Document:

Exhibit 4.2.1

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                        MACRO SECURITIES DEPOSITOR, LLC,
                                  as Depositor,

                         INVESTORS BANK & TRUST COMPANY,
                                   as Trustee,

                           CLAYMORE SECURITIES, INC.,
                as the Administrative Agent and a Marketing Agent

                                       and

                              MACRO FINANCIAL, LLC,
                              as a Marketing Agent

                    AMENDED AND RESTATED CLAYMORE MACROSHARES
                       OIL DOWN TRADEABLE TRUST AGREEMENT

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                                TABLE OF CONTENTS

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                                                                                          Page

                                    ARTICLE 1

                                   DEFINITIONS

Section 1.1       Definitions................................................................2
Section 1.2       Other Definitional Provisions..............................................9

                                    ARTICLE 2

                            FORM OF THE CERTIFICATES;
                      DELIVERY AND REGISTRATION OF TRANSFER
                         OF DOWN-MACRO TRADEABLE SHARES

Section 2.1       Redemption of Founders' Shares.............................................9
Section 2.2       Acceptance by Trustee.....................................................10
Section 2.3       Limited Purpose of the Down-MACRO Tradeable Trust.........................10
Section 2.4       Representations and Warranties of the Depositor...........................10
Section 2.5       Form of Shares; Book-Entry System; Transferability of Down-MACRO
                  Tradeable Shares..........................................................12

                                    ARTICLE 3

                           APPOINTMENT OF THE TRUSTEE,
                   ADMINISTRATIVE AGENT AND MARKETING AGENTS;
                            ESTABLISHMENT OF ACCOUNTS

Section 3.1       Acceptance of Appointment and Matters Relating to the Trustee.............15
Section 3.2       Representations, Warranties and Covenants of the Trustee..................17
Section 3.3       Acceptance of Appointment and Matters Relating to the
                  Administrative Agent and the Marketing Agents.............................19
Section 3.4       Representations, Warranties and Covenants of the Administrative
                  Agent and the Marketing Agents............................................20
Section 3.5       Establishment of the Securities Account...................................23
Section 3.6       Establishment of the Distribution Account.................................24
Section 3.7       Establishment of the Netting Account......................................24

                                    ARTICLE 4

                                  CALCULATIONS

Section 4.1       Calculations on Price Determination Days..................................25
Section 4.2       Calculation of Intraday Indicative Values.................................26
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                                    ARTICLE 5

                DISTRIBUTIONS ON THE DOWN-MACRO TRADEABLE SHARES

Section 5.1       Rights of Holders of the Down-MACRO Tradeable Shares......................26
Section 5.2       Distributions.............................................................26
Section 5.3       Payment of Fees and Expenses..............................................26

                                    ARTICLE 6

                    EXCHANGES OF DOWN-MACRO TRADEABLE SHARES

Section 6.1       Exchanges in Connection with Paired Optional Redemptions..................27
Section 6.2       Paired Issuances..........................................................28
Section 6.3       Exchanges of Down-MACRO Tradeable Shares Other than in Paired
                  Optional Redemptions or Paired Issuances..................................29
Section 6.4       Suspension or Delay of Settlement.........................................29
Section 6.5       The Participants Agreement................................................30

                                    ARTICLE 7

                                   [RESERVED].

                                    ARTICLE 8

                   REPORTING TO HOLDERS OF THE DOWN-MACRO TRADEABLE SHARES

Section 8.1       Calculations for the Down-MACRO Tradeable Shares..........................30
Section 8.2       Periodic Reports..........................................................31
Section 8.3       Form 8-K Disclosure.......................................................31
Section 8.4       Listing of the Down-MACRO Tradeable Shares................................32
Section 8.5       Disclosure Controls and Procedures........................................32
Section 8.6       TrustAccounting Agent Responsibilities....................................32

                                    ARTICLE 9

                     OTHER MATTERS RELATING TO THE DEPOSITOR

Section 9.1       Liability of the Depositor................................................32
Section 9.2       Limitations on Liability of the Depositor , Claymore Securities,
                  Inc. and MACRO Financial LLC..............................................32
Section 9.3       Liabilities; Indemnification..............................................33

                                   ARTICLE 10

                             MATTERS RELATING TO THE
                  ADMINISTRATIVE AGENT AND THE MARKETING AGENTS

Section 10.1      Role of the Administrative Agent..........................................34
Section 10.2      Liability of the Administrative Agent.....................................34
Section 10.3      Limitation on Liability of the Administrative Agent.......................34
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Section 10.4      Administrative Agent Indemnification of the Down-MACRO Tradeable
                  Trust and the Trustee.....................................................34
Section 10.5      Delegation of Duties......................................................35
Section 10.6      Resignation or Removal of Administrative Agent............................36
Section 10.7      Role of the Marketing Agents..............................................36
Section 10.8      Liability of the Marketing Agents.........................................36
Section 10.9      Limitation on Liability of the Marketing Agents...........................36
Section 10.10     Marketing Agent Indemnification of the Down-MACRO Tradeable Trust
                  and the Trustee...........................................................37
Section 10.11     Delegation of Duties......................................................38

                                   ARTICLE 11

                                EARLY TERMINATION

Section 11.1      Termination Triggers......................................................38

                                   ARTICLE 12

                           TRUSTEE TERMINATION EVENTS

Section 12.1      Trustee Termination Events................................................40
Section 12.2      Force Majeure.............................................................41
Section 12.3      Notification to Holders of the Down-MACRO Tradeable Shares................41

                                   ARTICLE 13

                                   THE TRUSTEE

Section 13.1      Liability of Trustee......................................................41
Section 13.2      Rights of the Trustee.....................................................42
Section 13.3      Trustee Not Liable for Recitals in Down-MACRO Tradeable Shares............43
Section 13.4      Holders May Direct Trustee................................................43
Section 13.5      Compensation..............................................................43
Section 13.6      Indemnification...........................................................43
Section 13.7      Eligibility Requirements..................................................44
Section 13.8      Resignation or Removal of Trustee.........................................44
Section 13.9      Successor Trustee.........................................................45
Section 13.10     Merger or Consolidation...................................................46
Section 13.11     Appointment of Co-Trustee or Separate Trustee.............................46
Section 13.12     Books, Records; Taxes; Audit..............................................47
Section 13.13     Trustee May Enforce Claims Without Possession of Down-MACRO
                  Tradeable Shares..........................................................48
Section 13.14     Suits for Enforcement.....................................................48
Section 13.15     Maintenance of Office or Agency...........................................48

                                   ARTICLE 14

                                   TERMINATION

Section 14.1      Termination of Trust......................................................49
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                                   ARTICLE 15

                            MISCELLANEOUS PROVISIONS

Section 15.1      Amendment; Waiver of Past Defaults and Termination........................49
Section 15.2      Registration (Initial and Continuing) of Down-MACRO Tradeable
                  Shares; Certain Securities Law Filings....................................50
Section 15.3      Prospectus Delivery.......................................................51
Section 15.4      Protection of Right, Title and Interest to Trust Assets...................51
Section 15.5      Limitation on Rights of Holders of the Down-MACRO Tradeable Shares........52
Section 15.6      Certain Rights of Holders of Down-MACRO Tradeable Shares; Voting..........52
Section 15.7      MACRO Licensing Agreement.................................................53
Section 15.8      Governing Law; Jurisdiction...............................................53
Section 15.9      Notices...................................................................53
Section 15.10     Severability of Provisions................................................55
Section 15.11     Down-MACRO Tradeable Shares Nonassessable and Fully Paid..................55
Section 15.12     Further Assurances........................................................55
Section 15.13     Non-Petition Covenant; No Proceedings.....................................56
Section 15.14     No Waiver; Cumulative Remedies............................................56
Section 15.15     Counterparts..............................................................56
Section 15.16     Third-Party Beneficiaries.................................................56
Section 15.17     Actions or Notices by Holders of the Down-MACRO Tradeable Shares..........56
Section 15.18     Merger and Integration....................................................57
Section 15.19     Headings..................................................................57
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                                    EXHIBITS

EXHIBIT A      FORM OF DOWN-MACRO TRADEABLE SHARE
EXHIBIT B      FORM OF PARTICIPANTS AGREEMENT
EXHIBIT C      FORM OF MACRO LICENSING AGREEMENT
EXHIBIT D      FORM OF NYMEX SUBLICENSING AGREEMENT

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            This AMENDED AND RESTATED TRUST AGREEMENT, dated as of November 24,
2006 (this "Trust Agreement"), is hereby entered into among MACRO SECURITIES
DEPOSITOR, LLC, a Delaware limited liability company, as depositor (the
"Depositor"), INVESTORS BANK & TRUST COMPANY, not in its individual capacity but
solely as trustee (the "Trustee"), CLAYMORE SECURITIES, INC., not in its
individual capacity but solely as administrative agent (in such capacity, the
"Administrative Agent") and as a marketing agent (in such capacity, a "Marketing
Agent"), and MACRO FINANCIAL, LLC, not in its individual capacity but solely as
an additional marketing agent (in such capacity, also a "Marketing Agent").

            WHEREAS, the Depositor and the Trustee have entered into a trust
agreement, dated as of November 15, 2006, pursuant to which a trust was formed
under the laws of the State of New York which is known as the "Claymore
MACROshares Oil Down Tradeable Trust" and referred to herein as the "Down-MACRO
Tradeable Trust;" and

            WHEREAS, the parties hereto now wish to amend and restate in its
entirety the original trust agreement for the Down-MACRO Tradeable Trust to
provide for the issuance of shares to be known as the "Claymore MACROshares Oil
Down Tradeable Shares" (referred to herein as the "Down-MACRO Holding Shares")
and to specify, among other things, the respective powers and duties of the
Trustee, the Administrative Agent, the Marketing Agents and the Depositor.

            NOW, THEREFORE, in consideration of the mutual promises, covenants,
representations and warranties hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties intending to be legally bound hereby agree as follows:

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                                   ARTICLE 1

                                  DEFINITIONS

            Section 1.1 Definitions. Whenever used in this Trust Agreement, the
following words and phrases shall have the following meanings, and the
definitions of such terms are applicable to the singular as well as the plural
forms of such terms and to the masculine as well as to the feminine and neuter
genders of such terms. Defined terms used herein and not otherwise defined shall
have the respective meanings ascribed to such terms in the Down-MACRO Holding
Trust Agreement.

      "Account" or "Accounts" shall mean any or all of the Securities Account,
the Distribution Account and the Netting Account.

      "Administrative Agent" shall mean Claymore Securities, Inc., in its
capacity as administrative agent hereunder, and its successors and assigns.

      "Administrative Agent Indemnified Party" shall have the meaning set forth
in Section 10.4.

      "Affiliate" shall mean with respect to any specified Person, another
Person that directly, or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with the Person specified. For
purposes of this definition, "control" means the power to direct the management
and policies of a Person, directly or indirectly, whether through ownership of
voting securities, by contract or otherwise; and "controlled" and "controlling"
have meanings correlative to the foregoing. A company is assumed to be an
Affiliate if the parent corporation owns 20 percent or more of the outstanding
shares.

      "Aggregate Par Amount" shall mean, (i) with respect to any Down-MACRO
Holding Shares, an amount equal to the number of such Down-MACRO Holding Shares
multiplied by the Down-MACRO Stated Par Amount, (ii) with respect to any
Up-MACRO Holding Shares, an amount equal to the number of such Up-MACRO Holding
Shares multiplied by the Up-MACRO Stated Par Amount, (iii) with respect to any
Down-MACRO Tradeable Shares, an amount equal to the number of such Down-MACRO
Tradeable Shares multiplied by the Down-MACRO Stated Par Amount, and (iv) with
respect to any Up-MACRO Tradeable Shares, an amount equal to the number of such
Up-MACRO Tradeable Shares multiplied by the Up-MACRO Stated Par Amount.

      "AMEX" shall mean the American Stock Exchange, LLC.

      "Authorized Participant" shall mean any entity that (i) is a registered
broker-dealer and a member in good standing with the NASD, or a participant in
the securities markets such as a bank or other financial institution that is not
required to register as a broker-dealer or be a member of the NASD in order to
engage in securities transactions, (ii) is a participant in DTC or has indirect
access to the clearing facilities of DTC by virtue of a custodial relationship
with a DTC Participant, (iii) is not a Benefit Plan Investor and (iv) has
entered into a Participants Agreement.

      "Beneficial Owner" shall mean, with respect to a beneficial interest in a
Global Certificate, ownership and transfers of which shall be maintained and
made through book entries by the Depository as set forth in Section 2.5 of this
Trust Agreement, a Person who is the

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beneficial owner of such interest in a Global Certificate, as reflected on the
books of the Depository, or on the books of a Person maintaining an account with
the Depository (directly as a DTC Participant or as an Indirect Participant, or
in each case in accordance with the rules of the Depository).

      "Business Day" shall mean any day other than a Saturday, a Sunday or a day
on which banking institutions and stock exchanges in New York, New York are
authorized or required by law, regulation or executive order to close.

      "Business Office" shall mean the offices of the Administrative Agent,
which shall be located at 2455 Corporate West Drive, Lisle, IL 60532.

      "Calculation Agency Agreement" shall mean the Calculation Agency
Agreement, dated as of the date hereof, by and among the Trustee, the Down-MACRO
Holding Trustee, the Up-MACRO Holding Trustee, the Up-MACRO Tradeable Trustee,
the NYMEX and the AMEX, pursuant to which the AMEX shall render the calculations
set forth therein and post such calculations on its website.

      "Calculation Agent" shall mean the AMEX in its role as calculation agent
under the Calculation Agency Agreement.

      "Closing Date" shall mean November 29, 2006.

      "Code" shall mean U.S. Internal Revenue Code of 1986, as amended.

      "Corporate Trust Office" shall have the meaning set forth under Section
13.15.

      "Creation Order" shall have the meaning set forth in Section 3(b) of the
Participants Agreement.

      "Depositor" shall mean MACRO Securities Depositor, LLC and its successors
and assigns.

      "Depositor Indemnified Party" shall have the meaning set forth in Section
9.3(c).

      "Depository Agreement" shall mean the Blanket Letter of Representations,
together with the Issuer Letter of Representations, both dated on or about the
date hereof and delivered by the Trustee, on behalf of the Down-MACRO Tradeable
Trust, to the Depository.

      "Distribution Account" shall have the meaning set forth in Section 3.6(a).

      "Distribution Date" shall mean the second Business Day preceding each
Record Date.

      "Distribution Payment Date" means the third Business Day of the month
immediately following the month in which the related Distribution Date occurred.

      "Down-MACRO Fees" shall have the meaning specified in Section 5.4 of the
Down-MACRO Holding Trust Agreement.

      "Down-MACRO Holding Shares" shall mean the pass-through securities issued
by the Down-MACRO Holding Trust pursuant to the Up-MACRO Holding Trust
Agreement.

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      "Down-MACRO Holding Trust" shall mean the Claymore MACROshares Oil Down
Holding Trust formed under the Down-MACRO Holding Trust Agreement.

      "Down-MACRO Holding Trust Agreement" shall mean the Down-MACRO Holding
Trust Agreement, dated as of the date hereof, among the Depositor, the
Administrative Agent, the Marketing Agents and the Down-MACRO Holding Trustee.

      "Down-MACRO Holding Trustee" shall mean Investors Bank & Trust Company,
not in its individual capacity but solely as trustee of the Down-MACRO Holding
Trust.

      "Down-MACRO Stated Par Amount" shall mean the stated par amount of $60 per
Down-MACRO Holding Share or Down-MACRO Tradeable Share.

      "Down-MACRO Tradeable Shares" shall mean the pass-through securities
issued by the Down-MACRO Tradeable Trust pursuant to the Down-MACRO Tradeable
Trust Agreement.

      "Down-MACRO Tradeable Trust" shall mean the Claymore MACROshares Oil Down
Tradeable Trust formed under the Down-MACRO Tradeable Trust Agreement.

      "Down-MACRO Tradeable Trust Agreement" shall mean the Amended and Restated
Down-MACRO Tradeable Trust Agreement, dated as of the date hereof, among the
Depositor, the Administrative Agent, the Marketing Agents and the Down-MACRO
Tradeable Trustee.

      "Down-MACRO Tradeable Trustee" shall mean Investors Bank & Trust Company,
not in its individual capacity but solely as trustee of the Down-MACRO Tradeable
Trust.

      "DTC" shall mean The Depository Trust Company.

      "Early Termination Date" shall mean with respect to any date of
determination, the next Distribution Date that follows the occurrence of a
Termination Trigger.

      "Event of Bankruptcy" shall occur with respect to any specified Person,
if:

      (a) a case or other proceeding shall be commenced, without the application
or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or
readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or all
or any substantial part of its assets, or any similar action with respect to
such Person under any law relating to bankruptcy, insolvency, reorganization,
winding up or composition or adjustment of debts, and such case or proceeding
shall continue undismissed, or unstayed and in effect, for a period of sixty
(60) consecutive days; or an order for relief in respect of such Person shall be
entered in an involuntary case under the federal bankruptcy laws or other
similar laws now or hereafter in effect; or

      (b) such Person shall commence a voluntary case or other proceeding under
any applicable bankruptcy, insolvency, reorganization, debt arrangement,
dissolution or other similar law now or hereafter in effect, or shall consent to
the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) for such Person or
for any substantial part of its property, or shall make any general assignment
for the benefit of creditors; or

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      (c) the board of directors (or similar body) of such Person or the trustee
for such Person (in the case of a business or statutory trust) shall vote to
implement any of the actions set forth in clause (b) above.

      "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

      "Exchange Order" shall have the meaning set forth in Section 5(b) of the
Participants Agreement.

      "Final Distribution" shall mean any distribution made in redemption of all
or a portion of the Down-MACRO Tradeable Shares pursuant to Section 5.2(b) on
the earlier of the Final Scheduled Termination Date or an Early Termination
Date.

      "Final Scheduled Termination Date" shall mean the Distribution Date
scheduled to occur in December of 2026.

      "Founders' Shares" shall mean 1,000 shares with a par value of $1 per
share, 500 of which were issued to MACRO Securities Depositor, LLC and 500 of
which were issued to Claymore Securities, Inc., in exchange for the Initial
Deposit.

      "Global Certificate" shall have the meaning set forth in Section 2.5(a) of
this Trust Agreement.

      "Holder" shall mean any Beneficial Owner of an Down-MACRO Tradeable Share,
an Down-MACRO Holding Share, a Up-MACRO Holding Share or a Up-MACRO Tradeable
Share, as the context requires.

      "Holding Share" shall mean either an Down-MACRO Holding Share or a
Up-MACRO Holding Share.

      "Independent" shall mean, as to any Person, any other Person (including a
firm of accountants or lawyers and any member thereof) who (i) does not have and
is not committed to acquire any material direct or any material indirect
financial interest in such Person or in any Affiliate of such Person, (ii) is
not connected with such Person as an officer, employee, promoter, underwriter,
voting trustee, partner, director or Person performing similar functions and
(iii) is not Affiliated with a Person who fails to satisfy the criteria set
forth in clauses (i) and (ii). "Independent" when used with respect to any
accountant may include an accountant who audits the books of any Person if in
addition to satisfying the criteria set forth above the accountant is
independent with respect to such Person within the meaning of Rule 101 of the
Code of Ethics of the American Institute of Certified Public Accountants.

      Whenever any Independent Person's opinion, certificate or report is to be
furnished hereunder, such document shall state that the signer has read this
definition and that the signer is Independent within the meaning hereof.

      "Initial Deposit" shall mean the initial deposit by the Depositor and the
Administrative Agent of $1,000 into the Down-MACRO Tradeable Trust in connection
with the formation thereof.

      "Investment Company Act" shall mean the Investment Company Act of 1940, as
amended.

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      "Loss" shall have the meaning set forth in Section 9.3(b).

      "MACROshares Website" shall mean the website maintained by the
Administrative Agent at http://www.claymoremacroshares.com.

      "MACRO Unit" shall mean 50,000 Down-MACRO Holding Shares and 50,000
Up-MACRO Holding Shares.

      "Marketing Agent Indemnified Party" shall have the meaning set forth in
Section 10.10.

      "Marketing Agents" shall mean Claymore Securities, Inc., in its capacity
as marketing agent hereunder, and its successors and assigns, and MACRO
Financial, LLC, in its capacity as marketing agent hereunder, and its successors
and assigns.

      "NASD" shall mean the National Association of Securities Dealers, Inc.

      "Netting Account" shall have the meaning set forth in Section 3.7(a) of
this Trust Agreement.

      "Notices" shall have the meaning set forth in Section 15.9(a) hereof.

      "NYMEX" shall mean New York Mercantile Exchange, Inc. and its successors
and assigns.

      "Officer's Certificate" shall mean a certificate signed by an officer of
the Depositor or the Administrative Agent that is authorized to make such
certification.

      "Outstanding" shall mean, with respect to the Down-MACRO Holding Shares or
the Down-MACRO Tradeable Shares, as applicable, and any date of determination,
an amount equal to the aggregate number of Down-MACRO Holding Shares or
Down-MACRO Tradeable Shares, issued by the Down-MACRO Holding Trust or the
Down-MACRO Tradeable Trust, as applicable, in Paired Issuances occurring prior
to such date of determination minus any such Down-MACRO Holding Shares redeemed
prior to such date of determination in a Paired Optional Redemption or any such
Down-MACRO Tradeable Shares exchanged prior to such date of determination for
the underlying Down-MACRO Holding Shares.

      "Paired Holding Shares" shall mean the Down-MACRO Holding Shares together
with the Up-MACRO Holding Shares.

      "Paired Holding Trusts" shall mean the Down-MACRO Holding Trust together
with the Up-MACRO Holding Trust.

      "Paired Optional Redemption" shall have the meaning set forth in Section
6.1(a) hereof.

      "Paired Issuance" shall have the meaning set forth in Section 6.2(a)
hereof.

      "Participants Agreement" shall mean the participants agreement, dated as
of November 22, 2006, substantially in the form attached hereto as Exhibit B,
entered into among the Depositor, the Trustee, the Up-MACRO Trusts, the
Administrative Agent and the Authorized Participants who may be party thereto
from time to time, which specifies certain procedures for the Paired Issuance
and Paired Optional Redemption of Paired Holding Shares and procedures for the
creation and exchange of Tradeable Shares for Holding Shares and Holding Shares
for Tradeable Shares.

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      "Per Share Underlying Value" means, with respect to any date of
determination occurring during any Calculation Period and (i) each Down-MACRO
Holding Share, an amount calculated by dividing the Down-MACRO Underlying Value
by the number of Down-MACRO Holding Shares Outstanding on that date, (ii) each
Up-MACRO Holding Share, an amount calculated by dividing the Up-MACRO Underlying
Value by the number of Up-MACRO Holding Shares Outstanding on that date, (iii)
each Down-MACRO Tradeable Share, an amount equal to the Per Share Underlying
Value of one Down-MACRO Holding Share on that date, and (iv) each Up-MACRO
Tradeable Share, an amount equal to the Per Share Underlying Value of one
Up-MACRO Holding Share on that date.

      "Person" shall mean any natural person, corporation, business trust, joint
venture, association, company, partnership, limited liability company, limited
liability partnership, joint stock company, trust, unincorporated organization
or Governmental Authority or other entity.

      "Prospectus" shall mean the prospectus, in the form filed by the Depositor
on behalf of the Down-MACRO Holding Trust and the Down-MACRO Tradeable Trust
with the SEC on or before the second Business Day after the date hereof (or such
earlier time as may be required under the Securities Act) or, if no such filing
is required, the form of final prospectus included in the Registration Statement
on and after the date on which such Registration Statement becomes effective.

      "Quarterly Distribution" shall mean with respect to each Distribution
Date, the distribution to be made to the Holders of the Down-MACRO Tradeable
Shares that are Outstanding on the Distribution Date pursuant to Section 5.2(a).

      "Record Date" shall mean the last Business Day of each March, June,
September and December of each year, commencing in December of 2006.

      "Redemption Order" shall have the meaning set forth in Section 4(b) of the
Participants Agreement.

      "Registration Statement" means the registration statement, file no.
333-116566, dated and filed with the SEC on November 29, 2006, relating to the
Down-MACRO Holding Shares and Down-MACRO Tradeable Shares, as amended,
supplemented or otherwise modified from time to time.

      "Registered Owner" shall mean the Depository or a nominee thereof in whose
name the Down-MACRO Tradeable Shares are registered in the Share Register.

      "SEC" shall mean the United States Securities and Exchange Commission.

      "Securities Account" shall have the meaning set forth in Section 3.5(a)
hereof.

      "Securities Act" shall mean the Securities Act of 1933, as amended.

      "Share Register" shall have the meaning set forth in Section 2.5(e)
hereof.

      "Substitute Reference Price Licensing Agreement" shall mean any licensing
arrangement pursuant to which the Paired Holding Trusts and the Down-MACRO
Tradeable Trust acquire the right to use a Substitute Reference Oil Price for
the purposes of calculating the Down-MACRO Underlying Value under the Down-MACRO
Holding Trust Agreement.

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<PAGE>

      "Successor Administrative Agent" shall have the meaning set forth in
Section 10.6(b) hereof.

      "Successor Trustee" shall have the meaning set forth in Section 13.8(b)
hereof.

      "Termination Trigger" shall have the meaning set forth in Section 11.1(a)
hereof.

      "Tradeable Shares" shall mean the Down-MACRO Tradeable Shares and the
Up-MACRO Tradeable Shares.

      "Tradeable Trusts" shall mean the Down-MACRO Tradeable Trust and the
Up-MACRO Tradeable Trust.

      "Transaction Documents" shall mean this Trust Agreement, the MACRO
Licensing Agreement, the NYMEX Sublicensing Agreement, the Calculation Agency
Agreement and the Participants Agreement.

      "Transfer Agent and Registrar" shall have the meaning set forth in Section
2.5(e) hereof.

      "Trust Assets" shall have the meaning set forth in Section 2.1 hereof.

      "Trust Officer" shall mean any officer or employee of the Trustee, in each
case having responsibility for the administration of this Trust Agreement or
authority to execute any documents on behalf of the Trustee, in its capacity as
Trustee hereunder.

      "Trustee" shall mean Investors Bank & Trust Company, not in its individual
capacity but solely as Trustee under this Trust Agreement, or its successor in
interest in such capacity, or any successor trustee appointed as herein
provided.

      "Trustee Indemnified Party" shall have the meaning set forth in hereof.

      "Trustee Termination Event" shall have the meaning set forth in Section
12.1 hereof.

      "Up-MACRO Fees" shall have the meaning specified in Section 5.4 of the
Up-MACRO Holding Trust Agreement.

      "Up-MACRO Holding Shares" shall mean the pass-through securities issued by
the Up-MACRO Holding Trust pursuant to the Up-MACRO Holding Trust Agreement.

      "Up-MACRO Holding Trust" shall mean the Claymore MACROshares Oil Up
Holding Trust created under the Up-MACRO Holding Trust Agreement.

      "Up-MACRO Holding Trust Agreement" shall mean the Amended and Restated
Up-MACRO Holding Trust Agreement, dated as of the date hereof, among the
Depositor, the Administrative Agent, the Marketing Agents and the Up-MACRO
Holding Trustee.

      "Up-MACRO Holding Trustee" shall mean Investors Bank & Trust Company, not
in its individual capacity but solely as trustee of the Up-MACRO Holding Trust.

      "Up-MACRO Stated Par Amount" shall mean the stated par amount of $60 per
Up-MACRO Holding Share or Up-MACRO Tradeable Share.

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<PAGE>

      "Up-MACRO Tradeable Shares" shall have the meaning specified in the
Recitals to this Trust Agreement.

      "Up-MACRO Tradeable Trust" shall have the meaning specified in the
Recitals to this Trust Agreement.

            Section 1.2 Other Definitional Provisions.

            (a) All terms defined in this Trust Agreement shall have the defined
meanings when used in any share, certificate or other document made or delivered
pursuant hereto or thereto unless otherwise defined therein.

            (b) As used in this Trust Agreement and in any share, certificate or
other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Trust Agreement or in any such share, certificate or other
document, and accounting terms partly defined in this Trust Agreement or in any
such share, certificate or other document to the extent not defined, shall have
the respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such share, certificate or other document are inconsistent
with the meanings of such terms under generally accepted accounting principles,
the definitions contained in this Trust Agreement or in any such share,
certificate or other document shall control.

            (c) The agreements, representations and warranties of MACRO
Securities Depositor, LLC in this Trust Agreement in its capacity as Depositor
shall be deemed to be the agreements, representations and warranties of MACRO
Securities Depositor, LLC solely in such capacity for so long as MACRO
Securities Depositor, LLC acts in such capacity under this Trust Agreement.

            (d) Unless otherwise specified, references to any amount as on
deposit or outstanding on any particular date shall mean such amount at the
close of business on such day.

            (e) The words "hereof," "herein" and "hereunder" and words of
similar import when used in this Trust Agreement shall refer to this Trust
Agreement as a whole and not to any particular provision of this Trust
Agreement; references to any Article, Section, Schedule or Exhibit are
references to Articles, Sections, Schedules and Exhibits in or to this Trust
Agreement unless otherwise specified; and the term "including" shall mean
"including without limitation."

                                   ARTICLE 2

                            FORM OF THE CERTIFICATES;
                      DELIVERY AND REGISTRATION OF TRANSFER
                         OF DOWN-MACRO TRADEABLE SHARES

            Section 2.1 Redemption of Founders' Shares. Concurrently with the
first issuance of Down-MACRO Tradeable Shares in accordance with the terms of
the Down-MACRO Tradeable Trust Agreement, the portion of the Initial Deposit
made into the Down-MACRO Tradeable Trust by the Depositor and the Administrative
Agent shall be transferred to each of them in redemption of their respective
Founder's Shares and such Founders' Shares shall thereafter be cancelled and
shall not be reissued. At no time shall the Initial Deposit be included in the
calculation of the Per Share Underlying Value of the Down-MACRO Tradeable Shares
or any other calculation performed at any time pursuant to ARTICLE 4 or ARTICLE
8 of this Trust Agreement. The Down-MACRO Holding Shares on deposit from time to
time in the Securities

                                       9
<PAGE>

Account, all monies on deposit from time to time in the Distribution Account and
the Netting Account and the Down-MACRO Holding Trust's rights under the MACRO
Licensing Agreement and the NYMEX Sublicensing Agreement (or any Substitute
Reference Price Licensing Agreement), shall collectively constitute the assets
of the Down-MACRO Tradeable Trust (the "Trust Assets").

            Section 2.2 Acceptance by Trustee. The Trustee hereby (i)
acknowledges its acceptance on behalf of the Down-MACRO Tradeable Trust of all
right and title to and interest in the Trust Assets, both now existing and
hereafter created, and (ii) declares that it shall maintain such right, title
and interest, upon the Down-MACRO Tradeable Trust herein set forth, for the
benefit of all Holders of the Down-MACRO Tradeable Shares.

            Section 2.3 Limited Purpose of the Down-MACRO Tradeable Trust. The
Down-MACRO Tradeable Trust shall not engage in any business or activity other
than those specified in this Section 2.3 or any activity that is incidental and
necessary to carrying out the business or activities enumerated by this Section
2.3. The exclusive purposes and functions of the Down-MACRO Tradeable Trust
shall consist of:

            (a) redeeming the Founders' Shares concurrently with the first
issuance of Down-MACRO Tradeable Shares;

            (b) issuing Down-MACRO Tradeable Shares in connection with each
deposit of Down-MACRO Holding Shares into the Down-MACRO Tradeable Trust on a
continuous basis and exchanging Outstanding Down-MACRO Tradeable Shares for the
underlying Down-MACRO Holding Shares that have been deposited in the Down-MACRO
Tradeable Trust, in each case on a continuous basis and in accordance with the
provisions and subject to the conditions set forth in this Trust Agreement;

            (c) entering into the other Transaction Documents with the other
parties thereto; and

            (d) maintaining a listing for the Down-MACRO Tradeable Shares on the
AMEX or another national stock exchange.

            Section 2.4 Representations and Warranties of the Depositor. The
Depositor hereby makes the following representations and warranties to the
Down-MACRO Tradeable Trust and agrees that the Trustee may rely on each such
representation and warranty as of the Closing Date and on each Issuance Date:

            (a) Organization and Good Standing. The Depositor is a limited
liability company validly existing and in good standing under the laws of the
State of Delaware and has full power, authority and legal right to own its
properties and conduct its business as such properties are presently owned and
such business is presently conducted, and to execute, deliver and perform its
obligations under this Trust Agreement.

            (b) Due Qualification. The Depositor is duly qualified to do
business and is in good standing as a foreign company (or is exempt from such
requirements) and has obtained all necessary licenses and approvals in each
jurisdiction in which failure to so qualify or to obtain such licenses and
approvals would result in the performance by the Depositor of its obligations
under this Trust Agreement to violate any applicable law and would have a
material adverse effect on the interests of the Holders of the Down-MACRO
Tradeable Shares hereunder.

                                       10
<PAGE>

            (c) Due Authorization. The execution, delivery and performance of
this Trust Agreement by the Depositor, the execution and delivery to the Trustee
of the Down-MACRO Tradeable Shares by the Depositor and the consummation by the
Depositor of the transactions provided for in this Trust Agreement and the
performance of its obligations hereunder have been duly authorized by the
Depositor by all necessary action on the part of the Depositor and this Trust
Agreement will remain, from the time of its execution, an official record of the
Depositor.

            (d) No Conflict. The execution and delivery by the Depositor of this
Trust Agreement and the Down-MACRO Tradeable Shares, the performance by the
Depositor of the transactions contemplated by this Trust Agreement and the
fulfillment by the Depositor of the terms hereof will not conflict with, result
in any breach of any of the material terms and provisions of, or constitute
(with or without notice or lapse of time or both) a material default under, any
indenture, contract, agreement, mortgage, deed of trust, or other instrument to
which the Depositor is a party or by which it or any of its properties are
bound.

            (e) No Violation. The execution and delivery by the Depositor of
this Trust Agreement and the Down-MACRO Tradeable Shares, the performance by the
Depositor of the transactions contemplated by this Trust Agreement and its
obligations hereunder and the fulfillment by the Depositor of the terms hereof
will not conflict with or violate any Requirements of Law applicable to the
Depositor.

            (f) No Proceedings. There are no proceedings or investigations
pending or, to the best knowledge of the Depositor, threatened against the
Depositor before any Governmental Authority (i) asserting the invalidity of this
Trust Agreement or the Down-MACRO Tradeable Shares, (ii) seeking to prevent the
issuance of the Down-MACRO Tradeable Shares or the consummation of any of the
transactions contemplated by this Trust Agreement or the Down-MACRO Tradeable
Shares, (iii) seeking any determination or ruling that, in the reasonable
judgment of the Depositor, would materially and adversely affect the performance
by the Depositor of its obligations under this Trust Agreement, (iv) seeking any
determination or ruling that would materially and adversely affect the validity
or enforceability of this Trust Agreement or the Down-MACRO Tradeable Shares or
(v) seeking to affect adversely the income tax attributes of the Down-MACRO
Tradeable Trust under the federal or applicable state income or franchise tax
systems.

            (g) All Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or of any Governmental Authority required
in connection with the execution and delivery by the Depositor of this Trust
Agreement and the Down-MACRO Tradeable Shares, the performance by the Depositor
of the transactions contemplated by this Trust Agreement and its obligations
hereunder and the Down-MACRO Tradeable Shares and the fulfillment by the
Depositor of the terms hereof and thereof have been obtained.

            (h) Bankruptcy; Insolvency. No Event of Bankruptcy with respect to
the Depositor has occurred which would materially and adversely affect the
validity or enforceability of this Trust Agreement or the Down-MACRO Tradeable
Shares.

            (i) Binding Obligation. This Trust Agreement constitutes a legal,
valid and binding obligation of the Depositor, enforceable against the Depositor
in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect which affect the enforcement of creditors'
rights in general, and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity).

                                       11
<PAGE>

            (j) No Conflicting Claim. Neither the Depositor nor any Person
claiming through or under the Depositor has any claim to or interest in the
Securities Account, the Distribution Account or the Netting Account.

            The representations and warranties of the Depositor set forth in
this Section 2.4 shall survive following the execution of this Trust Agreement
and shall be deemed to be made on each Issuance Date. Upon discovery by the
Depositor, the Trustee or the Administrative Agent of a breach of any of the
representations and warranties by the Depositor set forth in this Section 2.4,
the party discovering such breach shall give prompt written notice to the other
parties hereto. The Depositor agrees to cooperate with the Trustee and the
Administrative Agent in attempting to cure any such breach.

            Section 2.5 Form of Shares; Book-Entry System; Transferability of
Down-MACRO Tradeable Shares.

            (a) Form of Shares. The Down-MACRO Tradeable Shares shall be
evidenced by one or more global certificates substantially in the form set forth
in Exhibit A attached hereto, with appropriate insertions, modifications and
omissions as hereinafter provided (each such certificate, a "Global
Certificate"). No Down-MACRO Tradeable Shares shall be entitled to any benefits
under this Trust Agreement or be valid or obligatory for any purpose unless a
Global Certificate evidencing those Down-MACRO Tradeable Shares has been
executed by the Trustee by the manual or facsimile signature of a duly
authorized signatory of the Trustee and countersigned by the manual or facsimile
signature of a duly authorized officer of the Depositor. The Trustee shall
maintain books on which the registered ownership of each Global Certificate and
transfers, if any, of such registered ownership shall be recorded. Global
Certificates evidencing the Down-MACRO Tradeable Shares bearing the manual or
facsimile signature of a duly authorized signatory of the Trustee and the manual
or facsimile signature of a duly authorized officer of the Depositor, if
applicable, who was, at the time such Global Certificates were executed, a
proper signatory of the Trustee or the Depositor, as applicable, shall bind the
Trustee, notwithstanding that such signatory has ceased to hold such office
prior to the delivery of such Global Certificates. The Global Certificates may
be endorsed with or have incorporated in the text thereof such legends or
recitals or modifications not inconsistent with the provisions of this Trust
Agreement as may be required by the Trustee or required to comply with any
applicable law or regulations promulgated thereunder or with the rules and
regulations of any securities exchange upon which the Down-MACRO Tradeable
Shares may be listed or to conform with any usage with respect thereto, or to
indicate any special limitations or restrictions to which the Down-MACRO
Tradeable Shares are subject.

            The Founders' Shares and the beneficial ownership thereof by the
Depositor and the Administrative Agent shall be recorded on the books and
records maintained by the Trustee on behalf of the Down-MACRO Tradeable Trust
and no physical certificates shall be issued in respect of such Founders'
Shares. Concurrently with the first issuance of Down-MACRO Tradeable Shares, the
Founders' Shares shall be cancelled and shall not thereafter be reissued.

            (b) Book-Entry Settlement. The Depositor and the Trustee shall apply
to the Depository for acceptance of the Global Certificates in its book-entry
settlement system. The Global Certificates shall be deposited with the Trustee,
as the custodian for the Depository, shall be registered in the name of Cede &
Co., as nominee for the Depository, and shall bear the following legend:

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK

                                       12
<PAGE>

CORPORATION (THE "DEPOSITORY"), TO THE AGENT AUTHORIZED BY THE DEPOSITOR FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

            So long as the Down-MACRO Tradeable Shares are eligible for
book-entry settlement with the Depository, (i) no Beneficial Owner of Down-MACRO
Tradeable Shares will be entitled to receive a physical certificate evidencing
those shares, (ii) the interest of a Beneficial Owner in the Down-MACRO
Tradeable Shares will be shown only on, and transfer of that interest will be
effected only through, records maintained by the Depository or a DTC Participant
or Indirect Participant through which the Beneficial Owner holds that interest
and (iii) the rights of a Beneficial Owner of Down-MACRO Tradeable Shares will
be exercised only to the extent allowed by, and in compliance with, the
arrangements in effect between such Beneficial Owner and the Depository or the
DTC Participant or Indirect Participant through which that Beneficial Owner
holds an interest in the Down-MACRO Tradeable Shares.

            As provided in the Depository Agreement, upon the settlement date
for any transfer or any creation, exchange or redemption of the Down-MACRO
Tradeable Shares, the Depository will credit or debit, on its book-entry
registration and transfer system, the amount of Down-MACRO Tradeable Shares so
transferred or so created, exchanged or redeemed to the accounts of the
appropriate DTC Participants. The accounts to be credited and charged shall be
designated by the Trustee, as instructed by the Administrative Agent and the
applicable Holder of Down-MACRO Tradeable Shares. The Beneficial Owners of the
Down-MACRO Tradeable Shares will be shown on, and the transfer of beneficial
ownership by Beneficial Owners will be effected only through, in the case of DTC
Participants, records maintained by the Depository and, in the case of Indirect
Participants and Beneficial Owners holding through a DTC Participant or an
Indirect Participant, through those records or the records of the relevant DTC
Participants. Beneficial Owners are expected to receive from or through the
broker or bank that maintains the account through which the Beneficial Owner has
purchased Down-MACRO Tradeable Shares a written confirmation relating to their
purchase of Down-MACRO Tradeable Shares.

            Upon the settlement date for any creation, transfer, exchange or
redemption of Down-MACRO Tradeable Shares, the Trustee shall make a notation on
Schedule A attached to the Global Certificate indicating the resulting Net Par
Amount Increase or Net Par Amount Decrease in the Aggregate Par Amount of
Outstanding Down-MACRO Tradeable Shares represented by such Global Certificate.
Upon the settlement date for a transfer of a Global Certificate to a new
Registered Owner as described in clause (e)(ii) of this Section 2.5, the Trustee
shall cancel such Global Certificate and issue a new Global Certificate in the
name of such transferee Registered Owner.

            The Depository may discontinue providing its services with respect
to the Down-MACRO Tradeable Shares by giving notice to the Trustee, the
Administrative Agent and the Depositor pursuant to and in conformity with the
provisions of the Depository Agreement and discharging its responsibilities with
respect thereto under applicable law. In such event, the Trustee, the
Administrative Agent and the Depositor shall seek to find a replacement for the
Depository to perform the functions thereof on terms acceptable to the
Administrative Agent and

                                       13
<PAGE>

the Depositor. If no such replacement can be found or is willing to assume the
duties of the Depository, then a Termination Trigger will occur pursuant to
Section 11.1 of this Trust Agreement.

            (c) Notices to Beneficial Owners. As described above, the Trustee
will recognize the Depository or its nominee as the owner of all Down-MACRO
Tradeable Shares for all purposes except as expressly set forth in this Trust
Agreement. Conveyance of all notices, statements and other communications
required to be delivered to Beneficial Owners will be effected as follows: The
Administrative Agent shall inquire of each such DTC Participant as to the number
of Beneficial Owners holding Down-MACRO Tradeable Shares, directly or
indirectly, through such DTC Participant. The Administrative Agent shall provide
each such DTC Participant with sufficient copies of such notice, statement or
other communication, in such form, number and at such place as such DTC
Participant may reasonably request, in order that such notice, statement or
communication may be transmitted by such DTC Participant, directly or
indirectly, to such Beneficial Owners. In addition, the Down-MACRO Tradeable
Trust shall reimburse each such DTC Participant for the expenses attendant to
such transmittal, subject to applicable statutory and regulatory requirements.
The Administrative Agent or Depositor will instruct the Trust to pay said
expenses.

            (d) Distributions on Book-Entry Certificates. All distributions on
the Down-MACRO Tradeable Shares shall be made to the Depository or its nominee,
Cede & Co., as the registered owner of all Down-MACRO Tradeable Shares. The
Trustee and the Depositor expect that the Depository or its nominee, upon
receipt of any distributions made in respect of the Down-MACRO Tradeable Shares,
shall credit immediately the DTC Participants' accounts with payments in amounts
proportionate to their respective beneficial interests in the Down-MACRO
Tradeable Shares as shown on the records of the Depository or its nominee. The
Trustee and the Depositor also expect that payments by DTC Participants to
Indirect Participants and Beneficial Owners held through such DTC Participants
and Indirect Participants will be governed by standing instructions and
customary practices, as is now the case with securities held for the accounts of
customers in bearer form or registered in a "street name," and shall be the
responsibility of such DTC Participants and Indirect Participants. None of the
Trustee, the Depositor or the Administrative Agent shall have any responsibility
or liability for any aspects of the records relating to or notices to Beneficial
Owners, or payments made on account of beneficial ownership interests in the
Down-MACRO Tradeable Shares, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests or for any other aspect
of the relationship between the Depository and the DTC Participants or the
relationship between such DTC Participants and the Indirect Participants and
Beneficial Owners owning through such DTC Participants or Indirect Participants
or between or among the Depository, any Beneficial Owner and any Person by or
through which such Beneficial Owner is considered to own Down-MACRO Tradeable
Shares.

            (e) Registration of Transfer; Restrictions on Transfer.

                  (i) The Trustee shall cause to be kept at its Corporate Trust
      Office a register (the "Share Register") in which, subject to such
      reasonable regulations as it may prescribe, a transfer agent and registrar
      (the "Transfer Agent and Registrar") shall provide for the registration of
      the Down-MACRO Tradeable Shares and of transfers and exchanges of such
      shares as herein provided. The Transfer Agent and Registrar shall
      initially be the Trustee. The Depositor may revoke such appointment and
      remove any Transfer Agent and Registrar if the Depositor determines in its
      sole discretion that such Transfer Agent and Registrar failed to perform
      the responsibilities of the Transfer Agent

                                       14
<PAGE>

      and Registrar set forth in this Trust Agreement in any material respect.
      Any Transfer Agent and Registrar shall be permitted to resign as Transfer
      Agent and Registrar upon thirty (30) days' notice to the Depositor and the
      Trustee; provided, however, that such resignation shall not be effective
      and such Transfer Agent and Registrar shall continue to perform its duties
      as Transfer Agent and Registrar until the Trustee has appointed a
      successor Transfer Agent and Registrar reasonably acceptable to the
      Depositor.

                  (ii) Transfers of the Global Certificates shall be limited to
      transfers of such Global Certificates in whole, but not in part, to
      nominees of the Depository or to a successor of the Depository or such
      successor's nominee. When a Global Certificate is presented for
      registration of transfer, the Depositor shall execute, the Trustee shall
      authenticate and the Transfer Agent and Registrar shall register one or
      more new Global Certificates in the name of the designated transferee or
      transferees. Each Global Certificate presented for registration of
      transfer shall be accompanied by a written instrument of transfer in a
      form satisfactory to the Trustee or the Transfer Agent and Registrar duly
      executed by the Registered Owner or the attorney-in-fact thereof duly
      authorized in writing. No service charge shall be made for any
      registration of transfer or exchange of Down-MACRO Tradeable Shares, but
      the Transfer Agent and Registrar may require payment of a sum sufficient
      to cover any tax or other governmental charge that may be imposed in
      connection with any such transfer or exchange.

            (f) Mutilated, Destroyed, Lost or Stolen Global Certificate. If (a)
any mutilated Global Certificate is surrendered to the Transfer Agent and
Registrar, or the Transfer Agent and Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Global Certificate and (b)
there is delivered to the Transfer Agent and Registrar and the Trustee such
security or indemnity as may be required by them to save each of them harmless,
then in the absence of notice to the Trustee that such Global Certificate has
been acquired by a bona fide purchaser, the Depositor shall execute, the Trustee
shall authenticate and the Transfer Agent and Registrar shall deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Global
Certificate, a new Global Certificate of like tenor and aggregate beneficial
interest. In connection with the issuance of any new Global Certificate under
this Section 2.5(f), the Trustee or the Transfer Agent and Registrar may require
the payment by the Registered Owner of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee and the Transfer Agent
and Registrar) connected therewith. Any duplicate Global Certificate issued
pursuant to this Section 2.5(f) shall constitute complete and indefeasible
evidence of ownership in the Down-MACRO Tradeable Trust, as if originally
issued, whether or not the lost, stolen or destroyed Global Certificate shall be
found at any time.

                                   ARTICLE 3

                           APPOINTMENT OF THE TRUSTEE,
                   ADMINISTRATIVE AGENT AND MARKETING AGENTS;
                            ESTABLISHMENT OF ACCOUNTS

            Section 3.1 Acceptance of Appointment and Matters Relating to the
Trustee.

            (a) Investors Bank & Trust Company agrees to act as Trustee, Trust
Accounting Agent, Custodian, Transfer Agent and Registrar under this Trust
Agreement and has concurrently agreed to act as the Down-MACRO Holding Trustee
under the Down-MACRO

                                       15
<PAGE>

Holding Trust Agreement, the Up-MACRO Holding Trustee under the Up-MACRO Holding
Trust Agreement and the Up-MACRO Tradeable Trustee under the Up-MACRO Tradeable
Trust Agreement. The Holders of the Down-MACRO Tradeable Shares, by their
acceptance of their shares, consent to Investors Bank & Trust Company acting as
Trustee under this Trust Agreement and as trustee for the Down-MACRO Holding
Trust under the Down-MACRO Holding Trust Agreement, as trustee for the Up-MACRO
Holding Trust under the Up-MACRO Holding Trust Agreement and as trustee for the
Up-MACRO Tradeable Trust under the Up-MACRO Tradeable Trust Agreement.

            (b) Subject to the limited purposes and functions of the Down-MACRO
Tradeable Trust specified in Section 2.3 hereof, the Trustee is hereby
authorized, instructed and empowered (i) to make deposits and withdrawals from
the Securities Account, the Distribution Account and the Netting Account, as set
forth in this Trust Agreement; (ii) to make distributions on the Down-MACRO
Tradeable Shares in accordance with Section 5.2 hereof; (iii) to administer the
Down-MACRO Tradeable Trust; (iv) to furnish to the Down-MACRO Holding Trustee
and the Administrative Agent notification of and all documentation relating to
the fees and expenses incurred by the Down-MACRO Tradeable Trust, pursuant to
Section 5.3 of this Trust Agreement; (v) to effect the exchange of Down-MACRO
Tradeable Shares in connection with Paired Optional Redemptions and Paired
Issuances in accordance with the provisions of Section 6.1 and Section 6.2
hereof, and to effect exchanges of Down-MACRO Tradeable Shares pursuant to
Section 6.3 hereof; (vi) to enter into the Participants Agreement, the MACRO
Licensing Agreement, the NYMEX Sublicensing Agreement and the Calculation Agency
Agreement; (vii) to make certain calculations on behalf of the Down-MACRO
Tradeable Trust; and (viii) to take any action required or permitted under this
Trust Agreement and any action needed for the daily operation of the Down-MACRO
Tradeable Trust. Without limiting the generality of the foregoing and with the
prior written consent of the Depositor, the Trustee is hereby authorized and
empowered to make any filings, reports, notices, applications and registrations
with, and to seek any consents or authorizations from, the SEC and any state
securities authority on behalf of the Down-MACRO Tradeable Trust as may be
necessary or advisable to comply with any federal or state securities laws or
reporting requirements; provided, however, that the Depositor shall make all
filings with the SEC and under state securities laws on behalf of the Down-MACRO
Tradeable Trust to the extent required to do so hereby.

            (c) Pursuant to Section 3.1(c) of the Down-MACRO Holding Trust
Agreement the Trustee shall be entitled to be reimbursed for any expenses
incurred by it, with the prior approval of the Depositor or the Administrative
Agent, in connection with the performance of its duties under this Trust
Agreement, including, without limitation, the fees and disbursements of any
custodian, Transfer Agent and Registrar, the reasonable fees and expenses of
legal counsel, the fees and disbursements of Independent accountants, and the
expenses associated with failed Creation and Exchange Orders under the
Participants Agreement. If so instructed by the Depositor or the Administrative
Agent, the Trustee may expend its own funds on behalf of the Down-MACRO
Tradeable Trust and shall be reimbursed therefor on the next scheduled
Distribution Payment Date.

            (d) The Down-MACRO Tradeable Trust shall not, and the Trustee shall
not cause the Down-MACRO Tradeable Trust to, nor shall the Depositor direct the
Trustee to, engage in any activity other than as required or authorized by this
Trust Agreement. In particular, the Down-MACRO Tradeable Trust shall not and the
Trustee shall not cause the Down-MACRO Tradeable Trust to:

                                       16
<PAGE>

                  (i) invest any interest or other distributions paid in respect
      of the Trust Assets, but shall distribute all such proceeds to the Holders
      on the date of receipt thereof pursuant to the terms of this Trust
      Agreement and of the Down-MACRO Tradeable Shares;

                  (ii) acquire any assets other than as expressly provided
      herein;

                  (iii) possess Trust Assets for a purpose other than those
      described in Section 2.3;

                  (iv) sell, pledge, hypothecate or transfer the Down-MACRO
      Holding Shares (except in accordance with Section 6.2 or Section 6.3);

                  (v) make any loans or incur any indebtedness or acquire any
      securities other than Down-MACRO Holding Shares;

                  (vi) except as expressly permitted pursuant to Section 15.1,
      act in such a way as to vary the terms of the Down-MACRO Tradeable Shares
      in any way whatsoever;

                  (vii) issue any securities or other evidences of beneficial
      ownership of, or beneficial interest in, the Down-MACRO Tradeable Trust,
      other than the Down-MACRO Tradeable Shares and the Founders' Shares, which
      shall be redeemed and cancelled by the Trustee upon the first issuance of
      Down-MACRO Tradeable Shares and shall not thereafter be reissued;

                  (viii) (A) direct the time, method and place of conducting any
      proceeding for any remedy available to the Down-MACRO Tradeable Trust as
      the holder of the Down-MACRO Holding Shares or exercising any power
      conferred upon Holders of Down-MACRO Holding Shares, (B) waive any past
      default or violation that is waivable under the terms of the Down-MACRO
      Holding Shares or (C) consent to any amendment or modification of the
      terms of any Down-MACRO Holding Shares where such consent shall be
      required, except, in each case, if permitted hereby or after receiving
      instructions from the Holders of the Down-MACRO Tradeable Shares pursuant
      to Section 15.6(b) hereof;

                  (ix) file a certificate of cancellation of the Down-MACRO
      Tradeable Trust or take any other action to terminate the Down-MACRO
      Tradeable Trust, except in connection with a liquidation thereof pursuant
      to ARTICLE 14 hereof;

                  (x) take any action that would cause the Down-MACRO Tradeable
      Trust to be classified other than as a grantor trust for U.S. federal
      income tax purposes; or

                  (xi) take any action that would cause the Down-MACRO Tradeable
      Trust to be required to register as an investment company under the
      Investment Company Act or as a commodity pool under the CEAct.

            Section 3.2 Representations, Warranties and Covenants of the
Trustee. Investors Bank & Trust Company, in its capacity as initial Trustee
under this Trust Agreement, hereby makes, and any successor Trustee by its
appointment hereunder shall make, on the Closing Date (or on the applicable date
of appointment), the following representations, warranties and covenants to the
Down-MACRO Tradeable Trust (and agrees that the Depositor, the

                                       17
<PAGE>

Administrative Agent and the Holders of the Down-MACRO Tradeable Shares may rely
on each such representation, warranty and covenant):

            (a) Organization and Good Standing. The Trustee is a Massachusetts
trust company and a wholly-owned subsidiary of a bank holding company (or with
respect to any successor Trustee, such other corporate entity as may be
applicable), duly organized, validly existing and in good standing under the
laws of the Commonwealth of Massachusetts (or with respect to any successor
Trustee, under the laws of the applicable jurisdiction of organization), and has
full trust power, authority and legal right to execute, deliver and perform its
obligations under this Trust Agreement and, in all material respects, to own its
properties and conduct its business as such properties are presently owned and
as such business is presently conducted.

            (b) Due Qualification. The Trustee is duly qualified to do business
and is in good standing as a foreign trust company (or is exempt from such
requirements), and has obtained all necessary licenses and approvals in each
jurisdiction in which failure to so qualify or to obtain such licenses and
approvals would have a material adverse effect on the interests of the Holders
of the Down-MACRO Tradeable Shares hereunder.

            (c) Due Authorization. The execution, delivery, and performance of
this Trust Agreement has been duly authorized by the Trustee by all necessary
trust action on the part of the Trustee.

            (d) Binding Obligation. This Trust Agreement constitutes a legal,
valid and binding obligation of the Trustee, enforceable in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect, affecting the enforcement of creditors' rights in general and except as
such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity).

            (e) No Violation. The execution and delivery of this Trust Agreement
by the Trustee, the performance of the transactions contemplated by this Trust
Agreement and the fulfillment of the terms hereof applicable to the Trustee,
will not conflict with, violate, result in any breach of any of the material
terms and provisions of, or constitute (with or without notice or lapse of time
or both) a material default under, any Requirement of Law applicable to the
Trustee or any indenture, contract, agreement, mortgage, deed of trust or other
instrument to which the Trustee is a party or by which it or any of its
properties are bound.

            (f) No Proceedings. There are no proceedings or investigations
pending or threatened against the Trustee before any Governmental Authority
seeking to prevent the issuance of the Down-MACRO Tradeable Shares or the
consummation of any of the transactions contemplated by this Trust Agreement,
seeking any determination or ruling that, in the reasonable judgment of the
Trustee, would materially and adversely affect the performance by the Trustee of
its obligations under this Trust Agreement, or seeking any determination or
ruling that would materially and adversely affect the validity or enforceability
of this Trust Agreement.

            (g) Compliance with Requirements of Law. The Trustee shall duly
satisfy all of its obligations and duties under this Trust Agreement and shall
maintain in effect all qualifications and will comply in all material respects
with all of the Requirements of Law in connection with its duties hereunder,
inasmuch as a failure to comply with such requirements would have a material
adverse effect on the interests of the Holders of the Down-MACRO Tradeable
Shares.

                                       18
<PAGE>

            (h) Protection of the Rights of Holders of the Down-MACRO Tradeable
Shares. The Trustee shall take no action which, nor omit to take any action the
omission of which, would materially impair the rights of Holders of the
Down-MACRO Tradeable Shares, nor shall it revise amounts to be distributed on
the Down-MACRO Tradeable Shares.

            (i) All Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or of any Governmental Authority required
in connection with the execution and delivery by the Trustee of this Trust
Agreement, the performance by the Trustee of the transactions contemplated by
this Trust Agreement and the fulfillment by the Trustee of the terms hereof,
have been obtained; provided, however, that the Trustee makes no representation
or warranty regarding state securities or "blue sky" laws in connection with the
distribution of the Down-MACRO Tradeable Shares.

            (j) No Affiliation. The Trustee is not an Affiliated Person with
respect to the Depositor, the Down-MACRO Tradeable Trust, either of the Paired
Holding Trusts, the Up-MACRO Tradeable Trust, the Administrative Agent, either
Marketing Agent or any Authorized Participant, and it is not an Affiliated
Person with respect to any Person who is an Affiliated Person with respect to
any of the foregoing entities; further, the Trustee does not, and will not for
so long as it acts as Trustee hereunder, offer or provide credit or credit
enhancement to any of the MACRO Trusts, except to the extent that the Trustee
provides overdraft liquidity in the normal course of its custody services
hereunder.

            (k) Eligibility Requirements. The Trustee meets, and shall at all
times during which it acts as Trustee hereunder meet, the eligibility
requirements set forth in Section 13.7 hereof.

            (l) No Holding of MACRO Shares. The Trustee shall not, for so long
as it acts as Trustee hereunder, acquire or hold any Down-MACRO Holding Shares,
Up-MACRO Holding Shares, Down-MACRO Tradeable Shares or Up-MACRO Tradeable
Shares for its own account.

            (m) Maintenance of Records and Books of Account. The Trustee shall
maintain and implement administrative and operating procedures (including the
ability to recreate records evidencing any transaction entered into by the
Down-MACRO Tradeable Trust in the event of the destruction of the originals
thereof), and keep and maintain all documents, books, computer records and other
information, reasonably necessary or advisable for no less than five years after
the termination of the Trust. Such documents, books and computer records shall
reflect all facts giving rise to such transactions, all payments and credits
with respect thereto, and, to the extent required, such documents, books and
computer records shall indicate the interests of the Down-MACRO Tradeable Trust
in such transactions.

            Section 3.3 Acceptance of Appointment and Matters Relating to the
Administrative Agent and the Marketing Agents.

            (a) Claymore Securities, Inc. agrees to act as Administrative Agent
under this Agreement and the Holders of the Down-MACRO Tradeable Shares by their
acceptance of their shares consent to Claymore Securities, Inc. acting as
Administrative Agent under this Trust Agreement and as administrative agent for
the Down-MACRO Holding Trust under the Down-MACRO Holding Trust Agreement, for
the Up-MACRO Holding Trust under the Up-MACRO Holding Trust Agreement and for
the Up-MACRO Tradeable Trust under the Up-MACRO Tradeable Trust Agreement.
Claymore Securities, Inc. and MACRO Financial, LLC each agree to act as a
Marketing Agent under this Trust Agreement and the Holders of the Down-MACRO

                                       19
<PAGE>

Tradeable Shares by their acceptance of their shares consent to each of Claymore
Securities, Inc. and MACRO Financial, LLC acting as a Marketing Agent under this
Trust Agreement and as a marketing agent for the Down-MACRO Holding Trust under
the Down-MACRO Holding Trust Agreement, for the Up-MACRO Holding Trust under the
Up-MACRO Holding Trust Agreement and for the Up-MACRO Tradeable Trust under the
Up-MACRO Tradeable Trust Agreement.

            (b) The Administrative Agent shall direct the Trustee in effecting
exchanges of Down-MACRO Tradeable Shares for the underlying Down-MACRO Holding
Shares in connection with Paired Issuances and Paired Optional Redemptions. The
Administrative Agent shall have full power and authority, acting alone or
through any party properly designated by it hereunder, to do any and all things
in connection with the foregoing duties which it may deem necessary or
desirable. The Administrative Agent shall not be obligated to use separate
offices, employees or accounts in carrying out its duties hereunder. The
Depositor and the Trustee shall furnish to the Administrative Agent any powers
of attorney or other documents necessary or appropriate to enable the
Administrative Agent to carry out its administrative duties hereunder.

            (c) The Administrative Agent shall comply with and perform its
administrative obligations set forth in the Down-MACRO Holding Trust Agreement
and the Up-MACRO Holding Trust Agreement in accordance with the terms of each
such agreement and the Holders of the Down-MACRO Tradeable Shares shall be third
party beneficiaries of the Administrative Agent's covenants to perform its
obligations under such agreements. The Administrative Agent shall also at all
times maintain the MACROshares Website.

            (d) Each Marketing Agent shall comply with and perform its
obligations with respect to the Down-MACRO Tradeable Shares in accordance with
the terms of a separate letter agreement entered into between the Depositor and
each such Marketing Agent.

            (e) As compensation for acting as the Administrative Agent and a
Marketing Agent under the terms of this Trust Agreement, Claymore Securities,
Inc. will be entitled to receive the Down-MACRO Administration and Marketing
Fee, which shall be payable to it in arrears on each Distribution Payment Date
in accordance with the provisions of Section 5.4 of the Down-MACRO Holding Trust
Agreement. The Administrative Agent shall not be liable for any expenses
incurred by it on behalf of the Down-MACRO Tradeable Trust, but shall be
responsible for its overhead expenses related to the performance of its
obligations under this Trust Agreement.

            (f) As compensation for acting as a Marketing Agent, MACRO
Financial, LLC will be entitled to receive the Down-MACRO Marketing Fee, which
shall be payable to it in arrears on each Distribution Payment Date in
accordance with the provisions of Section 5.4 of the Down-MACRO Holding Trust
Agreement.

            Section 3.4 Representations, Warranties and Covenants of the
Administrative Agent and the Marketing Agents.

            (a) Claymore Securities, Inc., in its capacity as the Administrative
Agent, hereby makes, and any successor Administrative Agent by its appointment
hereunder shall make, on the Closing Date (or on the date of any such
appointment), the following representations, warranties and covenants to the
Down-MACRO Tradeable Trust (and agrees that the Depositor and the Trustee may
rely on each such representation, warranty and covenant in fulfilling their
respective duties hereunder):

                                       20
<PAGE>

                  (i) Organization and Good Standing. The Administrative Agent
      is a Kansas corporation (or with respect to any successor Administrative
      Agent, such other corporate entity as may be applicable) duly organized,
      validly existing and in good standing under the laws of the State of
      Kansas (or with respect to any successor Administrative Agent, the
      applicable jurisdiction of its organization), and has full corporate
      power, authority and legal right to execute, deliver and perform its
      obligations under this Trust Agreement and, in all material respects, to
      own its properties and conduct its business as such properties are
      presently owned and as such business is presently conducted.

                  (ii) Due Qualification. The Administrative Agent is duly
      qualified to do business and is in good standing as a foreign corporation
      (or is exempt from such requirements), and has obtained all necessary
      licenses and approvals in each jurisdiction in which failure to so qualify
      or to obtain such licenses and approvals would have a material adverse
      effect on the interests of the Holders of the Down-MACRO Tradeable Shares
      hereunder.

                  (iii) Due Authorization. The execution, delivery and
      performance of this Trust Agreement has been duly authorized by the
      Administrative Agent by all necessary corporate action on the part of the
      Administrative Agent.

                  (iv) Binding Obligation. This Trust Agreement constitutes a
      legal, valid and binding obligation of the Administrative Agent,
      enforceable in accordance with its terms, except as enforceability may be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or other similar laws now or hereafter in effect, affecting the
      enforcement of creditors' rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a suit at law or in equity).

                  (v) No Violation. The execution and delivery of this Trust
      Agreement by the Administrative Agent, the performance of the transactions
      contemplated by this Trust Agreement and the fulfillment of the terms
      hereof applicable to the Administrative Agent will not conflict with,
      violate, result in any breach of any of the material terms and provisions
      of, or constitute (with or without notice or lapse of time or both) a
      material default under, any Requirement of Law applicable to the
      Administrative Agent or any indenture, contract, agreement, mortgage, deed
      of trust or other instrument to which the Administrative Agent is a party
      or by which it or any of its properties are bound.

                  (vi) No Proceedings. There are no proceedings or
      investigations pending or threatened against the Administrative Agent
      before any Governmental Authority seeking to prevent the consummation of
      any of the transactions contemplated by this Trust Agreement, seeking any
      determination or ruling that, in the reasonable judgment of the
      Administrative Agent, would materially and adversely affect the
      performance by the Administrative Agent of its obligations under this
      Trust Agreement, or seeking any determination or ruling that would
      materially and adversely affect the validity or enforceability of this
      Trust Agreement.

                  (vii) All Consents Required. All approvals, authorizations,
      consents, orders or other actions of any Person or of any Governmental
      Authority required in connection with the execution and delivery by the
      Administrative Agent of this Trust Agreement, the performance by the
      Administrative Agent of the transactions contemplated by this Trust
      Agreement and the fulfillment by the Administrative Agent of

                                       21
<PAGE>

      the terms hereof, have been obtained; provided, however, that the
      Administrative Agent makes no representation or warranty regarding state
      securities or "blue sky" laws in connection with the distribution of the
      Down-MACRO Tradeable Shares.

                  (viii) Additional Registration of Shares. The Administrative
      Agent will make commercially reasonable efforts to maintain a sufficient
      number of Down-MACRO Tradeable Shares registered pursuant to the
      Securities Act available for the fulfillment of Creation Orders as they
      are received.

            (b) Claymore Securities, Inc. and MACRO Financial, LLC, each in its
capacity as a Marketing Agent hereunder, hereby makes, and any successor
Marketing Agent by its appointment hereunder shall make, on the Closing Date (or
on the date of any such appointment), the following representations, warranties
and covenants to the Down-MACRO Tradeable Trust (and agrees that the Depositor
and the Trustee may rely on each such representation, warranty and covenant in
fulfilling their respective duties hereunder):

                  (i) Organization and Good Standing. Claymore Securities, Inc.
      is a Kansas corporation and MACRO Financial, LLC is a Delaware limited
      liability company (or with respect to any successor Marketing Agent, such
      other corporate entity as may be applicable) duly organized, validly
      existing and in good standing under the laws of the State of Kansas and
      Delaware, as applicable (or with respect to any successor Marketing Agent,
      the applicable jurisdiction of its organization), and each of them has
      full corporate or other power, authority and legal right to execute,
      deliver and perform its obligations under this Trust Agreement and, in all
      material respects, to own its properties and conduct its business as such
      properties are presently owned and as such business is presently
      conducted.

                  (ii) Due Qualification. Each Marketing Agent is duly qualified
      to do business and is in good standing as a foreign corporation (or is
      exempt from such requirements), and has obtained all necessary licenses
      and approvals in each jurisdiction in which failure to so qualify or to
      obtain such licenses and approvals would have a material adverse effect on
      the interests of the Holders of the Down-MACRO Tradeable Shares hereunder.

                  (iii) Due Authorization. The execution, delivery and
      performance of this Trust Agreement has been duly authorized by each
      Marketing Agent by all necessary corporate or other action.

                  (iv) Binding Obligation. This Trust Agreement constitutes a
      legal, valid and binding obligation of each of the Marketing Agents,
      enforceable in accordance with its terms, except as enforceability may be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or other similar laws now or hereafter in effect, affecting the
      enforcement of creditors' rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a suit at law or in equity).

                  (v) No Violation. The execution and delivery of this Trust
      Agreement by each of the Marketing Agents, the performance of the
      transactions contemplated by this Trust Agreement and the fulfillment of
      the terms hereof applicable to each Marketing Agent, will not conflict
      with, violate, result in any breach of any of the material terms and
      provisions of, or constitute (with or without notice or lapse of time or
      both) a material default under, any Requirement of Law applicable to
      either Marketing

                                       22
<PAGE>

      Agent or any indenture, contract, agreement, mortgage, deed of trust or
      other instrument to which either MarketingAgent is a party or by which it
      or any of its properties are bound.

                  (vi) No Proceedings. There are no proceedings or
      investigations pending or threatened against either Marketing Agent before
      any Governmental Authority seeking to prevent the consummation of any of
      the transactions contemplated by this Trust Agreement, seeking any
      determination or ruling that, in the reasonable judgment of such Marketing
      Agent, would materially and adversely affect the performance by it of its
      obligations under this Trust Agreement, or seeking any determination or
      ruling that would materially and adversely affect the validity or
      enforceability of this Trust Agreement.

                  (vii) All Consents Required. All approvals, authorizations,
      consents, orders or other actions of any Person or of any Governmental
      Authority required in connection with the execution and delivery by each
      Marketing Agent of this Trust Agreement, the performance by each Marketing
      Agent of the transactions contemplated by this Trust Agreement and the
      fulfillment by each Marketing Agent of the terms hereof, have been
      obtained; provided, however, that neither Marketing Agent makes any
      representation or warranty regarding state securities or "blue sky" laws
      in connection with the distribution of the Down-MACRO Tradeable Shares.

            Section 3.5 Establishment of the Securities Account.

            (a) The Trustee shall establish and maintain in the name of the
Trustee, on behalf of the Down-MACRO Tradeable Trust and for the benefit of the
Holders of the Down-MACRO Tradeable Shares, an Eligible Deposit Account bearing
a designation clearly indicating that the Down-MACRO Holding Shares deposited
therein are held for the benefit of the Holders of the Down-MACRO Tradeable
Shares (the "Securities Account").

            (b) The Securities Account shall initially be established with the
Trustee. The Trustee shall possess all right, title and interest in and to all
of the Down-MACRO Holding Shares on deposit from time to time in the Securities
Account and in all proceeds thereof for the benefit of the Holders of the
Down-MACRO Tradeable Shares.

            (c) The Securities Account shall be under the sole dominion and
control of the Trustee for the benefit of the Holders of the Down-MACRO
Tradeable Shares. Except as expressly provided in this Trust Agreement, each of
the Depositor, the Administrative Agent and the Trustee agree that it shall have
no right of set-off or banker's lien against, and no right to otherwise deduct
from, any assets held in the Securities Account for any amount owed to it by the
Down-MACRO Tradeable Trust or any Holder of Down-MACRO Tradeable Shares. If at
any time the Securities Account ceases to be an Eligible Deposit Account, the
Trustee shall within twenty (20) Business Days establish a new account, transfer
any assets to such new account, and from the date such new account is
established it shall be the "Securities Account" for purposes of this Trust
Agreement.

            (d) In connection with each deposit of Down-MACRO Holding Shares
into the Down-MACRO Tradeable Trust, whether done as part of a Paired Issuance
or otherwise, the Trustee shall credit all Down-MACRO Holding Shares delivered
to it by the Down-MACRO Holding Trustee to the Securities Account on the date on
which the Down-MACRO Tradeable Trust becomes the beneficial owner of such shares
on the records of the Depository.

                                       23
<PAGE>

            (e) In connection with each exchange of Down-MACRO Tradeable Shares
for the underlying Down-MACRO Holding Shares, whether done as part of a Paired
Optional Redemption or otherwise, the Trustee shall remove such Down-MACRO
Holding Shares from the Securities Account and debit the Securities Account such
Down-MACRO Holding Shares in the amount and on the date specified to the Trustee
by the Administrative Agent.

            (f) In connection with the Final Scheduled Termination Date or an
Early Termination Date, the Trustee shall remove all remaining Down-MACRO
Holding Shares from the Securities Account and deliver such Down-MACRO Holding
Shares to the Down-MACRO Holding Trustee for cancellation and debit the
Securities Account from all such Down-MACRO Holding Shares.

            Section 3.6 Establishment of the Distribution Account.

            (a) The Trustee shall establish and maintain in the name of the
Trustee, on behalf of the Down-MACRO Tradeable Trust and for the benefit of the
Holders of the Down-MACRO Tradeable Shares, an Eligible Deposit Account bearing
a designation clearly indicating that the funds deposited therein are held for
the benefit of the Holders of the Down-MACRO Tradeable Shares (the "Distribution
Account").

            (b) The Distribution Account shall initially be established with the
Trustee. The Trustee shall possess all right, title and interest in and to all
funds on deposit from time to time in the Distribution Account and in all
proceeds thereof. The Distribution Account shall be under the sole dominion and
control of the Trustee for the benefit of the Holders of the Down-MACRO
Tradeable Shares.

            (c) Except as expressly provided in this Trust Agreement, each of
the Depositor, the Administrative Agent and the Trustee agree that it shall have
no right of set-off or banker's lien against, and no right to otherwise deduct
from, any funds held in the Distribution Account for any amount owed to it by
the Down-MACRO Tradeable Trust or any Holder of Down-MACRO Tradeable Shares. If,
at any time, the Distribution Account ceases to be an Eligible Deposit Account,
the Trustee shall within twenty (20) Business Days establish a new account,
transfer any funds on deposit therein to such new account, and from the date
such new account is established, it shall be the "Distribution Account" for
purposes of this Trust Agreement.

            (d) Immediately upon receipt thereof, the Trustee shall deposit into
the Distribution Account any distribution amount received on the Down-MACRO
Holding Shares held by the Down-MACRO Tradeable Trust and shall distribute such
amount, on the same Business Day on which such amount is received, to the
Holders of the Down-MACRO Tradeable Shares, ratably based on the Aggregate Par
Amount of Down-MACRO Tradeable Shares held by each such Holder.

            Section 3.7 Establishment of the Netting Account.

            (a) The Trustee shall establish and maintain in the name of the
Trustee, on behalf of the Down-MACRO Tradeable Trust and for the benefit of the
Holders of the Down-MACRO Tradeable Shares, an Eligible Deposit Account bearing
a designation that the securities deposited therein are held for the benefit of
the Holders of the Down-MACRO Tradeable Shares (the "Netting Account").

                                       24
<PAGE>

            (b) The Netting Account shall initially be established with the
Trustee. The Trustee shall possess all right, title and interest in and to all
the securities on deposit from time to time in the Netting Account. The Netting
Account shall be under the sole dominion and control of the Trustee for the
benefit of the Holders of the Down-MACRO Tradeable Shares.

            (c) On the Redemption Date, the Issuance Date or the Business Day
following the Business Day in which an Exchange Order was submitted, on which
(i) both a Redemption Order in which Tradeable Shares are submitted and an
Issuance Order in which Tradeable Shares are requested, are to be executed, (ii)
both a Redemption Order in which Tradeable Shares are submitted and an Exchange
Order pursuant to Section 6.3 in which Down-MACRO Tradeable Shares are
requested, are to be executed or (iii) both an Issuance Order in which Tradeable
Shares are requested and an Exchange Order pursuant to Section 6.3 in which
Down-MACRO Tradeable Shares are submitted, are to be executed, the Trustee shall
net such Down-MACRO Tradeable Shares to be redeemed and/or exchanged against the
Down-MACRO Tradeable Shares to be issued and/or exchanged as follows:

                  (i) if there is a positive difference between the number of
      shares to be redeemed and/or exchanged and the number of shares to be
      issued and/or exchanged, the Trustee shall cancel the number of Down-MACRO
      Tradeable Shares equal to such positive difference and deliver all
      remaining Down-MACRO Tradeable Shares credited to the Netting Account to
      the Authorized Participants who directed the issuance or exchange, as
      applicable, of such shares; or

                  (ii) if there is a positive difference between the number of
      shares to be issued and/or exchanged and the number of shares to be
      redeemed and/or exchanged, the Trustee shall cause the Down-MACRO
      Tradeable Trust to issue new Down-MACRO Tradeable Shares in the amount of
      such positive difference and deliver such newly-issued Down-MACRO
      Tradeable Shares and all Down-MACRO Tradeable Shares credited to the
      Netting Account to the Authorized Participants who directed the issuance
      of such shares.

                  (iii) No Down-MACRO Tradeable Shares shall remain on deposit
      in the Netting Account at the end of each Business Day.

                                   ARTICLE 4

                                  CALCULATIONS

            Section 4.1 Calculations on Price Determination Days.

            (a) With respect to each Price Determination Day, the Trustee shall
calculate and provide to the Administrative Agent and the Calculation Agent,
within the time period agreed upon by the Trustee, the Administrative Agent and
the Calculation Agent, the following data: (i) the number of Down-MACRO Holding
Shares on deposit in the Down-MACRO Tradeable Trust on such preceding Business
Day; (ii) the aggregate amount of Down-MACRO Tradeable Shares Outstanding on
such Business Day; and (iii) the Per Share Underlying Value of an Down-MACRO
Tradeable Share on such Business Day.

            For purposes of calculating the foregoing amounts on any Business
Day, any issuances or exchanges of Down-MACRO Tradeable Shares scheduled to
settle on such Business Day shall be taken into account in making such
calculations.

                                       25
<PAGE>

            (b) The Trustee's calculations pursuant to clause (a) of this
Section 4.1 shall be conclusive and binding upon the Holders of the Down-MACRO
Tradeable Shares and all other Persons.

            Section 4.2 Calculation of Intraday Indicative Values.

            Intraday indicative values for the Per Share Underlying Value of the
Down-MACRO Tradeable Shares based on the intraday trading prices of the
Applicable Reference Price of Crude Oil will be calculated by the Calculation
Agent under the Calculation Agency Agreement based upon the Applicable Reference
Price of Crude Oil and the data provided to the Calculation Agent by the Trustee
pursuant to Section 4.1 of this Trust Agreement, by the Down-MACRO Holding
Trustee pursuant to Section 4.1 of the Down-MACRO Holding Trust Agreement and by
the Up-MACRO Holding Trustee pursuant to Section 4.1 of the Up-MACRO Holding
Trust Agreement.

                                    ARTICLE 5

                DISTRIBUTIONS ON THE DOWN-MACRO TRADEABLE SHARES

            Section 5.1 Rights of Holders of the Down-MACRO Tradeable Shares.
Each Down-MACRO Tradeable Share represents an undivided beneficial interest in
the Down-MACRO Tradeable Trust and the Beneficial Owner thereof is entitled to
receive distributions on such Down-MACRO Tradeable Share on the dates and in the
amounts specified in Section 5.2 from assets on deposit in the Down-MACRO
Tradeable Trust.

            Section 5.2 Distributions. The Trustee, on behalf of the Down-MACRO
Tradeable Trust, shall make the following distributions from amounts on deposit
in the Distribution Account:

            (a) Quarterly Distributions. On the Distribution Payment Date that
follows each Distribution Date, the Trustee shall distribute to each Person who
was a Registered Owner of the Down-MACRO Tradeable Shares as of the Record Date
that preceded such Distribution Payment Date an amount equal to the portion of
the Quarterly Distribution received by the Down-MACRO Tradeable Trust on the
Down-MACRO Holding Shares it holds on deposit, in cash, for delivery thereof by
the Depository to each Person who was a Beneficial Owner of Down-MACRO Tradeable
Shares on such Record Date.

            (b) Final Distributions. On the Distribution Payment Date that
follows the Final Scheduled Termination Date or an Early Termination Date, the
Trustee shall distribute to each Person who was a Registered Owner of the
Down-MACRO Tradeable Shares as of the Record Date that preceded such
Distribution Payment Date an amount equal to the portion of the Final
Distribution received by the Down-MACRO Tradeable Trust on the Down-MACRO
Holding Shares it holds on deposit, in cash, for delivery thereof by the
Depository to each Person who was a Beneficial Owner of Down-MACRO Tradeable
Shares on such Record Date.

            Section 5.3 Payment of Fees and Expenses. All fees and expenses of
the Down-MACRO Tradeable Trust shall be paid by the Down-MACRO Holding Trust
pursuant to the provisions of Section 5.3 and Section 5.4 of the Down-MACRO
Holding Trust Agreement. The Trustee shall promptly deliver to the Down-MACRO
Holding Trustee and the Administrative Agent, notice of and any documentation
relating to any expense incurred by and on behalf of the Down-MACRO Tradeable
Trust and any fee payable by the Down-MACRO Tradeable Trust.

                                       26
<PAGE>

                                   ARTICLE 6

                    EXCHANGES OF DOWN-MACRO TRADEABLE SHARES

            Section 6.1 Exchanges in Connection with Paired Optional
Redemptions.

            (a) On any Price Determination Day occurring after the Closing Date
but prior to the Final Scheduled Termination Date or an Early Termination Date,
any Authorized Participant may direct the redemption of Paired Holding Shares by
delivering a Redemption Order to the Administrative Agent and satisfying the
conditions set forth in Section 6.1 of the Down-MACRO Holding Trust Agreement
(such redemption, a "Paired Optional Redemption"). Any Authorized Participant
who wishes to direct a Paired Optional Redemption pursuant to Section 6.1 of the
Down-MACRO Holding Trust Agreement and who holds Down-MACRO Tradeable Shares,
may direct an exchange and concurrent redemption of its Down-MACRO Tradeable
Shares for their underlying Down-MACRO Holding Shares pursuant to and in
accordance with the procedures specified in the Participants Agreement. The
Authorized Participant directing the Paired Optional Redemption must be the
Beneficial Owner of the Paired Holding Shares or the Down-MACRO and Up-MACRO
Tradeable Shares which are being tendered for redemption, as shown on the
records of the Depository.

            (b) Following the Redemption Date, the redeeming Authorized
Participant must transfer to the Trustee, not later than the date and time
specified in the Participants Agreement, the requisite number of Paired Holding
Shares or Down-MACRO Tradeable Shares and Up-MACRO Tradeable Shares constituting
at least one MACRO Unit or integral multiples thereof, plus the applicable
Redemption Cash Component, if any, and the transaction fee as specified in
Section 6.1(d), and provide written or electronic evidence of such deposit to
the Administrative Agent in accordance with the Participants Agreement.

            (c) Pursuant to Section 6.1(c) of the Down-MACRO Holding Trust
Agreement, the Administrative Agent may, in its discretion, reject any
Redemption Order (i) if the Administrative Agent determines that the Redemption
Order is not in the required form, (ii) if Paired Holding Shares or Down-MACRO
and Up-MACRO Tradeable Shares constituting at least one or more whole MACRO
Units are not tendered to the Trustee for redemption, (iii) if the Depositor has
determined, based upon an opinion of counsel, and advised the Trustee, that such
Redemption Order would have adverse tax or securities laws consequences for
either of the Paired Holding Trusts, the Down-MACRO Tradeable Trust or Up-MACRO
Tradeable Trust, the Holders of the Paired Holding Shares or the Holders of the
Down-MACRO Tradeable Shares or Up-MACRO Tradeable Shares, (iv) if the acceptance
or receipt of the Redemption Order would, in the opinion of counsel to the
Depositor acceptable to the Trustee, be unlawful, (v) if any such redemption
would cause the Down-MACRO Tradeable Trust to hold fifty percent or less of the
Outstanding Down-MACRO Holding Shares, (vi) if circumstances outside the control
of the Trustee, the Depositor or the Administrative Agent make it impractical or
not feasible to process the Redemption Order on the Redemption Order Date or the
Redemption Date, or (vii) if the Up-MACRO Holding Trustee has notified the
Trustee that it has rejected the related Redemption Order or the related
Exchange Order delivered under the Up-MACRO Holding Trust Agreement for one of
the reasons described in Section 6.1(c) of the Up-MACRO Holding Trust Agreement.
None of the Trustee, the Depositor or the Administrative Agent shall be liable
to any Person for rejecting a Redemption Order pursuant to Section 6.1(c) of the
Down-MACRO and/or Up-MACRO Holding Trust Agreement.

                                       27
<PAGE>

            (d) A non-refundable transaction fee will be payable to the
Down-MACRO Holding Trustee for its own account in the amount specified in
Section 7 of the Participants Agreement in connection with each Redemption
Order.

            (e) On any Distribution Date that is an Early Termination Date, or
the Final Scheduled Termination Date, the Trustee shall redeem all of the
Down-MACRO Tradeable Shares that are Outstanding on such Distribution Date at
their Per Share Underlying Value, as calculated on the immediately preceding
Price Determination Day, using the funds received on such date from the
Down-MACRO Holding Trustee pursuant to the terms of the Down-MACRO Holding Trust
Agreement.

            Section 6.2 Paired Issuances.

            (a) On any Price Determination Day that occurs after the Closing
Date but prior to the Final Scheduled Termination Date or an Early Termination
Date, the Down-MACRO Holding Trust shall issue additional Down-MACRO Holding
Shares contemporaneously with the issuance of additional Up-MACRO Holding Shares
in the form of MACRO Units (such an issuance, a "Paired Issuance") and, if
applicable, concurrently exchange such MACRO Units to their related Tradeable
Shares following the receipt of, and in accordance with, a Creation Order
delivered by an Authorized Participant and forwarded to the Trustee by the
Administrative Agent. Any Authorized Participant who directs a Paired Issuance
pursuant to Section 6.2 of the Down-MACRO Holding Trust Agreement shall be
deemed (unless it has specifically directed that Paired Holding Shares be
delivered to it) to direct the deposit of the Paired Holding Shares created in
such Paired Issuance into the Down-MACRO Tradeable Trust and the issuance in
exchange therefor of Down-MACRO Tradeable Shares which shall be delivered to the
Authorized Participant pursuant to and in accordance with the procedures
specified in the Participants Agreement.

            (b) Subject to the requirements and limitations set forth herein, in
the Participants Agreement and in the Down-MACRO Holding Trust Agreement, the
number of Down-MACRO Tradeable Shares that the Down-MACRO Tradeable Trust may
issue is unlimited.

            (c) Pursuant to Section 6.2(c) of the Down-MACRO Holding Trust
Agreement, the Administrative Agent may, in its discretion, reject any Creation
Order (i) if the Administrative Agent determines that the Creation Order is not
in the required form, (ii) if the Trustee notifies the Administrative Agent that
the Authorized Participant directing the Paired Issuance has not deposited
sufficient funds with the Trustee, (iii) if the Depositor determines, based upon
an opinion of counsel, that such Creation Order would have adverse tax or
securities law consequences for either of the Paired Holding Trusts, the
Down-MACRO Tradeable Trust or Up-MACRO Tradeable Trust, the Holders of the
Paired Holding Shares or the Holders of the Down-MACRO Tradeable Shares or Down
MACRO Tradeable Shares, (iv) the acceptance or fulfillment of which would, in
the opinion of counsel to the Depositor acceptable to the Trustee, be unlawful,
(v) if any such creation would cause the Down-MACRO Tradeable Trust to hold
fifty percent or less of the Outstanding Down-MACRO Holding Shares (vi) if the
Up-MACRO Holding Trustee notifies the Trustee that the Creation Order for
additional Up-MACRO Holding Shares has been or will be rejected by it, by the
Administrative Agent on behalf of the Up-MACRO Holding Trust, (vii) if
circumstances outside the control of the Trustee, the Depositor or the
Administrative Agent make it impractical or not feasible to process the Creation
Order on the Issuance Order Date or on the Issuance Date, or (viii) if there are
not sufficient Up-MACRO Tradeable Shares registered pursuant to the Securities
Act to fulfill such Creation Order. None of

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<PAGE>

the Trustee, the Depositor or the Administrative Agent shall be liable to any
Person by reason of the rejection of any Creation Order.

            (d) A non-refundable transaction fee will be payable to the
Down-MACRO Holding Trustee for its own account in the amount specified in
Section 7 of the Participants Agreement in connection with each Creation Order.

            Section 6.3 Exchanges of Down-MACRO Tradeable Shares Other than in
Paired Optional Redemptions or Paired Issuances.

            (a) On any Business Day, an Authorized Participant may submit an
Exchange Order to the Administrative Agent requesting an exchange of its
Down-MACRO Tradeable Shares for the underlying Down-MACRO Holding Shares, and
the Administrative Agent, upon processing such Exchange Order, shall provide the
Trustee with the requisite information needed in order to effectuate such order.
The Administrative Agent shall provide such information at the times set forth
in Attachment A-III to the Participants Agreement. The Trustee and the
Administrative Agent, in effectuating each Exchange Order, shall follow the
procedures set forth herein and in Attachment A-III to the Participants
Agreement.

            (b) The Administrative Agent will accept Exchange Orders only from
Authorized Participants with respect to which the Participants Agreement is in
full force and effect.

            (c) After receiving an Authorized Participant's Exchange Order from
the Administrative Agent, the Trustee will, as directed in such Exchange Order,
either (i) withdraw Down-MACRO Holding Shares in an equal number to the
Down-MACRO Tradeable Shares delivered by such Authorized Participant from the
Securities Account and deliver those Down-MACRO Holding Shares to the Authorized
Participant or (ii) deposit the Down-MACRO Holding Shares delivered by such
Authorized Participant into the Down-MACRO Tradeable Trust and cause the
Down-MACRO Tradeable Trust to deliver to such Authorized Participant Down-MACRO
Tradeable Shares on deposit in the Netting Account on the applicable day of
settlement, if any, and, if the Down-MACRO Tradeable Shares on deposit in the
Netting Account are insufficient to satisfy such Exchange Order, to issue one
Down-MACRO Tradeable Share for each Down-MACRO Holding Share delivered by it, in
each case, in accordance with, and subject to the satisfaction of, the terms and
conditions set forth in the Participants Agreement.

            (d) Any Exchange Order is subject to suspension or delay by the
Administrative Agent pursuant to Section 6.1(c), Section 6.2(c) or Section 6.4,
as applicable.

            Section 6.4 Suspension or Delay of Settlement.

            (a) The Administrative Agent may, in its discretion, and will when
so directed by the Depositor, suspend the right of exchange for the Down-MACRO
Tradeable Shares, or postpone the date of settlement for any such exchange,

                  (i) for any period during which the AMEX or NYMEX is closed,
      or trading is suspended or restricted;

                  (ii) for any period during which an emergency exists as a
      result of which delivery or acquisition of Eligible Treasuries by the
      Paired Holding Trusts is not reasonably practicable;

                                       29
<PAGE>

                  (iii) if any such redemption would cause the Down-MACRO or
      Up-MACRO Investment Amount to equal less than 10 million dollars; and

                  (iv) for such other period as the Depositor, the Trustee or
      the Administrative Agent determines to be necessary for the protection of
      the Beneficial Owners of any of the Paired Holding Shares, the Down-MACRO
      Tradeable Shares or the Up-MACRO Tradeable Shares.

            None of the Depositor, the Trustee or the Administrative Agent will
be liable to any Person for any loss or damages that may result from any such
suspension or postponement.

            Section 6.5 The Participants Agreement.

            (a) Each Paired Optional Redemption, each Paired Issuance and each
Exchange Order shall be effected in accordance with the procedures set forth in
Attachment A to the Participants Agreement, which may be amended from time to
time with the written consent of the Trustee, the Down-MACRO Holding Trustee,
the Up-MACRO Holding Trustee, the Up-MACRO Tradeable Trustee and the
Administrative Agent in accordance with the provisions thereof.

            (b) The Trustee and the Administrative Agent shall only process
Redemption Orders, Creation Orders and Exchange Orders from Authorized
Participants who have executed a Participants Agreement that is in full force
and effect at the time when the Redemption Order, the Creation Order or the
Exchange Order is placed. The Administrative Agent will maintain and make
available at its Business Office during normal business hours a current list of
the Authorized Participants eligible to participate in a Paired Issuance.

            (c) In the event that the provisions of this Trust Agreement and the
Participants Agreement conflict in any way, the provisions of the Participants
Agreement will prevail insofar as they relate to the requirements and procedures
for directing and effecting Paired Optional Redemptions, Paired Issuances and
Exchange Orders.

                                    ARTICLE 7

                                   [RESERVED].

                                    ARTICLE 8

             REPORTING TO HOLDERS OF THE DOWN-MACRO TRADEABLE SHARES

            Section 8.1 Calculations for the Down-MACRO Tradeable Shares.

            (a) On each Price Determination Day, the Trustee shall calculate and
provide to the Administrative Agent for posting on the MACROshares Website,
within the time period agreed upon between the Administrative Agent and the
Trustee, the Per Share Underlying Value of an Down-MACRO Tradeable Share and the
number of Down-MACRO Holding Shares on deposit in the Down-MACRO Tradeable
Trust.

            (b) Not later than the 10 Business Days following each calendar
quarter, the Trustee shall calculate and provide to the Depositor for inclusion
in the quarterly report on Form 10-Q that the Depositor will prepare and file
with the SEC on behalf of the Down-MACRO Holding Trust the following
information:

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<PAGE>

                  (i) a record of the aggregate exchanges of Down-MACRO
      Tradeable Shares for the underlying Down-MACRO Holding Shares in
      connection with Paired Optional Redemptions or otherwise and the aggregate
      number of Down-MACRO Holding Shares deposited into the Down-MACRO
      Tradeable Trust in connection with Paired Issuances or otherwise; and

                  (ii) the aggregate number of Down-MACRO Tradeable Shares
      Outstanding as of the date of the applicable report.

            (c) The Administrative Agent shall post all of the information
calculated and provided to them by the Trustee pursuant to clause (a) of this
Section 8.1 on the MACROshares Website on each Price Determination Day.

            Section 8.2 Periodic Reports.

            (a) After the end of each fiscal year, the Depositor shall prepare
an annual report on Form 10-K for the Down-MACRO Tradeable Trust containing
financial statements prepared by the Depositor and audited by Independent
accountants engaged by the Depositor. The annual report shall contain such
information as shall be required by applicable laws, rules and regulations and
may contain such additional information as the Depositor or the Administrative
Agent determines shall be included. The Depositor shall file such annual report
with the SEC in such manner as shall be required by applicable laws, rules and
regulations.

            (b) After the end of each calendar quarter, the Depositor shall
prepare a quarterly report on Form 10-Q for the Down-MACRO Tradeable Trust
containing unaudited financial statements prepared by the Depositor. The
quarterly report shall be in such form and contain such information as shall be
required by applicable laws, rules and regulations and may contain such
information as the Depositor determines shall be included. The Depositor shall
file such quarterly report with the SEC in such manner as shall be required by
applicable laws, rules and regulations.

            (c) Reports on Form 10-Q and Form 10-K pursuant to this Section
8.2 shall be made in accordance with instructions set forth in such Form 10-Q
or Form 10-K, as applicable.

            Section 8.3 Form 8-K Disclosure. Within four Business Days (or such
shorter period as required under the general instructions to Form 8-K), the
Depositor shall file a Form 8-K with the SEC disclosing:

            (a) the occurrence of a Trustee Termination Event;

            (b) the appointment of a Successor Trustee;

            (c) the resignation of the Trustee, the Down-MACRO Holding Trustee,
the Up-MACRO Holding Trustee, the Administrative Agent, either Marketing Agent
or the Calculation Agent under the Calculation Agency Agreement;

            (d) the appointment of a successor trustee for the Down-MACRO
Holding Trust and/or the Up-MACRO Holding Trust, a successor Administrative
Agent, any successor Marketing Agent or a successor Calculation Agent under the
Calculation Agency Agreement;

            (e) the occurrence of a Termination Trigger;

                                       31
<PAGE>

            (f) an amendment to this Trust Agreement, the Down-MACRO Holding
Trust Agreement, the Up-MACRO Holding Trust Agreement, the Participants
Agreement or any other Transaction Document;

            (g) at the sole discretion of the Depositor, a change to the list of
Authorized Participants set forth on Schedule I to the Participants Agreement;
and

            (h) any other event that would be material to the Holders of the
Down-MACRO Tradeable Shares and which is, accordingly, required to be disclosed
by means of the filing of a Form 8-K.

            Section 8.4 Listing of the Down-MACRO Tradeable Shares. The
Depositor shall use its best efforts to obtain and maintain the listing of the
Down-MACRO Tradeable Shares on a national stock exchange. Within three (3)
Business Days following receipt of notice of any actual, proposed or
contemplated de-listing of the Down-MACRO Tradeable Shares by any such stock
exchange, the Depositor shall terminate the listing on such stock exchange.

            Section 8.5 Disclosure Controls and Procedures. The Depositor shall
establish and maintain disclosure controls and procedures (as defined in Rule
13a-14 and 15d-14 under the Exchange Act, giving effect to the rules and
regulations and SEC interpretations (whether or not public) thereunder) that
shall be designed to ensure that (i) material information relating to the
Down-MACRO Tradeable Trust is made known to the Depositor, (ii) such disclosure
controls and procedures are effective to perform the functions for which they
were established; (iii) the Depositor will be advised, on behalf of the
Down-MACRO Tradeable Trust, of: (A) any significant deficiencies in the design
or operation of such controls which could adversely affect the Trust Accounting
Agent's or the Depositor's ability to record, process, summarize, and report
financial data; and (B) any fraud, whether or not material, that involves
management or other employees who have a role in the Trust Accounting Agent's or
the Depositor's internal controls; and (iv) any material weaknesses in such
controls are able to be identified for the Down-MACRO Tradeable Trust's
auditors.

            Section 8.6 Trust Accounting Agent Responsibilities. The Trustee, in
its capacity as the Fund Accounting Agent, shall maintain a system of internal
accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with this Trust Agreement and the
Trustee's duties hereunder; (ii) transactions with respect to the Down-MACRO
Tradeable Trust and notified to the Trustee are recorded as necessary to permit
preparation of financial statements and to maintain accountability for the Trust
Assets; and (iii) the Trust Assets are held for the Down-MACRO Tradeable Trust
by the Trustee in accordance with this Trust Agreement.

                                   ARTICLE 9

                     OTHER MATTERS RELATING TO THE DEPOSITOR

            Section 9.1 Liability of the Depositor. The Depositor shall be
liable in all respects for the obligations, covenants, representations and
warranties of the Depositor arising under or related to this Trust Agreement.
The Depositor shall be liable only to the extent of the obligations specifically
undertaken by it in its capacity as Depositor.

            Section 9.2 Limitations on Liability of the Depositor , Claymore
Securities, Inc. and MACRO Financial LLC. None of the Depositor, Claymore
Securities, Inc.,

                                       32
<PAGE>

MACRO Financial, LLC or any of their respective directors, officers, employees
or agents acting in such capacities shall be under any liability to the
Down-MACRO Tradeable Trust, the Trustee, the Holders of the Down-MACRO Tradeable
Shares or any other Person for taking any action or for refraining from taking
any action in good faith in their capacities as Depositor, Administrative Agent
or Marketing Agents, as applicable, pursuant to this Trust Agreement; provided,
however, that this provision shall not protect the Depositor, Claymore
Securities, Inc., MACRO Financial, LLC or any of their respective directors,
officers, employees or agents against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of reckless disregard of its obligations
and duties hereunder. The Depositor, Claymore Securities, Inc., MACRO Financial,
LLC and each of their respective directors, officers, employees and agents may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person (other than, in the case of the Depositor, the
Depositor, in the case of Claymore Securities, Inc., Claymore Securities, Inc.
and, in the case of MACRO Financial, LLC, MACRO Financial, LLC) respecting any
matters arising hereunder.

            Section 9.3 Liabilities; Indemnification.

            (a) Notwithstanding the other provisions of this Trust Agreement,
the Depositor, by entering into this Trust Agreement, agrees to be liable,
directly to the injured party, for the entire amount of any losses, claims,
damages or liabilities (other than those incurred by a Holder as a result of
market fluctuations or other similar market or investment risks associated with
ownership of the Down-MACRO Tradeable Shares) arising out of or based on the
arrangement created by this Trust Agreement or the actions of the Depositor
taken pursuant hereto or arising from any allegation of infringement of the
intellectual property rights of third parties (to the extent that, if the Trust
Assets at the time the claim is made were not used to pay in full all
Outstanding Down-MACRO Tradeable Shares, the Trust Assets would be used to pay
any such losses, claims, damages or liabilities).

            (b) The Depositor shall indemnify and hold harmless the Trustee and
its officers, directors, employees and agents from and against any loss,
liability, expense, damage or injury (collectively, a "Loss") suffered or
sustained by reason of the acts performed or omitted by the Trustee pursuant to
this Trust Agreement, including any judgment, award, settlement, reasonable
attorneys' fees and other costs or expenses incurred in connection with the
defense of any action, proceeding or claim including, without limitation, any
action, proceeding or claim relating to or arising from any alleged infringement
of intellectual property rights of third parties; provided, however, that the
Depositor's duty to indemnify under this Section 9.3(b) shall not extend to any
Losses (i) for which the Trustee has a right to indemnification under any other
provision of this Trust Agreement, or (ii) that are caused by or result from the
breach of contract by, or the fraud, negligence or willful misconduct of, the
Trustee or its officers, directors, employees or agents.

            (c) The Depositor and its members, managers, officers, employees,
affiliates (as such term is defined in Regulation S-X of the Securities Act) and
subsidiaries (each, a "Depositor Indemnified Party") shall be indemnified by the
Down-MACRO Tradeable Trust and held harmless against any loss, liability or
expense incurred hereunder without (1) gross negligence, bad faith, willful
misconduct or willful malfeasance on the part of such Depositor Indemnified
Party arising out of or in connection with the performance of its obligations
hereunder or any actions taken in accordance with the provisions of this Trust
Agreement or (2) reckless disregard on the part of such Depositor Indemnified
Party of its obligations and duties under this Trust Agreement. Each Depositor
Indemnified Party shall also be indemnified by the

                                       33
<PAGE>

Down-MACRO Tradeable Trust and held harmless against any loss, liability or
expense arising under the Participants Agreement insofar as such loss, liability
or expense arises from any untrue statement or alleged untrue statement of a
material fact contained in any written statement provided to the Depositor by
any of the Calculation Agent, the Administrative Agent and the Trustee. Such
indemnity shall include payment from the Down-MACRO Tradeable Trust of the costs
and expenses incurred by such Depositor Indemnified Party in defending itself
against any such indemnified claim or liability.

            (d) Any obligation owed by the Down-MACRO Tradeable Trust pursuant
to this Section 9.3 shall be paid by the Down-MACRO Holding Trust in accordance
with the provisions of Section 5.3 of the Down-MACRO Holding Trust Agreement.

                                   ARTICLE 10

                             MATTERS RELATING TO THE
                  ADMINISTRATIVE AGENT AND THE MARKETING AGENTS

            Section 10.1 Role of the Administrative Agent. The Administrative
Agent hereby acknowledges and accepts its role pursuant to its duties set forth
in this Trust Agreement.

            Section 10.2 Liability of the Administrative Agent. The
Administrative Agent shall be liable under this Trust Agreement only to the
extent of the obligations specifically undertaken hereunder by the
Administrative Agent in its capacity as Administrative Agent.

            Section 10.3 Limitation on Liability of the Administrative Agent.
Neither the Administrative Agent nor any of the directors, officers, employees
or agents of the Administrative Agent shall be under any liability to the
Down-MACRO Tradeable Trust, the Trustee, the Holders of the Down-MACRO Tradeable
Shares or any other Person for any action taken or for refraining from taking
any action in good faith in its capacity as Administrative Agent pursuant to
this Trust Agreement; provided, however, that this provision shall not protect
the Administrative Agent or any director, officer, employee or agent of the
Administrative Agent against any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of reckless disregard of its obligations and duties
hereunder. The Administrative Agent and any director, officer, employee or agent
of the Administrative Agent may rely in good faith on any document properly
executed and delivered under this Trust Agreement by the Depositor, the Trustee,
the Up-MACRO Holding Trustee, the Down-MACRO Holding Trustee, the Up-MACRO
Tradeable Trustee or any Authorized Participant respecting any matters arising
hereunder. The Administrative Agent shall not be under any obligation to appear
in, prosecute or defend any legal action which is not incidental to its duties
as Administrative Agent in accordance with this Trust Agreement and which in its
reasonable judgment may involve it in any expense or liability unless the
Administrative Agent has obtained an indemnity from the Holders of the
Down-MACRO Tradeable Shares sufficient to hold it harmless from such liability.
The Administrative Agent may, in its sole discretion, undertake any such legal
action which it may deem necessary or desirable for the benefit and interests of
the Holders of the Down-MACRO Tradeable Shares and the rights and duties of the
parties hereto.

            Section 10.4 Administrative Agent Indemnification of the Down-MACRO
Tradeable Trust and the Trustee. The Administrative Agent shall indemnify and
hold harmless the Down-MACRO Tradeable Trust, the Depositor and the Trustee and
their respective officers, directors, employees and agents (each, an
"Administrative Agent Indemnified Party") from and

                                       34
<PAGE>

against any loss, liability, expense, damage or injury suffered or sustained by
reason of any acts or omissions of the Administrative Agent under this Trust
Agreement, including any judgment, award, settlement, reasonable attorneys' fees
and other costs or expenses incurred in connection with the defense of any
action, proceeding or claim; provided, however, that the Administrative Agent
shall not indemnify the Trustee if such acts or omissions, or alleged acts or
omissions, constitute or are caused by fraud, negligence, or willful misconduct
of the Trustee; provided, further that the Administrative Agent shall not
indemnify the Depositor if such acts or omissions, or alleged acts or omissions,
constitute or are caused by fraud, gross negligence, or willful misconduct of
the Depositor; provided, further, that the Administrative Agent shall not
indemnify the Down-MACRO Tradeable Trust or the Holders of the Down-MACRO
Tradeable Shares for any liabilities, costs or expenses of the Down-MACRO
Tradeable Trust with respect to any action taken by the Trustee at the request
of the Holders of the Down-MACRO Tradeable Shares; provided, further, that the
Administrative Agent shall not indemnify the Down-MACRO Tradeable Trust or the
Holders of the Down-MACRO Tradeable Shares as to any losses, claims or damages
incurred by any of them in their capacities as investors, including, without
limitation, losses with respect to market or investment risks associated with
ownership of the Down-MACRO Tradeable Shares; and provided, further, that the
Administrative Agent shall not indemnify the Down-MACRO Tradeable Trust or the
Holders of the Down-MACRO Tradeable Shares for any liabilities, costs or
expenses of the Down-MACRO Tradeable Trust or the Holders of the Down-MACRO
Tradeable Shares arising under any tax law, including any federal, state, local
or foreign income or franchise taxes or any other tax imposed on or measured by
income (or any interest or penalties with respect thereto or arising from a
failure to comply therewith) required to be paid by the Down-MACRO Tradeable
Trust or the Holders of the Down-MACRO Tradeable Shares in connection herewith
to any taxing authority. Indemnification pursuant to this Section 10.4 shall not
be payable from the Trust Assets. The provisions of this indemnity shall run
directly to and be enforceable by an Administrative Agent Indemnified Party,
subject to the limitations hereof. The obligations of the Administrative Agent
under this Section 10.4 shall survive the termination of the Down-MACRO
Tradeable Trust and the resignation or removal of the Administrative Agent or
the resignation or removal of any of the entities which constitute
Administrative Agent Indemnified Parties at the time of the execution of this
Trust Agreement and the appointment of successors thereto.

            Section 10.5 Delegation of Duties. In the ordinary course of
business, the Administrative Agent may at any time delegate any duties hereunder
to any Person who agrees to conduct such duties in accordance with this Trust
Agreement. Any such delegations shall not relieve the Administrative Agent of
its liability and responsibility with respect to such duties and shall not
constitute a resignation, and the Administrative Agent will remain jointly and
severally liable with such Person for any amounts which would otherwise be
payable pursuant to this ARTICLE 10 as if the Administrative Agent had performed
such duty; provided, however, that in the case of any significant delegation to
a Person other than an Affiliate of the Administrative Agent, (1) at least
thirty (30) days' prior written notice shall be given to the Trustee and the
Depositor of such delegation to any entity that is not an Affiliate of the
Administrative Agent and (2) the prior written consent of the Depositor must be
obtained. Notwithstanding anything herein to the contrary, the Administrative
Agent shall not assign any of its duties and responsibilities hereunder,
provided, that the Administrative Agent shall be entitled to assign or pledge
its right to receive the Down-MACRO Administration and Marketing Fee hereunder
to any third party.

                                       35
<PAGE>

            Section 10.6 Resignation or Removal of Administrative Agent.

            (a) An Administrative Agent appointed to office shall hold office
until its successor shall have been appointed by the Holders in accordance with
this Trust Agreement or until its termination, removal or resignation.

            (b) Subject to the provisions of this Section 10.6, the
Administrative Agent may be appointed, removed or replaced with or without cause
at any time by the Depositor, upon written notice; provided, however, that the
Administrative Agent shall not be removed in accordance with this Section 10.6
until a successor administrative agent possessing the qualifications to act as
Administrative Agent and willing and able to make the representations contained
in Section 3.4 (a "Successor Administrative Agent") has been appointed by the
Depositor and has accepted such appointment by written instrument executed by
such Successor Administrative Agent and delivered to the Depositor.

            (c) Any Administrative Agent may resign hereunder by an instrument
in writing signed by the Administrative Agent and delivered to the Depositor,
the Trustee and each Registered Owner, which shall become effective on the date
specified in such instrument; provided, however, that no such resignation of a
Administrative Agent shall become effective:

                  (i) until a Successor Administrative Agent has been appointed
      and has accepted such appointment by instrument executed by such Successor
      Administrative Agent and delivered to the Down-MACRO Tradeable Trust, the
      Depositor and the resigning Administrative Agent; or

                  (ii) until the assets of the Down-MACRO Tradeable Trust have
      been completely liquidated and the proceeds thereof distributed to the
      Holders.

If no Successor Administrative Agent shall have been appointed and accepted such
appointment within thirty (30) days after delivery to the Depositor and the
Down-MACRO Tradeable Trust of an instrument of resignation, the resigning
Administrative Agent may petition at the expense of the Down-MACRO Tradeable
Trust any court of competent jurisdiction for appointment of a Successor
Administrative Agent. Such court may thereupon, after prescribing such notice,
if any, as it may deem proper, appoint a Successor Administrative Agent.

            (d) No Administrative Agent shall be liable for anything that occurs
after it has ceased to act in such capacity, including, without limitation, the
acts or omissions to act of any Successor Administrative Agent

            Section 10.7 Role of the Marketing Agents. Each Marketing Agent
hereby acknowledges and accepts its role pursuant to its duties set forth in
Exhibit G to the Down-MACRO Holding Trust Agreement.

            Section 10.8 Liability of the Marketing Agents. The Marketing Agents
shall be liable under this Trust Agreement only to the extent of the obligations
specifically undertaken hereunder by each of them in their capacity as a
Marketing Agent.

            Section 10.9 Limitation on Liability of the Marketing Agents. None
of the Marketing Agents or any of their respective directors, officers,
employees or agents shall be under any liability to the Down-MACRO Tradeable
Trust, the Trustee, the Administrative Agent, the Holders of the Down-MACRO
Tradeable Shares or any other Person for any action taken or for refraining from
taking any action in good faith in its capacity as Marketing Agent pursuant to

                                       36
<PAGE>

this Trust Agreement; provided, however, that this provision shall not protect
either Marketing Agent or their respective directors, officers, employees or
agents against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or gross negligence in the performance of its
duties or by reason of reckless disregard of its obligations and duties
hereunder. Each Marketing Agent and their respective directors, officers,
employees or agents may rely in good faith on any document properly executed and
delivered under this Trust Agreement by the Depositor, the Trustee, the
Administrative Agent, the Up-MACRO Holding Trustee, the Down-MACRO Holding
Trustee, the Up-MACRO Tradeable Trustee or any Authorized Participant respecting
any matters arising hereunder. Neither Marketing Agent shall be under any
obligation to appear in, prosecute or defend any legal action which is not
incidental to its duties as Marketing Agent in accordance with this Trust
Agreement and which in its reasonable judgment may involve it in any expense or
liability unless such Marketing Agent has obtained an indemnity from the Holders
of the Down-MACRO Tradeable Shares sufficient to hold it harmless from such
liability.

            Section 10.10 Marketing Agent Indemnification of the Down-MACRO
Tradeable Trust and the Trustee. Each Marketing Agent shall indemnify and hold
harmless the Down-MACRO Tradeable Trust, the Depositor and the Trustee and their
respective officers, directors, employees and agents (each, a "Marketing Agent
Indemnified Party") from and against any loss, liability, expense, damage or
injury suffered or sustained by reason of any acts or omissions of such
Marketing Agent under this Trust Agreement, including any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any action, proceeding or claim; provided,
however, that neither Marketing Agent shall indemnify the Trustee if such acts
or omissions, or alleged acts or omissions, constitute or are caused by fraud,
negligence, or willful misconduct of the Trustee; provided, further, that
neither Marketing Agent shall indemnify the Depositor if such acts or omissions,
or alleged acts or omissions, constitute or are caused by fraud, gross
negligence, or willful misconduct of the Depositor; provided, further, that
neither Marketing Agent shall indemnify the Down-MACRO Tradeable Trust or the
Holders of the Down-MACRO Tradeable Shares for any liabilities, costs or
expenses of the Down-MACRO Tradeable Trust with respect to any action taken by
the Trustee at the request of the Holders of the Down-MACRO Tradeable Shares;
provided, further, that neither Marketing Agent shall indemnify the Down-MACRO
Tradeable Trust or the Holders of the Down-MACRO Tradeable Shares as to any
losses, claims or damages incurred by any of them in their capacities as
investors, including, without limitation, losses with respect to market or
investment risks associated with ownership of the Down-MACRO Tradeable Shares;
and provided, further, that neither Marketing Agent shall indemnify the
Down-MACRO Tradeable Trust or the Holders of the Down-MACRO Tradeable Shares for
any liabilities, costs or expenses of the Down-MACRO Tradeable Trust or the
Holders of the Down-MACRO Tradeable Shares arising under any tax law, including
any federal, state, local or foreign income or franchise taxes or any other tax
imposed on or measured by income (or any interest or penalties with respect
thereto or arising from a failure to comply therewith) required to be paid by
the Down-MACRO Tradeable Trust or the Holders of the Down-MACRO Tradeable Shares
in connection herewith to any taxing authority. Indemnification pursuant to this
Section 10.10 shall not be payable from the Trust Assets. The provisions of this
indemnity shall run directly to and be enforceable by a Marketing Agent
Indemnified Party, subject to the limitations hereof. The obligations of each
Marketing Agent under this Section 10.10 shall survive the termination of the
Down-MACRO Tradeable Trust and the resignation or removal of such Marketing
Agent or the resignation or removal of any of the entities which constitute
Marketing Agent Indemnified Parties at the time of the execution of this Trust
Agreement and the appointment of successors thereto.

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<PAGE>

            Section 10.11 Delegation of Duties. In the ordinary course of
business, each Marketing Agent may at any time delegate any duties hereunder to
any Person who agrees to conduct such duties in accordance with this Trust
Agreement. Any such delegations shall not relieve such Marketing Agent of its
liability and responsibility with respect to such duties and shall not
constitute a resignation, and such Marketing Agent will remain jointly and
severally liable with such Person for any amounts which would otherwise be
payable pursuant to this ARTICLE 10 as if such Marketing Agent had performed
such duty; provided, however, that in the case of any significant delegation to
a Person other than an Affiliate of such Marketing Agent, (1) at least thirty
(30) days' prior written notice shall be given to the Trustee and the Depositor
of such delegation to any entity that is not an Affiliate of such Marketing
Agent and (2) the prior written consent of the Depositor must be obtained.

                                   ARTICLE 11

                                EARLY TERMINATION

            Section 11.1 Termination Triggers.

                  (a) The Down-MACRO Tradeable Trust shall terminate if any one
of the following events (each, a "Termination Trigger") occurs:

                  (i) any of the following circumstances persists for five (5)
      consecutive Business Days: (i) the Applicable Reference Price of Crude Oil
      is not established by NYMEX or the Substitute Oil Price Provider; (ii)
      NYMEX or such Substitute Oil Price Provider refuses to make that price
      available to the Administrative Agent for the purpose of calculating the
      Down-MACRO Underlying Value; or (iii)(a) NYMEX terminates the NYMEX
      License or does not agree to a renewal thereof after the expiration of its
      initial 5-year term and the Depositor and MacroMarkets LLC are unable to
      enter into a Substitute Reference Price Licensing Agreement with the Dow
      Jones Energy Service or (b) in the event that the Depositor and
      MacroMarkets LLC have already entered into a Substitute Reference Price
      Licensing Agreement, the Substitute Oil Price Provider which is party to
      such agreement terminates that license and, in the case of either (a) or
      (b), the Holders do not select a Substitute Oil Price Provider or the
      Depositor and MacroMarkets LLC are unable to enter into a Substitute
      Reference Price Licensing Agreement with the Substitute Oil Price Provider
      that was selected by the Holders;

                  (ii) the Applicable Reference Price of Crude Oil rises to or
      above $111, at which level the Underlying Value of the Down-MACRO Holding
      Trust will be equal to 15% or less of assets it holds on deposit, or the
      Applicable Reference Price of Crude Oil falls to or below $9, at which
      level the Underlying Value of the Up-MACRO Holding Trust will be equal
      to 15% or less of the assets it holds on deposit and, in either case, the
      Applicable Reference Price of Crude Oil remains at that level for three
      (3) consecutive Price Determination Days;

                  (iii) any of the Down-MACRO Holding Trust, the Up-MACRO
      Holding Trust, the Down-MACRO Tradeable Trust or the Up-MACRO Tradeable
      Trust becomes required to register as an "investment company" under the
      Investment Company Act; provided, that the failure of the Down-MACRO
      Tradeable Trust to hold at least a majority of the Down-MACRO Holding
      Shares or the failure of the Up-MACRO Tradeable Trust to hold at least a
      majority of the Up-MACRO Holding Shares shall not constitute a
      Termination Trigger until the expiration of 90 days following the date
      as of

                                       38
<PAGE>

      which such failure first occurred, during which period the
      Administrative Agent shall be permitted to seek to remedy such failure;

                  (iv) any of the Down-MACRO Holding Trust, the Up-MACRO Holding
      Trust, the Down-MACRO Tradeable Trust or the Up-MACRO Tradeable Trust
      becomes a commodities pool that is regulated under the CEAct;

                  (v) DTC becomes unwilling or unable to act as Depository under
      this Trust Agreement and no suitable replacement is willing and able to
      assume the duties of the Depository hereunder;

                  (vi) the Administrative Agent resigns or is unable to perform
      its duties under the Down-MACRO Holding Trust Agreement and the Up-MACRO
      Holding Trust Agreement or becomes bankrupt or insolvent, and no suitable
      replacement is willing and able to assume the duties of the Administrative
      Agent under such agreements;

                  (vii) the Depositor elects to terminate the Down-MACRO Holding
      Trust and 66 and 2/3% of the Holders of the Down-MACRO Holding Trust and
      the Up-MACRO Holding Trust, each voting as a separate class (with each
      Holder of Tradeable Shares being entitled to vote the underlying Holding
      Shares on deposit in its Tradeable Trust), consent to such termination;

                  (viii) a decree or order is entered by a court having
      competent jurisdiction adjudging any of the Down-MACRO Holding Trust, the
      Up-MACRO Holding Trust, the Down-MACRO Tradeable Trust or the Up-MACRO
      Tradeable Trust to be bankrupt or insolvent or granting an order for
      relief or approving as properly filed a petition seeking reorganization,
      arrangement, adjustment or composition of or in respect of any of the
      Down-MACRO Holding Trust, the Up-MACRO Holding Trust, the Down-MACRO
      Tradeable Trust or the Up-MACRO Tradeable Trust under the Bankruptcy Code
      or any other applicable law, or appointing a receiver, liquidator,
      assignee or sequestrator (or other similar official) of any of the
      Down-MACRO Holding Trust, the Up-MACRO Holding Trust, the Down-MACRO
      Tradeable Trust or the Up-MACRO Tradeable Trust or of any substantial part
      of its property, or ordering the winding up or liquidation of its affairs,
      or, in a court having jurisdiction, any of the Down-MACRO Holding Trust,
      the Up-MACRO Holding Trust, the Down-MACRO Tradeable Trust or the Up-MACRO
      Tradeable Trust commences a voluntary case or proceeding under the
      Bankruptcy Code or any other applicable law, or an involuntary case or
      proceeding is commenced against any of the Down-MACRO Holding Trust, the
      Up-MACRO Holding Trust, the Down-MACRO Tradeable Trust or the Up-MACRO
      Tradeable Trust, seeking any of the foregoing and such case or proceeding
      continues undismissed or unstayed and in effect for a period of 90
      consecutive days;

                  (ix) the amount of cash and Eligible Treasuries on deposit in
      the Down-MACRO Holding Trust or the Up-MACRO Holding Trust is reduced to
      less than ten (10) million dollars; and

                  (x) the amount of cash and Eligible Treasuries on deposit in
      the Down-MACRO Holding Trust or the Up-MACRO Holding Trust is reduced to
      fifty (50) million dollars or less after previously reaching an amount
      equal to two hundred (200) million dollars or more, or the failure on the
      part of the Paired Holding Trusts to each hold cash and Eligible
      Treasuries in an amount equal to at least two hundred (200)

                                       39
<PAGE>

      million dollars after six (6) months or more have elapsed since the
      Closing Date and, in either case, the Depositor elects to terminate the
      Paired Holding Trusts.

            (b) On the next Distribution Date following the occurrence of a
Termination Trigger (an "Early Termination Date"), the Trustee shall make a
Final Distribution on all Outstanding Down-MACRO Tradeable Shares, as set forth
in Section 5.2. Upon receipt of this Final Distribution on the related
Distribution Payment Date, all Outstanding Down-MACRO Tradeable Shares shall be
deemed to be redeemed in full.

            (c) The Administrative Agent will be responsible for notifying the
Depositor and the Trustee of the occurrence of the Termination Trigger set forth
in any of the following subparagraphs of ARTICLE 11(a) hereof: Section
11.1(a)(i)(i), Section 12.1(a)(i)(ii), Section 11.1(a)(vi) or Section
11.1(a)(vii). Upon obtaining knowledge of the occurrence of any of the other
Termination Triggers described above, the Trustee will be responsible for
notifying the Depositor and the Administrative Agent of such occurrence. In
addition, the Trustee will give prompt notice of that event to the Calculation
Agent, the Up-MACRO Holding Trustee, the Down-MACRO Tradeable Trustee, the
Up-MACRO Tradeable Trustee and the Registered Owners of the Down-MACRO Holding
Shares.

            (d) The Depositor, upon receiving or otherwise obtaining actual
knowledge of the occurrence of any Termination Trigger, shall file a Form 8-K
with the SEC disclosing such occurrence.

            (e) In the event that the Down-MACRO Tradeable Trust at any time
holds less than a Majority of the Outstanding Down-MACRO Holding Shares or the
Up-MACRO Tradeable Trust holds less than a Majority of the Outstanding
Up-MACRO Holding Shares, the Administrative Agent shall be permitted to seek
to restore such Majority ownership by the Down-MACRO Tradeable Trust and/or
the Up-MACRO Tradeable Trust for a period of 90 days following the first day
on which the applicable tradeable trust ceased to be the Majority owner of the
Down-MACRO or Up-MACRO Holding Shares that it holds on deposit. In the event
that such Majority ownership has not been restored on or prior to the
expiration of such 90-day period, a Termination Trigger will occur pursuant to
subclause (iii) of clause (a) of this Section 11.1.

                                   ARTICLE 12

                           TRUSTEE TERMINATION EVENTS

            Section 12.1 Trustee Termination Events. Any one of the following
events shall constitute a Trustee Termination Event (a "Trustee Termination
Event"):

            (a) to the extent that any Quarterly Distribution is received by the
Down-MACRO Tradeable Trust on its Down-MACRO Holding Shares, a failure by the
Trustee to pass through such Quarterly Distribution, which failure continues
unremedied for a period of five (5) or more Business Days;

            (b) to the extent that any Final Distribution is received by the
Down-MACRO Tradeable Trust on its Down-MACRO Holding Shares, a failure by the
Trustee to pass through such Final Distribution, which failure continues
unremedied for a period of five (5) or more Business Days;

                                       40
<PAGE>

            (c) any failure by the Trustee to observe or perform in any
material respect any of its other covenants or obligations hereunder, which
failure continues unremedied for thirty (30) days after the giving of written
notice of such failure to the Trustee by the Depositor or by not less than 25%
of the Holders, voting by par amount;

            (d) the Trustee becomes ineligible or incapable of acting as Trustee
hereunder;

            (e) the occurrence of a Trustee Termination Event under the
Down-MACRO Holding Trust Agreement, pursuant to the terms of the Down-MACRO
Holding Trust Agreement;

            (f) the occurrence of a Trustee Termination Event under the Up-MACRO
Holding Trust Agreement, pursuant to the terms of the Up-MACRO Holding Trust
Agreement; or

            (g) the occurrence of a Trustee Termination Event under the Up-MACRO
Tradeable Trust Agreement, pursuant to the terms of the Up-MACRO Tradeable Trust
Agreement.

            Section 12.2 Force Majeure. Notwithstanding the foregoing, any delay
in or failure of performance under Section 12.1 shall not constitute a Trustee
Termination Event if such delay or failure could not be prevented by the
exercise of reasonable diligence by the Trustee and such delay or failure was
caused by an act of God or the public enemy, terrorism, acts of declared or
undeclared war, public disorder, rebellion or sabotage, epidemics, landslides,
lightning, fire, hurricanes, earthquakes, floods or similar causes. The
preceding sentence shall not relieve the Trustee from the obligation to use its
best efforts to perform its obligations in a timely manner in accordance with
the terms of this Trust Agreement and the Trustee shall provide the Depositor
with immediate notice of such failure or delay by it, together with a
description of its efforts to so perform its obligations.

            Section 12.3 Notification to Holders of the Down-MACRO Tradeable
Shares. Within two (2) Business Days after the Administrative Agent or the
Trustee is notified or obtains actual knowledge of any Trustee Termination
Event, the Administrative Agent or the Trustee, as applicable, shall give notice
thereof to the Depositor and the Administrative Agent or the Trustee, as
applicable, and notification of such Trustee Termination Event shall be filed by
the Depositor on Form 8-K with the SEC.

                                   ARTICLE 13

                                   THE TRUSTEE

            Section 13.1 Liability of Trustee.

            (a) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments that are
specifically required to be furnished to the Trustee pursuant to any provision
hereof, shall examine them to determine whether they conform on their face to
the requirements of this Trust Agreement. The Trustee shall give prompt written
notice to the Depositor and the Administrative Agent of any material lack of
conformity of any such instrument to the applicable provisions of this Trust
Agreement.

                  (b) No provision of this Trust Agreement shall be construed to
relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, its own bad

                                       41
<PAGE>

faith, its own reckless disregard of its duties hereunder or its own willful
misconduct; provided, however, that:

                  (i) the Trustee shall not be personally liable for an error of
      judgment made in good faith by a Trust Officer, unless it is proved that
      the Trustee was grossly negligent in ascertaining the pertinent facts; and

                  (ii) the Trustee shall not be personally liable with respect
      to any action taken, suffered or omitted by it in good faith and in
      accordance with the direction of the Administrative Agent, the
      Depositor, the Calculation Agent or any Holder relating to the time,
      place or method of conducting any proceeding for any remedy available to
      the Trustee, or exercising any trust or power conferred upon the
      Trustee, under this Trust Agreement.

            (c) The Trustee shall not be required to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or in the exercise of any of its rights or powers
hereunder, if it has reasonable grounds for believing that repayment of such
funds or adequate indemnity against any related risk or liability is not
reasonably assured to it.

            (d) The Trustee shall have no power to vary the corpus of the
Down-MACRO Tradeable Trust.

            (e) In the event that the Transfer Agent and Registrar (if not also
the Trustee) fails to perform any obligation, duty or agreement in the manner or
on the day required under this Trust Agreement, the Trustee shall be obligated,
as soon as possible upon knowledge of a Trust Officer of such failure and
receipt of appropriate records, if any, to perform such obligation, duty or
agreement in the manner required hereunder.

            Section 13.2 Rights of the Trustee.

            (a) The Trustee may rely on and shall be protected in acting, or in
refraining from acting, in accord with any resolution, Officer's Certificate,
certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, appraisal, bond or
other paper or document reasonably believed by it to be genuine and to have been
signed or presented to it pursuant to this Trust Agreement by the proper party
or parties.

            (b) The Trustee may consult with counsel, and any advice of such
counsel or Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted hereunder by the
Trustee in good faith and in accordance with such advice or Opinion of Counsel.

            (c) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Trust Agreement or to institute, conduct
or defend any litigation in relation to this Trust Agreement at the request,
order or direction of any of the Holders of the Down-MACRO Tradeable Shares
pursuant to the provisions of this Trust Agreement unless such Holders have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby.

            (d) Subject to Section 13.1(b) hereof, the Trustee shall not be
personally liable for any action taken, suffered or omitted by it in good faith
and reasonably believed by it to be authorized or within the discretion, rights
or powers conferred upon it by this Trust Agreement.

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<PAGE>

            (e) The Trustee shall not be bound to make any investigation into
the accuracy of any assertions of facts made in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, appraisal, bond or other paper or document, unless the Trustee has
actual knowledge that any such assertion is incorrect or unless requested in
writing to do so by Holders evidencing more than 25% of the Aggregate Par Amount
of the Down-MACRO Tradeable Shares.

            (f) The Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder that are customarily executed or performed by
agents, custodians, nominees or attorneys under like circumstances, either
directly or by or through agents, custodians, nominees or attorneys, and the
Trustee shall not be responsible for any misconduct or negligence on the part
of any agent or attorney selected by it in good faith and with due care (other
than an agent or attorney that is an Affiliate of the Trustee); furthermore,
the Trustee shall be under no obligation to monitor, and shall assume no
personal liability for, the actions of the Depositor or any other Person in
connection with their duties under this Trust Agreement or in connection with
the Down-MACRO Tradeable Trust generally.

            (g) Except as may be required by Section 13.1(a) and Section 13.12,
the Trustee shall not be required to make any initial or periodic examination of
any documents or records for the purpose of establishing the presence or absence
of defects, the compliance by the Depositor, the Administrative Agent or the
Marketing Agents with their respective representations and warranties or for any
other purpose.

            Section 13.3 Trustee Not Liable for Recitals in Down-MACRO Tradeable
Shares. The Trustee assumes no responsibility for the correctness of the
recitals contained herein and in the Down-MACRO Tradeable Shares (other than the
certificate of authentication on the Down-MACRO Tradeable Shares). Except as set
forth in Section 3.2, the Trustee makes no representations as to the validity or
sufficiency of this Trust Agreement or of the Down-MACRO Tradeable Shares (other
than the certificate of authentication on the Down-MACRO Tradeable Shares).

            Section 13.4 Holders May Direct Trustee. Holders of Down-MACRO
Tradeable Shares who are the Beneficial Owners of an Aggregate Par Amount
representing at least 66 and 2/3% of all such shares that are Outstanding at any
time may direct the Trustee with respect to actions that the Trustee is
permitted to take under this Trust Agreement, subject to the limitations set
forth in Section 2.3, Section 3.1(b) and Section 15.6 hereof.

            Section 13.5 Compensation. The Depositor shall cause to be paid in
the manner provided for in Section 5.4 of the Down-MACRO Holding Trust
Agreement, and the Trustee shall be entitled to receive, on each Distribution
Payment Date, the Down-MACRO Trustee Fee for all services rendered by it under
this Trust Agreement and in the exercise and performance of any of the powers
and duties hereunder of the Trustee. The entitlement of the Trustee under this
Section 13.5 for past services rendered shall survive the termination of the
Down-MACRO Tradeable Trust and the Down-MACRO Holding Trust.

            Section 13.6 Indemnification. The Trustee and its directors,
shareholders, officers, employees, agents, affiliates (as such term is defined
in Regulation S-X of the Securities Act) and subsidiaries (each, a "Trustee
Indemnified Party") shall be indemnified by the Down-MACRO Holding Trust and
held harmless against any loss, liability or expense (a) arising out of or in
connection with the acceptance or administration of the Down-MACRO Tradeable
Trust and any actions taken in accordance with the provisions of this Trust
Agreement or that arises out of or is related to any offer or sale of Down-MACRO
Tradeable Shares incurred without

                                       43
<PAGE>

(i) negligence, bad faith, and willful misconduct on the part of such Trustee
Indemnified Party and (ii) reckless disregard on the part of such Trustee
Indemnified Party of its obligations and duties under this Trust Agreement, or
(b) that arises out of or is related to any filings with or submissions to the
SEC in connection with or with respect to the Down-MACRO Tradeable Shares
(which, by way of illustration and not by way of limitation, include the
Registration Statement and any amendments thereof or supplements thereto filed
with the SEC or any periodic reports or updates that may be filed under the
Exchange Act), but not including any information provided in writing by the
Trustee to the Depositor for use in the Registration Statement or any other
filing with the SEC. Such indemnity shall include payment from the Down-MACRO
Tradeable Trust of the costs and expenses incurred by such Trustee Indemnified
Party in investigating or defending itself against any claim or liability
relating to this Trust Agreement or the Down-MACRO Tradeable Trust, including
any loss, liability or expense incurred in acting pursuant to written
directions or instructions given by the Depositor or counsel to the Down-MACRO
Tradeable Trust to the Trustee from time to time in accordance with the
provisions of this Trust Agreement or in undertaking actions from time to time
which the Trustee deems necessary in its discretion, subject to the
limitations imposed by Section 2.3 and Section 3.1(b) hereof, to protect the
Down-MACRO Tradeable Trust and the rights of all Beneficial Owners pursuant to
the terms of this Trust Agreement. Any amounts payable to a Trustee
Indemnified Party under this Section 13.6 may be payable in advance in
accordance with the provisions of Section 5.3 of the Down-MACRO Holding Trust
Agreement or shall be secured by a lien on the Down-MACRO Holding Trust.

            Section 13.7 Eligibility Requirements. The Trustee hereunder shall
at all times: (i) be a bank or trust company organized and doing business under
the laws of the United States of America or any state thereof, authorized under
such laws to exercise corporate trust powers and subject to supervision or
examination by federal or state authority, (ii) have a combined capital and
surplus of at least $100,000,000, (iii) maintain any credit or deposit rating
required by nationally recognized rating organizations (as of the date hereof
"A-1" for Standard & Poor's Rating Service or "P-1" for Moody's Investors
Service, Inc.) and (iv) accept and act in the capacity of both the Trustee
hereunder and as trustee of the Up-MACRO Tradeable Trust, the Down-MACRO Holding
Trust and the Up-MACRO Holding Trust. If such bank publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section 13.7, the combined capital and surplus of such bank or trust company
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee ceases to be
eligible in accordance with the provisions of this Section 13.7, the Trustee
shall resign immediately in the manner and with the effect specified in Section
13.8.

            Section 13.8 Resignation or Removal of Trustee.

            (a) A Trustee appointed to office shall hold office until its
successor shall have been appointed by the Holders in accordance with this Trust
Agreement or until its termination, removal or resignation.

            (b) Subject to the provisions of this Section 13.8, the Trustee may
be appointed, removed or replaced without cause at any time by the Depositor,
upon written notice, or with cause upon the occurrence of a Trustee Termination
Event; provided, however, that the Trustee shall not be removed in accordance
with this Section 13.8 until a successor Trustee possessing the qualifications
to act as Trustee and willing and able to make the representations contained in
Section 3.2 (a "Successor Trustee") has been appointed by the Depositor and has

                                       44
<PAGE>

accepted such appointment by written instrument executed by such Successor
Trustee and delivered to the Depositor.

            (c) Any Trustee may resign hereunder by an instrument in writing
signed by the Trustee and delivered to the Depositor, the Administrative Agent
and each Registered Owner, which shall become effective on the date specified in
such instrument; provided, however, that no such resignation of a Trustee shall
become effective:

                  (i) until a Successor Trustee has been appointed and has
      accepted such appointment by instrument executed by such Successor
      Trustee and delivered to the Down-MACRO Tradeable Trust, the Depositor,
      the Administrative Agent and the resigning Trustee; or

                  (ii) until the assets of the Down-MACRO Tradeable Trust have
      been completely liquidated and the proceeds thereof distributed to the
      Holders.

If no Successor Trustee shall have been appointed and accepted such appointment
within thirty (30) days after delivery to the Depositor, the Administrative
Agent, the Marketing Agents and the Down-MACRO Tradeable Trust of an instrument
of resignation, the resigning Trustee may petition at the expense of the
Down-MACRO Tradeable Trust any court of competent jurisdiction for appointment
of a Successor Trustee. Such court may thereupon, after prescribing such notice,
if any, as it may deem proper, appoint a Successor Trustee.

            (d) No Trustee shall be liable for anything that occurs after it has
ceased to act in such capacity, including, without limitation, the acts or
omissions to act of any Successor Trustee; provided, that such resigning or
terminated Trustee shall remain liable for any actions taken by it prior to its
termination or resignation as a result of which it would be liable to the
Down-MACRO Tradeable Trust pursuant to Section 13.1(b).

            Section 13.9 Successor Trustee.

            (a) Any Successor Trustee appointed as provided in Section 13.8
shall execute, acknowledge and deliver to the Depositor and to its predecessor
Trustee an instrument in a form acceptable to the Depositor accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor Trustee shall become effective and such Successor Trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as Trustee herein. The predecessor Trustee
shall deliver to the Successor Trustee all documents and statements held by it
hereunder, and the Depositor and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for fully and certainly vesting and confirming in the Successor Trustee all such
rights, powers, duties and obligations within thirty days of execution of such
instrument.

            (b) No Successor Trustee shall accept appointment as provided in
this Section 13.9 unless at the time of such acceptance such Successor Trustee
is eligible under the provisions of Section 13.7 and makes in the instrument of
acceptance delivered pursuant to clause (a) of this Section 13.9 the
representations and warranties contained in Section 3.2 hereof.

            (c) Upon acceptance of appointment by a Successor Trustee as
provided in this Section 13.9, such Successor Trustee shall provide prompt
notice of its succession hereunder to the Depositor, and the Depositor shall
file a Form 8-K with the SEC disclosing such succession.

                                       45
<PAGE>

            (d) Without the consent of a majority of the Holders of the
Down-MACRO Tradeable Shares, voting by Aggregate Par Amount, the compensation to
be paid to the Successor Trustee may not be greater than the compensation paid
to the terminated Trustee hereunder.

            Section 13.10 Merger or Consolidation. Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Trustee shall be the
successor of the Trustee hereunder without the execution or filing of any
paper or any further act on the part of any of the parties hereto; provided,
however, that such corporation shall be otherwise qualified and eligible under
this ARTICLE 13, including without limitation Section 13.7 hereof. The Trustee
shall promptly furnish to the Depositor and the Administrative Agent a notice
of any merger or consolidation to which the Trustee is a party.

            Section 13.11 Appointment of Co-Trustee or Separate Trustee.

            (a) Notwithstanding any other provisions of this Trust Agreement,
the Trustee shall have the power and may execute and deliver all instruments to
appoint, at any time, one or more Persons to act as a co-trustee or co-trustees,
or a separate trustee or separate trustees, of all or any part of the Trust
Assets, and to vest in such Person or Persons, in such capacity and for the
benefit of the Holders of the Down-MACRO Tradeable Shares, such title to the
Trust Assets or any part thereof and, subject to the other provisions of this
Section 13.11, such powers, duties, obligations, rights and trusts as the
Trustee may consider necessary or desirable, for the purpose of meeting any
legal requirements of any jurisdiction in which any part of the Trust Assets may
at the time be located; provided, that such co-trustee or co-trustees, or
separate trustee or separate trustees, shall also assume the rights, duties and
obligations of the Trustee under each of the Up-MACRO Tradeable Trust Agreement,
the Down-MACRO Holding Trust Agreement and the Up-MACRO Holding Trust Agreement;
provided, further, that the Trustee shall exercise due care in the appointment
of any co-trustee or separate trustee. Each co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility for a successor
trustee under Section 13.8 and Section 13.9. No notice to Holders of the
Down-MACRO Tradeable Shares of the appointment of any co-trustee or separate
trustee shall be required under this Section 13.11; provided, that the Trustee
shall provide notice of each such appointment to the Depositor and the
Administrative Agent.

            (b) Every co-trustee and separate trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                  (i) all rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised
      or performed by the Trustee and such co-trustee or separate trustee
      jointly (it being understood that such co-trustee or separate trustee
      shall not be authorized to act unless the Trustee joins in such act)
      except to the extent that under any laws of any jurisdiction in which any
      particular act or acts are to be performed the Trustee is incompetent or
      unqualified to perform such act or acts, in which event such rights,
      powers, duties and obligations (including the holding of title to the
      Trust Assets or any portion thereof in any such jurisdiction) shall be
      exercised or performed singly by such co-trustee or separate trustee, but
      solely at the direction of the Trustee;

                  (ii) no co-trustee or separate trustee hereunder shall be
      personally liable by reason of any act or omission of any other trustee
      hereunder; and

                                       46
<PAGE>

                  (iii) the Trustee may at any time accept the resignation of or
      remove any co-trustee or separate trustee.

            (c) Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of the then co-trustees and
separate trustees as effectively as if given to each of them. Every instrument
appointing any co-trustee or separate trustee shall refer to this Trust
Agreement and the conditions of this Article 13. Upon its acceptance of the
trusts conferred by its instrument of appointment, each co-trustee and
separate trustee shall be vested with the estates or property specified in
such instrument, either jointly with the Trustee or separately, as may be
provided therein, subject to all of the provisions of this Trust Agreement,
specifically including every provision of this Trust Agreement relating to the
conduct of, affecting the liability of, or affording protection to the
Trustee. Every such instrument shall be filed with the Trustee.

            (d) Any co-trustee or separate trustee may at any time appoint the
Trustee its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect to this
Trust Agreement on its behalf and in its name. If any co-trustee or separate
trustee shall become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts under or in respect to this
Trust Agreement shall vest in and be exercised by the Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

            Section 13.12 Books, Records; Taxes; Audit.

            (a) The Trustee shall keep proper books of record and account of all
the transactions under this Trust Agreement at its Corporate Trust Office or
such office as it may subsequently designate upon notice to the other parties
hereto. The books and records of the Trustee shall be open to inspection by any
Person who establishes to the Trustee's reasonable satisfaction that it is a
Beneficial Owner upon reasonable advance notice at all reasonable times during
the usual business hours of the Trustee. The Administrative Agent shall keep
proper records of all Paired Optional Redemptions and Paired Issuances effected
at any time at its Business Office. Such records shall be open to inspection by
any Person who establishes to the Administrative Agent's reasonable satisfaction
that it is a Beneficial Owner upon reasonable advance notice at all reasonable
times during the usual business hours of the Administrative Agent. Such records
shall be preserved by the Trustee or the Administrative Agent, as applicable,
for so long as the Depositor may direct.

            (b) The Trustee shall provide the Depositor such financial and other
information regarding the operation of the Down-MACRO Tradeable Trust as may be
required for the Depositor to prepare such reports and filings required under
the federal securities laws as required under Section 8.2. Unless otherwise
required by applicable law or regulation, the Depositor shall be responsible for
any certification of any such reports or the contents thereof; provided, that
the Trustee shall make such representations to the Depositor with respect to
information within the Trustee's control as shall be required for the Depositor
to make such certification.

            (c) The Depositor shall prepare or cause to be prepared, and the
Trustee shall sign (if it is determined that the Trustee's signature is required
thereon) and file any tax returns required to be filed by the Down-MACRO
Tradeable Trust. The Depositor shall also prepare or cause to be prepared all
tax information required by law to be distributed to Holders of the Down-MACRO
Tradeable Shares. The Trustee, the Calculation Agent, the Marketing Agents and
the Administrative Agent, upon request, shall each furnish the Depositor with
any information known

                                       47
<PAGE>

to it that may be reasonably required in connection with
the preparation of such duties set forth in the preceding two sentences.

            (d) In no event shall the Trustee, the Depositor or the
Administrative Agent be personally liable for any taxes or other governmental
charges imposed upon or in respect of the Down-MACRO Tradeable Shares under
any present or future law of the United States of America or imposed by any
taxing authority having jurisdiction over the Down-MACRO Tradeable Trust. For
all such taxes and charges and for any expenses, including counsel's fees,
which the Trustee or the Administrative Agent may sustain or incur with
respect to such taxes or charges, the Trustee or the Administrative Agent
shall be reimbursed and indemnified by or on behalf of the Down-MACRO Holding
Trust in accordance with the provisions of Section 5.3 of the Down-MACRO
Holding Trust Agreement and the payment of such amounts shall be secured by a
lien on the Down-MACRO Holding Trust. Any payments by the Trustee or the
Administrative Agent shall be subject to withholding regulations then in
force. This paragraph shall survive notwithstanding any termination of this
Trust Agreement, the Down-MACRO Tradeable Trust, the Down-MACRO Holding Trust
Agreement or the Down-MACRO Holding Trust, or the resignation or removal of
the Trustee or the Administrative Agent.

            (e) The accounts of the Down-MACRO Tradeable Trust shall be audited,
as required by law and as may be directed by the Depositor, by Independent
certified public accountants designated from time to time by the Depositor and
the cost of such audit shall be borne by the Down-MACRO Holding Trust in
accordance with the provisions of Section 5.3 of the Down-MACRO Holding Trust
Agreement. The report of such accountants shall be furnished by the
Administrative Agent to any Beneficial Owner upon request.

            Section 13.13 Trustee May Enforce Claims Without Possession of
Down-MACRO Tradeable Shares. All rights of action and claims under this Trust
Agreement or the Down-MACRO Tradeable Shares may be prosecuted and enforced by
the Trustee without the possession of any of the Down-MACRO Tradeable Shares or
the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as
trustee. Any recovery of judgment shall, after provision for payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the
Down-MACRO Tradeable Shares in respect of which such judgment has been obtained.

            Section 13.14 Suits for Enforcement. If a Termination Trigger or a
Trustee Termination Event occurs and is continuing, the Trustee (or the
Depositor, in the case of a Trustee Termination Event) in its discretion may
proceed to protect and enforce its rights and the rights of the Holders of the
Down-MACRO Tradeable Shares under this Trust Agreement by a suit, action or
proceeding in equity or at law or otherwise, whether for the specific
performance of any covenant or agreement contained in this Trust Agreement, in
aid of the execution of any power granted in this Trust Agreement or for the
enforcement of any other legal, equitable or other remedy as the Trustee (or the
Depositor, in the case of a Trustee Termination Event), being advised by
counsel, shall deem most effectual to protect and enforce any of the rights of
the Holders of the Down-MACRO Tradeable Shares.

            Section 13.15 Maintenance of Office or Agency. The Trustee shall
maintain at its expense an office or agency (the "Corporate Trust Office") where
notices and demands to or upon the Trustee in respect of the Down-MACRO
Tradeable Shares and this Trust Agreement may be served. The Corporate Trust
Office shall initially be located at 200 Clarendon Street, Boston Massachusetts
02116. The Trustee will give prompt notice to the Depositor and to

                                       48
<PAGE>

Registered
Owners of the Down-MACRO Tradeable Shares of any change in the location of the
Corporate Trust Office.

                                   ARTICLE 14

                                   TERMINATION

            Section 14.1 Termination of Trust. The Down-MACRO Tradeable Trust
and the respective obligations and responsibilities of the Depositor, the
Administrative Agent, the Marketing Agents and the Trustee created hereby
shall terminate on the earlier of an Early Termination Date and the Final
Scheduled Termination Date. The Down-MACRO Tradeable Trust shall not terminate
in the event that the Depositor is adjudged to be insolvent or is liquidated
or dissolved for any reason.

            Upon the termination of the Down-MACRO Tradeable Trust, the Trustee
shall wind up the activities and affairs of the Down-MACRO Tradeable Trust and
shall cause its certificate of designation to be cancelled by filing a
certificate of cancellation with the New York Secretary of State, terminating
the Down-MACRO Tradeable Trust.

                                   ARTICLE 15

                            MISCELLANEOUS PROVISIONS

            Section 15.1 Amendment; Waiver of Past Defaults and Termination.

            (a) This Trust Agreement shall not in any circumstances be amended
(i) to modify the definition of "Per Share Underlying Value" of the Down-MACRO
Tradeable Shares or any constituent defined terms that are a part of the
foregoing defined term; or (ii) to modify the rule that one Down-MACRO Tradeable
Share shall be issued for each Down-MACRO Holding Share that is deposited into
the Down-MACRO Tradeable Trust.

            (b) Subject to clause (a) of this Section 15.1, this Trust
Agreement may be amended from time to time with the written consent of the
Depositor, the Administrative Agent and the Trustee, but without the consent
of any Holder of Down-MACRO Tradeable Shares (i) to cure any ambiguity or to
correct or supplement any provision which may be defective or inconsistent
with any other provision of this Trust Agreement, the Down-MACRO Holding Trust
Agreement, the Up-MACRO Holding Trust Agreement or the Up-MACRO Tradeable
Trust Agreement, (ii) to modify any provision of or add a provision to this
Trust Agreement to conform it to the description of the terms of the
Down-MACRO Tradeable Shares contained in the Prospectus, (iii) to add to the
covenants, restrictions or obligations of any entity under this Trust
Agreement for the benefit of the Holders of the Down-MACRO Tradeable Shares or
to modify any provisions of this Trust Agreement in any manner that does not
adversely affect any Holder of Down-MACRO Tradeable Shares or any Holder of
Paired Holding Shares in any material respect, (iv) to evidence and provide
for the acceptance of appointment hereunder of a Successor Trustee, a
successor Administrative Agent or any successor Marketing Agent, (v) to modify
the procedures for directing and settling Creation Orders, Redemption Orders
and Exchange Orders set forth herein in connection with an amendment of the
Participants Agreement entered into among the Trustee, the Up-MACRO Tradeable
Trustee, the Down-MACRO Holding Trustee, the Up-MACRO Holding Trustee, the
Administrative Agent and one or more Authorized Participants, and (vi) to
comply with any requirements imposed by the Code, or any federal or state
securities laws; provided, that no amendment to this Trust Agreement may be
made if it

                                       49
<PAGE>

would have the effect of causing the Down-MACRO Tradeable Trust to be
classified other than as a grantor trust for U.S. federal income tax purposes;
provided, further, that no amendment of this Trust Agreement may be made if it
would have the effect of causing the Down-MACRO Tradeable Trust to be required
to register as an investment company under the Investment Company Act or to be
regulated as a commodity pool under the CEAct. The Trustee may, but shall not be
obligated to, enter into any amendment which affects the Trustee's rights,
duties or immunities under this Trust Agreement or otherwise.

            (c) Subject to clause (a) of this Section 15.1, this Trust Agreement
may also be amended from time to time with the written consent of the Depositor,
the Administrative Agent and the Trustee and the written consent of the Holders
of Down-MACRO Tradeable Shares evidencing not less than a majority of the
Aggregate Par Amount, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Trust Agreement or of
modifying in any manner the rights of the Holders of the Down-MACRO Tradeable
Shares; provided, that no amendment to this Trust Agreement may be made if it
would have the effect of causing the Down-MACRO Tradeable Trust to be classified
other than as a grantor trust for U.S. federal income tax purposes; provided
further, that, without the written consent of each Holder of the Down-MACRO
Tradeable Shares that would be adversely affected thereby, no amendment may (i)
modify the amount or timing of any distributions that are required to be made on
the Down-MACRO Tradeable Shares; or (ii) reduce the percentage of Holders that
are required to consent to any of the foregoing amendments.

            (d) Subject to clause (a) of this Section 15.1, this Trust Agreement
may be amended at any time prior to the first issuance of Up-MACRO Tradeable
Shares with the written consent of the Depositor, the Administrative Agent and
the Trustee and the written consent of each holder of Founders' Shares for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of hereof.

            (e) Promptly after the execution of any amendment or consent
pursuant to this Section 15.1, the Trustee shall furnish notification of the
substance of such amendment or consent to each Registered Owner and the
Depositor shall prepare and file a Form 8-K with the SEC setting forth the
provisions of such amendment.

            (f) Where the consent of Holders is required under this Section 15.1
in order to amend this Trust Agreement, it shall be sufficient if such consent
approves the substance of the proposed amendment; the particular form of such
amendment need not be approved. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof by Holders of the
Down-MACRO Tradeable Shares shall be subject to such reasonable requirements as
the Trustee may prescribe.

            (g) Holders evidencing not less than a majority of the Aggregate Par
Amount may waive any default by the Depositor, the Trustee, or the
Administrative Agent in the performance of their obligations hereunder and its
consequences, except the failure to make any distributions required to be made
to Holders of the Down-MACRO Tradeable Shares. Upon any such waiver of a past
default, such default shall cease to exist, and any default arising therefrom
shall be deemed to have been remedied for every purpose of this Trust Agreement.
No such waiver shall extend to any subsequent or other default or impair any
right consequent thereon except to the extent expressly so waived.

            Section 15.2 Registration (Initial and Continuing) of Down-MACRO
Tradeable Shares; Certain Securities Law Filings. The Depositor agrees to (i)
prepare and file the Registration Statement with the SEC under the Securities
Act, and take such action as is

                                       50
<PAGE>

necessary from time to time to qualify the Down-MACRO Tradeable Shares for
offering and sale under the federal securities laws of the United States,
including the preparation and filing of amendments of and supplements to such
Registration Statement, (ii) promptly notify the Trustee and the
Administrative Agent of any such amendment of or supplement to the
Registration Statement and of any order preventing or suspending the use of
the Prospectus included therein, (iii) provide the Trustee and the
Administrative Agent from time to time with copies, including copies in
electronic form, of the Prospectus, in such quantities as the Trustee and the
Administrative Agent may reasonably request, (iv) prepare and file any
periodic reports or updates that may be required under the Exchange Act, as
specified in Section 8.2 hereof, and (v) take such action as is necessary from
time to time to register or qualify the Down-MACRO Tradeable Shares for
offering and sale under the securities or blue sky laws of those states of the
United States or other jurisdictions as the Depositor may select or as may be
necessary to continue that registration or qualification in effect for so long
as the Depositor determines that the Down-MACRO Tradeable Trust shall continue
to offer or sell Down-MACRO Tradeable Shares in that jurisdiction.
Registration charges, blue sky fees, printing costs, mailing costs, attorney's
fees, and other miscellaneous out-of-pocket expenses shall be borne by the
Down-MACRO Holding Trust in accordance with the provisions of Section 5.3 of
the Down-MACRO Holding Trust Agreement.

            Section 15.3 Prospectus Delivery. The Administrative Agent shall, if
required to do so under the federal securities laws of the United States,
deliver at the time of issuance of any Down-MACRO Tradeable Shares in any manner
permitted by such laws, a copy of the Prospectus, as most recently furnished to
the Administrative Agent by the Depositor, to each person submitting a Creation
Order. The Administrative Agent shall also, if required to do so under the
federal securities laws of the United States, deliver in conjunction with any
marketing or computational materials, in any manner permitted by such laws, a
copy of the Prospectus, as most recently furnished to the Administrative Agent
by the Depositor.

            Section 15.4 Protection of Right, Title and Interest to Trust
Assets.

            (a) The Depositor shall cause this Trust Agreement, all amendments
hereof and supplements hereto and all financing statements, continuation
statements and any other necessary documents covering the right, title and
interest of the Holders of the Down-MACRO Tradeable Shares and of the Trustee in
and to the Trust Assets to be promptly recorded, registered and filed, and at
all times to be kept recorded, registered and filed, all in such manner and in
such places as may be required by law fully to preserve and protect the right,
title and interest of the Holders of the Down-MACRO Tradeable Shares and the
Trustee hereunder in and to all property comprising the Trust Assets. The
Depositor shall deliver to the Trustee file-stamped copies of, or filing
receipts for, any document recorded, registered or filed as provided above, as
soon as available following such recording, registration or filing.

            (b) Within 30 days after the Depositor makes any change in its name,
identity or corporate structure which would make any financing statement or
continuation statement filed in accordance with paragraph (a) above seriously
misleading within the meaning of Section 9-402(7) (or any comparable provision)
of the UCC, the Depositor shall give the Trustee notice of such change and shall
file such financing statements or amendments as may be necessary to continue the
perfection of the Down-MACRO Tradeable Trust's security interest in the Trust
Assets and the proceeds thereof.

            (c) The Depositor shall give the Trustee prompt notice of any
relocation of its principal executive offices or of any office from which it
performs its duties hereunder or

                                       51
<PAGE>

keeps records concerning this transaction. If, as a result of any such
relocation, the applicable provisions of the UCC require the filing of any new
financing statement or of any amendment to any previously filed financing or
continuation statement, the Depositor shall file such financing statements or
amendments as may be necessary to perfect or to continue the perfection of the
Down-MACRO Tradeable Trust's security interest in the Trust Assets and the
proceeds thereof. The Depositor shall at all times maintain its principal
executive offices and each office from which it performs its duties hereunder
within the United States.

            Section 15.5 Limitation on Rights of Holders of the Down-MACRO
Tradeable Shares.

            (a) The death or incapacity of any Holder of the Down-MACRO
Tradeable Shares shall not operate to terminate this Trust Agreement or the
Down-MACRO Tradeable Trust, nor shall such death or incapacity entitle the legal
representatives or heirs of such Holder to claim an accounting or to take any
action or commence any proceeding in any court for a partition or winding-up of
the Down-MACRO Tradeable Trust, or otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

            (b) No Holder of the Down-MACRO Tradeable Shares shall have any
right to vote (except as expressly provided in this Trust Agreement) or in any
manner otherwise control the operation and management of the Down-MACRO
Tradeable Trust, or the obligations of the parties hereto, nor shall any Holder
of the Down-MACRO Tradeable Shares be under any liability to any third person by
reason of any action by the parties to this Trust Agreement pursuant to any
provision hereof.

            (c) No Holder of the Down-MACRO Tradeable Shares shall have any
right by virtue of any provisions of this Trust Agreement to institute any suit,
action or proceeding in equity or at law upon, under or with respect to this
Trust Agreement unless such Holder previously has made, and unless the Holders
of Down-MACRO Tradeable Shares representing the beneficial ownership of at least
66 and 2/3% of all Outstanding Down-MACRO Tradeable Shares have made, written
request to the Trustee to institute such suit, action or proceeding in its own
name as Trustee hereunder and have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby and the Trustee, for sixty (60) days after its
receipt of such request and offer of indemnity, has neglected or refused to
institute any such action, suit or proceeding; it being understood and intended,
and expressly agreed to by each Holder with every other Holder and the Trustee,
that no one or more Holders of the Down-MACRO Tradeable Shares shall have any
right in any manner whatsoever by virtue of or by availing itself or themselves
of any provisions of this Trust Agreement to affect, disturb or prejudice the
rights of any other Holder of the Down-MACRO Tradeable Shares, to obtain or seek
to obtain priority over or preference to any other Holder of the Down-MACRO
Tradeable Shares or to enforce any right under this Trust Agreement except in
the manner herein provided and for the equal, ratable and common benefit of all
Holders of the Down-MACRO Tradeable Shares. For the protection and enforcement
of the provisions of this Section 15.5, each and every Holder and the Trustee
shall be entitled to such relief as can be obtained either at law or in equity.

            Section 15.6 Certain Rights of Holders of Down-MACRO Tradeable
Shares; Voting.

            (a) Each Holder of Down-MACRO Tradeable Shares shall be able to vote
on all matters on which shareholders may or are required to vote under this
Trust Agreement for the Down-MACRO Tradeable Shares. Holders of Down-MACRO
Tradeable Shares evidencing not

                                       52
<PAGE>

less than 66 and 2/3% of the Aggregate Par Amount shall have the right to
direct the time, place and method of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee relating to such proceeding; provided, however, that, subject to
Section 15.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee, being advised by counsel, determines that the action
so directed may not lawfully be taken, or if a Trust Officer in good faith
determines that the proceedings so directed would be illegal or involve the
Trustee in personal liability or be unduly prejudicial to the rights of
Holders of the Down-MACRO Tradeable Shares not party to such direction;
provided further that nothing in this Trust Agreement shall impair the right
of the Trustee to take any action deemed proper by the Trustee that is not
inconsistent with such direction or with the limitations imposed by Section
2.3 and Section 3.1(b) hereof.

            (b) The Holders of the Down-MACRO Tradeable Shares shall be entitled
to direct the Trustee in the exercise of the voting rights associated with the
Down-MACRO Holding Shares held on deposit in the Down-MACRO Tradeable Trust.
Each Holder of Down-MACRO Tradeable Shares shall be entitled to vote an equal
number of Down-MACRO Holding Shares as the number of Down-MACRO Tradeable Shares
owned by such Holder.

            Section 15.7 MACRO Licensing Agreement. On the Closing Date, the
Down-MACRO Tradeable Trust shall enter into the MACRO Licensing Agreement with
MacroMarkets LLC, the Administrative Agent, the Down-MACRO Holding Trust, the
Up-MACRO Holding Trust and the Up-MACRO Tradeable Trust. Under such licensing
agreement, MacroMarkets LLC shall be entitled to the receipt of the Down-MACRO
Licensing Fee, which shall be payable to MacroMarkets LLC in arrears on each
Distribution Date in accordance with the provisions of Section 5.4 of the
Down-MACRO Holding Trust Agreement.

            Section 15.8 Governing Law; Jurisdiction. THIS TRUST AGREEMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. Each of the parties hereto hereby irrevocably and
unconditionally consents to submit to the exclusive jurisdiction of the courts
of the State of New York and of the federal courts sitting in the State of New
York for any litigation arising out of or relating to this Trust Agreement and
the transactions contemplated hereby (and agrees not to commence any litigation
relating thereto except in such courts) and further agrees that service of any
process, summons, notice or document by prepaid certified mail with proof of
mailing receipt validated by the United States Postal Service to the address of
such party as set forth in Section 15.9 (or to the agent of such party appointed
and maintained in the State of New York as such party's agent for acceptance of
legal process) shall be effective service of process for any litigation brought
against it in any such court. Each of the parties hereto hereby irrevocably and
unconditionally waives any objection to the laying of venue of any litigation
arising out of this Trust Agreement or the transactions contemplated hereby in
the courts of the State of New York or of the federal courts sitting in the
State of New York and hereby further irrevocably and unconditionally waives its
right to, and agrees not to, plead or claim in any such court that any such
litigation brought in any such court has been brought in an inconvenient forum.

            Section 15.9 Notices.

            (a) All demands, notices, instructions, directions and
communications (collectively, "Notices") under this Trust Agreement shall be in
writing and shall be deemed to

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<PAGE>

have been duly given if personally delivered, mailed by registered mail,
return receipt requested, or sent by facsimile transmission to the following
addresses:

If to the Depositor, to:             MACRO Securities Depositor, LLC
                                     73 Green Tree Drive #9
                                     Dover, DE 19904
                                     Attention: Samuel Masucci, III
                                     Facsimile: (973) 453-8212

With a copy to:                      Claymore Securities, Inc.
                                     2455 Corporate West Drive
                                     Lisle, IL 60532
                                     Attention: Nicholas Dalmaso
                                     Facsimile: (630) 799-3834

With a copy to:                      Skadden, Arps, Slate, Meagher & Flom LLP
                                     Four Times Square
                                     New York, NY 10036
                                     Attention:  Richard Kadlick, Esq.
                                     Facsimile:  (212) 735-2000

If to the Trustee, to:               Investors Bank & Trust Company
                                     200 Clarendon Street
                                     Boston, MA 02116
                                     Attention:  Timothy McGowan
                                     Facsimile:  (617) 937-6933

With a copy to:                      Investors Bank & Trust Company
                                     200 Clarendon Street
                                     Boston, MA 02116
                                     Attention:  Andrew Josef
                                     Facsimile:  (617) 937-6933

If to the Administrative Agent, to:  Claymore Securities, Inc.
                                     2455 Corporate West Drive
                                     Lisle, IL 60532
                                     Attention: Steven Hill
                                     Facsimile: (630) 799-3838

With a copy to:                      Claymore Securities, Inc.
                                     2455 Corporate West Drive
                                     Lisle, IL 60532
                                     Attention: Nicholas Dalmaso
                                     Facsimile: (630) 799-3834

If to the Marketing Agents, to:      Claymore Securities, Inc.
                                     2455 Corporate West Drive
                                     Lisle, IL 60532
                                     Attention:  William H. Belden
                                     Facsimile:  (630) 799-3837

With a copy to:                      Claymore Securities, Inc.
                                     2455 Corporate West Drive
                                     Lisle, IL 60532
                                     Attention: Nicholas Dalmaso
                                     Facsimile: (630) 799-3834

                                       54
<PAGE>

With a copy to:                      Skadden, Arps, Slate, Meagher & Flom LLP
                                     Four Times Square
                                     New York, NY 10036
                                     Attention:  Richard Kadlick, Esq.
                                     Facsimile:  (212) 735-2000

Or, to:                              MACRO Securities Depositor, LLC
                                     73 Green Tree Drive #9
                                     Dover, DE 19904
                                     Attention: Samuel Masucci, III
                                     Facsimile: (973) 453-8212

            (b) Any Notice required or permitted to be given to a Registered
Owner of the Down-MACRO Tradeable Shares shall be given by first-class mail,
postage prepaid, at the address of such Registered Owner as shown in the Share
Register. Any Notice so mailed within the time prescribed in this Trust
Agreement shall be conclusively presumed to have been duly given, whether or not
the Registered Owner receives such Notice. Any notice to be given to a
Beneficial Owner shall be duly given if mailed or delivered to Authorized
Participants designated by the Depository for delivery to Beneficial Owners.

            Section 15.10 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Trust Agreement is held
invalid for any reason whatsoever, then such provision shall be deemed severable
from the remaining provisions of this Trust Agreement and shall in no way affect
the validity or enforceability of the remaining provisions or of the Down-MACRO
Tradeable Shares or the rights of the Holders of the Down-MACRO Tradeable
Shares.

            Section 15.11 Down-MACRO Tradeable Shares Nonassessable and Fully
Paid. It is the intention of the parties to this Trust Agreement that the
Holders of the Down-MACRO Tradeable Shares shall not be personally liable for
obligations of the Down-MACRO Tradeable Trust, that the interests in the
Down-MACRO Tradeable Trust represented by the Down-MACRO Tradeable Shares shall
be nonassessable for any losses or expenses of the Down-MACRO Tradeable Trust or
for any reason whatsoever and that the Down-MACRO Tradeable Shares upon
authentication thereof by the Trustee pursuant to Section 2.5 are and shall be
deemed fully paid.

            Section 15.12 Further Assurances. The Depositor agrees to do and
perform, from time to time, any and all acts and to execute any and all further
instruments required or reasonably requested by the Trustee more fully to effect
the purposes of this Trust Agreement, including the execution of any financing
statements or continuation statements relating to the Trust Assets for filing
under the provisions of the UCC of any applicable jurisdiction.

                                       55
<PAGE>

            Section 15.13 Non-Petition Covenant; No Proceedings.

            (a) Notwithstanding any prior termination of this Trust Agreement,
the Trustee, the Administrative Agent, the Marketing Agents and the Depositor
shall not, prior to the date which is one year and one day after the
termination of this Trust Agreement with respect to the Down-MACRO Tradeable
Trust, acquiesce in, petition for or otherwise invoke or cause the Down-MACRO
Tradeable Trust or the Depositor to invoke the process of any Governmental
Authority for the purpose of (x) commencing or sustaining a case against the
Down-MACRO Tradeable Trust or the Depositor under any federal or state
bankruptcy, insolvency or similar law, (y) appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Down-MACRO Tradeable Trust or the Depositor or any substantial part of their
respective property or (z) ordering the winding-up or liquidation of the
affairs of the Down-MACRO Tradeable Trust or the Depositor.

            (b) Each of the Trustee, the Depositor, the Administrative Agent,
each Marketing Agent and each Holder, by acceptance of its Down-MACRO Tradeable
Shares, hereby agrees that it will not institute against a Holder, or join any
other Person in instituting against a Holder, on account of its ownership of an
Down-MACRO Tradeable Share or its obligations hereunder, any bankruptcy,
insolvency, liquidation, readjustment of debt, marshalling of assets or any
similar proceeding so long as there has not elapsed one year plus one day since
the last day on which any Down-MACRO Tradeable Shares shall have been
Outstanding.

            Section 15.14 No Waiver; Cumulative Remedies. No failure by the
Trustee or the Holders of the Down-MACRO Tradeable Shares to exercise any right,
remedy, power or privilege under this Trust Agreement, and no delay in such
exercise, shall operate as a waiver of such right, remedy, power or privilege;
nor shall any single or partial exercise of any right, remedy, power or
privilege under this Trust Agreement preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges provided under this Trust Agreement are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

            Section 15.15 Counterparts. This Trust Agreement may be executed in
two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

            Section 15.16 Third-Party Beneficiaries. This Trust Agreement will
inure to the benefit of and be binding upon the parties hereto, the Holders of
the Down-MACRO Holding Shares, the Holders of the Up-MACRO Holding Shares, the
Holders of the Down-MACRO Tradeable Shares, the Holders of the Up-MACRO
Tradeable Shares and their respective successors and permitted assigns. Except
as otherwise expressly provided in this Trust Agreement, no other Person will
have any right or obligation hereunder.

            Section 15.17 Actions or Notices by Holders of the Down-MACRO
Tradeable Shares.

            (a) Wherever a provision in this Trust Agreement states that an
action may be taken or a Notice given by Holders of the Down-MACRO Tradeable
Shares, such action or Notice may be taken or given by any Holder, unless such
provision requires a specific percentage of Holders of the Down-MACRO Tradeable
Shares.

            (b) Any Notice, request, authorization, direction, consent, waiver
or other act by the Holder of an Down-MACRO Tradeable Share shall bind such
Holder and every

                                       56
<PAGE>

subsequent Holder of such share and of any share issued upon
the registration of transfer thereof, in exchange therefor or in lieu thereof in
respect of anything done or omitted to be done by the Trustee in reliance
thereon, whether or not notation of such action is made upon such share.

            Section 15.18 Merger and Integration. Except as specifically
stated otherwise herein, this Trust Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all
prior understandings, written or oral, are superseded by this Trust Agreement.
This Trust Agreement may not be modified, amended, waived or supplemented
except as provided herein.

            Section 15.19 Headings. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

                                       57
<PAGE>

            IN WITNESS WHEREOF, the Depositor, the Trustee, the Administrative
Agent and the Marketing Agents have caused this Trust Agreement to be duly
executed by their respective officers as of the day and year first above
written.

                                     MACRO SECURITIES DEPOSITOR, LLC,
                                     as Depositor

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

                                     INVESTORS BANK & TRUST COMPANY,
                                     not in its individual capacity, but solely
                                     as the Down-MACRO Tradeable Trustee

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

                                     CLAYMORE SECURITIES, INC.,
                                     as Administrative Agent

                                     By: /S/ Steven M. Hill
                                         ------------------
                                         Name:  Steven M. Hill
                                         Title: Senior Managing Director

                                     CLAYMORE SECURITIES, INC.,
                                     as a Marketing Agent

                                     By: /S/ Steven M. Hill
                                         ------------------
                                         Name:  Steven M. Hill
                                         Title: Senior Managing Director

                                     MACRO FINANCIAL, LLC,
                                     as a Marketing Agent

                                     By: /S/  Samuel Masucci, III
                                         ------------------------
                                         Name:  Samuel Masucci, III
                                         Title: Chief Executive Officer

<PAGE>

                                                                       EXHIBIT A

                           FORM OF GLOBAL CERTIFICATE

                       CERTIFICATE OF BENEFICIAL INTEREST

                                  -Evidencing-

                             All Undivided Interests

                                      -in-

                  CLAYMORE MACROSHARES OIL DOWN TRADEABLE TRUST

                                       A-1
<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE AGREEMENT.

                                       A-2
<PAGE>

            This is to certify that CEDE & CO. is the owner and registered
holder of this Certificate, which is one of a duly authorized issue of
Certificates designated as Claymore MACROshares Oil Down Tradeable Share
Certificates (the "Certificates") evidencing in the aggregate the ownership of
all issued and outstanding Claymore MACROshares Oil Down Tradeable Shares
("Shares"), each of which represents a fractional undivided interest in the
Claymore MACROshares Oil Down Tradeable Trust ("Trust"), created under the laws
of the State of New York by the Amended and Restated Claymore MACROshares Oil
Down Tradeable Trust Agreement, dated as of November 24, 2006, among Macro
Securities Depositor, LLC, as depositor (the "Depositor"), Investors Bank &
Trust Company, as trustee (the "Trustee"), Claymore Securities, Inc., as
administrative agent (in such capacity, the "Administrative Agent") and as a
marketing agent (in such capacity, a "Marketing Agent"), and Macro Financial,
LLC, as an additional marketing agent (in such capacity, also a "Marketing
Agent") (hereinafter, the "Agreement"), copies of which are available at the
offices of the Trustee.

            At any given time the Certificates shall represent all undivided
interests in the Trust, which shall be the total number of Shares that are
outstanding at such time. The Agreement provides for the issuance of additional
Shares from time to time as part of an issuance of one or more units which
constitutes 50,000 Claymore MACROshares Oil Down shares (the "Down MACRO Holding
Shares") and 50,000 Claymore MACROshares Oil Up Holding Shares (the "Up MACRO
Holding Shares"), which represent a fractional undivided interest in the
Claymore MACROshares Oil Down Holding Trust and the Claymore MACROshares Oil Up
Holding Trust (the "Paired Holding Trusts"), respectively, or integral thereof,
and the concurrent exchange of the Down-MACRO Holding Shares to the Shares and
the Up MACRO Holding Shares to Claymore MACROshares Oil Up Tradeable Shares (the
"Up MACRO Tradeable Shares"), which represent a fractional undivided interest in
the Claymore MACROshares Oil Up Tradeable Trust. In addition, the Agreement
provides for the discretionary one-to-one exchange of existing Down MACRO
Holding Shares into the Shares, in 50,000 increments of the Down-MACRO Holding
Shares.

            The Depositor hereby grants and conveys all of its rights, title and
interest in and to the Trust to the extent of the undivided interest represented
hereby to the registered holder of this Certificate subject to and in pursuance
of the Agreement, all the terms, conditions and covenants of which are
incorporated herein as if fully set forth at length.

            The Register holder of the Shares on each Record Date is entitled to
receive quarterly distributions out of the funds the Trust receives from the
Down-MACRO Holding Trust, to the extent and subject to the limitations set forth
in the Agreement, on the third Business Day of each April, July, October and
January of each year, commencing in January of 2006. In addition, such holder is
entitled at any Business Day, upon tender of the Shares represented by this
Certificate in increments of 50,000 Shares, together with the tender of Up MACRO
Tradeable Shares in the same number, endorsed in blank or accompanied by all
necessary instruments of assignment and transfer in proper form, to the
Administrative Agent, to exchange such shares into Down-MACRO Holding Shares and
Up MACRO Holding Shares, respectively, and concurrently redeem the exchanged
shares, upon payment of any tax or other governmental charges, to receive, at
the time and in the manner provided in the Agreement, such holder's ratable
portion of the assets of the Down-MACRO Holding Trust for the shares tendered.
The Register holder of the Shares can also exchange its Shares into Down-MACRO
Holding Shares in increments of 50,000 Shares.

                                       A-3
<PAGE>

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

            The Trustee may deem and treat the person in whose name this
Certificate is registered upon the books of the Trustee as the owner hereof for
all purposes and the Trustee shall not be affected by any notice to the
contrary.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Trustee, the Administrative Agent and the Marketing Agents and
the rights of the shareholders under the Agreement at any time by the Depositor
and the Trustee with the consent of the shareholders of a majority of the
Down-MACRO Aggregate Par Amount. Any such consent by the shareholders shall be
conclusive and binding on such shareholders and upon all future shareholders
represented by this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the
shareholders.

            The trustee will not enter into any amendment or modification which
would alter the status of the Trust as a grantor trust for federal income tax
purposes or cause any of the MACRO Trusts to be required to register as an
investment company under the Investment Company Act of 1940, as amended, or to
be regulated as a commodity pool under the Commodity Exchange Act, as amended or
which would change the calculation of underlying value.

            The Register holder of the Shares shall be entitled, in addition to
its voting rights as to the Trust, to direct the Trustee in the exercise of the
voting rights associated with the Down-MACRO Holding Shares held on deposit in
the Trust, in accordance with and subject to the provisions of the Agreement.

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

            This Certificate shall not become valid or binding for any purpose
until properly executed by the Trustee and the Depositor under the Agreement.

            THIS CERTIFICATE AND THE TRUST AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

            Terms not defined herein will have the same meaning as in the
Agreement.

                                       A-4
<PAGE>

            IN WITNESS WHEREOF, MACRO Securities Depositor, LLC, as Depositor,
has caused this Certificate to be duly executed.

                                            MACRO SECURITIES DEPOSITOR,
                                            as Depositor

                                           By:
                                              ----------------------------------
                                                AUTHORIZED OFFICER

                          CERTIFICATE OF AUTHENTICATION

            THIS IS ONE OF THE CERTIFICATES REFERRED TO IN THE WITHIN- MENTIONED
TRUST AGREEMENT.

                                           INVESTORS BANK & TRUST COMPANY,
                                           as Trustee

                                           By:
                                              ----------------------------------
                                                AUTHORIZED SIGNATORY

Dated:           , 2006
       ----------

                                       A-5
<PAGE>

                                                                       EXHIBIT B

                         FORM OF PARTICIPANTS AGREEMENT

               Filed as Exhibit 4.3 to this Registration Statement

                                       B-1
<PAGE>

                                                                       EXHIBIT C

                        FORM OF MACRO LICENSING AGREEMENT

               Filed as Exhibit 4.7 to this Registration Statement

                                      C-1
<PAGE>

                                                                       EXHIBIT D

                          NYMEX SUBLICENSING AGREEMENT

               Filed as Exhibit 4.8 to this Registration Statement

                                      D-1EXHIBIT 4.3

                           CLAYMORE MACROSHARES OIL
                            PARTICIPANTS AGREEMENT

     This Claymore MACROshares Oil Participants Agreement (the "Participants
Agreement"), dated as of November 24, 2006 is hereby entered into by and among
the parties listed from time to time on Schedule I attached hereto
(individually, an "Authorized Participant" and collectively, the "Authorized
Participants"), MACRO Securities Depositor, LLC, as depositor (the
"Depositor"), Investors Bank & Trust Company, a Massachusetts trust company,
not in its individual capacity but solely (i) as trustee of the Claymore
MACROshares Oil Up Holding Trust (the "Up-MACRO Holding Trust" and the
"Up-MACRO Holding Trustee," respectively), (ii) as trustee of the Claymore
MACROshares Oil Down Holding Trust (the "Down-MACRO Holding Trust" and the
"Down-MACRO Holding Trustee," respectively; the Down-MACRO Holding Trust
together with the Up-MACRO Holding Trust will be referred to herein as the
"Paired Holding Trusts"), (iii) as trustee of the Claymore MACROshares Oil Up
Tradeable Trust (the "Up-MACRO Tradeable Trust" and the "Up-MACRO Tradeable
Trustee," respectively), and (iv) as trustee of the Claymore MACROshares Oil
Down Tradeable Trust (the "Down-MACRO Tradeable Trust" and the "Down-MACRO
Tradeable Trustee," respectively; the Down-MACRO Tradeable Trust together with
the Up-MACRO Tradeable Trust will be referred to herein as the "Tradeable
Trusts" and collectively, with the Paired Holding Trusts, the "MACRO Trusts")
(such entity, in its capacities set forth above, the "Trustee") and Claymore
Securities, Inc., not in its individual capacity but solely as administrative
agent of the MACRO Trusts (the "Administrative Agent").

                                    SUMMARY

     Pursuant to the Amended and Restated Claymore MACROshares Oil Up Holding
Trust Agreement, dated as of November 24, 2006 (the "Up-MACRO Holding Trust
Agreement"), among the Depositor, the Up-MACRO Holding Trustee, the
Administrative Agent, Claymore Securities, Inc., not in its individual
capacity but as a marketing agent and MACRO Financial, LLC, not in its
individual capacity but also as a marketing agent (together, in their
respective capacities, the "Marketing Agents") of the MACRO Shares (as defined
below), the Up-MACRO Holding Trust will issue a global certificate which shall
be registered in the name of Cede & Co., as nominee of The Depository Trust
Company ("DTC"), and which will represent all of the undivided beneficial
interests in the Up-MACRO Holding Trust (such beneficial interests, the
"Up-MACRO Holding Shares"), and pursuant to the Amended and Restated Claymore
MACROshares Oil Down Holding Trust Agreement, dated as of November 24, 2006
(the "Down-MACRO Holding Trust Agreement" and, together with the Up-MACRO
Holding Trust Agreement, the "Holding Trust Agreements"), among the Depositor,
the Down-MACRO Holding Trustee (together with the Up-MACRO Holding Trustee,
the "Holding Trustees"), the Administrative Agent and the Marketing Agents the
Down-MACRO Holding Trust will issue a global certificate which shall be
registered in the name of Cede & Co., as nominee of DTC, and

                                      1
<PAGE>

which will represent all of the undivided beneficial interests in the
Down-MACRO Holding Trust (such beneficial interests, the "Down-MACRO Holding
Shares" and, together with the Up-MACRO Holding Shares, the "Paired Holding
Shares" or if referencing either an Up-MACRO Holding Share or a Down-MACRO
Holding Share, a "Holding Share").

     Pursuant to the Amended and Restated Claymore MACROshares Oil Up
Tradeable Trust Agreement, dated as of November 24, 2006 (the "Up-MACRO
Tradeable Trust Agreement"), among the Depositor, the Up-MACRO Tradeable
Trustee, the Administrative Agent and the Marketing Agents, the Up-MACRO
Tradeable Trust will issue a global certificate which shall be registered in
the name of Cede & Co., as nominee of DTC, and which will represent all of the
undivided beneficial interests in the Up-MACRO Tradeable Trust (such
beneficial interests, the "Up-MACRO Tradeable Shares"), and pursuant to the
Amended and Restated Claymore MACROshares Oil Down Tradeable Trust Agreement,
dated as of November 24, 2006 (the "Down-MACRO Tradeable Trust Agreement" and,
together with the Up-MACRO Tradeable Trust Agreement, the "Tradeable Trust
Agreements" and, together with the Holding Trust Agreements, the "Trust
Agreements"), among the Depositor, the Down-MACRO Tradeable Trustee (and,
together with the Up-MACRO Tradeable Trustee, the "Tradeable Trustees"), the
Administrative Agent and the Marketing Agents, the Down-MACRO Tradeable Trust
will issue a global certificate which shall be registered in the name of Cede
& Co., as nominee of DTC, and which will represent all of the undivided
beneficial interests in the Down-MACRO Tradeable Trust (such beneficial
interests, the "Down-MACRO Tradeable Shares" and, together with the Up-MACRO
Tradeable Shares, the "Tradeable Shares" and, together with the Paired Holding
Shares, the "MACRO Shares").

     The MACRO Shares are being offered pursuant to (i) a Prospectus, dated as
of November 27, 2006, relating to the Up-MACRO Holding Shares and the Up-MACRO
Tradeable Shares (the "Up-MACRO Prospectus"), which has been filed in
connection with the registration statement on Form S-1, as amended, File No.:
333-116566, dated and filed with the Securities and Exchange Commission
("SEC") on November 27, 2006 (as the same may be amended from time to time
thereafter, the "Up-MACRO Registration Statement") and (ii) a Prospectus,
dated as of November 27, 2006, relating to the Down-MACRO Holding Shares and
the Down-MACRO Tradeable Shares (the "Down-MACRO Prospectus" and together with
the Up-MACRO Prospectus, each a "Prospectus"), which has been filed in
connection with the registration statement on Form S-1, as amended, File No.:
333-135120, dated and filed with the SEC on November 27, 2006 (as the same may
be amended from time to time thereafter, the "Down- MACRO Registration
Statement" and together with the Up-MACRO Registration Statement, the
"Registration Statements").

     In accordance with this Participants Agreement, the Trustee, acting
together with the Administrative Agent on behalf of the Paired Holding Trusts,
may create or redeem Paired Holding Shares in units of 50,000 Up-MACRO Holding
Shares and 50,000 Down-MACRO Holding Shares (such pairs, a "MACRO Unit") at
the instructions of an Authorized Participant and in accordance with the
procedures set forth herein.

     Under the Holding Trust Agreements, the Administrative Agent will
instruct the Trustee to issue MACRO Units to, and redeem MACRO Units from,
Authorized Participants, only

                                      2
<PAGE>

through the facilities of DTC or a successor depository. In exchange for a
deposit of cash with an aggregate purchase price set forth herein and in the
applicable Holding Trust Agreement, an Authorized Participant may create MACRO
Units. In exchange for a deposit of Paired Holding Shares constituting one or
more MACRO Units, an Authorized Participant may redeem one or more MACRO Units
for cash and/or Eligible Treasuries (as defined in the applicable Holding
Trust Agreement) as further described herein. This Participants Agreement sets
forth the specific procedures by which an Authorized Participant may create or
redeem MACRO Units.

     In accordance with this Participants Agreement, the Administrative Agent
may cause the Trustee to create or exchange additional Tradeable Shares in
units of 50,000 Up-MACRO Tradeable Shares or 50,000 Down-MACRO Tradeable
Shares at the instructions of an Authorized Participant. The creation or
exchange of Up-MACRO Tradeable Shares and Down-MACRO Tradeable Shares does not
need to occur simultaneously. Up-MACRO Tradeable Shares may be created
independently by the deposit of Up-MACRO Holding Shares into the Up-MACRO
Tradeable Trust, and Down-MACRO Tradeable Shares may be created independently
by the deposit of Down-MACRO Holding Shares into the Down-MACRO Tradeable
Trust. Accordingly, Up-MACRO Tradeable Shares may be exchanged independently
to Up-MACRO Holding Shares by the deposit of Up-MACRO Tradeable Shares into
the Up-MACRO Tradeable Trust and Down MACRO Tradeable Shares may be exchanged
independently to Down-MACRO Holding Shares by the deposit of Down-MACRO
Tradeable Shares into the Down-MACRO Tradeable Trust.

     Under the Tradeable Trust Agreements, the Administrative Agent will
authorize the Trustee to issue additional Tradeable Shares to, and redeem
Tradeable Shares from, Authorized Participants, only through the facilities of
DTC or a successor depository. This Participants Agreement sets forth the
specific procedures by which an Authorized Participant may create or redeem
Tradeable Shares.

     Because new MACRO Shares can be created and issued on an ongoing basis,
on every Business Day, at any point during the life of the MACRO Trusts, a
"distribution," as such term is used in the Securities Act of 1933, as amended
("Securities Act"), may be occurring. Each Authorized Participant is cautioned
that some of its activities may result in its being deemed a participant in a
distribution which would render it a statutory underwriter and subject it to
the prospectus-delivery requirements and the liability provisions of the
Securities Act. Each Authorized Participant should review the "Plan of
Distribution" portion of the Prospectuses and consult with its own counsel in
connection with entering into this Participants Agreement and placing a
Creation Order, a Redemption Order or an Exchange Order (as defined in Section
3, 4 or 5 hereof, as applicable).

     Capitalized terms used but not defined in this Participants Agreement
shall have the meanings assigned to such terms in the applicable Trust
Agreement. To the extent there is a conflict between any provision of this
Participants Agreement and the provisions of the Trust Agreements, the
provisions of this Participants Agreement will govern insofar as they relate
to the Procedures (as defined below).

                                      3
<PAGE>

     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.

     (a) To create one or more MACRO Units and concurrently exchange them into
Tradeable Shares or to create one or more MACRO Units, Authorized Participants
must follow the procedures for creation set forth in Section 3 of this
Participants Agreement and the procedures described in Attachment A.I hereto
(the "Creation Procedures"), as each may be amended, modified or supplemented
from time to time.

     (b) To exchange Tradeable Shares into Holding Shares and concurrently
redeem such Holding Shares as one or more MACRO Units for cash or for cash
and/or Eligible Treasuries or to redeem MACRO Units for cash or for cash
and/or Eligible Treasuries, Authorized Participants must follow the procedures
for redemption set forth in Section 4 of this Participants Agreement and the
procedures described in Attachment A.II hereto (the "Redemption Procedures"),
as each may be amended, modified or supplemented from time to time.

     (c) To exchange Holding Shares into their respective Tradeable Shares or
to exchange Tradeable Shares into their respective Holding Shares, Authorized
Participants must follow the procedures for exchange set forth in Section 5 of
this Participants Agreement and the procedures described in Attachment A.III
hereto (the "Exchange Procedures" and, together with the Creation Procedures
and the Redemption Procedures, the "Procedures"), as each may be amended,
modified or supplemented from time to time.

     Section 2. Status of Authorized Participant. Each Authorized Participant,
individually and severally, represents, warrants and covenants that:

     (a) It is a DTC Participant or an Indirect Participant. If it ceases to
be a DTC Participant or an Indirect Participant, such Authorized Participant
shall give immediate notice to the Trustee, the Depositor and the
Administrative Agent of such event, and this Participants Agreement shall
terminate immediately (with respect to that Authorized Participant only) as of
the date such Authorized Participant ceases to be a DTC Participant or an
Indirect Participant.

     (b) Unless Section 2(c) applies, it either (i) is registered as a
broker-dealer under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and is a member in good standing of the National Association
of Securities Dealers, Inc. (the "NASD"), or (ii) is exempt from being, or
otherwise is not required to be, licensed as a broker-dealer or a member of
the NASD, 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.
Such Authorized Participant shall maintain any such registrations,
qualifications and membership in good standing and in full force and effect
throughout the term of this Participants Agreement. Such Authorized
Participant shall comply with all applicable federal laws, 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 the NASD (if it is a NASD member), and will not offer or sell Holding
Shares

                                      4
<PAGE>

or Tradeable Shares in any state or other jurisdiction where they may not
lawfully be offered and/or sold.

     (c) If it is offering or selling Holding Shares or Tradeable 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 the NASD as set forth in Section 2(b) above, such 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 Securities Act and the regulations promulgated thereunder,
and (iii) conduct its business in accordance with the spirit of the NASD
Conduct Rules.

     (d) It is in compliance with the anti-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 "Patriot
Act") and the regulations promulgated thereunder, if such Authorized
Participant is subject to the requirements of the Patriot Act.

     (e) It has the capability to send and receive communications via
authenticated electronic facilities to and from the Trustee and the
Administrative Agent. Such Authorized Participant shall confirm such
capability to the satisfaction of the Trustee and the Administrative Agent by
the end of the Business Day before placing its first Order (as set forth in
Section 3, 4 or 5, as applicable) with the Administrative Agent.

     (f) Each Authorized Participant, by its acquisition or holding of any
Paired Holding Share, is deemed to have represented and warranted that it is
not, and is not using assets of, any (i) "employee benefit plan" (as defined
in section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA")), subject to Title I of ERISA, (ii) "plan" (as defined in
section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
"Code")), subject to section 4975 of the Code, including without limitation
individual retirement accounts and Keogh plans, or (iii) entity whose
underlying assets include plan assets by reason of such an employee benefit
plan's or plan's investment in such entity, including without limitation, as
applicable, an insurance company general account (each of (i), (ii) and (iii),
a "Benefit Plan Investor"). Any purported purchase or transfer of an Up-MACRO
Holding Share or a Down-MACRO Holding Share to a Benefit Plan Investor shall
be null and void ab initio.

     Section 3. Creation Order.

     (a) All orders to create one or more MACRO Units and concurrently
exchange them into their respective Tradeable Shares or, in the event that the
Authorized Participant instruct otherwise, to create one or more MACRO Units,
shall be made in accordance with the terms of the applicable Trust Agreement,
this Participants Agreement and the Creation Procedures. Each party will
comply with such foregoing terms and procedures to the extent applicable. Each
Authorized Participant hereby consents to the use of recorded telephone lines
whether or not such use is reflected in the Creation Procedures. The
applicable Trustee, the Administrative Agent and the Depositor may issue
additional or other procedures from time to time relating to the manner of
creation of MACRO Units or creation of MACRO Units and concurrently exchanging
all or part of such Holding Shares into Tradeable Shares, which are not

                                      5
<PAGE>

related to the Creation Procedures, and each Authorized Participant shall
comply with such procedures.

     (b) Each 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 MACRO Unit and concurrently exchange
such MACRO Unit into Tradeable Shares or to create a MACRO Unit (a "Creation
Order") may not be revoked by such Authorized Participant after the placement
and acceptance of such Order with the Administrative Agent. Such order shall
be a binding obligation of the Authorized Participant that placed such order.
A form of a Creation Order is attached hereto as EXHIBIT B (the "Creation
Order Form"). The Creation Order Form shall not be required if such Creation
Order is conducted through the electronic facilities of the Administrative
Agent; provided, however, that the Administrative Agent, in its sole
discretion, may require the use of the Creation Order Form for any reason as
an alternative for its electronic facilities. The information required by such
electronic facilities shall be substantially similar to the information on the
Creation Order Form attached hereto.

     (c) The Administrative Agent and the Depositor shall each have the
absolute right, but shall have no obligation, to reject any Creation Order (i)
if the Administrative Agent determines that the Creation Order is not in the
required form, (ii) if the Administrative Agent determines that the Authorized
Participant or Authorized Participants have deposited an insufficient amount
of money with the Trustee, (iii) if the Depositor determines, based upon an
opinion of counsel, that such Creation Order would have adverse tax or
securities law consequences for one or more of the MACRO Trusts or the holders
of any of the MACRO Shares, (iv) the acceptance or fulfillment of which would,
in the opinion of counsel to the Depositor acceptable to the Trustee, be
unlawful, (v) if the trustee of one of the Paired Holding Trusts or of one of
the Tradeable Trusts notifies the other applicable trustees that the Creation
Order for additional MACRO Shares made in connection with such order has been
or will be rejected by it, by the Depositor or by the Administrative Agent,
(vi) if such Creation Order will cause one of the Tradeable Trusts to hold
fifty percent or less of the outstanding related Holding Shares or (vii) if
circumstances outside the control of the Trustee, the Depositor or the
Administrative Agent make it impractical or not feasible to process the
Creation Order on the Creation Order Date or the Creation Date. None of the
Trustee, the Depositor or the Administrative Agent shall be liable to any
Person by reason of the rejection of any Creation Order.

     (d) The Administrative Agent shall suspend the applicable right of
creation (i) for any period during which the AMEX or NYMEX is closed, or
trading on the AMEX or the NYMEX is suspended or restricted, (ii) for any
period during which an emergency exists as a result of which delivery or
acquisition of Eligible Treasuries by the Paired Holding Trusts is not
reasonably practicable or (iii) for such other period as the Depositor, the
Trustee or the Administrative Agent determines to be necessary for the
protection of the Beneficial Owners of any of the MACRO Shares. None of the
Trustee, the Depositor or the Administrative Agent shall be liable to any
Person or in any way for any loss or damage that may result from any such
postponement.

                                      6
<PAGE>

     Section 4. Redemption Order.

     (a) Except as otherwise provided for herein, all orders to exchange
Tradeable Shares into Holding Shares and concurrently redeem such Holding
Shares as one or more MACRO Units based on the default procedure or to redeem
Holding Shares pursuant to instructions submitted by the Authorized
Participant for cash or for cash and/or Eligible Treasuries shall be made in
accordance with the terms of the applicable Trust Agreements, this
Participants Agreement and the Redemption Procedures. Each party will comply
with such foregoing terms and procedures to the extent applicable. Each
Authorized Participant hereby consents to the use of recorded telephone lines
whether or not such use is reflected in the Redemption Procedures. The
applicable Trustee, the Administrative Agent and the Depositor may issue
additional or other procedures from time to time relating to the manner of
exchanging Tradeable Shares and concurrently redeeming such shares as part of
one or more MACRO Units or redeeming Paired Holding Shares consisting of one
or more MACRO Units which are not related to the Redemption Procedures, and
each Authorized Participant shall comply with such procedures.

     (b) Each 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 exchange Tradeable Shares into Holding Shares
and concurrently redeem such Holding Shares or to redeem Holding Shares as one
or more MACRO Units for cash or for cash and/or Eligible Treasuries (a
"Redemption Order") may not be revoked by such Authorized Participant after
the placement and acceptance of such order with the Administrative Agent. Such
Orders shall be a binding obligation of the Authorized Participant that placed
such Order. A form of Redemption Order is attached hereto as EXHIBIT C (a
"Redemption Order Form"). The Redemption Order Form shall not be required if
such Redemption Order is conducted through the electronic facilities of the
Administrative Agent; provided, however, that the Administrative Agent, in its
sole discretion, may require the use of the Redemption Order Form for any
reason as an alternative for its electronic facilities. The information
required by such electronic facilities shall be substantially similar to the
information on the Redemption Order Form attached hereto.

     (c) The Administrative Agent and the Depositor shall each have the
absolute right but shall have no obligation to reject any Redemption Order (i)
if the Administrative Agent determines that the Redemption Order is not in the
required form, (ii) if the Administrative Agent determines that the Authorized
Participant or Authorized Participants have deposited an insufficient number
of shares with the Trustee, (iii) if the Depositor has determined, based upon
an opinion of counsel, and advised the Trustee and the Administrative Agent
that such Redemption Order would have adverse tax or securities laws
consequences to one or more of the MACRO Trusts or any of the holders of the
MACRO Shares, (iv) if the acceptance of the Redemption Order would, in the
opinion of counsel to the Depositor, be unlawful, (v) if the trustee of one of
the Paired Holding Trusts notifies the trustee of the other Paired Holding
Trust that the related Redemption Order will be rejected by it, by the
Depositor or by the Administrative Agent, (vi) if such Redemption Order will
cause one or both of the Tradeable Trusts to hold fifty percent or less of the
related outstanding Holding Shares or (vii) if circumstances outside the
control of the Trustee, the Depositor or the Administrative Agent make

                                      7
<PAGE>

it impractical or not feasible to process the Redemption Order on the
Redemption Order Date or on the Order Date. None of the Trustee, the Depositor
or the Administrative Agent shall be liable to any Person by reason of the
rejection of any Redemption Order.

     (d) The Administrative Agent shall suspend the right of redemption or
postpone the applicable settlement date, (i) for any period during which the
AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended
or restricted, (ii) for any period during which an emergency exists as a
result of which delivery or acquisition of Eligible Treasuries by the paired
Holding Trusts is not reasonably practicable, (iii) if any such redemption
would cause the Up-MACRO or Down-MACRO Investment Amount to equal less than 10
million dollars or (iv) for such other period as the Depositor, the Trustee or
the Administrative Agent determines to be necessary for the protection of the
Beneficial Owners of any of the MACRO Shares. Neither the Depositor, the
Administrative Agent nor the Trustee shall be liable to any Person or in any
way for any loss or damages that may result from any such suspension or
postponement.

     Section 5. Exchange Order.

     (a) All orders to exchange Holding Shares into their related Tradeable
Shares or exchange Tradeable Shares into their related Holding Shares shall be
made in accordance with the terms of the applicable Trust Agreements, this
Participants Agreement and the Exchange Procedures. Each party will comply
with such foregoing terms and procedures to the extent applicable. Each
Authorized Participant hereby consents to the use of recorded telephone lines
whether or not such use is reflected in the Exchange Procedures. The Trustee,
the Administrative Agent and the Depositor may issue additional or other
procedures from time to time relating to the manner of exchanging Holding
Shares or exchanging Tradeable Shares, which are not related to the Exchange
Procedures, and each Authorized Participant shall comply with such procedures.

     (b) Each 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 exchange Holding Shares or to exchange
Tradeable Shares (an "Exchange Order," and together with a Creation Order and
a Redemption Order, each an "Order") may not be revoked by such Authorized
Participant after the placement and acceptance of such Order with the
Administrative Agent. Such order shall be a binding obligation of the
Authorized Participant that placed such order. A form of an Exchange Order is
attached hereto as EXHIBIT D (the "Exchange Order Form"). The Exchange Order
Form shall not be required if such Exchange Order is conducted through the
electronic facilities of the Administrative Agent; provided, however, that the
Administrative Agent, in its sole discretion, may require the use of the
Exchange Order Form for any reason as an alternative for its electronic
facilities. The information required by such electronic facilities shall be
substantially similar to the information on the Exchange Order Form attached
hereto.

     (c) The Administrative Agent and the Depositor shall each have the
absolute right but shall have no obligation to reject any Exchange Order (i)
if the Administrative Agent determines that the Exchange Order is not in the
required form, (ii) if the Administrative Agent

                                      8
<PAGE>

determines that the Authorized Participant or Authorized Participants have
deposited an insufficient number of shares with the Trustee, (iii) if the
Depositor determines, based upon an opinion of counsel, that such Exchange Order
would have adverse tax or securities law consequences for one or more of the
MACRO Trusts or the holders of any of the MACRO Shares, (iv) the acceptance or
fulfillment of which would, in the opinion of counsel to the Depositor
acceptable to the Trustee, be unlawful or (v) if circumstances outside the
control of the Trustee, the Depositor or the Administrative Agent make it
impractical or not feasible to cause the Tradeable Trusts to issue additional
Tradeable Shares. None of the Trustee, the Depositor or the Administrative Agent
shall be liable to any Person by reason of the rejection of any Exchange Order.

     (d) The Administrative Agent shall suspend the right of exchange (i) for
any period during which the AMEX or the NYMEX is closed, or trading on the AMEX
or the NYMEX is suspended or restricted (ii) if such Exchange Order will cause
one of the Tradeable Trusts to hold fifty percent or less of the outstanding
related Holding Shares or (iii) for such other period as the Depositor, the
Trustee or the Administrative Agent determines to be necessary for the
protection of the Beneficial Owners of any of the MACRO Shares. None of the
Trustee, the Depositor or the Administrative Agent shall be liable to any Person
or in any way for any loss or damage that may result from any such suspension.

     Section 6. Transfers.

     (a) Any MACRO Shares or Eligible Treasuries to be transferred in
connection with any Order shall be transferred between that Authorized
Participant's designated account at DTC and the Netting Account or the
Securities Account of the applicable MACRO Trust in accordance with the
Procedures. Any transfer of MACRO Shares shall be conducted through the
Deposit and Withdrawal At Custodian process (the "DWAC process") of the DTC
system. The Authorized Participant shall be responsible for all costs and
expenses relating to or connected with any transfer of MACRO Shares or
Eligible Treasuries between its designated account and the Netting Account or
the Securities Account of the applicable MACRO Trust. Any transfer of cash in
connection with the Orders shall be made between a bank account designated by
that Authorized Participant and the Netting Account or the Distribution
Account of the applicable Holding Trust in accordance with the Procedures. Any
transfer of cash shall be conducted through the Federal Wire Electronic
Transfer System. The Authorized Participant shall be responsible for all costs
and expenses relating to or in connection with any transfers of cash between
its designated bank account and the applicable Netting Account or Distribution
Account.

     (b) Each of the MACRO Trusts, the Depositor, the Trustee and the
Administrative Agent shall have no liability for loss or damages suffered by
an Authorized Participant in respect of the Authorized Participant's
Participant Custodian Account. The Authorized Participant acknowledges that it
is an unsecured creditor of the applicable Trustee, on behalf of the
applicable Trust, with respect to any MACRO Shares, Eligible Treasuries and/or
cash held in each Authorized Participant's Participant Custodian Account and
that such MACRO Shares, Eligible Treasuries and/or cash are at risk in the
event that the Trustee becomes insolvent.

                                      9
<PAGE>

     Section 7. Fees.

     (a) In connection with each Creation Order, the Authorized Participant
shall pay to the Trustee a fee (such fee, the "Creation Transaction Fee") for
such creation. The initial Creation Transaction Fee shall be two thousand
dollars ($2,000) for the creation of one or more MACRO Units and the
concurrent exchange of such MACRO Units to their related Tradeable or for the
creation of one or more MACRO Units. The Creation Transaction Fee may be
adjusted from time to time in accordance with Section 7(c) of this
Participants Agreement. A single Creation Transaction Fee shall be due for
each Creation Order from a single Authorized Participant.

     (b) In connection with each Redemption Order, the Authorized Participant
shall pay to the Trustee a fee (such fee, the "Redemption Transaction Fee,"
and together with the Creation Transaction Fee, the "Transaction Fee") for
such redemption of shares. The initial Redemption Transaction Fee for the
exchange of Tradeable Shares which constitute one or more MACRO Units and the
concurrent redemption of such MACRO Units for cash and/or Eligible Treasuries
or for the redemption of Holding Shares that constitute one or more MACRO
Units for cash and/or Eligible Treasuries shall be two thousand dollars
($2,000). The Redemption Transaction Fee may be adjusted from time to time in
accordance with Section 7(c) of this Participants Agreement. A single
Redemption Transaction Fee shall be due for each Redemption Order from a
single Authorized Participant regardless of the aggregate amount of
redemptions on such Redemption Order.

     (c) The Transaction Fee may subsequently be waived, modified, reduced,
increased or otherwise changed by the Trustee, with the prior written consent
of the Depositor, and without the required consent of the Authorized
Participants at that time, but will not in any event exceed 0.10% of the value
of a MACRO Unit at the time of creation or redemption, as the case may be (in
each case determined at the proportionate underlying value of a MACRO Unit on
the date of either the Creation Order or the Redemption Order). Promptly after
agreeing to and prior to implementing such change, the Depositor shall file,
with the cooperation of the Trustee, a post-effective amendment with the SEC
disclosing any such change in the Transaction Fee and the Administrative Agent
shall, concurrently, notify the Depository and each Authorized Participant.
Any such change in the Transaction Fee shall not be implemented until thirty
(30) days after the filing of the applicable post-effective amendment. The
amount of the Transaction Fee in effect at any given time shall be made
available by the Administrative Agent upon request.

     Section 8. Authorized Persons. Concurrently with the execution of this
Participants Agreement and from time to time thereafter, each Authorized
Participant shall deliver to the Administrative Agent, with copies to the
Trustee, notarized and duly certified as appropriate by its secretary or other
duly authorized official, 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 Administrative Agent 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
Administrative Agent receives a superseding certificate bearing a subsequent
date. Upon the termination or revocation of

                                      10
<PAGE>

authority of any Authorized Person by the Authorized Participant, the
Authorized Participant shall give immediate written notice of such fact to the
Administrative Agent and such notice shall be effective upon receipt by the
Administrative Agent. The Administrative Agent shall issue to each Authorized
Person a unique personal identification number (the "PIN Number") by which
such Authorized Person shall be identified and which shall be used as
authentication for Orders placed by that Authorized Person. The Administrative
Agent shall provide to the Depositor and the Trustee, if so requested, a list
of the Authorized Persons and their corresponding PIN Numbers and shall
promptly update such list upon any changes to such list. 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 within two
Business Days after the new PIN Number has been issued to the Authorized
Person.

     Section 9. Representation regarding Securities Delivered. Each redeeming
Authorized Participant represents and warrants that it will not obtain a
Submission Number (as described in the Procedures) from the Administrative
Agent for a Redemption Order or an Exchange Order unless such Authorized
Participant first ascertains that (i) it or its customer or any other person
on whose behalf it is acting, as the case may be, owns outright or has full
legal authority and legal and beneficial right to tender the MACRO Shares and
(ii) such MACRO Shares 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 securities to
the Trustee on the first Business Day following the applicable order date.

     Section 10. Role of the Authorized Participant.

     (a) Each Authorized Participant acknowledges that, for all purposes of
this Participants Agreement and the Trust Agreements, it is and shall be
deemed to be an independent contractor and has and shall have no authority to
act as agent for the Paired Holding Trusts, the Tradeable Trusts, the
Depositor, the Administrative Agent or the Trustee in any matter or in any
respect.

     (b) Each Authorized Participant will make itself and its employees
available, upon request, during normal business hours to consult with the
Trustee and the Administrative Agent concerning the performance of such
Authorized Participant's responsibilities under this Participants Agreement.

     (c) With respect to any Order made by an Authorized Participant pursuant
to this Participants Agreement for the benefit of any customer or any other
DTC Participant or Indirect Participant or any other beneficial owner, such
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
Agreements.

     (d) Each Authorized Participant will maintain records of all sales and
redemptions of Holding Shares or Tradeable Shares made by or through it and
will furnish copies of such records to the Depositor upon the reasonable
request of the Depositor.

                                      11
<PAGE>

     Section 11. Indemnification.

     (a) Each Authorized Participant, individually and severally, hereby
indemnifies and holds harmless the Paired Holding Trusts, the Tradeable
Trusts, the Trustee, the Administrative Agent, the Depositor, their respective
direct or indirect affiliates (as defined below) and their respective
directors, officers, managers, members, employees and agents, and each person,
if any, who controls such persons within the meaning of Section 15 of the
Securities Act (each, an "AP Indemnified Party") from and against any losses,
liabilities, damages, costs and expenses (including attorney's fees and the
reasonable cost of investigation) incurred by such AP Indemnified Party as a
result of or in connection with: (i) any breach by such Authorized Participant
of any provisions of this Participants Agreement, including its
representations, warranties and covenants, (ii) any failure on the part of
such Authorized Participant to perform any of its obligations set forth in
this Participants Agreement, (iii) any failure by such 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
such Authorized Participant, or (v) (A) any representation by such Authorized
Participant, its employees or its agents or other representatives about any
type of MACRO Shares or any AP Indemnified Party that is not consistent with
the then-current Prospectuses made in connection with the offer or the
solicitation of an offer to buy or sell any type of MACRO Shares and (B) any
untrue statement or alleged untrue statement of a material fact contained in
any Participant Written Communication described in Section 15(b) herein 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 MACRO Shares or any AP
Indemnified Party, unless, in either case, such representation, statement or
omission was made or included by the Authorized Participant at the written
direction of the Depositor or is based upon any omission or alleged omission
by the Depositor 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 Paired Holding Trusts, on behalf of themselves and their related
Tradeable Trusts, hereby agree to indemnify and hold harmless, severally and
not jointly, each 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
Securities Act (each, a "Trust Indemnified Party") from and against any
losses, liabilities, damages, costs and expenses (including reasonable
attorneys' fees) incurred by such Trust Indemnified Party as a result of (i)
any breach by a MACRO Trust of any provision of this Participants Agreement
that relates to a MACRO Trust, (ii) any failure on the part of a MACRO Trust
to perform any of its obligations set forth in this Participants Agreement or
(iii) any untrue statement or alleged untrue statement of a material fact
contained in the Prospectuses as originally filed with the SEC or in any
amendment thereof, 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 Prospectuses
based on information furnished in writing by or on behalf of the Authorized
Participant expressly for use in the Prospectuses.

                                      12
<PAGE>

     (c) This Section 11 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 Trust Indemnified Party, as the case
may be. The term "affiliate" in this Section 11 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) If the indemnification provided for in this Section 11 is unavailable
to an AP Indemnified Party under Section 11(a) or a Trust Indemnified Party
under Section 11(b) or insufficient to hold an indemnified party harmless in
respect of any losses, liabilities, damages, costs and expenses referred to
therein, then each applicable indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
liabilities, damages, costs and expenses (i) in such proportion as is
appropriate to reflect the relative benefits received by a Paired Holding
Trust, on the one hand, and by the Authorized Participant, on the other hand,
from the services provided hereunder or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of a Paired Holding Trust, on the one
hand, and of the Authorized Participant, on the other hand, in connection
with, to the extent applicable, the statements or omissions which resulted in
such losses, liabilities, damages, costs and expenses, as well as any other
relevant equitable considerations. The relative benefit of a Paired Holding
Trust shall be deemed to be in the same proportion as the total net proceeds
from the offering (after deducting expenses) received by that Paired Holding
Trust. To the extent applicable, the relative fault of a Paired Holding Trust
and its related Tradeable Trust, on the one hand, and of the Authorized
Participant, on the other hand, shall be determined by reference to, among
other things, whether the untrue statement or alleged untrue statement of a
material fact or omission or alleged omission relates to information supplied
by that trust or by the Authorized Participant and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid or payable by a party as a result
of the losses, liabilities, damages, costs and expenses referred to in this
Section 11(d) shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with investigating, preparing
to defend or defending any action, suit or proceeding (each, a "Proceeding")
related to such losses, liabilities, damages, costs and expenses.

     (e) Each Paired Holding Trust and each Authorized Participant agree that
it would not be just and equitable if contribution pursuant to this Section 11
were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in
Section 11(d) above. Each Authorized Participant shall not be required to
contribute any amount in excess of the amount by which the total price at
which the Paired Holding Shares or Tradeable Shares, as applicable, created by
the Authorized Participant and distributed to the public exceeds the amount of
any damage which the Authorized Participant has otherwise been required to pay
by reason of such untrue statement or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

                                      13
<PAGE>

     (f) The indemnity and contribution provisions contained in this Section
11 shall remain in full force and effect regardless of any investigation made
by or on behalf of an Authorized Participant, its partners, stockholders,
members, directors, officers, employees and or any person (including each
partner, stockholder, member, director, officer or employee of such person)
who controls an Authorized Participant within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, or by or on behalf of each
of the Paired Holding Trusts, its managers, members, officers, employees or
any person who controls the Paired Holding Trusts within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall
survive any termination of this Participants Agreement. Each Paired Holding
Trust and each Authorized Participant agree promptly to notify each other of
the commencement of any Proceeding against it and, in the case of a Paired
Holding Trust, against the Trustee or the Depositor, in connection with the
issuance and sale of the Paired Holding Shares or Tradeable Shares or in
connection with the Registration Statement or the Prospectuses.

     (g) Pursuant to the Holding Trust Agreements, each Paired Holding Trust
hereby agrees jointly and severally to pay any Trust Indemnified Party such
amounts when due under this Section 11 (including any amount in contribution
thereof that may be owed to such Trust Indemnified Party pursuant to this
Section 11), and to pay any and all expenses (including reasonable and
documented counsel fees and expenses) incurred by the Trust Indemnified Party
in enforcing its rights under this Section 11(g).

     Section 12. Limitation of Liability.

     (a) None of the Depositor, the Trustee, the Administrative Agent or the
Authorized Participant shall be liable to each other or to any other Person,
including any AP Indemnified Party or any other person claiming by, through or
on behalf of an 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 any of the others or any other person
or out of any interruption or delay in the electronic means of communications
used by them.

     (b) Tax Liability. Each 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
(i) the creation or redemption of any MACRO Unit or (ii) the creation or
redemption of Tradeable Shares made pursuant to this Participants Agreement,
regardless of whether or not such tax or charge is imposed directly on each
Authorized Participant. To the extent the Trustee, the Administrative Agent,
the Depositor, the Paired Holding Trusts or the Tradeable Trusts are 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 13. Acknowledgment. Each Authorized Participant acknowledges
receipt of a copy of (i) the Trust Agreements, (ii) the current Up-MACRO
Prospectus and (iii) the current Down-MACRO Prospectus and represents that it
has reviewed and understands such documents.

                                      14
<PAGE>

     Section 14. Effectiveness and Termination. Upon the execution of this
Participants Agreement by the parties hereto, this Participants 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), (ii) upon notice to the Authorized Participant
by the Trustee in the event of a breach by the Authorized Participant of this
Participants Agreement or the Procedures described or incorporated herein,
(iii) immediately in the circumstances described in Section 21(j), or (iv) at
such time as the Paired Holding Trusts are terminated pursuant to the Holding
Trust Agreements.

     Section 15. Marketing Materials; Representations Regarding Paired Holding
Shares; Identification in Registration Statement.

     (a) Each Authorized Participant represents, warrants and covenants that,
without the prior written consent of the Depositor, (i) such Authorized
Participant will not make, or permit any of its representatives to make any
representations concerning the Paired Holding Shares, the Tradeable Shares or
any AP Indemnified Party other than representations contained (A) in the
then-current Prospectuses, (B) in printed information approved by the
Depositor as information supplemental to such Prospectuses or (C) in any
promotional materials or sales literature furnished to such Authorized
Participant by the Depositor and (ii) such Authorized Participant will not
prepare, make, use, authorize, approve, disseminate or refer to any "written
communication" (as defined in Rule 405 under the Act) that constitutes an
offer to sell or solicitation of an offer to buy any of the MACRO Shares other
than the then-current Prospectuses. Copies of the then-current Prospectuses
and any such printed supplemental information will be supplied by the
Depositor to the Authorized Participant in reasonable quantities upon request.

     (b) Notwithstanding the foregoing, each Authorized Participant may,
without the written approval of the Depositor, prepare and circulate to one or
more of its potential investors one or more "written communications" (as
defined under Rule 405 under the Securities Act) containing no more than the
following: information contemplated by Rule 134 under the Securities Act
("Rule 134 Information") which is consistent with the then-current
prospectuses and information included in the then-current prospectuses (a
"Participant Free Writing Prospectus", and together with Rule 134 Information,
the "Participant Written Communication").

     (c) Each Authorized Participant severally represents, warrants, covenants
and agrees with the Trustee, the Administrative Agent and the Depositor that:

          (i) each Participant Written Communication prepared by it will not,
     as of the date such Participant Written Communication was conveyed or
     delivered to any prospective purchaser of MACRO Shares, include any
     untrue statement of a material fact or omit any material fact necessary
     to make the statements contained therein, in light of the circumstances
     under which they were made, not misleading; provided, however, that no
     Authorized Participant makes such representation, warranty or agreement
     to the extent such misstatements or omissions were the result of any
     inaccurate information which was included in the Prospectuses or any
     written information furnished to the related Authorized

                                      15
<PAGE>

     Participant by the Trustee, the Administrative Agent and the Depositor
     expressly for use therein, which information was not corrected by
     information subsequently filed with the SEC or by such information
     subsequently delivered by the Trustee, the Administrative Agent or the
     Depositor to the related Authorized Participant prior to the time of use
     of such Participant Written Communication;

          (ii) each Rule 134 Information prepared by it shall contain a legend
     substantially in the form of and in compliance with Rule 134(b) or (d) of
     the Securities Act, as applicable, and shall otherwise conform to all of
     the requirements of Rule 134 under the Securities Act;

          (iii) each Participant Free Writing Prospectus prepared by it shall
     contain a legend substantially in the form of and in compliance with Rule
     433(c)(2)(i) of the Securities Act, and shall otherwise conform to all of
     the requirements for "Free Writing Prospectus" (as defined under Rule 405
     under the Securities Act) under the Securities Act; and

          (iv) each Participant Free Writing Prospectus prepared by it shall
     be delivered to the Trustee, the Administrative Agent and the Depositor
     no later than the time of first use and, unless otherwise agreed to by
     the Trustee, the Administrative Agent and the Depositor and the related
     Authorized Participant, such delivery shall occur no later than the close
     of business for the applicable MACRO Trust (Eastern Time) on the date of
     first use; provided, however, if the date of first use is not a Business
     Day, such delivery shall occur no later than the close of business for
     the applicable MACRO Trust (Eastern Time) on the first Business Day
     preceding such date of first use.

     (d) Each Authorized Participant severally represents and agrees (i) that
it did not enter into any contract of sale for any MACRO Share prior to the
initial time of sale as determined by the Depositor (the "Initial Time of
Sale") and (ii) that it will, at any time that such Authorized Participant is
acting as an "underwriter" (as defined in Section 2(a)(11) of the Securities
Act) with respect to any type of MACRO Share, deliver to each investor to whom
the MACRO Shares are offered a copy of the then-current Prospectuses as
required under the Securities Act.

     (e) Each Authorized Participant hereby agrees that, for the term of this
Participants Agreement, the Depositor may deliver the then-current
Prospectuses, and any supplements or amendments thereto or recirculation
thereof, to such Authorized Participant in Portable Document Format ("PDF")
via electronic mail in lieu of delivering the Prospectuses in paper form. Each
Authorized Participant may revoke the foregoing agreement at any time by
delivering written notice to the Depositor and the Administrative Agent and,
whether or not such agreement is in effect, each Authorized Participant may,
at any time, request reasonable quantities of the Prospectuses, and any
supplements or amendments thereto or recirculation thereof, in paper form from
the Depositor. Each 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 Prospectuses in
PDF instead of in paper form.

                                      16
<PAGE>

     (f) For as long as this Participants Agreement is effective, each
Authorized Participant agrees to be identified as an authorized participant of
the Paired Holding Trusts and the Tradeable Trusts (i) in the section of the
Prospectuses included within the Registration Statements entitled "Plan of
Distribution" and in any other section as may be required by the SEC, (ii) in
any SEC filing as may be required under the Securities Act or the Exchange Act
and (iii) on any website relating to the Paired Holding Trusts or the
Tradeable Trusts.

     Section 16. Certain Covenants of the Depositor. The Depositor covenants
and agrees:

     (a) to advise the Authorized Participant promptly of the happening of any
event during the term of this Participants Agreement which could require the
making of any change in the Prospectuses then being used so that the
Prospectuses would not include an untrue statement of a 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 Paired Holding
Trusts, to each Authorized Participant promptly such amendments or supplements
to such Prospectuses as may be necessary to reflect any such change;

     (b) to deliver a certification by a duly authorized officer of the
Depositor in the form attached hereto as EXHIBIT E to each Authorized
Participant, upon the occurrence of (i) an amendment to any of the
Registration Statements or the Prospectuses by the filing of a post-effective
amendment, (ii) the filing of a new Registration Statement to register
additional Paired Holding Shares in reliance on Rule 429 under the Securities
Act, or (iii) incorporation by reference of new financial information into the
Registration Statements or the Prospectuses. In addition, any certificate
signed by any officer of the Depositor and delivered to each Authorized
Participant or counsel for each Authorized Participant pursuant hereto shall
be deemed to be a representation and warranty by the Depositor as to matters
covered thereby to each Authorized Participant;

     (c) upon (i) amending any of the Registration Statements or (ii) the
filing and effectiveness of a new Registration Statement to register
additional Paired Holding Shares or Tradeable Shares in reliance on Rule 429
under the Securities Act, to furnish to each Authorized Participant, an agreed
upon opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the
Depositor, addressed to each Authorized Participant and dated such dates;

     (d) to deliver letters from the MACRO Trusts' accountants, dated as of
the date of such events below, that are addressed to each Authorized
Participant and the MACRO Trusts' certified independent public accountants and
stating in effect that they have performed certain specified procedures as a
result of which they have determined that certain information of an
accounting, financial or statistical nature (which is limited to accounting,
financial or statistical information derived from the general accounting
records of the MACRO Trusts) set forth in the Prospectuses, agrees with the
accounting records of the MACRO Trusts, excluding any questions of legal
interpretation, upon the occurrence of (i) an amendment to any of the
Registration Statements or the Prospectuses by the filing of a post-effective
amendment or (ii) incorporation by reference of new financial information into
the Registration Statements or the Prospectuses; and

                                      17
<PAGE>

     (e) on behalf of each of the MACRO Trusts, to file a post-effective
amendment to their respective Registration Statements no less frequently than
once per calendar quarter on or about the same time that the Depositor files a
quarterly or annual report pursuant to Section 13 or 15(d) of the Exchange Act
(including the information contained in such report), until such time as the
MACRO Trusts' reports filed pursuant to Section 13 or 15(d) of the Exchange
Act are incorporated by reference in the Registration Statement.

     Section 17. Addition and Removal of Authorized Participants.

     (a) On any Business Day, any Person who satisfied the requirements set
forth in Section 2 of this Participants Agreement may notify the
Administrative Agent and the Depositor of its desire to be added to Schedule I
of this Participants Agreement. The Administrative Agent shall review such
Person's request, and if such Person is acceptable to the Depositor, the
Administrative Agent shall prepare, or cause to be prepared, a supplement to
this Participants Agreement under which such Person will be added to Schedule
I attached hereto and pursuant to which such Person shall assume the role,
responsibilities and privileges of an Authorized Participant as set forth in
this Participants Agreement. Upon instruction from the Depositor, each of the
Administrative Agent and Trustee hereby acknowledge and agree that it will
execute and deliver such supplement to the extent permitted by law.
Furthermore, each Authorized Participant acknowledges and agrees that its
execution and delivery of such supplement shall not be required to bind any
future Authorized Participant to the terms and conditions set forth herein.
The Trustee shall use commercially reasonable efforts to submit on behalf of
such Person an application to create an account at DTC pursuant to which it
can effectuate creations, redemptions and/or exchanges in accordance with
Attachment A attached hereto. Upon an approval from DTC and the execution and
delivery of such supplement by such Person, the Administrative Agent, the
Trustee and the Depositor, such Person shall be deemed to be an Authorized
Participant under this Participants Agreement. To the extent required under
the Exchange Act, the Depositor shall file within four (4) Business Days of
executing a supplement a Form 8-K disclosing the addition of an Authorized
Participant.

     (b) Upon five (5) Business Days' written notice, an Authorized
Participant may terminate its role with respect to this Participants
Agreement. The Administrative Agent shall prepare, or cause to be prepared, an
amendment to Schedule I under which such Authorized Participant shall be
removed from such schedule. The Administrative Agent, the Depositor, the
Trustee and such Administrative Agent shall execute such amendment upon its
preparation and delivery. Each Authorized Participant acknowledges and agrees
that the execution and delivery by it of such amendment is not required for
the removal of an Authorized Participant from the Schedule. To the extent
required under the Exchange Act, the Depositor shall file within four (4)
Business Days of executing an amendment a Form 8-K disclosing the removal of
such Authorized Participant.

     Section 18. Third Party Beneficiaries. Each AP Indemnified Party, to the
extent it is not a party to this Participants Agreement, is a third-party
beneficiary of this Participants Agreement (each, a "Third Party Beneficiary")
and may proceed directly against each Authorized Participant (including by
bringing proceedings against each Authorized Participant in its own name) to

                                      18
<PAGE>

enforce any obligation of each Authorized Participant under this Participants
Agreement which directly or indirectly benefits such Third Party Beneficiary.

     Section 19. Force Majeure. No party to this Participants Agreement shall
incur any liability for any delay in performance, or for the non-performance,
of any of its obligations under this Participants 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 20. Ambiguous Instructions. If any Creation, Redemption or
Exchange Order Form 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 Administrative Agent 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 will be accepted and
processed. If an Authorized Person contradicts the Order terms, the Order will
be deemed invalid, and a corrected Order must be received by the
Administrative Agent, as the case may be, not later than within fifteen (15)
minutes of such contact with the Authorized Person. If the Administrative
Agent is not able to contact an Authorized Person, then the Order shall be
accepted and processed in accordance with its terms notwithstanding any
inconsistency from the terms of the telephone information. In the event that
an Order contains terms that are illegible, the Order will be deemed invalid
and the Administrative Agent will attempt to contact one of the Authorized
Persons of each Authorized Participant to request retransmission of the Order.
A corrected Order must be received by the Administrative Agent not later than
within fifteen (15) minutes of such contact with the Authorized Person. The
Administrative Agent will incur no liabilities under this Section 20.

     Section 21. Miscellaneous.

     (a) Amendment and Modification. This Participants Agreement, the
Procedures attached hereto and the Exhibits hereto may be amended, modified or
supplemented by the Trustee, the Administrative Agent and the Depositor,
without consent of any holder of the MACRO Shares or the Authorized
Participants; provided, however, that the Trustee will not be required to
enter into any amendment or modification of this Participants Agreement that
would (i) alter the status of any Paired Holding Trust as a partnership or any
of the Tradeable Trusts as grantor trust for federal income tax purposes or
(ii) cause any Trust to be required to register as an investment company under
the Investment Company Act of 1940, as amended, or (iii) cause or potentially
cause the assets of any MACRO Trust to constitute "plan assets" within the
meaning of ERISA unless (in each case) it has obtained a favorable opinion of
counsel at the expense of the applicable trust to the effect that such
amendment would not have such effect. After the amendment, modification or
supplement has been agreed to, the Administrative Agent shall mail a copy of
the proposed amendment, modification or supplement to each Authorized
Participant. The Administrative Agent may also deliver such amendment,
modification or supplement thereto by electronic mail; provided, however, that
physical delivery via the United

                                      19
<PAGE>

States postal system or similar system shall be required. For the purposes of
this Participants Agreement, mail will be deemed received by the recipient
thereof on the third (3rd) calendar day following the deposit of such mail
into the United States postal system or similar system. Within ten (10)
calendar days after its deemed receipt, the amendment, modification or
supplement will become part of this Participants 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
Participants Agreement (other than this Participants Agreement), the
Administrative Agent will promptly mail a copy of such amendment, modification
or supplement to each Authorized Participant.

     Notwithstanding the foregoing, any amendment, modification or supplement
to any creation or redemption procedural item in the Procedures shall be made
in accordance with the terms of such agreements. After the amendment,
modification or supplement has been agreed to, the Trustee will mail a copy of
the amendment, modification or supplement to each 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
Participants Agreement, all notices required or permitted to be given pursuant
to this Participants 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, telephonic
facsimile, electronic mail or similar means of same day delivery (transmission
confirmation received), with a confirming copy regular mail, postage prepaid.
Unless otherwise notified in writing, all notices to any MACRO Trusts shall be
given or sent to the Administrative Agent, with copies to the Trustee. All
notices shall be directed as follows:

                  If to the Trustee:

                           INVESTORS BANK & TRUST COMPANY
                           200 Clarendon Street
                           Boston, MA 02116

                           Attention:  MACROshares Transfer Agent
                           Copy to:  Andrew Josef
                           Telephone:  (617) 937-3889
                           Facsimile:   (617) 351-4314

                                      20
<PAGE>

                  If to the Depositor:

                           MACRO Securities Depositor, LLC
                           73 Green Tree Drive #9
                           Dover, DE 19904

                           Attention:  Samuel Masucci, III
                           Telephone:  (888) MACROS1
                           Facsimile:   (973) 695-1643

                  If to the Administrative Agent:

                           CLAYMORE SECURITIES, INC.
                           2455 Corporate West Drive
                           Lisle, IL 60532

                           Attention:  Nicholas Dalmaso
                           Telephone:  (630) 505-3700
                           Facsimile:   (630) 799-3834

                  If to each Authorized Participant:

                           KV EXECUTION SERVICES LLC

                           Attention:  Mark Criscitello
                           Telephone:  (732) 291-6311
                           Facsimile:  (732) 291-6937

or to the address listed on Schedule I attached hereto; or to such other
address as any of the parties hereto shall have communicated in writing to the
remaining parties in compliance with the provisions hereof.

     (d) Successors and Assigns. This Participants 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 Participants 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 Participants Agreement. 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

                                      21
<PAGE>

Participants Agreement shall be automatically assigned to any successor
Trustee, Administrative Agent or Depositor at such time such successor
qualifies as a successor Trustee, Administrative Agent or Depositor under the
terms of the Trust Agreements.

     (f) Governing Law; Consent to Jurisdiction. This Participants Agreement
shall be governed by and construed in accordance with the laws of the State of
New York (regardless of the laws that might otherwise govern under applicable
New York conflict of laws principles other than Section 5-1401 et seq. of the
General Obligations Law of the State of New York) 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 Participants 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 Participants Agreement may be executed in one or
more counterparts, each of which will be deemed to be an original copy of this
Participants Agreement and all of which, when taken together, will be deemed
to constitute one and the same agreement, and it shall not be necessary in
making proof of this Participants 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, paragraph and other subdivision headings
contained in this Participants 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 Participants Agreement.

     (i) Entire Agreement. This Participants Agreement and the Trust
Agreements, along with any other agreement or instrument delivered pursuant to
this Participants Agreement and the Trust Agreements, supersede all prior
agreements and understandings between the parties with respect to the subject
matter hereof; provided however, that each Authorized Participant shall not be
deemed by this provision to be a party to the Trust Agreements.

     (j) Severance. If any provision of this Participants 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 Participants Agreement and this Participants Agreement will be construed
as if such invalid, illegal, or unenforceable provision had never been
contained herein, unless the Depositor determines in its discretion, after
consulting with the Trustee and the Administrative Agent, that the provision
of this Participants Agreement that was held invalid, illegal or unenforceable
does affect the validity, legality or enforceability of one or more other
provisions of this Participants Agreement,

                                      22
<PAGE>

and that this Participants Agreement should not be continued without the
provision that was held invalid, illegal or unenforceable, and in that case,
upon the Depositor's notification of the Trustee and the Administrative Agent
of such a determination, this Participants Agreement shall immediately
terminate and the Administrative Agent will so notify each Authorized
Participant immediately.

     (k) No Strict Construction. The language used in this Participants
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rule of strict construction will be applied
against any party.

     (l) Survival. Section 11 (Indemnification) and Section 18 (Third Party
Beneficiaries) hereof shall survive the termination of this Participants
Agreement.

     (m) Other Usages. The following usages shall apply in interpreting this
Participants 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."

     IN WITNESS WHEREOF, each Authorized Participant, the Depositor, the
Administrative Agent and the Trustee have caused this Participants Agreement
to be executed by their duly authorized representatives as of the date first
set forth above.

                        INVESTORS BANK & TRUST COMPANY
                        not in its individual capacity,
                        but solely as the Trustee for the
                        Paired Holding Trusts and the
                        Tradeable Trusts

                        By:        /S/  Michael F. Rogers
                                   -----------------------------
                        Name:      Michael F. Rogers
                        Title:     President
                        Address:   200 Clarendon Street
                                   Boston, MA 02116
                        Telephone: (617) 937-3889
                        Facsimile: (617) 351-4314

                        CLAYMORE SECURITIES, INC.
                        not in its individual capacity,
                        but solely as the Administrative
                        Agent of the Paired Holding Trusts
                        and the Tradeable Trusts

                        By:        /S/  Steven M. Hill
                                   ------------------------------
                        Name:      Steven M. Hill
                        Title:     Senior Managing Director
                        Address:   2455 Corporate West Drive

                                      23
<PAGE>

                                   Lisle, IL 60532
                        Telephone: (630) 505-3700
                        Facsimile: (630) 799-3834

                        MACRO SECURITIES DEPOSITOR, LLC
                        Depositor of the Paired Holding Trusts
                        and the Tradeable Trusts

                        By:        /S/  Samuel Masucci, III
                                   ------------------------------
                        Name:      Samuel Masucci, III
                        Title:     President
                        Address:   73 Green Tree Drive #9
                                   Dover, DE 19904
                        Telephone: (800) MACROS1
                        Facsimile: (973) 695-1643

                                      24
<PAGE>

                        KV EXECUTION SERVICES LLC

                        By:          /S/ Mark Criscitello
                                     --------------------
                        Name:        Mark Criscitello
                        Title:       Chief Operating Officer
                        Address:     1041 Rt. 36, Suite 301
                                     Atlantic Highlands, NJ 07716
                        Telephone:   (732) 291-6311
                        Facsimile:   (732) 291-6937
                        DTC Number:  0407

                                      25
<PAGE>

                                                                    SCHEDULE I

                         LIST OF AUTHORIZED PARTICIPANTS

1.  KV EXECUTION SERVICES LLC

                                 SCHEDULE I-1

<PAGE>

                                   EXHIBIT A

                   CLAYMORE MACROSHARES OIL UP HOLDING TRUST
                  CLAYMORE MACROSHARES OIL DOWN HOLDING TRUST

                  CLAYMORE MACROSHARES OIL UP TRADEABLE TRUST
                 CLAYMORE MACROSHARES OIL DOWN TRADEABLE TRUST

        FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

         The following are the names, titles, addresses, e-mail addresses and
signatures of all persons (each, an "Authorized Person") authorized to give
instructions relating to any activity contemplated by the Participants
Agreement or any other notice, request or instruction on behalf of the
Authorized Participant pursuant to the Participants Agreement.

Authorized Participant:_______________________ (the "Authorized Participant")

Name:                                           Name:
     -------------------------                       -------------------------
Title:                                          Title:
     -------------------------                       -------------------------
Address:                                        Address:
       -----------------------                         -----------------------

       -----------------------                         -----------------------

       -----------------------                         -----------------------
E-Mail:                                         E-Mail:
       -----------------------                         -----------------------
PH:                                             PH:
   ---------------------------                     ---------------------------
Signature:                                      Signature:
         ---------------------                           ---------------------
Name:                                           Name:
     -------------------------                       -------------------------
Title:                                          Title:
      ------------------------                        ------------------------
Address:                                        Address:
       -----------------------                         -----------------------

       -----------------------                         -----------------------

       -----------------------                         -----------------------
E-Mail:                                         E-Mail:
       -----------------------                         -----------------------

                                      A-1
<PAGE>

PH:                                             PH:
   ---------------------------                     ---------------------------
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 Participants
Agreement, dated as of [date], by and among the Authorized Participant, the
Trustee, the Administrative Agent and the Depositor, and that their signatures
set forth above are their own true and genuine signatures.

 E-Mail Address to Confirm the Above Information: _____________________________.

                                     A-2
<PAGE>

     IN WITNESS WHEREOF, I, the undersigned, a duly authorized officer of the
Authorized Participant hereby execute this certificate as of the date first
set forth above.

                                                ---------------------------
                                                NAME OF AUTHORIZED PARTICIPANT

                                                By:
                                                   ------------------------
                                                Name:
                                                Title:

Subscribed and sworn to before me this _____ day of
____________, 20___

                                                By:
                                                   ------------------------
                                                Name:
                                                     ----------------------
                                                Title:
                                                      ---------------------
                                                Date:
                                                     ----------------------

                                                Notary Public:
                                                              -------------

                                     A-3
<PAGE>

                                   EXHIBIT B

                                    FORM OF
                           CLAYMORE MACROSHARES OIL
                                CREATION ORDER

Authorized Participant:_______________________ (the "Authorized Participant")

Date:
     ---------

Submission Number:
                  ------------------

PIN Number:
           ---------------------

Number of MACRO Units to which this order applies:

----------------------

You will be receiving Tradeable Shares in exchange for the MACRO Units being
created unless you indicate otherwise below.

Do you wish to receive Holding Shares?

-------
Yes

     All Creation Orders are subject to the terms and conditions of the
applicable Trust Agreements as currently in effect and the Participants
Agreement, dated as of [ ] (the "Participants Agreement"), among the
Authorized Participant, the Trustee, the Administrative Agent and the
Depositor named therein.

     The Authorized Participant by executing this Creation Order hereby makes
each of the representations and warranties set forth in the Participants
Agreement as of the date hereof and as of the settlement date related to this
Creation Order.

     The undersigned does hereby certify as of the date set forth below that
he/she is an Authorized Person under the Participants Agreement and that
he/she is authorized to deliver this Creation Order Form to the Administrative
Agent and the Trustee on behalf of the Authorized Participant.

     The Authorized Participant, by placing this order, acknowledges that a
"distribution" as such term is used in the Securities Act of 1933, as amended
(the "Securities 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 which would render it a statutory underwriter
pursuant to Section 2(a)(11) of the Securities Act and subject it to the
prospectus-delivery

                                     B-1
<PAGE>

requirements and the liability provisions of the Securities Act. The
Authorized Participant should review the "Plan of Distribution" portion of the
Prospectuses and consult with its own counsel prior to placing this Creation
Order.

                                     B-2
<PAGE>

     IN WITNESS WHEREOF, I, the undersigned, an Authorized Person of the
Authorized Participant, hereby execute this Creation Order as of the date set
forth below.

                                                NAME OF AUTHORIZED PARTICIPANT

                                                By:
                                                   ----------------------------
                                                   Name:
                                                   Title:

                                                Date:
                                                     --------------------------

                                     B-3
<PAGE>

                                   EXHIBIT C

                                    FORM OF
                   CLAYMORE MACROSHARES OIL REDEMPTION ORDER

Authorized Participant:_______________________ (the "Authorized Participant")

Date:
     ---------

Submission Number:
                  ------------------

PIN Number:
           ---------------------

Number of MACRO Units to which this order applies:

----------------------

You will be submitting Tradeable Shares to be exchanged into Holding Shares
which constitute one or more MACRO Units and concurrently be redeemed, unless
you indicate otherwise below.

CUSIP Numbers:

-------------------------                       ---------------------------
Up-MACRO Tradeable Shares                       Down-MACRO Tradeable Shares

Authorized Participant's account details:

Bank's Name: ____________

ABA No.: _______________

Account No.:_____________

Do you wish to submit Holding Shares?

-------
Yes

CUSIP Numbers:

-------------------------                       ---------------------------
Up-MACRO Holding Shares                         Down-MACRO Holding Shares

     All Redemption Orders are subject to the terms and conditions of the
applicable Trust Agreements as currently in effect and the Participants
Agreement, dated as of [ ] (the

                                     C-1
<PAGE>

"Participants Agreement"), among the Authorized Participant, the Trustee, the
Administrative Agent and the Depositor named therein.

     The Authorized Participant by executing this Redemption Order hereby
makes each of the representations and warranties set forth in the Participants
Agreement as of the date hereof and as of the settlement date related to this
Redemption Order.

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

                                     C-2
<PAGE>

     IN WITNESS WHEREOF, I, the undersigned, an Authorized Person of the
Authorized Participant, hereby execute this Redemption Order as of the date
set forth below.

                                                NAME OF AUTHORIZED PARTICIPANT

                                                By:
                                                   ----------------------------
                                                   Name:
                                                   Title:

                                                Date:
                                                     --------------------------

                                     C-3
<PAGE>

                                   EXHIBIT D

                                    FORM OF
                    CLAYMORE MACROSHARES OIL EXCHANGE ORDER

Authorized Participant:_______________________ (the "Authorized Participant")

Date:
     ---------

Submission Number:
                  ------------------

PIN Number:
           ---------------------

Number of Up-MACRO Holding Shares to be exchanged into Up-MACRO Tradeable
Shares:

             (Number)                           (check if not applicable)
-------------                           --------

Number of Down-MACRO Holding Shares to be exchanged into Down-MACRO Tradeable
Shares:

             (Number)                           (check if not applicable)
-------------                           --------

Number of Up-MACRO Tradeable Shares to be exchanged into Up-MACRO Holding
Shares:

             (Number)                           (check if not applicable)
-------------                           --------

Number of Down-MACRO Tradeable Shares to be exchanged into Down-MACRO Holding
Shares:

             (Number)                           (check if not applicable)
-------------                           --------

CUSIP Number(s):

-------------------------                       ---------------------------
Up-MACRO Holding Shares                         Down-MACRO Holding Shares

-------------------------                       ---------------------------
Up-MACRO Tradeable Shares                       Down-MACRO Tradeable Shares

     All Exchange Orders are subject to the terms and conditions of the
applicable Trust Agreements as currently in effect and the Participants
Agreement, dated as of [ ] (the "Participants Agreement"), among the
Authorized Participant, the Trustee, the Administrative Agent and the
Depositor named therein.

                                     D-1
<PAGE>

     The Authorized Participant by executing this Exchange Order hereby makes
each of the representations and warranties set forth in the Participants
Agreement as of the date hereof and as of the settlement date related to this
Exchange Order.

     The undersigned does hereby certify as of the date set forth below that
he/she is an Authorized Person under the Participants Agreement and that
he/she is authorized to deliver this Exchange Order Form to the Trustee on
behalf of the Authorized Participant.

     The Authorized Participant, by placing this order, acknowledges that a
"distribution" as such term is used in the Securities Act of 1933, as amended
(the "Securities 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 which would render it a statutory underwriter
pursuant to Section 2(a)(11) of the Securities Act and subject it to the
prospectus-delivery requirements and the liability provisions of the
Securities Act. The Authorized Participant should review the "Plan of
Distribution" portion of the Prospectuses and consult with its own counsel
prior to placing this Exchange Order.

                                     D-2
<PAGE>

     IN WITNESS WHEREOF, I, the undersigned, an Authorized Person of the
Authorized Participant, hereby execute this Exchange Order as of the date set
forth below.

                                                NAME OF AUTHORIZED PARTICIPANT

                                                By:
                                                   ----------------------------
                                                   Name:
                                                   Title:

                                                Date:
                                                     --------------------------

                                     D-3
<PAGE>

                                   EXHIBIT E

                        MACRO SECURITIES DEPOSITOR, LLC
                             [month][date], [year]

                             OFFICER'S CERTIFICATE

     The undersigned, a duly authorized officer of MACRO Securities Depositor,
LLC, a Delaware limited liability company (the "Depositor"), and pursuant to
Section 16(b) of the Participants Agreement (the "Participants Agreement"),
dated as of __________, 2006 by and among the parties listed on Schedule I
attached hereto (individually, an "Authorized Participant" and collectively,
the "Authorized Participants"), the Depositor, Investors Bank & Trust Company,
a Massachusetts trust company, not in its individual capacity but solely (i)
as trustee of the Claymore MACROshares Oil Up Holding Trust (the "Up-MACRO
Holding Trust"), (ii) as trustee of the Claymore MACROshares Oil Down Holding
Trust (the "Down-MACRO Holding Trust" and, together with the Up-MACRO Holding
Trust, the "Paired Holding Trusts"), (iii) as trustee of the Claymore
MACROshares Oil Up Tradeable Trust (the "Up-MACRO Tradeable Trust"), and (iv)
as trustee of the Claymore MACROshares Oil Down Tradeable Trust (the
"Down-MACRO Tradeable Trust" and, together with the Up-MACRO Tradeable Trust,
the "Tradeable Trusts" and, collectively, with the Paired Holding Trusts, the
"MACRO Trusts") (such entity, in its capacities set forth above, the
"Trustee") and Claymore Securities, Inc., not in its individual capacity but
solely as administrative agent of the MACRO Trusts (the "Administrative
Agent"), hereby certifies, based on his/her actual knowledge and acting solely
in his/her capacity as a duly authorized officer of the Depositor, that:

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

          (a)  each Registration Statement complies in all material respects
               with the requirements of the Securities Act and each Prospectus
               complies in all material respects with the requirements of the
               Securities Act and any statutes, regulations, contracts or
               other documents that are required to be described in the
               applicable Prospectus or to be filed as exhibits to the
               applicable 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; each Prospectus 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; provided, however,
               that the Depositor makes no warranty or representation with
               respect to any statement contained in any Registration
               Statement or any Prospectus in reliance upon and in conformity
               with information concerning any Authorized Participant and
               furnished in writing by or on behalf of any Authorized

                                     E-1
<PAGE>

               Participant to the Depositor expressly for use in such
               Registration Statement or such Prospectus; and neither the
               Depositor nor any person known to the Depositor acting on
               behalf of the MACRO Trusts has distributed nor will distribute
               any offering material other than a Prospectus;

          (b)  each Paired Holding Trust has been duly formed and is validly
               existing as a trust under the laws of the State of New York, as
               described in the applicable Prospectus relating to such Paired
               Holding Trust, and the Holding Trust Agreements authorize the
               Trustee to issue and deliver the Paired Holding Shares to each
               Authorized Participant pursuant to the Holding Trust Agreements
               and the related Participants Agreement as contemplated in each
               such Registration Statement and Prospectus;

          (c)  each Tradeable Trust has been duly formed and is validly
               existing as a trust under the laws of the State of New York, as
               described in the applicable Prospectus relating to such
               Tradeable Trust, and the Tradeable Trust Agreements authorize
               the Trustee to issue and deliver the applicable Tradeable
               Shares to each Authorized Participant pursuant to the Tradeable
               Trust Agreements and the related Participants Agreement as
               contemplated in each such Registration Statement and
               Prospectus;

          (d)  the Depositor has been duly formed 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 applicable Prospectus, and has
               all requisite power and authority to execute and deliver the
               Participants Agreement;

          (e)  the Depositor is duly qualified and is in good standing in each
               jurisdiction where the conduct of its business requires such
               qualification; and each of the MACRO Trusts is not required to
               so qualify in any jurisdiction;

          (f)  complete and correct copies of the Trust Agreements, and any
               and all amendments, modifications and supplements thereto, have
               been delivered to each Authorized Participant, and no changes
               thereto have been made;

          (g)  the outstanding Paired Holding 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;

          (h)  the outstanding Tradeable 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;

          (i)  the Paired Holding Shares conform in all material respects to
               the description thereof contained in the applicable
               Registration Statement and

                                     E-2
<PAGE>

               Prospectus, and the holders of the Paired Holding Shares will
               not be subject to personal liability by reason of being such
               holders;

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

          (k)  the Participants Agreement has been duly authorized, executed
               and delivered by the Depositor and constitutes the valid and
               binding obligation of the Depositor, enforceable against the
               Depositor in accordance with its terms;

          (l)  the Depositor is not in breach or violation of or in default
               under any of its respective constitutive documents, or any
               agreement, mortgage, deed of trust, loan or credit agreement or
               other evidence of indebtedness, or any license, lease, contract
               or other agreement or instrument to which the Depositor is a
               party or by which any of its properties may be bound or
               affected, and the execution, delivery and performance of the
               Participants Agreement, the issuance and sale of Paired Holding
               Shares and Tradeable Shares to each Authorized Participant
               party to the Trust Agreements and the consummation of the
               transactions contemplated thereto does not conflict with,
               result in any breach or violation of or constitute a default
               under any of its respective constitutive documents, the Trust
               Agreements, or any agreement, mortgage, deed of trust, loan or
               credit agreement or other evidence of indebtedness, or any
               license, lease, contract or other agreement or instrument to
               which the Depositor is a party or by which the Depositor or any
               of its 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 Depositor;

          (m)  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 Paired Holding Shares
               or Tradeable Shares to any Authorized Participant under the
               Trust Agreements and the related Participants Agreement or the
               consummation by the Depositor of the transactions contemplated
               hereunder other than registration of the Paired Holding Shares
               and the Tradeable Shares under the Securities Act, which has
               been effected, and any necessary qualification under the
               securities or blue sky laws of the various jurisdictions in
               which the Paired Holding Shares and Tradeable Shares are being
               offered or under the rules and regulations of the National
               Association of Securities Dealers, Inc. (the "NASD");

          (n)  the Depositor has all necessary licenses, authorizations,
               consents and approvals and has made all necessary filings
               required under any federal,

                                     E-3
<PAGE>

               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; the Depositor is not 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 Depositor;

          (o)  except as set forth in the applicable Registration Statement
               and Prospectus, there are no actions, suits, claims,
               investigations or proceedings pending or, to the knowledge of
               the Depositor, threatened or contemplated to which the
               Depositor is or would be a party or of which any of its
               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;

          (p)  [ ], whose report on the audited financial statements of the
               MACRO Trusts are filed with the SEC as part of each
               Registration Statement and each Form 10-K, are independent
               public accountants as required by the Securities Act;

          (q)  the audited financial statement(s) included in each Prospectus,
               together with the related notes and schedules, presents fairly
               the financial position of each MACRO Trust as of the date
               indicated and has been prepared in compliance with the
               requirements of the Securities 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 each Registration Statement and each
               Prospectus that are not included as required, and the MACRO
               Trusts do not have any material liabilities or obligations,
               direct or contingent (including any off-balance sheet
               obligations), not disclosed in the applicable Prospectus;

          (r)  subsequent to the respective dates of each Prospectus, there
               has not been (i) any material adverse change, or any
               development involving a prospective material adverse change
               affecting the Depositor or the MACRO Trusts, (ii) any
               transaction which is material to the Depositor or the MACRO
               Trusts taken as a whole, (iii) any obligation, direct or
               contingent (including any off-balance sheet obligations),
               incurred by the Depositor or the MACRO Trusts, which is
               material to the MACRO Trusts (other than any action taken by a
               MACRO Trust relating to a Paired Issuance, Paired Optional
               Redemption or exchange or creation of Tradeable Shares), and
               (iv) any change in the Paired Holding Shares or Tradeable
               Shares purchased by each Authorized Participant (collectively,
               a "Material Change") which has not been the subject of a filing
               as required under the Exchange Act;

                                     E-4
<PAGE>

          (s)  each of the MACRO Trusts is not and, after giving effect to the
               offering and sale of the Paired Holding Shares, will not be an
               "investment company" or an entity "controlled" by an
               "investment company," as such terms are defined in the
               Investment Company Act of 1940, as amended;

          (t)  all tax returns required to be filed by the MACRO Trusts 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;

          (u)  any statistical and market-related data included in the
               Prospectuses are based on or derived from sources that the
               Depositor believes to be reliable and accurate, and the
               Depositor has obtained the written consent (if such consent is
               required) to the use of such data from such sources to the
               extent required; and

          (v)  neither the Depositor, nor any of the Depositor's managers,
               members, officers, affiliates or controlling persons has taken,
               directly or indirectly, any action designed, or which has
               constituted or might reasonably be expected to cause or result
               in, under the Exchange Act or otherwise, the stabilization or
               manipulation of the price of any security or asset of a MACRO
               Trust to facilitate the sale or resale of the Paired Holding
               Shares or Tradeable Shares; and there are no affiliations or
               associations between any member of the NASD and any of the
               Depositor's officers, managers or 5% or greater security
               holders, except as set forth in the Prospectuses and except as
               to Claymore Securities, Inc., which is a wholly-owned
               subsidiary of Claymore Group Inc., and Macro Financial, LLC,
               which is a wholly-owned subsidiary of MacroMarkets LLC. Each of
               Claymore Group Inc. and MacroMarkets LLC holds a 50% interest
               in the Depositor.

     2.   Each of the obligations of the Depositor to be performed by it on or
          before the date hereof pursuant to the terms of the applicable Trust
          Agreement, and each of the provisions thereof to be complied with by
          the Depositor 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 applicable Trust Agreement, and if such defined
term is not set forth therein, then such defined terms shall have the meanings
assigned to such terms in the Participants Agreement.

                          [SIGNATURE PAGE TO FOLLOW]

                                     E-5
<PAGE>

     IN WITNESS WHEREOF, I, a duly authorized officer of the Depositor, on
behalf of the Depositor, have caused this Officer's Certificate to be executed
as of the date first written above.

                                                By:
                                                   ----------------------------
                                                   Name:
                                                   Title:

     I, _______________, in my capacity as [Vice President], hereby certify
that _______________ is the duly elected President of the Depositor, and that
the signature set forth immediately above is his genuine signature.

     IN WITNESS WHEREOF, I have hereunto set my hand as of the date first set
forth above.

                                                By:
                                                   ----------------------------
                                                   Name:
                                                   Title:

                                     E-6
<PAGE>

                                 ATTACHMENT A

                              PROCEDURES FOR THE
                        CLAYMORE MACROSHARES OIL TRUSTS

     I. CREATION OF PAIRED HOLDING SHARES AND CONCURRENT EXCHANGE TO TRADEABLE
     SHARES AND CREATION OF PAIRED HOLDING SHARES

Scope of Procedures and Overview

     These procedures (the "Creation Procedures") describe the processes by
which an Authorized Participant (as defined below) may create one or more
MACRO Units (as defined below), consisting of Claymore MACROshares Oil Up
Holding Shares (the "Up-MACRO Holding Shares") and Claymore MACROshares Oil
Down Holding Shares (the "Down-MACRO Holding Shares" and, together with the
Up-MACRO Holding Shares, the "Paired Holding Shares" or each a "Holding
Share") or create one or more MACRO Units and exchange all of the Holding
Shares created into their respective Claymore MACROshares Oil Up Tradeable
Shares (the "Up-MACRO Tradeable Shares") and the Claymore MACROshares Oil Down
Tradeable Shares (the "Down-MACRO Tradeable Shares" and, together with the
Up-MACRO Tradeable Shares, the "Tradeable Shares", and, collectively with the
Paired Holding Shares, the "MACRO Shares"). The Paired Holding Shares
constituting a MACRO Unit and their related Tradeable Shares, if applicable,
shall only be issued in connection with the instructions set forth herein and
in coordination with Investors Bank & Trust Company, not in its individual
capacity but solely (i) as trustee (the "Up-MACRO Holding Trustee") of the
Claymore MACROshares Oil Up Holding Trust (the "Up-MACRO Holding Trust"), (ii)
as trustee (the "Down-MACRO Holding Trustee") of the Claymore MACROshares Oil
Down Holding Trust (the "Down-MACRO Holding Trust" and, together with the
Up-MACRO Holding Trust, the "Paired Holding Trusts"), (iii) as trustee (the
"Up-MACRO Tradeable Trustee") of the Claymore MACROshares Oil Up Tradeable
Trust (the "Up-MACRO Tradeable Trust") and (iv) as trustee (the "Down-MACRO
Tradeable Trustee" and, in its various capacities under the applicable Trust
Agreements, the "Trustee") of the Claymore MACROshares Oil Down Tradeable
Trust (the "Down-MACRO Tradeable Trust" and together with the Up-MACRO
Tradeable Trust, the "Tradeable Trusts"; the Paired Holding Trusts and the
Tradeable Trusts, collectively, the "MACRO Trusts") and Claymore Securities,
Inc., not in its individual capacity but solely as administrative agent of the
MACRO Trusts (the "Administrative Agent").

     Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Participants Agreement and if such defined term
is not set forth therein, then such defined term shall have the meaning
assigned to such term in either (i) the Claymore MACROshares Oil Up Holding
Trust Agreement, dated as of November 24, 2006 (the "Up-MACRO Holding Trust
Agreement"), among the Up-MACRO Holding Trustee, the Administrative Agent,
Claymore Securities, Inc., not in its individual capacity but as a marketing
agent, MACRO Financial, LLC, not in its individual capacity but also as a
marketing agent (together, in their respective capacities, the "Marketing
Agents") and MACRO Securities Depositor, LLC (the "Depositor"), (ii) the
Amended and Restated Claymore MACROshares Oil Down Holding Trust Agreement,
dated as of November 24, 2006 (the "Down-MACRO Holding

                                Attachment A-1
<PAGE>

Trust Agreement" and, together with the Up-MACRO Holding Trust Agreement, the
"Holding Trust Agreements"), among the Down-MACRO Holding Trustee, the
Administrative Agent, the Marketing Agents and the Depositor, (iii) the
Amended and Restated Claymore MACROshares Oil Up Tradeable Trust Agreement,
dated as of November 24, 2006 (the "Up-MACRO Tradeable Trust Agreement"),
among the Down-MACRO Holding Trustee, the Administrative Agent, the Marketing
Agents and the Depositor or (iv) the Amended and Restated Claymore MACROshares
Oil Down Tradeable Trust Agreement, dated as of November 24, 2006 (the
"Down-MACRO Tradeable Trust Agreement" and, together with the Up-MACRO
Tradeable Trust Agreement, the " Tradeable Trust Agreements", and,
collectively with the Holding Trust Agreements, the "Trust Agreements"), among
the Down-MACRO Holding Trustee, the Administrative Agent, the Marketing Agents
and the Depositor.

     The Paired Holding Shares may be created solely by the parties listed on
Schedule I attached to the Participants Agreement (each, an "Authorized
Participant"). The Paired Holding Shares may be created only in pairs of
50,000 Up-MACRO Holding Shares and 50,000 Down-MACRO Holding Shares (each such
pair, a "MACRO Unit"). The MACRO Units will be exchanged into their respective
Tradeable Shares concurrently with the creation of the MACRO Units unless the
Authorized Participant indicates that it wishes to receive Holding Shares in
the Creation Order Form.

     The MACRO Shares will be created on a net basis daily with respect to all
Orders received from all Authorized Participants on such date. In the event
that the number of Up-MACRO or Down-MACRO Tradeable Shares to be created based
on the Creation Orders and the Exchange Orders, if applicable, on such date
exceeds the number of such Tradeable Shares to be redeemed pursuant to the
Redemption Orders and, if applicable, the Exchange Orders on such date, the
newly created Tradeable Shares that will be issued will be equal to the total
number of such Tradeable Shares created minus the total number of such
Tradeable Shares redeemed. Similarly, in the event that the number of Up-MACRO
or Down-MACRO Tradeable Shares to be redeemed pursuant to the Redemption
Orders and, if applicable, the Exchange Orders on such date exceeds the number
of such Tradeable Shares to be created based on the Creation Orders and the
Exchange Orders, if applicable, on such date, the actual number of such
Tradeable Shares to be issued will be zero. Similarly, in the event that the
number of MACRO Units to be created based on the Creation Orders on such date
exceeds the number of MACRO Units to be redeemed pursuant to the Redemption
Orders on such date, the newly created MACRO Units that will be issued will be
equal to the total number of MACRO Units created minus the total number of
MACRO Units redeemed. Similarly, in the event that the number of MACRO Units
to be redeemed pursuant to the Redemption Orders on such date exceeds the
number of MACRO Units to be created based on the Creation Orders on such date,
the actual number of MACRO Units to be issued will be zero. The Exchange
Order, as defined below, involves the exchange of Holding Shares into their
related Tradeable Shares or Tradeable Shares into their related Holding Shares
in integral units of 50,000 shares each. The exchange of Holding Shares to
their related Tradeable Shares or Tradeable Shares to their related Holding
Shares does not need to occur simultaneously. The Settlement Contracts created
on each date, if any, any adjustment to amounts allocated under the Income
Distribution Agreement and the purchase of new Eligible Treasuries, if any,
will also be done on a net basis daily, in accordance to the daily netting of
creation and redemption of MACRO Units (such netting, collectively, the "Net
Daily Basis").

                                Attachment A-2
<PAGE>

     Upon acceptance of the Participants Agreement by the Authorized
Participant, the Administrative Agent will assign a personal identification
number (a "PIN number") to each Authorized Person authorized to act on behalf
of an Authorized Participant. This will allow an Authorized Participant
through its Authorized Person(s) to place Creation Order(s), Redemption
Order(s) or Exchange Order(s) for MACRO Shares.

Important Notes:

     o    Any Order is subject to rejection by the Depositor and the
          Administrative Agent for the reasons set forth in the Trust
          Agreements or the Participants Agreement.

     o    All Orders are subject to the provisions of the Trust Agreements and
          the Participants Agreement relating to unclear or ambiguous
          instructions.

                                Attachment A-3
<PAGE>

                               CREATION PROCESS

     On any Business Day, an Authorized Participant may submit a Creation
Order, substantially in the form of EXHIBIT B to the Participants Agreement
(or to the extent that such order is electronic, such order shall include the
information set forth on such exhibit), to the Administrative Agent by the
Order Cut-Off Time (as defined below) on such Business Day (such Business Day,
"T" and any number added to T shall refer to such order day plus the number of
Business Days following such day) to create one or more MACRO Units and
concurrently exchange them into their related Tradeable Shares or, in the
event that the Authorized Participant instruct otherwise on the Creation Oder
Form, to create one or more MACRO Units without exchanging such MACRO Units to
their related Tradeable Shares.

     In connection with the Creation Order, the Authorized Participant shall
have wired to the Trustee by 10:00 a.m. New York City time on T+1 or, in the
event that T is a Distribution Date, or the Business Day following the
Distribution Date (such date, "an X or an X+1 Date") on T+3, the following:

     o    a Transaction Fee for the MACRO Units being created and concurrently
          exchanged into their related Tradeable Shares or, if so instructed
          by the Authorized Participant, for MACRO Shares created;

     o    cash equal to the aggregate Underlying Value on T of the Up-MACRO
          Holding Shares being created;

     o    cash equal to the aggregate Underlying Value on T of the Down-MACRO
          Holding Shares being created (such deposits for each MACRO Unit, the
          "MACRO Unit Deposit"); and

     o    in the event that the Issuance Order Date is an X or an X+1 Date,
          the Authorized Participant submitting such order will be required to
          deposit, in addition to the MACRO Unit Deposit, a sum equal to the
          Up-MACRO and Down MACRO Earned Income Accruals (each calculated on
          the basis of the Applicable Reference Price of Oil on the Issuance
          Order Date) for the intervening days between the Issuance Order Date
          and the Issuance Date (such sum, the "MACRO Unit Deposit Addition").

     Upon the satisfaction of the conditions set forth above, the
Administrative Agent shall instruct the Trustee to allocate from the
applicable Netting Account available Trading Shares or Holding Shares, as
applicable, or, in the event that there are insufficient such shares in the
applicable Netting Account, instruct the Trustees of the Paired Holding Shares
to issue Holding Shares and, if necessary, to exchange these newly created
shares to their related Tradeable Shares and deliver such shares to the
creating Authorized Participants' accounts at the Depository Trust Company
("DTC") to satisfy all the Creation Orders submitted, on T+1 (or on T+3 if T
is an X or an X+1 Date) by 3:00 p.m. New York City time. The Trustee, upon
written instruction from the Administrative Agent on a Net Daily Basis, shall
adjust the amount to be allocated under the Income Distribution Agreement on
the next Distribution Date and enter, if applicable, into additional
Settlement Contracts associated with the MACRO Units being created.

                                Attachment A-4
<PAGE>

                              CREATION PROCEDURES

ISSUANCE ORDER DATE (T)

     1.   By the earlier of (i) thirty (30) minutes prior to the close of
          trading of the Light Sweet Crude Oil Futures Contracts on the New
          York Mercantile Exchange (the "NYMEX") and (ii) the unanticipated
          close of trading of the Light Sweet Crude Oil Futures Contracts on
          the NYMEX (such time, the "Order Cut-Off Time"), an Authorized
          Person of the Authorized Participant shall notify the Administrative
          Agent through the Administrative Agent's electronic facilities that
          the Authorized Participant wishes to place a Creation Order. The
          Authorized Person shall provide its PIN number as identification to
          the Administrative Agent. The Authorized Participant shall indicate
          through the Administrative Agent's electronic facilities the
          following information:

          (a)  the Authorized Participant's e-mail address;

          (b)  its PIN Number; and

          (c)  the number of MACRO Units to which the Creation Order applies,
               which will be concurrently exchanged into their related
               Tradeable Shares, unless the Authorized Participant instruct
               the Administrative Agent on the Creation Oder Form that it
               wishes to receive Holding Shares.

     2.   Within fifteen (15) minutes of receipt of the Authorized
          Participant's Creation Order through the Administrative Agent's
          automated electronic system (and no later than 2:15 p.m. New York
          City time), the Administrative Agent's automated electronic system
          shall, provided such Creation Order was received in accordance with
          the preceding rules, send a notice to the Authorized Participant
          confirming the receipt of such Creation Order and including a
          submission number (a "Submission Number") relating to such Order.

     3.   By 3:00 p.m. New York City time, the Administrative Agent shall send
          to the Trustee an electronic file indicating the Creation Orders
          received from Authorized Participants on T prior to the Order
          Cut-Off Time (such file, the "Order File"). The transmission of the
          Order File shall be conducted on a best efforts basis.

     4.   By 4:00 p.m. New York City time, the Administrative Agent shall
          confirm the Order File and send any corrections to the Trustee and
          the Authorized Participant.

     5.   By 7:00 p.m. New York City time, but in any event, not prior to the
          dissemination of the settlement price of the Light Sweet Crude Oil
          Futures Contracts on such date, the Administrative Agent shall send
          an authenticated electronic message to the Authorized Participant,
          with a copy to the Trustee, indicating:

          (a)  the Transaction Fee;

                                Attachment A-5
<PAGE>

          (b)  the MACRO Unit Deposit which will include, in the event that
               the Issuance Order Date and the Issuance Date are not
               consecutive days, as for example, whenever the Issuance Order
               Date is a Friday, a sum equal to the Up-MACRO and Down MACRO
               Earned Income Accruals (each calculated on the basis of the
               Applicable Reference Price of Oil on the Issuance Order Date)
               for the intervening days between the Issuance Order Date and
               the Issuance Date;

          (c)  the MACRO Unit Deposit Addition, if applicable; and

          (d)  confirmation of the Authorized Participant request to receive
               Holding Shares, if applicable.

ISSUANCE DATE (T+1 or T+3 if T is an X or an X+1 Date)

     1.   By 10:00 a.m. New York City time, each Authorized Participant
          submitting a Creation Order shall deposit the MACRO Unit Deposit
          and, if applicable, the MACRO Unit Deposit Addition into the Netting
          Accounts of each of the Holding Trusts and the Transaction Fee into
          the Trustee's account using the Federal Wire Electronic Transfer
          System.

     2.   By 10:30 a.m. New York City time, if the Trustee has not received
          the MACRO Unit Deposit, the MACRO Unit Deposit Addition, if
          applicable, and the Transaction Fee, the Trustee shall contact the
          Authorized Participant to inquire about any missing amounts. If the
          Trustee does not receive the full amount required, the Trustee shall
          not be obligated to cause any issuances.

     3.   By 12:00 p.m. New York City time, if the Trustee has not received
          the full amount of funds and a Federal Reference Number (or other
          form of authenticated confirmation) for such transfer, then the
          Administrative Agent shall notify the Authorized Participant of the
          amount owed to the Paired Holding Trusts. The deficient Authorized
          Participant shall immediately wire such amount through the Federal
          Wire Electronic Transfer System or its order may be cancelled and it
          will incur any costs associated with such cancellation as determined
          by the Administrative Agent.

     4.   By 3:00 p.m. New York City time, the Trustee shall deliver the
          requested Tradeable Shares or, if so instructed, the Holding Shares
          to the Authorized Participant's Account at DTC using the DWAC
          process.

                                     * * *

                                Attachment A-6
<PAGE>

     II. EXCHANGE OF TRADEABLE SHARES AND CONCURRENT REDEMPTION OF THOSE
     SHARES AS PART OF ONE OR MORE MACRO UNITS AND REDEMPTION OF PAIRED
     HOLDING SHARES

     Scope of Procedures and Overview

     These procedures (the "Redemption Procedures") describe the processes by
which an Authorized Participant may exchange its Tradeable Shares into Holding
Shares and concurrently redeem such shares as part of one or more MACRO Units
or, if so instructed by the Authorized Participant on the Redemption Oder
Form, redeem Paired Holding Shares constituting one or more MACRO Units. The
Tradeable Shares can only be exchanged into Holding Shares and concurrently
redeemed as part of one or more MACRO Units and the Paired Holding Shares
constituting a MACRO Unit shall only be redeemed in accordance with the
Redemption Procedures set forth herein and in coordination with the Trustee
and the Administrative Agent.

     The MACRO Shares may be redeemed solely in accordance with the
instructions of the Authorized Participants. The Authorized Participants shall
submit Tradeable Shares in integral multiples of 50,000 Up-MACRO Tradeable
Shares and 50,000 Down-MACRO Tradeable Shares which together will constitute
one or more MACRO Units, or if so instructed in the Redemption Order Form,
submit Paired Holding Shares which constitute one or more MACRO Units for
redemption. The Tradeable Shares will be exchanged into their respective
Holding Shares and concurrently will be redeemed, together with the Holding
Shares submitted, if any, to cash from the applicable Netting Account or, in
the event that the applicable Netting Account does not have sufficient cash,
to cash and/or Eligible Treasuries pursuant to the applicable Trust Agreement.

     The MACRO Shares will be redeemed on a net basis daily with respect to
all Orders received from all Authorized Participants on such date. In the
event that the number of Up-MACRO or Down-MACRO Tradeable Shares to be
redeemed pursuant to the Redemption Orders and Exchange Orders, as applicable,
on such date exceeds the number of such Tradeable Shares to be created based
on the Creation Orders and Exchange Orders, as applicable, on such date, the
Tradeable Shares that will actually be redeemed will be equal to the total
number of such Tradeable Shares redeemed minus the total number of such
Tradeable Shares created. Similarly, in the event that the number of Up-MACRO
or Down-MACRO Tradeable Shares to be created based on the Creation Orders and
the Exchange Orders, as applicable, on such date exceeds the number of such
Tradeable Shares to be redeemed pursuant to the Redemption Orders and the
Exchange Orders, as applicable, on such date, the actual number of such
Tradeable Shares to be redeemed will be zero. Similarly, Holding Shares will
be redeemed on a net basis daily. In the event that the number of MACRO Units
to be redeemed based on the Redemption Orders on such date exceeds the number
of MACRO Units to be created pursuant to the Creation Orders on such date, the
MACRO Units that will be redeemed will be equal to the total number of MACRO
Units redeemed minus the total number of MACRO Units created. Similarly, in
the event that the number of MACRO Units to be created based on the Creation
Orders on such date exceeds the number of MACRO Units to be redeemed pursuant
to the Redemption Orders on such date, the actual number of MACRO Units that
will be redeemed will equal zero. The Exchange Order, as defined below,
involves the exchange of Holding Shares into their related Tradeable Shares or
Tradeable Shares into their related Holding Shares in integral units of 50,000
shares each. The exchange of Holding Shares to their related Tradeable Shares
or

                                Attachment A-7
<PAGE>

Tradeable Shares to their related Holding Shares does not need to occur
simultaneously. The Settlement Contracts settled on each date, if any, and any
adjustment to amounts allocated under the Income Distribution Agreement, will
also be done on a net basis daily, in accordance to the daily netting of
creation and redemption of MACRO Units (such netting, collectively, the "Net
Daily Basis").

Important Notes:

     o    Any Order is subject to rejection by the Depositor and the
          Administrative Agent for the reasons set forth in the Trust
          Agreements or the Participants Agreement.

     o    All Orders are subject to the provisions of the Trust Agreements and
          the Participants Agreement relating to unclear or ambiguous
          instructions.

                                Attachment A-8
<PAGE>

                              REDEMPTION PROCESS

     On any Business Day, an Authorized Participant may submit a Redemption
Order, substantially in the form of EXHIBIT C to the Participants Agreement
(or to the extent that such order is electronic, such order shall include the
information set forth on such exhibit), to the Administrative Agent by the
Order Cut-Off Time on such Business Day (such Business Day, "T" and any number
added to T shall refer to such day plus the number of Business Days following
such day) to exchange 50,000 existing Up-MACRO Tradeable Shares and 50,000
Down-MACRO Tradeable Shares or an integral multiple thereof to their related
Holding Shares and redeem such Holding Shares as part of one or more MACRO
Units or, if so instructed on the Redemption Order Form, to redeem Paired
Holding Shares consisting of one or more MACRO Units. In connection with the
Redemption Order, the Authorized Participant shall have on deposit in its
Participant Custodian Account and available to the Trustee by 10:00 a.m. New
York City time on T+1 or, if T is an X or an X+1 Date, on T+3 the following:

     o    the Transaction Fee for the Tradeable Shares being exchanged and
          redeemed, or if applicable, for the Holding Shares being redeemed;

     o    50,000 or an integral multiple thereof of Up-MACRO Tradeable Shares
          and Down-MACRO Tradeable Shares, which shall be exchanged into their
          related Holding Shares and concurrently redeemed as part of one or
          more MACRO Units or, if applicable, Paired Holding Shares which
          constitute one or more MACRO Units; and

     o    the Redemption Cash Component, if needed, (such amount, the
          "Redemption Cash Component Amount"), which is an amount equal to the
          excess of the purchase price of the Eligible Treasuries delivered by
          the Trustee to the Authorized Participant over the funds to which
          the Authorized Participant is eligible due to minimum denominations
          on the Eligible Treasuries on deposit in the Paired Holding Trusts.

     Upon the satisfaction of the conditions set forth above, the Trustee, on
behalf of the applicable MACRO Trust and as instructed by the Administrative
Agent, shall deliver cash from the applicable Netting Account or, in the event
that the amount of cash in the applicable Netting Account is insufficient,
deliver cash and/or Eligible Treasuries to the redeeming Authorized
Participant to fill the Redemption Order on T+1 (or on T+3 if T is an X or an
X+1 Date) by 3:00 p.m. New York City time to an account designated by the
Authorized Participant and, as instructed by the Administrative Agent on a Net
Daily Basis, adjust the notional amount of the Income Distribution Agreement
and, if required, cancel the Settlement Contracts associated with the MACRO
Units being redeemed.

                                Attachment A-9
<PAGE>

                             REDEMPTION PROCEDURES

REDEMPTION ORDER DATE (T)

     1.   By the Order Cut-Off Time, an Authorized Person of the Authorized
          Participant shall notify the Administrative Agent through the
          Administrative Agent's electronic facilities that the Authorized
          Participant wishes to place a Redemption Order. The Authorized
          Participant shall indicate through the Administrative Agent's
          electronic facilities the following information:

          (a)  the Authorized Participant's e-mail address;

          (b)  its PIN Number; and

          (c)  the number of MACRO Units to which the Redemption Order applies
               and, if applicable, whether the Authorized Participant wishes
               to deliver Paired Holding Shares to be redeemed, and the CUSIP
               Numbers of the MACRO Shares submitted.

     2.   Within fifteen (15) minutes of receipt of the Authorized
          Participant's Redemption Order through the Administrative Agent's
          automated electronic system (and no later than 2:15 p.m. New York
          City time), the Administrative Agent's automated electronic system
          shall, provided such Redemption Order was received in accordance
          with the preceding rules, send a notice to the Authorized
          Participant confirming the receipt of such Redemption Order and
          including a Submission Number relating to such Order.

     3.   By 3:00 p.m. New York City time, the Administrative Agent shall send
          to the Trustee an electronic file indicating the Redemption Orders
          received from Authorized Participants on T prior to the Order
          Cut-Off Time (such file, the "Order File"). The transmission of the
          Order File shall be conducted on a best efforts basis.

     4.   By 4:00 p.m. New York City time, the Administrative Agent shall
          confirm the Order File and send any corrections to the Trustee or
          any Authorized Participant redeeming its MACRO Shares.

     5.   By 7:00 p.m. New York City time, but in no event, not prior to the
          dissemination of the settlement price of the Light Sweet Crude Oil
          Futures Contracts on such date, the Administrative Agent shall send
          an authenticated electronic message to the Authorized Participant,
          with a copy to the Trustee, indicating:

          (a)  the Transaction Fee payable to the Trustee;

          (b)  the number of Up-MACRO Tradeable Shares and Down MACRO
               Tradeable Shares that the Authorized Participant will deliver,
               which number shall be in integral multiple of 50,000 or, if so
               instructed, the Paired Holding Shares to be submitted;

                               Attachment A-10
<PAGE>

          (c)  the Redemption Cash Component, if any.

REDEMPTION DATE (T+1 or T+3 if T is an X or an X+1 Date)

     1.   By 10:00 a.m. New York City time, each Authorized Participant
          submitting a Redemption Order shall deposit (i) the Transaction Fee
          into the Trustee's account and the Redemption Cash Component, if
          any, into the Distribution Account of the applicable Holding Trust
          as designated by the Trustee using the Federal Wire Electronic
          Transfer System, (ii) the Up-MACRO Tradeable Shares and the
          Down-MACRO Tradeable Shares in integral multiples of 50,000 each or,
          if applicable, the Paired Holding Shares, which will constitute one
          or more MACRO Units into the applicable Netting Account using the
          DWAC process of the DTC system.

     2.   By 10:30 a.m. New York City time, if the Trustee has not received
          the requisite number of MACRO Shares and the cash amount as
          designated by the Administrative Agent, the Trustee shall contact
          the Authorized Participant to inquire about any missing securities
          or funds. If the Trustee does not receive the requisite number and
          type of such securities or the designated cash amount, the Trustee
          shall not be obligated to make any redemption.

     3.   By 12:00 p.m. New York City time, if the Trustee has not received
          the requisite number of MACRO Shares and the full amount of funds as
          designated by the Administrative Agent, the Administrative Agent
          shall notify the Authorized Participant of the number and type of
          the MACRO Shares that it needs to deposit and/or the missing amount
          required. The deficient Authorized Participant shall immediately
          transfer such shares and/or cash to the Trustee or its order may be
          cancelled and the Authorized Participant shall incur any costs
          associated with such cancellation as determined by the
          Administrative Agent.

     4.   By 3:00 p.m. New York City time, the Trustee, pursuant to the
          instructions of the Administrative Agent, shall deliver cash from
          the applicable Netting Account or, in the event that there is
          insufficient cash in the Netting Account, deliver cash and/or
          Eligible Treasuries pursuant to the applicable Trust Agreement to
          the account designated by the Authorized Participant using the
          Federal Wire Electronic Transfer System. The amount delivered by the
          Up-MACRO Holding Trustee and the Down-MACRO Holding Trustee will be
          equal to the MACRO Unit Deposit on the Redemption Date plus, if
          applicable, the MACRO Unit Deposit Addition.

                                     * * *

                               Attachment A-11
<PAGE>

     III. EXCHANGE OF HOLDING SHARES TO THEIR RESPECTIVE TRADEABLE SHARES AND
     EXCHANGE OF TRADEABLE SHARES TO THEIR RESPECTIVE HOLDING SHARES

Scope of Procedures and Overview

     These procedures (the "Exchange Procedures") describe the processes by
which an Authorized Participant (i) may exchange Up-MACRO Holding Shares or
Down-MACRO Holding Shares or both, into their related Tradeable Shares or (ii)
may exchange Up-MACRO Tradeable Shares or Down-MACRO Tradeable Shares or both,
into their related Holding Shares. The Tradeable Shares can only be exchanged
into Holding Shares and, the Holding Shares shall only be exchanged into
Tradeable Shares in connection with the instructions set forth herein and in
coordination with the Trustee and the Administrative Agent.

     The Holding Shares may be exchanged into their respective Tradeable
Shares and the Tradeable Shares may be exchanged into their respective Holding
Shares solely by the instructions of Authorized Participants. In accordance
with this Participants Agreement, the Administrative Agent may cause the
Trustee to create additional Tradeable Shares in units of 50,000 Up-MACRO
Tradeable Shares or 50,000 Down-MACRO Tradeable Shares and to exchange
Tradeable Shares to their respective Holding Shares in units of 50,000
Up-MACRO Tradeable Shares or 50,000 Down-MACRO Tradeable Shares. The exchange
of Up-MACRO Tradeable Shares or Up-MACRO Holding Shares and Down-MACRO
Tradeable Shares or Down-MACRO Holding Shares to their respective MACRO Shares
does not need to occur simultaneously. Up-MACRO Tradeable Shares may be
created independently by the deposit of Up-MACRO Holding Shares into the
Up-MACRO Tradeable Trust and Down-MACRO Tradeable Shares may be created
independently by the deposit of Down-MACRO Holding Shares into the Down-MACRO
Tradeable Trust. Similarly, Up-MACRO Holding Shares may be exchanged
independently by the deposit of Up-MACRO Tradeable Shares into the Up-MACRO
Tradeable Trust and Down-MACRO Holding Shares may be exchanged independently
by the deposit of Down-MACRO Tradeable Shares into the Down-MACRO Tradeable
Trust.

     The MACRO Shares will be exchanged on a net basis daily with respect to
all Orders received from all Authorized Participants on such date. In the
event that the number of Up-MACRO or Down-MACRO Tradeable Shares to be created
based on the Creation Orders and the Exchange Orders, as applicable, on such
date exceeds the number of such Tradeable Shares to be redeemed pursuant to
the Redemption Orders and the Exchange Orders, as applicable, on such date,
the newly created Tradeable Shares that will be issued will be equal to the
total number of such Tradeable Shares created minus the total number of such
Tradeable Shares redeemed. Similarly, in the event that the number of Up-MACRO
or Down-MACRO Tradeable Shares to be redeemed pursuant to the Exchange Orders
or the Redemption Orders, as applicable, on such date exceeds the number of
such Tradeable Shares to be created based on the Creation Orders and the
Exchange Orders, as applicable, on such date, the actual number of such
Tradeable Shares to be redeemed will be equal to the total number of such
Tradeable Shares redeemed minus the total number of such Tradeable Shares
created (such netting, collectively, the "Net Daily Basis").

                               Attachment A-12
<PAGE>

Important Notes:

     o    Any Order is subject to rejection by the Depositor and the
          Administrative Agent for the reasons set forth in the Trust
          Agreements or the Participants Agreement.

     o    All Orders are subject to the provisions of the Trust Agreements and
          the Participants Agreement relating to unclear or ambiguous
          instructions.

                               Attachment A-13
<PAGE>

                               EXCHANGE PROCESS

     On any Business Day, an Authorized Participant may submit an Exchange
Order, substantially in the form of EXHIBIT D to the Participants Agreement
(or to the extent that such order is electronic, such order shall include the
information set forth on such exhibit), to the Administrative Agent to
exchange Holding Shares to their related Tradeable Shares or to exchange
Tradeable Shares to their related Holding Shares by the Order Cut-Off Time on
such Business Day (such Business Day, "T" and any number added to T shall
refer to such day plus the number of Business Days following such day). In
connection with this Exchange Order, the Authorized Participant shall deliver
to the Trustee by 10:00 a.m. New York City time on T+1 the following:

     o    Up-MACRO Holding Shares or Down-MACRO Holding Shares, in integral
          multiple of 50,000 shares of each, for exchange into their
          respective Tradeable Shares, if applicable; and

     o    Up-MACRO Tradeable Shares or Down-MACRO Tradeable Shares, in
          integral multiple of 50,000 shares of each, for exchange into their
          respective Holding Shares, if applicable.

     Upon the satisfaction of the conditions set forth above, the applicable
Trustee, as instructed by the Administrative Agent, shall (i) deliver from the
applicable Netting Account or, in the event that there are insufficient
required Tradeable Shares in that Netting Account, cause the applicable
Tradeable Trust to issue Tradeable Shares to the designated account of the
Authorized Participant at DTC to fulfill the Exchange Order on T+1 by 3:00
p.m. New York City time or (ii) deliver from the Netting Account or, in the
event that there are insufficient required Holding Shares in that Netting
Account, cause the applicable Trust to deliver from the applicable Securities
Account Holding Shares to the designated account of the Authorized Participant
at DTC to fulfill the Exchange Order on T+1 by 3:00 p.m. New York City time.

                               Attachment A-14
<PAGE>

                              EXCHANGE PROCEDURES

EXCHANGE T (EXCHANGE ORDER DATE)

     1.   By the Order Cut-Off Time, an Authorized Person of the Authorized
          Participant shall notify the Administrative Agent through the
          Administrative Agent's electronic facilities that the Authorized
          Participant wishes to place an Exchange Order. The Authorized Person
          shall provide its PIN number as identification to the Administrative
          Agent. The Authorized Participant shall indicate through the
          Administrative Agent's electronic facilities the following
          information:

          (a)  the Authorized Participant's e-mail address;

          (b)  its PIN Number;

          (c)  the number and type of Holding Shares being exchanged, if any;

          (d)  the number and type of Tradeable Shares being exchanged, if
               any; and

          (e)  the CUSIP numbers of the MACRO Shares being tendered.

     2.   Within fifteen (15) minutes of receipt of the Authorized
          Participant's Exchange Order through the Administrative Agent's
          automated electronic system (and no later than 2:15 p.m. New York
          City time), the Administrative Agent's automated electronic system
          shall, provided such Exchange Order was received in accordance with
          the preceding rules, send a notice to the Authorized Participant
          confirming the receipt of such Exchange Order and including a
          Submission Number relating to such Order.

     3.   By 3:00 p.m. New York City time, the Administrative Agent shall send
          to the Trustee an electronic file indicating the Exchange Orders
          received from Authorized Participants on T prior to the Order
          Cut-Off Time (such file, the "Order File"). The transmission of the
          Order File shall be conducted on a best efforts basis.

     4.   By 4:00 p.m. New York City time, the Administrative Agent shall
          confirm the Order File and send any corrections to the Trustee and
          the Authorized Participant.

     5.   By 7:00 p.m. New York City time, but in no event, not prior to the
          dissemination of the settlement price of the Light Sweet Crude Oil
          Futures Contracts on such date, the Administrative Agent shall send
          an authenticated electronic message to the Authorized Participant,
          with a copy to the Trustee, indicating:

          (a)  the number and type of Holding Shares to be tendered, if any,
               to the Authorized Participant and the CUSIP numbers of the
               shares which will be delivered; and

                               Attachment A-15
<PAGE>

          (b)  the number and type of Tradeable Shares to be tendered, if any,
               to the Authorized Participant and the CUSIP numbers of the
               shares which will be delivered.

EXCHANGE T+1 (EXCHANGE DATE)

     1.   By 10:00 a.m. New York City time, each Authorized Participant
          submitting an Exchange Order shall have delivered to the Netting
          Account of the applicable Trustee the MACRO Shares to be exchanged.

     2.   By 10:30 a.m. New York City time, if the Trustee has not received
          the MACRO Shares to be exchanged, the Trustee shall contact the
          Authorized Participant to inquire about any missing MACRO Shares.

     3.   By 12:00 p.m. New York City time, if the Trustee has still not
          received the required MACRO Shares, then the Trustee shall notify
          the Authorized Participant of the type and number of the MACRO
          Shares missing. The deficient Authorized Participant must
          immediately transfer such shares or its order may be cancelled and
          the Authorized Participant shall incur all costs associated with
          such cancellation as determined by the Administrative Agent.

     4.   By 3:00 p.m. New York City time, the Trustee shall, in accordance
          with the instructions of the Administrative Agent, deliver to the
          Authorized Participant's account at DTC, the Holding Shares and/or
          the Tradeable Shares as ordered by it in the Exchange Order.

                                     * * *

                                Attachment A-16

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