Document:

Exhibit
10.2

ADMINISTRATION AGREEMENT

 

This Administration Agreement
(this “Agreement”) dated and effective as of June 16, 2014, is by and between State Street Bank and Trust Company,
a Massachusetts trust company (the “Administrator”), and AccuShares Commodities Trust I (the “Trust”),
a Delaware statutory trust on behalf of each of its separate fund series listed on Schedule A attached hereto and made a
part hereof (each a “Fund” and collectively the “Funds”).

 

WHEREAS, the Trust is organized
pursuant to its Second Amended and Restated Trust Agreement dated as of June 16, 2014 (the “Trust Agreement”) between
Wilmington Trust, N.A., as trustee, and AccuShares Investment Management, LLC (the “Sponsor”), as sponsor;

 

WHEREAS, the offer and
sale of the shares of beneficial interest (“Shares”) of each Fund will be registered with the U.S. Securities and Exchange
Commission (the “SEC”) by means of the Trust’s registration statement on Form S-1, which will be filed and effective
as of the date of such offer and sale (on such present form, any subsequent amendment thereto or any later effective registration
statement, the “Registration Statement”) under the Securities Act of 1933, as amended (“1933 Act”);

 

WHEREAS, each Fund, pursuant
to the Trust Agreement, is authorized to issue its Shares in a pair of offsetting classes (each, a “Class”), with each
such Class representing interests in such Fund’s assets, as set forth under the Trust Agreement and as described in the
Funds’ most current prospectus(es) contained in the Registration Statement (as amended and supplemented from time to time,
the “Prospectus”);

 

WHEREAS, each Fund, pursuant
to the Trust Agreement and as described in its Prospectus, will publish its Class Values and Class Values per Share (as those terms
are defined in the Trust Agreement) on a daily basis each business day; and

 

WHEREAS, the Trust desires
to retain the Administrator to furnish certain administrative services to the Trust and each Fund, and the Administrator is willing
to furnish such services, on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants herein contained, the parties hereto agree as follows:

 

1.Appointment
of Administrator

 

The Trust hereby appoints
the Administrator to act as administrator to the Trust and the Funds for purposes of providing certain administrative services
for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the
services stated herein.

 

The Trust currently consists
of the Funds listed in Schedule A to this Agreement. In the event that the Trust establishes one or more additional Fund(s)
with respect to which it wishes to retain the Administrator to act as administrator hereunder, the Trust shall notify the Administrator 

    	 

    	 

    

in writing. Upon written acceptance by
the Administrator, such additional Fund(s) shall become subject to the provisions of this Agreement to the same extent as the
existing Funds, except to the extent that such provisions (including those relating to compensation and expenses payable) may
be modified with respect to such Fund in writing by the Trust and the Administrator at the time of the addition of such
Fund.

 

2.Delivery
of Documents

 

The Trust will promptly
deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

 

	a.		The Trust Agreement;

 

	b.		The Trust’s currently effective Registration Statement and each Fund’s
Prospectus and all amendments and supplements thereto as in effect from time to time;

 

	c.		A copy of the investment advisory agreement between the Trust and its investment adviser;
and

 

	d.		Such other certificates, documents or opinions which the Administrator may, in its
reasonable discretion, deem necessary or appropriate in the proper performance of its duties.

 

3.Representations
and Warranties of the Administrator

 

The Administrator represents
and warrants to the Trust that:

 

	a.		It is a Massachusetts trust company, duly organized and existing under the laws of
The Commonwealth of Massachusetts;

 

	b.		It has the requisite power and authority to carry on its business in The Commonwealth
of Massachusetts;

 

	c.		This Agreement constitutes its legal, valid, binding and enforceable agreement;

 

	e.		All requisite corporate proceedings have been taken to authorize it to enter into
and perform this Agreement;

 

	f.		No legal or administrative proceedings have been instituted or threatened which would
impair the Administrator’s ability to perform its duties and obligations under this Agreement; and

 

	g.		Its entrance into this Agreement shall not cause a material breach or be in material
conflict with any other agreement or obligation of the Administrator or any law or regulation applicable to it.

 

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4.Representations
and Warranties of the Trust

 

The Trust represents and
warrants to the Administrator that:

 

	a.		It is duly organized, validly existing in good standing in its jurisdiction of organization
and is qualified to conduct its business in every jurisdiction where its business is conducted;

 

	b.		It has the requisite power and authority under applicable laws and by its Trust Agreement
to enter and perform this Agreement;

 

	c.		The execution, delivery and performance of this Agreement, all documents and instruments
to be delivered hereunder or thereunder and all transactions contemplated hereunder or thereunder have been duly authorized by
all necessary organizational action;

 

	d.		The person executing this Agreement on its behalf has been duly authorized to act
on its behalf;

 

	e.		This Agreement constitutes its legal, valid, binding and enforceable agreement;

 

	f.		It has obtained all authorizations, approvals and consents of any governmental body
required in connection with this Agreement and all transactions contemplated hereunder and such authorizations are in full force
and effect;

 

	g.		The execution, delivery and performance of this Agreement and the transactions hereunder
will not violate any agreement, law, ordinance, charter, by-law, rule or regulation applicable to it or by which it is bound or
by which any of its assets are affected;

 

	h.		The Registration Statement will be filed and effective as of the date of offer and
sale of the Shares of each Fund, and remain effective thereafter during the term of this Agreement. The Trust also warrants to
the Administrator that as of the date of offer and sale of the Shares of each Fund, all filings under the securities laws of the
states in which such Fund offers or sells its Shares necessary for such offer or sale will have been made;

 

	i.		No legal or administrative proceedings have been instituted or threatened which would
impair the Trust’s ability to perform its duties and obligations under the Agreement; and

 

	j.		Its entrance into this Agreement shall not cause a material breach or be in material
conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it.

 

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5.Administration
Services

 

The Administrator shall
provide the services as listed on Schedule B for the Trust and each Fund, subject to the authorization and direction of the Trust
and, in each case where appropriate, the review and comment by the Sponsor, on behalf of the Trust, the Trust’s independent
accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trust and
the Administrator.

 

The Administrator shall
perform such other services for the Trust and the Funds that are mutually agreed to by the parties from time to time, for which
the Trust, on behalf of the Funds, will pay such fees as may be mutually agreed upon, including the Administrator’s reasonable
out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

 

The Administrator shall
provide the office facilities and the personnel determined by it to perform the services contemplated herein.

 

6.Fees;
Expenses; Expense Reimbursement

 

The Administrator shall
receive from the Trust, on behalf of the Funds, such compensation for the Administrator’s services provided pursuant to this
Agreement as may be agreed to from time to time in a written Fee Schedule approved by the parties. The fees are accrued daily and
billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end
of any month with respect to any Fund, the fee for the part of the month before such termination shall be prorated according to
the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement
as to such Fund. In addition, the Trust, on behalf of the Funds, shall reimburse the Administrator for its out-of-pocket costs
incurred in connection with its performance of this Agreement. All rights of compensation and expense reimbursement under this
Agreement for services performed as of the termination date shall survive the termination of this Agreement.

 

The Trust, on behalf of
the Funds, agrees promptly to reimburse the Administrator for any equipment and supplies specially ordered by or for the Trust
or any Fund through the Administrator and for any other expenses not contemplated by this Agreement that the Administrator may
incur on the Trust’s or any Fund’s behalf at the Trust’s request or with the Trust’s consent.

 

The Sponsor or the Funds,
as set forth in the Trust Agreement, will bear all expenses that are incurred in the Trust’s operation and not specifically
assumed by the Administrator. Expenses to be borne by the Sponsor or the Funds include, but are not limited to: organizational
expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel’s review
of the applicable Fund’s Registration Statement, Form S-1, Form S-3, Form 10-K, Form 10-Q and Form 8-K, proxy materials,
and any notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any
services contracted for by the Trust directly from parties other than the Administrator; cost of trading operations and brokerage
fees, commissions and transfer taxes in connection with the purchase and sale of

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securities for the Trust; trustee fees, investment
advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings
of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g.,
typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as “Preparation”),
printing, distribution and mailing of any proxy materials; the salary and expenses of any officer, director/trustee or employee
of the Sponsor; costs of Preparation, printing, distribution and mailing, as applicable, of the Trust’s Registration Statements,
the Funds’ Prospectus(es) and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing
of the Trust’s tax returns, Form S-1, Form S-3, Form 10-K, Form 10-Q and Form 8-K, and all notices, registrations and amendments
associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required
under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent
pricing services used in computing the Funds’ respective Class Values and Class Values per Share.

 

The Administrator is authorized
to and may employ, associate or contract with such person or persons as the Administrator may deem desirable to assist it in performing
its duties under this Agreement; provided, however, that the compensation of such person or persons shall be paid by the Administrator
and that the Administrator shall be as fully responsible to the Trust and each Fund for the acts and omissions of any such person
or persons as it is for its own acts and omissions.

 

7.Instructions
and Advice

 

At any time, the Administrator
may apply to the Trust or any Fund, or their respective designees, for instructions and may consult with its own legal counsel
or outside counsel for the Trust or the independent accountants for the Trust at the expense of the Trust, on behalf of the Funds,
with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement.

 

The Administrator shall
not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Trust. Nothing
in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to
act in accordance with such advice when received.

 

8.Limitation
of Liability and Indemnification

 

The Administrator shall
not be liable for any action taken or omitted by it in good faith in reliance upon any such instructions or advice or upon any
paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall
be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under
Section 6, shall have no responsibility for the actions or activities of any other party, including other service providers. The
Administrator shall have no liability in respect of any loss, damage or expense suffered by the Trust insofar as such loss, damage
or expense arises from the performance of the Administrator’s duties hereunder in reliance upon records that were maintained
for the Trust or its Funds by entities other than the Administrator

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prior to the Administrator’s appointment
as administrator for the Funds. The Administrator shall have no liability for any error of judgment or mistake of law or for any
loss or damage resulting from the performance or nonperformance of its duties hereunder unless solely caused by or resulting from
the negligence, bad faith or willful misconduct of the Administrator, its officers or its employees. The Administrator shall not
be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever
(including, without limitation, attorneys’ fees) under any provision of this Agreement or for any such damages arising out
of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such
damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event,
the Administrator’s cumulative liability for each calendar year (a “Liability Period”) with respect to the Trust
and the Funds under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation
earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered
by the Trust and the Funds including, but not limited to, any liability relating to the Trust’s and the Funds’ compliance
with any federal or state tax or securities statute, regulation or ruling during such Liability Period. “Compensation Period”
shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Administrator’s
liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the
annual cumulative liability of the Administrator for the Liability Period commencing on the date of this Agreement and terminating
on December 31, 2014 shall be the date of this Agreement through December 31, 2014, calculated on an annualized basis, and the
Compensation Period for the Liability Period commencing January 1, 2015 and terminating on December 31, 2015 shall be the date
of this Agreement through December 31, 2014, calculated on an annualized basis.

 

The Administrator shall
not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or
caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other
mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

 

The Trust and each Fund
shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage
and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand,
action or suit in connection with the Administrator’s acceptance of this Agreement, any action or omission by it in the performance
of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized
by the Trust or upon reasonable reliance on information or records given or made by the Trust or its investment adviser, provided
that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its
or their own negligence, bad faith or willful misconduct.

 

The limitation of liability
and indemnification contained herein shall survive the termination of this Agreement.

 

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9.Confidentiality

 

The parties hereto agree
that each shall treat confidentially all information provided by each party to the other party regarding its business and operations.
All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering
or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed
to any third party. The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter
becomes publicly available, other than through a breach of this Agreement, (ii) that is independently derived by any party hereto
without the use of any information provided by the other party hereto in connection with this Agreement, (iii) that is required
in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar
process, or by operation of law or regulation, or (iv) where the party seeking to disclose has received the prior written consent
of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, each party
acknowledges that the other party may provide access to and use of confidential information relating to the other party to the
disclosing party’s employees, contractors, sub-contractors, agents, professional advisors, auditors or persons performing
similar functions.

 

The undertakings and obligations
contained in this Section 9 shall survive the termination or expiration of this Agreement for a period of three (3) years.

 

10.Compliance
with Governmental Rules and Regulations; Records

 

The Trust assumes full
responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it.

 

The Administrator agrees
that all records which it maintains for the Trust or any Fund shall at all times remain the property of the Trust or such Fund,
as applicable, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination
of the Agreement or otherwise on written request except as otherwise provided in Section 12. The Administrator further agrees that
all records that it maintains for the Trust or any Fund will be preserved for such periods as may be mutually agreed upon unless
any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form,
at the option of the Administrator.

 

11.Services
Not Exclusive

 

The services of the Administrator
are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall
be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from
time to time, have no authority to act or represent the Trust or any Fund in any way or otherwise be deemed an agent of the Trust
or any Fund.

 

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12.Effective
Period and Termination

 

This Agreement shall
remain in full force and effect for an initial term ending five (5) years from the date hereof (the “Initial Term”).
After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal
Term”) unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior
to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party
may terminate this Agreement: (i) in the event of the other party’s material breach of a material provision of this Agreement
that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable,
within 60 days’ written notice of such breach, or (ii) in the event that the other party is adjudged bankrupt or insolvent,
or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar law, or a conservator
or receiver is appointed for such party or upon the happening of a like event to such party at the direction of an appropriate
agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph, the Trust shall pay the
Administrator its compensation due and shall reimburse the Administrator for its costs, expenses and disbursements.

In the event of:
(i) the Trust’s termination of this Agreement, with or without notice, with respect to any Fund for any reason other than
as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which
the Administrator is not retained to continue providing services hereunder to such Fund (or its respective successor), the Trust
shall pay the Administrator its compensation due through the end of the then-current term (based upon the average monthly compensation
previously earned by Administrator with respect to the Fund) and shall reimburse the Administrator for its costs, expenses and
disbursements. Upon receipt of such payment and reimbursement, the Administrator will deliver the Fund’s records as set forth
herein. For the avoidance of doubt, no payment will be required pursuant to the first sentence of this paragraph in the event of
(a) the liquidation or dissolution of the Fund and distribution of the Fund’s assets as a result of the Sponsor’s good
faith determination that the Fund is no longer viable, (b) a merger of the Fund into, or the consolidation of the Fund with, another
entity, or (c) the sale by the Fund of all, or substantially all, of its assets to another entity, in each of (b) and (c) where
the Administrator is retained to continue providing services to the Fund (or its respective successor) on substantially the same
terms as this Agreement.

13.Notices

 

Any notice or other communication
authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered
in person or by confirmed facsimile, by overnight delivery through a commercial courier service, or posted by certified mail, return
receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

 

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If to the Trust, any Fund or the
Sponsor:

AccuShares Investment Management, LLC

1 Bridge Plaza North, Suite 468

Fort Lee, NJ 07024

Attention: Forrest Gilman

Telephone: 201-399-4700

Facsimile: 203-998-0435

 

If to the Administrator:

State Street Bank and Trust Company

P.O. Box 5049

Boston, MA 02206-5049

Attn: Mary Moran Zeven, Senior Vice President and Senior Counsel

Facsimile: 617-662-2702

 

14.Amendment

 

This Agreement may be amended
at any time in writing by mutual agreement of the parties hereto.

 

15.Assignment

 

This Agreement shall not
be assigned by either party hereto without the prior consent in writing of the other party, except that either party may assign
this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under
common control with the assigning party.

 

16.Successors

 

This Agreement shall be
binding on and shall inure to the benefit of the Trust, on behalf of the Funds, and the Administrator, and their respective successors
and permitted assigns.

 

17.Data
Protection

 

The Administrator will
implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard
the personal information of the Trust’s and the Funds’ shareholders, employees, directors and/or officers that the
Administrator receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder.
For these purposes, “personal information” shall mean (i) an individual’s name (first initial and last name or
first name and last name), address or telephone number plus (a) Social Security number, (b) driver’s license number,
(c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification
number or password that would permit access to a person’s account or (ii) any combination of the foregoing that would allow
a person to log onto or access an individual’s account. Notwithstanding the foregoing “personal information”
shall not include information

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that is lawfully obtained from publicly available
information, or from federal, state or local government records lawfully made available to the general public.

 

18.Entire
Agreement

 

This Agreement contains
the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations,
warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

 

19.Waiver

 

The failure of a party
to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive
such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must
be in writing signed by the waiving party.

 

20.Severability

 

If any provision of this
Agreement is invalid or unenforceable, the balance of the Agreement shall remain in effect, and if any provision is inapplicable
to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances.

 

21.Governing
Law

 

This Agreement shall be
construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without
regard to its conflicts of laws provisions.

 

22.Reproduction
of Documents

 

This Agreement and all
schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall
be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in
existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement,
facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

 

23.Counterparts

 

This Agreement may be executed
by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute
one and the same instrument.

 

24.ASSETS AND LIABILITIES OF THE FUNDS

 

The Administrator hereby
acknowledges and agrees that:

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(a)The assets of each Fund shall be
held in separate and distinct accounts (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 Fund and are referred to as “assets
belonging to” that Fund. Except as otherwise set forth herein, the assets belonging to a Fund shall belong only to that Fund
for all purposes, and to no other Fund, and shall be subject only to the rights of creditors of that Fund. The assets belonging
to a Fund shall be charged with the liabilities of such Fund and all expenses, costs, charges, indemnities and reserves attributable
to such Fund.

 

(b)Except as otherwise set forth herein,
the debts, liabilities, obligations, expenses, costs, charges, interests, claims, indemnities and reserves of any nature and all
kinds and descriptions (“Claims”) incurred, contracted for, attributable to or otherwise existing with respect to a
particular Fund shall be enforceable against the assets of such Fund only, and not against the assets of the Trust generally or
of any other Fund and, unless otherwise provided by the Sponsor, none of the Claims incurred, contracted for, attributable to or
otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of such Fund.

 

 

 

 

[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their duly authorized officers or other representatives designated
below as of the date first written above.

 

ACCUSHARES COMMODITIES TRUST I, for and on behalf of each
Fund listed on Schedule A attached hereto

 

By: AccuShares Investment Management, LLC, as Sponsor

 

	 	By: /s/ Forrest G. Gilman              
	      	Name:  Forrest G. Gilman
	      	Title:  Vice President, Chief Financial Officer and Treasurer

 

 

STATE STREET BANK AND TRUST COMPANY

 

 

By: /s/ Michael F. Rogers                                  

Name:Michael F. Rogers

Title:Executive Vice President

    	 

    	 

    

ADMINISTRATION AGREEMENT

 

SCHEDULE A

 

AccuShares
Commodities Trust I

 

AccuShares S&P GSCI Spot Fund

AccuShares S&P GSCI Agriculture and Livestock Spot Fund

AccuShares S&P GSCI Industrial Metals Spot Fund

AccuShares S&P GSCI Crude Oil Spot Fund

AccuShares S&P GSCI Brent Oil Spot Fund

AccuShares S&P GSCI Natural Gas Spot Fund

AccuShares Spot CBOE VIX Fund

 

    	 

    	 

    

ADMINISTRATION
AGREEMENT

 

Schedule
B

 

LIST OF
SERVICES

 

I.Fund
Administration Treasury Services as described in Schedule B1 attached hereto;

 

 

 

    	 

    	 

    

Schedule
B1

 

Fund Administration Treasury Services

 

 

	a.		Prepare for the review by designated officer(s) of the Sponsor, on behalf of the Trust,
financial information regarding the Funds and the Trust that will be included in the Trust’s annual and quarterly reports.

 

	b.		Coordinate the audit of the Trust’s and each Fund’s financial statements
by the Trust’s independent accountants, including the preparation of supporting audit workpapers and other schedules.

 

	c.		Prepare for the review by designated officer(s) of the Sponsor, on behalf of the Trust,
the Trust’s periodic financial reports required to be filed with the SEC on Forms 10-K and 10-Q and financial information
required by Forms S-1, S-3, 8-K (if applicable) and proxy statements, and such other reports, forms or filings as may be mutually
agreed upon.

 

	d.		Prepare for the review by designated officer(s) of the Sponsor, on behalf of the Trust,
annual Fund expense budgets, perform accrual analyses and roll-forward calculations and recommend changes to Fund expense accruals
on a periodic basis, arrange for payment of the Trust’s and the Funds’ expenses as required by the Trust Agreement,
review calculations of fees paid to the Trust’s and each Fund’s investment adviser, custodian, fund accountant, marketing
agent and transfer agent, and obtain authorization of accrual changes and expense payments.

 

	e.		Provide periodic testing of the Funds with respect to monitoring of compliance with
certain operating policies, as may be mutually agreed upon.

 

	f.		Prepare and disseminate vendor survey information.

 

	g.		Provide sub-certificates in connection with the certification requirements of the
Sarbanes-Oxley Act of 2002 with respect to the services provided by the Administrator.

 

	h.		Maintain certain books and records of the Trust and the Funds as may be mutually agreed
upon.Exhibit 10.3

 

The Depository Trust Company

A subsidiary of the Depository Trust
& Clearing Corporation

BLANKET ISSUER LETTER OF REPRESENTATIONS

(To be completed by Issuer and Co-Issuer(s),
if applicable)

AccuShares
Commodities Trust I

(Name of Issuer and Co-Issuer(s), if
applicable)

	12/3/2013
	(Date)

The Depository Trust Company

570 Washington Blvd, 4th FL

Jersey City, NJ 07310

Attention: Underwriting Department

Ladies and Gentlemen:

This letter sets forth our understanding
with respect to all issues (the “Securities”) that Issuer shall request to be made eligible for deposit by The Depository
Trust Company (“DTC”).

Issuer is: (Note: Issuer shall represent one and cross
out the other.)

[incorporated in] [formed under the laws
of] Delaware.

To induce DTC to accept the Securities
as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents
to DTC that issuer will comply with the requirements stated in DTC’s Operational Arrangements, as they may be amended from
time to time.

	 	 	Very truly yours,
	Note:	 	 
	Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfers of securities distributed through DTC, and certain related matters.	 	
        AccuShares
        Commodities Trust I

	(Issuer)
	 
	 	 	By:	
        /s/ Forrest
        Gilman

	 	 	 	(Authorized Officer’s Signature)
	 	 	 	 
	 	 	
        Forrest Gilman

	 	 	(Print Name)
	 	 	 
	 	 	
        300 First
        Stamford Place – 4th Floor East

	 	 	(Street Address)
	 	 	 
	 	 	
        Stamford,
        CT USA 06902

	 	 	(City)           (State)           (Country)           (Zip Code)
	 	 	 
	 	 	
        (203) 989-4967

	 	 	(Phone Number)
	 	 	 
	 	 	
        forrest.gilman@accushares.com

	 	 	(E-mail Address)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]