Document:

[20 August 1996]

EXHIBIT 4.4.2

 (Multicurrency—Cross Border)

SCHEDULE

to the

ISDA Master Agreement

dated as of June 23, 2008

between

MacroShares $100 Oil Up Trust ("Party A")

and

MacroShares $100 Oil Down Trust ("Party B")

Part 1

Termination Provisions

(a)

"Specified Entity" means: Not Applicable

(b)

"Specified Transaction" shall have the meaning specified in Section 14 of this Agreement.

(c)

Events of Default and Termination Events.  The following Events of Default and Termination Events shall apply to Party A and Party B  as set forth below:

			
	

Event of Default/Termination Event

	Applies to

Party A

	Applies to

Party B

	Section 5(a)(i)  Payment Default

	No

	No

	Section 5(a)(ii)  Breach of Agreement

	No

	No

	Section 5(a)(iii)  Credit Support Default

	No

	No

	Section 5(a)(iv)  Misrepresentation

	No

	No

	Section 5(a)(v) Default Under Specified Transaction

	Yes

	Yes

	Section 5(a)(vi)  Cross Default

	No

	No

	Section 5(a)(vii)  Bankruptcy

	Yes

	Yes

	Section 5(a)(viii)  Merger Without Assumption

	No

	No

	Section 5(b)(i)  Illegality

	Yes

	Yes

	Section 5(b)(ii)  Tax Event

	No

	No

	Section 5(b)(iii)  Tax Event Upon Merger

	No

	No

	Section 5(b)(iv)  Credit Event Upon Merger

	No

	No

	Section 5(b)(v)  Additional Termination Events

	No

	No

(d) 

The "Automatic Early Termination" provision of Section 6(a) will not apply to Party A and will not apply to Party B.

(e)

Payments on Early Termination.  Notwithstanding the provisions of Section 6 of the Master Agreement, no Event of Default or Termination Event shall entitle either party to designate an Early Termination Date under any Transaction hereunder, and all Transactions shall continue in accordance with their terms following any Event of Default or Termination Event.

(f)

"Termination Currency" means U.S. dollars.

(g)

Additional Termination Event.  No "Additional Termination Events" will apply for purposes of Section 5(b)(v).

(h)

Termination Payments.  Any payment or payments due upon the early termination of this Agreement or any Transaction hereunder shall be payable on the Early Termination Date.

Part 2

Tax Representations

(a)

Payer Tax Representations.  For the purposes of Section 3(e) of this Agreement, Party A and Party B will each make the following representations to the other: 

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, each party may rely on: 

(i)

The accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement;

(ii)

The satisfaction of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement, and

(iii)

The satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement,

provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

(b)

Payee Tax Representations.  

(i)

For the purposes of Section 3(f) of this Agreement, Party A makes the following representations to Party B.

It is a partnership for U.S. tax purposes.

(ii)

For the purposes of Section 3(f) of this Agreement, Party B makes the following representations to Party A.

It is a partnership for U.S. tax purposes.

20

Part 3

Documents to be delivered

(a)

For the purpose of Sections 4(a)(i) of this Agreement, each party agrees to deliver the following documents, as applicable:

				
	Party required to deliver documents

	Form/Document/Certificate

	Date by which to be delivered

	 

	Party A and Party B 

	An executed United States Service Form W-9 (or successor thereto).

	(i) Upon execution and delivery of this Agreement; (ii) promptly upon reasonable demand by the other party; and (iii) promptly upon learning that any Form W-9 (or any successor thereto) has become obsolete or incorrect.

	 

 (b)

For the purposes of Section 4(a)(ii), the other documents to be delivered are as follows, which shall be covered by the representation in Section 3(d) of the Agreement if specified:

				
	Party required to deliver documents

	Form/Document/Certificate

	Date by which to be delivered

	Section 3(d) representation

	Party A and Party B 

	Any documents required by the receiving party to evidence the authority of the delivering party for it to execute and deliver this Agreement, the Confirmation to which it is a party, and to evidence the authority of the delivering party to perform its obligations under this Agreement and the Confirmation.

	Upon execution and delivery of this Agreement and applicable Confirmation.

	Applicable.

	Party A/Party B

	Legal opinions satisfactory to the other party. 

	Upon execution and delivery of this Agreement.

	Not Applicable.

Part 4

Miscellaneous

(a)

Address for Notices. For the purpose of Section 12(a) of this Agreement, the addresses for notices and communications to Party A and Party B shall be as follows:

21

TO PARTY A:

MacroShares $100 Oil Up Trust

c/o State Street Bank and Trust Company, N.A.

Two World Financial Center

225 Liberty Street

New York, New York 10281

Attention:  James Casey

Facsimile:  (617) 988-9556

                   and (617) 451-4704

TO PARTY B:

MacroShares $100 Oil Down Trust

c/o State Street Bank and Trust Company, N.A.

Two World Financial Center

225 Liberty Street

New York, New York 10281

Attention:  James Casey

Facsimile:  (617) 988-9556

                   and (617) 451-4704

(b)

Process Agent. For the purpose of Section 13(c) of this Agreement:

Party A appoints as its Process Agent:

Not applicable.

Party B appoints as its Process Agent:

Not applicable.

(c)

Offices.  The provisions of Section 10(a) will apply to this Agreement.

(d)

Multibranch Party.  For purpose of Section 10(c) of this Agreement:

(i) 

Party A is not a Multibranch Party.

(ii) 

Party B is not a Multibranch Party.

(e)

The Calculation Agent  for any Transaction shall be as set forth in the confirmation for such Transaction.

(f)

Credit Support Document. Details of any Credit Support Document: 

With respect to Party A:  None.

With respect to Party B:  None.

(g)

Credit Support Provider.  Credit Support Provider means in relation to Party A and Party B: Not applicable.

(h)

Governing Law:  This Agreement shall be governed by and construed in accordance with New York law.

22

(i)

Netting of Payments.  Subparagraph (ii) of Section 2(c) of this Agreement will apply all Transactions under this Agreement, so that payments due under different Transactions will NOT be netted against each other pursuant to Section 2(c).  

(j)

"Affiliate" shall have the meaning specified in Section 14 of this Agreement.  

Part 5

Other Provisions

1.

Representations

Each party will be deemed to represent to the other party on the date that it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

(i)

Non-Reliance.  It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has deemed necessary.  It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered to be investment advice or a recommendation to enter into that Transaction.  No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction.

(ii)

Assessment and Understanding.  It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and risks of that Transaction.  It is also capable of assuming, and assumes, the risks of that Transaction.

(iii)

Status of Parties.  The other party is not acting as a fiduciary for or adviser to it in respect of that Transaction.

2.

Withholding Tax

Notwithstanding Section 2(d) of the Agreement, neither party shall be required to pay any additional amounts in respect of an Indemnifiable Tax or be under any obligation to pay any amount to the other party in respect of any liability for or on account of any Indemnifiable Tax. 

3.

Definitions

Capitalized terms not defined under this Agreement shall have the definitions ascribed to them in the MacroShares $100 Oil Down Trust Agreement (the "Down Trust Agreement") or the MacroShares $100 Oil Up Trust Agreement (the "Up Trust Agreement"), each dated as of June 23, 2008, and each entered into among MACRO Securities Depositor, LLC, as Depositor, State Street Bank and Trust Company, N.A., as Trustee, MacroMarkets LLC, as Administrative Agent, and Macro Financial, LLC as a Marketing Agent.

23

4.

Confirmation regarding Limitation of Trustee Liability

It is understood and agreed that the Trustee shall not be personally liable or otherwise liable for an error of judgment or with respect to any action taken, suffered or omitted by it in good faith except as expressly set forth in the Down Trust Agreement or Up Trust Agreement, as applicable, and that any creditor of Party A or Party B or any other party asserting any claim relating to Party A or Party B, other than a claim that the Trustee has acted with gross negligence, was grossly negligent in failing to act, acted with bad faith or reckless disregard of its duties hereunder or engaged in willful misconduct, shall look solely to the assets of Party A or Party B, as applicable, and shall not look to the Trustee to satisfy such claims.

24

						
	MacroShares $100 Oil Up Trust 

	      

	 
	MacroShares $100 Oil Down Trust

	 

	  

	 
	 
	 
	 
	 

	By:

	STATE STREET BANK

	 
	By:

	STATE STREET BANK

	 

	 
	AND TRUST COMPANY, N.A.,

	 
	 
	AND TRUST COMPANY, N.A.,

	 

	 
	not in its individual capacity 

	 
	 
	not in its individual capacity 

	 

	 
	but solely as Up Trustee

	 
	 
	but solely as Down Trustee

	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	By:

	/s/ James Casey

	 
	By:

	/s/ James Casey

	 

	Name

	 James Casey

	 
	Name:

	James Casey

	 

	Title:

	President

	 
	Title:

	President

	 

	Date:

	June 23, 2008

	 
	Date:

	June 23, 2008

	 

25Income Distribution Agreement

EXHIBIT 4.5

Income Distribution Agreement

CONFIRMATION

From: 

MacroShares $100 Oil Up Trust

To:

MacroShares $100 Oil Down Trust

Date:

June 23, 2008

Re:

Income Distribution Agreement

Ladies and Gentlemen:

This letter agreement (this "Confirmation") is intended to confirm the terms and conditions of the transaction (the "Transaction") entered into between us on the Trade Date set forth below. 

1.

The definitions and provisions contained in the 2000 ISDA Definitions (the "Definitions"), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation.  Any capitalized terms used but not defined herein or in the Definitions shall have the meanings set forth in the MacroShares $100 Oil Down Trust Agreement (the "Down Trust Agreement") or the MacroShares $100 Oil Up Trust Agreement (the "Up Trust Agreement"), each dated as of [     ], 2008, each among MACRO Securities Depositor, LLC, as Depositor, State Street Bank and Trust Company, N.A., as Trustee, MacroMarkets LLC, as Administrative Agent, and MACRO Financial, LLC, as a Marketing Agent.  In the event of any inconsistency between any such definitions and provisions and this Confirmation, this Confirmation will govern.

This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement, dated as of [     ], 2008, as amended and supplemented from time to time (the "Agreement"), between the MacroShares $100 Oil Up Trust (the "Up Trust") and the MacroShares $100 Oil Down Trust (the "Down Trust").  All provisions contained in the Agreement shall govern this Confirmation except as expressly modified below.  In the event of any inconsistency between the provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purposes of this Transaction.

2.

The terms of the particular Transaction to which this Confirmation relates are as follows:

Trade Date:

[     ], 2008

Effective Date:

[     ], 2008

Termination Date:

The earlier of (i) the Distribution Payment Date which follows the Final Scheduled Termination Date, and (ii) the Distribution Payment Date which follows an Early Termination Date.

Distribution Dates:

The second Business Day preceding each Record Date.

Distribution Payment Dates:

The third Business Day of the month immediately following the month in which the related Distribution Date occurred. 

Record Dates:

The last Business Day of March, June, September and December of each year, commencing in June of 2008.

Income Distribution Payments and 

Income Distribution Payment Payer:

With respect to any Distribution Date, if the Down Earned Income Accrual for the preceding Calculation Period is less than the Down Available Income for such Calculation Period, the Down Trust will pay the Down Income Distribution Payment to the Up Trust on the related Distribution Payment Date.  If the Up Earned Income Accrual for the preceding Calculation Period is less than the Up Available Income for such Calculation Period, the Up Trust will pay the Up Income Distribution Payment to the Down Trust on the related Distribution Payment Date.

Down Income

Distribution Payment:

With respect to any Distribution Date, an amount equal to the positive difference between the Down Available Income for the preceding Calculation Period and the Down Earned Income Accrual for the preceding Calculation Period.

Up Income

Distribution Payment:

With respect to any Distribution Date, an amount equal to the positive difference between the Up Available Income for the preceding Calculation Period and the Up Earned Income Accrual for the preceding Calculation Period.

Available Income and 

Earned Income Accrual:

With respect to any Calculation Period, the Up Available Income and Down Available Income, and the Up Earned Income Accrual and Down Earned Income Accrual will have the respective meanings specified in the Up Trust Agreement and the Down Trust Agreement.

Business Day:

New York

Calculation Agent:

The Trustee

Early Termination:

With respect to any Early Termination Date (as defined in the Up Trust Agreement and the Down Trust Agreement), no payment (other than payments already due and paid).  

3.

Tax Treatment.

The parties hereto intend to treat this Confirmation, as governed by the Agreement, as a notional principal contract (within the meaning of Treas. Reg. Section 1.446-3) for U.S. federal, state, and local income tax purposes.

2

4.

Account Details:

Account(s) for payments to Up Trust:

Account(s) for payments to Down Trust:

3

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us.

			
	 
	Yours sincerely,

	 
	 
	 

	 
	MACROSHARES $100 OIL UP TRUST

	 
	 
	 

	 
	By:  State Street Bank and Trust Company, N.A.,

	 
	not in its individual capacity but solely as 

	 
	Up Trustee

	 
	 
	 

	 
	 
	 

	 
	By:

	/s/ James Casey

	 
	Name: 

	 James Casey

	 
	Title:   

	President

Confirmed as of the

date first above written:

MACROSHARES $100 OIL DOWN TRUST

By:  State Street Bank and Trust Company, N.A.,

not in its individual capacity but solely as 

Down Trustee

			
	By:

	/s/ James Casey

	 

	Name:

	James Casey 

	 

	Title:

	President

	 

4

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