Document:

Exhibit (4)(i)

 

AMENDED
AND RESTATED TRUST AGREEMENT

OF

Market Vectors Commodity Trust

 

WHEREAS, THIS AMENDED AND RESTATED TRUST
AGREEMENT is made and entered into as of May 13, 2013, by Van Eck Absolute Return Advisers
Corp., a Delaware corporation, and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee, for
the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth;

 

WHEREAS, Van Eck Absolute Return Advisers
Corp. and Wilmington Trust, National Association have heretofore created a Delaware statutory trust pursuant to the Delaware Trust
Statute (as hereinafter defined) by entering into a trust agreement, dated as of February 1, 2012 (the “Original Trust
Agreement”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust;
and

 

WHEREAS, the parties hereto desire to amend
and restate the Original Trust Agreement in its entirety and to provide for the matters set forth herein;

 

NOW, THEREFORE, in consideration of the agreements
and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each party, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1. DEFINITIONS. Whenever
used herein, unless otherwise defined or required by the context or specifically provided:

 

“Adjusted Capital Account”
means with respect to any Shareholder, such Shareholder’s Capital Account as of the end of the relevant fiscal year or other
applicable period after giving effect to the following adjustments:

 

(a) Credit to such Capital Account any amounts
which such Shareholder is obligated to restore pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) or is deemed to be
obligated to restore to the Trust pursuant to the second to last sentences of Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5).

 

(b) Debit to such Capital Account the items
described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

 

The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted

    

    	

    

consistently
therewith. The “Adjusted Capital Account” of a Shareholder in respect of a Share shall be the amount that such Adjusted
Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from and after the date on
which such Share was first issued.

 

“Administrator” means
any Person from time to time engaged to provide administrative services to the Trust pursuant to authority granted by the Managing
Owner or the Trust.

 

“Affiliate” An “Affiliate”
of a “Person” means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling,
controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such
Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts
in any such capacity.

 

“Authorized Participant"
means a Person that is a DTC participant and has entered into an Authorized Participant Agreement which, at the relevant time,
is in full force and effect.

 

“Authorized Participant Agreement”
means an agreement among the Trust with respect to a Fund, the Managing Owner and an Authorized Participant, which may be amended
or supplemented from time to time in accordance with its terms.

 

“Beneficial Owners” means
owners of beneficial interests in Shares.

 

“Business Day” shall have
the meaning set forth in the Prospectus for each Fund.

 

“Capital Account” means
the capital account maintained for a Shareholder. The “Capital Account” of a Shareholder in respect of a Share shall
be the amount that such Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from
and after the date on which such Share was first issued.

 

“Capital Contributions”
means the amounts of cash or other consideration contributed and agreed to be contributed to the Trust by any Person.

 

“CEA” means the Commodity
Exchange Act, as amended.

 

“Certificate of Trust”
means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware pursuant to
Section 3810 of the Delaware Trust Statute as amended or restated from time to time.

 

“Code” means the United
States Internal Revenue Code of 1986, as amended.

 

“Commodity Pool Operator”
means any Person engaged by the Managing Owner or the Trust who, in connection therewith, solicits, accepts, or receives monies
or in-kind contributions for the purpose of trading in any commodity for future delivery or commodity option on or subject to the
rules of any contract market for the benefit of the Trust.

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“Commodity Broker” means
any Person from time to time who engages in commodity trading and related activities for the benefit of the Trust pursuant to authority
granted by the Managing Owner or the Trust.

 

“Common Shares” means
any Shares that are not Preferred Shares.

 

“Corporate Trust Office”
means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office
at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate
Trust Administration.

 

“Covered Person” means
the Trustee, the person acting as Trustee (in its individual capacity), the Managing Owner and their respective Affiliates.

 

“Creation Basket” means
the minimum number of Shares of a Fund that may be created at any one time, which shall be 50,000 or such greater or lesser number
as the Managing Owner may determine from time to time for each Fund.

 

“Creation Basket Capital Contribution”
of a Fund means a Capital Contribution made by an Authorized Participant when purchasing a Creation Basket.

 

“Delaware Trust Statute”
means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as
the same may be amended from time to time.

 

“Depreciation” means,
for each fiscal year of any Fund or other applicable period, an amount equal to the federal income tax depreciation, amortization
or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset
Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation
shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization
or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however,
that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Owner.

 

“Depository” means The
Depository Trust Company, New York, New York, or such other depository of Shares as may be selected by the Managing Owner as specified
herein.

 

“Depository Agreement”
means the Blanket Issuer Letter of Representations relating to each Fund from the Managing Owner to the Depository.

 

“Distributor” means any
Person from time to time engaged to provide distribution services or related services to the Trust pursuant to authority granted
by the Managing Owner or the Trust.

 

“DTC” means The Depository
Trust Company.

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“Exchange” means the NYSE
Arca or, if the Shares of any Fund shall cease to be listed on the NYSE Arca and are listed on one or more other exchanges, the
exchange on which the Shares of such Fund are principally traded, as determined by the Managing Owner.

 

“Fund” means an established
and designated Series of Shares of the Trust.

 

“Fund Minimum Gain” means
that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d).

 

“Gross Asset Value” means,
with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows:

 

(a) The initial Gross Asset Value of any
asset contributed by a Shareholder to a Fund shall be the gross fair market value of such asset as determined by the Managing Owner.

 

(b) The Gross Asset Values of all Fund assets
shall be adjusted to equal their respective gross fair market values, as determined by the Managing Owner using such reasonable
method of valuation as it may adopt, as of the following times:

 

(i) the acquisition of an additional interest
in the Fund by a new or existing Shareholder in exchange for more than a de minimis Capital Contribution, if the Managing
Owner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the
Shareholders in the Fund;

 

(ii) the distribution by a Fund to a Shareholder
of more than a de minimis amount of property as consideration for an interest in the Fund, if the Managing Owner reasonably
determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Shareholders in the
Fund;

 

(iii) the liquidation of the Trust within
the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); and

 

(iv) at such other times as the Managing
Owner shall reasonably determine necessary or advisable in order to comply with Treasury Regulation Sections 1.704-1(b) and 1.704-2.

 

(c) The Gross Asset Value of any Fund asset
distributed to a Shareholder shall be the gross fair market value of such asset on the date of distribution.

 

(d) The Gross Asset Values of Fund assets
shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b)
or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant
to Treasury Regulation Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant
to this subsection (d) to the extent that the Managing Owner reasonably determines that an adjustment pursuant to subsection (b)
above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this
subsection (d).

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(e) If the Gross Asset Value of a Fund asset
has been determined or adjusted pursuant to subsection (a), subsection (b) or subsection (d) above, such Gross Asset Value shall
thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and
Net Losses.

 

“Internal Revenue Service”
or “IRS” means the U.S. Internal Revenue Service or any successor thereto.

 

“Liquidation Date” means
the date on which an event giving rise to the dissolution of a Fund occurs.

 

“Managing Owner” means
Van Eck Absolute Return Advisers Corp., or any substitute or designee of the then Managing Owner therefor as provided herein, or
any successor thereto by merger or operation of law.

 

“Net Asset Value of a Fund”
shall have the meaning set forth in the Prospectus for each Fund.

 

“Net Asset Value per Basket of a
Fund” means the product obtained by multiplying the Net Asset Value per Share of a Fund by the number of Shares comprising
a Creation Basket or Redemption Basket, as the case may require, at such time.

 

“Net Asset Value per Share of a
Fund” means the Net Asset Value of a Fund divided by the number of Shares of the Fund outstanding on the date of calculation.

 

“Net Income” and “Net
Loss” mean for each fiscal year or other applicable period, an amount equal to a Fund’s taxable income or loss
for such fiscal year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable
income or loss), with the following adjustments:

 

(a) Any income of a Fund that is exempt from
federal income tax or excluded from federal gross income and not otherwise taken into account in computing Net Income or Net Loss
pursuant to this definition shall be added to such taxable income or loss;

 

(b) Any expenditures of Fund described in
Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i),
and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition, shall be subtracted from
such taxable income or loss;

 

(c) In the event the Gross Asset Value of
any Fund asset is adjusted pursuant to any provision of this Trust Agreement in accordance with the definition of Gross Asset Value,
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing
Net Income and Net Loss;

 

(d) Gain or loss resulting from any disposition
of any Fund asset with respect to which gain or loss is recognized for federal income tax purposes shall be computed by

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reference
to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such asset differs from its
Gross Asset Value;

 

(e) In lieu of the depreciation, amortization,
and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account
Depreciation for such fiscal year or other applicable period, computed in accordance with the definition of Depreciation; and

 

(f) Notwithstanding any other provision of
this definition, any items which are allocated pursuant to Article IV, Section 8(c) shall not be taken into account in computing
Net Income or Net Loss.

 

“Nonrecourse Deductions”
has the meaning given in Treasury Regulation Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a fiscal year or other
applicable period equals the net increase, if any, in the amount of Fund Minimum Gain during such fiscal year or period reduced
by any distributions during such fiscal year or period of proceeds of a Nonrecourse Liability that are allocable to an increase
in Fund Minimum Gain, determined according to the provisions of Treasury Regulation Sections 1.704-2(c) and 1.704-2(h).

 

“Nonrecourse Liability”
has the meaning set forth in Treasury Regulation Section 1.704-2(b)(3).

 

“Outstanding” means, with
respect to Shares or any class of Shares, all Shares of that class that are issued by the Trust and reflected as outstanding on
the Trust’s books and records as of the date of determination.

 

“Percentage Interest”
means, as of any date of determination and on a Fund by Fund basis, (i) as to any Common Shares, the product obtained by multiplying
(a) 100% less the percentage applicable to the Shares referred to in clause (ii) by (b) the quotient obtained by dividing (x) the
number of such Common Shares by (y) the total number of all Outstanding Common Shares, (ii) as to any other Shares, the percentage
established for such Shares by the Managing Owner as a part of the issuance of such Shares.

 

“Person” means any natural
person, partnership, limited liability company, trust (including a statutory trust), corporation, association or other legal entity.

 

“Preferred Shares” means
a class of Shares that entitles such Shareholders to a preference or priority over the Shareholders of any other class of Shares
in (i) the right to share Net Income or Net Loss or items thereof, (ii) the right to share in the Trust’s distributions,
and/or (iii) rights upon dissolution or liquidation of the Trust. “Preferred Shares” shall not include Common
Shares.

 

“Prospectus” means the
final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the Securities
and Exchange Commission (“SEC”) and declared effective thereby, as the same may at any time and from time to time be
amended or supplemented.

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“Redemption Distribution”
means the cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant Agreement, to
be delivered in satisfaction of a redemption of a Redemption Basket as specified in Article IX Section 1.

 

“Redemption Order” shall
have the meaning assigned thereto in Article IX Section 1.

 

“Redemption Order Date”
shall have the meaning assigned in the Authorized Participant Agreement.

 

“Redemption Basket” means
the minimum number of Shares of a Fund that may be redeemed, which shall be the number of Shares of such Fund constituting a Creation
Basket on the relevant Redemption Order Date.

 

“Registration Statement”
means a registration statement on Form S-1, as it may be amended or supplemented from time to time, filed with the SEC pursuant
to which the Trust registered the Shares.

 

“Required Allocations”
means (i) any limitation imposed on any allocation of Net Losses under Article IV, Section 8(a) and (ii) any allocation of an item
of income, gain, loss or deduction pursuant to Article IV, Sections 8(c)(i), 8(c)(ii), 8(c)(iii), 8(c)(vi) or 8(c)(viii).

 

“Series” means a series
of Shares established pursuant to the terms of this Trust Agreement.

 

“Shareholders” means the
registered holders of Shares of a Fund.

 

“Shareholder Minimum Gain”
means an amount, with respect to each Shareholder Nonrecourse Debt, that would result if such Shareholder Nonrecourse Debt were
treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section 1.704-2(i)(3).

 

“Shareholder Nonrecourse Debt”
has the meaning given to the term “partner nonrecourse debt” in Treasury Regulation Section 1.704-2(b)(4).

 

“Shareholder Nonrecourse Deductions”
has the meaning given to the term “partner nonrecourse deduction” in Treasury Regulation Section 1.704-2(i)(2). The
amount of Shareholder Nonrecourse Deductions with respect to a Shareholder Nonrecourse Debt for a fiscal year or other applicable
period equals the net increase, if any, in the amount of Shareholder Minimum Gain during such fiscal year or other applicable period
attributable to such Shareholder Nonrecourse Debt, reduced by any distributions during that fiscal year or other applicable period
to the Shareholder that bears the economic risk of loss for such Shareholder Nonrecourse Debt to the extent that such distributions
are from the proceeds of such Shareholder Nonrecourse Debt and are allocable to an increase in Shareholder Minimum Gain attributable
to such Shareholder Nonrecourse Debt, determined according to the provisions of Treasury Regulation Sections 1.704-2(h) and 1.704-2(i).

 

“Shares” means the equal
proportionate units of undivided beneficial interest in a Fund and may include fractions of Shares.

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“Subsidiary” means, with
respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly
or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member
or similar interest of such Person.

 

“Tax Matters Partner”
means the “tax matters partner” as defined in the Code.

 

“Transaction Fee” shall
mean a non-refundable transaction fee to be payable by an Authorized Participant to the Administrator and/or Fund in connection
with each purchase of a Creation Basket or redemption of a Redemption Basket, as the case may be, by an Authorized Participant.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions
of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

 

“Trust” means Market Vectors
Commodity Trust, the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and affairs of which are
governed by this Trust Agreement.

 

“Trust Agreement” means
this Amended and Restated Trust Agreement as the same may at any time or from time to time be amended.

 

“Trustee” means Wilmington
Trust, National Association or any successor thereto as provided herein, acting not in its individual capacity but solely as trustee
of the Trust.

 

“Trust Estate” means,
with respect to a Fund, all property and cash held by such Fund, and all proceeds therefrom.

 

ARTICLE
II

PURPOSE OF TRUST AND OFFICES

 

Section 1. NAME. The Trust
shall be known as “Market Vectors Commodity Trust” and the Managing Owner shall conduct the business of the Trust under
that name or any other name as it may from time to time determine provided that the Managing Owner may, without Shareholder approval,
change the name of the Trust or any Series or Class (as defined in Article IV Section 1) of Shares thereof that may be established
from time to time. Any name change of the Trust shall become effective upon the filing of a properly executed certificate of amendment
or a restated certificate pursuant to Section 3810 of the Delaware Trust Statute.

 

Section 2. BUSINESS OFFICES.
The principal office of the Trust, and such additional offices as the Managing Owner may establish, shall be located at such place
or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee
and the Shareholders. Initially, the principal office of the Trust shall be at c/o Van Eck Absolute Return Advisers Corp., 335
Madison Avenue, New York, NY 10017. The principle office of the Trustee shall be at the Corporate Trust Office.

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Section 3. DECLARATION OF TRUST.
The Trust hereby acknowledges that the Trust has received the sum of $1.00 for each Fund in bank accounts in the name of each Fund
controlled by the Managing Owner from the Managing Owner, and hereby declares that it shall hold such sum in trust, upon and subject
to the conditions set forth herein for the use and benefit of the Shareholders of each Fund. It is the intention of the parties
hereto that the Trust shall continue to be a statutory trust organized in series, or Funds, under the Delaware Trust Statute and
that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto
to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment
or any form of legal relationship other than a Delaware statutory trust. Nothing in this Trust Agreement shall be construed to
make the Shareholders partners or members of a joint stock association. The Managing Owner shall not be liable to any person for
the failure of the Trust or any Fund to qualify as a publicly traded partnership that is taxable as a partnership under the Code
or any comparable provision of the laws of any State or other jurisdiction where such treatment is sought. The Trustee has filed
the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under
the Delaware Trust Statute.

 

Section 4. PURPOSES AND POWERS.
The purposes of the Trust and each Fund shall be to (a) directly or indirectly trade, buy, sell, spread or otherwise acquire, hold,
dispose and redeem futures contracts or options on futures contracts, swap agreements, forward contracts, options on forward contracts
or other derivative instruments which provide exposure to each Fund’s benchmark; (b) buy or sell cash equivalents or other
short term fixed instruments; (c) engage in any other transaction designed to facilitate the Trust’s ability to track its
benchmark, the inverse of its benchmark or a stated multiple thereof; (d) enter into any lawful transaction and engage in any lawful
activities in furtherance of or incidental to the foregoing purposes; or (e) engage in any other lawful business activity for which
a Delaware statutory trust may be organized.

 

Section 5. TAX TREATMENT.

 

(a) By accepting Shares or interests therein,
the Shareholders and/or Beneficial Owners each (i) expresses its intention that the Shares of each Fund will qualify under applicable
tax law as interests in a publicly traded partnership that is taxable as a partnership which holds the Trust Estate of each Fund
for their benefit, (ii) agrees that it will file its own Federal, state and local income, franchise and other tax returns in a
manner that is consistent with the treatment of each Fund as a publicly traded partnership that is taxable as a partnership in
which each of the Shareholders thereof is a partner and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly
upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares of each Fund with respect
to the treatment of the Shares of such Fund as anything other than interests in a publicly traded partnership that is taxable as
a partnership.

 

(b) The Managing Owner shall prepare or cause
to be prepared and filed each Fund’s tax returns as a publicly traded partnership that is taxable as a partnership for Federal,
state and local tax purposes. Each Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against
any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted
to be taken by it in carrying out

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its
responsibilities under this Section 5(b), provided such action taken or omitted to be taken does not constitute fraud,
gross negligence or willful misconduct.

 

(c) By accepting Shares or interests therein,
the Shareholders and/or Beneficial Owners each agrees (i) to furnish the Managing Owner with information necessary to enable the
Managing Owner to comply with U.S. federal income tax information reporting requirements in respect of such Shareholder’s
Shares, including information regarding each such Shareholder’s secondary market transactions in Shares as well as creations
and redemptions of Shares and (ii) to allow brokers and nominees to provide to the Fund its name and address and the other information
and forms as may be reasonably requested by the Fund for purposes of complying with its tax reporting and withholding obligations
(and to waive any confidentiality rights with respect to the information and forms for this purpose) and to provide information
or forms upon request.

 

(d) Each Fund shall make the election under
Section 754 of the Code in accordance with applicable regulations thereunder, subject to the reservation of the right to seek to
revoke any such election upon the Managing Owner’s determination that such revocation is in the best interests of the Shareholders.
Notwithstanding any other provision herein contained, for the purposes of computing the adjustments under Section 743(b) of the
Code, the Managing Owner shall be authorized (but not required) to adopt a convention whereby the price paid by a transferee of
a Share will be deemed to be the lowest quoted closing price of the Shares on any Exchange on which such Shares are traded during
the calendar month in which such transfer is deemed to occur (or any other convention as the Managing Owner may determine in its
sole and complete discretion).

 

(e) Except as otherwise provided herein,
the Managing Owner shall determine whether each Fund should make any other elections permitted by the Code.

 

(f) The Managing Owner shall be the Tax Matters
Partner of each Fund. The Tax Matters Partner is authorized and required to represent each Fund (at such Fund’s expense)
in connection with all examinations of each Fund’s affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend funds of such Fund for professional services and costs associated therewith. Each Shareholder agrees
to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably required by the Tax Matters
Partner to conduct such proceedings.

 

(g) Notwithstanding any other provision of
this Trust Agreement, the Managing Owner is authorized to take any action that may be required to cause the Trust, each Fund and
Subsidiaries of the Trust to comply with any withholding requirements established under the Code or any other federal, state, local
or foreign law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Trust, any Fund or
any Subsidiary of the Trust is required or elects to withhold and pay over to any taxing authority any amount resulting from the
allocation or distribution of income to any Shareholder (including by reason of Section 1446 of the Code), the Managing Owner may
treat the amount withheld as a distribution of cash pursuant to Article IV, Section 7 or Article X, Section 1 in the amount of
such withholding from such Shareholder. Any increase or decrease in withholding tax incurred by the Trust or any Subsidiary of
the Trust resulting from the identity, nationality, residence or

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status
of a Shareholder shall be allocable to and reduce the distributions to which such Shareholder would otherwise be entitled.

 

Section 6. LEGAL TITLE. Legal
title to all of the Trust Estate of each Fund shall be vested in the Trust as a separate legal entity; provided, however,
that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner
may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any other
Person (other than a Shareholder on the Trustee) as nominee.

 

ARTICLE
III

THE MANAGING OWNER; THE TRUSTEE

 

Section 1. MANAGEMENT OF THE TRUST.
Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the business and affairs of the Trust shall be managed
by the Managing Owner in lieu of the Trustee with such powers of delegation as may be permitted by law. The Managing Owner shall
have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices
both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia,
in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign
jurisdiction and to do all such other things and execute all such instruments as it deems necessary, proper or desirable in order
to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what
is in the interests of the Trust made by the Managing Owner in good faith shall be conclusive. In construing the provisions of
this Trust Agreement, the presumption shall be in favor of a grant of power to the Managing Owner. The enumeration of any specific
power in this Trust Agreement shall not be construed as limiting the aforesaid power. The powers of the Managing Owner may be exercised
without order of or resort to any court.

 

Section 2. AUTHORITY OF MANAGING OWNER.
In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Trust Agreement, the
Managing Owner shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable
to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the following:

 

(a) To enter into, execute, deliver and maintain,
and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments,
and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and
sale of the Shares and the conduct of Trust activities.

 

(b) To establish, maintain, deposit into,
sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions, and execute
and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such
instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed
and accepted on behalf of the Trust by the Managing Owner.

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(c) To deposit, withdraw, pay, retain and
distribute each Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement.

 

(d) To supervise the preparation and filing
of the Registration Statement, the Prospectus and any supplements and amendments thereto.

 

(e) To pay or authorize the payment of distributions
to the Shareholders and expenses of each Fund.

 

(f) To make any elections on behalf of any
Fund under the Code, or any other applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best
interests of any Fund.

 

(g) In the sole discretion of the Managing
Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners.

 

(h) To adopt disclosure and financial reporting
information gathering and control policies and procedures.

 

(i) To make any necessary determination or
decision in connection with the preparation of the Trust’s financial statements and amendments thereto, and the Prospectus.

 

(j) To prepare, file and distribute, if applicable,
any periodic reports or updates that may be required under the Securities Exchange Act of 1934, the CEA, or the rules and regulations
thereunder.

 

(k) Execute, file, record and/or publish
all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification
and operation of the Trust and for the conduct of its business in all appropriate jurisdictions.

 

(l) Appoint and remove independent public
accountants to audit the accounts of the Trust.

 

(m) Employ attorneys to represent the Trust.

 

(n) Adopt, implement or amend, from time
to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or
desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws.

 

(o) Enter into a Distribution Agreement with
the Distributor and discharge the duties and responsibilities of the Trust and the Managing Owner thereunder.

 

(p) For each Fund, enter into an Authorized
Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Fund and the Managing
Owner thereunder.

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(q) For each Fund, in connection with purchase
of a Creation Basket, receive Creation Basket Capital Contributions from Authorized Participants.

 

(r) For each Fund, receive from Authorized
Participants and process or cause the Distributor or Administrator, as applicable, to process properly submitted Redemption Orders.

 

(s) Cause the Trust to enter into one or
more custodian agreements, including with the Managing Owner, on terms and conditions acceptable to the Managing Owner.

 

(t) Authorize the Trust, for the Trust or
any Fund or Class, to enter into one or more administration, transfer agency and accounting agreements and agreements for such
other services necessary or appropriate to carry out the business and affairs of the Trust with any party or parties on terms and
conditions acceptable to the Managing Owner, including but not limited to agreements with legal counsel and an independent registered
public accounting firm.

 

(u) For each Fund, receive a Redemption Order
from a redeeming Authorized Participant through the Depository, and thereupon cancel or cause to be cancelled, the Shares to be
redeemed in connection with the Redemption Order.

 

(v) Interact with the Depository as required.

 

(w) Prosecute, defend, settle or compromise
actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s interests. The Managing
Owner shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of
any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out
of the Funds’ assets on a pro rata basis.

 

(x) Delegate those of its duties hereunder
as it shall determine from time to time to one or more officers of the Trust, the Administrator, Distributor, Commodity Brokers,
Commodity Pool Operators, Marketing Agents or other Persons.

 

(y) In general, to carry on any other business
in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment
of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association
with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid
business or purposes, objects or powers.

 

The foregoing clauses shall be construed
both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner
the general powers of the Managing Owner. Any action by one or more of the Managing Owner hereunder shall be deemed an action on
behalf of the Trust or the applicable Series or Class, and not an action in an individual capacity. The Managing Owner shall not
be personally liable for (x) special, consequential or punitive damages, however styled, including, without limitation, lost profits,
(y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Trust’s
securities or assets or (z) any losses due to forces

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beyond
the reasonable control of the Managing Owner, including, without limitation, strikes, work stoppages, acts of war or terrorism,
insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services.

 

Section 3. PAYMENT OF EXPENSES BY THE
TRUST. The Managing Owner is authorized to pay or cause to be paid out of the principal or income of the Trust any expenses
of the Trust.

 

Section 4. TRUSTEE TERM; RESIGNATION.

 

(a) Wilmington Trust, National Association
has been appointed and hereby agrees to serve as the Trustee of the Trust solely for purposes of satisfying the requirements of
Section 3807 of the Delaware Trust Statute. The Trust shall have only one trustee unless otherwise determined by the Managing Owner.
The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee
is appointed by the Managing Owner in accordance with the terms of Section 7 of this Article.

 

(b) The Trustee may resign at any time upon
the giving of at least sixty days’ advance written notice to the Trust; provided, that such resignation shall not
become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section
7 of this Article or by the Court of Chancery of the State of Delaware. If the Managing Owner does not appoint a successor Trustee
within such sixty day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware
for the appointment of a successor Trustee.

 

Section 5. POWERS OF TRUSTEE.
Notwithstanding any other provision of this Trust Agreement, the Trustee shall not be entitled to exercise any of the powers, nor
shall the Trustee have any of the duties and responsibilities, of the Managing Owner described in this Trust Agreement. The Trustee
shall be a Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Trust Statute.
The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and shall have no implied
rights, duties, obligations and liabilities with respect to the business and affairs of the Trust or any Fund. The duties of the
Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of
any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under
Section 3811 of the Delaware Trust Statute. To the extent that, at law or in equity, the Trustee has duties (including fiduciary
duties) and liabilities relating thereto to the Trust, the Managing Owner or the Shareholders, it is hereby understood and agreed
that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly set forth in this Trust Agreement.
The Trustee shall provide prompt notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall
reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that would reasonably
be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute.

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Section 6. COMPENSATION AND EXPENSES
OF THE TRUSTEE. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner
(including the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be
entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner (including the Trust) for reasonable out-of-pocket
expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation,
out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise
and performance of its rights and duties hereunder.

 

Section 7. SUCCESSOR TRUSTEE.
Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee by delivering a written instrument
to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any
resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance
of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due
to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor
Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust
Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations
under this Trust Agreement. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated,
or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding
to all or substantially all of the corporate trust business of the Trustee, shall, subject to the terms of this Section 7, be the
successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, except as may be required by law.

 

Section 8. LIABILITY OF TRUSTEE.
Except as otherwise provided in this Article III, in accepting the trust continued hereby, Wilmington Trust, National Association
acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust,
National Association by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust
or any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof. The Trustee shall
not be liable or accountable hereunder to the Trust or to any other person or under any other agreement to which the Trust is a
party, except for the Trustee’s own bad faith, gross negligence or willful misconduct. In particular, but not by way of limitation:

 

(a) The Trustee shall have no liability or
responsibility for the validity or sufficiency of this Trust Agreement, any agreement contemplated hereunder, or for the form,
character, genuineness, sufficiency, value or validity of any Trust Estate or the Shares;

 

(b) The Trustee shall not be liable for any
actions taken or omitted to be taken by it in good faith in accordance with the instructions of the Managing Owner;

 

(c) The Trustee shall not have any liability
for the acts or omissions of the Managing Owner or its delegatees, any Beneficial Owners or any other Person;

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(d) The Trustee shall not have any duty or
obligation to supervise or monitor the performance, or compliance with this Trust Agreement by, of any obligations of the Managing
Owner or its delegatees or any Beneficial Owner of the Trust;

 

(e) No provision of this Trust Agreement
shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

 

(f) Under no circumstances shall the Trustee
be liable for indebtedness evidenced by or other obligations of the Trust or any Fund arising under this Trust Agreement or any
other agreements to which the Trust is a party; and

 

(g) Notwithstanding anything contained herein
to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if
the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or
the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction
other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or
any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee
or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal
acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby.

 

(h) The Trustee shall not be personally liable
for (x) special, consequential or punitive damages, however styled, including, without limitation, lost profits, or (y) any losses
due to forces beyond the reasonable control of the Trustee, including, without limitation, strikes, work stoppages, acts of war
or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services.

 

(i) In the exercise or administration of
the trusts hereunder, the Trustee (i) may act directly or, at the expense of the Trust, through agents or attorneys, and the Trustee
shall not be liable for the default or misconduct of such agents or attorneys selected by it in good faith; and (ii) may, at the
expense of the Trust, consult with counsel and other experts, and the Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the advice or opinion of any such counsel or other experts selected by it in good
faith.

 

(j) The Trustee has not prepared or verified,
and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document
or in any other document issued or delivered in connection with the sale or transfer of the Shares.

 

(k) Each of the parties hereto hereby agrees
and, as evidenced by its acceptance of any benefits hereunder and all Shareholders agree that the Trustee in any capacity (x) has
not provided and will not provide in the future, any advice, counsel or opinion regarding

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the
tax, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration
of the Trust.

 

ARTICLE
IV

SHARES

 

Section 1. DIVISION OF BENEFICIAL INTEREST.

 

(a) The beneficial interests in the Trust
shall at all times be divided into an unlimited number of Shares, without par value. The Managing Owner may authorize the division
of Shares into separate Series (which may be referred to as “Funds”) and the division of Series into separate classes
of Shares (each a “Class”). The different Series shall be established and designated, and the variations in the relative
rights and preferences as among the different Series and Classes shall be fixed and determined by the Managing Owner.

 

(b) Unless the Managing Owner determines
otherwise, no Share shall have any priority or preference over any other Share of the same Class of a Series with respect to dividends
or distributions in connection with the dissolution, wind-up or termination of the Trust or of such Class or Series. Unless the
Managing Owner determines otherwise, all dividends and distributions shall be made ratably among all Shareholders of a particular
Class of a Series from the assets held with respect to such Series according to the number of Shares of such Class of such Series
held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case
may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by
the Trust or any Series. The Managing Owner may from time to time divide or combine the Shares of any particular Series into a
greater or lesser number of Shares of that Series.

 

(c) The Managing Owner may issue Shares of
any Fund or Class thereof for such consideration and on such terms as it may determine (or for no consideration), all without action
or approval of the Shareholders thereof. All Shares when so issued on the terms determined by the Managing Owner shall be fully
paid and non-assessable. Every Shareholder and Beneficial Owner, by virtue of having purchased or otherwise acquired an interest
in a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. Shareholders
shall not have any preemptive rights to acquire additional Shares except as otherwise determined by the Managing Owner.

 

Section 2. OWNERSHIP OF SHARES.
The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall
separately record the Shares of each Series and Class. No certificates evidencing the ownership of Shares shall be issued except
as the Managing Owner may otherwise determine from time to time. The record books of the Trust as kept by the Trust or any transfer
or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and Class and as to the
number of Shares of each Series and Class held from time to time by each Shareholder.

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Section 3. STATUS OF SHARES AND LIMITATION
OF PERSONAL LIABILITY.

 

(a) The death, incapacity, dissolution, termination
or bankruptcy of a Shareholder during the existence of the Trust shall not operate to dissolve or terminate the Trust or any Series
or Class thereof, nor entitle the representative of such Shareholder to an accounting or to take any action in court or elsewhere
against the Trust, the Managing Owner or the Trustee, but entitles such representative only to the rights of such Shareholder under
this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Estate
or right to call for a partition or division of the same or for an accounting

 

(b) The Shareholders shall be entitled to
the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general
corporation law of Delaware and no Shareholders shall be liable for claims against, or debts of the Trust or the applicable Fund.
Notwithstanding the foregoing, each Shareholder agrees to indemnify the Trust for any harm suffered by it as a result of taxes
imposed on the Shares by any state, local or foreign taxing authority in which each such Shareholder resides.

 

Section 4. ESTABLISHMENT AND DESIGNATION
OF SERIES OR CLASS.

 

(a) The establishment and designation of
any Series or Class of Shares, other than those which are set for the below, shall be effective upon the execution by the Managing
Owner of an instrument that sets forth such establishment and designation, whether directly in such instrument or by reference
to, or approval of, another document that sets forth each such Series or Class of Shares including in a Registration Statement.
The relative rights and preferences of each Series and Class of Shares thereof shall be as set forth herein and as set forth in
such Registration Statement, except to the extent otherwise provided in the instrument establishing such Series or Class of Shares.
Each Series established pursuant to this Section 4 shall be considered separate from each other Series as set forth in this Article
IV.

 

(b) Shares of each Series or Class established
pursuant to this Section 4, except to the extent otherwise provided in the instrument establishing such Series or Class, shall
have the following relative rights and preferences:

 

(i) The Trust Estate of each Fund shall
be held in separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted for in
such separate and distinct records separately from the other assets of the Trust and every other Series and are referred to as
“assets belonging to” that Series. The assets belonging to a Series shall belong only to that Series for all purposes,
and to no other Series, and shall be subject only to the rights of creditors of that Series. Any assets, income, earnings, profits,
and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series shall be allocated
between and among one or more Series as the Managing Owner deems fair and equitable. Each such allocation shall be conclusive and
binding upon the Shareholders of all Series for all purposes, and such assets, earnings, income, profits or funds, or payments
and proceeds thereof shall be referred to as assets belonging to that Series. The assets belonging to a Series shall be so recorded
upon the books of the Trust, and shall be held in trust for the benefit of the Shareholders of that Series. The assets belonging
to a Series shall be charged with the

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liabilities
of that Series and all expenses, costs, charges and reserves attributable to that Series, except that liabilities, expenses, costs,
charges and reserves allocated solely to a particular Class, if any, shall be borne by that Class.

 

(ii) The debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the
assets of such Series only, and not against the assets of the Trust generally or of any other Series and, unless otherwise provided
by the Managing Owner, none of the debts, liabilities, obligations, expenses incurred, contracted for or otherwise existing with
respect to the Trust generally or any other Series shall be enforceable against the assets of such Series. Any general liabilities,
expenses, costs, charges or reserves of the Trust which are not readily identifiable as being held with respect to any particular
Series shall be allocated and charged by the Managing Owner to and among any one or more of the Series in such manner and on such
basis as the Managing Owner in its sole discretion deems fair and equitable. Notice of the contractual limitation on liabilities
among Series described in the first sentence of this paragraph may, in the Managing Owner’s discretion, be set forth in the
certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of
State of the State of Delaware pursuant to the Delaware Trust Statute, and upon the giving of such notice in the certificate of
trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to limitations on liabilities among Series
(and the statutory effect under Section 3804 of the Delaware Trust Statute of setting forth such notice in the certificate of trust)
shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against
any Series may look only to the assets of that Series to satisfy or enforce any debt, with respect to that Series. No Shareholder
or former Shareholder of any Series shall have a claim on or any right to any assets allocated or belonging to any other Series,
except to the extent that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former
Shareholder of such other Series.

 

(c) Notwithstanding any other provisions
of this Trust Agreement, no distribution including, without limitation, any distribution paid in connection with the dissolution,
wind-up or termination of the Trust or of any Series or Class with respect to, nor any redemption or repurchase of, the Shares
of any Series or Class shall be effected by the Trust other than from the assets held with respect to such Series, nor shall any
Shareholder of any particular Series otherwise have any right or claim against the assets held with respect to any other Series
except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Managing
Owner shall have full discretion to determine which items shall be treated as income and which items as capital; and each such
determination and allocation shall be conclusive and binding upon the Shareholders. Any Shares of a Series acquired, through purchase,
exchange or otherwise, by another Series shall not be deemed cancelled, unless the Managing Owner affirmatively determines otherwise.

 

(d) Except to the extent otherwise provided
in the instrument establishing such Series, all the Shares of each particular Series shall represent an equal proportionate interest
in the assets held with respect to that Series (subject to the liabilities held with respect to that Series and such rights and
preferences as may have been established and designated with respect to Classes of Shares within such Series).

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(e) Except to the extent otherwise provided
in the instrument establishing such Series, any fractional Share of a Series shall carry proportionately all the rights and obligations
of a whole Share of that Series, including rights with respect to voting, receipt of dividends and distributions, redemption of
Shares and termination of the Trust.

 

(f) The Managing Owner shall have the authority
to provide that the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other
Series of Shares in conformity with such requirements and procedures as may be established by the Managing Owner.

 

Section 5. ESTABLISHMENT OF INITIAL
FUNDS OF THE TRUST.

 

(a) Without limiting the authority of the
Managing Owner set forth in Section 4 to establish and designate any further Series without requiring an amendment of this Trust
Agreement, the Managing Owner hereby establishes and designates two initial Series (the “Initial Funds”) as follows:

 

Market Vectors Morningstar Long/Flat Commodity
ETF; and

Market Vectors Morningstar Long/Short Commodity
ETF.

 

(b) The relative rights and preferences of
the Initial Funds shall be as set forth in the Registration Statement for such Funds.

 

Section 6. OFFER OF SHARES, PROCEDURES
FOR CREATION AND ISSUANCE OF CREATION BASKETS.

 

(a) Subject to the Managing Owner establishing
alternative procedures from time to time in its sole discretion, the procedures relating to the creation and issuance of Creation
Baskets will be set forth in the Authorized Participant Agreements for each Fund (which may be amended from time to time in accordance
with the provisions of the Authorized Participant Agreements and any such amendment will not constitute an amendment of this Trust
Agreement), and will govern the Trust with respect to the creation and issuance of Creation Baskets. The number of Creation Baskets
which may be issued by each Fund is limited only by the number of outstanding shares of a Fund or the Trust, as the case may be,
that are registered for sale with the SEC. Unless the Managing Owner determines otherwise, certificates for Creation Baskets will
not be issued.

 

(b) Rejection. For each Fund, the
Managing Owner shall have the absolute right, but shall have no obligation, to reject any Creation Basket Capital Contribution:

 

Section 7. DISTRIBUTIONS.

 

(a) Distributions on Shares may be paid with
such frequency as the Managing Owner may determine, which may be daily or otherwise, to the Shareholders, from such of the income
and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. Except to the
extent the Managing Owner otherwise determines, all distributions on Shares thereof shall be distributed pro rata to the Shareholders
in proportion to the total outstanding Shares held by such Shareholders at the date and time of record established

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for
the payment of such distribution. Such distributions may be made in cash or Shares as determined by the Managing Owner or pursuant
to any program that the Managing Owner may have in effect at the time for the election by each Shareholder of the mode of the
making of such distribution to that Shareholder. Nothing in this Section 7 shall obligate the Managing Owner to cause the Trust
to make any distributions.

 

Section 8. ALLOCATIONS FOR CAPITAL
ACCOUNT PURPOSES. For purposes of maintaining the Capital Accounts and in determining the rights of the Shareholders among
themselves, each Fund’s Net Income and Net Loss shall be allocated among the Shareholders in each Fund for each fiscal year
or other applicable period (or portion thereof) as provided herein below.

 

(a) Net Income and Net Loss. After giving
effect to the allocations set forth in this Article IV, Section 8(c), 8(d) and 8(e), Net Income or Net Loss for each fiscal year
or other applicable period shall be allocated to the Shareholders in accordance with their respective Percentage Interests.

 

(b) Allocation upon Termination. With respect
to all Article IV, Section 8(a) allocations following a Liquidation Date, such allocations shall be made after Capital Account
balances have been adjusted by all other allocations provided under this Article IV, Section 8 and after giving effect to all distributions
during such fiscal year or other applicable period; provided, however, that solely for purposes of this Article IV, Section 8(b),
Capital Accounts shall not be adjusted for distributions made pursuant to Article X, Section 1.

 

(c) Mandatory Allocations. Notwithstanding
any other provision of this Article IV, Section 8, the following special allocations shall be made for such taxable period:

 

(i) Fund Minimum Gain Chargeback. Notwithstanding
any other provision of this Article IV Section 8, if there is a net decrease in Fund Minimum Gain during any Trust fiscal year
or other applicable period, then, subject to the exceptions set forth in Treasury Regulation Sections 1.704-2(f)(2), (3), (4) and
(5), each Shareholder shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods)
in an amount equal to such Shareholder’s share of Fund Minimum Gain, as determined in accordance with Treasury Regulation
Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended to comply with the Fund Minimum Gain chargeback requirement in
Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(ii) Chargeback of Shareholder Minimum Gain.
Notwithstanding the other provisions of this Article IV, Section 8 (other than Article IV, Section 8(c)(i)), if there is a net
decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year or other applicable
period, then, subject to the exception set forth in Treasury Regulation Section 1.704-2(i)(4), each Shareholder with a share of
Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury Regulation Section
1.704-2(i)(5), shall be allocated items of Fund income and gain for such period (and, if necessary, subsequent periods) in the
manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4). This Article IV, Section 8(c)(ii) is intended to

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comply
with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.

 

(iii) Qualified Income Offset. Notwithstanding
any other provision of this Article IV, Section 8 (other than Article IV, Section 8(c)(i) and (ii)), in the event any Shareholder
unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4),
(5), or (6) that cause an increase in an Adjusted Capital Account deficit of such Shareholder, items of Trust income and gain shall
be specially allocated to such Shareholder in an amount and manner sufficient to eliminate, to the extent required by the Treasury
Regulations promulgated under Section 704(b) of the Code, the deficit balance in its Adjusted Capital Account. This Article IV,
Section 8(c)(iii) is intended to qualify and be construed as a “qualified income offset” within the meaning of Treasury
Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

(iv) No Excess Deficit. To the extent that
any Shareholder has or would have, as a result of an allocation of Net Loss (or item thereof), an Adjusted Capital Account deficit,
such amount of Net Loss (or item thereof) shall be allocated to the other Shareholders in accordance with this Article IV, Section
8, but in a manner which will not produce an Adjusted Capital Account deficit as to any such Shareholder. To the extent such allocation
would result in all Shareholders having Adjusted Capital Account deficits, such Net Loss (or item thereof) shall be allocated in
accordance with Article IV, Section 8(a). Any allocations of Net Loss (or item thereof) pursuant to this Article IV, Section 8(c)(iv)
shall be reversed with a corresponding amount of Net Profits in subsequent years.

 

(v) Nonrecourse Deductions. Nonrecourse
Deductions for any taxable period shall be allocated to the Shareholders in accordance with their respective Percentage Interests.
If the Managing Owner determines that the Fund’s Nonrecourse Deductions should be allocated in a different ratio to satisfy
the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Managing Owner is authorized,
upon notice to the other Shareholders, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.

 

(vi) Shareholder Nonrecourse Deductions.
Shareholder Nonrecourse Deductions for any taxable period shall be allocated 100% to the Shareholder that bears the economic risk
of loss with respect to the Shareholder Nonrecourse Debt to which such Shareholder Nonrecourse Deductions are attributable in accordance
with Treasury Regulation Section 1.704-2(i).

 

(vii) Nonrecourse Liabilities. Nonrecourse
Liabilities of the Trust described in Treasury Regulation Section 1.752-3(a)(3) shall be allocated among the Shareholders in a
manner chosen by the Managing Owner and consistent with such Treasury Regulation.

 

(viii) Code Section 754 Adjustments. To
the extent an adjustment to the adjusted tax basis of any Trust asset pursuant to Section 734(b) or 743(b) of the Code is required,
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount
of such adjustment to the Capital Accounts shall be

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treated
as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and
such item of gain or loss shall be specially allocated to the Shareholders in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations.

 

(ix) Curative Allocation.

 

(A) The Required Allocations are
intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Shareholders that, to the extent
possible, all Required Allocations shall be offset either with other Required Allocations or with special allocations of other
items of Fund income, gain, loss or deduction pursuant to this Article IV, Section 8 (c)(ix). Therefore, notwithstanding any other
provision of this Article IV, Section 8 (other than the Required Allocations), the Managing Owner shall make such offsetting special
allocations of Fund income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Shareholder’s Capital Account balance is, to the extent possible, equal to the Capital Account
balance such Shareholder would have had if the Required Allocations were not part of this Trust Agreement and all Fund items were
allocated pursuant to the economic agreement among the Shareholders.

 

(B) The Managing Owner shall, with
respect to each fiscal year or other applicable period, (1) apply the provisions of Article IV, Section 8(c)(ix)(A) in whatever
order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide
all allocations pursuant to Article IV, Section 8 (c)(ix)(A) among the Shareholders in a manner that is likely to minimize such
economic distortions.

 

Section 9. ALLOCATIONS FOR TAX PURPOSES.

 

(a) Except as otherwise provided herein,
for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among the Shareholders in the
same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Article IV,
Section 8.

 

(b) In accordance with Sections 704(b) and
704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed
to a Fund shall solely for federal income tax purposes, be allocated among the Shareholders so as to take into account any variation
between the adjusted basis of such property to the Fund for federal income tax purposes and the initial Gross Asset Value. If the
Gross Asset Value of any Trust asset is adjusted as described in the definition of Gross Asset Value, subsequent allocations of
income, gain, loss and deduction with respect to such Fund asset shall take into account any variation between the adjusted basis
of such Fund asset for federal income tax purposes and its Gross Asset Value in the same manner as under Section 704(c) of the
Code and the Treasury Regulations thereunder. In furtherance of the foregoing, each Fund shall employ any method under Section
704(c) of the Code selected by the Managing Owner. Allocations pursuant to this Section 9(b) are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account in computing, any Shareholder’s Capital

    	23

    	

    

Account
or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this Trust Agreement.

 

(c) For the proper administration of each
Fund and for the preservation of uniformity of the Shares of each Fund (or any class or classes thereof), the Managing Owner shall
(i) adopt such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery deductions;
(ii) make special allocations for federal income tax purposes of income (including gross income) or deductions; (iii) amend the
provisions of this Trust Agreement as appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under Section
704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of the Shares of each Fund (or any class
or classes thereof); and (iv) adopt and employ such methods for (A) the maintenance of Capital Accounts for book and tax purposes,
(B) the determination and allocation of adjustments under Sections 704(c), 734 and 743 of the Code, (C) the determination and allocation
of taxable income, tax loss and items thereof under this Trust Agreement and pursuant to the Code, including in the case of a transferred
Share, (D) the determination of the identities and tax classification of Shareholders, (E) the provision of tax information and
reports to the Shareholders, (F) the adoption of reasonable conventions and methods for the valuation (and revaluation) of assets
and the determination of tax basis, (G) the allocation of asset values and tax basis, (H) the adoption and maintenance of accounting
methods, (I) the recognition of the transfer of Shares, (J) tax compliance and other tax-related requirements, including the use
of computer software, and to use filing and reporting procedures similar to those employed by publicly-traded partnerships and
limited liability companies, as it determines in its sole discretion are necessary and appropriate to execute the provisions of
this Trust Agreement and to comply with federal, state and local tax law, and to achieve uniformity of Shares of each Fund within
a class.

 

(d) All items of income, gain, loss, deduction
and credit recognized by a Fund for federal income tax purposes and allocated to the Shareholders in accordance with the provisions
hereof shall be determined without regard to any election under Section 754 of the Code that may be made by the Fund; provided,
however, that such allocations, once made, shall be adjusted (in the manner determined by the Managing Owner) to take into account
those adjustments permitted or required by Sections 734 and 743 of the Code.

 

(e) Without limitation of Section 9(c) of
this Article IV, items of each Fund’s income, gain, loss, deduction and credit attributable to a transferee Shares shall,
for U.S. federal income tax purposes, be determined on a monthly basis (or other basis, as required or permitted by Section 706
of the Code) and shall be allocated to such Shareholders who own the Shares as of the close of NYSE Arca on the last day of the
month preceding the month in which the transfer is recognized by the applicable Fund. The Managing Owner may revise, alter or otherwise
modify such methods of determination and allocation as it determines necessary, to the extent permitted by Section 706 of the Code
and the regulations or rulings promulgated thereunder.

 

(f) Each Shareholder agrees that, in the
absence of an administrative determination or judicial ruling to the contrary, it will report its allocable share of each Fund’s
items of income, gain, loss or deduction under the allocation and revaluation conventions adopted by the Managing Owner.

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(g) Allocations that would otherwise be made
to a Shareholder under the provisions of this Article IV shall instead be made to the beneficial owner of Shares held by a nominee
in any case in which the nominee has furnished the identity of such owner to the Trust in accordance with Section 6031(c) of the
Code or any other method determined by the Managing Owner.

 

ARTICLE
V

OFFICERS

 

Section 1. OFFICERS. The Managing
Owner may appoint officers, who shall be agents of the Trust with such titles and duties as the Managing Owner shall specify. Any
number of offices may be held by the same person.

 

Section 2. APPOINTMENT OF OFFICERS.
The officers of the Trust shall be appointed by the Managing Owner, and each shall serve at the pleasure of the Managing Owner,
subject to the rights, if any, an officer may have under any contract of employment.

 

Section 3. REMOVAL AND RESIGNATION
OF OFFICERS. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed,
either with or without cause, by the Managing Owner. Any officer may resign at any time by giving notice to the Trust. Any resignation
shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and unless otherwise
specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without
prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.

 

Section 4. AUTHORITY TO ACT.
Subject to the supervision and oversight of the Managing Owner, the officers of the Trust are delegated the authority to act on
behalf of the Trust consistent with the parameters and powers of their position as outlined from time to time by the Managing Owner,
including to prepare, negotiate, deliver and execute documents, agreements, plans, registration statements, any and all applications
for exemptive orders, and any amendments or supplements thereto, that the officers or any of them believe, with advice of counsel,
are necessary or desirable for the Trust.

 

ARTICLE
VI

LIMITATION OF LIABILITY, FIDUCIARY DUTY AND INDEMNITY

 

Section 1. LIABILITY OF COVERED PERSONS.
A Covered Person shall have no liability to the Trust, any Fund or to any Shareholder or Beneficial Owner or other Covered Person
for any loss suffered by the Trust or any Fund which arises out of any action or inaction of such Covered Person if such Covered
Person, in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and
such course of conduct did not constitute gross negligence or willful misconduct of such Covered Person. Subject to the foregoing,
neither the Managing Owner nor any other Covered Person shall be personally liable for the return or repayment of all or any portion
of the capital or profits of any Shareholder or

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assignee
thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made
solely from the assets of the applicable Fund without any rights of contribution from the Managing Owner or any other Covered
Person.

 

Section 2. FIDUCIARY DUTY.

 

(a) The Managing Owner shall not have any
implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Trust. To
the fullest extent permitted by law, no person other than the Trustee and the Managing Owner, shall have any duties (including
fiduciary duties) or liabilities at law or in equity to the Trust, any Shareholder or any other person.

 

(b) To the extent that, at law or in equity,
the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to any other Person,
the Managing Owner shall not be liable to the Trust or to any other Person for its good faith reliance on the provisions of this
Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties (including fiduciary
duties) and liabilities of the Managing Owner otherwise existing at law or in equity are agreed to replace such other duties and
liabilities of the Managing Owner.

 

(c) Unless otherwise expressly provided herein:

 

(i) whenever a conflict of interest exists
or arises between the Managing Owner or any of its Affiliates, on the one hand, and the Trust or any other Person, on the other
hand; or

 

(ii) whenever this Trust Agreement or
any other agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or
provides terms that are, fair and reasonable to the Trust or any other Person, the Managing Owner shall resolve such conflict
of interest, take such action or provide such terms, considering in each case the relative interest of each party (including
its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such
interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or
principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by
the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any
duty or obligation of the Managing Owner at law or in equity or otherwise.

 

(d) Notwithstanding any other provision of
this Trust Agreement or otherwise applicable law, whenever in this Trust Agreement the Managing Owner is permitted or required
to make a decision:

 

(i) in its “discretion” or under
a grant of similar authority, the Managing Owner shall be entitled to consider such interests and factors as it desires, including
its own interests, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration
to any interest of or factors affecting the Trust or any other Person; or

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(ii) in its “good faith” or
under another express standard, the Managing Owner shall act under such express standard and shall not be subject to any other
or different standard.

 

(e) The Managing Owner and any Affiliate
of the Managing Owner may engage in or possess an interest in other profit-seeking or business ventures of any nature or description,
independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity,
or any analogous doctrine, shall not apply to any Trustee. If the Managing Owner acquires knowledge of a potential transaction,
agreement, arrangement or other matter that may be an opportunity for the Trust shall not have any duty to communicate or offer
such opportunity to the Trust, and the Managing Owner shall not be liable to the Trust or to the Shareholders for breach of any
fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another
Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholders shall have
any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent
ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities
of the Trust, shall not be deemed wrongful or improper. The Managing Owner may engage or be interested in any financial or other
transaction with the Trust or any Affiliate of the Trust, or may act as depositary for, trustee or agent for, or act on any committee
or body of holders of, securities or other obligations of the Trust or its Affiliates.

 

Section 3. COMPENSATION TO THE MANAGING
OWNER. The Managing Owner shall be entitled to receive a management fee as compensation for the management and administrative
services rendered by the Managing Owner to the Trust and each Fund (the “Management Fee”). Each Fund shall pay the
Managing Owner (or such other person or entity designated by the Managing Owner) the Management Fee as set forth in such Fund’s
current Prospectus, as the same may be amended or supplemented from time to time. The Managing Owner may, in its sole discretion,
waive all or part of the Management Fee.

 

Section 4. OTHER BUSINESS OF SHAREHOLDERS.
Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer, director, employee or other
person holding a legal or beneficial interest in an entity which is a Shareholder, may engage in or possess an interest in other
business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive
with the business of the Trust, shall not be deemed wrongful or improper.

 

Section 5. INDEMNIFICATION OF COVERED
PERSONS.

 

(a) For the purpose of this Section, “Covered
Person” includes any Person who is or was a Trustee, Managing Owner or officer of the Trust.

 

(b) The Trust (or, in furtherance on Article
IV Section 4(b)(ii), any Fund separately to the extent the matter in question relates to a Fund or is otherwise disproportionate)
shall indemnify and hold harmless each Covered Person against all claims, losses, liabilities and expenses, including but not limited
to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by
any Covered Person, in

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connection
with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative
or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such
Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as
a Covered Person or by reason of his or her being or having been such a Covered Person except with respect to any matter as to
which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding not to have acted in
good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust and except
that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders by reason of willful misconduct
or gross negligence of such Covered Person.

 

(c) Expenses, including counsel fees, so
incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties)
shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt
of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that
indemnification of such expenses is not authorized under this Section.

 

Section 6. OTHER CONTRACTUAL RIGHTS.
Nothing contained in Section 5 shall affect any right to indemnification to which the Managing Owner and officers of this Trust
may be separately entitled by contract or otherwise.

 

ARTICLE
VII

SHAREHOLDERS’ VOTING POWERS AND MEETINGS

 

Section 1. VOTING POWERS.

 

(a) Except as required under applicable Federal
law or under the rules or regulations of an Exchange, the Shareholders shall have no voting rights hereunder (including with respect
to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any
other matters that under the Delaware Trust Statute default voting rights are provided to holders of beneficial interests.) The
Shareholders shall have the right to vote on other matters only as the Managing Owner may consider desirable and so authorize in
its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order,
or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on any specific matter,
the Shareholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further
approval by the Managing Owner or the Shareholders.

 

(b) On each matter, if any, submitted to
a vote of Shareholders, unless the Managing Owner determines otherwise, all Shares of all Series and Classes shall vote together
as a single class; provided, however, that: (i) as to any matter with respect to which a separate vote of any Series or Class is
required by applicable law or is required by attributes applicable to any Series or Class, such requirements as to a separate vote
by that Series or Class shall apply; (ii) unless the Managing Owner determine that this clause (ii) shall not apply in a particular
case, to the extent that a matter referred to in clause (i) above affects more than one Series or Class and

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the
interests of each such Series or Class in the matter are identical, then the Shares of all such affected Series or Classes shall
vote together as a single class; and (iii) as to any matter which does not affect the interests of a particular Series or Class,
only the holders of Shares of the one or more affected Series or Classes shall be entitled to vote. As determined by the Managing
Owner, in its sole discretion, without the vote or consent of Shareholders, on any matter submitted to a vote of Shareholders
either (i) each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional
Share shall be entitled to a proportionate fractional vote or (ii) each dollar of Net Asset Value (number of Shares owned times
Net Asset Value per share of the Trust, if no Series shall have been established or of such Series or Class, as applicable) shall
be entitled to one vote on any matter on which such Shares are entitled to vote and each fractional dollar amount shall be entitled
to a proportionate fractional vote. Without limiting the power of the Trustees in any way to designate otherwise in accordance
with the preceding sentence, the Managing Owner hereby establishes that each whole Share shall be entitled to one vote as to any
matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. Shares
may be voted in person or by proxy or in any manner determined by the Managing Owner.

 

Section 2. VOTING POWER AND MEETINGS.
Meetings of the Shareholders may be called by the Managing Owner for such purposes as may be prescribed by law or by this Trust
Agreement.

 

Section 3. PLACE OF MEETINGS.
A meeting of Shareholders shall be held at any place designated by the Managing Owner or an officer of the Trust.

 

Section 4. NOTICE OF SHAREHOLDERS’
MEETING. All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not less
than seven nor more than one hundred and twenty days before the date of the meeting in the manner determined by the Managing Owner.
The notice shall specify: (a) the place, date and hour of the meeting; and (b) the general nature of the business to be transacted.

 

Section 5. ADJOURNED MEETING; NOTICE.
Any Shareholders’ meeting, whether or not a quorum is present, may be adjourned from time to time by the Managing Owner or
by the vote of a majority of the Shares of the Class, Series or Trust, as the case may be, represented at that meeting, either
in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be given of the
adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment
is for more than sixty days from the date set for the original meeting, in which case the Managing Owner shall set a new record
date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned meeting.
At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.

 

Section 6. VOTING PROCEDURE.
The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit a proxy ballot containing the voting instructions
of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph,
internet or other electronic media, provided however, that the Managing Owner or an officer of the Trust may limit or delineate
the types of media and methods by which

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a Shareholder
may submit voting instructions. On any matter any Shareholder may vote part of the shares in favor of the proposal and refrain
from voting the remaining shares or vote them against the proposal, but if the Shareholder fails to specify the number of shares
which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder’s approving vote is
with respect to the total shares that the Shareholder is entitled to vote on such proposal.

 

Section 7. QUORUM AND REQUIRED VOTE.
Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or by ballot) of
thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders’
meeting. When any one or more Series or Classes is to vote as a single Class separate from any other Shares, thirty-three and one-third
percent (33 1/3%) of the Shares of each such Series or Classes entitled to vote shall constitute a quorum at a Shareholder’s
meeting of that Series or Class. Any meeting of Shareholders may be adjourned consistent with the provisions of Section 5 above,
whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the meeting
shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable law.

 

Section 8. ACTION BY WRITTEN CONSENT.
Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote
on the matter (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement or federal
law) or holding a majority (or such larger proportion as aforesaid) of the Shares of any Series or Class entitled to vote separately
on the matter consent to the action in writing or by electronic transmission and such written consent or a record of such electronic
transmission is filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote
taken at a meeting of Shareholders.

 

Section 9. RECORD DATES. For
the purpose of determining the Shareholders of any Series or Class who are entitled to vote or act at any meeting or any adjournment
thereof, the Managing Owner may from time to time fix a date, which shall be not more than one-hundred and twenty days before the
date of any meeting of Shareholders, as the record date for determining the Shareholders of such Series or Class having the right
to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record
date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date. For the purpose
of determining the Shareholders of any Series or Class who are entitled to receive payment of any dividend or of any other distribution,
the Managing Owner may from time to time fix a date, which shall be before the date for the payment of such dividend or such other
payment, as the record date for determining the Shareholders of such Series or Class having the right to receive such dividend
or distribution. Without fixing a record date the Managing Owner may for voting and/or distribution purposes close the register
or transfer books for one or more Series for all or any part of the period between a record date and a meeting of Shareholders
or the payment of a distribution. Nothing in this Section shall be construed as precluding the Managing Owner from setting different
record dates for different Series or Classes.

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Section 10. WAIVER OF NOTICE BY CONSENT
OF ABSENT SHAREHOLDERS. Any Shareholder may waive notice, which waiver may be submitted by U.S. mail, overnight mail, express
mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver of notice need not specify
either the business to be transacted or the purpose of any meeting of Shareholders. Attendance by a person at a meeting shall also
constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting to the transaction
of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver
of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly
made at the beginning of the meeting.

 

Section 11. PROXIES. Every
person entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized by a written
or electronic proxy authorized by the person and filed with the Managing Owner. A proxy shall be deemed authorized if the Shareholder’s
name is placed on the proxy (whether by manual signature, typewriting, telephonic or internet transmission or otherwise) by the
Shareholder or the Shareholder’s attorney-in-fact. A validly authorized proxy which does not state that it is irrevocable
shall continue in full force and effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by
a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance at the meeting
and voting in person by, the person executing that proxy; or (ii) written notice of the death or incapacity of the maker of that
proxy is received by the Trust before the vote pursuant to that proxy is counted; provided however, that no proxy shall be valid
after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy.

 

ARTICLE
VIII

RECORDS AND REPORTS

 

Section 1. MAINTENANCE OF SHARE REGISTER.
The Trust shall keep at its principal office or at the office of its transfer agent or registrar, if either be appointed and as
determined by the Managing Owner, a record of its Shareholders, containing the names and addresses of all Shareholders and the
number and series of shares held by each Shareholder.

 

Section 2. MAINTENANCE OF OTHER RECORDS.
The accounting books and records and minutes of proceedings of the Shareholders and the Managing Owner shall be kept at such place
or places designated by the Managing Owner or in the absence of such designation, at the principal office of the Trust. The minutes
shall be kept in written form and the accounting books and records shall be kept either in written form or in any other form capable
of being converted into written form.

 

Section 3. TAX
INFORMATION. Appropriate tax information
(adequate to enable each Shareholder to complete and file its U.S. federal tax return) shall be delivered to each Shareholder as
soon as practicable following the end of the tax year of each Fund but generally no later than March 15.

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ARTICLE
IX

REDEMPTIONS

 

Section 1. REDEMPTION OF CREATION BASKETS.

 

(a) Subject to the Managing Owner establishing
alternative procedures from time to time in its sole discretion, the procedures relating to the redemption of Creation Baskets
are fully set forth in Authorized Participant Agreement for each Fund (which may be amended from time to time in accordance with
the provisions of the Authorized Participant Agreement and any such amendment will not constitute an amendment of this Trust Agreement),
and will govern the Trust with respect to redemption of Creation Baskets.

 

(b) Subject to deduction of any tax or other
governmental charges due thereon, and subject to the Managing Owner’s establishment of alternative procedures the redemption
distribution shall consist of cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant
Agreement in an amount equal to the Net Asset Value per Creation Basket of a Fund multiplied by the number of Creation Basket(s)
of such Fund requested in the Authorized Participant’s redemption order as of the time of the calculation of such Fund’s
Net Asset Value per Share on the redemption order date.

 

(c) The Managing Owner may, in its sole discretion,
suspend the right of redemption, or postpone any redemption settlement date.

 

ARTICLE
X

MISCELLANEOUS

 

Section 1. TERMINATION OF TRUST, SERIES
OR CLASS.

 

(a) Unless terminated as provided herein,
the Trust, and any Series or Class thereof, shall continue without limitation of time. The Trust, or any Series or Class thereof,
may be dissolved at any time and for any reason by the Managing Owner with written notice to the Shareholders.

 

(b) Upon dissolution of the Trust (or any
Series or Class, as the case may be), after paying or making reasonable provision for all charges, taxes, expenses, claims and
liabilities of the Trust, or severally, with respect to each Series or Class (or the applicable Series or Class, as the case may
be), whether due or accrued or anticipated as may be determined by the Managing Owner and otherwise complying with Section 3808
of the Delaware Trust Statute, the Trust shall, in accordance with the Delaware Trust Statute and such procedures as the Managing
Owner considers appropriate, distribute the remaining assets in kind or reduce the remaining assets held, severally, with respect
to each Series or Class (or the applicable Series or Class, as the case may be), to distributable form in cash or shares or other
securities, or any combination thereof, and distribute the proceeds held with respect to each Series or Class (or the applicable
Series or Class, as the case may be), to the Shareholders of that Series or Class, as a Series or Class, ratably according to the
positive Capital Account balance of that Series or Class held by the several Shareholders on the date of dissolution.

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(c) Upon the completion of the winding up
of the Trust in accordance with the Delaware Trust Statute and this Trust Agreement, the Managing Owner shall cause the Trustee
to file a certificate of cancellation with the Secretary of State of the State of Delaware in accordance with the provisions of
Section 3810 of the Delaware Act and thereupon, the Trust and this Trust Agreement (other than Article VI Section 6) shall terminate.
The provisions of Article VI Section 6 shall survive the termination of the Trust.

 

Section 2. MERGER AND CONSOLIDATION.
The Managing Owner may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially
all of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially
all of its assets to, another Series of the Trust or another series of another trust or company; (iii) the Shares of a Class of
a Series to be converted into another Class of the same Series; (iv) the Shares of the Trust or any Series to be converted into
beneficial interests in another statutory trust (or series thereof); or (v) the Shares of the Trust or any Series to be exchanged
for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law.

 

For the avoidance of doubt, the Managing
Owner, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i) – (v)
above without any vote or other action of the Shareholders.

 

Section 3. FILING OF COPIES, REFERENCES
AND HEADINGS. The original or a copy of this Trust Agreement and of each restatement and/or amendment hereto shall be kept
at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate
by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to any matters in
connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer
of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this instrument and in any such
restatements and/or amendment, references to this Trust Agreement, and all expressions like “herein”, “hereof”
and “hereunder”, shall be deemed to refer to this instrument as amended or affected by any such restatements and/or
amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or
affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include
the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. This Trust Agreement may be
executed in any number of counterparts each of which shall be deemed an original.

 

Section 4. APPLICABLE LAW.
The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware,
and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the
laws of the State of Delaware without regard to the conflicts of law provisions thereof; provided, however, that the parties hereto
and the Shareholders intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the
State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall
not be applicable to the Trust, the Trustee, the Shareholders, the Managing Owner or this Trust Agreement any provision of the
laws (statutory

    	33

    	

    

or
common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts which relate to or regulate in a
manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or
schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees
of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition
of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation
of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration
of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, (g) the existence
of rights or interests (beneficial or otherwise) in trust assets, (h) the ability of beneficial owners or other persons to terminate
or dissolve a trust, or (i) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or
powers of trustees or beneficial owners that are inconsistent with the limitations on liability or authorities and powers of the
Trustee, the Managing Owner or the Shareholders set forth or referenced in this Trust Agreement. Sections 3540, 3542 and 3561
of Title 12 of the Delaware Code shall not apply to the Trust.

 

Section 5. JURISDICTION. The
Trustee, the Managing Owner, each Shareholder and each Beneficial Owner, to the fullest extent permitted by law, including Section
3804(e) of the Delaware Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim
governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Trust
Statute or this Trust Agreement (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or
enforce (A) the provisions of this Trust Agreement, (B) the duties (including fiduciary duties), obligations or liabilities of
the Trust, the Trustee or the Managing Owner to the Shareholders or Beneficial Owners, or of the Trustee, the Managing Owner, the
Shareholders or the Beneficial Owners to each other, (C) the rights or powers of, or restrictions on, the Trust, the officers,
the Trustee or the Managing Owner, (D) any provision of the Delaware Trust Statute or other laws of the State of Delaware pertaining
to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Trust Statute, or (E) any other instrument, document,
agreement or certificate contemplated by any provision of the Delaware Trust Statute or this Trust Agreement relating in any way
to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud
or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)),
shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction
thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction
of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right
to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts
or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in
an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) expressly waives any requirement
for the posting of a bond by a party bringing such claim, suit, action or proceeding, (v) consents to process being served in any
such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the
address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and
notice thereof; provided, nothing in clause (v) hereof shall affect

    	34

    	

    

or
limit any right to serve process in any other manner permitted by law and (vi) irrevocably waives any and all right to trial by
jury in any such claim, suit, action or proceeding.

 

Section 6. PROVISIONS IN CONFLICT WITH
LAW OR REGULATIONS.

 

(a) The provisions of this Trust Agreement
are severable, and if the Managing Owner determines, with the advice of counsel, that any of such provisions are in conflict with
any other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted a part of the
Trust Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the Trust Agreement
or render invalid any action taken or omitted prior to such determination.

 

(b) If any provision of the Trust Agreement
shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision
in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the
Trust Agreement in any jurisdiction.

 

Section 7. STATUTORY TRUST ONLY.
It is the intention of the parties hereto to create a statutory trust pursuant to the Delaware Trust Statute. It is not the intention
of the parties hereto to create a general partnership, limited partnership, joint stock association, corporation, bailment, or
any form of legal relationship other than a statutory trust pursuant to the Delaware Trust Statute. Nothing in this Trust Agreement
shall be construed to make the Shareholders, either by themselves or with the Trustee and the Managing Owner, partners or members
of a joint stock association.

 

Section 8. CONTRACTS AND INSTRUMENTS;
HOW EXECUTED. The Managing Owner may authorize any officer or officers, agent or agents, to enter into any contract or
execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific instances;
and unless so authorized or ratified by the Managing Owner or within the agency power of an officer, no officer, agent, or employee
shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render it liable
for any purpose or for any amount.

 

Section 9. FISCAL YEAR. The
fiscal year of the Trust and of each Fund shall initially be the calendar year. The Managing Owner may change a Fund’s Fiscal
Year at any time.

 

Section 10. TAX YEAR. Each
Fund shall adopt the calendar year as its taxable year, unless otherwise required by applicable law. The Managing Owner may change
a Fund’s tax year at any time to any tax year that is permitted under applicable law.

 

Section 11. COUNTERPARTS. The
Trust Agreement may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such
counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original
counterpart.

 

Section 12. DERIVATIVE ACTIONS.
To the fullest extent permitted by law, no person, other than the Managing Owner, who is not a Shareholder of a particular Series
or Class

    	35

    	

    

shall
be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust with respect to such Series or Class.
No Shareholder of a Series or a Class may maintain a derivative action on behalf of the Trust with respect to such Series or Class
unless holders of a least ten percent (10%) of the outstanding Shares of such Series or Class join in the bringing of such action.
Any demand required under Section 3816 of the Delaware Trust Statute may only be made upon the Managing Owner (and not the Trustee).
Unless a demand is not required under applicable law, the Managing Owner must be afforded a reasonable amount of time to consider
such Shareholder request and to investigate the basis of such claim; and the Managing Owner shall be entitled to retain counsel
or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request
to reimburse the Trust for the expense of any such advisors in the event that the Managing Owner determines not to bring such
action.

 

ARTICLE
XI

AMENDMENT

 

AMENDMENT. This Trust Agreement
may be amended without Shareholder approval, and all Shareholders purchase Shares with notice that it may be so amended except
to the extent expressly required under Delaware or applicable federal law. Any amendment that prejudices a substantial existing
right of the Shareholders will not become effective until thirty (30) days after notice of such amendment is given by the Trustee
to the Shareholders. Every Shareholder, at the time any such amendment becomes effective, shall be deemed, by continuing to hold
any Shares or an interest therein, to consent and agree to such amendment and to be bound by this Trust Agreement as amended thereby.
The Managing Owner may, without any Shareholder vote, amend or otherwise supplement this Trust Agreement by making an amendment,
a trust instrument supplemental hereto or an amended and restated Trust Agreement; provided, that Shareholders shall have the right
to vote on any amendment if expressly required under Delaware or federal law or rules or regulations under an Exchange, or submitted
to them by the Managing Owner in its sole discretion; and provided, further, that no amendment affecting the rights or duties of
the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing.

 

[SIGNATURE PAGE FOLLOWS]

    	36

    	

    

IN WITNESS WHEREOF, the parties hereto do
hereby make and enter into this Amended and Restated Trust Agreement as of the date first-above written.

 

	 	VAN ECK ABSOLUTE RETURN ADVISERS CORP.,	 
	 	as Managing Owner	 
	 	 	 	 
	 	By:	/s/ Jonathan R. Simon	 
	 	 	Name: Jonathan R. Simon	 
	 	 	Title:   Vice President	 
	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,	 
	 	as Trustee	 
	 	 	 	 
	 	By:	Patrick J. Donahue	 
	 	 	Name: Patrick J. Donahue	 
	 	 	Title:   Vice President	 

    	37Exhibit (10)(i)

 

SERVICES AGREEMENT

 

AGREEMENT made as of
_______________, 2013, by and between Market Vectors Commodity Trust (the “Trust”), on behalf of each Fund listed on
Exhibit A (each a “Fund” and collectively the “Funds”), and The Bank of New York Mellon, a New York banking
organization (“BNYM”).

 

W I T N E
S S E T H:

 

WHEREAS, each Fund desires
to retain BNYM to provide the services described herein, and BNYM is willing to provide such services, all as more fully set forth
below;

 

NOW, THEREFORE, in consideration
of the mutual promises and agreements contained herein, the parties hereby agree as follows:

 

1. Appointment.

 

Each Fund hereby appoints
BNYM for the term of this Agreement as its agent to perform the services described on Schedule I or Schedule II hereto. BNYM hereby
accepts such appointment and agrees to perform the duties hereinafter set forth.

 

2. Definitions.

 

Whenever used in this
Agreement, the following words shall have the meanings set forth below:

 

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

 

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

    	 

    	

    

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

 

(d) “Business
Day” shall mean for a Fund any day described in such Fund’s Prospectus (as hereinafter defined) as a day on which such
Fund is open for business.

 

(e) “Certificate”
shall mean any notice, instruction, or other instrument in writing, authorized or required by this Agreement to be given to BNYM,
which is actually received by BNYM by letter or facsimile transmission and signed on behalf of a Fund by an Authorized Person or
a person reasonably believed by BNYM to be an Authorized Person.

 

(f)  “Instructions”
shall mean communications transmitted by electronic or telecommunications media, including S.W.I.F.T., computer-to-computer interface,
dedicated transmission lines, or other mutually agreed upon means.

 

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

 

(h)  “Shares”
shall mean a Fund’s common units of beneficial interest.

 

3. Representations
and Warranties.

 

Each Fund hereby
represents and warrants to BNYM, which representations and warranties shall be deemed to be continuing and repeated on each day
on which BNYM is acting hereunder, that:

 

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

 

(b) This Agreement
has been duly authorized, executed and delivered by it in accordance with all requisite action and constitutes its valid and legally
binding obligation, enforceable against it in accordance with its terms;

 

(c) It is
conducting its business in material compliance with all applicable laws and regulations and has obtained all regulatory licenses,
approvals and consents necessary

    	- 2 -

    	

    

to carry on its
business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its charter
or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would
prohibit its execution or performance of this Agreement;

 

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

 

(e) It will
not use the services provided by BNYM hereunder in any manner that is, or will result in, a violation of any law, rule or regulation
applicable to it;

 

(f) It is
fully informed of the protections and risks associated with various methods of transmitting Instructions and Oral Instructions
and delivering Certificates to BNYM, shall, and shall cause each Authorized Person, to safeguard and treat with extreme care any
user and authorization codes, passwords and/or authentication keys, understands that there may be more secure methods of transmitting
or delivering the same than the methods selected by it, agrees that the security procedures (if any) to be utilized provide a commercially
reasonable degree of protection in light of its particular needs and circumstances, and acknowledges and agrees that Instructions
may be presumed by BNYM to have been given by person(s) duly authorized, and may be acted upon as given;

 

(g) Any agreement
it enters into with an eligible financial institution (an “Authorized Participant”) has established and presently maintains
policies and procedures requiring the Authorized Participant to obtain and verify information about the identity of the Authorized
Participant’s customers and which are reasonably designed to ensure that the Authorized Participant is not being used as
a conduit for money laundering or other illicit

    	- 3 -

    	

    

purposes; and
the Authorized Participant has verified the identity of each of the Authorized Participant’s customers and made reasonable
inquiries regarding the source of funds credited to such customer’s account, and to the best of the its knowledge, no transaction
through any such account is prohibited by applicable law, regulation or rule.

 

4. Delivery
of Documents.

 

(a) Each Fund
will promptly deliver to BNYM true and correct copies of each of the following documents as currently in effect and will promptly
deliver to it all future amendments and supplements thereto, if any:

 

(i) Its Organizational
documents, including its Amended and Restated Trust Agreement, and all amendments thereto (the “Charter”);

 

(ii) The
Fund’s registration statement most recently filed with the Securities and Exchange Commission (the “SEC”) relating
to the Shares of the Fund (the “Registration Statement”) and the prospectus therein contained (the “Prospectus”);

 

(iii) Resolutions
of Van Eck Absolute Return Advisers Corp., the managing owner of the Funds (the “Managing Owner”) authorizing the execution,
delivery and performance of this Agreement by the Fund;

 

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

 

(v) Copies
of all filings required to be filed by the Fund with an official body or office (collectively, “Required Filings”)

 

(b) Each copy
of the Charter shall be certified by an appropriate governmental representative of the jurisdiction of organization, and if the
Charter is required by law also to be filed with a county or other officer or official body, a certificate of such filing shall
be filed with a certified copy submitted to BNYM. Each copy of the Registration Statement, Prospectus, Material Contracts and Required
Filings, and all amendments thereto, shall be certified by the Managing Owner.

 

(c) It shall
be the sole responsibility of each Fund to deliver to BNYM from

    	- 4 -

    	

    

time to time its
then currently effective Prospectus and BNYM shall not be deemed to have notice of any information contained therein until it is
actually received by BNYM.

 

5. Duties
and Obligations of BNYM.

 

(a) Subject
to the direction and control of each Fund and the provisions of this Agreement, BNYM shall provide to such Fund (i) the administrative
services set forth on Schedule I attached hereto, and (ii) the valuation and computation services listed on Schedule II attached
hereto.

 

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

 

(c) BNYM shall
not provide services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of Shares
of any Fund, or other services normally performed by the Fund’s counsel or independent auditors.

 

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

 

(e) To the
extent permitted by applicable laws and such information is not subject to any confidentiality obligation by the relevant party,
each Fund shall make commercially reasonable efforts to cause its officers, managers, advisors, sponsor, distributor, legal counsel,
independent accountants, current administrator (if any) and transfer agent to cooperate with BNYM and to provide BNYM, upon reasonable
request, with such information,

    	- 5 -

    	

    

documents and
advice relating to that Fund as is within the possession or knowledge of such persons in order to enable BNYM to perform its duties
hereunder. In connection with its duties hereunder, BNYM shall be entitled reasonably to rely, and shall be held harmless by each
Fund when acting in reliance, upon the instructions, documents or advice relating to a Fund provided to BNYM by any of the aforementioned
persons. BNYM shall not be liable for any loss, damage or expense resulting from or arising out of the failure of a Fund to cause
any information, documents or advice to be provided to BNYM as provided herein, provided BNYM acts without negligence or willful
misconduct. All fees or costs charged by such persons shall be borne by the relevant Fund.

 

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

 

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

    	- 6 -

    	

    

and considerations
shall be solely for the Fund.

 

(h) BNYM may
apply to an officer of the Managing Owner for written instructions with respect to any matter arising in connection with
BNYM’s performance hereunder for such Fund, and BNYM shall not be liable for any action taken or not taken by it in good
faith in accordance with such instructions. Such application for instructions may, at the option of BNYM, set forth in writing
any action proposed to be taken or omitted to be taken by BNYM with respect to its duties or obligations under this Agreement and
the date on and/or after which such action shall be taken, and BNYM shall not be liable for any action taken or omitted to be taken
in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or
omitting to take any such action, BNYM has received written instructions in response to such application specifying the action
to be taken or omitted.

 

(i) BNYM may
consult with counsel to a Fund or its own counsel and shall be fully protected with respect to anything done or omitted by it in
good faith after consultation with the Fund in accordance with the advice or opinion of such counsel.

 

(j) Notwithstanding
any other provision contained in this Agreement, but to the extent expressly otherwise provided in Schedules I or II attached hereto,
BNYM shall have no duty or obligation to with respect to, including, without limitation, any duty or obligation to determine, or
advise or notify a Fund of: (i) the taxable nature of any distribution or amount received or deemed received by, or payable to,
such Fund, (ii) the taxable nature or effect on such Fund or its shareholders of any corporate actions, class actions, tax reclaims,
tax refunds or similar events, (iii) the taxable nature or taxable amount of any distribution or other amount paid, payable or
deemed paid, by such Fund to its shareholders; or (iv) the effect under any federal, state, foreign, or other applicable income
tax laws of such Fund making or not making any distribution or other payment, or any election with respect thereto.

 

(k) BNYM,
in performing the services required of it under the terms of this Agreement, shall be entitled reasonably to rely fully on the
accuracy and validity of any and all instructions, explanations, information, specifications and documentation furnished to it
by a Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such instructions, explanations,
information, specifications or documentation, including, without

    	- 7 -

    	

    

limitation, evaluations
of assets; the amounts or formula for calculating the amounts and times of accrual of a Fund’s liabilities and expenses;
the amounts receivable and the amounts payable on the sale or purchase of assets; and amounts receivable or amounts payable for
the sale or redemption of Shares effected by or on behalf of a Fund. In the event BNYM’s computations hereunder rely, in
whole or in part, upon information, including, without limitation, bid, offer or market values of assets, or accruals of interest
or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNYM which BNYM in its judgment deems reliable,
or from a broker-dealer selected by BNYM, BNYM shall not be responsible for, under any duty to inquire into, or deemed to make
any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing,
BNYM shall not be required to inquire into any valuation of other assets by a Fund or any third party described in this sub-section
(k) even though BNYM in performing services similar to the services provided pursuant to this Agreement for others may receive
different valuations of the same or different assets.

 

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

 

(m) Subject
to the provisions of this sub-section (m), BNYM shall compute the net asset value per Share of each Fund and shall value the assets
held by such Fund at such times and dates and in the manner specified in the then currently effective Prospectus of such Fund,
except that notwithstanding any language in the Prospectus, in no event shall BNYM be required to determine, or have any obligations
with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements,
including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations
shall be solely for each Fund. To the extent valuation of assets or computation of a Fund’s net asset value as specified
in the Fund’s then currently effective Prospectus is at any time inconsistent with any applicable laws or regulations, such
Fund shall immediately so notify BNYM in writing and thereafter shall either furnish BNYM at all appropriate times with the values
of such assets and net asset value, or subject to the prior approval of BNYM, instruct BNYM in writing to value assets and compute
net asset value in a manner which such Fund then represents in writing to be consistent with all applicable laws and

    	- 8 -

    	

    

regulations. Such
Fund may also from time to time, subject to the prior approval of BNYM, instruct BNYM in writing to compute the value of the assets
or net asset value in a manner other than as specified in this sub-section (m). By giving such instruction, such Fund shall be
deemed to have represented that such instruction is consistent with all applicable laws and regulations and its then currently
effective Prospectus. Each Fund shall have sole responsibility for determining the method of valuation of assets and the method
of computing net asset value.

 

(n) In providing
the services hereunder BNYM is authorized to utilize any legal, tax or other regulatory, compliance, or monitoring services, in
each case not a BNYM Affiliate, reasonably selected and retained by BNYM as a reliable provider of information. Each Fund agrees
that BNYM shall not be liable for any loss, damage or expense incurred as a result of errors or omissions of any vendor utilized
by BNYM pursuant to this subsection 5(n), and that no such vendor shall be an agent or delegee of BNYM.

 

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

 

6. Allocation
of Expenses.

 

Except as otherwise
provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid
by each Fund, including but not limited to, organizational costs and costs of maintaining its existence, taxes, interest, brokerage
fees and commissions, insurance premiums, compensation and expenses of such Fund’s shareholders, officers or employees, legal,
accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians,
transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase
of Shares, fees and expenses incident to the registration or qualification under federal, state or other applicable securities
laws of each Fund or its Shares, costs (including printing and mailing costs) of preparing and distributing any materials, reports,
notices and proxy material to the Fund’s shareholders, all expenses incidental to holding meetings of the Fund’s

    	- 9 -

    	

    

shareholders, and extraordinary expenses
as may arise, including litigation affecting the Fund and legal obligations relating thereto for which the Fund may have to indemnify
its shareholders, or officers.

 

7. Standard
of Care; Indemnification.

 

(a) BNYM shall
not be liable for any costs, expenses, damages, liabilities or claims, including reasonable attorneys’ and accountants’
fees (collectively, “Losses”), incurred by or asserted against a Fund, except those Losses arising out of BNYM’s
own negligence or willful misconduct. In no event shall BNYM be liable to a Fund or any third party for special, indirect or consequential
damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of
the possibility of such damages and regardless of the form of action, nor shall BNYM be liable (i) for acting in accordance with
any Certificate or Oral Instructions actually received by BNYM and reasonably believed by BNYM to be given by an Authorized Person;
(ii) for acting in accordance with Instructions; (iii) for presuming that all instructions that are Instructions and are not contained
in a Certificate or Oral Instructions are given only by person(s) duly authorized; (iv) for relying upon prices provided by any
third party pricing service or broker-dealer reasonably believed by BNYM to be reliable; (v) subject to Section 11 hereof, for
any Losses due to forces beyond the control of BNYM, including without limitation strikes, work stoppages, acts of war or terrorism,
insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; (vi) for any Losses arising from the applicability of any law or regulation
now or hereafter in effect; or (vii) for any Losses, resulting from, arising out of, or in connection with its performance hereunder,
including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by or
on behalf of a Fund, or for delays caused by circumstances beyond BNYM’s reasonable control, unless such Loss arises out
of the negligence or willful misconduct of BNYM.

 

(b) Each Fund
shall indemnify and hold harmless BNYM from and against any and all costs, expenses, damages, liabilities and claims (including
claims asserted by such Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which are sustained
or

    	- 10 -

    	

    

incurred or which
may be asserted against BNYM, by reason of or as a result of any action taken or omitted to be taken by BNYM in good faith hereunder
or in reliance upon (i) any law, act, regulation or interpretation of the same, issued by a court or governmental agency, (ii)
a Fund’s Prospectus, (iii) any instructions of an officer of the Managing Owner, or (iv) any opinion of legal counsel for
a Fund or BNYM, or arising out of transactions or other activities of a Fund which occurred prior to the commencement of this Agreement;
provided, that a Fund shall not indemnify BNYM for costs, expenses, damages, liabilities or claims for which BNYM is liable
under preceding sub-section 7(a). This indemnity shall be a continuing obligation of each Fund, its successors and assigns, notwithstanding
the termination of this Agreement. Without limiting the generality of the foregoing, each Fund shall indemnify BNYM against and
save BNYM harmless from any loss, damage or expense, including reasonable counsel fees and other costs and expenses of a defense
against any claim or liability, arising from any one or more of the following:

 

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

 

(ii) Action
or inaction taken or omitted to be taken by BNYM pursuant to any Certificate, Instructions or Oral Instructions of such Fund or
otherwise without negligence or willful misconduct;

 

(iii) Any
action taken or omitted to be taken by BNYM in good faith after consultation with the Fund in accordance with the advice or opinion
of counsel for such Fund or its own counsel;

 

(iv) Any
improper use by such Fund or its agents of any valuations or computations supplied by BNYM pursuant to this Agreement;

 

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

 

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

 

(c) Actions
taken or omitted in reliance on oral or written instructions, or

    	- 11 -

    	

    

upon any information,
order, indenture, shareholder certificate, power of attorney, assignment, affidavit or other instrument reasonably believed by
BNYM to be genuine or bearing the signature of a person or persons reasonable believed to be authorized to sign, countersign or
execute the same, or upon the opinion of legal counsel for the Fund or its own counsel, shall be conclusively presumed to have
been taken or omitted in good faith.

 

8. Limitation
of Liability.

 

(a) Fund
Liability. BNYM agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”)
of the particular Fund in controversy for payment in respect of any claim against or obligation of such Fund. The Fund Assets include
only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular
Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such Fund. In furtherance of the
Consent, BNYM agrees that any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds
and descriptions (collectively, “Claims”) against a Fund incurred, contracted for or otherwise existing shall be subject
to the following limitations:

 

(i) The
Claims of BNYM shall only be asserted and enforceable against a particular Fund and the Fund Assets of such Fund and such Claims
shall not be asserted or enforceable for any reason whatsoever against any other Fund, the Trust generally or any of their respective
assets;

 

(ii) if
the Claims of BNYM against a Fund or the Trust are secured in whole or in part, BNYM hereby waives (under Section 1111(b) of the
U.S. Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the
event such security is inadequate to satisfy such Claims) treated as unsecured Claims against the Trust or any Fund (other than
the Fund against which the Claim is made), as the case may be; and

 

(iii) the
foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied and notwithstanding that the agreements
in respect of such Claims are terminated, rescinded or canceled.

    	- 12 -

    	

    

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

 

9. Compensation
and Reimbursements.

 

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

 

10. Term
of Agreement.

 

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

 

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

    	- 13 -

    	

    

(c) No termination
by a Fund shall constitute a termination by any other Fund.

 

11. Authorized
Persons.

 

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

 

12. Amendment.

 

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

 

13. Assignment.

 

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

 

14. Governing
Law; Consent to Jurisdiction.

 

This Agreement
shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof.
Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with
any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that
in any jurisdiction a Fund may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution,
attachment (before or after judgment) or other legal process, each Fund irrevocably agrees not to claim, and it hereby waives,
such immunity.

 

15. Severability.

 

In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining

    	- 14 -

    	

    

provisions or obligations shall
not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless
remain applicable to all other persons and circumstances. Each Fund is entering this Agreement on its own account and no action
by one Fund shall affect this Agreement with any other Fund.

 

16. No
Waiver.

 

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

 

17. Notices.

 

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

 

if to a Fund, at

 

Van Eck Absolute Return Advisers Corp.

335 Madison Avenue

New York, New York 10017

Attention: Joseph J. McBrien, Esq.

Title: Senior Vice President, Secretary, General Counsel and Director

 

if to BNYM, at

 

 The Bank of New York Mellon

 __________________________

 New York, New York 10286

 Attention:

 Title:

 

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

 

18. Counterparts.

 

This Agreement may be
executed in any number of counterparts, each of which shall be

    	- 15 -

    	

    

deemed to be an original; but such counterparts
together shall constitute only one instrument.

 

19. Entire
Agreement.

 

BNYM and each Fund shall
have no duties or responsibilities whatsoever except such duties and responsibilities specifically set forth in this Agreement
and no covenant or obligation shall be implied against BNYM or any Fund in connection with this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have caused the foregoing instrument to be executed by duly authorized persons, all as of the day and year first
above written.

 

	 	 	MARKET VECTORS COMMODITY TRUST, on behalf of each Fund listed on Exhibit A
	 	 	 
	 	 	By: Van Eck Absolute Return Advisers Corp., its Managing Owner
	 	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON
	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:

    	- 16 -

    	

    

EXHIBIT A

 

Funds (As of                     , 2013)

 

Market Vectors Low Volatility Commodity ETF, a series of Market
Vectors Commodity Trust

 

Market Vectors Long/Short Commodity ETF, a series of Market
Vectors Commodity Trust

    	 

    	

    

EXHIBIT B

 

I,           , of Van Eck Absolute
Return Advisers Corp., a corporation organized under the laws of Delaware (the “Managing Owner”), as managing owner
of Market Vectors Morningstar Long/Flat Commodity ETF and Market Vectors Morningstar Long/Short Commodity ETF, each a series of
Market Vectors Commodity Trust (each, a “Fund”), do hereby certify that:

 

The following individuals
hold the following titles with the Managing Owner, and the signatures set forth opposite their respective names are their true
and correct signatures. Each such person is authorized to give written or oral instructions or written or oral specifications by
or on behalf of a Fund to BNYM.

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	Name	 	Title	 	Signature

 

	 	[seal]	 	By:	 	 
	 	 	 	Title 	 	 

    	 

    	

    

SCHEDULE I

ADMINISTRATIVE SERVICES

 

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

 

		2.	Provide other information to the sponsor and each Fund’s accountants to assist in the periodic
updating of the Fund’s Registration Statement and Prospectus and the preparation of Forms 10-K and 10-Q and proxy materials,
if any.

 

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

 

		4.	Subject to review and approval by each Fund, establish appropriate expense accruals, maintain expense
files (each of which shall be separate and distinct from each other) and coordinate the payment of invoices for the Fund.

 

		5.	Prepare statistical reports for each Fund for outside information services.

 

		6.	Maintain current books and records in respect of the Funds as listed on Schedule II.

 

		7.	When BNYM accepts delegation of the obligations of Managing Owner as contemplated under the Authorized
Participant Agreement.

    	 

    	

    

SCHEDULE II

VALUATION AND COMPUTATION SERVICES

 

I. BNYM shall maintain
the following records, separately and distinctly, on a daily basis in respect of each Fund.

 

1. Report of priced
portfolio assets

 

2. Statement of net
asset value per share

 

II. BNYM shall maintain
the following records, separately and distinctly, on a monthly basis in respect of each Fund:

 

1. General Ledger

 

2. General Journal

 

3. Cash Receipts
Journal

 

4. Cash Disbursements
Journal

 

5. Subscriptions
Journal

 

6. Redemptions Journal

 

7. Accounts Receivable
Reports

 

8. Accounts Payable
Reports

 

9. Transaction Journal

 

10. Broker Transaction
Journal

 

11.  Holdings Ledger

 

12. Buy-Sell Ledger
(Broker’s Ledger)

 

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

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