Document:

Exhibit
4.1

 

Description
of Shares

 

Form
of Shares 

 

Registered Form

 

ETF
Managers Group Commodity Trust I (the “Trust”) shares are issued in registered form in accordance with the Amended
and Restated Declaration of Trust and Trust Agreement dated December 11, 2014, as amended (the “Trust Agreement”).
U.S. Bank has been appointed registrar and transfer agent for the purpose of transferring shares in certificated form. U.S. Bank
keeps a record of all limited partners and holders of the shares in certificated form in the registry (the “Register”).
ETF Managers Capital LLC (the “Sponsor”) recognizes transfers of shares in certificated form only if done in accordance
with the Trust Agreement. The beneficial interests in such shares are held in book-entry form through participants and/or accountholders
in the Depository Trust Company (“DTC”).

 

Book
Entry

 

Individual
certificates are not issued for the shares. Instead, shares are represented by one or more global certificates, which are
deposited by the Trust’s administrator with, or on behalf of, DTC and registered in the name of Cede & Co., as
nominee for DTC. The global certificates evidence all of the shares outstanding at any time. Shareholders are limited to (1)
participants in DTC such as banks, brokers, dealers and trust companies (“DTC Participants”), (2) banks, brokers,
dealers and trust companies who maintain, either directly or indirectly, a custodial relationship with, or clear through, a
DTC Participant (“Indirect Participants”), and (3) persons holding interests in the shares through DTC
Participants or Indirect Participants, in each case who satisfy the requirements for transfers of shares.

 

Shareholders
will be shown on, and the transfer of shares will be effected only through, in the case of DTC Participants, the records maintained
by the Depository and, in the case of Indirect Participants and shareholders holding through a DTC Participant or an Indirect
Participant, through those records or the records of the relevant DTC Participants or Indirect Participants. Shareholders are
expected to receive, from or through the broker or bank that maintains the account through which the shareholders has purchased
shares, a written confirmation relating to their purchase of shares.

 

Transfer
of Shares

 

The
shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their
shares through DTC by instructing the DTC Participant holding their shares (or by instructing the Indirect Participant or other
entity through which their shares are held) to transfer the shares. Transfers are made in accordance with standard securities
industry practice.

 

Transfers
of interests in shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of
the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because
DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or
entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC,
or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document
representing such interest.

 

DTC
has advised us that it will take any action permitted to be taken by a shareholder (including, without limitation, the presentation
of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests
in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate
as to which such DTC Participant or Participants has or have given such direction.

 

    1

     

    

 

Management;
Voting by Shareholders

 

The
shareholders of the Trust take no part in the management or control, and have no voice in the Trust’s operations or business.

 

The
Sponsor has the right unilaterally to amend the Trust Agreement as it applies to the Trust provided that the shareholders have
the right to vote only if expressly required under Delaware or federal law or rules or regulations of the NYSE Arca, or if submitted
to the shareholders by the Sponsor in its sole discretion. No amendment affecting the Trust’s Trustee shall be binding upon
or effective against the Trustee unless consented to by the Trustee in the form of an instruction letter.

 

Unless
otherwise specified in the Trust Agreement or in federal law or regulations of rules on any exchange, any matter upon which the
shareholders vote shall be approved by the affirmative vote of shareholders holding shares representing at least 66 2/3% of the
outstanding shares of the Trust or the applicable series, as the case may be.

 

Creation
and Redemption of Shares

 

The
Trust creates and redeems shares from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation
and redemption of Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of
Treasuries and/or any cash represented by the Baskets being created or redeemed, the amount of which is based on the combined
net asset value of the number of shares included in the Baskets being created or redeemed determined as of 4:00 p.m. E.T. on the
day the order to create or redeem Baskets is properly received.

 

“Authorized
Participants” are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1)
registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not
required to register as broker- dealers to engage in securities transactions described below, and (2) DTC Participants. To become
an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor.

 

Termination
Events

 

The
Trust will dissolve at any time upon the happening of any of the following events:

 

		●	The
                                         filing of a certificate of dissolution or revocation of the Sponsor’s charter (and
                                         the expiration of 90 days after the date of notice to the Sponsor of revocation without
                                         a reinstatement of its charter) or upon written notice by the Sponsor of its withdrawal
                                         as Sponsor, unless (i) at the time there is at least one remaining Sponsor and that remaining
                                         Sponsor carries on the business of the Trust or (ii) within 90 days of such event of
                                         withdrawal all the remaining shareholders agree in writing to continue the business of
                                         the Trust and to select, effective as of the date of such event, one or more successor
                                         Sponsors. If the Trust is terminated as the result of an event of withdrawal and a failure
                                         of all remaining shareholders to continue the business of the Trust and to appoint a
                                         successor Sponsor as provided above within 120 days of such event of withdrawal, shareholders
                                         holding shares representing at least a majority (over 50%) of the net asset value (not
                                         including shares held by the Sponsor and its affiliates) may elect to continue the business
                                         of the Trust by forming a new statutory trust, or reconstituted trust, on the same terms
                                         and provisions as set forth in the Trust Agreement. Any such election must also provide
                                         for the election of a Sponsor to the reconstituted trust. If such an election is made,
                                         all shareholders of the Trust shall be bound thereby and continue as shareholders of
                                         the reconstituted trust.

 

		●	The
                                         occurrence of any event which would make unlawful the continued existence of the Trust.

 

		●	In
                                         the event of the suspension, revocation or termination of the Sponsor’s registration
                                         as a commodity pool operator, or membership as a commodity pool operator with the National
                                         Futures Association (if, in either case, such registration is required at such time unless
                                         at the time there is at least one remaining Sponsor whose registration or membership
                                         has not been suspended, revoked or terminated).

 

    2

     

    

 

		●	The
                                         Trust becomes insolvent or bankrupt.

 

		●	The
                                         shareholders holding shares representing at least seventy-five percent (75%) of the net
                                         asset value (which excludes the shares of the Sponsor) vote to dissolve the Trust, notice
                                         of which is sent to the Sponsor not less than ninety (90) business days prior to the
                                         effective date of termination.

 

		●	The
                                         determination of the Sponsor that the aggregate net assets of the Trust in relation to
                                         the operating expenses of the Trust make it unreasonable or imprudent to continue the
                                         business of the Trust.

 

		●	The
                                         Trust is required to be registered as an investment company under the Investment Company
                                         Act of 1940.

 

		●	DTC
                                         is unable or unwilling to continue to perform its functions, and a comparable replacement
                                         is unavailable.

 

 

3Exhibit 10.16

 

FEE
WAIVER AGREEMENT

 

ETF
MANAGERS GROUP COMMODITY TRUST I

 

FEE
WAIVER AGREEMENT, effective as of June 1, 2019, by and between ETF Managers Capital LLC (“ETFMC”) and
Breakwave Advisors LLC (“Breakwave”).

 

WHEREAS,
ETFMC and Breakwave have entered into a Licensing and Services Agreement, dated March 1, 2018 (the “CTA Agreement”),
pursuant which Breakwave provides services as the commodity trading adviser to the Breakwave Dry Bulk Shipping ETF (the “Fund”),
a series of ETF Managers Group Commodity Trust I (the “Trust”), for compensation based on the value of the average
daily net assets of the Fund; and

 

WHEREAS,
ETFMC and Breakwave have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain
the expenses of the Fund, and, therefore, have entered into this Fee Waiver Agreement (the “Agreement”), in order
to maintain the expense ratio of the Fund at the level specified in Section 1.2 hereto; and

 

NOW,
THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged the parties hereto agree as follows:

 

1.    
Expense Limitation.

 

1.1     
APPLICABLE EXPENSE LIMIT. Breakwave shall waive such portion of the fee payable to it under the CTA Agreement relating to the
Fund as is necessary to reduce the aggregate expenses of every character incurred by the Fund in any fiscal year, including but
not limited to, fees payable Breakwave (but excluding brokerage fees, interest expenses, and extraordinary expenses) (“Fund
Operating Expenses”) to the Operating Expense Limit, as defined in Section 1.2 below. For the avoidance of doubt, in no
event shall Breakwave be responsible for waiving its fee or reimbursing Fund expenses in excess of the fee Breakwave receives
under the CTA Agreement in any fiscal year.

 

1.2       OPERATING
EXPENSE LIMIT. The maximum Operating Expense Limit in any year with respect to the Fund shall be 3.50% of the average daily net
assets of the Fund.

 

2.    
Term and Termination of Agreement.

 

This
Agreement shall continue in effect through September 30, 2020, and from year to year thereafter at the option of ETFMC. This
Agreement shall terminate automatically upon the termination of the CTA Agreement.

 

3.    
Miscellaneous.

 

3.1       CAPTIONS.
The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the
provisions thereof or otherwise affect their construction or effect.

 

    

     

    

 

3.2       INTERPRETATION.
Nothing herein contained shall be deemed to require the Fund to take any action contrary to the Trust’s Declaration of Trust
and Trust Agreement, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound.

 

3.3       DEFINITIONS.
Any question of interpretation of any term or provision of this Agreement, including but not limited to, the advisory fee, the
computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms
and provisions of the CTA Agreement or the Fund’s current registration statement, shall have the same meaning as and be
resolved by reference to such CTA Agreement or registration statement.

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized, effective
as of the day and year first above written. 

	 	 	 
	 	ETF Managers Capital LLC
	 	 	 
	 	By:	/s/ Samuel
    Masucci, III
	 	Name:  Samuel Masucci,
    III
	 	Title:  Chief Executive
    Officer
	 	 	 
	 	Breakwave Advisors LLC
	 	 	 
	 	By:	/s/ John
    Kartsonas
	 	Name: John Kartsonas
	 	Title:  Managing Partner

 

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