Document:

Exhibit 10.5

 

FUND ADMINISTRATION SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into as
of the 2nd day of January, 2015, by and between U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability
company (“Fund Services”),  ETF MANAGERS GROUP COMMODITY TRUST I, a Delaware statutory trust (the “Trust”),
for itself and on behalf of each of its series listed on Exhibit A to this Agreement (as amended from time to time)
(each a “Fund”) and ETF MANAGERS CAPITAL LLC, the sponsor of the Funds (the “Sponsor”).

 

WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (“SEC”) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the
Securities Act of 1933, as amended (“1933 Act”); and

 

WHEREAS, the Sponsor has exclusive responsibility
for the management and control of the business and affairs of the Trust and each Fund; and

 

WHEREAS, the Trust and Sponsor desire to
retain Fund Services to provide fund administration services to each Fund listed on Exhibit A hereto (as amended from time
to time) the services described herein, all as more fully set forth below;

 

WHEREAS, the Trust and Sponsor desire
to retain Fund Services to provide to each Fund the fund administration services described herein, all as more fully set below;

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

		1.	Appointment of Fund Services as Fund Administrator

 

The Trust and Sponsor hereby appoint Fund Services as fund
administrator for the term of this Agreement to perform the services and duties described herein. Fund Services hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services
shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against
Fund Services hereunder.

 

		2.	Delivery of Documents

 

The Trust and the Sponsor will on a continuing basis provide,
or make available to, Fund Services:

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		A.	Copies of the Trust’s most recent registration statement under the Securities Act of 1933;

 

		B.	Copies of all agreements between the Trust and its service providers, including without limitation,
sponsor and distribution agreements;

 

		C.	Copies of each Fund’s valuation procedures, to the extent they are developed;

 

		D.	A copy of the Trust’s charter documents;

 

		E.	Any other documents or resolutions which relate to or affect Fund Services’ performance of
its duties hereunder; and

 

		F.	Copies of any and all amendments or supplements to the foregoing.

 

		3.	Services and Duties of Fund Services

 

Fund Services shall provide the following administration
services to each Fund:

 

		A.	General Fund Management:

 

		(1)	Act as liaison among Fund service providers.

 

		(2)	Supply:

 

		a.	Office facilities (which may be in Fund Services’, or an affiliate’s, or Fund’s own offices).

 

		b.	Non-investment-related statistical and research data as requested.

 

		(3)	Audits:

 

		a.	For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the independent auditors,
and facilitate the audit process.

 

		b.	For SEC or other regulatory audits, provide requested information to the SEC or other regulatory agencies and facilitate the
audit process.

 

		c.	For all audits, provide office facilities, as needed.

 

		(4)	Assist with overall operations of the Fund.

 

		(5)	Pay Fund expenses upon written authorization from the Trust or Sponsor.

 

		(6)	Keep the Trust’s governing documents, including its charter and bylaws, but only to the extent such documents are provided
to Fund Services by the Trust or its representatives for safe keeping. Maintain required books and records for each Fund, as required
by all applicable statutes, rules and regulations. This will be subject to and in accordance with Section 9 of the Agreement, maintain
files of registration statements, Fund contracts, compliance materials and other Fund documents that are prepared by Fund Services
or furnished to Fund Services by the Fund, as required by the U.S. Securities and Exchange Commission (“SEC”), U.S.
Commodity Futures Trading Commission (“CFTC”), National Futures Association

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(“NFA”) and NYSE rules
adopted thereunder, as they may be amended from time to time, and other requirements.

 

		B.	Compliance:

 

		(1)	Regulatory Compliance:

 

		a.	Monitor Fund’s compliance with the policies and investment limitations as set forth in its registration statement.

 

		b.	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with (i) any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002
(the “SOX Act”) or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of Fund Services’
compliance program as it relates to the Trust, provided the same shall not be deemed to change Fund Services’ standard of
care as set forth herein.

 

		c.	Monitor applicable regulatory and operational service issues, including exchange listing requirements.

 

		(2)	SEC Registration and Reporting:

 

		a.	Prepare, update and maintain a calendar for all SEC, CFTC, NFA and NYSE regulatory matters in a form to be agreed upon by the
parties from time to time; provided that the Funds and/or the Sponsor shall notify Fund Services of additional regulatory matters
to be added to such calendar as soon as practicable.

 

		b.	Within a 45 day production cycle, or shorter time period as required by the SEC and communicated to Fund Services by the Funds
or the Sponsor, prepare one Quarterly Report on Form 10-Q for the Funds for each of the first three fiscal quarters of the Funds,
or as necessary. The preparation of each Form 10-Q includes the coordination of all printer and author edits, the review of printer
drafts and the review of final printer invoices.

 

		c.	Within a 90 day production cycle, or shorter time period as required by the SEC and communicated to Fund Services by the Funds
or the Sponsor, prepare an Annual Report on Form 10-K for the Funds’ fiscal year. The preparation of the Form 10-K includes
the coordination of all printer and author edits, the review of printer drafts and the review of final printer invoices. Fund Services
in consultation with the Funds or the Sponsor shall facilitate delivery of the filing to the printer. Within 90 days after the
end of the Funds’ fiscal year, prepare one Annual Report of the Funds in compliance with the requirements of CFTC Rule §
4.22(c); such preparation includes the coordination of all printer and author edits, the review of printer drafts and review of
final printer invoices. Fund Services in consultation with the Funds or the Sponsor shall make arrangements for the printing and
mailing of the Annual Report.

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		d.	Apply for all portfolio Tax I.D. numbers and CUSIP numbers.

 

		e.	At the request of the Sponsor, assist with the coordination of the requests for information/documentation from the SEC, CFTC,
NFA and NYSE Arca.

 

		f.	Upon review and approval of each form 10-K and 10-Q by the Sponsor and upon request, Fund Services shall EDGARize and file,
or caused to be EDGARized and filed, such reports with the SEC.

 

		g.	Fund Services also shall prepare and file, or cause to be filed, the following regulatory notices/forms/reports:

 

		(i)	Forms 3, 4 and 5 and Schedules 13D and 13G for the officer of the Sponsor and such other persons as requested by the Funds
with the SEC.

 

		(ii)	Current Reports on Form 8-K as circumstances warrant with the SEC.

 

		(iii)	Other notices/forms as agreed to among the Funds, the Sponsor and Fund Services with the NYSE.

 

	 	C.	Financial Reporting:

 

		(1)	Provide financial data required by the registration statement.

 

		(2)	Within a 30 day period following the end of the Funds’ required monthly reporting period, prepare an Account Statement
in compliance with the requirements of CFTC Rule § 4.22(a), including a Statement of Income (Loss) and a Statement of Changes
in Net Asset Value; Fund Services shall coordinate the filing of the Account Statements with the NFA. Upon review and approval
of each above-mentioned report by the Sponsor, Fund Services shall file such reports with the CFTC and/or NFA, as required, including
any applicable executive officer certifications or other exhibits to such reports.

 

		(3)	Supervise the Fund’s custodian and fund accountants in the maintenance of the Fund’s general ledger and in the
preparation of the Fund’s financial statements, including oversight of expense accruals and payments, the determination of
net asset value and the declaration and payment of dividends and other distributions to shareholders.

 

		(4)	Monitor expense accruals and make adjustments as necessary; notify the Trust’s management of adjustments expected to
materially affect the Fund’s expense ratio.

 

		(5)	Prepare and coordinate filing Form 8-K with the SEC, prepare file for upload to the Funds’ website.

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		(6)	Prepare and review the Fund’s Financial Statements: for transmission to service providers in connection with their preparation
of Quarterly Reports on form 10-Q and Annual Reports on form 10-K (Quarterly/Annual):

 

		a.	Statement of Financial Condition.

 

		b.	Statement of Investments.

 

		c.	Statement of Operations.

 

		d.	Statement of Changes in Net Assets.

 

		e.	Statement of Cash Flows.

 

		f.	Notes to the Financial Statements.

 

		g.	Review of other financial data included in 10-Qs and 10-Ks.

 

		h.	Any other information that may be required by rule or regulation.

 

	 	D.	Tax Reporting:

 

		(1)	Prepare for the review of the independent accountants and/or Fund Management the federal and state tax returns including, without
limitation, Form 1120 RIC and applicable state returns including any necessary schedules. Fund Services will prepare annual Fund
federal and state income tax return filings as authorized by and based on the instructions received by the Sponsor and/or its independent
accountant.

 

		(2)	Provide the Fund’s Sponsor and independent accountant with tax reporting information pertaining to the Fund and available
to Fund Services as required in a timely manner.

 

		(3)	Prepare Fund financial statement tax footnote disclosures for the review and approval of Sponsor and/or its independent accountant.

 

		(4)	Monitor wash sale losses(5) Calculate Qualified Dividend Income (“QDI”) for qualifying Fund Shareholders.

 

		4.	Compensation

 

Fund Services shall be compensated for providing the services
set forth in this Agreement in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time
to time). Fund Services shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage and
delivery charges, and reproduction charges) as are reasonably incurred by Fund Services in performing its duties hereunder. The
Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice,
except for any fee or expense subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar
days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts
within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense
the Trust is disputing in good faith as set forth above, unpaid invoices

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shall accrue a finance charge of 11⁄2% per month after
the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to Fund Services shall only be paid out of the
assets and property of the particular Fund involved.

 

		5.	License of Data; Warranty; Termination of Rights

 

		A.	Fund Services has entered into an agreement with MSCI index data services (“MSCI”), Standard & Poor Financial
Services LLC (“S&P”) and FactSet Research Systems, Inc. (“FACTSET”) and obligates Fund Services to
include a list of required provisions in this Agreement attached hereto as Exhibit B. The index data services being
provided to the Trust by Fund Services pursuant hereto (collectively, the “Data”) are being licensed, not sold, to
the Trust. The provisions in Exhibit B shall not have any affect upon the standard of care and liability Fund Services
has set forth in Section 7 of this Agreement.

 

		B.	The Trust agrees to indemnify and hold harmless Fund Services, its information providers, and any other third party involved
in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers,
employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys’
fees and costs, as incurred, arising in and any manner out of the Trust’s or any third party’s use of, or inability
to use, the Data or any breach by the Trust of any provision contained in this Agreement. The immediately preceding sentence shall
not have any effect upon the standard of care and liability of Fund Services as set forth in Section 6 of this Agreement.

 

		6.	Representations and Warranties

 

		A.	The Trust and Sponsor each hereby represents and warrants to Fund Services, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

 

		(1)	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;

 

		(2)	This Agreement has been duly authorized, executed and delivered by the Trust or Sponsor, as applicable, in accordance with
all requisite action and constitutes a valid and legally binding obligation of the Trust or Sponsor, as applicable, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting the rights and remedies of creditors and secured parties;

 

		(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now

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conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement.

 

		B.	Fund Services hereby represents and warrants to the Trust and Sponsor, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

 

		(1)	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;

 

		(2)	This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and
constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and

 

		(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

 

		7.	Standard of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund Services shall not
be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with its duties under
this Agreement, including losses resulting from mechanical breakdowns or power supplies beyond Fund Services’ control, except
a loss arising out of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement or from
its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other
provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement,
the Trust shall indemnify and hold harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities
of any and every nature (including reasonable attorneys’ fees) that Fund Services may sustain or incur or that may be asserted
against Fund Services by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder
(i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to Fund Services
by any duly authorized officer of the Trust or the Sponsor, except for any and all claims, demands, losses, expenses, and liabilities

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arising out of or relating to Fund
Services’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct
in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors
and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund Services”
shall include Fund Services’ directors, officers and employees.

 

Each Fund shall indemnify Fund Services against and
save Fund Services 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:

 

(1)Errors in records or instructions, explanations,
information, specifications or documentation of any kind, as the case may be, supplied to Fund Services by any third party described
above or by or on behalf of a Fund;

 

(2)Action or inaction taken or omitted to be taken
by Fund Services pursuant to written or oral instructions of the fund or otherwise without negligence or willful misconduct.;

 

(3)Any action taken or omitted to be taken by Fund
Services in good faith in accordance with the advice or opinion of counsel for a Fund or its own counsel;

 

(4)Any improper use by a Fund or its agents, distributor
or investment advisor of any valuations or computations supplied by Fund Services pursuant to this Agreement.

 

Fund Services shall indemnify and hold the Trust harmless
from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’
fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken
or omitted to be taken by Fund Services as a result of Fund Services’ refusal or failure to comply with the terms of this
Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This
indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this
Agreement. As used in this paragraph, the term “Trust” shall include the Trust’s trustees, officers and employees.

 

Neither party to this Agreement shall be liable to
the other party for consequential, special or punitive damages under any provision of this Agreement.

 

In the event of a mechanical breakdown or power supplies
beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption
continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting
from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable contingency
plans with

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appropriate parties, making reasonable provision for
emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the
Trust shall be entitled to inspect Fund Services’ premises and operating capabilities at any time during regular business
hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide the Trust, at such times
as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures
of Fund Services relating to the services provided by Fund Services under this Agreement.

 

Notwithstanding the above, Fund Services reserves the
right to reprocess and correct administrative errors at its own expense.

 

		B.	In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the
indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all
pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a
claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor
shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses
for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise
in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written
consent.

 

		C.	The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment
of this Agreement.

 

		D.	If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed
to relieve Fund Services of any of its obligations in such other capacity.

 

		E.	Paid Tax Preparer Disclaimer: In conjunction with the tax services provided to each Fund by Fund Services hereunder, Fund Services
shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36)
of the Internal Revenue Code (“IRC”), or any successor thereof. Any information provided by Fund Services to a Fund
for income tax reporting purposes with respect to any item of income, gain, loss, or credit will be performed solely in Fund Services’
administrative capacity. Fund Services shall not be required to determine, and shall not take any position with respect to whether,
the reasonable belief standard described in Section 6694 of the IRC has been satisfied with respect to any income tax item. Each
Fund, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by Fund Services,
and any supporting documents

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thereto, in connection with the
tax reporting services provided to each Fund by Fund Services. Fund Services shall not be liable for the provision or omission
of any tax advice with respect to any information provided by Fund Services to a Fund. The tax information provided by Fund Services
shall be pertinent to the data and information made available to us, and is neither derived from nor construed as tax advice.

 

		8.	Data Necessary to Perform Services

 

The Trust or its agent shall furnish to Fund Services
the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

 

		9.	Proprietary and Confidential Information

 

Fund Services agrees on behalf of itself and its directors,
officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information
relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to
use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except
after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not
be withheld (i) where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested
to divulge such information by duly constituted authorities, or (iii) when so requested by the Trust. Records and other information
which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives,
and information that was already in the possession of Fund Services prior to receipt thereof from the Trust or its agent, shall
not be subject to this paragraph.

 

Further, Fund Services will adhere to the privacy policies
adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund
Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust
and its shareholders.

 

		10.	Records

 

Fund Services shall keep records relating
to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable
to the Trust, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, as required
by the Securities Exchange Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed,
17 C.F.R. 4.23 (specifically, the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other
applicable federal securities laws and created pursuant to the performance of the Administrator’s obligations under this
Agreement. Fund Services will also

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maintain those records of the Trust and
the Funds including any changes, modifications or amendments thereto (the “Fund Records”) and will act as document
repository for such Fund Records. Upon receipt of such Fund Records, Fund Services will issue a receipt for such Fund Records.
Fund Services shall maintain a complete and orderly inventory of all Fund Records for which it has issued a receipt. Fund Services
shall be under no duty or obligation to audit or reconcile the content, nor shall it be responsible for the accuracy or completeness
of those Fund Records not created by it. Upon written request in a form to be determined by Fund Services and the Trust, Fund Services
will return or release the requested Fund Records to such persons or entities pursuant to the Instructions provided by the Trust.
Once one or more Fund Records have been returned or released by Fund Services, Fund Services shall have no further duty or obligation
to act as repository for said previously released Fund Records. The Sponsor represents and warrants that: (a) promptly after the
date of this Agreement, it will, at its own expense, deliver, cause to be delivered or make available to Fund Services all of the
Fund Records in effect as of the date of this Agreement; (b) it will, on a continuing basis and at its own expense, promptly deliver,
cause to be delivered or make available to Fund Services any Fund Records created after the date of this Agreement; (c) it has
adequate record-keeping policies and procedures in effect to ensure that all Fund Records are promptly provided to Fund Services
pursuant to the terms of this Agreement; (d) it shall be responsible for the accuracy and completeness of any Fund Records not
created by Fund Services; and (e) it shall be responsible for ensuring the Trust’s or the Funds’ compliance with, fulfillment
of its obligations under or enforcement of, any Fund Records not created by Fund Services. Fund Services acknowledges that the
records maintained and preserved by it pursuant to this Agreement are the property of the Trust and will be, at the Trust’s
expense, surrendered promptly upon reasonable request. In performing its obligations under this Section, Fund Services may utilize
micrographic and electronic storage media as well as independent third party storage facilities.

 

		11.	Compliance with Laws

 

The Trust has and retains primary responsibility for
all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal
Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, U.S. Commodity
Futures Trading Commission, National Futures Association, the securities exchange on which any Shares are listed and the policies
and limitations of the Fund relating to its portfolio investments as set forth in its registration statement . Fund Services’
services hereunder shall not relieve the Trust or Sponsor of its responsibilities for assuring such compliance.

 

		12.	Term of Agreement; Amendment

 

This Agreement shall become effective as of the date first
written above and will continue in effect for a period of three (3) years. This Agreement may be terminated by any party upon giving
90 days prior written notice to the other

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parties or such shorter period as is mutually agreed upon
by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party
of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.
This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust,
and authorized or approved by the Sponsor.

 

		13.	Duties in the Event of Termination

 

In the event that, in connection with termination, a successor
to any of Fund Services’ duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services,
Fund Services will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books,
records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable
to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses
associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including
provision for assistance from Fund Services’ personnel in the establishment of books, records, and other data by such successor.
If no such successor is designated, then such books, records and other data shall be returned to the Trust and Sponsor.

 

		14.	Early Termination

 

In the absence of any material breach of this Agreement,
should the Trust and Sponsor elect to terminate this Agreement prior to the end of the initial three year term, the Trust agrees
to pay the following fees:

 

(1) all monthly fees through the life of the Agreement,
including the repayment of any negotiated discounts;

 

(2) all fees associated with converting services to
successor service provider;

 

(3) all fees associated with any record retention and/or
tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

 

(4) all out-of-pocket costs associated
with (1) to (3) above

 

		15.	Assignment

 

This Agreement shall extend to and be binding upon
the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable
by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied
by the authorization or approval of the Trust’s Sponsor.

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		16.	Governing Law

 

This Agreement shall be construed in accordance with the
laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State
of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control,
and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

 

		17.	No Agency Relationship

 

Nothing herein contained shall be deemed to authorize
or empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account,
of another party to this Agreement.

 

		18.	Services Not Exclusive

 

Nothing in this Agreement shall limit or restrict Fund
Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

 

		19.	Invalidity

 

Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

		20.	Notices

 

Any notice required or permitted to be given by either party
to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service,
or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed
received by facsimile transmission to the other party’s address set forth below:

 

Notice to Fund Services shall be sent to:

 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

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and notice
to the Trust or Sponsor shall be sent to:

 

ETF Managers
Group Commodity Trust I

c/o ETF Managers
Capital LLC

35 Beechwood
Road, Suite 2B

Summit, NJ
07901

 

		21.	Multiple Originals

 

This Agreement may be executed on two or more counterparts,
each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the
same instrument.

 

{Signatures on the following page}

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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

 

ETF MANAGERS GROUP COMMODITY TRUST I

 

	By: 	/s/ Samuel Masucci III	 

 

Name: Samuel Masucci III

 

Title: Principle Executive Officer

 

ETF MANAGERS CAPITAL LLC

 

	By: 	/s/ Samuel Masucci III	 

 

Name: Samuel Masucci III

 

Title: Chief Executive Officer and President

 

U.S. BANCORP FUND SERVICES, LLC

 

	By: 	/s/ Michael R. McVoy	 

 

Name: Michael R. McVoy

 

Title: Executive Vice President

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Exhibit A to the Fund Administration Servicing
Agreement - ETF Managers Group Commodity Trust I

 

Separate Series of ETF Managers Group Commodity
Trust I

	Name
    of Series
     Sit Rising Rate ETF	Symbol

RISE (NYSE Arca)

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Exhibit B to the Fund Administration
Servicing Agreement

(ETF Managers Group Commodity Trust I)

 

MSCI, S&P and FACTSET

 

		·	The Trust shall represent that it will use the Data solely for internal purposes and will not redistribute
the Data in any form or manner to any third party.

 

		·	The Trust shall represent that it will not use or permit anyone else to use the Data in connection
with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products,
including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether
listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom
or otherwise).

 

		·	The Trust shall represent that it will treat the Data as proprietary to MSCI, S&P and FACTSET.
Further, the Trust shall acknowledge that MSCI, S&P and FACTSET are the sole and exclusive owners of the Data and all trade
secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

 

		·	The Trust shall represent that it will not (i) copy any component of the Data, (ii) alter, modify
or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering
or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including,
without limitation, the Trust’s present and future parents, subsidiaries or affiliates) directly or indirectly, for any of
the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar
arrangement.

 

		·	The Trust shall be obligated to reproduce on all permitted copies of the Data all copyright, proprietary
rights and restrictive legends appearing on the Data.

 

		·	The Trust shall acknowledge that it assumes the entire risk of using the Data and shall agree to
hold MSCI or S&P harmless from any claims that may arise in connection with any use of the Data by the Trust.

 

		·	The Trust shall acknowledge that MSCI, S&P and FACTSET may, in its sole and absolute discretion
and at any time, terminate Fund Services’ right to receive and/or use the Data.

 

		·	The Trust shall acknowledge that MSCI, S&P and FACTSET are third party beneficiaries of the
Customer Agreement among S&P, MSCI, FACTSET and Fund Services, entitled to enforce all provisions of such agreement relating
to the Data.

 

THE DATA IS PROVIDED TO THE
TRUST ON AN “AS IS” BASIS. FUND SERVICES, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED
TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT
TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). FUND SERVICES, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY
INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY,
ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

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THE TRUST ASSUMES THE ENTIRE
RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL FUND SERVICES, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED
IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT
DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT
OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF FUND SERVICES, ANY OF
ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED
OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

    	18

    	

    

Exhibit C to the Fund Administration Servicing Agreement-
ETF Managers Group Commodity Trust I

    	19

    	

    

Exhibit C (continued) to the Fund Administration
Servicing Agreement – ETF Managers Group Commodity Trust I at December, 2014 Fund Accounting, Fund Administration & Portfolio
Compliance Supplemental Services

    	20Exhibit 10.6

 

FUND ACCOUNTING SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into as
of the 2nd day of January, 2015, by and between U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability
company (“Fund Services”), ETF MANAGERS GROUP COMMODITY TRUST I, a Delaware statutory trust (the “Trust”),
for itself and on behalf of each of its series listed on Exhibit A to this Agreement (as amended from time to time)
(each a “Fund” or an “ETF Series”) and ETF MANAGERS CAPITAL LLC, the sponsor of the Funds (the “Sponsor”).

 

WHEREAS, the Sponsor has exclusive responsibility
for the management and control of the business and affairs of the Trust and each Fund; and

 

WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (“SEC”) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the
Securities Act of 1933, as amended (“1933 Act”); and

 

WHEREAS, the Trust and Sponsor desires to
retain Fund Services to provide fund accounting services to each Fund listed on Exhibit A hereto (as amended from
time to time) the services described herein, all as more fully set forth below;

 

WHEREAS, the Trust and Sponsor desire
to retain Fund Services to provide to each Fund the fund accounting services described herein, all as more fully set below.

 

NOW, THEREFORE, in consideration of the promises
and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, do hereby agree as follows:

 

	 	1.	Appointment of Fund Services as Fund Accountant

 

The Trust and Sponsor hereby appoint Fund
Services as fund accountant of the Trust for the term of this Agreement to perform the services and duties described herein. Fund
Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services
and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by
or may be asserted against Fund Services hereunder.

 

	 	2.	Services and Duties of Fund Services

 

Fund Services shall provide the following accounting services
to each Fund:

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	 	A.	Portfolio Accounting Services:

 

		(1)	Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s Sponsor.

 

		(2)	For each valuation date, obtain prices from a pricing source approved by the Sponsor of the Trust and apply those prices to
the portfolio positions. For those securities where market quotations are not readily available, the Sponsor shall approve, in
good faith, procedures for determining the fair value for such securities.

 

		(3)	Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each
accounting period.

 

		(4)	Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains
or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.

 

		(5)	On a daily basis, reconcile cash of the Fund with the Fund’s custodian.

 

		(6)	Transmit a copy of the portfolio valuation to the Fund’s Sponsor daily.

 

		(7)	Review the impact of current day’s activity on a per share basis, and review changes in market value.

 

	 	B.	Expense Accrual and Payment Services:

 

		(1)	For each valuation date, calculate the expense accrual amounts as directed by the Trust as to methodology, rate or dollar amount.

 

		(2)	Process and record payments for Fund expenses upon receipt of written authorization from the Trust.

 

		(3)	Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by Fund
Services and the Trust.

 

		(4)	Provide expense accrual and payment reporting.

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	 	C.	Fund Valuation and Financial Reporting Services:

 

		(1)	Account for Fund creation and redemption activity and other Fund share activity as reported by the Fund’s transfer agent
on a timely basis.

 

		(2)	Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each valuation date.

 

		(3)	Maintain a general ledger and other accounts, books, and financial records for the Fund in the form as agreed upon.

 

		(4)	Determine the net asset value of the Fund according to the accounting policies and procedures set forth in the Fund’s
current prospectus.

 

		(5)	Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such
time as required by the nature and characteristics of the Fund.

 

		(6)	Communicate to the Trust, at an agreed upon time, the per share net asset value for each valuation date.

 

		(7)	Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.

 

		(8)	Prepare monthly security transactions listings.

 

		(9)	Provide the daily net asset value per share (“NAV”) and holdings data to third-party reporting agencies as determined
by the Trust and Sponsor.

 

		(10)	Create and transmit NAV, Intraday Indicative Value (IIV) data files on a daily basis to the FTP sites designated by the Trust
and Sponsor.

 

	 	D.	Tax Accounting Services:

 

		(1)	Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for “regulated
investment companies” under the Internal

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Revenue Code of 1986, as amended
(the “Code”), as applicable.

 

		(2)	Maintain tax lot detail for the Fund’s investment portfolio.

 

		(3)	Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust.

 

		(4)	Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to
support tax reporting to the shareholders.

 

		E.	Compliance Control Services:

 

		(1)	Support reporting to regulatory bodies and support financial statement preparation by making the Fund’s accounting records
available to the Trust, Sponsor, the U.S. Securities and Exchange Commission (the “SEC”), National Futures Association
(the “NFA”), the Commodity Futures Trading Commission (the “CFTC”) and other applicable regulatory bodies
and the independent accountants.

 

		(2)	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust and Sponsor in connection with any certification required of the Trust pursuant to the Sarbanes-Oxley Act
of 2002 (the “SOX Act”) or any rules or regulations promulgated by the SEC thereunder, provided the same shall not
be deemed to change Fund Services’ standard of care as set forth herein.

 

		(3)	Cooperate with the Trust’s independent accountants and take all reasonable action in the performance of its obligations
under this Agreement to ensure that the necessary information is made available to such accountants for the expression of their
opinion on the Fund’s financial statements without any qualification as to the scope of their examination.

 

		3.	License of Data; Warranty; Termination of Rights

 

		A.	The valuation information and evaluations being provided to the Trust and Sponsor by Fund Services pursuant hereto (collectively,
the “Data”) are being licensed, not sold, to the Trust and Sponsor. The Trust and Sponsor have a limited license to
use the Data only for purposes necessary to valuing the Trust’s assets and reporting

    	4

    	

    

to regulatory bodies (the “License”).
The Trust and Sponsor do not have any license nor right to use the Data for purposes beyond the intentions of this Agreement including,
but not limited to, resale to other users or use to create any type of historical database. The License is non-transferable and
not sub-licensable. The Trust’s and Sponsor’s right to use the Data cannot be passed to or shared with any other entity.

 

The Trust and Sponsor acknowledge the proprietary
rights that Fund Services and its suppliers have in the Data.

 

		B.	THE TRUST AND SPONSOR HEREBY ACCEPT THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY
OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.

 

		C.	Fund Services may stop supplying some or all Data to the Trust and Sponsor if Fund Services’ suppliers terminate any
agreement to provide Data to Fund Services. Also, Fund Services may stop supplying some or all Data to the Trust and Sponsor if
Fund Services reasonably believes that the Trust and Sponsor are using the Data in violation of the License, or breaching their
duties of confidentiality provided for hereunder, or if any of Fund Services’ suppliers demand that the Data be withheld
from the Trust and Sponsor. Fund Services will provide notice to the Trust and Sponsor of any termination of provision of Data
as soon as reasonably possible.

 

	 	4.	Pricing of Securities

 

		A.	For each valuation date, Fund Services shall obtain prices from a pricing source recommended by Fund Services and approved
by the Sponsor and apply those prices to the portfolio positions of the Fund. For those securities where market quotations are
not readily available, the Sponsor shall approve, in good faith, procedures for determining the fair value for such securities.

 

If the Trust and Sponsor desire to provide a price
that varies from the price provided by the pricing source, the Trust and Sponsor shall promptly notify and supply Fund Services
with the price of any such security on each valuation date. All pricing changes made by the Trust or Sponsor will be in writing
and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if
applicable, the time period for which the new price(s) is/are effective.

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		B.	In the event that the Trust and Sponsor at any time receive Data containing evaluations, rather than market quotations, for
certain securities or certain other data related to such securities, the following provisions will apply: (i) evaluated securities
are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and
individual security evaluations) available to generate approximations of the market value of such securities, and there is significant
professional disagreement about which method is best. No evaluation method, including those used by Fund Services and its suppliers,
may consistently generate approximations that correspond to actual “traded” prices of the securities; (ii) methodologies
used to provide the pricing portion of certain Data may rely on evaluations; however, the Trust and Sponsor acknowledge that there
may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations
to be inappropriate for use in certain applications; and (iii) the Trust and Sponsor assume all responsibility for edit checking,
external verification of evaluations, and ultimately the appropriateness of using Data containing evaluations, regardless of any
efforts made by Fund Services and its suppliers in this respect.

 

	 	5.	Changes in Accounting Procedures

 

Any action by the Sponsor that affects accounting practices
and procedures of the Trust under this Agreement shall be effective upon written receipt of notice and acceptance by Fund Services.

 

	 	6.	Changes in Equipment, Systems, Etc.

 

Fund Services reserves the right to make changes from
time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such
changes do not adversely affect the services provided to the Trust and Sponsor under this Agreement.

 

	 	7.	Compensation

 

Fund Services shall be compensated for providing the
services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended
from time to time). Fund Services shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage
and delivery charges, and reproduction charges) as are reasonably incurred by Fund Services in performing its duties hereunder.
The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice,
except for any fee or expense subject to a good faith dispute. The Trust shall notify

    	6

    	

    

Fund Services in writing within 30 calendar days following
receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10
calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust
is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 11⁄2% per month after the
due date. Notwithstanding anything to the contrary, amounts owed by the Trust to Fund Services shall only be paid out of the assets
and property of the particular Fund involved.

 

	 	8.	Representations and Warranties

 

A.  The Trust and Sponsor each
hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

 

(1) 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;

 

(2) This Agreement has been duly authorized, executed
and delivered by the Trust or Sponsor, as applicable, in accordance with all requisite action and constitutes a valid and legally
binding obligation of the Trust or Sponsor, as applicable, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

 

(3) It is conducting its business in compliance
in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals
necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and
no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or
performance of this Agreement.

 

		B.	Fund Services hereby represents and warrants to the Trust and Sponsor, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

 

(1) 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;

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(2) This Agreement has been duly authorized, executed
and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation of
Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting the rights and remedies of creditors and secured parties; and

 

(3) It is conducting its business in compliance
in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals
necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and
no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or
performance of this Agreement.

 

	 	9.	Standard of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Neither Fund Services nor
its suppliers shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust or any third party
in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or power supplies beyond
Fund Services’ control, except a loss arising out of or relating to Fund Services’ refusal or failure to comply with
the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this
Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance
of its duties under this Agreement, the Trust shall indemnify and hold harmless Fund Services and its suppliers from and against
any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees)
that Fund Services or its suppliers may sustain or incur or that may be asserted against Fund Services or its suppliers by any
person arising out of or related to (i) any action taken or omitted to be taken by it in performing the services hereunder (ii)
in accordance with the foregoing standards, or (iii) in reliance upon any written or oral instruction provided to Fund Services
by any duly authorized officer of the Trust or the Sponsor, or (iv) the Data, or any information, service, report, analysis or
publication derived therefrom, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating
to Fund Services’ refusal or failure to comply with the terms of this Agreement or

    	8

    	

    

from its bad faith, negligence
or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of
the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund
Services” shall include Fund Services’ directors, officers and employees.

 

The Trust acknowledges that the Data are intended
for use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed
judgments concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment
in, its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein
shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

 

Fund Services shall indemnify and hold the Trust harmless
from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’
fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken
or omitted to be taken by Fund Services as a result of Fund Services’ refusal or failure to comply with the terms of this
Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This
indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this
Agreement. As used in this paragraph, the term “Trust” shall include the Trust’s trustees, officers and employees.

 

In the event of a mechanical breakdown or power supplies
beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption
continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting
from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable contingency
plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent
appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Fund Services’ premises and
operating capabilities at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover,
Fund Services shall provide the Trust, at such times as the Trust may reasonably require, copies of reports

    	9

    	

    

rendered by independent accountants on the internal
controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

 

Notwithstanding the above, Fund Services reserves
the right to reprocess and correct administrative errors at its own expense.

 

In no case shall any party be liable to another for
(i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); (ii)
any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor
difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control
of transportation or power supply; or (iii) any claim that arose more than one year prior to the institution of suit therefor.

 

		B.	In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the
indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all
pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a
claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor
shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses
for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise
in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written
consent.

 

		C.	The indemnity and defense provisions set forth in this Section 9 shall indefinitely survive the termination and/or assignment
of this Agreement.

 

		D.	If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed
to relieve Fund Services of any of its obligations in such other capacity.

    	10

    	

    

	 	10.	Notification of Error

 

The Trust and/or Sponsor will notify Fund Services
of any discrepancy between Fund Services and the Trust, including, but not limited to, failing to account for a security position
in the Fund’s portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by Fund
Services to the Trust; (ii) three business days after discovery of any error or omission not covered in the balancing or control
procedure; or (iii) three business days after receiving notice from any shareholder regarding any such discrepancy.

 

	 	11.	Data Necessary to Perform Services

 

The Trust or its agent shall furnish to Fund Services
the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

 

	 	12.	Proprietary and Confidential Information

 

		A.	Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary
information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders
of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance
of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which
approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt
proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when
so requested by the Trust. Records and other information which have become known to the public through no wrongful act of Fund
Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services
prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

 

Further, Fund Services will adhere to the privacy
policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this
regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect
the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating
to the Trust and its shareholders.

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		B.	The Trust, on behalf of itself and its trustees, officers, and employees, will maintain the confidential and proprietary nature
of the Data and agrees to protect it using the same efforts, but in no case less than reasonable efforts, that it uses to protect
its own proprietary and confidential information.

 

	 	13.	Records

 

Fund Services shall keep records relating to the services
to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust,
but not inconsistent with the rules and regulations of appropriate government authorities, in particular, as required by the Securities
Exchange Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed, 17 C.F.R. 4.23 (specifically,
the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other applicable federal securities
laws and created pursuant to the performance of the Administrator’s obligations under this Agreement. Fund Services will
also maintain those records of the Trust and the Funds including any changes, modifications or amendments thereto (the “Fund
Records”) and will act as document repository for such Fund Records. Upon receipt of such Fund Records, Fund Services will
issue a receipt for such Fund Records. Fund Services shall maintain a complete and orderly inventory of all Fund Records for which
it has issued a receipt. Fund Services shall be under no duty or obligation to audit or reconcile the content, nor shall it be
responsible for the accuracy or completeness of those Fund Records not created by it. Upon written request in a form to be determined
by Fund Services and the Trust, Fund Services will return or release the requested Fund Records to such persons or entities pursuant
to the Instructions provided by the Trust. Once one or more Fund Records have been returned or released by Fund Services, Fund
Services shall have no further duty or obligation to act as repository for said previously released Fund Records. The Sponsor represents
and warrants that: (a) promptly after the date of this Agreement, it will, at its own expense, deliver, cause to be delivered or
make available to Fund Services all of the Fund Records in effect as of the date of this Agreement; (b) it will, on a continuing
basis and at its own expense, promptly deliver, cause to be delivered or make available to Fund Services any Fund Records created
after the date of this Agreement; (c) it has adequate record-keeping policies and procedures in effect to ensure that all Fund
Records are promptly provided to Fund Services pursuant to the terms of this Agreement; (d) it shall be responsible for the accuracy
and completeness of any Fund Records not created by Fund Services; and (e) it shall be responsible for ensuring the Trust’s
or the Funds’ compliance with, fulfillment of its obligations under or enforcement of, any Fund Records not created by Fund
Services. Fund Services acknowledges that the records maintained and preserved by it pursuant to this Agreement are the property
of the Trust and will be, at the Trust’s expense, surrendered

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promptly upon reasonable request. In performing its
obligations under this Section, Fund Services may utilize micrographic and electronic storage media as well as independent third
party storage facilities.

 

	 	14.	Compliance with Laws

 

The Trust has and retains primary responsibility for
all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal
Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, CFTC,
NFA, the securities exchange on which any Shares are listed and the policies and limitations of the Fund relating to its portfolio
investments as set forth in its registration statement. Fund Services’ services hereunder shall not relieve the Trust or
Sponsor of its responsibilities for assuring such compliance.

 

	 	15.	Term of Agreement; Amendment

 

This Agreement shall become effective as of the date
first written above and will continue in effect for a period of three (3) years. This Agreement may be terminated by any party
upon giving 90 days prior written notice to the other parties or such shorter period as is mutually agreed upon by the parties.
Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of another party of any material term
of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may
not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or
approved by the Sponsor.

 

	 	16.	Duties in the Event of Termination

 

In the event that, in connection with termination,
a successor to any of Fund Services’ duties or responsibilities hereunder is designated by the Trust by written notice to
Fund Services, Fund Services will promptly, upon such termination and at the expense of the Trust, transfer to such successor all
relevant books, records, correspondence and other data established or maintained by Fund Services under this Agreement in a form
reasonably acceptable to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust
shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and
responsibilities, including provision for assistance from Fund Services’ personnel in the establishment of books, records
and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned
to the Trust and Sponsor.

    	13

    	

    

	 	17.	Early Termination

 

In the absence of any material breach of this Agreement,
should the Trust and Sponsor elect to terminate this Agreement prior to the end of the initial three year term, the Trust agrees
to pay the following fees:

 

(1) all monthly fees through the life of the Agreement,
including the repayment of any negotiated discounts;

 

(2) all fees associated with converting services to
successor service provider;

 

(3) all fees associated with any record retention
and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

 

(4) all out-of-pocket costs associated
with (1) to (3) above

 

		18.	Assignment

 

This Agreement shall extend to and be binding upon
the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable
by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied
by the authorization or approval of the Trust’s Sponsor.

 

		19.	Governing Law

 

This Agreement shall be construed in accordance with
the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the
State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall
control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

 

	 	20.	No Agency Relationship

 

Nothing herein contained shall be deemed to authorize
or empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account,
of another party to this Agreement.

 

	 	21.	Services Not Exclusive

    	14

    	

    

Nothing in this Agreement shall limit or restrict Fund
Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

 

	 	22.	Invalidity

 

Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

	 	23.	Notices

 

Any notice required or permitted to be given by either
party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service,
or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed
received by facsimile transmission to the other party’s address set forth below:

 

Notice to Fund Services shall be
sent to:

 

U.S. Bancorp
Fund Services, LLC

615 East Michigan
Street

Milwaukee,
WI 53202

Attn: President

 

and notice
to the Trust or Sponsor shall be sent to:

 

ETF Managers
Group Commodity Trust I

c/o ETF Managers
Capital LLC

35 Beechwood
Road, Suite 2B

Summit, NJ
07901

 

	 	24.	Multiple Originals

 

This Agreement may be executed on two or more counterparts,
each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the
same instrument.

 

(signatures on the following page)

    	15

    	

    

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

 

ETF MANAGERS GROUP COMMODITY TRUST I 

 

	By: 	/s/ Samuel Masucci III	 

 

Name: Samuel Masucci III

 

Title: Principle Executive Officer

 

ETF MANAGERS CAPITAL LLC

 

	By: 	/s/ Samuel Masucci III	 

 

Name: Samuel Masucci III

 

Title: Chief Executive Officer and President

 

U.S. BANCORP FUND SERVICES, LLC

 

	By: 	/s/ Michael R. McVoy	 

 

Name: Michael R. McVoy

 

Title: Executive Vice President

    	16

    	

    

Exhibit A to the Fund Accounting Servicing Agreement –
ETF Managers Group Commodity Trust I

 

Separate Series of ETF Managers Group Commodity
Trust I

 

	Name of Series	Symbol
	Sit Rising Rate ETF	RISE (NYSE Arca)

    	17

    	

    

Exhibit B to the Fund Accounting Servicing
Agreement- ETF Managers Group Commodity Trust I

    	18

    	

    

Exhibit B (continued) to the Fund Accounting Servicing Agreement
– ETF Managers Group Commodity Trust I at December, 2014 Fund Accounting, Fund Administration & Portfolio Compliance
Supplemental Services

    	19

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