Document:

Exhibit 10.3

 

LICENSING AND SERVICES AGREEMENT

 

This Licensing and Services Agreement (“Agreement”)
is made and entered into as of the 12th day of January, 2015 (“Effective Date”), by and among Sit Fixed
Income Advisors II, LLC (“Sit”), a Delaware limited liability company with its principal place of business
at 3300 IDS Center, 80 South 8th Street, Minneapolis, MN 55402, and ETF Managers Capital LLC (“ETF Managers Capital”),
a Delaware limited liability company with its principal place of business at 35 Beechwood Road, Suite 2B, Summit, NJ 07901.

 

WHEREAS, ETF Managers Capital desires
to retain Sit to provide certain services in connection with the operation of Sit Rising Rate Fund (the “Fund”),
a series of the ETF Managers Group Commodity Trust I, which is a Delaware series trust and offers its units to the public, which
units will be traded on a national securities exchange (the date on which the Fund commences trading, the “Launch Date”);
and

 

WHEREAS, Sit is willing to provide such
services under the terms of this Agreement; and

 

WHEREAS, ETF Managers Capital desires
to license the use of a model portfolio that is owned, maintained and published by Sit (the “Benchmark”);
and

 

WHEREAS, Sit is willing to license
the use of the Benchmark under the terms of this Agreement;

NOW, THEREFORE, in consideration
of the foregoing, and in reliance upon the mutual promises contained in this Agreement, the parties, intending to be legally bound,
agree as follows:

1.           
LICENSE

 

(a) Subject to the terms and conditions of this
Agreement, Sit hereby grants to ETF Managers Capital and the Fund a non-transferable, non-exclusive license: (i) to use the Benchmark
as the basis, or a component, of the Fund, and (ii) subject to this Article, to reproduce, modify and create derivative works from
any information provided to ETF Managers Capital by Sit, in each case solely in connection with the marketing, promotion and sale
of the Fund and its shares and in connection with making such disclosure about the Fund as ETF Managers Capital deems necessary
or desirable under any applicable laws, rules or regulations in order to indicate the source of the Benchmark (“License”).
Sit reserves all rights with respect to the Benchmark except those expressly licensed to ETF Managers Capital hereunder; however,
Sit shall not grant any license or sublicense permitting the use of the Benchmark for an exchange-traded fund on any U.S. or foreign
securities exchange by any party other than ETF Managers Capital or the Fund for as long as this Agreement remains in effect and
for six (6) months following the termination of this Agreement if a termination has occurred other than pursuant to a voluntary
termination by ETF Managers Capital under the terms of this Agreement.

 

(b) ETF Managers Capital acknowledges that,
as between ETF Managers Capital and Sit, the Benchmark is the exclusive property of Sit, and that the Benchmark and its compilation
and composition and change therein are in the control of Sit. Sit warrants and represents that ETF Managers Capital does not need
to obtain a license from any person (other than the License provided herein) with respect to the use of the Benchmark or the exercise
of rights under the License.

 

2.           
SERVICES

 

During the term of this Agreement, Sit shall
maintain, and publish the Benchmark in accordance with the terms of this Agreement and consistent with (i) the Fund’s investment
objective, strategies, policies, and limitations as all are described in the Fund’s then-current prospectus and (ii) with
any other regulatory requirements applicable to the Fund. In addition, Sit shall provide to ETF Managers Capital and the Fund,
as applicable, services, including but not limited, to general consultation regarding the calculation, maintenance, and publication
of the Benchmark, anticipated changes to the Benchmark and the nature of the Benchmark’s current or anticipated components
and other such services as the parties to this Agreement may subsequently determine, as permitted by applicable law and exchange
rules. Sit also agrees to use all commercially reasonable efforts to assist in the dissemination of the Benchmark’s data
(to include, but not limited to, its components and such components value) as required by applicable securities laws and exchange
rules. Further, Sit shall (a) provide general advice regarding the markets for 

    	

    	 

    

and trading in commodity interests, (b) provide
such information and data as may reasonably be requested by ETF Managers Capital regarding the principals of Sit and the Benchmark
for inclusion in regulatory filings and marketing materials for the Fund, and (c) make reasonably available upon adequate notice
speakers for Fund marketing events and persons to be interviewed by the press who can describe the Benchmark and its maintenance
(the “Services”). Sit represents that its other engagements or activities are not of a nature or magnitude
so as to have a material adverse effect on its ability to provide Services under this Article 2.

 

ETF Managers Capital acknowledges and agrees
that Sit and its principals are required to devote only such time as may be reasonably required with respect to the Services. Other
than as set forth below, Sit and its affiliates, including their respective partners, directors, members, stockholders, officers
and employees (together, “Sit’s Affiliates”) will not be precluded from engaging directly or indirectly
in any other business or activity, including, but not limited to, exercising investment advisory and management responsibility
and buying, selling or otherwise dealing with securities, commodities or other investments for their own accounts, for the accounts
of family members, for the accounts of other funds and for the accounts of individual and institutional clients. Sit and its Affiliates
may also serve as the general partner or investment manager of other funds, client accounts and proprietary accounts (collectively,
its “Clients”). Other than as set forth below, Sit and its Affiliates will perform, among other things,
investment advisory and management services for Clients other than the Fund and in that connection to give advice and take action
in the performance of their duties to those Clients which may differ from the timing and nature of action taken with respect to
the Fund. Sit will make all investment decisions relating to the Fund and its other Clients in a manner consistent with its fiduciary
obligations to act in good faith in what it considers to be the Fund’s and its Client’s best interests. Notwithstanding
the foregoing, Sit and Sit’s Affiliates shall not engage in management, investment, or commodity trading activities, as the
general partner, managing member, investment adviser, commodity trading advisor or otherwise for an exchange-traded fund (as defined
below) that bases its return by reference to the Benchmark or a Substantially Similar Benchmark (as defined below), for as long
as they are parties to this Agreement, and for six (6) months following the termination of this Agreement. “Substantially
Similar Benchmark” shall mean a benchmark with all of the following criteria: (i) it is created by Sit or any of its Affiliates;
(ii) its components consist of exchange traded futures contracts and options on futures on U.S. Treasury securities; and (iii)
its components are selected and weighted to achieve a negative effective portfolio duration. “Exchange-traded fund”
shall mean a fund open to the public and traded on a U.S. or foreign securities exchange whose net asset value is calculated daily
and which trades throughout the trading day, and which does not invest in securities.

 

3.            FEES

 

For the Services provided hereunder, ETF Managers
Capital and/or the Fund will pay Sit an advisory fee as set forth in the fee schedule attached as Exhibit A to this Agreement.

 

4.            TERMS AND TERMINATIONS

 

(a) This Agreement shall commence on the Effective
Date and remain in effect for a period of two (2) years therefrom (“Initial Term”), unless earlier terminated
by either ETF Managers Capital or Sit in accordance with this Article 4. After the Initial Term, this Agreement shall continue
for successive one-year periods unless terminated by either such party as of the end of an annual period by providing written notice
at least the period provided in Article 4(b) prior to such termination prior to the end of the annual period. Upon termination
of this Agreement, ETF Managers Capital shall cease to use the Benchmark except as provided for in this Agreement.

 

(b) This Agreement may be terminated by ETF
Managers Capital for any reason upon sixty (60) days written notice to Sit. This Agreement may be terminated by Sit upon sixty
(60) days days written notice to ETF Managers Capital for any reason.

 

(c) If a party (the “Breaching Party”)
is in material breach of any terms of this Agreement, either ETF Managers Capital or Sit, as the case may be, may so notify the
Breaching Party in writing, specifying the nature of the breach in reasonable detail. The Breaching Party shall have thirty (30)
calendar days from delivery of that notice to correct the breach; provided that if the breach is not cured within the identified
time period, the other party may terminate this Agreement at any time after the thirty (30) 

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days’ written notice to the Breaching
Party with another thirty (30) days’ written notice. Either ETF Managers Capital or Sit may terminate this Agreement upon
thirty (30) days’ written notice to such other party if Sit or ETF Managers Capital, as the case may be, is dissolved or
its existence is terminated; becomes insolvent or bankrupt or admits in writing its inability to pay its debts as they mature,
or makes an assignment for the benefit of creditors; makes a voluntary assignment or transfer of all or substantially all of its
property; has a custodian, trustee, or receiver appointed for it, or for all or substantially all of its property; has bankruptcy,
reorganization, arrangements, insolvency or liquidation proceedings, or other proceedings for relief under any bankruptcy or similar
law for the relief of debtors, instituted by or against it, and, if instituted against it, any of the foregoing is allowed or consented
to by the other party or is not dismissed within sixty (60) days after such institution.

 

(d) ETF Managers Capital acknowledges and agrees
that Sit shall have the right, in its discretion, to cease maintenance and publication of the Benchmark and, in the event that
the Benchmark is discontinued, Sit shall have the right to terminate this Agreement as to the Fund using the Benchmark if Sit does
not intend to maintain and publish a replacement or substitute model portfolio. Sit shall give ETF Managers Capital at least sixty
(60) days’  written notice prior to such discontinuance, which notice shall specify whether a replacement or substitute
model portfolio will be available. ETF Managers Capital shall have the option hereunder to use the replacement model portfolio
under the terms of this Agreement by notifying Sit within ninety (90) days of receiving written notice from Sit regarding the replacement
model portfolio, on the same terms and conditions (including payment of fees as set forth in Article 3 of this Agreement) as ETF
Managers Capital or the Fund previously used the discontinued Benchmark.

 

(e) No fees under Article 3 of this Agreement
will be payable to Sit by ETF Managers Capital after termination of this Agreement as set forth in this Article 4 except any outstanding
fees. The fee for the month in which this Agreement is terminated will be pro rated based on the number of days in the month during
which the Agreement was in effect.

 

5.            INDEMNIFICATION

 

(a) ETF Managers Capital shall indemnify,
defend and hold Sit and its affiliates, members, directors, officers, shareholders, employees, representatives, agents, attorneys,
successors and assigns (collectively, the “Sit Indemnified Parties”) harmless from and against any and
all claims, liabilities, obligations, judgments, causes of action, costs and expenses (including reasonable attorneys’ fees)
(collectively, “Losses”) arising out of any material breach of this Agreement by ETF Managers Capital
or any disclosure in the Registration Statement of the Fund (except disclosure about Sit or the Benchmark that has been specifically
approved by Sit), and out of ETF Managers Capital’s use of the Benchmark (including, without limitation, in connection with
the marketing, promotion and sale of the Fund and its units) other than a case in which Sit is obligated to indemnify ETF Managers
Capital under Article 5(b) and except to the extent Losses are the result of any grossly negligent act or omission of a Sit Indemnified
Party.

 

(b) Sit shall indemnify, defend and hold
ETF Managers Capital and its affiliates, members, directors, officers, shareholders, employees, representatives, agents, attorneys,
successors and assigns (collectively, the “ETF Managers Capital Indemnified Parties”) harmless from and
against any and all Losses arising out of (i) any material breach of this Agreement by Sit, (ii) any disclosure in the Registration
Statement of the Fund about Sit or the Benchmark that has been specifically approved by Sit, (iii) any claim that Sit does not
possess all rights necessary to grant the License granted by this Agreement, or (iv) the gross negligence, recklessness or willful
misconduct of Sit in providing Services under this Agreement.

 

(c) Except as otherwise expressly provided herein,
in no event shall either ETF Managers Capital or Sit be liable for any indirect, incidental, special or consequential damages,
even if the party or an authorized representative thereof has been advised of the possibility of such damages. The federal securities
laws impose liabilities under certain circumstances on persons who act in good faith; thus, nothing in this Agreement shall in
any way constitute a waiver or limitation on any rights which a party may have under the federal securities laws.

 

(d) Promptly after receipt by any Indemnified
Party of notice of the commencement of any action, the Indemnified Party shall, if indemnification is to be sought against the
other party (the “Indemnifying Party”) under this Article 5, notify the Indemnifying Party in writing
of the commencement thereof, but the omission to notify the Indemnifying Party shall relieve the Indemnifying Party from liability
hereunder only to the extent that such 

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omission results in the forfeiture by the Indemnifying Party of rights or defenses with
respect to such action. In any action or proceeding, following provision of proper notice by the Indemnified Party of the existence
of such action, the Indemnified Party shall be entitled to participate in any such action and to assume the defense thereof, with
counsel of its choice, and after notice from the Indemnifying Party to the Indemnified Party of the Indemnified Party’s election
to assume the defense of the action, the Indemnifying Party shall not be liable to such Indemnified Party hereunder for any attorneys’
fees subsequently incurred by the Indemnified Party. The Indemnified party shall cooperate in the defense of settlement of claims
so assumed. The Indemnifying Party shall not be liable hereunder for the settlement by the Indemnified Party for any claim or demand
unless it has previously approved the settlement or it has been notified of such claim or demand and has failed to provide a defense
in accordance with the provisions hereof. Without limiting the foregoing, in no event may either party make any admission of liability
by or on behalf of the other party without such other party’s express prior written consent.

 

6.            REPRESENTATIONS AND WARRANTIES

 

(a) Each party represents and warrants that
it has full power and authority to enter into and perform its obligations under this Agreement.

 

(b) Sit represents and warrants that it has
the right to grant licenses under the Benchmark and that to its knowledge use of the Benchmark by ETF Managers Capital as provided
herein shall not infringe any trade name, trademark, trade dress, copyright, other proprietary right, or contractual right of any
person not a party to this Agreement. Except for the warranties set forth herein, Sit makes no warranty, express or implied, concerning
the Benchmark, and makes no warranty as to its merchantability or fitness for a particular purpose. In particular, and without
limiting the foregoing, Sit does not guarantee the quality, accuracy, or completeness of the Benchmark.

 

(c) ETF Managers Capital represents and warrants
that both ETF Managers Capital and the Fund shall not commit any material violation of any applicable law or regulation, including
but not limited to banking, commodities and securities laws.

 

(d) Sit represents and warrants that Sit shall
not commit any material violation of any applicable law or regulation, including but not limited to banking, commodities and securities
laws.

 

(e) ETF Managers Capital agrees to include the
following disclosure or the substance thereof in the Fund’s prospectus:

 

The Benchmark Portfolio is the exclusive
property of Sit, which has licensed the use of the Benchmark Portfolio for use by ETF Managers Capital. Sit is solely responsible
for determining the securities included in, and the calculation of, the Benchmark Portfolio. Neither Sit nor its affiliates make
any representation regarding the appropriateness of the Fund’s investments for the purpose of tracking the performance of
the Benchmark Portfolio or otherwise.

 

7.            CONFIDENTIAL INFORMATION

 

(a) By virtue of this Agreement, either
ETF Managers Capital or Sit may have access to information that is confidential to the other party including, without limitation,
all business, technical, financial, customer and/or any other proprietary information of a party, products, processes, tools, services,
technical knowledge and any other information and/or materials clearly marked as confidential or information identified as confidential
at the time of disclosure or summarized as confidential in a written memorandum delivered to the recipient within thirty (30) calendar
days of disclosure, including, without limitation, all information concerning the Benchmark, whether or not so marked (collectively,
“Confidential Information”). Notwithstanding the foregoing, a party’s Confidential Information
shall not include information which: (i) is or becomes a part of the public domain through no act or omission of the other party;
(ii) was in the other party’s lawful possession prior to the disclosure and had not been obtained by the other party either
directly or indirectly from the disclosing party; (iii) is lawfully disclosed to the other party by a third party without restriction
on disclosure; or (iv) is independently developed by the other party without reference to any Confidential Information. In addition,
the obligations of this Article 7 do not apply to confidential information that is required to be disclosed pursuant to a duly
authorized subpoena, court order, or government authority, provided that to the extent permitted by law the party subject to same
shall provide immediate 

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written notice to the other party upon receipt of subpoena, order, or other disclosure requirement prior
to such disclosure and allow such other party the opportunity to intervene in the action in order to attempt to enjoin such subpoena,
order, or other disclosure requirement. Such Confidential Information shall remain confidential for all other purposes.

 

(b) ETF Managers Capital and Sit agree
to secure and protect the Confidential Information of each other in a manner consistent with the maintenance of the other party’s
rights therein, using at least as great a degree of care as each party uses to maintain the confidentiality of its own confidential
information of a similar nature, but in no event using less than its reasonable efforts. Neither ETF Managers Capital nor Sit shall
sell, transfer, publish, disclose, or otherwise make available any portion of the Confidential Information of the other party to
third parties, except as necessary to perform its obligations under this Agreement or as expressly authorized in this Agreement.
Each party represents that it has, and agrees to maintain, an appropriate agreement with each third party who may have access to
Confidential Information sufficient to enable such party to comply with all of the terms of this Agreement.

 

(c) ETF Managers Capital and Sit agree that
the unauthorized use by any party of the other party’s Confidential Information will diminish the value of such Confidential
Information and will cause substantial and irreparable damage to the party whose Confidential Information was improperly disclosed,
and that the remedies generally available at law may be inadequate. Accordingly, ETF Managers Capital and Sit agree that a breach
of this Article 7 shall entitle Sit (in the case of a breach by ETF Managers Capital) or ETF Managers Capital (in the case of a
breach by Sit) to seek equitable relief to protect its interest herein, including injunctive relief, as well as money damages.
The parties agree that the obligations under this Article shall survive termination or expiration of this Agreement.

 

(d) Each party shall be free to use for itself
and for others in any manner the general knowledge, skill or experience acquired by it in connection with this Agreement.

 

8.            GENERAL

 

(a) RIA; CTA. Sit is registered as an
investment adviser with the U.S. Securities and Exchange Commission and as a commodity trading advisor with the U.S. Commodity
Futures Trading Commission, and is a member of the National Futures Association. Sit has provided Part 2 of its current Form ADV
to ETF Managers Capital and will provide any revised Part 2 (or equivalent disclosure document) within a reasonable time after
the revisions are made.

 

(b) Captions Not Determinative. Titles
and paragraph headings herein are for convenient reference only and are not part of this Agreement.

 

(c) Independent Contractors. ETF
Managers Capital and Sit are independent contractors to one another. Nothing in this Agreement shall be construed to create a partnership,
joint venture or agency relationship between ETF Managers Capital, on the one hand, and Sit, on the other hand.

 

(d) Force Majeure. No party shall
be in default or otherwise liable for any delay in or failure of its performance under this Agreement where such delay or failure
arises by reason of any act of God, or any government or any governmental body, any act of war or terrorism, the elements, strikes
or labor disputes, or other similar or dissimilar cause beyond the control of such party.

 

(e) Notice. All notices, including
notices of address changes, required to be sent hereunder shall be in writing and shall be deemed to have been given when mailed
by registered or certified mail, postage prepaid to the appropriate address below:

 

If to Sit: 

 

Sit Fixed Income Advisors II, LLC

3300 IDS Center

80 South 8th Street

Minneapolis, MN 55402

 

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If to ETF Managers Capital:

 

ETF Managers Capital LLC

35 Beechwood Road

Suite 2B

Summit, NJ 07901

 

(f) Severability. In the event that any
provision of this Agreement is held invalid by a court with jurisdiction over the parties, such provision shall be deemed to be
restated to be enforceable, in a manner which reflects, as nearly as possible, the intent and economic effect of the invalid provision
in accordance with applicable law. The remainder of this Agreement shall remain in full force and effect.

 

(g) Waiver. The waiver by any party of
any default or breach of this Agreement shall not constitute a waiver of any other or subsequent default or breach.

 

(h) Modification. No representation or
promise hereafter made, nor any modification or amendment of this Agreement, shall be binding unless in writing and executed by
duly authorized agents of all parties affected by the modification or amendment.

 

(i) Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but which together shall constitute one
and the same document.

 

(j) Assignment. ETF Managers Capital
may not assign this Agreement or any of the rights or obligations granted hereunder without Sit’s prior written consent,
and Sit may not assign this Agreement or any of the rights or obligations granted hereunder (except to an affiliate under common
control) without ETF Managers Capital’s prior written consent.

 

(k) Governing Law. This Agreement
shall be governed by and construed solely and exclusively in accordance with the laws of the State of New York, without reference
to its conflicts of law principles.

 

(l) Survival. The terms of Articles 5
and 7 shall survive the expiration or termination of this Agreement.

 

(m) Authority. The person signing this
Agreement on behalf of each party has been properly authorized and empowered to execute agreements such as this Agreement on behalf
of such party.

 

(n) Entire Agreement. This Agreement
and any Exhibits constitute the complete agreement between the parties and supersede all previous or contemporaneous agreements,
proposals, understandings, and representations, written or oral, with respect to the subject matter addressed herein.

 

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PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION
IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT
BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING
PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

 

 

IN WITNESS WHEREOF, the parties have
entered into this Licensing and Services Agreement, and intend to be legally bound by it, as of the Effective Date.

 

Attest:

 

	Sit Fixed Income Advisors II, LL	By:	/s/ Paul E. Rasumussen
	 	 	Paul E. Rasumussen, Vice President

 

 

Attest:

 

	ETF Managers Capital LLC	By:	/s/ Samuel Masucci III

 

 

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EXHIBIT A

 

Fee Schedule

 

 

 

    	- 8 -Exhibit 10.4

 

CUSTODY AGREEMENT

 

THIS AGREEMENT is made and entered into as
of this 2nd day of January, 2015, by and between ETF MANAGERS GROUP COMMODITY TRUST I, a Delaware statutory trust
(the “Trust”), for itself and on behalf of each of its series listed on Exhibit A to this Agreement (as
amended from time to time) (each a “Fund” ), ETF MANAGERS CAPITAL LLC, the sponsor of the Funds (“Sponsor”)
and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States
of America (the “Custodian”).

 

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

 

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

 

WHEREAS, the Trust and Sponsor desire to
retain the Custodian to act as custodian of the assets of each Fund, and to provide related services as provided herein, and the
Custodian is willing to accept the obligations and duties related to that role; and

 

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

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

Whenever used in this Agreement, the following
words and phrases shall have the meanings set forth below unless the context otherwise requires:

 

1.01 “Authorized Person”
means any Officer or person who has been designated as such by written notice and named in Exhibit B and delivered
to the Custodian by the Trust or Sponsor, or if the Trust or Sponsor has notified the Custodian in writing that it has an authorized
investment manager or other agent, delivered to the Custodian by the Sponsor or other agent of the Trust. Such Officer or person
shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust, or the
Sponsor or other agent of the Trust that any such person is no longer an Authorized Person.

 

1.02  “Book-Entry System”
shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR
Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

 

1.03 “Business Day”
shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Trust computes
the net asset value of Shares of the Fund.

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1.04  “CFTC”
shall mean the Commodity Futures Trading Commission.

 

1.05 “Foreign Securities”
means any of the Trust’s investments (including foreign currencies) for which the primary market is outside the United States
and such cash and cash equivalents as are reasonably necessary to effect the Trust’s transactions in such investments.

 

1.06 “Fund Custody Account”
shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.2 below.

 

1.07 “IRS”
shall mean the Internal Revenue Service.

 

1.08 “FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

1.09 “NFA”
shall mean the National Futures Association.

 

1.10 “Officer”
shall mean the Principal Executive Officer, the President, any Vice President, any Assistant Vice President, the Secretary, any
Assistant Secretary, the Principal Financial Officer, the Treasurer, or any Assistant Treasurer of the Trust.

 

1.11 “Proper Instructions”
shall mean Written Instructions.

 

1.12  “Securities”
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers’ acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants
or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing
any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to
clear and service.

 

1.13 “Securities Depository”
shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities
Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities where
all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred
or pledged by bookkeeping entry without physical delivery of the Securities.

 

1.14 “Shares”
shall mean, with respect to a Fund, the units of beneficial interest issued by the Trust on account of the Fund.

 

1.15  “Sub-Custodian”
shall mean a bank or other financial institution (other than a Securities Depository) having a contract with the Custodian, which
the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03
below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements
(or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in
accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien
or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration,

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in the case of cash deposits, liens
or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial
ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody
or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held
by a third party for the benefit of the Fund; (v) that the Fund’s independent public accountants will be given access to
those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect
to the safekeeping of the Fund’s assets, including, but not limited to, notification of any transfer to or from a Fund’s
account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any
or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their
entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

 

1.16 “Written Instructions”
shall mean (i) written communications actually received by the Custodian and signed by an Authorized Person, (ii) communications
by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian
to be an Authorized Person.

 

ARTICLE II. 

 

APPOINTMENT OF CUSTODIAN

 

2.01 Appointment. The Trust
and Sponsor hereby appoint the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any
time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian
shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against
the Custodian hereunder.

 

2.02 Documents to be Furnished.
The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement
to the Custodian by the Trust:

 

		(a)	A copy of the Trust’s declaration of trust, certified by the Secretary;

 

		(b)	A copy of the Trust’s bylaws, certified by the Secretary;

 

		(c)	A copy of the current prospectuses of the Funds (the “Prospectus”);

 

		(d)	A certification of the President and the Secretary of the Trust setting forth the names and signatures of the current Officers
of the Trust and other Authorized Persons; and

 

		(e)	An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as Exhibit D.

    	3

    	

    

2.03 Notice of Appointment
of Transfer Agent. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment
of any transfer agent of the Fund.

 

ARTICLE III. 

 

CUSTODY OF CASH AND
SECURITIES

 

3.01 Segregation. All Securities
and non-cash property held by the Custodian for the account of a Fund (other than Securities maintained in a Securities Depository
or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian
(including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject
to this Agreement.

 

3.02 Fund Custody Accounts.
As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Trust coupled
with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities,
cash and other assets of such Fund which are delivered to it.

 

3.03 Appointment of Agents.

 

		(a)	In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) any
Securities Depository or (ii) Sub-Custodian or member of a Sub-Custodian’s network to hold Securities and cash of the Fund
and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such
agents and maintenance of any Securities and cash of the Fund shall be at the Custodian’s expense and shall not relieve the
Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians
(regardless of whether assets are maintained in the custody of a Sub-Custodian or a member of its network) appointed by it as if
such actions had been done by the Custodian.

 

		(b)	If, after the initial appointment of Sub-Custodians by the Trust, on behalf of its series, in connection with this Agreement,
the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Trust and make the necessary
determinations as to any such new Sub-Custodian’s eligibility as a custodian under applicable rules and regulations.

 

		(c)	In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund’s assets with a
Sub-Custodian, the Custodian will determine that the Fund’s assets will be subject to reasonable care, based on the standards
applicable to custodians in the country in which the Fund’s assets will be held by that Sub-Custodian, after considering
all factors relevant to safekeeping of such assets.

 

		(d)	At the end of each calendar quarter, the Custodian shall provide written reports notifying the Sponsor and the Trust of the
withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund’s
arrangements.

    	4

    	

    

Such reports shall include
an analysis of the custody risks associated with maintaining assets with any Securities Depository.

 

		(e)	With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Trust that it agrees to
exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the
Fund. The Custodian further warrants that the Fund’s assets will be subject to reasonable care if maintained with a Sub-Custodian,
after considering all factors relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian’s
practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records,
and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide
reasonable care for Fund assets; (iii) the Sub-Custodian’s general reputation and standing and, in the case of a Securities
Depository, the Securities Depository’s operating history and number of participants; and (iv) whether the Fund will have
jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices
of the Sub-Custodian in the United States or the Sub-Custodian’s consent to service of process in the United States.

 

		(f)	The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing
basis (i) the appropriateness of maintaining the Fund’s assets with a Sub-Custodian who is a member of a Sub-Custodian’s
network; (ii) the performance of the contract governing the Fund’s arrangements with such Sub-Custodian or members of a Sub-Custodian’s
network; and (iii) the custody risks of maintaining assets with a Securities Depository. The Custodian must promptly notify the
Fund or Sponsor of any material change in these risks.

 

		(g)	The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities
to which the Fund shall be entitled and shall credit such income, as collected, to the Trust. In the event that extraordinary measures
are required to collect such income, the Trust and Custodian shall consult as to the measures and as to the compensation and expenses
of the Custodian relating to such measures.

 

3.04 Delivery of Assets to
Custodian. The Trust or Sponsor shall deliver, or cause to be delivered, to the Custodian all Fund Securities, cash and other
investment assets, including (i) all payments of income, payments of principal and capital distributions received by a Fund with
respect to such Securities, cash or other assets owned by a Fund at any time during the period of this Agreement, and (ii) all
cash received by a Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets
until actually received by it.

 

3.05 Securities Depositories
and Book-Entry Systems. The Custodian may deposit and/or maintain Securities of a Fund in a Securities Depository or in a Book-Entry
System, subject to the following provisions:

 

		(a)	The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible
for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical
in

    	5

    	

    

connection with its performance
hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities,
and deliveries and returns of collateral consisting of Securities.

 

		(b)	Securities of the Funds kept in a Book-Entry System or Securities Depository shall be kept in an account (“Depository
Account”) of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian
as a fiduciary, custodian or otherwise for customers.

 

		(c)	The records of the Custodian with respect to Securities of the Funds maintained in a Book-Entry System or Securities Depository
shall, by book-entry, identify such Securities as belonging to the Funds.

 

		(d)	If Securities purchased by a Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for
such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred
to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer
for the account of the Fund. If Securities sold by a Fund are held in a Book-Entry System or Securities Depository, the Custodian
shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for
such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian
to reflect such transfer and payment for the account of the Fund.

 

		(e)	The Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Book-Entry System or Securities
Depository in which Securities of the Funds are kept) on the internal accounting controls and procedures for safeguarding Securities
deposited in such Book-Entry System or Securities Depository.

 

		(f)	Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Trust for any loss or damage
to the Fund resulting from (i) the use of a Book-Entry System or Securities Depository by reason of any negligence or willful misconduct
on the part of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively
such rights as it may have against a Book-Entry System or Securities Depository. At its election, the Trust shall be subrogated
to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person
from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent
that the Fund has not been made whole for any such loss or damage.

 

		(g)	With respect to its responsibilities under this Section 3.05, the Custodian hereby warrants to the Trust that it agrees to
(i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to
obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Trust or Sponsor, such reports as are available
concerning the Custodian’s internal accounting controls and financial strength, and (iii) require any Sub-Custodian to exercise
due care in accordance with reasonable commercial standards in discharging its duty as a securities

    	6

    	

    

intermediary to obtain and
thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

 

3.06 Disbursement of Moneys
from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from a Fund Custody Account
but only in the following cases:

 

		(a)	For the purchase of Securities for a Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case
of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the
Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer,
or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the
conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any
Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures
contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto
in favor of the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase
agreements entered into between the Trust and a bank which is a member of the Federal Reserve System or between the Trust and a
primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through
an entry crediting the Custodian’s account at a Book-Entry System or Securities Depository with such Securities;

 

		(b)	In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the
Fund;

 

		(c)	For the payment of any dividends or capital gain distributions declared by the Fund;

 

		(d)	In payment of the redemption price of Shares as provided in Section 5.01 below;

 

		(e)	For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for
the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian
and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part
capitalized or treated as deferred expenses;

 

		(f)	For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered
under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered
national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection
with transactions by the Fund;

 

		(g)	For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant
registered under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any
similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

    	7

    	

    

		(h)	For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including
the Custodian), which deposit or account has a term of one year or less; and

 

		(i)	For any other proper purpose, but only upon receipt of Proper Instructions, specifying the amount and purpose of such payment,
declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.

 

3.07 Delivery of Securities
from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian
to release and deliver, Securities from a Fund Custody Account but only in the following cases:

 

		(a)	Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified
or cashiers check or bank credit;

 

		(b)	In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section
3.05 above;

 

		(c)	To an offeror’s depository agent in connection with tender or other similar offers for Securities of the Fund; provided
that, in any such case, the cash or other consideration is to be delivered to the Custodian;

 

		(d)	To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee
or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing
the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the
Custodian;

 

		(e)	To the broker selling the Securities, for examination in accordance with the “street delivery” custom;

 

		(f)	For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment
of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit
agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository
receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

 

		(g)	Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

 

		(h)	In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new
Securities and cash, if any, are to be delivered to the Custodian;

 

		(i)	For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Trust
shall have specified to the Custodian in Proper Instructions;

    	8

    	

    

		(j)	For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Trust, but only
against receipt by the Custodian of the amounts borrowed;

 

		(k)	Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Trust;

 

		(l)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered
under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any
registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements
in connection with transactions by the Fund;

 

		(m)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant
registered under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any
similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

 

		(n)	For any other proper corporate purpose, but only upon receipt of Proper Instructions, specifying the Securities to be delivered,
setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming
the person or persons to whom delivery of such Securities shall be made; or

 

		(o)	To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided
that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities
prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful misconduct.

 

3.08 Actions Not Requiring
Proper Instructions. Unless otherwise instructed by the Trust or Sponsor, the Custodian shall with respect to all Securities
held for the Funds:

 

		(a)	Subject to Section 9.04 below, collect on a timely basis all income and other payments to which a Fund is entitled either by
law or pursuant to custom in the securities business;

 

		(b)	Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities which
may mature or be called, redeemed, or retired, or otherwise become payable;

 

		(c)	Endorse for collection, in the name of a Fund, checks, drafts and other negotiable instruments;

 

		(d)	Surrender interim receipts or Securities in temporary form for Securities in definitive form;

 

		(e)	Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws
or regulations of any other taxing authority now or

    	9

    	

    

hereafter in effect, and prepare
and submit reports to the IRS and the Trust at such time, in such manner and containing such information as is prescribed by the
IRS;

 

		(f)	Hold for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar Securities issued with respect to Securities of the Fund; and

 

		(g)	In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary details in connection
with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of a Fund.

 

3.09 Registration and Transfer
of Securities. All Securities held for the Funds that are issued or issuable only in bearer form shall be held by the Custodian
in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities
held for the Funds may be registered in the name of a Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name
of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to foreign
securities of a Fund that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for
the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian
appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any
of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in
the name of the Fund.

 

3.10 Records.

 

		(a)	The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the
Funds, including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts
and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities
in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together
with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends
receivable and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its
activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as the Trust
shall reasonably request and as shall reasonably assist the Trust in satisfying relevant rules and regulations of the CFTC, NFA,
the 1934 Act or the 1933 Act.

 

		(b)	All such books and records maintained by the Custodian shall (i) be maintained in a form reasonably acceptable to the Trust
for compliance with the rules and regulations of the CFTC, NFA and SEC, and (ii) be the property of the Trust and at all times
during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees
or agents of the Trust and employees or agents of the CFTC, NFA or the SEC, as required by law or as instructed by the Trust.

    	10

    	

    

3.11 Fund Reports by Custodian.
The Custodian shall furnish the Trust and Sponsor with a daily activity statement and a summary of all transfers to or from each
Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust and Sponsor with
a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

 

3.12 Other Reports by Custodian.
As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting
controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

 

3.13 Proxies and Other Materials.
The Custodian shall cause all proxies relating to Securities which are not registered in the name of a Fund to be promptly executed
by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall
promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect
to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other
shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities
are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of
notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

 

3.14 Information on Corporate
Actions. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities
being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights.
If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall
notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will
provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions
at least three Business Days prior to the beginning date of the tender period.

 

ARTICLE IV. 

 

PURCHASE AND SALE OF
INVESTMENTS OF THE FUND

 

4.01 Purchase
of Securities. Promptly upon each purchase of Securities for a Fund, Written Instructions shall be delivered to the Custodian,
specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number
of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement,
(iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such
amount is payable. The Custodian shall upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account
of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under
any obligation to pay out moneys to

    	11

    	

    

cover the cost of a purchase of Securities
for a Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

 

4.02 Liability for Payment
in Advance of Receipt of Securities Purchased. In any and every case where payment for the purchase of Securities for a Fund
is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions
to so pay in advance, the Custodian shall be liable to the Fund for such payment.

 

4.03 Sale of Securities.
Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name
of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount
(and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the
total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total
amount payable to a Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified
in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory
to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

 

4.04 Delivery of Securities
Sold. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver
Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities
prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities
may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they
were delivered, and the Custodian shall have no liability for any for the foregoing.

 

4.05 Payment for Securities
Sold. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt
of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment,
(ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets
of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final
payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use
funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable
immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of
which funds were credited to the Fund Custody Account.

 

4.06 Advances by Custodian
for Settlement. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate the
settlement of a Fund’s transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand
made by Custodian.

    	12

    	

    

ARTICLE V. 

 

SALE AND REDEMPTION
OF FUND SHARES

 

5.01 Transfer of Fund Assets.
From such funds or other property as may be available for the purpose in the relevant Fund Custody Account, the Custodian shall,
upon receipt of Proper Instructions specifying that the funds or securities are required to redeem one or more creation units of
the Fund, deliver the funds or securities specified in such Proper Instructions for payment to or through such bank or broker-dealer
as the Proper Instructions may designate. The Fund’s transfer agent, as known to the Custodian in pursuant to Section 2.03,
shall be an Authorized Person for purposes of this Section 5.01. ,

 

5.02 No Duty Regarding Paying
Banks. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall
not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

 

ARTICLE VI. 

 

SEGREGATED ACCOUNTS

 

Upon receipt of Proper Instructions, the Custodian
shall establish and maintain a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be
transferred cash and/or Securities, including Securities maintained in a Depository Account:

 

		(a)	in accordance with the provisions of any agreement among the Trust, the Sponsor, the Custodian
and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the
Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national
securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding
escrow or other arrangements in connection with transactions by the Fund;

 

		(b)	for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in
connection with financial futures contracts (or options thereon) purchased or sold by the Fund;

 

		(c)	which constitute collateral for loans of Securities made by the Fund;

 

		(d)	for other proper corporate purposes, but only upon receipt of Proper Instructions, setting forth the purpose or purposes of
such segregated account and declaring such purposes to be proper corporate purposes.

 

Each segregated account established under
this Article VI shall be established and maintained for the Fund only. All Proper Instructions relating to a segregated account
shall specify the Fund.

    	13

    	

    

ARTICLE VII. 

 

COMPENSATION OF CUSTODIAN

 

7.01 Compensation. The
Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth
on Exhibit C hereto (as amended from time to time). The Custodian shall also be compensated for such out-of-pocket expenses
(e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian
in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following
receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian
in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust
shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the
exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance
charge of 11⁄2% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian
shall only be paid out of the assets and property of the particular Fund involved.

 

7.02 Overdrafts. The Trust
is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may
obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the
line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit
will be charged in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time to time)

 

ARTICLE VIII. 

 

REPRESENTATIONS AND
WARRANTIES

 

8.01 Representations and Warranties
of the Trust and Sponsor. The Trust and Sponsor each hereby represents and warrants to the Custodian, which representations
and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

 

		(a)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

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

 

		(c)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation,

    	14

    	

    

order or judgment binding on
it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution
or performance of this Agreement.

 

8.02 Representations and Warranties
of the Custodian. The Custodian hereby represents and warrants to the Trust, which representations and warranties shall be
deemed to be continuing throughout the term of this Agreement, that:

 

		(a)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

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

 

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

 

ARTICLE IX. 

 

CONCERNING THE CUSTODIAN

 

9.01 Standard of Care.
The Custodian shall exercise commercially reasonable efforts of care in the performance of its duties under this Agreement. The
Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with
its duties under this Agreement, except a loss arising out of or relating to the Custodian’s (or a Sub-Custodian’s)
refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian’s)
bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement).
The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for
any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Trust and Sponsor of any
action taken or omitted by the Custodian pursuant to advice of counsel.

 

9.02 Actual Collection Required.
The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to a Fund or any money represented
by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or
collect on such instrument.

 

9.03 No Responsibility for
Title, etc. So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible
for the title, validity or

    	15

    	

    

genuineness of any property or evidence
of title thereto received or delivered by it pursuant to this Agreement.

 

9.04 Limitation on Duty to
Collect. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and
payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand
or presentation.

 

9.05 Reliance Upon Documents
and Instructions. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received
by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually
received by it pursuant to this Agreement.

 

9.06 Cooperation. The Custodian
shall cooperate with and supply necessary information to the entity or entities appointed by the Trust or Sponsor to keep the books
of account of the Funds and/or compute the value of the assets of the Funds. The Custodian shall take all such reasonable actions
as the Trust or Sponsor may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from
the Trust’s independent accountants with respect to the Custodian’s activities hereunder in connection with (i) the
preparation of the Trust’s annual reports and any other reports required by the CFTC, NFA and SEC, and (ii) the fulfillment
by the Trust of any other requirements of the CFTC, NFA and SEC.

 

ARTICLE X. 

 

INDEMNIFICATION

 

10.01 Indemnification by Trust.
The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an “Indemnified
Party” and collectively, the “Indemnified Parties”) from and against any and all claims, demands, losses, expenses
and liabilities of any and every nature (including reasonable attorneys’ fees) that an Indemnified Party may sustain or incur
or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities
are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian
(a) at the request or direction of or in reliance on the advice of the Trust or Sponsor, or (b) upon Proper Instructions, or (iii)
from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian
nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability
arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement),
or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody
agreement). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination
of this Agreement. As used in this paragraph, the terms “Custodian” and “Sub-Custodian” shall include their
respective directors, officers and employees.

    	16

    	

    

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

 

10.03 Security. If the
Custodian advances cash or Securities to a Fund for any purpose, either at the Trust’s request or as otherwise contemplated
in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement,
any claim, demand, loss, expense or liability (including reasonable attorneys’ fees) (except such as may arise from its or
its nominee’s bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the
account of a Fund shall be security therefor, and should a Fund fail promptly to repay or indemnify the Custodian, the Custodian
shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to
obtain reimbursement or indemnification.

 

10.04 Miscellaneous.

 

		(a)	Neither party to this Agreement shall be liable to another party for consequential, special or punitive damages under any provision
of this Agreement.

 

		(b)	The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

 

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

    	17

    	

    

ARTICLE XI. 

 

FORCE MAJEURE

 

Neither the Custodian, the Sponsor nor the
Trust shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused,
directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer
failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation,
computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority;
governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event
of a failure or delay, the Custodian (i) shall not discriminate against a Fund in favor of any other customer of the Custodian
in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall
use its best efforts to ameliorate the effects of any such failure or delay.

 

ARTICLE XII. 

 

PROPRIETARY
AND CONFIDENTIAL INFORMATION

 

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

 

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

    	18

    	

    

ARTICLE XIII. 

 

EFFECTIVE PERIOD;
TERMINATION

 

13.01 Effective Period.
This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3)
years.

 

13.02 Termination. This
Agreement may be terminated by any party upon giving 90 days prior written notice to the other parties or such shorter period as
is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach
of any other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to
the breaching party. In addition, the Trust may, at any time, immediately terminate this Agreement in the event of the appointment
of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction
of an appropriate regulatory agency or court of competent jurisdiction.

 

13.03 Early
Termination. In the absence of any material breach of this Agreement, should the Trust or Sponsor
elect to terminate this Agreement prior to the end of the three year term, the Trust or Sponsor agrees to pay the following fees:

 

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

b) all fees associated with converting
services to successor custodian;

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

d) all out-of-pocket costs associated
with to a) to c) above.

 

13.04 Appointment of Successor
Custodian. If a successor custodian shall have been appointed by the Sponsor, the Custodian shall, upon receipt of a notice
of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian
all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and
held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an
account of or for the benefit of the Fund at the successor custodian, provided that the Trust or Sponsor shall have paid to the
Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition,
the Custodian shall, at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other
data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form
differs from the form in which the Custodian has maintained the same, the Trust shall pay any expenses associated with transferring
the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance
from the Custodian’s personnel in the establishment of books, records, and other data by such successor. Upon such delivery
and transfer, the Custodian shall be relieved of all obligations under this Agreement.

    	19

    	

    

13.05 Failure
to Appoint Successor Custodian. If a successor custodian is not designated by the Trust on or before the date of termination
of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection cash and
other property held by Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company
all Securities of the Funds held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or
trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under
this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the
Trust.

 

ARTICLE XIV.

 

CLASS ACTIONS

 

The Custodian shall use its best efforts to identify and file
claims for the Fund(s) involving any class action litigation that impacts any security the Fund(s) may have held during the class
period. The Trust agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing
certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Trust acknowledges
that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that
the timing of such payment, if any, is uncertain.

 

However, the Trust or Sponsor may instruct the Custodian to
distribute class action notices and other relevant documentation to the Fund(s) or its designee and, if it so elects, will relieve
the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund(s).

 

In the event the Fund(s) are closed, the Custodian shall only
file the class action claims upon written instructions by an authorized representative of the closed Fund(s). Any expenses associated
with such filing will be assessed against the proceeds received of any class action settlement.

 

ARTICLE XV.

 

MISCELLANEOUS

 

15.01  Compliance with Laws. The
Trust and Sponsor have and retain primary responsibility for all compliance matters relating to the Fund, including but not limited
to compliance with the 1933 Act, the CEA, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act
of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement
of additional information. The Custodian’s services hereunder shall not relieve the Trust of its responsibilities for assuring
such compliance or the Sponsor’s oversight responsibility with respect thereto.

    	20

    	

    

15.02 Amendment. This Agreement may
not be amended or modified in any manner except by written agreement executed by the Custodian, Trust and Sponsor.

 

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

 

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

 

15.05 No Agency Relationship. Nothing
herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or
to conduct business in the name, or for the account, of the other party to this Agreement.

 

15.06 Services Not Exclusive. Nothing
in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical
to some or all of the services provided hereunder.

 

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

 

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

 

Notice to the Custodian shall
be sent to:

U.S Bank, N.A.

1555 N. Rivercenter Dr., MK-WI-S302

Milwaukee, WI 53212

 

Attn: Tom Fuller

Phone: 414-905-6118

Fax: 866-350-5066

    	21

    	

    

Notice to the
Trust Sponsor shall be sent to:

 

ETF Managers Capital LLC

35 Beechwood Road, Suite 2B

Summit, NJ
07901

 

Attn: Samuel Masucci

Phone: 908-897-0510

 

and Notice to the Trust shall
be sent to:

 

ETF Managers Group Commodity Trust
I

c/o ETF Managers Capital LLC

35 Beechwood Road, Suite 2B

Summit, NJ 07901

 

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

 

15.10 No Waiver. No failure by either
party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The
exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided
herein are cumulative and not exclusive of any remedies provided at law or in equity.

 

15.11 References to Custodian. The
Trust or Sponsor shall not circulate any printed matter which contains any reference to Custodian without the prior written approval
of Custodian, excepting printed matter contained in the Prospectus or statement of additional information for a Fund and such other
printed matter as merely identifies Custodian as custodian for a Fund. The Trust or Sponsor shall submit printed matter requiring
approval to Custodian in draft form, allowing sufficient time for review by Custodian and its counsel prior to any deadline for
printing.

 

[SIGNATURES ON THE
FOLLOWING PAGE]

    	22

    	

    

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

 

ETF MANAGERS GROUP COMMODITY TRUST I 

 

	By: 	/s/ Samuel Masucci III	 

 

Name: Samuel Masucci III

 

Title: Principle Executive Officer

 

U.S. BANK, N.A.

 

	By: 	/s/ Michael R. McVoy	 

 

Name: Michael R. McVoy

 

Title: Senior Vice President

 

ETF MANAGERS CAPITAL LLC  

 

	By: 	/s/ Samuel Masucci III	 

 

Name: Samuel Masucci III

 

Title: Chief Executive Officer and President

    	23

    	

    

EXHIBIT A

 

to the Custody Agreement

 

Separate Series of ETF Managers Group Commodity
Trust I

 

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

    	24

    	

    

EXHIBIT B

 

AUTHORIZED PERSONS

 

Set forth below are
the names and specimen signatures of the persons authorized by ETF Managers Group Commodity Trust I to administer the Fund Custody
Accounts.

 

	Name	 	Telephone/Fax Number	 	Signature
	 	 	 	 	 
	David H. Weissman  	 	 	 	 
	 	 	 	 	 
	John A. Flanagan  	 	 	 	 
	 	 	 	 	 
	Samuel Masucci  	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	25

    	

    

EXHIBIT C to the Custody Agreement – ETF Managers
Group Commodity Trust

    	26

    	

    

EXHIBIT D

 

SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION

 

ETF MANAGERS GROUP COMMODITY TRUST I

 

The Shareholder Communications Act of 1985 requires banks and
trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder
who votes those securities.

 

Unless you specifically require us to NOT release your name
and address to requesting companies, we are required by law to disclose your name and address.

 

Your “yes” or “no” to disclosure will
apply to all securities U.S. Bank holds for you now and in the future, unless you change your mind and notify us in writing.

 

	______ YES	 	U.S. Bank is authorized to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust. 	 
	 	 	 	 
	______ NO	 	U.S. Bank is NOT authorized to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust. 	 

 

ETF MANAGERS GROUP COMMODITY TRUST I

 

	By:	 	 
	 	 	 
	Title: 	Chief Compliance Officer	 
	 	 	 
	Date: 	 	 

    	27

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