Document:

Form of Transfer Agency and Service Agreement

 Exhibit 10.4 

 

 

 TRANSFER AGENCY AND SERVICE AGREEMENT 

AGREEMENT made as of the      day of
            , 2010, by and between each Trust (each, individually, a “Trust” and collectively, the “Trusts”) listed on Appendix I hereto (as such Appendix
be amended from time to time), and THE BANK OF NEW YORK MELLON, a New York banking company having its principal office and place of business at One Wall Street, New York, New York 10286 (the “Bank”). 

WHEREAS, each Trust is an exchange traded fund; and 

WHEREAS, each Trust will issue for purchase and redeem units of beneficial interest of each Trust (the “Shares”) only in
aggregations of shares known as “Creation Units” (each a “Creation Unit”); 
 WHEREAS, The Depository Trust
Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee (Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and 

WHEREAS, each Trust desires to appoint the Bank as transfer agent, distribution disbursing agent, and agent in connection with certain
other activities, and the Bank desires to accept such appointment; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained, the parties hereto agree as follows: 
 1. Terms of Appointment; Duties of the Bank 

1.1 Subject to the terms and conditions set forth in this Agreement, each Trust hereby employs and appoints the Bank to act as, and the
Bank agrees to act as, its respective transfer agent for the authorized and issued Shares and as each Trust’s distribution disbursing agent. 

1.2 The Bank agrees that it will perform the following services: 

(a) In accordance with the terms and conditions of the form of Participant Agreement of each Trust, a copy of which is attached hereto as
Exhibit A, the Bank shall: 
 (i) Perform and facilitate the performance of purchases and redemption of Creation Units
for each Trust; 
 (ii) Prepare and transmit by means of DTC’s book-entry system payments for distributions on or with
respect to the Shares declared by the applicable Trust; 
 (iii) Maintain separate and distinct records for each Trust with
respect to the name and address of the Shareholders and the number of Shares issued by each Trust and held by Shareholders; 

(iv) With respect to each Trust, record, separately and distinctly, the issuance of Shares of each Trust and maintain separate and
distinct records of the total number of Shares of each Trust which have been issued since inception and the number of Shares which are outstanding based upon data provided to it by each Trust. The Bank shall have no obligation, when recording the
issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust; 

 (v) Prepare and transmit to each Trust and each Trust’s administrator and to any
applicable securities exchange (as specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares of each respective Trust; 

(vi) On days that a Trust may accept orders for purchases or redemptions, calculate and transmit to the Bank and such Trust’s
administrator the number of outstanding Shares; 
 (vii) On days that a Trust may accept orders for purchases or redemptions
(pursuant to the Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares purchased redeemed on such day by such Trust; 

(viii) Confirm to DTC the number of Shares issued to Shareholders of each respective Trust, as DTC may reasonably request; 

(ix) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request; 

(x) Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in
accordance with the policies and procedures of DTC for book-entry only securities; 
 (xi) Maintain separate and distinct books
and records of each Trust as specified by each Trust in Schedule A attached hereto; 
 (xii) With respect to each Trust,
prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to
each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed; 
 (xiii) Receive from
the Managing Owner purchase orders from Authorized Participants (as defined in the Participant Agreement) for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor, transmit
appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for each of the
respective Trusts; 
 (xiv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation
thereof to The Bank of New York Mellon as custodian for the Trust, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit
appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held in the account of the Shareholder; and 

(xv) Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant. 

(b) In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer
agent and distribution disbursing agent including, but not limited to, maintaining the account of the Shareholder with respect to each Trust, obtaining at the request of the Trust from the Shareholder a list of DTC participants holding interests in
each Trust’s Global Certificate, and those services set forth on Schedule A attached hereto. 
  

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 (c) The following shall be delivered to DTC participants as identified by DTC as the
Shareholder for book-entry only securities: 
 (i) Annual reports of the Trust; 

(ii) Trust proxies, proxy statements and other proxy soliciting materials; 

(iii) Trust prospectus and amendments and supplements thereto, including stickers; and 

(iv) Other communications as a Trust may from time to time identify as required by law or as a Trust may reasonably request; and

 (v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

 (d) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner required by
applicable laws, rules, and regulations (the “Rules”), all such books and records shall be the property of each respective Trust, will be preserved, maintained and made available in accordance with such Section and Rules, and will be
surrendered promptly to the Trust on and in accordance with its request. 
 2. Fees and Expenses 

2.1 The Bank shall receive from the Trusts such compensation for the Transfer Agent’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, 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. 

2.2 In addition to the fee paid under Section 2.1 above, each Trust agrees to reimburse the Bank for reasonable out-of-pocket
expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the written fee schedule attached hereto
or relating to distributions and reports (whereas all expenses related to creations and redemptions of each respective Trust’s securities shall be borne by the relevant authorized participant in such creations and redemptions). In addition, any
other expenses incurred by the Bank at the request or with the consent of a Trust, will be reimbursed by the applicable Trust. 

2.3 The Trust agrees to pay all fees and reimbursable expenses within ten (10) business days following the receipt of the respective
billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of distributions, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven
(7) days prior to the mailing date of such materials. 
  

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 3. Representations and Warranties of the Bank 

The Bank represents and warrants to each Trust that: 

It is a banking company duly organized and existing and in good standing under the laws of the State of New York. 

It is duly qualified to carry on its business in the State of New York. 

It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter
into, and perform its obligations under, this Agreement. 
 All requisite corporate proceedings have been taken to authorize it
to enter into and perform this Agreement. 
 It has and will continue to have access to the necessary facilities, equipment and
personnel to perform its duties and obligations under this Agreement. 
 4. Representations and Warranties of the Trust 

Each Trust, severally and not jointly, represents and warrants to the Bank that: 

It is a statutory trust duly organized and existing and in good standing under the laws of Delaware. 

It is empowered under applicable laws and by its Declaration of Trust and Trust Agreement to enter into and perform this Agreement.

 A registration statement under the Securities Act of 1933, as amended, on behalf of each of the Trusts has become effective,
will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale. 

5. Indemnification 
 5.1
The Bank shall not be responsible for, and the applicable Trust shall indemnify and hold the Bank harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation, those incurred by the Bank in a
successful defense of any claims by a Trust, payments, expenses and liability (“Losses”) which may sustain or incur or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank’s actions or
omissions with respect to this Agreement, except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement. 

5.2 This indemnification provision shall apply to actions taken pursuant to this Agreement or the Participant Agreement. 

 

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 6. Standard of Care and Limitation of Liability 

The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for direct
money damages caused by its own negligence or willful misconduct or that of its employees or agents, or its breach of any of its representations. In no event shall the Bank be liable for special, indirect or consequential damages, regardless of the
form of action and even if the same were foreseeable. For purposes of this Agreement, none of the following shall be or be deemed negligence or willful misconduct: 

(a) The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which
(i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent
or registrar. 
 (b) The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any
instructions or requests of the Trust or instructions or requests on behalf of the Trust. 
 (c) The offer or sale of
Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other
determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state. 
 7. Concerning
the Bank 
 7.1 

(a) The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust
(which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith
and with reasonable care in the selection and retention of such agents or attorneys-in-fact. 
 (b) The Bank may, without the
prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract,
agreement or understanding shall discharge Bank from its obligations hereunder. 
 7.2 The Bank shall be entitled to
conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed by the Bank to be duly authorized and delivered. Each Trust agrees to forward to the Bank written instructions confirming oral instructions
by the close of business on the same day that such oral instructions are given to the Bank. Each Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank
shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank. If a Trust elects to transmit written instructions through an on-line communication system offered by the Bank, such
Trust’s use thereof shall be subject to the terms and conditions attached hereto as Appendix A. 
 7.3 The Bank
shall establish and maintain a disaster recovery plan and back-up system at all times satisfying the requirements of its regulators (the “Disaster Recovery Plan and Back-Up System”). The Bank shall not be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control which are not a result of its negligence, including without limitation, acts of God;
earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of utilities, transportation, computer (hardware or software) or communication services; labor disputes; acts of civil
or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that the Bank has established and is maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or
failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any such delay or failure the Bank shall use commercially reasonable best efforts to resume
performance as soon as practicable under the circumstances. 
  

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 7.4 The Bank shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the
Participation Agreement. 
 7.5 At any time the Bank may apply to an officer of the Trust for written instructions with respect
to any matter arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such
instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or
obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank 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, the Bank has received written instructions in response to such application specifying the action to be taken or omitted. 

7.6 The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed
by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar
means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust. 

7.7 Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and
shall not be liable for: 
 (a) The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be
received in connection therewith, or the authority of each Trust to request such issuance, sale or transfer; 
 (b) The legality
of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of each Trust to request such purchase; 

(c) The legality of the declaration of any distribution by a Trust, or the legality of the issue of any Shares in payment of any stock
dividend; or 
 (d) The legality of any recapitalization or readjustment of the Shares of any Trust. 

8. Providing of Documents by each Trust and Transfers of Shares 

8.1 Each Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and all amendments thereto. 

8.2 With respect to each Trust, in the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of
the successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require. 
  

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 8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial
interest in any of the Shares of any Trust owned by the Shareholder. 
 8.4 Each Trust shall deliver to the Bank the following
documents on or before the effective date of any increase, decrease or other change in the total number of Shares authorized to be issued: 

(a) A certified copy of the amendment to the Trust’s Declaration of Trust with respect to such increase, decrease or change; and

 (b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the
Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations
(i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable
securities exchanges. 
 8.5 Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or
otherwise, and prior to any reduction in the number of Shares outstanding, a Trust shall deliver to the Bank: 
 (a) A certified
copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is
required; and 
 (b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the
validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or
regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on
all applicable securities exchanges. 
 8.6 The Bank agrees that all records prepared or maintained by the Bank relating to the
services to be performed by the Bank hereunder are the property of the applicable Trust, and will be preserved, maintained and made available upon reasonable request, and will be surrendered promptly to the applicable Trust on and in accordance with
its request. The Bank further agrees that all records prepared or maintained by the Bank for each Trust relating to the services to be performed by the Bank hereunder will be maintained in separate and distinct files created for each Trust.

 8.7 The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data
pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors,
accountants, regulators, employees or counsel, except as may be, or may become required by law, by administrative or judicial order or by rule. 

8.8 In case of any requests or demands for the inspection of the Shareholder records of a Trust, the Bank will promptly employ reasonable
commercial efforts to notify the applicable Trust and secure instructions from an authorized officer of such Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised
by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person. 
  

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 9. Termination of Agreement 

9.1 The term of this Agreement shall be one year commencing upon the date hereof (the “Initial Term”) and shall automatically
renew for additional one-year terms (each a “Subsequent Term”) unless either party provides written notice of termination at least ninety (90) days prior to the end of any one year term or, unless earlier terminated as provided below:

 (a) Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party
breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and
the breaching party does not cure such violation within ninety (90) days of receipt of such notice. 
 (b) The Trust may
terminate this Agreement at any time upon ninety (90) days’ prior written notice. 
 (c) Termination of this Agreement
by a Trust shall not affect this Agreement with respect to any other Trust. 
 9.2 Should a Trust exercise its right to
terminate, all out-of-pocket expenses associated with the movement of records and material will be borne by such Trust. 
 9.3
The terms of Article 2 (with respect to fees and expenses incurred prior to termination), and of Article 5 shall survive any termination of this Agreement. 

10. [Reserved] 
 11. Assignment

 11.1 Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written
consent of the other party. 
 11.2 This Agreement shall inure to the benefit of and be binding upon the parties and their
respective permitted successors and assigns. 
 12. Severability and Beneficiaries 

12.1 In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services. 

12.2 This Agreement is solely for the benefit of the Bank and each Trust, and none of any Participant (as defined in the Participation
Agreement), any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement. 
 13.
Amendment 
 This Agreement may be amended or modified by a written agreement executed by both parties. 

 

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 14. New York Law to Apply 

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws
principles thereof. Each Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. Each Trust hereby irrevocably waives, to the fullest
extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient
forum. Each Trust and the Bank each hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

15. Merger of Agreement 

Except as expressly provided to the contrary from time-to-time in the written fee schedule approved by the parties and attached hereto,
this Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written. 

16. Limitations of Liability of the Trustee and Shareholders 

16.1 Notwithstanding anything to the contrary provided herein, the Bank agrees that the liabilities of each Trust shall be limited such that the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Trust shall be enforceable against the assets of that particular Trust only, and not against the assets
of any other Trust and that they have executed one instrument for convenience only. 
 16.2 It is expressly acknowledged and agreed that the
obligations of each Trust hereunder shall not be binding upon any shareholder, Trustee, officer, employee or agent of such Trust, personally. This Agreement has been duly authorized, executed and delivered by each Trust 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. 

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

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their
duly authorized officers, as of the day and year first above written. 
  

			
	 JEFFERIES COMMODITY INVESTMENT SERVICES,

LLC, Managing Owner of each Trust listed on Appendix I

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON

  

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	By:	 	  

	Name:	 	
	Title:	 	

  

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 APPENDIX I 

TRUST NAMES 
  

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 SCHEDULE A 

BOOKS AND RECORDS TO BE MAINTAINED BY THE BANK 

The Bank shall maintain separate and distinct files for each Trust with respect to the following: 

Source Documents requesting Creations and Redemptions 

Correspondence/AP Inquiries 
 Reconciliations,
bank statements, copies of canceled checks, cash proofs 
 Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

 Distribution Records 
 Year-end
Statements and Tax Forms 
 Net Asset Computation Documentation 
  

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 Exhibit A 

Form of Authorized Participant Agreement 
  

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 APPENDIX I 

THE BANK OF NEW YORK MELLON 

ON-LINE COMMUNICATIONS SYSTEM (THE “SYSTEM”) 

TERMS AND CONDITIONS 

1. License; Use. (a) This Appendix I shall govern the Fund’s use of the System and any computer software provided by BNY
to the Fund in connection herewith (collectively, the “Software”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to the Fund’s use of the System, the terms of
this Appendix I shall control. 
 (b) Upon delivery to the Fund of Software and/or System access codes, BNY grants to the Fund a
personal, nontransferable and nonexclusive license to use the Software and the System solely for the purpose of transmitting Written Instructions, receiving reports, making inquiries or otherwise communicating with BNY in connection with the
Account(s). The Fund shall use the Software and the System solely for its own internal and proper business purposes and not in the operation of a service bureau. Except as set forth herein, no license or right of any kind is granted to the Fund with
respect to the Software or the System. The Fund acknowledges that BNY and its suppliers retain and have title and exclusive proprietary rights to the Software and the System, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including registrations and applications for registration of either), or other statutory or legal protections available in respect
thereof. The Fund further acknowledges that all or a part of the Software or the System may be copyrighted or trademarked (or a registration or claim made therefor) by BNY or its suppliers. The Fund shall not take any action with respect to the
Software or the System inconsistent with the foregoing acknowledgments, nor shall the Fund attempt to decompile, reverse engineer or modify the Software. The Fund may not copy, sell, lease or provide, directly or indirectly, any of the Software or
any portion thereof to any other person or entity without BNY’s prior written consent. The Fund may not remove any statutory copyright notice or other notice included in the Software or on any media containing the Software. The Fund shall
reproduce any such notice on any reproduction of the Software and shall add any statutory copyright notice or other notice to the Software or media upon BNY’s request. 

(c) If the Fund subscribes to any database service provided by BNY in connection with its use of the System, delivery of such database to
the Fund shall constitute the granting by BNY to the Fund of a non-exclusive, non-transferable license to use such database for so long as this Appendix I is in effect. It is understood and agreed that any database supplied by BNY is derived from
sources which BNY believes to be reliable but BNY does not, and cannot for the fees charged, guarantee or warrant that the data is correct, complete or current. All such databases are provided as an accommodation by BNY to its customers and are
compiled without any independent investigation by BNY. However, BNY will endeavor to update and revise each database on a periodic basis as BNY, in its discretion, deems necessary and appropriate. The Fund also agrees that the Fund will promptly
install all updates and revisions to each database which BNY provides and that BNY cannot bear any responsibility whatsoever for the Fund’s failure to do so. BNY IS NOT RESPONSIBLE FOR ANY RESULTS OBTAINED BY THE FUND FROM USE OF DATABASE
SERVICES PROVIDED BY BNY. 
 2. Equipment. The Fund shall obtain and maintain at its own cost and expense all equipment
and services, including but not limited to communications services, necessary for it to utilize the Software and obtain access to the System, and BNY shall not be responsible for the reliability or availability of any such equipment or services.

  

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 3. Proprietary Information. The Software, any data base and any proprietary data,
processes, information and documentation made available to the Fund (other than which are or become part of the public domain or are legally required to be made available to the public) (collectively, the “Information”), are the exclusive
and confidential property of BNY or its suppliers. However, for the avoidance of doubt, reports generated by the Fund containing information relating to the Account(s) are not deemed to be within the meaning of the term “Information”. The
Fund shall keep the Information confidential by using the same care and discretion that the Fund uses with respect to its own confidential property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the
licenses granted herein for any reason, the Fund shall return to BNY any and all copies of the Information which are in its possession or under its control. The provisions of this Section 3 shall not affect the copyright status of any of the
Information which may be copyrighted and shall apply to all information whether or not copyrighted. 
 4. Modifications.
BNY reserves the right to modify the Software from time to time and the Fund shall install new releases of the Software as BNY may direct. The Fund agrees not to modify or attempt to modify the Software without BNY’s prior written consent. The
Fund acknowledges that any modifications to the Software, whether by the Fund or BNY and whether with or without BNY’s consent, shall become the property of BNY. 

5. NO REPRESENTATIONS OR WARRANTIES. BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO
THE SOFTWARE, THE SYSTEM, ANY SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE SOFTWARE, THE SYSTEM, ANY
SERVICES AND ANY DATABASE ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY
INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF BNY OR SUCH SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR
MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE CONTROL. 

6. Security; Reliance; Unauthorized Use. BNY will establish security procedures to be followed in connection with the System. The
Fund understands and agrees that the security procedures are intended to determine whether instructions received by BNY through the System are authorized but are not (unless otherwise specified in writing) intended to detect any errors contained in
such instructions. The Fund will cause all persons utilizing the Software and the System to treat all applicable user and authorization codes, passwords and authentication keys with the highest degree of care and confidentiality. BNY is hereby
irrevocably authorized to comply with and rely upon on Written Instructions, whether or not authorized, received by it through the System in accordance with the security procedures. The Fund acknowledges that it is its sole responsibility to assure
that only Authorized Persons use the System and that to the fullest extent permitted by applicable law BNY shall not be responsible nor liable for any unauthorized use thereof or for any losses sustained by the Fund arising from or in connection
with the use of the System or BNY’s reliance upon and compliance with Written Instructions received through the System. 

7. System Acknowledgments. BNY shall acknowledge through the System its receipt of each transmission communicated through the
System, and in the absence of such acknowledgment BNY shall not be liable for any failure to act in accordance with such transmission and the Fund may not claim that such transmission was received by BNY. 

 

 15 

 8. EXPORT RESTRICTIONS. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW.
THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT, TRANSFER, TRANSSHIP OR OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF BNY DELIVERED THE SOFTWARE TO CUSTOMER OUTSIDE OF THE UNITED STATES, THE SOFTWARE WAS
EXPORTED FROM THE UNITED STATES IN ACCORDANCE WITH THE EXPORT ADMINISTRATION REGULATIONS. DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby authorizes BNY to report its name and address to government agencies to which BNY is required to
provide such information by law. 
 9. Encryption. The Fund acknowledges and agrees that encryption may not be available
for every communication through the System, or for all data. The Fund agrees that BNY may deactivate any encryption features at any time, without notice or liability to the Fund, for the purpose of maintaining, repairing or troubleshooting the
System or the Software. 
 10. On-Line Inquiry and Modification of Records. In connection with the Fund’s use of the
System, BNY may, at the Fund’s request, permit the Fund to enter data directly into a BNY database for the purpose of modifying certain information maintained by BNY’s systems, including, but not limited to, change of address information.
To the extent that the Fund is granted such access, the Fund agrees to indemnify and hold BNY harmless from all loss, liability, cost, damage and expense (including attorney’s fees and expenses) to which BNY may be subjected or which may be
incurred in connection with any claim which may arise out of or as a result of changes to BNY database records initiated by the Fund. 
  

 16 

 Fee Schedule 

 

 17Form of S&P License Agreement

 Exhibit 10.6 

ETF Master Agreement 

This ETF Master Agreement (the “Master Agreement”) is entered into as of
            , 2010 (the “Effective Date”) between 
  

	(i)	Standard & Poor’s Financial Services LLC, a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA
(“S&P”), and 

  

	(ii)	The entity described in the Schedule hereto (“LICENSEE”). 

WHEREAS: 
  

	(A)	S&P compiles, calculates, maintains and owns (and/or licenses from others) certain rights in and to the S&P Indices (as defined herein) and to the proprietary
data contained therein; and 

  

	(B)	S&P uses in commerce and asserts trade name and trademark rights to the S&P Marks (as defined herein) which are associated with the S&P Indices (and/or
licenses from others certain rights in and to the S&P Marks); and 

  

	(C)	LICENSEE wishes to use each S&P Index to create one or more ETFs (as defined herein) that are sponsored, advised and/or managed by LICENSEE or a Permitted
Sublicensee (“LICENSEE ETF”), each of which is designed to perform in a manner which Tracks (as defined below) a specific S&P Index; and 

  

	(D)	LICENSEE wishes to use the S&P Marks in connection with the identification and marketing of the LICENSEE ETFs and in connection with making disclosures about the
LICENSEE ETFs under applicable laws, rules and regulations in order to indicate that S&P is the source of the S&P Indices; and 

  

	(E)	LICENSEE wishes to obtain, and S&P wishes to grant, a license (or licenses) to so use the S&P Indices and the S&P Marks pursuant to the terms and conditions
hereinafter set forth. 

 NOW, THEREFORE, the Parties hereby agree as follows: 

 

	1.	Definitions & Interpretation. 

  

	1.1	The following words, terms and phrases shall, where used in this Master Agreement and each ETF License hereunder, have the meanings ascribed to them below save where
the context otherwise expressly requires: 

  

	(a)	“Affiliate” of an entity is any other entity (including, but not limited to, a partnership or joint venture) that directly or indirectly
(i) controls; (ii) is controlled by; or (iii) is under common control with such person or entity. For purposes of this definition and the definition of “Change in Control”, “control” means the
ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities or equity ownership interests of an entity. 

  

	(b)	“Change in Control” means (i) the acquisition of control of LICENSEE directly or indirectly by a party that was not an Affiliate of LICENSEE prior
to such transaction; (ii) the merger or consolidation of LICENSEE directly or indirectly into or with a party that was not an Affiliate of LICENSEE prior to such transaction; or (iii) the sale of LICENSEE or substantially all
of its assets directly or indirectly to a third party. 

  

	(c)	“Commencement Date” means the start date of the term of each ETF License entered into hereunder, as set forth therein. 

	(d)	“Designated OSM” (if any) means the first Organized Securities Market on which the Parties agree that LICENSEE will List a LICENSEE ETF which Tracks a
particular S&P Index, as described in Paragraph J2. 

  

	(e)	“ETF” means an open ended pooled investment vehicle, unit trust, investment company or other collective or commingled investment vehicle that has the
following characteristics: (i) it issues, sells and redeems blocks of shares, units or other interests, which blocks are sometimes referred to as “creation units”; (ii) the shares, units or similar interests thereof are Listed on
an Organized Securities Market; and (iii) the investment objective thereof is, and at all times remains, to own a basket of securities and/or other financial instruments, such as futures, options, forward contracts and other derivative
contracts in an attempt to Track the performance of the securities represented by a single underlying index (“the Underlying Index”). As used herein, the term “ETF” excludes, without limitation, ETNs, indexed warrants, indexed
debt instruments, options, futures contracts or other derivative contracts based on the value of ETF Shares or on an Underlying Index, or other securities or index-linked contracts that are traded on Organized Securities Markets but that are not
pooled investment vehicles. 

  

	(f)	“ETF License” means each sequentially numbered discrete contract document (substantially following the form of S&P’s then current version thereof)
entered into by the Parties from time to time hereunder and pursuant to which one or more Licenses for specific S&P Indices and S&P Marks may be granted to LICENSEE. The current version of the ETF License is attached hereto as Exhibit A.

  

	(g)	“ETF Share” means a single share or other unit representing a proportionate interest in the assets of an ETF, which interest is not divided into smaller
fractions. 

  

	(h)	“ETF Type” means the type or class of a particular LICENSEE ETF, as described in Paragraph E2. 

 

	(i)	“ETN” means a note or similar instrument (whether secured or unsecured) issued by an underwriting bank or other third party that: (i) Tracks the
performance of a specific underlying index (the “Underlying Index”); (ii) is listed and/or traded on any Organized Securities Market; (iii) may or may not provide for interest or other payments prior to maturity; and
(iv) may be redeemed at the option of the holder thereof at a value based on or derived from, at the time of redemption, the performance of such Underlying Index. 

 

	(j)	“Exclusivity Period” (if any) is defined in Paragraph G. 

 

	(k)	“Informational Materials” is defined in Section 11.1. 

 

	(l)	“Initial Term” means the period after the Commencement Date defined in Paragraph H1. 

 

	(m)	“Launch Date” means, with respect to a particular S&P Index, the date on which LICENSEE ETF Shares for the first LICENSEE ETF Tracking such S&P Index
are first Listed on an Organized Securities Market. 

  

	(n)	“License Fees” is defined in Section 5.1 and Paragraph I. 

 

	(o)	“License” is defined in Section 2.1. 

  

	(p)	“LICENSEE ETF” is defined in the preamble to this Master Agreement and in Paragraphs E1 and E2. 

 

	(q)	“LICENSEE ETF Share” means an ETF Share of a LICENSEE ETF. 

 

 2 

	(r)	“Listed,” means, with respect to particular ETF Shares and a particular Organized Securities Market, that (i) the ETF Shares are offered, traded, listed,
purchased, sold, crossed, or exchanged through the medium or with the assistance of such Organized Securities Market; and (ii) all required regulatory approvals have been obtained with respect thereto. “List” and “Listing”
have a commensurate meaning. 

  

	(s)	“Organized Securities Market” means any broker-dealer, automated quotation system of a registered securities association, exchange, or other entity or
organization located in any part of the world (a) that (i) is subject to regulation as an exchange under applicable laws, rules or regulations of its jurisdiction; or (ii) acts in an exchange-like capacity, with
or without a recognized status or formal exemptive or no-action relief from the competent government or regulatory authority in its jurisdiction, by virtue of it, as principal or agent, acting on a regular basis as an intermediary between buyers and
sellers, or constituting, maintaining or providing a market place or facilities for bringing together buyers and sellers or for otherwise performing the functions commonly provided by an exchange; and (b) through the medium of which or
with the assistance of which Financial Instruments are offered, traded, listed, purchased, sold, crossed, or exchanged. For the purposes of this definition, “Financial Instruments” means commodities, securities, and derivatives of all
types, including, without limitation, stocks and other equity instruments, bonds and other debt instruments, commodities and futures, forwards, swaps, and options that derive their value from bonds, equities, commodities or indices thereof.

  

	(t)	“Paragraph” means the relevant paragraph of each ETF License entered into under the provisions of this Master Agreement. 

 

	(u)	“Party” refers individually to either S&P or LICENSEE and “Parties” refers collectively to S&P and LICENSEE. 

 

	(v)	“Permitted Sublicensees” is defined in Section 3.1. 

  

	(w)	“Quarter” means each calendar quarter of three (3) months ending on the last day of each of December, March, June and September.

  

	(x)	“Renewal Term” means the consecutive periods of time (after expiry of the Initial Term) defined in Paragraph H2. 

 

	(y)	“S&P Indices” (individually, an “S&P Index”) means each of the one or more indices (owned by S&P and/or its Third Party Licensors, as
applicable) listed in Paragraph D. 

  

	(z)	“S&P Index Sub-Components” means each of the sectors, industries, peer groups or classes of asset defined by S&P and which may in aggregate comprise
an S&P Index. 

  

	(aa)	“S&P Marks” means the marks (owned by S&P and/or its Third Party Licensors, as applicable) set forth in Paragraph K.

  

	(bb)	“Section” means the relevant section of this Master Agreement. 

  

	(cc)	“Target Launch Date” is defined in Section 8.1 and Paragraph J1. 

 

	(dd)	“Term” is defined in Section 7.1. 

  

	(ee)	“Territory” is defined in Paragraph F. 

  

	(ff)	“Third Party Licensors” means those one or more third parties (if any) whose indices and/or marks (and the intellectual property therein) S&P has obtained
a license to use and to license to others (including, in certain cases, the S&P Indices and/or S&P Marks). 

  

 3 

	(gg)	“Total Expenses” means, with respect to any ETF, the total fees and expenses paid for by such ETF, net of waivers and rebates granted to its shareholders.

  

	(hh)	“Track” (or “Tracking”) means, with respect to either an ETF or an ETN, that the performance (and therefore the value) of such ETF or ETN is linked
or connected to the performance of a particular Underlying Index, according to the ETF Type specified in Paragraph E2 of the relevant ETF License. 

 

	1.2	Colored text is used purely for ease of reference and shall have no impact on the interpretation of this Master Agreement. 

 

	2.	Grant of License. 

  

	2.1	Subject to the terms and conditions of this Master Agreement and the relevant ETF License, S&P hereby grants to LICENSEE a limited, non-transferable and
non-exclusive (except as expressly stated in Paragraph G) license during the Term to do the following in the Territory (the “License”): 

  

	 	2.1.1	to use each S&P Index and the corresponding S&P Marks in the Territory to establish, organize, structure, sponsor, and manage a LICENSEE ETF; and

  

	 	2.1.2	to List each such LICENSEE ETF on an Organized Securities Market in the Territory, subject to Section 4; and 

 

	 	2.1.3	to use the relevant S&P Marks in the Territory as part of the name of each such LICENSEE ETF (as such name is approved by S&P in accordance with
Section 11.1.3); and 

  

	 	2.1.4	to use the relevant S&P Marks in connection with the offer, sale, distribution, marketing and promotion of each such LICENSEE ETF in the Territory for the sole
purpose of identifying S&P (and its Third Party Licensors, if relevant) as the source of the underlying S&P Index; and 

  

	 	2.1.5	to use the underlying S&P Index and the corresponding S&P Marks in connection with making such disclosure in the Territory about each such LICENSEE ETF as
LICENSEE reasonably deems necessary or desirable under any applicable laws, rules or regulations or provisions of this Master Agreement, but only to the extent necessary to indicate S&P (and its Third Party Licensors, if relevant) as the source
of the underlying S&P Index. 

  

	2.2	The License shall be entirely non-exclusive, except as otherwise expressly stated in Paragraph G of any ETF License. 

 

	2.3	The number of indices and/or marks included in the respective definitions of S&P Indices and/or the S&P Marks, and subject to the License, may be revised upon
mutual written agreement by the Parties, and such changes shall be reflected by written amendment to the applicable ETF License(s) or the execution of one or more new ETF Licenses by S&P and LICENSEE. 

 

	2.4	No rights to use the S&P Indices or the S&P Marks are granted under this Master Agreement or any ETF License other than the License rights specifically
described and expressly granted in any ETF License entered into hereunder. Rights to trade, or to license third parties to trade, any securities or financial instruments based on or linked to ETF Shares shall at all times be granted (or not granted)
at the sole discretion of S&P. 

  

	2.5	 Except for the License specifically provided herein, neither this Master Agreement nor any ETF License shall transfer to LICENSEE any right to, or
interest in, the S&P Indices or the S&P Marks. It is expressly understood that S&P retains the right to license the S&P Indices and the S&P 

 

 4 

	 	 
Marks for any uses, including, but not limited to, uses of the S&P Indices and the S&P Marks in connection with products derived from an ETF. It is further expressly understood that
neither this Master Agreement nor any ETF License conveys any rights to, or interest in, any other S&P index or mark or any other property of S&P and/or its Third Party Licensors. 

 

	2.6	S&P shall inform LICENSEE of any change in any of the S&P Marks. In such event LICENSEE will have 60 days from receipt of such written notice to change the
name of the LICENSEE ETF, update all Informational Materials and comply with such other reasonable requirements of S&P in connection therewith, except that LICENSEE may continue to utilize any previously printed materials which contain the
S&P Marks for a period of ninety (90) days following such notice. Should LICENSEE fail to comply with the terms of the preceding sentence, S&P shall have the right to terminate the relevant ETF License(s) upon written notice to
LICENSEE. 

  

	2.7	For the avoidance of doubt, no License granted to LICENSEE under any ETF License and this Master Agreement shall include any right or license to create, establish,
organize, structure, sponsor, manage and/or List discrete ETFs which Track any one or more of the S&P Index Sub-Components of any S&P Index. 

  

	2.8	From time to time on or after the Effective Date, LICENSEE and S&P may agree to enter into one or more ETF Licenses, pursuant to which LICENSEE shall obtain the
right to use the S&P Indices and/or S&P Marks set forth therein in accordance with the terms and conditions of this Master Agreement and such ETF License. LICENSEE shall not have the right to use, or allow any Permitted Sublicensees to use,
any of the S&P Indices and/or S&P Marks unless LICENSEE enters into an ETF License as set forth herein. The use of any S&P Indices and/or any S&P Marks with respect to a particular LICENSEE ETF is subject to additional terms,
conditions and restrictions as set forth in the ETF License for such LICENSEE ETF. Upon execution by LICENSEE and S&P, each ETF License shall constitute a separate agreement and, except for any provisions herein that are specifically excluded or
modified in such ETF License, shall incorporate therein the terms and conditions of this Master Agreement. In the event of any conflict, ambiguity or consistency between the terms of this Master Agreement and the terms of any ETF License, the terms
of the ETF License shall prevail with respect to that ETF License only. Except as may be expressly agreed to in writing by an authorized representative of each Party, any modifications contained in any ETF License shall not modify this Master
Agreement with respect to any other ETF License. 

  

	3.	Sublicenses. 

  

	3.1	LICENSEE is entitled to sublicense the rights granted to it to use the S&P Indices and the S&P Marks pursuant to the relevant ETF License to the following
entities (the “Permitted Sublicensees”): 

  

	 	3.1.1	any Affiliate of LICENSEE, provided, however, that: (A) such Affiliate shall not have the further power to sublicense to third parties any rights to use the
S&P Indices or the S&P Marks (other than to the relevant LICENSEE ETF(s)); and (B) such sublicense shall be in writing and shall by its terms immediately terminate if (i) this Master Agreement (or the relevant ETF
License) expires or terminates, or (ii) such Permitted Sublicensee ceases to be an Affiliate of LICENSEE; and 

  

	 	3.1.2	the LICENSEE ETF(s), provided, however, that: (A) the LICENSEE ETF(s) shall not have the further power to sublicense to third parties any rights to use the
S&P Indices or the S&P Marks; and (B) such sublicense shall be in writing and shall by its terms immediately terminate if (i) this Master Agreement (or the relevant ETF License) expires or terminates, or
(ii) LICENSEE or the applicable Affiliate of LICENSEE ceases to exercise investment discretion over the such LICENSEE ETF in its capacity as manager, investment adviser, trustee, or other comparable capacity. 

 

 5 

	3.2	Each sublicense entered into pursuant to Section 3.1 (each, a “Sublicense Agreement”) shall: 

 

	 	3.2.1	include all relevant terms and conditions of the relevant ETF License and this Master Agreement (including, without limitation, the provisions relating to the
restrictions on and scope of the License provided herein, proprietary rights, use of the S&P Marks, warranties, disclaimers, limitations of liability, indemnification, confidential information and audit) or terms and conditions substantially
identical thereto; and 

  

	 	3.2.2	provide that: (A) each of S&P and the relevant Third Party Licensors (if any) is an intended third party beneficiary of the provisions of such
Sublicense Agreement (including, without limitation, the provisions described in the foregoing Section 3.2.1; and (B) each of S&P and such Third Party Licensor(s) is entitled to rely on such provisions, and enforce such
Sublicense Agreement, to the same extent as LICENSEE; and 

  

	 	3.2.3	provide that upon the expiration or effective date of termination thereof, the Permitted Sublicensee’s right to use the relevant S&P Indices and S&P Marks
shall immediately terminate. 

  

	3.3	LICENSEE shall remain obligated as a principal (as distinguished from being obligated as a surety) under the terms of this Master Agreement and each ETF License with
respect to any actions taken by any Permitted Sublicensee or by any Affiliate of LICENSEE or any LICENSEE ETF in connection with this Master Agreement, any ETF License and/or any Sublicense Agreement. Failure by LICENSEE to comply with the
provisions of this Section 3 shall be deemed a material breach of this Master Agreement. 

  

	3.4	LICENSEE shall give prompt written notice to S&P of the expiration or termination of any Sublicense Agreement, and shall give S&P at least three (3) months
advance written notice of any such expiration or termination, provided that if termination with less than three (3) months notice is necessary to prevent infringement of any S&P Marks, LICENSEE shall give S&P such advance written notice
as is reasonably practicable under the circumstances. 

  

	4.	Listing of LICENSEE ETFs. 

  

	4.1	LICENSEE acknowledges and agrees that, as a condition to LICENSEE’s engagement of an Organized Securities Market to serve as the primary listing exchange for any
LICENSEE ETF, S&P may (but is not obliged to) require that such Organized Securities Market first enter into a commercially reasonable written license agreement with S&P pursuant to which S&P shall grant to such Organized Securities
Market appropriate rights to use the relevant S&P Marks and/or S&P Indices. 

  

	4.2	LICENSEE shall not cause any LICENSEE ETF Shares to be Listed on an Organized Securities Market in the absence of such a license agreement, if required by S&P
pursuant to Section 4.1, between S&P and such Organized Securities Market, and the Parties shall use commercially reasonable efforts to cooperate to obtain any such agreement. 

 

	4.3	Further, LICENSEE acknowledges that S&P requires Organized Securities Markets to use their best efforts to protect the goodwill and reputation of S&P and of the
S&P Marks and S&P Indices in connection with their Listing of ETFs based on any S&P Index. Material breach of this obligation by any Organized Securities Market may result in termination of its license from S&P.

  

	5.	License and Other Fees. 

  

	5.1	License Fees. In consideration for the rights granted under this Master Agreement and any ETF License entered into hereunder, including the License, LICENSEE
shall pay S&P the license fees set forth in Paragraph I (“License Fees”). 

  

 6 

	5.2	All License Fees due to S&P under this Master Agreement and any ETF License entered into hereunder (a) are exclusive of any sales and/or value added
taxes and delivery costs, which shall be the responsibility of LICENSEE, (b) are non-refundable, and (c) unless otherwise set forth in Paragraph I, are payable in US Dollars. 

 

	5.3	If any of the License Fees are subject to witholding taxes by a country other than the country of tax residence of S&P (“Home Country”), LICENSEE shall
provide to S&P an original receipt from the tax authorities of such foreign country evidencing the amount of tax witheld. Such receipt shall be furnished at the time such fee is paid to S&P or as soon thereafter as is practicable. If S&P
is denied a foreign tax credit due to the failure of LICENSEE to provide satisfactory evidence of the amount witheld, LICENSEE shall pay to S&P an amount sufficient to compensate, on an after tax basis, for the credit denied. If a tax treaty
exists between the Home Country and the foreign country that is subjecting the fees to witholding taxes, S&P hereby elects to apply the witholding rate applicable under such tax treaty. If LICENSEE requires a special certificate from S&P to
make the election, LICENSEE will notify S&P and the certificate will be provided by S&P at the time of execution of this Master Agreement. 

  

	6.	Audit. 

  

	6.1	LICENSEE or its delegate shall at all times during the Term and for so long as any LICENSEE ETFs are outstanding and continuing for a period of thirty-six
(36) months thereafter (“Audit Period”), maintain full and accurate records (in accordance with standard generally-accepted accounting practices) of all matters relating to the use of the S&P Indices and S&P Marks by LICENSEE
and/or any Permitted Sublicensee and the calculation of the License Fees due to S&P under this Master Agreement and any ETF License entered into hereunder (“Records”) for the most recent thirty-six (36) months.

  

	6.2	During the Audit Period, S&P shall have the right, during normal business hours and upon reasonable notice to LICENSEE or the applicable Permitted Sublicensee, to
audit at LICENSEE’s premises identified in Paragraph B or such Permitted Sublicensee’s premises (or such other premises as may be agreed by S&P) on a confidential basis the relevant Records to the extent reasonably
necessary to (i) determine that any and all License Fees payable to S&P shall have been accurately determined in accordance with this Master Agreement and the relevant ETF License and (ii) audit the manner and usage of
the S&P Indices and S&P Marks, in each case to confirm that such usage has been in accordance with this Master Agreement and the relevant ETF License and that all applicable restrictions on use have been observed. 

 

	6.3	S&P’s costs to conduct such audit shall be borne by S&P, except that LICENSEE shall bear such cost if the audit discloses that LICENSEE has underpaid
S&P by five percent (5%) or more for the period being audited. LICENSEE shall immediately reimburse S&P for any underpayment discovered by such audit. 

 

	7.	Term and Termination. 

  

	7.1	Term. This Master License shall commence on the Effective Date and shall continue in effect thereafter for as long as any ETF License entered into pursuant to
this Master License remains in effect. The term of each ETF License shall commence on the Commencement Date specified therein and shall continue for the Initial Term, unless earlier terminated as provided in this Master Agreement or such ETF
License. After the Initial Term expires, each ETF License shall renew automatically for consecutive Renewal Terms, unless either Party provides written notice to the other Party of its intent not to renew at least ninety (90) days prior to the
end of the Initial Term or (if later) the then current Renewal Term, or unless earlier terminated as provided in this Master Agreement or such ETF License. The period of time during which each ETF License remains in effect is referred to herein as
the “Term.” In addition, each ETF License shall terminate automatically upon the termination of the License (including, without limitation, pursuant to this Section 7 or Section 8) with respect to the S&P
Indices and S&P Marks licensed thereunder. 

  

 7 

	7.2	Termination for Breach. If either Party breaches a material term or condition of this Master Agreement and/or any ETF License or commits persistent breaches of
this Master Agreement and/or any ETF License (including, without limitation, persistent minor breaches of which the other Party has complained in writing within a reasonable time after learning thereof), the other Party may terminate the relevant
ETF License by giving at least thirty (30) days prior written notice thereof; provided, however, that such termination shall not take effect if the breaching Party corrects such breach and serves written notice upon the other Party of such
corrective action prior to the effective date of termination. Termination pursuant to this Section 7.2 will not impair any other rights or remedies of a Party pursuant to applicable law. 

 

	7.3	Termination by LICENSEE. LICENSEE may terminate any ETF License, as it relates to one or more LICENSEE ETFs and the corresponding S&P Indices and S&P
Marks, upon at least sixty (60) days (or upon such lesser period of time if required pursuant to a court order or any applicable law or regulatory requirements) prior written notice to S&P if: (i) legislation or regulations are
adopted or any regulatory or self-regulatory agency issues an interpretation that, in LICENSEE’s reasonable judgment, materially impairs LICENSEE’s ability to market and/or promote such LICENSEE ETF(s) under such ETF License in all
jurisdictions of the Territory; or (ii) any material litigation or regulatory proceeding regarding such LICENSEE ETF(s) is threatened or commenced against LICENSEE, and LICENSEE reasonably believes that such litigation or proceeding
would have a material and adverse effect upon its ability to market and/or promote such LICENSEE ETF(s) under such ETF License; or (iii) LICENSEE elects to terminate the public offering or other distribution of such LICENSEE ETF(s) under
such ETF License for any reason. 

  

	7.4	Termination by S&P. In addition to its rights to terminate pursuant to Section 8, S&P may terminate any ETF License, as it relates to one or
more S&P Indices and/or S&P Marks and the corresponding LICENSEE ETFs: (i) upon at least sixty (60) days (or upon such lesser period of time if required pursuant to a court order or any applicable law or regulatory
requirements) prior written notice to LICENSEE if legislation or regulations are adopted or any regulatory or self-regulatory agency issues an interpretation or changes or withdraws any authorizations and/or registrations that, in S&P’s
reasonable judgment, materially impairs S&P’s ability to license and provide such S&P Indices and/or S&P Marks under such ETF License and/or that requires S&P to obtain a Consent (as described in Section 16.5); or
(ii) any litigation or proceeding is threatened or commenced, and S&P reasonably believes that such litigation or proceeding would have a material and adverse effect upon such S&P Marks and/or S&P Indices or upon the ability
of S&P to perform under this Master Agreement and/or such ETF License; or (iii) upon written notice to LICENSEE if the actions or failures to act of LICENSEE and/or any Permitted Sublicensees have caused or threaten imminently to
cause material damage or harm to S&P’s reputation or goodwill, provided that such notice will describe in reasonable detail the nature of the offending action or inaction; or (iv) upon written notice to LICENSEE in the event of
a Change of Control; or (v) upon at least sixty (60) days (or upon such lesser period of time if required pursuant to a court order or any applicable law or regulatory requirements) prior written notice to LICENSEE in the event of
any termination of S&P’s right to license the S&P Indices and/or S&P Marks of any Third Party Licensor (it being understood that S&P’s ability to provide such sixty (60) day notice is subject to S&P receiving
sufficient advance notice from the applicable Third Party Licensor of any pending termination of such right). 

  

	7.5	LICENSEE Obligations Upon Termination. Upon any expiration or termination of any ETF License, LICENSEE shall promptly cease all use of the S&P Indices and
S&P Marks previously licensed thereunder and affected by such expiration or termination. At S&P’s request, an authorized officer of LICENSEE shall certify to S&P in writing that it has fully complied with this requirement.

  

	7.6	 Payment Obligations Upon Termination. In the event of any expiration or termination of any ETF License, LICENSEE shall pay to S&P any and
all unpaid License Fees and other amounts due under this Master Agreement and such ETF License. The License Fee amounts to be paid in 

 

 8 

	 	 
the final calendar year of the Term of any ETF License shall be computed by prorating the amount of the License Fees on the basis of the number of elapsed days in the then-current year, up
through and including the date of such expiration or termination. 

  

	7.7	Survival. The following Sections shall survive any expiration or termination of any ETF License: (i) Sections 3.2, 5 (but only
with respect to any fees accrued during the Term that remain unpaid), 7.5, 7.6, 7.7, 7.8, 12.1, 12.3, 12.4, 13.1, 13.3, 14, 18, 19 and 21 shall survive in
perpetuity; (ii) Section 6 shall survive for the duration of the Audit Period as provided in such Section; and (iii) Section 15 shall survive for five (5) years after disclosure by either Party to
the other of the last item of Confidential Information under such ETF License and/or this Master Agreement. All other rights and obligations under this Master Agreement (including, without limitation, the License) and each ETF License shall
terminate in respect of such ETF License as of the effective date of expiration or termination thereof. 

  

	7.8	Consequences of Termination. Termination of any ETF License shall not affect the continued subsistence of any other ETF License in effect at the time of such
termination. Termination of any ETF License by either Party shall not act as a waiver of any breach of such ETF License and/or this Master Agreement and shall not act as a release of either Party from any liability for breach of such Party’s
obligations under such ETF License and/or this Master Agreement. Neither Party shall be liable to the other for damages of any kind solely as a result of terminating any ETF License in accordance with the terms set forth in this Master Agreement
and/or such ETF License. Termination of any ETF License by either Party shall be without prejudice to any other right or remedy of such Party under such ETF License, this Master Agreement and/or applicable law. 

 

	8.	Launch Obligations. 

  

	8.1	LICENSEE (or the applicable Permitted Sublicensee) shall use its commercially reasonable efforts to launch, and have Listed, at least one (1) LICENSEE ETF for each
S&P Index on an Organized Securities Market located in the Territory, by the applicable launch date set forth in Paragraph J1 (“Target Launch Date”). 

Such Listing shall be on the Designated OSM (if such is designated in the ETF License at Paragraph J2). 

 

	8.2	Promptly upon the addition of any new index to the definition of “S&P Indices” in an ETF License pursuant to Section 2.3, the Parties shall
either (i) update and amend Paragraph J1 of the applicable ETF License with the agreed-upon Target Launch Date in respect of each such new index or (ii) enter into a new or additional ETF License in such regard.

  

	8.3	If LICENSEE fails to the meet the relevant Target Launch Date for any S&P Indices, then S&P has the option, exercisable in its sole discretion, of immediately
terminating the License (under the relevant ETF License) by written notice served upon LICENSEE at any time thereafter and before such launch and Listing actually occurs and thus of terminating the relevant ETF License with respect to such S&P
Indices. 

  

	9.	Discontinuation of the S&P Indices. 

  

	9.1	S&P shall have the right, in its sole discretion, to discontinue the publication of any or all of the S&P Indices (such discontinued indices, individually, a
“Discontinued Index” and collectively, the “Discontinued Indices”) and, in such event, to offer a replacement or substitute index therefor (each such index, individually, a “Substitute Index” and collectively, the
“Substitute Indices”). S&P shall have the right, in its sole discretion, to terminate the relevant ETF License in whole or in part (as applicable) with respect to any Discontinued Index if S&P does not offer a Substitute Index
therefor. 

  

 9 

	9.2	In the event that S&P intends to discontinue any of the S&P Indices, S&P shall give LICENSEE at least ninety (90) days’ prior written notice of
such discontinuation, which notice (“Discontinuation Notice”) shall specify whether a Substitute Index will be made available. LICENSEE shall have the option, within sixty (60) days after receiving such Discontinuation Notice from
S&P, to notify S&P in writing whether it intends to use the Substitute Index, if any, under the terms of the relevant ETF License. 

  

	9.3	In the event that LICENSEE does not exercise such option or no Substitute Index is made available, the relevant ETF License shall terminate as of the date specified in
the Discontinuation Notice (or other notice from S&P), provided that in the case of partial termination, such ETF License shall terminate solely with respect to the Discontinued Indices. Notwithstanding the foregoing provisions of this
Section 9, in the event the discontinuation of publication of any S&P Index is a result of a determination made by the applicable Third Party Licensor, S&P shall only be required to provide LICENSEE with notice of such
discontinuation to the extent that S&P receives the relevant notice from such Third Party Licensor. 

  

	10.	Certain S&P Obligations. 

  

	10.1	In no event shall S&P be obligated to (i) engage in any marketing or promotional activities in connection with the LICENSEE ETFs, or (ii) make any
representation or statement to investors or prospective investors in connection with the promotion by LICENSEE of the LICENSEE ETFs. 

  

	10.2	S&P will use commercially reasonable efforts to safeguard the confidentiality of all impending changes in the components or method of computation of any of the
S&P Indices until such changes are publicly disseminated, and will require the same of any agent with whom it has contracted for computation thereof. 

  

	10.3	S&P shall provide LICENSEE with access to certain underlying data (which data is compiled, calculated and owned by S&P) in connection with the S&P Indices
(“Index Data”), subject to the terms of a separate data subscription agreement by and between S&P and LICENSEE (“Data Subscription Agreement”). Notwithstanding anything to the contrary in the Data Subscription Agreement:
(a) LICENSEE may only use the Index Data during the Term for its internal purposes solely to the extent necessary in order for LICENSEE to exercise the License rights granted under Section 2.1 and the relevant ETF License and
not for any other purposes or in connection with any other funds or products other than the relevant LICENSEE ETF; and (b) LICENSEE may disseminate the Index Data corresponding to a particular LICENSEE ETF only (i) as
required by applicable law or regulation, (ii) to permit market makers in the LICENSEE ETF to create or redeem LICENSEE ETF Shares in the course of their duties as market makers, and (iii) to the pricing agent who provides
intraday indicative pricing on the LICENSEE ETF’s market value. 

  

	11.	Certain LICENSEE Obligations. 

  

	11.1	Informational Materials and Quality Control. 

  

	 	11.1.1	LICENSEE shall submit to S&P for its review and approval all informational materials pertaining to and to be used in connection with the LICENSEE ETFs, including,
where applicable, all prospectuses, registration statements, advertisements, brochures and promotional and any other similar informational materials (including documents required to be filed with governmental and regulatory agencies) that in any way
use or refer to S&P, the S&P Indices and/or the S&P Marks (the “Informational Materials”). “Informational Materials” will not include general references to the LICENSEE ETFs in materials that refer to various products
sponsored or advised by LICENSEE or which are otherwise not specifically related to or created for the LICENSEE ETFs. 

  

 10 

	 	11.1.2	S&P’s approval shall be required with respect to the use of and description of S&P, the S&P Marks and the S&P Indices. S&P shall notify
LICENSEE, by email and/or facsimile transmission in accordance with Section 21.7, of its approval or disapproval of any Informational Materials within five (5) days (excluding Saturday, Sunday and national holidays in the Territory
or the United States) following receipt thereof from LICENSEE. Any disapproval shall state S&P’s reasons therefor. Any failure by S&P to respond within such five (5) day period shall be deemed to constitute a waiver of
S&P’s right to review such Informational Materials. Requests to review Informational Materials shall be addressed to the person(s) specified in Paragraph L, at the address specified therein. Once particular Informational
Materials have been affirmatively approved by S&P, subsequent identical or substantially similar Informational Materials that do not alter the use or description of S&P, the S&P Marks, the S&P Indices or any required disclaimers need
not be submitted for further review and approval by S&P. 

 Without limiting any obligations or restrictions
set forth herein and/or in any ETF License with respect to the use of the S&P Marks, LICENSEE shall ensure that its use and/or publication of Informational Materials featuring any S&P Marks will be of a quality consistent with then current
uses by LICENSEE of its own trademarks and will be advertised, promoted and provided in accordance with such standard. 
  

	 	11.1.3	The name of the LICENSEE ETF(s) shall be as set forth in the applicable ETF License at Paragraph E1. If additional indices are included in the definition of
“S&P Indices” per Section 2.3, the name of the LICENSEE ETF(s) corresponding to such additional indices shall be set forth in the amended or new ETF License described in Section 2.3. LICENSEE shall submit to
S&P for its review and approval all proposed changes to the names of any LICENSEE ETFs. 

  

	11.2	Resignation As Adviser. LICENSEE shall give S&P prior written notice, and in any event shall use commercially reasonable efforts to give S&P at least six
(6) months prior written notice, of LICENSEE’s (or, if applicable, the relevant Permitted Sublicensee’s) resignation or termination as investment adviser, manager, or trustee of any LICENSEE ETFs. 

 

	11.3	Promotional Efforts. LICENSEE shall use its commercially reasonable efforts to promote, market and sell, or arrange for the promotion, marketing and sale of, the
LICENSEE ETFs and to protect the goodwill and reputation of S&P in connection with its use of the S&P Indices and the S&P Marks. LICENSEE shall not represent or allow it to be represented by act or omission or otherwise that S&P
sponsors, endorses, sells or promotes the LICENSEE ETFs and/or provides advice in relation thereto. 

  

	11.4	Compliance with Laws. LICENSEE shall perform its obligations as investment adviser, manager or trustee of all LICENSEE ETFs in accordance with all applicable
laws, rules and regulations. LICENSEE shall in such performance not do or omit to do any act, matter or thing that may or will place S&P in any capacity in breach of any applicable laws, rules and/or regulations. 

 

	11.5	LICENSEE shall use the following notice when referring to the S&P Indices or the S&P Marks in any Informational Material or a translation in the language of the
concerned documentation: 

 Standard &
Poor’s® and
S&P® are registered trademarks of Standard & Poor’s Financial Services LLC
(“S&P”) and have been licensed for use by [NAME OF LICENSEE]. The [Name of LICENSEE ETF(s)] is not sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its Affiliates make no representation,
warranty or condition regarding the advisability of buying, selling or holding units/shares in the [LICENSEE ETF(s)]. 

or such similar language as may be approved in advance in writing by S&P, it being understood that (i) such notice need only
refer to the specific S&P Marks referred to in the Informational Material; (ii) such notice may need to include additional S&P Marks, where relevant; and (iii) that such notice may need to account for S&P’s obligations to
its Third Party Licensors. 
  

 11 

	12.	Ownership and Protection of the S&P Marks. 

  

	12.1	LICENSEE acknowledges and agrees that the S&P Marks, and all rights, registrations and entitlements thereto, together with all applications, renewals, extensions
and other filings relating thereto, are and will remain the exclusive property of S&P (or its Third Party Licensors as the case may be), and that all goodwill that attaches to the S&P Marks as a result of the use of such marks will redound
to the exclusive benefit of S&P (or its Third Party Licensors as the case may be). 

  

	12.2	During the Term, S&P will use commercially reasonable efforts to maintain in full force and effect the existing registrations of the S&P Marks (if any) already
registered in the Territory, other than S&P Marks licensed to S&P by Third Party Licensors. LICENSEE will reasonably cooperate with S&P (at S&P’s expense) in the maintenance of such registrations and will take such actions and
execute such instruments as S&P may from time to time reasonably request toward such end. Other than in respect of S&P Marks licensed to S&P by Third Party Licensors, S&P shall at its own expense and sole discretion exercise
S&P’s common law and/or statutory rights against infringement of the S&P Marks, copyrights and other proprietary rights. 

  

	12.3	The use of the S&P Marks pursuant to the License shall be in accordance with any relevant trademark usage guidelines that S&P may communicate to LICENSEE from
time to time in writing or by email or facsimile. 

  

	12.4	LICENSEE shall use its commercially reasonable efforts to protect the goodwill and reputation of S&P, the Third Party Licensors (if any), the S&P Indices and
the S&P Marks in connection with its use of the S&P Indices and the S&P Marks under this Master Agreement and each ETF License and otherwise in connection with its performance under this Master Agreement and each ETF License. At no time
during or after the Term shall LICENSEE do or cause to be done any act or thing disparaging, disputing, attacking, challenging, impairing, diluting, or in any way attempting to harm the reputation or goodwill associated with S&P, the S&P
Indices, or the S&P Marks. 

  

	12.5	Other than as expressly permitted by the License granted to LICENSEE under the relevant ETF License and this Master Agreement: (i) LICENSEE shall keep the
S&P Marks separate and distinct and not alter, modify, or commingle the S&P Marks or any part or parts thereof with LICENSEE’s or any third party marks without the prior written approval of S&P; and (ii) LICENSEE shall
not use, or permit to be used, any trademark that contains any S&P Mark or is confusingly similar to or likely to cause confusion with any S&P Mark. 

 

	12.6	If at any time S&P reasonably determines that LICENSEE is not using the S&P Indices or the S&P Marks in accordance with the terms of this Master Agreement
and/or any ETF License, S&P will give written notice to LICENSEE thereof. Upon receipt of such notice, LICENSEE will promptly take steps to be certain that its usage of the S&P Indices and the S&P Marks complies with this Master
Agreement and such ETF License. 

  

	13.	Infringement of Rights; Information Materials. 

  

	13.1	If LICENSEE learns of an infringement of S&P’s intellectual property rights in the S&P Indices or the S&P Marks, or of any use by any person or entity
of a trademark, service mark, or trade name confusingly similar to the S&P Marks, LICENSEE agrees to notify S&P promptly in writing. 

  

	13.2	 LICENSEE shall, within a commercially reasonable period of time, not to exceed thirty (30) days (or upon such lesser period of time if required
pursuant to a court order or any legal, contractual or regulatory requirements), cease use of the S&P Indices and/or S&P Marks (as applicable) 

 

 12 

	 	 
upon notice from S&P to LICENSEE that, in the good faith opinion of S&P, such use of such S&P Indices or S&P Marks might result in any potential trademark infringement or other
liability to a third party. 

  

	13.3	S&P shall retain all rights to bring all actions and proceedings in connection with any infringement, misuse or unauthorized use of the S&P Marks or S&P
Indices at its sole discretion; provided, however, that S&P shall have no obligation to initiate litigation or any other legal proceedings to prevent any of the foregoing. If S&P decides to enforce the S&P Marks or S&P Indices
against an unauthorized user, all costs incurred and recoveries made shall be for the account of S&P, and LICENSEE shall render to S&P full and prompt cooperation (at S&P’s expense) in connection with any such enforcement.

  

	14.	Proprietary Rights. 

  

	14.1	LICENSEE acknowledges that (i) each of the S&P Indices is selected, coordinated, arranged and prepared by S&P (and/or its Third Party Licensors, as
applicable) through the application of methods and standards of judgment used and developed through the expenditure of considerable work, time and money by S&P, (ii) each of the S&P Indices and the S&P Marks is the exclusive
property of S&P (and/or its Third Party Licensors, as applicable), and that S&P (and/or its Third Party Licensors, as applicable) has and shall retain all proprietary rights therein, and (iii) each S&P Index and its
compilation and composition and changes therein are in the control and discretion of S&P (and/or its Third Party Licensors, as applicable). 

  

	14.2	LICENSEE admits the validity of S&P’s intellectual property rights in the S&P Indices and the S&P Marks and agrees that any and all goodwill, rights,
titles or interests that might be acquired as a result of the use of the S&P Indices and/or the S&P Marks shall inure to the sole benefit of S&P (and/or its Third Party Licensors, as applicable). If LICENSEE obtains any rights, titles or
interests in or to any of the S&P Indices or the S&P Marks in the Territory or in any other jurisdiction, LICENSEE hereby assigns all such rights, titles and interests to S&P and shall execute upon request any additional documents
required to effectuate such assignments. 

  

	14.3	S&P reserves all rights with respect to the S&P Indices and the S&P Marks and any and all other property of S&P, except those rights to the S&P
Indices and the S&P Marks expressly licensed to LICENSEE pursuant to the License under the relevant ETF License and this Master Agreement. 

  

	14.4	LICENSEE acknowledges and agrees that, as against LICENSEE, S&P has, and at all times during and after the Term shall retain, sole editorial control of the S&P
Indices and the compilation and composition thereof, and that S&P is free to modify the S&P Indices or change the S&P Marks or the name or branding of the S&P Indices at any time in its sole discretion. 

 

	15.	Confidentiality. 

  

	15.1	Each Party shall treat as confidential and shall not disclose or transmit to any third party documents or other written materials that are marked as “Confidential
and Proprietary” by the providing Party or in respect of which the receiving Party has received from the disclosing Party specific written notice of its proprietary and confidential nature or which the receiving Party should reasonably
understand to be of a proprietary and confidential nature (“Confidential Information”). The preceding sentence notwithstanding, a Party may divulge Confidential Information to such Party’s employees, attorneys, accountants, service
providers, agents and other professional advisers, in each case provided the disclosee has a need to know such information and agrees in writing to be bound by confidentiality restrictions which are at least as protective as the provisions set forth
in this Section 15. 

  

	15.2	 Confidential Information shall not include (i) any information that is available to the public or to the receiving Party from sources other
than the providing Party (provided that such source is not 

  

 13 

	 	 
subject to a confidentiality agreement with regard to such information) or (ii) any information that is independently developed by the receiving Party without use of or reference to
information from the providing Party. Notwithstanding the foregoing either Party may reveal Confidential Information to any regulatory agency or court of competent jurisdiction if such information to be disclosed is (a) approved in
writing by the other Party for disclosure or (b) required by law, regulatory agency or court order to be disclosed by such Party provided, if permitted by law, that prior written notice of such required disclosure is given to the other
Party and provided further that such Party shall cooperate with the other Party to limit the extent of such disclosure. 

  

	16.	Representations and Warranties. 

  

	16.1	On the Effective Date and repeated upon the Commencement Date of each ETF License, each Party represents and warrants to the other that (i) it is a
corporation (or a division thereof) duly incorporated, or an entity (or a division thereof) duly organized, under the laws of the jurisdiction where it is incorporated or organized, is validly existing and in good standing under the laws of such
jurisdiction, and has and will have at all times during the Term all requisite power and authority, corporate or otherwise, to perform its obligations under this Master Agreement and each ETF License entered into hereunder; (ii) the
execution and delivery of this Master Agreement and each ETF License entered into hereunder has been approved by all necessary corporate action; and (iii) this Master Agreement and each ETF License entered into hereunder is enforceable
against such Party in accordance with its terms, except as limited by bankruptcy and other laws of general application relating to insolvency or the protection of creditors’ rights. 

 

	16.2	On the Effective Date and repeated upon the Commencement Date of each ETF License, each Party represents and warrants to the other that, on the relevant date, the
execution, delivery and performance by such Party of this Master Agreement and each ETF License entered into hereunder will not (i) conflict with or result in a breach of or constitute a default under or result in the termination of any
contract, agreement or other instrument to which such Party is a party or by which it is bound or to which any of its assets are subject, or result in the creation of any lien or encumbrance upon any of said Party’s assets, or impair the
ability of the Parties to perform their obligations under the Agreement; or (ii) conflict with, violate or result in a breach of or constitute a default under any judgment, order, decree, law, rule, regulation or other restriction of any
court, government or governmental agency to which such Party is subject. 

  

	16.3	S&P represents and warrants that it has the right to grant the License granted to LICENSEE pursuant to any ETF License entered into hereunder or, prior to any
applicable Target Launch Date will have, the right to grant the such License to LICENSEE pursuant to such ETF License. 

  

	16.4	LICENSEE represents and warrants to S&P that it is in compliance, and shall continue to comply, with all applicable laws, rules and regulations, including, but not
limited to, the banking, commodities and securities laws of the U.S. and all jurisdictions within the Territory, in connection with the creation, offering, Listing, issuance, sale, marketing and promotion of the LICENSEE ETFs or otherwise in
connection with its performance under this Master Agreement and each ETF License entered into hereunder. 

  

	16.5	Notwithstanding 16.2, it is acknowledged and accepted by LICENSEE that S&P does not, except in certain countries, posses any license, registration, consent or
authorization required by statute or regulation (“Consent”) from any state or public regulator or financial services supervisor or authority anywhere in the world (“Regulator”) for S&P to be entitled or permitted to lawfully
provide financial and/or investment advice, to promote or advertise financial and/or investment products or services and/or to facilitate transactions in securities or investments in respect of or connected to the S&P Indices.

  

	16.6	It is acknowledged and accepted by LICENSEE that S&P may decline to seek or obtain further or broader Consents in countries other than those Consents which it
already possesses and maintains (and which may not be pertinent or adequate in respect of the use of or reference to the S&P Marks and/or S&P Indices by or within the terms of an ETF). 

 

 14 

	16.7	LICENSEE represents and warrants to S&P that LICENSEE shall not (and shall ensure that its Permitted Sublicensees shall not) do or omit to do any act matter or
thing (whether or not otherwise permitted by the rights granted pursuant to any ETF License and/or this Master Agreement) to create, launch or list an ETF under any ETF License and/or this Master Agreement (a) whereby S&P (or any
Affiliate of S&P) is required to obtain a Consent or (b) where LICENSEE has or should have a reasonable expectation that S&P (or any Affiliate of S&P) would be required (either immediately or in the foreseeable future,
meaning not less than 12 months thereafter) to obtain a Consent. Where laws and or regulations change to require S&P to obtain one or more such Consents, the provisions of Section 7.4 shall apply. 

 

	17.	Disclaimers. 

  

	17.1	LICENSEE agrees to be bound itself by and further to include all of the following disclaimers and limitations in all Informational Materials relating to each LICENSEE
ETF or a translation in the language of the concerned documentation and upon request to furnish a copy thereof to S&P: 

“THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY STANDARD & POOR’S AND ITS AFFILIATES
(“S&P”). S&P MAKES NO REPRESENTATION, CONDITION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR
THE ABILITY OF THE [NAME OF INDEX] TO TRACK THE PERFORMANCE OF CERTAIN FINANCIAL MARKETS AND/OR SECTIONS THEREOF AND/OR OF GROUPS OF ASSETS OR ASSET CLASSES. S&P’S ONLY RELATIONSHIP TO [NAME OF LICENSEE] IS THE LICENSING OF CERTAIN
TRADEMARKS AND TRADE NAMES AND OF THE [NAME OF INDEX] WHICH IS DETERMINED, COMPOSED AND CALCULATED BY S&P WITHOUT REGARD TO [NAME OF LICENSEE] OR THE FUND. S&P HAS NO OBLIGATION TO TAKE THE NEEDS OF [NAME OF LICENSEE] OR THE OWNERS OF THE
FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE [NAME OF INDEX]. S&P IS NOT RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE PRICES AND AMOUNT OF THE FUND OR THE TIMING OF THE ISSUANCE OR SALE OF THE FUND
OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE FUND SHARES ARE TO BE CONVERTED INTO CASH. S&P HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING, OR TRADING OF THE FUND. 

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE [NAME OF INDEX] OR ANY DATA INCLUDED THEREIN AND S&P SHALL
HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, CONDITION OR REPRESENTATlON, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY [NAME OF LICENSEE], OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY
FROM THE USE OF THE [NAME OF INDEX] OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR CONDITIONS, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE AND ANY OTHER EXPRESS OR IMPLIED WARRANTY OR CONDITION WITH RESPECT TO THE [NAME OF INDEX] OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,
INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS) RESULTING FROM THE USE OF THE [NAME OF INDEX] OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.” 

 

	17.2	Any changes in the foregoing disclaimers and limitations must be approved in advance in writing by an authorized officer of S&P. 

 

 15 

	17.3	Use of any trademarks by LICENSEE in connection with the LICENSEE ETFs (including in the name of the LICENSEE ETFs), which are not the S&P Marks is at
LICENSEE’s sole risk. 

  

	18.	Indemnification. 

  

	18.1	LICENSEE shall defend, indemnify and hold harmless S&P, its Affiliates and their respective officers, directors, employees and agents (each, a “S&P
Indemnified Party”) against any and all judgments, damages, costs, losses, expenses or liabilities of any kind (including, but not limited to, reasonable attorneys’ and experts’ fees) resulting from any claim, action or proceeding (a
“Claim”) that (1) is instituted by or on behalf of an Organized Securities Market on which a LICENSEE ETF is Listed; or (2) arises out of or relates to (i) any LICENSEE ETFs, or (ii) any
breach or alleged breach by LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee of its obligations, representations and/or warranties under this Master Agreement, any ETF License and/or any Sublicense Agreement, or
(iii) any act or omission of LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee, or (iv) any violation or alleged violation of applicable laws (including, but not limited to, banking, commodities, and
securities laws) arising out of or in connection with the creation, offering, listing, issuance, sale, marketing, promotion and/or operation of any LICENSEE ETFs; provided, however, that such obligation to indemnify will be conditioned upon
(I) the S&P Indemnified Party notifying LICENSEE promptly upon learning of any such Claim (but only to the extent such failure adversely affects the defense of such Claim in a material manner); (II) the S&P
Indemnified Party granting LICENSEE reasonable control of defense and/or settlement of such Claim; and (III) the S&P Indemnified Party reasonably cooperating with LICENSEE, at LICENSEE’s expense, in the defense thereof. The
foregoing notwithstanding, LICENSEE shall not be obligated to indemnify any S&P Indemnified Party with respect to Claims to the extent arising out of (A) a breach by S&P of its representations or warranties under
Section 16; or (B) S&P’s gross negligence or willful misconduct. LICENSEE shall periodically reimburse each applicable S&P Indemnified Party for its reasonable indemnifiable expenses incurred under this
Section 18.1. Each applicable S&P Indemnified Party shall have the right (but not the obligation), at its own expense, to participate in the defense of any Claim against which it is indemnified hereunder; provided, however, it shall
have no right to control the defense, consent to judgment, or agree to settle any such Claim without the written consent of LICENSEE without waiving the indemnity hereunder. LICENSEE, in the defense of any Claim, except with the written consent of
each applicable S&P Indemnified Party, shall not consent to entry of any judgment or enter into any settlement which either (i) does not include, as an unconditional term, the grant by the claimant to each applicable S&P
Indemnified Party of a release of all liabilities in respect of such Claim or (ii) otherwise adversely affects the rights of any applicable S&P Indemnified Party. 

 

	18.2	 S&P shall defend, indemnify and hold harmless LICENSEE, its Affiliates and their respective officers, directors, employees and agents (each, a
“LICENSEE Indemnified Party”) against any and all judgments, damages, costs, losses, expenses or liabilities of any kind (including, but not limited to, reasonable attorneys’ and experts’ fees) resulting from any Claim that
arises out of or relates to any breach or alleged breach by S&P of its representations or warranties under Section 16 and/or any ETF License; provided, however, that such obligation to indemnify will be
conditioned upon (I) the LICENSEE Indemnified Party notifying S&P promptly upon learning of any such Claim (but only to the extent such failure adversely affects the defense of such Claim in a material manner); (II) the
LICENSEE Indemnified Party granting S&P control of its defense and/or settlement; and (III) the LICENSEE Indemnified Party reasonably cooperating with S&P, at S&P’s expense, in the defense thereof. The foregoing
notwithstanding, S&P shall not be obligated to indemnify any LICENSEE Indemnified Party with respect to Claims to the extent arising out of (A) a breach by LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee of its
obligations, representations and/or warranties under this Master Agreement, any ETF License and/or any Sublicense Agreement; or (B) the gross negligence or wilful misconduct of LICENSEE, any Affiliate of LICENSEE and/or any Permitted
Sublicensee. S&P shall periodically reimburse each applicable LICENSEE Indemnified Party for its reasonable indemnifiable expenses incurred under this Section 18.2. Each applicable LICENSEE

  

 16 

	 	 
Indemnified Party shall have the right (but not the obligation), at its own expense, to participate in the defense of any Claim against which it is indemnified hereunder; provided, however, it
shall have no right to control the defense, consent to judgment, or agree to settle any such Claim without the written consent of S&P without waiving the indemnity hereunder. S&P, in the defense of any Claim, except with the written consent
of each applicable LICENSEE Indemnified Party, shall not consent to entry of any judgment or enter into any settlement which either (i) does not include, as an unconditional term, the grant by the claimant to each applicable LICENSEE
Indemnified Party of a release of all liabilities in respect of such Claim or (ii) otherwise adversely affects the rights of any applicable LICENSEE Indemnified Party. 

 

	19.	Limitation of Liability. 

  

	19.1	IN NO EVENT SHALL EITHER S&P OR LICENSEE HAVE ANY LIABILITY FOR SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS)
HOWSOEVER ARISING OUT OF OR IN CONNECTION WITH ANY ETF LICENSE, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES EXCEPT WITH RESPECT TO (A) THE OBLIGATIONS SET FORTH UNDER SECTIONS 15 AND 18, OR (B) ANY
BREACH BY LICENSEE OR ANY PERMITTED SUBLICENSEE OF THE LICENSE GRANTED UNDER ANY ETF LICENSE AND THIS MASTER AGREEMENT. WITHOUT DIMINISHING ANY DISCLAIMERS AND LIMITATIONS SET FORTH HEREIN, IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF S&P TO
LICENSEE OR ANY THIRD PARTY UNDER OR IN CONNECTION WITH ANY ETF LICENSE EXCEED THE LICENSE FEES ACTUALLY PAID TO S&P BY LICENSEE UNDER THAT ETF LICENSE DURING THE PRECEDING TWELVE (12) MONTH PERIOD. 

 

	20.	Force Majeure. 

  

	20.1	Neither S&P nor LICENSEE shall bear responsibility or liability for any losses arising out of any delay in or interruptions of their respective performance of their
obligations under this Master Agreement and/or any ETF License due to any act of God, act of governmental authority, act of the public enemy or due to war, the outbreak or escalation of hostilities (including acts of terrorism), riot, fire, flood,
civil commotion, insurrection, labor difficulty, including without limitation, any strike, or other work stoppage or slow down, severe or adverse weather conditions, communications line failure, or other similar cause beyond the reasonable control
of the Party so affected but not due to such Party’s negligence (“Force Majeure Event”). 

  

	20.2	Any Party that is subject to a Force Majeure Event shall not be in breach of this Master Agreement and/or any ETF License provided that: (a) it promptly
notifies the other Party in writing of the nature and extent of such Force Majeure Event causing its delay or interruption in performance; and (b) it could not have avoided the effect of the Force Majeure Event by taking precautions
which, having regard to all the matters known to it before the Force Majeure Event, it ought reasonably to have taken, but did not; and (c) it has used all endeavours to mitigate the effect of the Force Majeure Event, to carry out its
obligations under any ETF License and/or this Master Agreement in any way that is reasonably practicable and to resume the performance of its obligations as soon as reasonably practicable. 

 

	20.3	If the Force Majeure Event continues for more than thirty (30) days, the other Party shall have the right to terminate the relevant ETF License upon written notice
to such Party. 

  

	21.	Other Matters. 

  

	21.1	 Change in Control. If there is a Change in Control, LICENSEE shall so inform S&P setting forth the details of such Change in Control
promptly upon such Change in Control or if, permitted by law or applicable regulations, at least forty-five (45) days prior to such Change in Control. S&P may at its option, after receipt of such notice, require LICENSEE to renegotiate any
terms of this Master Agreement and/or any ETF License(s) for the remainder of the then-current Term of each 

  

 17 

	 	 
or any ETF License entered into under this Master Agreement. Further in the event of such Change in Control, S&P’s written consent to an assignment (by operation of law or otherwise) or
transfer of this Master Agreement and/or any ETF License to such third party shall be required, and any attempt to so assign or transfer this Master Agreement and/or any ETF License without such written consent shall be null and void.

  

	21.2	Assignment; No Third Party Beneficiaries. This Master Agreement and each ETF License is solely and exclusively between the Parties and shall not be assigned or
transferred by either Party, without the prior written consent of the other Party, and any attempt to so assign or transfer this Master Agreement or any ETF License without such written consent shall be null and void. The foregoing notwithstanding,
S&P may assign its rights and duties under this Master Agreement and/or any ETF License to an Affiliate, without obtaining such consent. This Master Agreement and/or any ETF License (and any related agreement or arrangement between the Parties)
is solely and exclusively for the benefit of the Parties and their respective successors (and in the case of LICENSEE for the benefit of LICENSEE ETFs), and nothing in this Master Agreement or any ETF License (or any related agreement or arrangement
between the Parties), express or implied, is intended to or shall confer on any other person or entity, any rights, benefits, or remedies of any nature whatsoever under or by reason of this Master Agreement or any ETF License (or any such related
agreement or arrangement between the Parties). Despite the provisions of this Section 21.2, Third Party Licensors shall be entitled to enforce the provisions of this Master Agreement and any ETF License against LICENSEE to the extent
that such provisions benefit such Third Party Licensor. 

  

	21.3	Governing Law. This Master Agreement and all ETF Licenses hereunder shall be deemed to have been made in the United States of America, in the State of New York
and shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the United States of America and the State of New York, without reference to principles of conflicts of laws thereof. Any action or proceeding arising
under or relating to this Master Agreement and/or any ETF License shall be instituted in a federal or state court of competent jurisdiction in the State and County of New York. LICENSEE and S&P hereby consent to submit to the exclusive
jurisdiction of such courts and waive any objection to the propriety or convenience of venue therein. Service of process with respect to any such action or proceeding may be made upon either Party by registered or certified mail, postage prepaid, to
such Party or the attorney for such Party at its address as provided in Section 21.7. 

  

	21.4	Entire Agreement. This Master Agreement (together with each ETF License entered into hereunder) constitutes the entire agreement of the Parties with respect to
its subject matter and may be amended or modified only by a writing signed by duly authorized officers of both Parties. This Master Agreement, together with each ETF License entered into hereunder, supersedes all previous agreements between the
Parties with respect to the subject matter of this Master Agreement and/or each such ETF License. There are no oral or written collateral representations, agreements, or understandings except as provided herein. 

 

	21.5	Waiver, Modification and Amendment. No waiver, modification, or amendment of any of the terms and conditions of this Master Agreement (or any ETF License
hereunder) shall be valid or binding unless set forth in a written instrument signed by duly authorized officers of both Parties. The delay or failure by either Party to insist, in any one or more instances, upon strict performance of any of the
terms or conditions of this Master Agreement (or any ETF License hereunder) or to exercise any right or privilege herein conferred shall not be construed as a waiver of any such term, condition, right, or privilege, but the same shall continue in
full force and effect. 

  

	21.6	Continuing Obligations of the Parties. No breach, default or threatened breach of this Master Agreement (and/or any ETF License entered into hereunder) by either
Party shall relieve the other Party of its obligations or liabilities under this Master Agreement and/or such ETF License with respect to the protection of the property or proprietary nature of any property which is the subject of this Master
Agreement and/or such ETF License. 

  

 18 

	21.7	Notice. Except as set forth in Section 11.1 hereof with respect to Informational Materials, all notices and other communications under this Master
Agreement and/or any ETF License shall be (i) in writing, (ii) delivered by hand, by registered or certified mail, return receipt requested, or by facsimile transmission to the address or facsimile number set forth below or
such address or facsimile number as either Party shall specify by a written notice to the other and (iii) deemed given upon receipt. 

Notice to S&P 

Standard & Poor’s Financial Services LLC 

55 Water Street 

New York, New York 10041 

Attention: Jean Park, Head of Sales/Licensing, North America 

Fax # (212) 438-3524 

With a copy to: 

Kenneth Vittor, General Counsel 

The McGraw-Hill Companies, Inc. 

1221 Avenue of the Americas 

New York 
 NY
10020, 
 Fax # (212) 512-4827 

Notice to LlCENSEE shall be served at the address stated in Paragraph C. 

 

	21.8	Independent Contractors. The Parties are independent contractors. Nothing herein shall be construed to place the Parties in the relationship of partners or joint
venturers, and neither Party shall acquire any power, other than as specifically and expressly provided in this Master Agreement or the relevant ETF License, to bind the other in any manner whatsoever with respect to third parties.

  

	21.9	Severability. If any part of this Master Agreement and/or any ETF License is held by a court of competent jurisdiction to be invalid or unenforceable, that part
will be enforced to the maximum extent permitted by law, and the remainder of this Master Agreement and such ETF License will remain in full force. 

  

	21.10	Headings. Headings used in this Master Agreement are for references purposes only and shall be deemed a part of this Master Agreement. 

 

	21.11	Counterparts. This Master Agreement and/or any ETF License may be executed in counterparts, each of which shall be deemed an original but both of which, when
taken together, shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the Parties have caused this Master
Agreement to be executed as of the Effective Date. 
  

 19 

									
	LICENSEE	 		 	STANDARD & POOR’S FINANCIAL SERVICES LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

	Date:	 	  
	 		 	Date:	 	  

			
	LICENSEE	 		 	STANDARD & POOR’S FINANCIAL SERVICES LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

	Date:	 	  
	 		 	Date:	 	  

  

 20 

 Schedule 

 

					
	Full company name	 	Jefferies Commodities Investment Services, LLC
	Company Number	 	  
	 	
	Country of Incorporation	 	USA	 	
	Registered Address	 	One Station Place, Three North Stamford, CT 06902, USA
	Address for Service	 	  
	 	
	Contract Name	 	Satch Chada	 	
	Contact Telephone	 	203-708-5978	 	
	Contact Fax	 	  
	 	
	Contact E-Mail	 	schada@jamfunds.com	 	

  

 21 

 EXHIBIT A – FORM OF ETF LICENSE 

THIS ETF License is entered into as of          the day of
             2009 by & between: 
  

	A	Standard & Poor’s Financial Services LLC, a Delaware limited liability company incorporated in the State of Delaware, USA having a place of
business at 55 Water Street, New York, NY 10041 USA (“S&P”); and 

  

	B	The party identified in Paragraph A hereto (“LICENSEE”) 

WHEREAS 
  

	(1)	S&P is party to a subsisting written agreement of          day of
             200     

	  	with
                                         
                                         
                                         
              

	  	(“Master Agreement”); and 

  

	(2)	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for the LICENSEE to create and market a LICENSEE ETF.

 IT IS AGREED THAT: 
  

	1.	This is an ETF License under and governed by the Master Agreement and incorporates Paragraphs A to M hereto. 

 

	2.	All words terms or phrases defined in the Master Agreement have the same meaning where used in this ETF License. 

 

	3.	This ETF License shall not vary the meaning or effect of the Master Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

  

	4.	In determining the meaning or effect of this ETF License the provisions of this ETF License shall prevail over those of the Master Agreement. 

 

	5.	This ETF License is a discrete contract entirely severable from all other ETF Licenses entered into under the Master Agreement. 

 

	6.	This ETF License entitles the LICENSEE to create and launch one or more LICENSEE ETFs described in it at any time and from time to time during its existence.

  

	7.	In advance of the first listing of any new ETF hereunder the LICENSEE shall inform S&P providing a term sheet in such regard to provide all then available
information necessary for S&P to determine (a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated to be payable to S&P in such regard under Paragraph I below.

  

	8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide as soon as possible all further information (or an updated final prospectus) to S&P to provide
all then available information necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the License Fees actually and correctly payable to S&P in such regard under
Paragraph I below. 

 IN WITNESS WHEREOF, the parties have caused this ETF License to be executed as of the date
first set forth above. 
  

 22 

							
		 	  
	 		  	  

		 	LICENSEE	 		  	Standard & Poor’s Financial Services LLC
				
	Print Name	 	  
	 		  	  

	Print Title	 	  
	 		  	  

	Date	 	  
	 		  	  

				
		 	  
	 		  	  

		 	LICENSEE	 		  	Standard & Poor’s Financial Services LLC
				
	Print Name	 	  
	 		  	  

	Print Title	 	  
	 		  	  

	Date	 	  
	 		  	  

  

 23 

			
		 	Paragraph A – “LICENSEE”
	Full company name	 	  

	Company Number	 	  

	Country of Incorporation	 	  

	Registered Address	 	  

	Address for Service	 	  

	Contact Name	 	  

	Contact Telephone	 	  

	Contact Fax	 	  

	Contact E-Mail	 	  

		 	Paragraph B – LICENSEE Audit Address
	Building Name/Number	 	  

	Street	 	  

	City	 	  

	State	 	  

	Country	 	  

	Contact Name	 	  

	Contact Telephone	 	  

	Contact Fax	 	  

	Contact E-Mail	 	  

		 	Paragraph C – LICENSEE Notice Address
	Building Name/Number	 	  

	Street	 	  

	City	 	  

	State	 	  

	Country	 	  

	Contact Name	 	  

	Contact Telephone	 	  

	Contact Fax	 	  

	Contact E-Mail	 	  

Paragraph D – S&P Indices 

 
  

Are the S&P Indices standard (Yes/No) or custom (Yes/No) 

If custom, agreed methodology to be attached hereto 

Paragraph E1 

LICENSEE ETF Name 
  

 

Paragraph E2 – ETF Type 

By relation to the S&P Index 
  

							
	A.	  	Replicating	  	(meaning Beta = 1)	  	(Yes/No)
	B.	  	Leveraged	  	(meaning Beta >1.25)	  	(Yes/No)
	C.	  	Inverse/Shorting	  	(meaning Beta < Zero)	  	(Yes/No)
	D.	  	Restricted	  	(meaning Beta 3 Zero and £ 1.25)	  	(Yes/No)
	Where “Beta” means the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of such ETF.

  

 

Paragraph F – Territory 

United States of America -unless otherwise stated below 

 
  

Paragraph G – Exclusivity 

Unless otherwise stated below this ETF license is entirely non exclusive 

 
  

 
  

 
  

 
  

Paragraph H – Term 

H1 – Initial Term – Five (5) Years 

H2 – Renewal Term – Three (3) years 

Save as otherwise stated below 
  

 24 

 Paragraph I – License Fee 

Paragraph J1 – Target Launch Date 

 
  

Paragraph J2 – Designated OSM 

 
  

Paragraph K – S&P Marks 

 
  

Paragraph L – Informational Materials – Notice Address 

 

			
	Building Name/Number	 	  

	Street	 	  

	City	 	  

	State	 	  

	Country	 	  

	Contact Name	 	  

	Contact Telephone	 	  

	Contact Fax	 	  

	Contact E-Mail	 	  

Paragraph M – Third Party Licensor 

Is there a Third Party Licensor? (Yes/No) 

If “Yes”, are there flow-through obligations? (Yes/No) 

If “Yes” describe below: 
  

 25 

 ETF License Number One to 

ETF Master Agreement dated          of
             2010 
 THIS ETF License is entered into as of the
         day of                  2010 by & between: 

 

	A	Standard & Poor’s Financial Services LLC, a Delaware limited liability company having a place of business at 55 Water Street New York, New York
10041, USA (“S&P”); and 

  

	B.	The party identified in Paragraph A hereto (“LICENSEE”) 

WHEREAS 
  

	(1)	S&P is party to a subsisting written agreement of          day of
                 2010 with Jefferies Commodities Investment Services, LLC (“Master Agreement”); and 

 

	(2)	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for the LICENSEE to create and market a LICENSEE ETF.

 IT IS AGREED THAT:- 
  

	1.	This is an ETF License under and governed by the Master Agreement and incorporates Paragraphs A to M hereto. 

 

	2.	All words terms or phrases defined in the Master Agreement have the same meaning where used in this ETF License. 

 

	3.	This ETF License shall not vary the meaning or effect of the Master Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

  

	4.	In determining the meaning or effect of this ETF License the provisions of this ETF License shall prevail over those of the Master Agreement. 

 

	5.	This ETF License is a discrete contract entirely severable from all other ETF Licenses entered into under the Master Agreement. 

 

	6.	This ETF License entitles the LICENSEE to create and launch one or more LICENSEE ETFs described in it at any time and from time to time during its existence.

  

	7.	In advance of the first listing of any new ETF hereunder the LICENSEE shall inform S&P providing a term sheet in such regard to provide all then available
information necessary for S&P to determine (a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated to be payable to S&P in such regard under Paragraph
I below. 

  

	8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide as soon as possible all further information (or an updated final prospectus) to S&P to provide
all then available information necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the License Fees actually and correctly payable to S&P in such
regard under Paragraph I below. 

  

 26 

 IN WITNESS WHEREOF, the parties have caused this ETF License to be executed as of the date first set
forth above. 
  

									
	  
	 		 	  

	Standard & Poor’s Financial Services LLC	 		 	LICENSEE	 	
		 		 		 		 	
	Print Name	 	  
	 		 	  

	Print Title	 	  
	 		 	  

	Date	 	  
	 		 	  

			
	  
	 		 	  

	Standard & Poor’s Financial Services LLC	 		 	LICENSEE	 	
		 		 		 	
	Print Name	 	  
	 		 	  

	Print Title	 	  
	 		 	  

	Date	 	  
	 		 	  

 

 27 

 ETF License Number One 

to ETF Master Agreement dated          of
             2010 
  

			
	Paragraph A - “LICENSEE”
		
	Full company name	  	Jefferies Commodities Investment Services, LLC
	Company Number	  	  

	Country of Incorporation	  	USA
	Registered Address	  	One Station Place, Three North Stamford, CT 06902
	Address for Service	  	One Station Place, Three North Stamford, CT 06902
	Contact Name	  	Satch Chada
	Contact Telephone	  	(203) 708-5978
	Contact Fax	  	  

	Contact E-Mail	  	schada@jeffries.com
	
	Paragraph B - LICENSEE Audit Address
		
	Building Name/Number	  	Three North
	Street	  	One Station Place
	City	  	Stamford
	State	  	CT
	Country	  	USA
	Contact Name	  	General Council
	Contact Telephone	  	203-708-6500
	Contact Fax	  	  

	Contact E-Mail	  	  

	
	Paragraph C - LICENSEE Notice Address
		
	Building Name/Number	  	Three North
	Street	  	One Station Place
	City	  	Stamford
	State	  	CT
	Country	  	USA
	Contact Name	  	General Council
	Contact Telephone	  	203-708-6500
	Contact Fax	  	  

	Contact E-Mail	  	  

	
	Paragraph D - S&P Indices

  
  

			
	S&P 500 VIX Short-Term Futures Index
	S&P 500 VIX Medium-Term Futures Index
	
	 Paragraph E1

LICENSEE ETF Name

	
	Jefferies S&P 500 VIX Short-Term Futures ETF
	Jefferies Short S&P 500 VIX Short-Term Futures ETF
	Jefferies S&P 500 VIX Medium-Term Futures ETF
	Jefferies Short S&P 500 VIX Medium-Term Futures ETF

 

					
	ETF Master Jefferies Signature Version	 		 	

 ETF License Number One 

to ETF Master Agreement dated          of
             2010 
 Paragraph E2 - ETF Type 

By relation to the S&P Index 
  

	A.	Replicating, meaning Beta = 1 

  

	C.	Inverse/Shorting, meaning Beta = -1 

 Where
“Beta” means the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage point change in the Underlying Index, as set out in the investment objectives of the
prospectus or other disclosure documents of such ETF. 
  

 
 Paragraph F -
Territory 
 United States of America 

Paragraph G - Exclusivity 

This ETF license is entirely non exclusive 

Paragraph H - Term  

H1 - Initial Term - Five (5) Years 

H2 - Renewal Term - Three (3) years 
  

 
 Paragraph I -
License Fee 
  

	1.	The LICENSEE shall account (meaning providing accounting information as well as payment) quarterly in arrears (with figures accurate to each Quarter day) within thirty
(30) days after each such Quarter day in respect of the aggregate of all LICENSEE ETFs launched under this ETF License, for ten basis points of the average daily assets under management for such LICENSEE ETFs. 

 

	2.	Each Licensee Fee payment shall be accompanied by a statement setting forth the basis for its calculation. In the event that LICENSEE fails to pay the full amount of
the License Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be increased by an increment of one basis point (0.01%) for each thirty (30) day period (or portion thereof) that such
License Fee has not been paid in full. 

  

	3.	LICENSEE’s failure to pay any License Fee amounts due hereunder within thirty (30) days after the end of the applicable Quarter shall be deemed a material
breach of this ETF License and the Master Agreement. 

  

	4.	The Parties agree that the terms upon which the License Fees are calculated is “Confidential Information” for the purposes of Section 15 of the
Master Agreement. 

  

	5.	The License Fees are non-refundable and payable in US Dollars. 

Paragraph J1 - Target Launch Date 

April 1, 2011 
  

					
	ETF Master Jefferies Signature Version	 	2	 	

 ETF License Number One 

to ETF Master Agreement
dated        of            2010 

Paragraph J2 - Designated OSM 

NYSE ARCA 

Paragraph K - S&P Marks 

S&P 500 VIX Short-Term Futures Index 

S&P 500 VIX Medium-Term Futures Index 

S&P 
 S&P
500 
 Standard & Poor’s 

Standard & Poor’s 500 

500 
 VIX®

 Paragraph L - Informational Materials - Notice Address 

 

					
	Building Name/Number	  	55	  	
	Street	  	Water Street	  	
	City	  	New York	  	
	State	  	New York	  	
	Country	  	United States	  	
	Contact Name	  	Jean Park	  	
	Contact Telephone	  	(212) 438 5622	  	
	Contact Fax	  	(212) 438 3524	  	
	Contact E-Mail	  	jean_park@standardandpoors.corn	  	

 Paragraph M - Third Party Licensor 

1. LICENSEE acknowledges and agrees that the trademark “VIX” (the “CBOE Mark”) is owned by the Chicago Board Options Exchange,
Incorporated (“CBOE”) and that CBOE has approved S&P’s use of the CBOE Mark in connection with the S&P 500 VIX Short-Term Futures Index and the S&P 500 VIX Medium-Term Futures Index, including the right to sublicense third
parties the use such trademark in connection with such indices. 
 2. For the purposes of this ETF License, the notice set out in
Section 11.5 of the Master Agreement for use when referring to the S&P 500 VIX Short-Term Futures Index, the S&P 500 VIX Medium-Term Futures Index and the S&P Marks in any Informational Materials shall be replaced in its entirety by
the following: 
 Standard &
Poor’s®
S&P® S&P 500
® Standard & Poor’s
500TM S&P 500 VIX Short-Term
FuturesTM S&P 500 VIX Medium-Term
FuturesTM are trademarks of Standard &
Poor’s Financial Services LLC (“S&P”) and have been licensed for use by Jefferies Commodities Investment Services, LLC. “VIX” is a trademark of the Chicago Boards Option Exchange, Incorporated (“CBOE”) and has
been licensed for use by S&P. The [Name of LICENSEE ETF(s)] is not sponsored, endorsed, sold or promoted by S&P or its Affiliates or CBOE, and S&P and its Affiliates and CBOE make no representation, warranty or condition regarding
the advisability of buying, selling or holding units/shares in the [LICENSEE ETF(s)]. 
  

					
	ETF Master Jefferies Signature Version	 	3	 	

 ETF License Number One 

to ETF Master Agreement
dated        of            2010 
 3.
For the purposes of this ETF License, the disclaimers and limitations set out in Section 17.1 of the Master Agreement for use in all Informational Materials relating to each LICENSEE ETF shall be replaced in its entirety by the following:

 THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY STANDARD & POOR’S AND ITS AFFILIATES
(“S&P”) OR THE CHICAGO BOARD OPTIONS EXCHANGE, INCORPORATED (“CBOE”). S&P AND CBOE MAKE NO REPRESENTATION, CONDITION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE
ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE [S&P 500 VIX SHORT-TERM FUTURES INDEX OR THE S&P 500 VIX MID-TERM FUTURES INDEX] (THE “INDEX” TO TRACK THE PERFORMANCE OF CERTAIN
FINANCIAL MARKETS AND/OR SECTIONS THEREOF AND/OR OF GROUPS OF ASSETS OR ASSET CLASSES. S&P’S AND CBOE’S ONLY RELATIONSHIP TO JEFFERIES COMMODITIES INVESTMENT SERVICES LLC IS THE LICENSING OF CERTAIN TRADEMARKS AND TRADE NAMES AND OF
THE INDEX WHICH IS DETERMINED, COMPOSED AND CALCULATED BY S&P WITHOUT REGARD TO JEFFERIES COMMODITIES INVESTMENT SERVICES LLC OR THE FUND. S&P HAS NO OBLIGATION TO TAKE THE NEEDS OF JEFFERIES COMMODITIES INVESTMENT SERVICES LLC OR THE OWNERS
OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. S&P AND CBOE ARE NOT RESPONSIBLE FOR AND HAVE NOT PARTICIPATED IN THE DETERMINATION OF THE PRICES AND AMOUNT OF THE FUND OR THE TIMING OF THE ISSUANCE OR SALE OF
THE FUND OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE FUND SHARES ARE TO BE CONVERTED INTO CASH. S&P AND CBOE HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING, OR TRADING OF THE FUND. 

 NEITHER S&P, ITS AFFILIATES NOR THIRD PARTY LICENSORS, INCLUDING CBOE, GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS
OF THE INDEX OR ANY DATA INCLUDED THEREIN AND S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS, INCLUDING CBOE, SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P AND CBOE MAKE NO WARRANTY, CONDITION OR
REPRESENTATION, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JEFFERIES COMMODITIES INVESTMENT SERVICES LLC, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. S&P AND CBOE MAKE NO
EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR CONDITIONS, AND EXPRESSLY DISCLAIM ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AND ANY OTHER EXPRESS OR IMPLIED WARRANTY OR CONDITION WITH RESPECT TO
THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS, INCLUDING CBOE, HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES
(INCLUDING LOST PROFITS) RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.” 
  

					
	ETF Master Jefferies Signature Version	 	4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]