Document:

Exhibit 10.3

 

LICENSING AND SERVICES AGREEMENT

 

This Licensing and Services Agreement (“Agreement”)
is made and entered into as of the __ day of November, 2014 (“Effective Date”), by and among Sit Fixed
Income Advisors II, LLC (“Sit”), a Delaware limited liability company with its principal place of business
at 3300 IDS Center, 80 South 8th Street, Minneapolis, MN 55402, and ETF Managers Capital LLC (“ETF Managers Capital”),
a Delaware limited liability company with its principal place of business at 35 Beechwood Road, Suite 2B, Summit, NJ 07901.

 

WHEREAS, ETF Managers Capital desires
to retain Sit to provide certain services in connection with the operation of Sit Rising Rate ETF (the “Fund”),
a series of the ETF Managers Group Commodity Trust I, which is a Delaware series trust and offers its units to the public, which
units will be traded on a national securities exchange (the date on which the Fund commences trading, the “Launch Date”);
and

 

WHEREAS, Sit is willing to provide
such services under the terms of this Agreement; and

 

WHEREAS, ETF Managers Capital desires
to license the use of a model portfolio that is owned, maintained and published by Sit (the “Benchmark”);
and

 

WHEREAS, Sit is willing to license
the use of the Benchmark under the terms of this Agreement;

 

NOW, THEREFORE, in consideration of
the foregoing, and in reliance upon the mutual promises contained in this Agreement, the parties, intending to be legally bound,
agree as follows:

 

	1.	LICENSE

 

(a) Subject to the terms and conditions
of this Agreement, Sit hereby grants to ETF Managers Capital and the Fund a non-transferable, non-exclusive license: (i) to use
the Benchmark as the basis, or a component, of the Fund, and (ii) subject to this Article, to reproduce, modify and create derivative
works from any information provided to ETF Managers Capital by Sit, in each case solely in connection with the marketing, promotion
and sale of the Fund and its shares and in connection with making such disclosure about the Fund as ETF Managers Capital deems
necessary or desirable under any applicable laws, rules or regulations in order to indicate the source of the Benchmark (“License”).
Sit reserves all rights with respect to the Benchmark except those expressly licensed to ETF Managers Capital hereunder; however,
Sit shall not grant any license or sublicense permitting the use of the Benchmark for an exchange-traded fund on any U.S. or foreign
securities exchange by any party other than ETF Managers Capital or the Fund for as long as this Agreement remains in effect and
for six (6) months following the termination of this Agreement if a termination has occurred other than pursuant to a voluntary
termination by ETF Managers Capital under the terms of this Agreement.

 

(b) ETF Managers Capital acknowledges that,
as between ETF Managers Capital and Sit, the Benchmark is the exclusive property of Sit, and that the Benchmark and its compilation
and composition and change therein are in the control of Sit. Sit warrants and represents that ETF Managers Capital does not need
to obtain a license from any person (other than the License provided herein) with respect to the use of the Benchmark or the exercise
of rights under the License.

 

	2.	SERVICES

 

During the term of this Agreement, Sit shall
maintain, and publish the Benchmark in accordance with the terms of this Agreement and consistent with (i) the Fund’s investment
objective, strategies, policies, and limitations as all are described in the Fund’s then-current prospectus and (ii) with
any other regulatory requirements applicable to the Fund. In addition, Sit shall provide to ETF Managers Capital and the Fund,
as applicable, services, including but not limited, to general consultation regarding the calculation, maintenance, and publication
of the Benchmark, anticipated changes to the Benchmark and the nature of the Benchmark’s current or anticipated components
and other such services as the parties to this Agreement may subsequently determine, as permitted by applicable law and exchange
rules. Sit also agrees to use all commercially reasonable efforts to assist in the dissemination of the Benchmark’s data
(to include, but not limited to, its components and such components value) as required by applicable securities laws and exchange
rules. Further, Sit shall (a) provide general advice regarding the markets for

    	 

    	

    

and trading in commodity interests, (b) provide such information
and data as may reasonably be requested by ETF Managers Capital regarding the principals of Sit and the Benchmark for inclusion
in regulatory filings and marketing materials for the Fund, and (c) make reasonably available upon adequate notice speakers for
Fund marketing events and persons to be interviewed by the press who can describe the Benchmark and its maintenance (the “Services”).
Sit represents that its other engagements or activities are not of a nature or magnitude so as to have a material adverse effect
on its ability to provide Services under this Article 2.

 

ETF Managers Capital acknowledges and agrees
that Sit and its principals are required to devote only such time as may be reasonably required with respect to the Services. Other
than as set forth below, Sit and its affiliates, including their respective partners, directors, members, stockholders, officers
and employees (together, “Sit’s Affiliates”) will not be precluded from engaging directly or indirectly
in any other business or activity, including, but not limited to, exercising investment advisory and management responsibility
and buying, selling or otherwise dealing with securities, commodities or other investments for their own accounts, for the accounts
of family members, for the accounts of other funds and for the accounts of individual and institutional clients. Sit and its Affiliates
may also serve as the general partner or investment manager of other funds, client accounts and proprietary accounts (collectively,
its “Clients”). Other than as set forth below, Sit and its Affiliates will perform, among other things,
investment advisory and management services for Clients other than the Fund and in that connection to give advice and take action
in the performance of their duties to those Clients which may differ from the timing and nature of action taken with respect to
the Fund. Sit will make all investment decisions relating to the Fund and its other Clients in a manner consistent with its fiduciary
obligations to act in good faith in what it considers to be the Fund’s and its Client’s best interests. Notwithstanding
the foregoing, Sit and Sit’s Affiliates shall not engage in management, investment, or commodity trading activities, as the
general partner, managing member, investment adviser, commodity trading advisor or otherwise for an exchange-traded fund (as defined
below) that bases its return by reference to the Benchmark or a Substantially Similar Benchmark (as defined below), for as long
as they are parties to this Agreement, and for six (6) months following the termination of this Agreement. “Substantially
Similar Benchmark” shall mean a benchmark with all of the following criteria: (i) it is created by Sit or any of its Affiliates;
(ii) its components consist of exchange traded futures contracts and options on futures on U.S. Treasury securities; and (iii)
its components are selected and weighted to achieve a negative effective portfolio duration. “Exchange-traded fund”
shall mean a fund open to the public and traded on a U.S. or foreign securities exchange whose net asset value is calculated daily
and which trades throughout the trading day, and which does not invest in securities.

 

	3.	FEES

 

For the Services provided hereunder, ETF
Managers Capital and/or the Fund will pay Sit an advisory fee as set forth in the fee schedule attached as Exhibit A to this Agreement.

 

	4.	TERMS AND TERMINATIONS

 

(a) This Agreement shall commence on the
Effective Date and remain in effect for a period of two (2) years therefrom (“Initial Term”), unless
earlier terminated by either ETF Managers Capital or Sit in accordance with this Article 4. After the Initial Term, this Agreement
shall continue for successive one-year periods unless terminated by either such party as of the end of an annual period by providing
written notice at least the period provided in Article 4(b) prior to such termination prior to the end of the annual period. Upon
termination of this Agreement, ETF Managers Capital shall cease to use the Benchmark except as provided for in this Agreement.

 

(b) This Agreement may be terminated by ETF
Managers Capital for any reason upon sixty (60) days written notice to Sit. This Agreement may be terminated by Sit upon sixty
(60) days written notice to ETF Managers Capital for any reason.

 

(c) If a party (the “Breaching
Party”) is in material breach of any terms of this Agreement, either ETF Managers Capital or Sit, as the case may
be, may so notify the Breaching Party in writing, specifying the nature of the breach in reasonable detail. The Breaching Party
shall have thirty (30) calendar days from delivery of that notice to correct the breach; provided that if the breach is not cured
within the identified time period, the other party may terminate this Agreement at any time after the thirty (30) days’ written
notice to the Breaching Party with another thirty (30) days’ written notice. Either ETF Managers Capital or Sit may terminate
this Agreement upon thirty (30)

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days’ written notice to such other party if Sit or ETF
Managers Capital, as the case may be, is dissolved or its existence is terminated; becomes insolvent or bankrupt or admits in writing
its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; makes a voluntary assignment
or transfer of all or substantially all of its property; has a custodian, trustee, or receiver appointed for it, or for all or
substantially all of its property; has bankruptcy, reorganization, arrangements, insolvency or liquidation proceedings, or other
proceedings for relief under any bankruptcy or similar law for the relief of debtors, instituted by or against it, and, if instituted
against it, any of the foregoing is allowed or consented to by the other party or is not dismissed within sixty (60) days
after such institution.

 

(d) ETF Managers Capital acknowledges and
agrees that Sit shall have the right, in its discretion, to cease maintenance and publication of the Benchmark and, in the event
that the Benchmark is discontinued, Sit shall have the right to terminate this Agreement as to the Fund using the Benchmark if
Sit does not intend to maintain and publish a replacement or substitute model portfolio. Sit shall give ETF Managers Capital at
least sixty (60) days’  written notice prior to such discontinuance, which notice shall specify whether a replacement
or substitute model portfolio will be available. ETF Managers Capital shall have the option hereunder to use the replacement model
portfolio under the terms of this Agreement by notifying Sit within ninety (90) days of receiving written notice from Sit regarding
the replacement model portfolio, on the same terms and conditions (including payment of fees as set forth in Article 3 of this
Agreement) as ETF Managers Capital or the Fund previously used the discontinued Benchmark.

 

(e) No fees under Article 3 of this Agreement
will be payable to Sit by ETF Managers Capital after termination of this Agreement as set forth in this Article 4 except any outstanding
fees. The fee for the month in which this Agreement is terminated will be pro rated based on the number of days in the month during
which the Agreement was in effect.

 

	5.	INDEMNIFICATION

 

(a) ETF Managers Capital shall indemnify,
defend and hold Sit and its affiliates, members, directors, officers, shareholders, employees, representatives, agents, attorneys,
successors and assigns (collectively, the “Sit Indemnified Parties”) harmless from and against any and
all claims, liabilities, obligations, judgments, causes of action, costs and expenses (including reasonable attorneys’ fees)
(collectively, “Losses”) arising out of any material breach of this Agreement by ETF Managers Capital
or any disclosure in the Registration Statement of the Fund (except disclosure about Sit or the Benchmark that has been specifically
approved by Sit), and out of ETF Managers Capital’s use of the Benchmark (including, without limitation, in connection with
the marketing, promotion and sale of the Fund and its units) other than a case in which Sit is obligated to indemnify ETF Managers
Capital under Article 5(b) and except to the extent Losses are the result of any grossly negligent act or omission of a Sit Indemnified
Party.

 

(b) Sit shall indemnify, defend and
hold ETF Managers Capital and its affiliates, members, directors, officers, shareholders, employees, representatives, agents, attorneys,
successors and assigns (collectively, the “ETF Managers Capital Indemnified Parties”) harmless from and
against any and all Losses arising out of (i) any material breach of this Agreement by Sit, (ii) any disclosure in the Registration
Statement of the Fund about Sit or the Benchmark that has been specifically approved by Sit, (iii) any claim that Sit does not
possess all rights necessary to grant the License granted by this Agreement, or (iv) the gross negligence, recklessness or willful
misconduct of Sit in providing Services under this Agreement.

 

(c) Except as otherwise expressly provided
herein, in no event shall either ETF Managers Capital or Sit be liable for any indirect, incidental, special or consequential damages,
even if the party or an authorized representative thereof has been advised of the possibility of such damages. The federal securities
laws impose liabilities under certain circumstances on persons who act in good faith; thus, nothing in this Agreement shall in
any way constitute a waiver or limitation on any rights which a party may have under the federal securities laws.

 

(d) Promptly after receipt by any Indemnified
Party of notice of the commencement of any action, the Indemnified Party shall, if indemnification is to be sought against the
other party (the “Indemnifying Party”) under this Article 5, notify the Indemnifying Party in writing
of the commencement thereof, but the omission to notify the Indemnifying Party shall relieve the Indemnifying Party from liability
hereunder only to the extent that such

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omission results in the forfeiture by the Indemnifying Party
of rights or defenses with respect to such action. In any action or proceeding, following provision of proper notice by the Indemnified
Party of the existence of such action, the Indemnified Party shall be entitled to participate in any such action and to assume
the defense thereof, with counsel of its choice, and after notice from the Indemnifying Party to the Indemnified Party of the Indemnified
Party’s election to assume the defense of the action, the Indemnifying Party shall not be liable to such Indemnified Party
hereunder for any attorneys’ fees subsequently incurred by the Indemnified Party. The Indemnified party shall cooperate in
the defense of settlement of claims so assumed. The Indemnifying Party shall not be liable hereunder for the settlement by the
Indemnified Party for any claim or demand unless it has previously approved the settlement or it has been notified of such claim
or demand and has failed to provide a defense in accordance with the provisions hereof. Without limiting the foregoing, in no event
may either party make any admission of liability by or on behalf of the other party without such other party’s express prior
written consent.

 

	6.	REPRESENTATIONS AND WARRANTIES

 

(a) Each party represents and warrants that
it has full power and authority to enter into and perform its obligations under this Agreement.

 

(b) Sit represents and warrants that it has
the right to grant licenses under the Benchmark and that to its knowledge use of the Benchmark by ETF Managers Capital as provided
herein shall not infringe any trade name, trademark, trade dress, copyright, other proprietary right, or contractual right of any
person not a party to this Agreement. Except for the warranties set forth herein, Sit makes no warranty, express or implied, concerning
the Benchmark, and makes no warranty as to its merchantability or fitness for a particular purpose. In particular, and without
limiting the foregoing, Sit does not guarantee the quality, accuracy, or completeness of the Benchmark.

 

(c) ETF Managers Capital represents and warrants
that both ETF Managers Capital and the Fund shall not commit any material violation of any applicable law or regulation, including
but not limited to banking, commodities and securities laws.

 

(d) Sit represents and warrants that Sit
shall not commit any material violation of any applicable law or regulation, including but not limited to banking, commodities
and securities laws.

 

(e) ETF Managers Capital agrees to include
the following disclosure or the substance thereof in the Fund’s prospectus:

 

The Benchmark Portfolio is the exclusive
property of Sit, which has licensed the use of the Benchmark Portfolio for use by ETF Managers Capital. Sit is solely responsible
for determining the securities included in, and the calculation of, the Benchmark Portfolio. Neither Sit nor its affiliates make
any representation regarding the appropriateness of the Fund’s investments for the purpose of tracking the performance of
the Benchmark Portfolio or otherwise.

 

	7.	CONFIDENTIAL INFORMATION

 

(a) By virtue of this Agreement, either
ETF Managers Capital or Sit may have access to information that is confidential to the other party including, without limitation,
all business, technical, financial, customer and/or any other proprietary information of a party, products, processes, tools, services,
technical knowledge and any other information and/or materials clearly marked as confidential or information identified as confidential
at the time of disclosure or summarized as confidential in a written memorandum delivered to the recipient within thirty (30) calendar
days of disclosure, including, without limitation, all information concerning the Benchmark, whether or not so marked (collectively,
“Confidential Information”). Notwithstanding the foregoing, a party’s Confidential Information
shall not include information which: (i) is or becomes a part of the public domain through no act or omission of the other party;
(ii) was in the other party’s lawful possession prior to the disclosure and had not been obtained by the other party either
directly or indirectly from the disclosing party; (iii) is lawfully disclosed to the other party by a third party without restriction
on disclosure; or (iv) is independently developed by the other party without reference to any Confidential Information. In addition,
the obligations of this Article 7 do not apply to confidential information that is required to be disclosed pursuant to a duly
authorized subpoena, court order, or government authority, provided that to the extent permitted by law the party subject to same
shall provide immediate

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written notice to the other party upon receipt of subpoena,
order, or other disclosure requirement prior to such disclosure and allow such other party the opportunity to intervene in the
action in order to attempt to enjoin such subpoena, order, or other disclosure requirement. Such Confidential Information shall
remain confidential for all other purposes.

 

(b) ETF Managers Capital and Sit agree
to secure and protect the Confidential Information of each other in a manner consistent with the maintenance of the other party’s
rights therein, using at least as great a degree of care as each party uses to maintain the confidentiality of its own confidential
information of a similar nature, but in no event using less than its reasonable efforts. Neither ETF Managers Capital nor Sit shall
sell, transfer, publish, disclose, or otherwise make available any portion of the Confidential Information of the other party to
third parties, except as necessary to perform its obligations under this Agreement or as expressly authorized in this Agreement.
Each party represents that it has, and agrees to maintain, an appropriate agreement with each third party who may have access to
Confidential Information sufficient to enable such party to comply with all of the terms of this Agreement.

 

(c) ETF Managers Capital and Sit agree that
the unauthorized use by any party of the other party’s Confidential Information will diminish the value of such Confidential
Information and will cause substantial and irreparable damage to the party whose Confidential Information was improperly disclosed,
and that the remedies generally available at law may be inadequate. Accordingly, ETF Managers Capital and Sit agree that a breach
of this Article 7 shall entitle Sit (in the case of a breach by ETF Managers Capital) or ETF Managers Capital (in the case of a
breach by Sit) to seek equitable relief to protect its interest herein, including injunctive relief, as well as money damages.
The parties agree that the obligations under this Article shall survive termination or expiration of this Agreement.

 

(d) Each party shall be free to use for itself
and for others in any manner the general knowledge, skill or experience acquired by it in connection with this Agreement.

 

	8.	GENERAL

 

(a) RIA; CTA. Sit is registered as
an investment adviser with the U.S. Securities and Exchange Commission and as a commodity trading advisor with the U.S. Commodity
Futures Trading Commission, and is a member of the National Futures Association. Sit has provided Part 2 of its current Form ADV
to ETF Managers Capital and will provide any revised Part 2 (or equivalent disclosure document) within a reasonable time after
the revisions are made.

 

(b) Captions Not Determinative.
Titles and paragraph headings herein are for convenient reference only and are not part of this Agreement.

 

(c) Independent Contractors. ETF
Managers Capital and Sit are independent contractors to one another. Nothing in this Agreement shall be construed to create a partnership,
joint venture or agency relationship between ETF Managers Capital, on the one hand, and Sit, on the other hand.

 

(d) Force Majeure. No party
shall be in default or otherwise liable for any delay in or failure of its performance under this Agreement where such delay or
failure arises by reason of any act of God, or any government or any governmental body, any act of war or terrorism, the elements,
strikes or labor disputes, or other similar or dissimilar cause beyond the control of such party.

 

(e) Notice. All notices, including
notices of address changes, required to be sent hereunder shall be in writing and shall be deemed to have been given when mailed
by registered or certified mail, postage prepaid to the appropriate address below:

 

If to Sit:

 

Sit Fixed Income Advisors II, LLC

3300 IDS Center

80 South 8th Street

Minneapolis, MN 55402

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If to ETF Managers Capital:

 

ETF Managers Capital LLC

35 Beechwood Road

Suite 2B

Summit, NJ 07901

 

(f) Severability. In the event that
any provision of this Agreement is held invalid by a court with jurisdiction over the parties, such provision shall be deemed to
be restated to be enforceable, in a manner which reflects, as nearly as possible, the intent and economic effect of the invalid
provision in accordance with applicable law. The remainder of this Agreement shall remain in full force and effect.

 

(g) Waiver. The waiver by any party
of any default or breach of this Agreement shall not constitute a waiver of any other or subsequent default or breach.

 

(h) Modification. No representation
or promise hereafter made, nor any modification or amendment of this Agreement, shall be binding unless in writing and executed
by duly authorized agents of all parties affected by the modification or amendment.

 

(i) Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but which together shall constitute one
and the same document.

 

(j) Assignment. ETF Managers
Capital may not assign this Agreement or any of the rights or obligations granted hereunder without Sit’s prior written consent,
and Sit may not assign this Agreement or any of the rights or obligations granted hereunder (except to an affiliate under common
control) without ETF Managers Capital’s prior written consent.

 

(k) Governing Law. This Agreement
shall be governed by and construed solely and exclusively in accordance with the laws of the State of New York, without reference
to its conflicts of law principles.

 

(l) Survival. The terms of Articles
5 and 7 shall survive the expiration or termination of this Agreement.

 

(m) Authority. The person signing
this Agreement on behalf of each party has been properly authorized and empowered to execute agreements such as this Agreement
on behalf of such party.

 

(n) Entire Agreement. This Agreement
and any Exhibits constitute the complete agreement between the parties and supersede all previous or contemporaneous agreements,
proposals, understandings, and representations, written or oral, with respect to the subject matter addressed herein.

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IN WITNESS WHEREOF, the parties have
entered into this Licensing and Services Agreement, and intend to be legally bound by it, as of the Effective Date.

 

	Attest:	 	 
	 	 	 
	(Printed Name)	By: 	 
	 	 	 
	Attest:	 	 
	 	 	 
	(Printed Name)	By: 	 

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EXHIBIT A

 

Fee Schedule

    	- 8 -Exhibit 10.5

 

11/25/14

 

FUND ADMINISTRATION SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into as
of the ____ day of November, 2014, by and between U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company
(“Fund Services”),  ETF MANAGERS GROUP COMMODITY TRUST I,, a Delaware statutory trust (the “Trust”),
for itself and on behalf of each of its series listed on Exhibit A to this Agreement (as amended from time to time)
(each a “Fund”) and ETF MANAGERS CAPITAL LLC, the sponsor of the Funds (the “Sponsor”).

 

WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (“SEC”) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the
Securities Act of 1933, as amended (“1933 Act”); and

 

WHEREAS, the Sponsor has exclusive responsibility
for the management and control of the business and affairs of the Trust and each Fund; and

 

WHEREAS, the Trust and Sponsor
desire to retain Fund Services to provide fund administration services to each Fund listed on _ hereto (as amended from time
to time) the services described herein, all as more fully set forth below;

 

WHEREAS, the Trust and Sponsor desire
to retain Fund Services to provide to each Fund the fund administration services described herein, all as more fully set below;

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

		1.	Appointment of Fund Services as Fund Administrator

 

The Trust and Sponsor hereby appoint Fund Services as fund
administrator for the term of this Agreement to perform the services and duties described herein. Fund Services hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services
shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against
Fund Services hereunder.

 

		2.	Delivery of Documents

 

The Trust and the Sponsor will on a continuing basis provide,
or make available to, Fund Services:

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		A.	Copies of the Trust’s most recent registration statement under the Securities Act of 1933;

 

		B.	Copies of all agreements between the Trust and its service providers, including without limitation,
sponsor and distribution agreements;

 

		C.	Copies of each Fund’s valuation procedures, to the extent they are developed;

 

		D.	A copy of the Trust’s charter documents;

 

		E.	Any other documents or resolutions which relate to or affect Fund Services’ performance of
its duties hereunder; and

 

		F.	Copies of any and all amendments or supplements to the foregoing.

 

		3.	Services and Duties of Fund Services

 

Fund Services shall provide the following administration
services to each Fund:

 

		A.	General Fund Management:

 

		(1)	Act as liaison among Fund service providers.

 

		(2)	Supply:

 

		a.	Office facilities (which may be in Fund Services’, or an affiliate’s, or Fund’s own offices).

 

		b.	Non-investment-related statistical and research data as requested.

 

		(3)	Audits:

 

		a.	For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the independent auditors,
and facilitate the audit process.

 

		b.	For SEC or other regulatory audits, provide requested information to the SEC or other regulatory agencies and facilitate the
audit process.

 

		c.	For all audits, provide office facilities, as needed.

 

		(4)	Assist with overall operations of the Fund.

 

		(5)	Pay Fund expenses upon written authorization from the Trust or Sponsor.

 

		(6)	Keep the Trust’s governing documents, including its charter and bylaws, but only to the extent such documents are provided
to Fund Services by the Trust or its representatives for safe keeping. Maintain required books and records for each Fund, as required
by all applicable statutes, rules and regulations. This will be subject to and in accordance with Section 9 of the Agreement, maintain
files of registration statements, Fund contracts, compliance materials and other Fund documents that are prepared by Fund Services
or furnished to Fund Services by the Fund, as required by the U.S. Securities and Exchange Commission (“SEC”), U.S.
Commodity

    	2

    	

    

		 	Futures Trading Commission (“CFTC”), National Futures Association
                                                                                 (“NFA”) and NYSE rules adopted thereunder, as they may be amended from time to time, and other requirements.

 

		B.	Compliance:

 

		(1)	Regulatory Compliance:

 

		a.	Monitor Fund’s compliance with the policies and investment limitations as set forth in its registration statement.

 

		b.	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with (i) any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002
(the “SOX Act”) or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of Fund Services’
compliance program as it relates to the Trust, provided the same shall not be deemed to change Fund Services’ standard of
care as set forth herein.

 

		c.	Monitor applicable regulatory and operational service issues, including exchange listing requirements.

 

		(2)	SEC Registration and Reporting:

 

		a.	Prepare, update and maintain a calendar for all SEC, CFTC, NFA and NYSE regulatory matters in a form to be agreed upon by the
parties from time to time; provided that the Funds and/or the Sponsor shall notify Fund Services of additional regulatory matters
to be added to such calendar as soon as practicable.

 

		b.	Within a 45 day production cycle, or shorter time period as required by the SEC and communicated to Fund Services by the Funds
or the Sponsor, prepare one Quarterly Report on Form 10-Q for the Funds for each of the first three fiscal quarters of the Funds,
or as necessary. The preparation of each Form 10-Q includes the coordination of all printer and author edits, the review of printer
drafts and the review of final printer invoices.

 

		c.	Within a 90 day production cycle, or shorter time period as required by the SEC and communicated to Fund Services by the Funds
or the Sponsor, prepare an Annual Report on Form 10-K for the Funds’ fiscal year. The preparation of the Form 10-K includes
the coordination of all printer and author edits, the review of printer drafts and the review of final printer invoices. Fund Services
in consultation with the Funds or the Sponsor shall facilitate delivery of the filing to the printer. Within 90 days after the
end of the Funds’ fiscal year, prepare one Annual Report of the Funds in compliance with the requirements of CFTC Rule §
4.22(c); such preparation includes the coordination of all printer and author edits, the review of printer drafts and review of
final printer invoices. Fund Services in consultation with the Funds or the

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		 	Sponsor shall make arrangements for the printing and mailing of the Annual Report.

 

		d.	Apply for all portfolio Tax I.D. numbers and CUSIP numbers.

 

		e.	At the request of the Sponsor, assist with the coordination of the requests for information/documentation from the SEC, CFTC,
NFA and NYSE Arca.

 

		f.	Upon review and approval of each form 10-K and 10-Q by the Sponsor and upon request, Fund Services shall EDGARize and file,
or caused to be EDGARized and filed, such reports with the SEC.

 

		g.	Fund Services also shall prepare and file, or cause to be filed, the following regulatory notices/forms/reports:

 

		(i)	Forms 3, 4 and 5 and Schedules 13D and 13G for the officer of the Sponsor and such other persons as requested by the Funds
with the SEC.

 

		(ii)	Current Reports on Form 8-K as circumstances warrant with the SEC.

 

		(iii)	Other notices/forms as agreed to among the Funds, the Sponsor and Fund Services with the NYSE.

 

		C.	Financial Reporting:

 

		(1)	Provide financial data required by the registration statement.

 

		(2)	Within a 30 day period following the end of the Funds’ required monthly reporting period, prepare an Account Statement
in compliance with the requirements of CFTC Rule § 4.22(a), including a Statement of Income (Loss) and a Statement of Changes
in Net Asset Value; Fund Services shall coordinate the filing of the Account Statements with the NFA. Upon review and approval
of each above-mentioned report by the Sponsor, Fund Services shall file such reports with the CFTC and/or NFA, as required, including
any applicable executive officer certifications or other exhibits to such reports.

 

		(3)	Supervise the Fund’s custodian and fund accountants in the maintenance of the Fund’s general ledger and in the
preparation of the Fund’s financial statements, including oversight of expense accruals and payments, the determination of
net asset value and the declaration and payment of dividends and other distributions to shareholders.

 

		(4)	Monitor expense accruals and make adjustments as necessary; notify the Trust’s management of adjustments expected to
materially affect the Fund’s expense ratio.

 

		(5)	Prepare and coordinate filing Form 8-K with the SEC, prepare file for upload to the Funds’ website.

    	4

    	

    

		(6)	Prepare and review the Fund’s Financial Statements: for transmission to service providers in connection with their preparation
of Quarterly Reports on form 10-Q and Annual Reports on form 10-K (Quarterly/Annual):

 

		a.	Statement of Financial Condition.

 

		b.	Statement of Investments.

 

		c.	Statement of Operations.

 

		d.	Statement of Changes in Net Assets.

 

		e.	Statement of Cash Flows.

 

		f.	Notes to the Financial Statements.

 

		g.	Review of other financial data included in 10-Qs and 10-Ks.

 

		h.	Any other information that may be required by rule or regulation.

 

D. Tax Reporting:

 

		(1)	Prepare for the review of the independent accountants and/or Fund Management the federal and state tax returns including, without
limitation, Form 1120 RIC and applicable state returns including any necessary schedules. Fund Services will prepare annual Fund
federal and state income tax return filings as authorized by and based on the instructions received by the Sponsor and/or its independent
accountant.

 

		(2)	Provide the Fund’s Sponsor and independent accountant with tax reporting information pertaining to the Fund and available
to Fund Services as required in a timely manner.

 

		(3)	Prepare Fund financial statement tax footnote disclosures for the review and approval of Sponsor and/or its independent accountant.

 

		(4)	Monitor wash sale losses(5) Calculate Qualified Dividend Income (“QDI”) for qualifying Fund Shareholders.

 

		4.	Compensation

 

Fund Services shall be compensated for providing the services
set forth in this Agreement in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time
to time). Fund Services shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage and
delivery charges, and reproduction charges) as are reasonably incurred by Fund Services in performing its duties hereunder. The
Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice,
except for any fee or expense subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar
days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts
within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or

    	5

    	

    

expense the Trust is disputing in good faith as set forth
above, unpaid invoices shall accrue a finance charge of 11⁄2% per month after the due date. Notwithstanding anything to the
contrary, amounts owed by the Trust to Fund Services shall only be paid out of the assets and property of the particular Fund involved.

 

		5.	License of Data; Warranty; Termination of Rights

 

		A.	Fund Services has entered into an agreement with MSCI index data services (“MSCI”), Standard & Poor Financial
Services LLC (“S&P”) and FactSet Research Systems, Inc. (“FACTSET”) and obligates Fund Services to
include a list of required provisions in this Agreement attached hereto as Exhibit B. The index data services being
provided to the Trust by Fund Services pursuant hereto (collectively, the “Data”) are being licensed, not sold, to
the Trust. The provisions in Exhibit B shall not have any affect upon the standard of care and liability Fund Services
has set forth in Section 7 of this Agreement.

 

		B.	The Trust agrees to indemnify and hold harmless Fund Services, its information providers, and any other third party involved
in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers,
employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys’
fees and costs, as incurred, arising in and any manner out of the Trust’s or any third party’s use of, or inability
to use, the Data or any breach by the Trust of any provision contained in this Agreement. The immediately preceding sentence shall
not have any effect upon the standard of care and liability of Fund Services as set forth in Section 6 of this Agreement.

 

		6.	Representations and Warranties

 

		A.	The Trust and Sponsor each hereby represents and warrants to Fund Services, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

 

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

 

		(2)	This Agreement has been duly authorized, executed and delivered by the Trust or Sponsor, as applicable, in accordance with
all requisite action and constitutes a valid and legally binding obligation of the Trust or Sponsor, as applicable, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting the rights and remedies of creditors and secured parties;

    	6

    	

    

		(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or

 

affecting its property which would prohibit its execution
or performance of this Agreement.

 

		B.	Fund Services hereby represents and warrants to the Trust and Sponsor, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that:

 

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

 

		(2)	This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and
constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and

 

		(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

 

		7.	Standard of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund Services shall not
be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with its duties under
this Agreement, including losses resulting from mechanical breakdowns or power supplies beyond Fund Services’ control, except
a loss arising out of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement or from
its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other
provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement,
the Trust shall indemnify and hold harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities
of any and every nature (including reasonable attorneys’ fees) that Fund Services may sustain or incur or that may be asserted

    	7

    	

    

		 	against Fund Services by any person arising out of any action taken or omitted to be taken by
                                                                                 it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written
                                                                                 or oral instruction provided to Fund Services by any duly authorized officer of the Trust or the Sponsor, except for any and
                                                                                 all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services’ refusal or failure
                                                                                 to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its
                                                                                 duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and
                                                                                 assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund Services”
                                                                                 shall include Fund Services’ directors, officers and employees.

 

Each Fund shall indemnify Fund Services against and
save Fund Services harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense
against any claim or liability, arising from any one or more of the following:

 

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

 

(2) Action or inaction taken or omitted to be taken
by Fund Services pursuant to written or oral instructions of the fund or otherwise without negligence or willful misconduct.;

 

(3) Any action taken or omitted to be taken by Fund
Services in good faith in accordance with the advice or opinion of counsel for a Fund or its own counsel;

 

(4) Any improper use by a Fund or its agents, distributor
or investment advisor of any valuations or computations supplied by Fund Services pursuant to this Agreement.

 

Fund Services shall indemnify and hold the Trust harmless
from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’
fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken
or omitted to be taken by Fund Services as a result of Fund Services’ refusal or failure to comply with the terms of this
Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This
indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this
Agreement. As used in this paragraph, the term “Trust” shall include the Trust’s trustees, officers and employees.

 

Neither party to this Agreement shall be liable to
the other party for consequential, special or punitive damages under any provision of this Agreement.

    	8

    	

    

In the event of a mechanical breakdown or power supplies
beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption
continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting
from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable contingency
plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent
appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Fund Services’ premises and
operating capabilities at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover,
Fund Services shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent
accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this
Agreement.

 

Notwithstanding the above, Fund Services reserves the
right to reprocess and correct administrative errors at its own expense.

 

		B.	In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the
indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all
pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a
claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor
shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses
for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise
in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written
consent.

 

		C.	The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment
of this Agreement.

 

		D.	If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed
to relieve Fund Services of any of its obligations in such other capacity.

 

		E.	Paid Tax Preparer Disclaimer: In conjunction with the tax services provided to each Fund by Fund Services hereunder, Fund Services
shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36)
of the Internal Revenue Code (“IRC”), or any successor thereof. Any information provided by Fund Services to a Fund
for

    	9

    	

    

		 	income tax reporting purposes with respect to any item of income, gain, loss, or credit will
                                                                                 be performed solely in Fund Services’ administrative capacity. Fund Services shall not be required to determine, and
                                                                                 shall not take any position with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has
                                                                                 been satisfied with respect to any income tax item. Each Fund, and any appointees thereof, shall have the right to inspect
                                                                                 the transaction summaries produced and aggregated by Fund Services, and any supporting documents thereto, in connection with
                                                                                 the tax reporting services provided to each Fund by Fund Services. Fund Services shall not be liable for the provision
                                                                                 or omission of any tax advice with respect to any information provided by Fund Services to a Fund. The tax information
                                                                                 provided by Fund Services shall be pertinent to the data and information made available to us, and is neither derived from
                                                                                 nor construed as tax advice.

 

		8.	Data Necessary to Perform Services

 

The Trust or its agent shall furnish to Fund Services
the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

 

		9.	Proprietary and Confidential Information

 

Fund Services agrees on behalf of itself and its directors,
officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information
relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to
use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except
after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not
be withheld (i) where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested
to divulge such information by duly constituted authorities, or (iii) when so requested by the Trust. Records and other information
which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives,
and information that was already in the possession of Fund Services prior to receipt thereof from the Trust or its agent, shall
not be subject to this paragraph.

 

Further, Fund Services will adhere to the privacy policies
adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund
Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust
and its shareholders.

    	10

    	

    

		10.	Records

 

Fund Services shall keep records relating
to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable
to the Trust, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, as required
by the Securities Exchange Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed,
17 C.F.R. 4.23 (specifically, the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other
applicable federal securities laws and created pursuant to the performance of the Administrator’s obligations under this
Agreement. Fund Services will also maintain those records of the Trust and the Funds including any changes, modifications or amendments
thereto (the “Fund Records”) and will act as document repository for such Fund Records. Upon receipt of such Fund Records,
Fund Services will issue a receipt for such Fund Records. Fund Services shall maintain a complete and orderly inventory of all
Fund Records for which it has issued a receipt. Fund Services shall be under no duty or obligation to audit or reconcile the content,
nor shall it be responsible for the accuracy or completeness of those Fund Records not created by it. Upon written request in a
form to be determined by Fund Services and the Trust, Fund Services will return or release the requested Fund Records to such persons
or entities pursuant to the Instructions provided by the Trust. Once one or more Fund Records have been returned or released by
Fund Services, Fund Services shall have no further duty or obligation to act as repository for said previously released Fund Records.
The Sponsor represents and warrants that: (a) promptly after the date of this Agreement, it will, at its own expense, deliver,
cause to be delivered or make available to Fund Services all of the Fund Records in effect as of the date of this Agreement; (b)
it will, on a continuing basis and at its own expense, promptly deliver, cause to be delivered or make available to Fund Services
any Fund Records created after the date of this Agreement; (c) it has adequate record-keeping policies and procedures in effect
to ensure that all Fund Records are promptly provided to Fund Services pursuant to the terms of this Agreement; (d) it shall be
responsible for the accuracy and completeness of any Fund Records not created by Fund Services; and (e) it shall be responsible
for ensuring the Trust’s or the Funds’ compliance with, fulfillment of its obligations under or enforcement of, any
Fund Records not created by Fund Services. Fund Services acknowledges that the records maintained and preserved by it pursuant
to this Agreement are the property of the Trust and will be, at the Trust’s expense, surrendered promptly upon reasonable
request. In performing its obligations under this Section, Fund Services may utilize micrographic and electronic storage media
as well as independent third party storage facilities.

 

		11.	Compliance with Laws

 

The Trust has and retains primary responsibility for
all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal

    	11

    	

    

Revenue Code of 1986, the Sarbanes-Oxley Act of 2002,
the USA Patriot Act of 2001, the rules and regulations of the SEC, U.S. Commodity Futures Trading Commission, National Futures
Association, the securities exchange on which any Shares are listed and the policies and limitations of the Fund relating to its
portfolio investments as set forth in its registration statement . Fund Services’ services hereunder shall not relieve the
Trust or Sponsor of its responsibilities for assuring such compliance.

 

		12.	Term of Agreement; Amendment

 

This Agreement shall become effective as of the date first
written above and will continue in effect for a period of three (3) years. This Agreement may be terminated by any party upon giving
90 days prior written notice to the other parties or such shorter period as is mutually agreed upon by the parties. Notwithstanding
the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement
if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or
modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Sponsor.

 

		13.	Duties in the Event of Termination

 

In the event that, in connection with termination, a successor
to any of Fund Services’ duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services,
Fund Services will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books,
records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable
to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses
associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including
provision for assistance from Fund Services’ personnel in the establishment of books, records, and other data by such successor.
If no such successor is designated, then such books, records and other data shall be returned to the Trust and Sponsor.

    	12

    	

    

		14.	Early Termination

 

In the absence of any material breach of this Agreement,
should the Trust and Sponsor elect to terminate this Agreement prior to the end of the initial three year term, the Trust agrees
to pay the following fees:

 

(1) all monthly fees through the life of the Agreement,
including the repayment of any negotiated discounts;

 

(2) all fees associated with converting services to
successor service provider;

 

(3) all fees associated with any record retention and/or
tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

 

(4) all out-of-pocket costs associated
with (1) to (3) above

 

		15.	Assignment

 

This Agreement shall extend to and be binding upon
the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable
by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied
by the authorization or approval of the Trust’s Sponsor.

 

		16.	Governing Law

 

This Agreement shall be construed in accordance with the
laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State
of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control,
and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

 

		17.	No Agency Relationship

 

Nothing herein contained shall be deemed to authorize
or empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account,
of another party to this Agreement.

 

		18.	Services Not Exclusive

 

Nothing in this Agreement shall limit or restrict Fund
Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

    	13

    	

    

		19.	Invalidity

 

Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

		20.	Notices

 

Any notice required or permitted to be given by either party
to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service,
or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed
received by facsimile transmission to the other party’s address set forth below:

 

Notice to Fund Services shall be sent to:

 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

 

and notice
to the Trust or Sponsor shall be sent to:

 

ETF Managers
Group Commodity Trust I

c/o ETF Managers
Capital LLC

35 Beechwood
Road, Suite 2B

Summit, NJ
07901

 

		21.	Multiple Originals

 

This Agreement may be executed on two or more counterparts,
each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the
same instrument.

 

{Signatures on the following page}

    	14

    	

    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

 

ETF MANAGERS GROUP COMMODITY TRUST I  

 

	By:	 	 
	 	 	 

	Name: 	 	 
	 	 	 

	Title: 	 	 

 

ETF MANAGERS CAPITAL LLC  

 

	By:	 	 
	 	 	 

	Name: 	 	 
	 	 	 

	Title: 	 	 

 

U.S. BANCORP FUND SERVICES, LLC

 

	By:	 	 
	 	 	 

	Name: 	Michael R. McVoy	 
	 	 	 

	Title: 	Executive Vice President	 

    	15

    	

    

Exhibit A to the Fund Administration
Servicing Agreement - ETF Managers Group Commodity Trust I

 

Separate Series of ETF Managers Group Commodity
Trust I

 

	Name of Series

    Sit Rising Rate ETF	
        Symbol

RISE (NYSE Arca)

    	16

    	

    

Exhibit B to the Fund Administration
Servicing Agreement

(ETF Managers Group Commodity Trust I)

 

    	17

    	

    

Exhibit C to the Fund Administration Servicing Agreement-
ETF Managers Group Commodity Trust I

 

    	18

    	

    

Exhibit C (continued) to the Fund Administration Servicing
Agreement – ETF Managers Group Commodity Trust I at November, 2014 Fund Accounting, Fund Administration & Portfolio Compliance
Supplemental Services

 

    	19

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