement and the Prospectus that are not included as required; and the Trust does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in
the Registration Statement and the Prospectus; 

  

	 	(q)	subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been (i) any material adverse
change, or any development involving a prospective material adverse change affecting the Managing Owner or the Trust, (ii) any transaction which is material to the Managing Owner or the Trust taken as a whole, (iii) any obligation, direct
or contingent (including any off-balance sheet obligations), incurred by the Managing Owner or the Trust, which is material to the Trust, (iv) any change in the Shares purchased by the Authorized Participant or outstanding indebtedness of the
Managing Owner or the Trust or (v) any distribution of any kind declared, paid or made on such Shares; 

  

 D-4 

	 	(r)	the Trust is not and, after giving effect to the offering and sale of the Shares, will not be required to be registered as an investment company under the Investment
Company Act; 

  

	 	(s)	except as set forth in the Registration Statement and the Prospectus, the Managing Owner and the Trust own, or have obtained valid and enforceable licenses for, or
other rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and other proprietary information described in the Registration Statement and the Prospectus as
being owned or licensed by them or which are necessary for the conduct of their respective businesses, (collectively, “Intellectual Property”); (i) to the knowledge of the Managing Owner or the Trust, there are no third parties who
have or will be able to establish rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the Managing Owner or the Trust; (ii) to the knowledge of the Managing Owner
or the Trust, there is no infringement by third parties of any Intellectual Property; (iii) there is no pending or, to the knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others challenging the
Managing Owner’s or the Trust’s rights in or to any Intellectual Property, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim; (iv) there is no pending or, to the
knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property, and the Managing Owner and the Trust are unaware of any facts which could form a
reasonable basis for any such claim; and (v) there is no pending or, to the knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others that the Managing Owner or the Trust infringes or otherwise
violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim; 

 

	 	(t)	all tax returns required to be filed by the Trust have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through
withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to the Trust as of the date of the Participant
Agreement; 

  

	 	(u)	neither the Managing Owner nor the Trust has sent or received any communication regarding termination of, or intent not to renew, any of the contracts or agreements
referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Managing Owner or the Trust or any other party to any such contract or agreement;

  

 D-5 

	 	(v)	with respect to its activities on behalf of the Trust, as provided for in the Trust Agreement, the Managing Owner maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with the Trust Agreement and the Managing Owner’s duties thereunder; (ii) transactions with respect to the Trust are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; and (iii) assets are held for the Trust in accordance with the Trust Agreement;

  

	 	(w)	on behalf of the Trust, the Managing Owner has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the
Securities and Exchange Act of 1934, as amended (the “1934 Act”) , giving effect to the rules and regulations, and SEC staff interpretations (whether or not public), thereunder)); such disclosure controls and procedures are designed to
ensure that material information relating to the Trust, is made known to the Managing Owner, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Trust, the Managing
Owner has been advised of: (i) any significant deficiencies in the design or operation of internal controls which could adversely affect the Trust’s ability to record, process, summarize, and report financial data; and (ii) any fraud,
whether or not material, that involves management or other employees who have a role in the Trust’s internal controls; any material weaknesses in internal controls have been identified for the Trust’s auditors; 

 

	 	(x)	any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Managing Owner believes
to be reliable and accurate, and the Managing Owner has obtained the written consent to the use of such data from such sources to the extent required; and 

  

	 	(y)	neither the Managing Owner, nor any of the Managing Owner’s directors, members, managers, officers, affiliates or controlling persons nor the Trustee has taken,
directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under the 1934 Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Trust to
facilitate the sale or resale of the Shares; and there are no affiliations or associations between any member of FINRA and any of the Managing Owner’s officers, directors or 5% or greater security holders, except as set forth in the
Registration Statement and the Prospectus. 

 For purposes hereof, the term “Registration Statement”
shall mean the Registration Statement as amended or supplemented from time to time to the date hereof and the term “Prospectus” shall mean the Prospectus as amended or supplemented from time to time to the date hereof. 

 

 D-6 

	 	2.	Each of the obligations of the Managing Owner to be performed by it on or before the date hereof pursuant to the terms of the Participant Agreement, and each of the
provisions thereof to be complied with by the Managing Owner on or before the date hereof, has been duly performed and complied with in all material respects. 

Capitalized terms used, but not defined herein shall have the meanings assigned to such terms in the Participant Agreement. 

[SIGNATURE PAGE TO FOLLOW] 
  

 D-7 

 IN WITNESS WHEREOF, we have hereunto, on behalf of the Managing Owner, subscribed our names
this      day of                 . 
  

			
	By:	 	  

		 	Name:
		 	Title:

  

 D-8 

 ATTACHMENT A 

JEFFERIES COMMODITY REAL RETURN ETF PROCEDURES 

CREATION AND REDEMPTION OF 

JEFFERIES COMMODITY REAL RETURN ETF SHARES 

Scope of Procedures and Overview 
 These
procedures (the “Procedures”) describe the processes by which one or more Baskets of Jefferies Commodity Real Return ETF shares (the “Shares”) issuable by Jefferies Commodity Real Return ETF (the “Trust”) may be
purchased or, once Shares have been issued, redeemed by an Authorized Participant (a “Participant”). Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). 

Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Amended and Restated Declaration of Trust
and Trust Agreement of the Trust (the “Trust Agreement”), dated as of [            ], 2010, and as amended from time-to-time, between Wilmington Trust company, a Delaware
banking corporation, as trustee of the Trust (the “Trustee”) Jefferies Commodity Investment Services, LLC, as managing owner (the “Managing Owner”) and the Unitholders party thereto from time to time or the Participant Agreement
entered into by each Participant with the Trust and the Managing Owner. 
 For purposes of these Procedures, a “Business Day” means a
day other than Saturday, Sunday or other day when banks and/or securities exchanges in the City of New York are authorized or obligated by law or executive order to close. 

“Order Cut-Off Time” means noon, Eastern Time, on each Business Day. 

Baskets are issued pursuant to the Prospectus, which will be delivered by the Managing Owner to each Participant after its execution of the Participant
Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Managing Owner in exchange for the Creation Basket Capital Contribution, which
the Managing Owner receives from Participants, or Redemption Distributions, which the Managing Owner delivers to Participants, in each case on behalf of the Trust. Participants will be required to pay a nonrefundable per order transaction fee of
$[-] to the Managing Owner (the “Transaction Fee”). 
 Each Participant is responsible for ensuring that the Creation Basket Capital
Contribution it intends to transfer to the Trust in exchange for Creation Basket(s) is available for transfer to the Trust in the manner and at the times described in these Procedures. 

Upon acceptance of the Participant Agreement by the Managing Owner, the Managing Owner will assign a personal identification number (a “PIN
number”) to each Authorized Person authorized to act for the Participant. This will allow the Participant through its Authorized Person(s) to place Purchase Order Subscription Agreement(s) or Redemption Order(s) for Basket(s). 

 Important Notes: 
  

	 	•	 	 Any Order is subject to rejection by the Managing Owner for the reasons set forth in the Trust Agreement or the Participant Agreement.

  

	 	•	 	 All Orders are subject to the provisions of the Trust Agreement and the Participant Agreement relating to unclear or ambiguous instructions.

 CREATION PROCESS 

An order to purchase one or more Creation Baskets placed by a Participant with the Managing Owner by a telephone call placed by the Order Cut-Off Time on
a Business Day (such day, “Purchase Order Subscription Date”) results in the issuance and delivery of Creation Basket(s) at noon, Eastern Time, on the Business Day immediately following the Purchase Order Subscription Date if the Managing
Owner has received: 
  

	 	•	 	 for its own account, the Transaction Fee, and 

  

	 	•	 	 for the account of the Trust the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement.

 CREATION PROCEDURES 
  

	 	1.	By the Order Cut-Off Time (Noon Eastern Time) on the Purchase Order Subscription Date, an Authorized Person of the Participant calls the Managing Owner at (-)
[[—]] to notify the Managing Owner that the Participant wishes to place a Purchase Order and Subscription Agreement with the Managing Owner to create an identified number of Creation Baskets and to request that the Managing Owner provide an
order number (an “Order Number”). Calls placed before the Order Cut-Off Time will be processed even if the call is taken after that time. The Authorized Person provides a PIN number as identification to the Managing Owner. The Managing
Owner provides the Participant with an Order Number for the Participant’s Purchase Order and Subscription Agreement. The Participant then completes and faxes to the Managing Owner the Purchase Order Subscription Agreement included as Exhibit B
to the Participant Agreement. The Purchase Order Subscription Agreement must be completed and also include the Authorized Person’s signature, the number of Creation Baskets being purchased, and the Order Number previously provided by the
Managing Owner. 

  

	 	2.	If the Managing Owner has not received the Purchase Order Subscription Agreement from the Participant within 15 minutes after the Managing Owner receives the phone call
from an Authorized Person of the Participant referenced in item (1) above, the Managing Owner places a phone call to the Participant to enquire about the status of the Order. If the Participant does not fax the Purchase Order Subscription
Agreement to the Managing Owner within 15 minutes after the Managing Owner’s phone call, the Participant’s Order is cancelled. The Managing Owner will then notify the Participant that the Order has been cancelled via telephone call.

  

 2 

	 	3.	If the Managing Owner has received the Participant’s Purchase Order and Subscription Agreement on time in accordance with the preceding timing rules, then by [[-]
a.m./p.m.] Eastern Time the Managing Owner returns to the Participant a copy of the Purchase Order and Subscription Agreement submitted, marking it “Accepted.” 

 

	 	3.	As promptly as practicable following the
publication6 of the net asset value of the Trust and the
net asset value per Share of the Shares on the Purchase Order Subscription Date, the Managing Owner shall communicate to the Participant the amount of cash necessary for the Creation Basket Capital Contribution and details of the method of payment
required for the Creation Basket Capital Contribution. 

  

	 	5.	If the Managing Owner rejects a Purchase Order Subscription Agreement pursuant to the Trust Agreement or the Participant Agreement, the Managing Owner will notify the
Participant whose Purchase Order Subscription Agreement was rejected. 

  

	 	6.	At noon, Eastern Time, on the Business Day immediately following the Purchase Order Subscription Date, the Managing Owner authorizes the creation and issuance of the
Creation Baskets ordered by each Participant on the Purchase Order Subscription Date for which the Managing Owner has received confirmation of receipt of (A) for its own account, the Transaction Fee, and (B) for the account of the Trust,
the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement. 

  

	 	7.	The Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s customary procedures, for the credit
of the account of the Participant that placed the Purchase Order Subscription Agreement. 

  

	 	8.	If by noon, Eastern Time, on the Business Day immediately following the Purchase Order Subscription Date, the Managing Owner has not received confirmation of receipt of
(A) for its own account, the Transaction Fee, and (B) for the account of the Trust, the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement, the Participant will be charged by
the Managing Owner an additional processing charge of $[-]. 

 [Redemption Process Follows on Next Page]

  

	6
	The publication of the net asset value of the Trust and the net asset value per Share will be calculated after the closing time of the NYSE Arca, Inc. or the last to
close of the exchanges on which the Trust’s futures contracts are traded, whichever is later. 

  

 3 

 REDEMPTION PROCESS 

An order to redeem one or more Redemption Baskets placed by a Participant with the Managing Owner by a telephone call placed by the Order
Cut-off Time on a Business Day (such day, “Redemption Order Date”) results in the following taking place by noon, Eastern Time, on the Business Day immediately following the Redemption Order Date (the “Redemption Settlement
Time”): 
  

	 	•	 	 if the Fund’s account at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for
redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the
Depository. 

 REDEMPTION PROCEDURES 

 

	 	1.	By the Order Cut-off Time (Noon Eastern Time), an Authorized Person of the Participant calls the Managing Owner at (-) [[—]] to notify the Managing Owner that the
Participant wishes to place a Redemption Order with the Managing Owner to redeem an identified number of Redemption Baskets and to request that the Managing Owner provide an Order Number. Calls placed before the Order Cut-Off Time will be processed
even if the call is taken after that time. The Authorized Person provides a PIN number as identification to the Managing Owner. The Managing Owner provides the Participant with an Order Number for the Participant’s Redemption Order Form. The
Participant then completes and faxes to the Managing Owner the Redemption Order Form included as Exhibit C to the Participant Agreement. The Redemption Order Form must include the Authorized Person’s signature, the number of Redemption Baskets
redeemed, and the Order Number previously provided by the Managing Owner. 

  

	 	2.	If the Managing Owner has not received the Redemption Order Form from the Participant within 15 minutes after the Managing Owner receives the phone call from an
Authorized Person of the Participant referenced in item (1) above, the Managing Owner places a phone call to the Participant to inquire about the status of the Order. If the Participant does not fax the Redemption Order Form to the Managing
Owner within 15 minutes after the Managing Owner’s phone call, the Participant’s Order is cancelled. The Managing Owner will then notify the Participant that the Order has been cancelled via telephone call. 

 

	 	3.	If the Managing Owner has received the Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by [[-] a.m./p.m.] Eastern
Time the Managing Owner returns to the Participant a copy of the Redemption Order Form submitted, marking it “Affirmed.” 

  

 4 

	 	4.	As promptly as practicable following the
publication7 of the net asset value of the Trust and the
net asset value per Share of the Shares on the Redemption Order Date, the Managing Owner shall communicate to the Participant the amount of cash to be delivered in the Redemption Distribution. 

 

	 	5.	If the Managing Owner rejects a Redemption Order pursuant to the Trust Agreement or the Participant Agreement, the Managing Owner will notify the Participant whose
Redemption Order was rejected and the amount of cash contained in the rejected Redemption Order. 

  

	 	6.	By the Redemption Settlement Time, if the Managing Owner’s account at the Depository has by such time been credited with the Redemption Baskets being tendered for
redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the
Depository. 

  

	 	7.	If by the Redemption Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the
Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Basket(s) received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until noon, Eastern Time, on the first
Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). 

 

	 	8.	If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Trust’s account at the Depository by noon, Eastern Time, on such
following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in item (6) above. 

 

	 	9.	If by such Redemption Settlement Time the Fund has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the
Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the
Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s account at the Depository if the
Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 

 

	 	10.	If, by the Redemption Settlement Time the Trust has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order or the Suspended
Redemption Order, as applicable, the Participant will be charged by the Managing Owner an additional processing charge of $[-]. 

 

	7
	The publication of the net asset value of the Trust and the net asset value per Share will be calculated after the closing time of the NYSE Arca, Inc. or the last to
close of the exchanges on which the Trust’s futures contracts are traded, whichever is later. 

  

 5Form of Administration and Accounting Agreement

 Exhibit 10.2 

FUND ADMINISTRATION AND ACCOUNTING AGREEMENT 

AGREEMENT made as of             , 2010, by and between each Fund
listed on Exhibit A (each a “Fund” and collectively, the “Funds”), and The Bank of New York Mellon, a New York banking organization (“BNY”). 

W I T N E S S E T H : 

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

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

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

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

(c) “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering securities, its
successors and nominees. 

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

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

Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing and repeated on
each day on which BNY is acting hereunder, that: 
 (a) It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b) This Agreement has been duly authorized, executed and delivered by it in accordance with all requisite action and constitutes a valid
and legally binding obligation, enforceable against it in accordance with its terms; 
 (c) It is conducting its business in
compliance with all applicable laws and regulations and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no
provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement; 

 

 - 2 - 

 (d) To the extent the performance of any services described in Schedule II attached
hereto by BNY in accordance with the then effective Prospectus (as hereinafter defined) would violate any applicable laws or regulations, the Fund shall immediately so notify BNY in writing and thereafter shall either furnish BNY with the
appropriate values of securities, net asset value or other computation, as the case may be, or, subject to the prior approval of BNY, instruct BNY in writing to value securities and/or compute net asset value or other computations in a manner it
specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute its representation that the same is consistent with all applicable laws and regulations and with its Prospectus; 

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

4. Delivery of Documents. 

(a) Each Fund will promptly deliver to BNY true and correct copies of each of the following documents as currently in effect and will
promptly deliver to it all future amendments and supplements thereto, if any: 
 (i) Its Organizational documents and all
amendments thereto (the “Charter”); 
 (ii) The Trust’s registration statement most recently filed with the
Securities and Exchange Commission (the “SEC”) relating to the shares of the Fund (the “Registration Statement”) and the prospectus therein contained (the “Prospectus”); 

 

 - 3 - 

 (iii) Resolutions of Jefferies Commodity Investment Services, LLC, the managing owner of
the Funds (the “Managing Owner”) authorizing the execution, delivery and performance of this Agreement by the Fund; 

(iv) True and correct copies of any material contract between it and any third party (collectively, “Material Contracts”);

 (v) Copies of all filings required to be filed by the Fund with respect to its constituent documents with an official body
or office (collectively, “Required Filings”); 
 (b) Each copy of the Charter shall be certified by an appropriate
governmental representative of the jurisdiction of organization, and if the Charter is required by law also to be filed with a county or other officer or official body, a certificate of such filing shall be filed with a certified copy submitted to
BNY. Each copy of the Declaration of Trust and Trust Agreement, Registration Statement, Prospectus, Material Contracts and Required Filings, and all amendments thereto, shall be certified by the Managing Owner. 

(c) It shall be the sole responsibility of each Fund to deliver to BNY from time to time its then currently effective Prospectus and BNY
shall not be deemed to have notice of any information contained therein until it is actually received by BNY. 
 5. Duties
and Obligations of BNY. 
 (a) Subject to the direction and control of the Managing Owner and the provisions of this
Agreement, BNY shall provide separately to each Fund (i) the administrative services set forth on Schedule I attached hereto, and (ii) the valuation and computation services listed on Schedule II attached hereto. 

(b) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel. 

(c) BNY shall not provide services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of
shares of any Fund, maintenance of any Fund’s financial records, other than those listed in Schedules I and II attached hereto, or other services normally performed by the Funds respective counsel or independent auditors. 

 

 - 4 - 

 (d) Upon receipt of a Fund’s prior written consent (which shall not be unreasonably
withheld), BNY may delegate any of its duties and obligations hereunder to such Fund to any delegee or agent whenever and on such terms and conditions as it deems necessary or appropriate. Notwithstanding the foregoing, no Fund’s consent shall
be required for any such delegation to any BNY Affiliate notwithstanding the domicile of such BNY Affiliate, and BNY shall not be liable for any loss or damage arising out of, or in connection with, the actions or omissions to act of any delegee or
agent utilized hereunder so long as BNY acts in good faith and without negligence or willful misconduct in the selection of such delegee or agent, provided that BNY shall be liable for the acts or omissions of any BNY Affiliate to the same extent it
would be liable under the terms hereof had it committed such act or omission and not delegated the same, and BNY shall notify each affected Fund upon any such delegation to a BNY Affiliate. 

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

(f) Nothing in this Agreement shall limit or restrict BNY, any affiliate or BNY Affiliate or any officer or employee thereof from acting
for or with any third parties and providing services similar or identical to some or all of the services provided hereunder. 

(g) Each Fund shall furnish BNY with any and all instructions, explanations, 

 

 - 5 - 

 
information, specifications and documentation deemed necessary by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the
amounts and times of accrual of Fund liabilities and expenses. BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income taxes unless the Fund
shall have specified to BNY the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. Each Fund shall also furnish BNY by Proper Instruction with bid, offer, or market values of Securities if BNY
notifies such Fund that same are not available to BNY from a security pricing or similar service utilized, or subscribed to, by BNY which BNY in its judgment deems reliable at the time such information is required for calculations hereunder. At any
time and from time to time, the Fund also may furnish BNY by Proper Instruction with bid, offer, or market values of Securities and instruct BNY to use such information in its calculations hereunder. BNY shall at no time be required or obligated to
commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true
value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Fund. 

(h) BNY may apply for Proper Instructions with respect to any matter arising in connection with BNY’s performance hereunder for such
Fund, and BNY shall not be liable for any action taken or not taken by it in good faith in accordance with such Proper Instructions. Such application for Proper Instructions may, at the option of BNY, set forth in writing any action proposed to be
taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and BNY shall not be liable for any action taken or omitted to be taken in accordance
with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Proper Instructions in response to such application specifying the action to be
taken or omitted. 
 (i) BNY may consult with counsel to a Fund or its own counsel, at such Fund’s expense, and shall be
fully protected with respect to anything done or omitted by it in good faith after consultation with the Managing Owner in accordance with the advice or opinion of such counsel. 

 

 - 6 - 

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

 - 7 - 

 (l) BNY, in performing the services required of it under the terms of this Agreement, shall
not be responsible for determining whether any interest accruable to a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund. 

(m) Subject to the provisions of this sub-section (m), BNY shall compute the net asset value per share of each Fund and shall value the
Securities held by such Fund at such times and dates and in the manner specified in the then currently effective Prospectus of such Fund, except that notwithstanding any language in the Prospectus, in no event shall BNY be required to determine, or
have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed
that all such determinations and considerations shall be solely for each Fund. To the extent valuation of Securities or computation of a Fund’s net asset value as specified in the Fund’s then currently effective Prospectus is at any time
inconsistent with any applicable laws or regulations, such Fund shall immediately so notify BNY in writing and thereafter shall either furnish BNY at all appropriate times with the values of such Securities and net asset value, or subject to the
prior approval of BNY, instruct BNY in writing to value Securities and compute net asset value in a manner which such Fund then represents in writing to be consistent with all applicable laws and regulations. Such Fund may also from time to time,
subject to the prior approval of BNY, instruct BNY in writing to compute the value of the Securities or net asset value in a manner other than as specified in this sub-section (m). By giving such instruction, such Fund shall be deemed to have
represented that such instruction is consistent with all applicable laws and regulations and its then currently effective Prospectus. Each Fund shall have sole responsibility for determining the method of valuation of Securities and the method of
computing net asset value. 
 (n) In providing the services hereunder with the prior written consent of the Fund (which consent
shall not be unreasonably withheld) BNY may utilize any legal, tax or other regulatory, compliance, or monitoring services, in each case not a BNY Affiliate, reasonably believed by BNY to be reliable to provide information and reasonably
satisfactory to the 
  

 - 8 - 

 
applicable Fund. Each Fund agrees that BNY shall not be liable for any loss, damage or expense incurred as a result of errors or omissions of any vendor utilized by BNY or any permitted delegee
or agent hereunder, provided that such loss, damage or expense was not a result of the gross negligence or willful misconduct of such vendor. 

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

6. Compliance Services. 

(a) If Schedule I contains a requirement for the BNY to provide the Fund with compliance services, such services shall be provided
pursuant to the terms of this Section 6 (the “Compliance Services”). The precise compliance review and testing services to be provided shall be as mutually agreed between the BNY and each Fund, and the results of the BNY’s
Compliance Services shall be detailed in a compliance summary report (the “Compliance Summary Report”) prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Managing
Owner on behalf of the applicable Fund. The BNY shall have no responsibility or obligation to provide Compliance Services other that those services specifically listed in Schedule I. 

(b) The Managing Owner, on behalf of each Fund, will examine each Compliance Summary Report delivered to it by the BNY and notify the BNY
of any error, omission or discrepancy within ten (10) days of its receipt. The Fund agrees to notify the BNY promptly if it fails to receive any such Compliance Summary Report. The Fund further acknowledges that unless it notifies the BNY of
any error, omission or discrepancy within ten (10) days, such Compliance Summary Report shall be deemed to be correct and conclusive in all respects. In addition, if the Fund learns of any out-of-compliance condition before receiving a
Compliance Summary Report reflecting such condition, the Fund will notify the BNY of such condition within one business day after discovery thereof. 
  

 - 9 - 

 (c) While the BNY will endeavor to identify out-of-compliance conditions, the BNY does not
and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Compliance Services, each Fund’s
sole and exclusive remedy and the BNY’s sole liability shall be limited to re-performance by the BNY of the Compliance Services affected and in connection therewith the correction of any error or omission, if practicable and the preparation of
a corrected report, at no cost to the applicable Fund. 
 7. Allocation of Expenses. 

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

(a) BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees
(collectively, “Losses”), incurred by or asserted against a Fund, except those Losses arising out of BNY’s own gross negligence or willful misconduct. In no event shall BNY be liable to a Fund or any third party for special,

  

 - 10 - 

 
indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and
regardless of the form of action, nor shall BNY be liable for (i) acting in accordance with any Certificate or Oral Instructions actually received by BNY and reasonably believed by BNY to be given by an Authorized Person; (ii) acting in
accordance with Instructions; (iii) presuming that all instructions that are Instructions and are not contained in a Certificate or Oral Instructions are given only by person(s) duly authorized; (iv) relying upon prices provided by any
third party pricing service or broker-dealer believed by BNY to be reliable; (v) subject to Section 11 hereof, for any Losses due to forces beyond the control of BNY, including without limitation strikes, work stoppages, acts of war or
terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; (vi) any Losses arising from the
applicability of any law or regulation now or hereafter in effect; or (vii) any Losses, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any
Proper Instructions, specifications or other information furnished by or on behalf of a Fund, or for delays caused by circumstances beyond BNY’s reasonable control, unless such Loss arises out of the gross negligence or willful misconduct of
BNY. 
 (b) Each Fund shall indemnify and hold harmless BNY from and against any and all costs, expenses, damages, liabilities
and claims (including claims asserted by such Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which are sustained or incurred or which may be asserted against BNY, by reason of or as a result of any action taken or
omitted to be taken by BNY in good faith hereunder or in reliance upon (i) any law, act, regulation or interpretation of the same, issued by a court or governmental agency, (ii) a Fund’s Registration Statement or Prospectus,
(iii) any instructions of an officer of the Managing Owner, or (iv) any opinion of legal counsel for a Fund or BNY, or arising out of transactions or other activities of a Fund which occurred prior to the commencement of this Agreement;
provided, that a Fund shall not indemnify BNY for costs, expenses, damages, liabilities or claims for which BNY is liable under preceding sub-section 7(a). This indemnity shall be a continuing obligation of each Fund, its respective
successors and assigns, notwithstanding the termination of this Agreement. 
  

 - 11 - 

 
Without limiting the generality of the foregoing, each Fund shall indemnify BNY against and save BNY harmless from any loss, damage or expense, including counsel fees and other costs and expenses
of a defense against any claim or liability, arising from any one or more of the following: 
 (i) Errors in records or
instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of such Fund; 

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

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

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

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

9. Limitation of Liability. 

(a) BNY agrees that, as each Fund is a distinct entity, the liabilities of each Fund shall

  

 - 12 - 

 
be limited such that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Fund shall be
enforceable against the assets of that particular Fund only, and not against the assets of any other Fund and that they have executed one instrument for convenience only. 

(b) It is expressly acknowledged and agreed that the obligations of each Fund hereunder shall not be binding upon any shareholder,
Trustee, officer, employee or agent of such Fund, personally. This Agreement has been duly authorized, executed and delivered by each Fund and neither such authorization nor such execution and delivery shall be deemed to have been made by any of
them individually or to impose any liability on any of them personally. 
 10. Compensation and Reimbursements.

 For the services provided hereunder, each Fund agrees to pay BNY such compensation as is mutually agreed from time to time and
such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except
as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Each Fund authorizes BNY to debit such Fund’s custody account for all amounts due and payable hereunder. BNY shall deliver to each Fund invoices for
services rendered after debiting such Fund’s custody account with an indication that payment has been made. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to
the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, each Fund’s net asset value shall be
computed at the times and in the manner specified in the Fund’s Prospectus. 
 11. Term of Agreement. 

(a) This Agreement shall continue until terminated by either BNY giving to a Fund, or a Fund giving to BNY, a notice in writing specifying
the date of such termination, which date shall be not less than ninety (90) days after the date of the giving of such notice. Upon termination hereof, the affected Fund(s) shall pay to BNY such compensation as may be due as of the date of such
termination, and shall reimburse BNY for any disbursements and expenses made or incurred by BNY and payable or reimbursable hereunder. 
  

 - 13 - 

 (b) Notwithstanding the foregoing, BNY may terminate this Agreement upon thirty
(30) days prior written notice to a Fund if such Fund shall terminate its custody agreement with The Bank of New York Mellon, or fail to perform its obligations hereunder in a material respect. 

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

 12. Authorized Persons. 

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

 13. Amendment. 

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

This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable by any Fund without the written consent of BNY, or by BNY without the written consent of the Funds. 

15. Governing Law; Consent to Jurisdiction. 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles
thereof. Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury.
To the extent that in any jurisdiction a Fund may now or hereafter be entitled to claim, 
  

 - 14 - 

 
for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, each Fund irrevocably agrees not to claim, and each hereby waives, such
immunity. 
 16. Severability. 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other
persons and circumstances. Each Fund is entering this Agreement on its own account and no action by one Fund shall affect this Agreement with any other Fund. 

17. No Waiver. 

Each and every right granted to BNY hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by
law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY of any right
preclude any other or future exercise thereof or the exercise of any other right. 
 18. Notices. 

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows: 

if to a Fund, at the address for such Funds specified on Exhibit A 

if to BNY, at 
  

			
	 The Bank of New York Mellon

  
	  	
	 New York, New York 10286
	  	
	 Attention:
	  	
	 Title:
	  	

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

 - 15 - 

 19. Counterparts. 

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

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

 

			
	 JEFFERIES COMMODITY INVESTMENT

SERVICES, LLC, as Managing Owner of the

Fund(s)

		
	By:	 	  

	Name	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Name	 	
	Title:	 	

  

 - 16 - 

 EXHIBIT A 

FUNDS 
  

			
	 Name of Fund

 
	  	
Address
  

	 	 
	 	  	 
	 	 
	 	  	 

 EXHIBIT B 

I,                     , of Jefferies
Commodity Investment Services, LLC, a Delaware limited liability company and the sole managing owner (the “Managing Owner”) of [Insert Name of Fund(s) (the “Funds”), in my capacity as [Secretary] of the Managing Owner and not in
my individual capacity, do hereby certify that: 
 The following individuals serve in the following positions with the Managing
Owner, and each has been duly elected or appointed by the Managing Owner to each such position and qualified therefore in conformity with the Fund’s Declaration of Trust, and the signatures set forth opposite their respective names are their
true and correct signatures. Each such person is authorized to give written or oral instructions or written or oral specifications by or on behalf of the Fund to BNY. 
  

					
	 Name
	  	 Position
	  	 Specimen Signature

			
	  
	  	  
	  	  

			
	  
	  	  
	  	  

IN WITNESS WHEREOF, I have hereunto set my hand as of the date set forth below: 

 

					
	By:	 	  
	  	
			
	 	 	 	  	
		
	[                ], [Secretary]	  	

 Dated:             
    , 2010 

 SCHEDULE I 

ADMINISTRATIVE SERVICES 
  

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

  

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

  

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

 

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

 

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

  

	 	6.	Maintain certain books and records in respect of the Funds as listed on Schedule A to that certain Acknowledgment dated as of
[    ], 2010, by and among Jefferies Commodity Investment Services, LLC, a commodity pool operator of the Funds, BNY and ALPS Distributors, Inc., as amended from time-to-time. 

 

	 	7.	When applicable BNY accepts delegation of the obligations of Jefferies Commodity Investment Services, LLC as contemplated under the Participant Agreement.

  

	 	8.	Perform for each Fund, the compliance tests as mutually agreed and which shall be specific to each Fund. The Compliance Summary Reports listing the results of such
tests are subject to review and approval by the Managing Owner on behalf of each Fund.  

 SCHEDULE II 

VALUATION AND COMPUTATION SERVICES 

I. With respect to each Fund, BNY shall maintain the following records, separately and distinctly, on a daily basis with respect to the
following: 
 1. Report of priced portfolio securities 

2. Statement of net asset value per share 

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

2. General Journal 

3. Cash Receipts Journal 

4. Cash Disbursements Journal 

5. Subscriptions Journal 

6. Redemptions Journal 

7. Accounts Receivable Reports 

8. Accounts Payable Reports 

9. Transaction (Securities) Journal 

10. Broker Transaction Journal 

11. Holdings Ledger 

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

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

 APPENDIX I 

THE BANK OF NEW YORK MELLON 

ON-LINE COMMUNICATIONS SYSTEM (THE “SYSTEM”) 

TERMS AND CONDITIONS 

1. License; Use. (a) This Appendix I shall govern the Fund’s use of the System and any computer software provided by BNY
to the Fund in connection herewith (collectively, the “Software”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to the Fund’s use of the System, the terms of
this Appendix I shall control. 
 (b) Upon delivery to the Fund of Software and/or System access codes, BNY grants to the Fund a
personal, nontransferable and nonexclusive license to use the Software and the System solely for the purpose of transmitting Written Instructions, receiving reports, making inquiries or otherwise communicating with BNY in connection with the
Account(s). The Fund shall use the Software and the System solely for its own internal and proper business purposes and not in the operation of a service bureau. Except as set forth herein, no license or right of any kind is granted to the Fund with
respect to the Software or the System. The Fund acknowledges that BNY and its suppliers retain and have title and exclusive proprietary rights to the Software and the System, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including registrations and applications for registration of either), or other statutory or legal protections available in respect
thereof. The Fund further acknowledges that all or a part of the Software or the System may be copyrighted or trademarked (or a registration or claim made therefor) by BNY or its suppliers. The Fund shall not take any action with respect to the
Software or the System inconsistent with the foregoing acknowledgments, nor shall the Fund attempt to decompile, reverse engineer or modify the Software. The Fund may not copy, sell, lease or provide, directly or indirectly, any of the Software or
any portion thereof to any other person or entity without BNY’s prior written consent. The Fund may not remove any statutory copyright notice or other notice included in the Software or on any media containing the Software. The Fund shall
reproduce any such notice on any reproduction of the Software and shall add any statutory copyright notice or other notice to the Software or media upon BNY’s request. 

(c) If the Fund subscribes to any database service provided by BNY in connection with its use of the System, delivery of such database to
the Fund shall constitute the granting by BNY to the Fund of a non-exclusive, non-transferable license to use such database for so long as this Appendix I is in effect. It is understood and agreed that any database supplied by BNY is derived from
sources which BNY believes to be reliable but BNY does not, and cannot for the fees charged, guarantee or warrant that the data is correct, complete or current. All such databases are provided as an accommodation by BNY to its customers and are
compiled without any independent investigation by BNY. However, BNY will endeavor to update and revise each database on a periodic basis as BNY, in its discretion, deems necessary and appropriate. The Fund also agrees that the Fund will promptly
install all updates and revisions to each database which BNY provides and that BNY cannot bear any responsibility whatsoever for the Fund’s failure to do so. BNY IS NOT RESPONSIBLE FOR ANY RESULTS OBTAINED BY THE FUND FROM USE OF DATABASE
SERVICES PROVIDED BY BNY. 
 2. Equipment. The Fund shall obtain and maintain at its own cost and expense all equipment
and services, including but not limited to communications services, necessary for it to utilize the Software and obtain access to the System, and BNY shall not be responsible for the reliability or availability of any such equipment or services.

 3. Proprietary Information. The Software, any data base and any proprietary data, processes, information and
documentation made available to the Fund (other than which are or become part of the public domain or are legally required to be made available to the public) (collectively, the “Information”), are the exclusive and confidential property
of BNY or its suppliers. However, for the avoidance of doubt, reports generated by the Fund containing information relating to the Account(s) are not deemed to be within the meaning of the term “Information”. The Fund shall keep the
Information confidential by using the same care and discretion that the Fund 

 
uses with respect to its own confidential property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the licenses granted herein for any reason, the Fund
shall return to BNY any and all copies of the Information which are in its possession or under its control. The provisions of this Section 3 shall not affect the copyright status of any of the Information which may be copyrighted and shall
apply to all information whether or not copyrighted. 
 4. Modifications. BNY reserves the right to modify the Software
from time to time and the Fund shall install new releases of the Software as BNY may direct. The Fund agrees not to modify or attempt to modify the Software without BNY’s prior written consent. The Fund acknowledges that any modifications to
the Software, whether by the Fund or BNY and whether with or without BNY’s consent, shall become the property of BNY. 
 5.
NO REPRESENTATIONS OR WARRANTIES. BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE, THE SYSTEM, ANY SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT
LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE SOFTWARE, THE SYSTEM, ANY SERVICES AND ANY DATABASE ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT, SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF BNY OR SUCH SUPPLIER HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR
DISSIMILAR CAUSE BEYOND THEIR REASONABLE CONTROL. 
 6. Security; Reliance; Unauthorized Use. BNY will establish security
procedures to be followed in connection with the System. The Fund understands and agrees that the security procedures are intended to determine whether instructions received by BNY through the System are authorized but are not (unless otherwise
specified in writing) intended to detect any errors contained in such instructions. The Fund will cause all persons utilizing the Software and the System to treat all applicable user and authorization codes, passwords and authentication keys with
the highest degree of care and confidentiality. BNY is hereby irrevocably authorized to comply with and rely upon on Written Instructions, whether or not authorized, received by it through the System in accordance with the security procedures. The
Fund acknowledges that it is its sole responsibility to assure that only Authorized Persons use the System and that to the fullest extent permitted by applicable law BNY shall not be responsible nor liable for any unauthorized use thereof or for any
losses sustained by the Fund arising from or in connection with the use of the System or BNY’s reliance upon and compliance with Written Instructions received through the System. 

7. System Acknowledgments. BNY shall acknowledge through the System its receipt of each transmission communicated through the
System, and in the absence of such acknowledgment BNY shall not be liable for any failure to act in accordance with such transmission and the Fund may not claim that such transmission was received by BNY. 

8. EXPORT RESTRICTIONS. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW. THE FUND MAY NOT UNDER ANY CIRCUMSTANCES
RESELL, DIVERT, TRANSFER, TRANSSHIP OR OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF BNY DELIVERED THE SOFTWARE TO CUSTOMER OUTSIDE OF THE UNITED STATES, THE SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN ACCORDANCE
WITH THE EXPORT ADMINISTRATION REGULATIONS. DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby authorizes BNY to report its name and address to government agencies to which BNY is required to provide such information by law. 

 9. Encryption. The Fund acknowledges and agrees that encryption may not be available
for every communication through the System, or for all data. The Fund agrees that BNY may deactivate any encryption features at any time, without notice or liability to the Fund, for the purpose of maintaining, repairing or troubleshooting the
System or the Software. 
 10. On-Line Inquiry and Modification of Records. In connection with the Fund’s use of the
System, BNY may, at the Fund’s request, permit the Fund to enter data directly into a BNY database for the purpose of modifying certain information maintained by BNY’s systems, including, but not limited to, change of address information.
To the extent that the Fund is granted such access, the Fund agrees to indemnify and hold BNY harmless from all loss, liability, cost, damage and expense (including attorney’s fees and expenses) to which BNY may be subjected or which may be
incurred in connection with any claim which may arise out of or as a result of changes to BNY database records initiated by the Fund.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]