Document:

Global Custody Agreement

 Exhibit 10.4 

 
 

 
 GLOBAL CUSTODY AGREEMENT 

AGREEMENT, dated as of September 7th, 2011, by and between BNP Paribas Quantitative Strategies, LLC, as sponsor of the funds listed
in Exhibit A, as amended or supplemented from time to time (each, a “Customer”, as further defined below), each a series trust under the BNP Paribas Exchange Traded Trust, severally and not jointly, and The Bank of New York Mellon
(“Custodian”). 
 ARTICLE I 
 DEFINITIONS 
 Whenever used in this Agreement, the following words shall
have the meanings set forth below: 
 1. “Authorized Person” shall be any person, whether or not an officer or
employee of Customer, duly authorized by Customer to give Oral and/or Written Instructions with respect to one or more Accounts, such persons to be designated in a Certificate of Authorized Persons which contains a specimen signature of such person.

 2. “BNY Affiliate” shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.

 3. “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving and
delivering securities, its successors and nominees. 
 4. “Business Day” shall mean any day on which Custodian,
Book-Entry System and relevant Depositories are open for business. 
 5. “Customer” shall mean each entity
listed on Exhibit A attached hereto severally and not jointly. Where the context requires (e.g., for services provided), the word Customer shall include all of the entities listed on Exhibit A and, conversely, where the context requires (e.g., for
liability provisions), the word Customer shall refer to each entity listed on Exhibit A severally and not jointly. 
 6.
“Depository” shall include the Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking S.A. and any other securities depository, book-entry system or clearing agency (and their respective successors and
nominees) authorized to act as a securities depository, book-entry system or clearing agency pursuant to applicable law and identified to Customer from time to time. 
 7. “Oral Instructions” shall mean instructions received verbally by Custodian. 
 8. “Securities” shall include, without limitation, any common stock and other equity securities, bonds, debentures and other debt securities, notes, mortgages or other obligations, and
any instruments representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate or held in a Depository, with a Subcustodian or on the books of the
issuer). 
 9. “Subcustodian” shall mean a bank or other financial institution (other than a Depository) which
is utilized by Custodian in connection with the purchase, sale or custody of Securities hereunder and identified to Customer from time to time. 
 10. “Written Instructions” shall mean written communications actually received by Custodian by S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system
specified by Custodian as available for use in connection with the services hereunder. 

 ARTICLE II 
 APPOINTMENT OF CUSTODIAN; ACCOUNTS; 
 REPRESENTATIONS AND WARRANTIES

 1. Customer hereby appoints Custodian as custodian of ail Securities and cash at any time delivered to Custodian during
the term of this Agreement, and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts such appointment and agrees to establish and maintain one or more securities accounts and
cash accounts (each account being separate and distinct with respect to each Customer) in which Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account”; collectively, the “Accounts”) shall be
in the name of Customer. 
 2. Customer hereby represents, warrants and covenants, which shall be continuing and shall be deemed
to be reaffirmed upon each Oral or Written Instruction given by Customer, that: 
 (a) Customer is duly organized and existing
under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b) This Agreement has been duly authorized, executed and delivered by Customer, constitutes a valid and legally binding obligation of
Customer, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on Customer prohibits Customer’s execution or performance of this Agreement; and 

(c) Either Customer owns the Securities in the Accounts free and clear of all liens, claims, security interests and encumbrances (except
those granted herein) or, if the Securities in an Account are owned beneficially by others, Customer has the right to pledge such Securities to the extent necessary to secure Customer’s obligations hereunder, free of any right of redemption or
prior claim by the beneficial owner. Custodian’s security interest pursuant to Article V hereof shall be a first lien and security interest subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any
other party (other than specific liens granted preferred status by statute), and Customer shall take any and all additional steps which are required to assure Custodian of such priority and status, including notifying third parties or obtaining
their consent to, Custodian’s security interest; 
 (d) To the extent applicable or required by law, Customer or its
agents, has established and presently maintains an anti-money laundering program (the “Program”) reasonably designed to prevent Customer from being used as a conduit for money laundering or other illicit purposes or the financing of
terrorist activities, and is in compliance with the Program and all anti-money laundering laws, regulations and rules now or hereafter in effect that are applicable to it; 
 (e) To the extent applicable or required by law, Customer or its agents, has verified the identity of each of its investors and documented the origin of the assets funding each investor’s account
with Customer, and to the best of Customer’s knowledge, no investor has invested in Customer for money laundering or other illicit purposes; and 
 (f) Customer shall promptly notify Custodian in writing if any of the foregoing representations and warranties are no longer true. 
 ARTICLE III 
 CUSTODY AND RELATED SERVICES 

1. (a) Subject to the terms hereof, Customer hereby authorizes Custodian to hold any Securities received by it from time to time for
Customer’s account. Custodian shall be entitled to utilize Depositories and Subcustodians to the extent possible in connection with its performance hereunder. Securities and cash deposited by Custodian in a Depository will be held subject to
the rules, terms and conditions of such Depository. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of Custodian’s agreements with such Subcustodians. Subcustodians may be authorized to hold
Securities in central securities depositories or clearing agencies in which such Subcustodians participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with Subcustodians will be
held in a commingled account in the name of Custodian as custodian or trustee for its customers. Custodian shall identify on its books and records the Securities and cash belonging to Customer, whether held directly or indirectly through
Depositories or Subcustodians and shall maintain separate and distinct for each Customer. 
 (b) Unless applicable law otherwise
requires, Custodian shall hold Securities indirectly through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, including
a receiver or trustee in bankruptcy or similar authority, except for a claim of payment for the safe custody or administration of Securities or for funds advanced on behalf of Customer by such Subcustodian, and (ii) beneficial ownership of the
Securities is freely transferable without the payment of money or value other than for safe custody or administration. 

  
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 2. Custodian shall furnish Customer with an advice of daily transactions and a monthly
summary of all transfers to or from the Accounts. Customer may elect to receive advices, confirmations, reports or statements electronically through the Internet to an email address specified by it for such purpose. By electing to use the Internet
for this purpose, Customer acknowledges that such transmissions are not encrypted and therefore are insecure. Customer further acknowledges that there are other risks inherent in communicating through the Internet such as the possibility of virus
contamination and disruptions in service, and agrees that Custodian shall not be responsible for any loss, damage or expense suffered or incurred by Customer or any person claiming by or through Customer as a result of the use of such methods
provided Custodian has implemented and maintained usual and customary safeguards against such risks. 
 3. With respect to all
Securities held hereunder, Custodian shall, unless otherwise instructed to the contrary: 
 (a) Receive all income and other
payments and advise Customer as promptly as practicable of any such amounts due but not paid; 
 (b) Present for payment and
receive the amount paid upon all Securities which may mature and advise Customer as promptly as practicable of any such amounts due but not paid; 
 (c) Forward to Customer all information or copies of documents that it may receive from an issuer of Securities which, in the opinion of Custodian, are intended for the beneficial owner of Securities;

 (d) Execute, as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws
now or hereafter in effect in connection with the collection of bond and note coupons; 
 (e) Hold directly or through a
Depository or Subcustodian all rights and similar Securities issued with respect to any Securities credited to an Account hereunder; and 
 (f) Endorse for collection checks, drafts or other negotiable instruments. 
 4.
(a) Custodian shall notify Customer of such rights or discretionary actions or of the date or dates by when such rights must be exercised or such action must be taken provided that Custodian has received, from the issuer or the relevant Depository
(with respect to Securities issued in the United States) or from the relevant Subcustodian, Depository or a nationally or internationally recognized bond or corporate action service to which Custodian subscribes, timely notice of such rights or
discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken. Absent actual receipt of such notice, Custodian shall have no liability for failing to so notify Customer. 

(b) Whenever Securities (including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls)
confer optional rights on Customer or provide for discretionary action or alternative courses of action by Customer, Customer shall be responsible for making any decisions relating thereto and for directing Custodian to act. In order for Custodian
to act, it must receive Customer’s Written Instructions at Custodian’s offices, addressed as Custodian may from time to time request, not later than noon at least two (2) Business Days prior to the last scheduled date to act with
respect to such Securities (or such earlier date or time as Custodian may notify Customer). Absent Custodian’s timely receipt of such Written Instructions, Custodian shall not be liable for failure to take any action relating to or to exercise
any rights conferred by such Securities provided Custodian has complied with its disclosure obligations set forth in Article III, Section 4(a) above. 
 5. All voting rights with respect to Securities, however registered, shall be exercised by Customer or its designee. For Securities issued in the United States, Custodian’s only duty shall be to mail
to Customer any documents (including proxy statements, annual reports and signed proxies) received by Custodian relating to the exercise of such voting rights. With respect to Securities issued outside of the United States, Custodian’s only
duty shall be to provide Customer with access to a provider of global proxy services at Customer’s request. The relevant Customer shall be responsible for all costs associated with its use of such services. Custodian will make available to
Customer proxy voting services upon the request of, and for the jurisdictions selected by, Customer in accordance with terms and conditions to be mutually agreed upon by Custodian and Customer. 

6. Custodian shall promptly advise Customer upon its notification of the partial redemption, partial payment or other action affecting
less than all Securities of the relevant class. If Custodian, any Subcustodian or Depository holds any such Securities in which Customer has an interest as part of a fungible mass, Custodian, such Subcustodian or Depository may select the Securities
to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection. 

  
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 7. Custodian shall not under any circumstances accept bearer interest coupons which have
been stripped from United States federal, state or local government or agency securities unless explicitly agreed to by Custodian in writing. 
 8. Customer shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any cash or
Securities held on behalf of Customer or any transaction related thereto. Customer shall indemnify Custodian and each Subcustodian for the amount of any Tax that Custodian, any such Subcustodian or any other withholding agent is required under
applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments or distributions made to or for the account of Customer (including any payment of Tax required by reason of an earlier failure to
withhold). Custodian shall, or shall instruct the applicable Subcustodian or other withholding agent to, withhold the amount of any Tax which is required to be withheld under applicable law upon collection of any dividend, interest or other
distribution made with respect to any Security and any proceeds or income from the sale, loan or other transfer of any Security. In the event that Custodian or any Subcustodian is required under applicable law to pay any Tax on behalf of Customer,
Custodian is hereby authorized to withdraw cash from any cash account in the amount required to pay such Tax and to use such cash, or to remit such cash to the appropriate Subcustodian, for the timely payment of such Tax in the manner required by
applicable law. If the aggregate amount of cash in all cash accounts is not sufficient to pay such Tax, Custodian shall promptly notify Customer of the additional amount of cash (in the appropriate currency) required, and Customer shall directly
deposit such additional amount in the appropriate cash account promptly after receipt of such notice, for use by Custodian as specified herein. In the event that Custodian reasonably believes that Customer is eligible, pursuant to applicable law or
to the provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax which is otherwise required to be withheld or paid on behalf of Customer under any applicable law. Custodian shall, or shall instruct the applicable Subcustodian
or withholding agent to, either withhold or pay such Tax at such reduced rate or refrain from withholding or paying such Tax, as appropriate; provided that Custodian shall have received from Customer all documentary evidence of residence or
other qualification for such reduced rate or exemption required to be received under such applicable law or treaty. In the event that Custodian reasonably believes that a reduced rate of, or exemption from, any Tax is obtainable only by means of an
application for refund, Custodian and the applicable Subcustodian shall have no responsibility for the accuracy or validity of any forms or documentation provided by Customer to Custodian hereunder. Customer hereby agrees to indemnify and hold
harmless Custodian and each Subcustodian in respect of any liability arising from any underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation, and such obligation to
indemnify shall be a continuing obligation of Customer, its successors and assigns, notwithstanding the termination of this Agreement. 
 9. (a) For the purpose of settling Securities and foreign exchange transactions, Customer shall provide Custodian with sufficient immediately available funds for all transactions by such time and date as
conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in the currency of Customer’s home jurisdiction to purchase the necessary
foreign currency, or (ii) sufficient applicable foreign currency to settle the transaction. Custodian shall provide Customer with immediately available funds each day which result from the actual settlement of all sale transactions, based upon
advices received by Custodian from its Subcustodians and Depositories. Such funds shall be in the currency of Customer’s home jurisdiction or such other currency as Customer may specify to Custodian. 

(b) Any foreign exchange transaction effected by Custodian in connection with this Agreement may be entered with Custodian or a BNY
Affiliate acting as principal or otherwise through customary banking channels. Customer may issue standing Written Instructions with respect to foreign exchange transactions but Custodian may establish rules or limitations concerning any foreign
exchange facility made available to Customer. Customer shall bear all risks of investing in Securities or holding cash denominated in a foreign currency. Without limiting the foregoing, Customer shall bear the risks that rules or procedures imposed
by Depositories, exchange controls, asset freezes or other laws, rules, regulations or orders shall prohibit or impose burdens or costs on the transfer to, by or for the account of Customer of Securities or cash held outside Customer’s
jurisdiction or denominated in a currency other than its home jurisdiction or the conversion of cash from one currency into another currency. Custodian shall not be obligated to substitute another currency for a currency whose transferability,
convertibility or availability has been affected by such law, regulation, rule or procedure. Neither Custodian nor any Subcustodian shall be liable to Customer for any loss resulting from any of the foregoing events. 

10. To the extent that Custodian has agreed to provide pricing or other information services in connection with this Agreement, Custodian
is authorized to utilize any vendor (including brokers and dealers of Securities) reasonably believed by Custodian to be reliable to provide such information. Customer understands that certain pricing information with respect to complex financial
instruments (e.g., derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market values may or may not
be material. Where vendors do not provide information for particular Securities or other property, an Authorized Person may advise Custodian regarding the fair market value of, or provide other information with respect to, such Securities or
property as determined by it in good faith. Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any pricing or other information utilized by Custodian hereunder. 

  
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 11. As an accommodation to Customer, Custodian may provide consolidated recordkeeping
services pursuant to which Custodian reflects on Account statements Securities not held in Custodian’s vault or for which Custodian or its nominee is not the registered owner (“Non-Custody Securities”), Non-Custody Securities shall be
designated on Custodian’s books as “shares not held” or by other similar characterization. Customer acknowledges and agrees that it shall have no security entitlement against Custodian with respect to Non-Custody Securities, that
Custodian shall rely, without independent verification, on information provided by Customer regarding Non-Custody Securities (including but not limited to positions and market valuations) and that Custodian shall have no responsibility whatsoever
with respect to Non-Custody Securities or the accuracy of any information maintained on Custodian’s books or set forth on account statements concerning Non-Custody Securities. 

12. From time to time Custodian may make available to Customer or its agent(s) certain computer programs, products, services, reports or
information (including, without limitation, information obtained by Custodian from third parties and information reflecting Custodian’s input, evaluation and interpretation (collectively, “Tools”). Tools may allow Customer or its
agent(s) to perform certain analytic, accounting, compliance, reconciliation and other functions with respect to the Account By way of example, Tools may assist Customer or its agent(s) in analyzing the performance of investment managers appointed
by Customer, determining on a post-trade basis whether transactions for the Account comply with Customer’s investment guidelines, evaluating assets at risk, and performing account reconciliations. Tools may be used only for Customer’s
internal purposes, and may not be resold, redistributed or otherwise made available to third parties. Tools are the sole and exclusive property of Custodian and its suppliers. Customer may not reverse engineer or decompile any computer programs
provided by the Custodian comprising, or provided as a part of, any Tools. Information supplied by third parties may be incorrect or incomplete, and any information, reports, analytics or other services supplied by Custodian that rely on information
from third parties may also be incorrect or incomplete. All Tools are provided “AS IS”, whether or not they are modified to meet specific needs of Customer and regardless of whether Custodian is compensated by Customer for providing such
Tools. CUSTODIAN DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. ANYTHING IN THIS AGREEMENT TO
THE CONTRARY NOTWITHSTANDING, CUSTODIAN AND ITS SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY OTHER PERSON AS A RESULT OF USE OF, INABILITY TO USE, OR
RELIANCE UPON ANY TOOLS. 
 13. With respect to Securities issued in the United States, the Shareholders Communications Act of
1985 (the “Act”) requires Custodian to disclose to the issuers, upon their request, the name, address and securities position of its customers who are (a) the “beneficial owners” (as defined in the Act) of the issuer’s
Securities, if the beneficial owner does not object to such disclosure, or (b) acting as a “respondent bank” (as defined in the Act) with respect to the Securities. (Under the Act, “respondent banks” do not have the option
of objecting to such disclosure upon the issuers’ request.) The Act defines a “beneficial owner” as any person who has, or shares, the power to vote a security (pursuant to an agreement or otherwise), or who directs the voting of a
security. The Act defines a “respondent bank” as any bank, association or other entity that exercises fiduciary powers which holds securities on behalf of beneficial owners and deposits such securities for safekeeping with a bank, such as
Custodian. Under the Act, Customer is either the “beneficial owner” or a “respondent bank.” 
  

	[    ]	Customer is the “beneficial owner,” as defined in the Act, of the Securities to be held by Custodian hereunder. 

 

	[    ]	Customer is not the beneficial owner of the Securities to be held by Custodian, but is acting as a “respondent bank,” as defined in the Act, with respect to
the Securities to be held by Custodian hereunder. 

 IF NO BOX IS CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL
OWNER OF THE SECURITIES. 
 For beneficial owners of the Securities only: 

 

	[    ]	Customer objects 

  

	[    ]	Customer does not object 

 to the disclosure of
its name, address and securities position to any issuer which requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and Customer. 
 IF NO BOX IS CHECKED, CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY WRITTEN INSTRUCTION FROM CUSTOMER. 
 With respect to Securities issued outside of the United States, information shall be released to issuers only if required by law or regulation of the particular country in which the Securities are
located. 

  
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 ARTICLE IV 
 PURCHASE, SALE AND REDEMPTION OF SECURITIES; 
 CREDITS TO ACCOUNT

 1. Promptly after each purchase or sale of Securities by Customer, an Authorized Person shall deliver to Custodian
Written Instructions specifying all information necessary for Custodian to settle such purchase or sale. Custodian shall account for all purchases and sales of Securities on the actual settlement date unless otherwise agreed by Custodian.

 2. Customer understands that when Custodian is instructed to deliver Securities against payment, delivery of such Securities
and receipt of payment therefor may not be completed simultaneously. Customer assumes full responsibility for all credit risks involved in connection with Custodian’s delivery of Securities pursuant to instructions of Customer. 

3. Custodian may, as a matter of bookkeeping convenience or by separate agreement with Customer, credit the Account with the proceeds
from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment therefor. All such credits shall be conditional until Custodian’s
actual receipt of Final payment and may be reversed by Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be “final” until Custodian shall have received immediately available funds
which under applicable local law, rule and/or practice are irreversible and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. 

ARTICLE V 

OVERDRAFTS OR INDEBTEDNESS 
 1. If Custodian in its sole discretion advances funds in any currency hereunder or there shall arise for whatever reason an overdraft in an Account (including, without limitation, overdrafts incurred in
connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or if Customer is for any other reason indebted to Custodian, Customer agrees to repay Custodian on demand the amount of the advance,
overdraft or indebtedness plus accrued interest at a rate ordinarily charged by Custodian to its institutional custody customers in the relevant currency. 
 2. In order to secure repayment of Customer’s obligations to Custodian hereunder, Customer hereby pledges and grants to Custodian a continuing lien and security interest in, and right of set-off
against, all of Customer’s right, title and interest in and to the Accounts and the Securities, money and other property now or hereafter held in the Accounts (including proceeds thereof), and any other property at any time held by it for the
account of each respective Customer listed on Exhibit A. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules or regulations as then in effect. 

ARTICLE VI 

CONCERNING CUSTODIAN 
 1. (a) Except as otherwise expressly provided herein, Custodian shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees
(collectively, “Losses”), incurred by or asserted against Customer, except those Losses arising out of the negligence or willful misconduct of Custodian. Custodian shall have no liability whatsoever for the action or inaction of any
Depository or issuer of Securities. Subject to Section 1(b) below, Custodian’s responsibility with respect to any Securities or cash held by a Subcustodian is limited to the failure on the part of Custodian to exercise reasonable care in
the selection or retention of such Subcustodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any Losses incurred by Customer as a result of the acts or the
failure to act by any Subcustodian (other than a BNY Affiliate), Custodian shall take appropriate action to recover such Losses from such Subcustodian; and Custodian’s sole responsibility and liability to Customer shall be limited to amounts so
received from such Subcustodian (exclusive of costs and expenses incurred by Custodian). In no event shall Custodian be liable to Customer or any third party for special, indirect or consequential damages, or lost profits or loss of business,
arising in connection with this Agreement. 
 (b) Custodian may enter into subcontracts, agreements and understandings with any
BNY 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 Custodian from its obligations hereunder. 

(c) Customer agrees to indemnify Custodian and hold Custodian harmless from and against any and all Losses sustained or incurred by or
asserted against Custodian by reason of or as a result of any action or inaction, or arising out of Custodian’s performance hereunder, including reasonable fees and expenses of counsel incurred by Custodian in a successful defense of claims by
Customer; provided however, that Customer shall not indemnify Custodian for those Losses arising out of Custodian’s negligence or willful misconduct. This indemnity shall be a continuing obligation of Customer, its successors and assigns,
notwithstanding the termination of this Agreement. 

  
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 2. Without limiting the generality of the foregoing, Custodian shall be under no obligation
to inquire into, and shall not be liable for, any losses incurred by Customer or any other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or Securities which are otherwise not freely transferable or
deliverable without encumbrance in any relevant market. 
 3. Custodian may, with respect to questions of law specifically
regarding an Account, obtain the advice of counsel and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice. 
 4. Custodian shall be under no obligation to take action to collect any amount payable on Securities in default, or if payment is refused after due demand and presentment. 

5. Custodian shall have no duty or responsibility to inquire into, make recommendations, supervise, or determine the suitability of any
transactions affecting any Account. 
 6. Customer shall pay to Custodian the fees and charges as may be specifically agreed
upon from time to time and such other fees and charges at Custodian’s standard rates for such services as may be applicable. Customer shall reimburse Custodian for all costs associated with the conversion of Customer’s Securities hereunder
and the transfer of Securities and records kept in connection with this Agreement. Customer shall also reimburse Custodian for out-of-pocket expenses which are a normal incident of the services provided hereunder. 

7. Custodian has the right to debit any cash account for any amount payable by Customer in connection with any and all obligations of
Customer to Custodian, whether or not relating to or arising under this Agreement. In addition to the rights of Custodian under applicable law and other agreements, at any time when Customer shall not have honored any and all of its obligations to
Custodian, Custodian shall have the right without notice to Customer to retain or set-off, against such obligations of Customer, any Securities or cash Custodian or a BNY Affiliate may directly or indirectly hold for the account of Customer, and any
obligations (whether matured or unmatured) that Custodian or a BNY Affiliate may have to Customer in any currency. Any such asset of, or obligation to, Customer may be transferred to Custodian and any BNY Affiliate in order to effect the above
rights. 
 8. (a) Subject to the terms below, Custodian shall be entitled to rely upon any Written or Oral Instructions actually
received by Custodian and reasonably believed by Custodian to be duly authorized and delivered. Customer agrees that an Authorized Person shall forward to Custodian Written Instructions confirming Oral Instructions by the close of business of the
same day that such Oral Instructions are given to Custodian, Customer agrees that the fact that such confirming Written Instructions are not received or that contrary Written Instructions are received by Custodian shall in no way affect the validity
or enforceability of transactions authorized by such Oral Instructions and effected by Custodian. 
 (b) If Custodian receives
Written Instructions which appear on their face to have been transmitted by an Authorized Person via (i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys, Customer understands and agrees that Custodian cannot determine the identity of the actual sender of such Written Instructions and that Custodian shall conclusively presume that
such Written Instructions have been sent by an Authorized Person. Customer shall be responsible for ensuring that only Authorized Persons transmit such Written Instructions to Custodian and that all Authorized Persons treat applicable user and
authorization codes, passwords and/or authentication keys with extreme care. 
 (c) Customer acknowledges and agrees that it is
fully informed of the protections and risks associated with the various methods of transmitting Written Instructions to Custodian and that there may be more secure methods of transmitting Written Instructions than the method(s) selected by Customer.
Customer agrees that the security procedures (if any) to be followed in connection with its transmission of Written Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

 (d) If Customer elects to transmit Written Instructions through an on-line communication system offered by Custodian,
Customer’s use thereof shall be subject, once executed, to the Terms and Conditions attached hereto as Appendix I. If Customer elects (with Custodian’s prior consent) to transmit Written Instructions through an on-line communications
service owned or operated by a third party, Customer agrees that Custodian shall not be responsible or liable for the reliability or availability of any such service. 
 9. Upon reasonable request and provided Custodian shall suffer no significant disruption of its normal activities, Customer shall have access to Custodian’s books and records relating to the Accounts
during Custodian’s normal business hours. Upon reasonable request, copies of any such books and records shall be provided to Customer at Customer’s expense. 
 10. It is understood that Custodian is authorized to supply any information regarding the Accounts which is required by any law, regulation or rule now or hereafter in effect. 

  
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 11. Custodian 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 reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances;
sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that
Custodian shall use its best efforts to resume performance as soon as practicable under the circumstances. 
 12. Custodian
shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and no covenant or obligation shall be implied against Custodian in connection with this Agreement.

 ARTICLE VII 
 TERMINATION 
 Each Customer, independently, and the Custodian, may
terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of such notice, Upon termination hereof, the notifying Customer
shall pay to Custodian such compensation as may be due to Custodian, and shall likewise reimburse Custodian for other amounts payable or reimbursable to Custodian hereunder. Custodian shall follow such reasonable Oral or Written Instructions
concerning the transfer of custody of records, Securities and other items as the Customer shall give; provided, that (a) Custodian shall have no liability for shipping and insurance costs associated therewith, and (b) full payment shall have
been made to Custodian of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Securities or cash remain in any Account, Custodian may deliver to the Customer such Securities and cash. Except as otherwise
provided herein, all obligations of the parties to each other hereunder shall cease upon termination of this Agreement. Termination of this Agreement by any individual Customer shall not constitute termination by any other Customer unless separate
notice is given. 
 ARTICLE VIII 
 GENERAL LIMITATION OF LIABILITY 
 1. Notwithstanding anything to the
contrary provided herein, the Custodian agrees that the liabilities of each Customer 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 Customer shall be enforceable against the assets of that particular Customer only, and not against the assets of any other Customer and that they have executed one instrument for convenience only. 

2. It is expressly acknowledged and agreed that the obligations of each Customer hereunder shall not be binding upon any shareholder,
Trustee, officer, employee or agent of such Customer, personally. This Agreement has been duly authorized, executed and delivered by each Customer 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. 
 ARTICLE IX 

MISCELLANEOUS 
 1. Customer agrees to furnish to Custodian a new Certificate of Authorized Persons in the event of any change in the then present Authorized Persons. Until such new Certificate is received, Custodian
shall be fully protected in acting upon Oral Instructions and Written Instructions of such present Authorized Persons. 
 2. Any
notice or other instrument in writing, authorized or required by this Agreement to be given to Custodian, shall be sufficiently given if addressed to Custodian and received by it at its offices at Attn. Beth Stubenrauch, One Wall Street, New
York, New York 10286 or at such other place as Custodian may from time to time designate in writing. 
 3. Any notice or
other instrument in writing, authorized or required by this Agreement to be given to Customer shall be sufficiently given if addressed to Customer and received by it at its offices at Attn: Andy Yeo, 787 Seventh Ave, New York, NY 10019 or at
such other place as Customer may from time to time designate in writing. 
 4. Each and every right granted to either party
hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and no delay in
exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right. 

5. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected thereby. 

  
 - 8 -

 This Agreement may not be amended or modified in any manner except by a written agreement executed by both
parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by any Customer, independently, or the Custodian without
the written consent of the other. 
 6. (a) 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. Customer and Custodian 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. Customer 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. Customer and Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

(b) The parties hereto agree that the establishment and maintenance of the Account, and all interests, duties and obligations with
respect thereto, shall be governed by the laws of the State of New York. 
 7. The parties hereto agree that in performing
hereunder, Custodian is acting solely on behalf of Customer and no contractual or service relationship shall be deemed to be established hereby between Custodian and any other person. 

8. Customer hereby acknowledges that Custodian is subject to federal laws, including the Customer Identification Program (CIP)
requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain, verify and record information that allows Custodian to identify Customer. Accordingly, prior to opening an Account hereunder Custodian
will ask Customer to provide certain information including, but not limited to, Customer’s name, physical address, tax identification number and other information that will help Custodian to identify and verify Customer’s identity such as
organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. Customer agrees that Custodian cannot open an Account hereunder unless and until the Custodian verifies the Customer’s
identity in accordance with its CIP. 
 9. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but such counterparts shall, together, constitute only one instrument. 

  
 - 9 -

 IN WITNESS WHEREOF, Customer and Custodian have caused this Agreement to be executed
by their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	BNP PARIBAS QUANTITATIVE STRATEGIES, LLC, Sponsor of each Customer listed on Exhibit A
		
	By:	 	 /s/ M. Andrews Yeo

	Name:	 	M. Andrews Yeo
	Title:	 	President
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Andrew Pfeifer

	Title:	 	Vice President

  
 - 10 -

 EXHIBIT A 
 BNP Paribas S&P Dynamic Roll Global Commodities Fund 
 BNP Paribas Enhanced Volatility Fund

  
 - 11 -

 I, Andrew Alter, of BNP Paribas Quantitative Strategies, LLC, a Delaware limited liability
company and the sole managing owner (the “Managing Owner”) of the series of funds listed in Exhibit A of that certain Fund Administration and Account Agreement (each, a “Fund”), in my capacity as Secretary of the Managing Owner
and not in my individual capacity, do hereby certify that: 
 The following individuals serve in the following positions with
the Managing Owner, and each has been duly elected or appointed by the Managing Owner to each such position and qualified therefore in conformity with each Fund’s Declaration of Trust, and the signatures set forth opposite their respective
names are their true and correct signatures. Each such person is authorized to give written or oral instructions or written or oral specifications by or on behalf of each Fund to BNY. 

 

					
	 Name
	  	 Position
	 	 Specimen Signature

			
	 M. Andrews Yeo
	  	 President
	 	 /s/ M. Andrews Yeo

			
	 George L. Parry
	  	 Chief Financial Officer
	 	 /s/ George L. Parry

 IN WITNESS WHEREOF, I have hereunto set my hand as of the date set forth below: 

 

			
	By:	 	 /s/ Andrew Alter

	 Andrew Alter

	 Secretary

	
	 Dated: September 7, 2011

  
 - 2 -

 APPENDIX I 
 ELECTRONIC ACCESS TERMS AND CONDITIONS 
 (as of SEPT. 7TH, 2011)

 The use of Workbench Services and INFORM Services are governed by and subject to these Electronic Access Terms and Conditions
(“EATCs”). 
 Definitions 
 “Affiliate” shall mean any company which, directly or indirectly, controls, is controlled by or is under common control with another company (where a holding of at least thirty percent
(30%) of the voting stock will be deemed to grant control), and the words “controls” and “controlled” will be construed accordingly. 
 “Authorized User” shall mean (a) employees of the Client; and (b) other persons designated by Client (subject to BNYM’s approval). 

“BNYM Web Sites” shall mean the components of the Electronic Delivery Mechanism consisting of the Internet web sites hosted by BNYM on the
world wide web and the Proprietary Software through which Proprietary Information or Client Data is accessed: (1) Workbench services – http://www.workbench.bnymellon.com and (2) INFORM services –
https://inform.bankofny.com or http://ii.bnyinform.com. 
 “Commands” shall mean directions given via computer,
including but not limited to keystrokes and mouse clicks. 
 “Client” shall mean, collectively, the Client and any of Client’s
Affiliates identified in the EASA. 
 “Client Data” shall mean Client’s portfolio information that is unique to Client’s
portfolio (such as number of shares and which holdings) and provided or accessed through the Electronic Delivery Mechanism, provided that Client Data will not be construed to include Proprietary Information. 

“Data Terms Web Site” shall mean the set of terms and conditions (as may be amended by BNYM from time to time without notice to Client)
available at http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf or such other location as BNYM shall notify the Client in writing. 
 “EASA” shall mean a written Electronic Access Services Agreement executed between BNYM and Client, which incorporates these EATCs by reference. 

“Information” shall encompass any software, text, graphics, files, scripts or other content or materials, any database and any proprietary
data, processes, information and documentation made available to Client by BNYM. 
 “Information Provider” shall mean any third party
source, excluding a Third Party Service Provider, from which Proprietary Information may have been gathered. 
 “Proprietary
Information” shall mean Information provided or available through the Electronic Delivery Mechanism in which BNYM, its Affiliates or Information Providers have a proprietary interest, including without limitation the following:
(i) security identifiers (e.g. CUSIPS and SEDOLS), (ii) ratings (e.g. S&P, Moody’s, Fitch), (iii) classifications data (e.g. GICS, ICB, Russell, Lehman, Merrill Lynch, Topix), (iv) index data; and (v) other data
identified to a proprietary source or data in an ancillary service covered by an addendum to the EASA. 
 “Proprietary Software” shall
mean the component of the Electronic Delivery Mechanism that consists of proprietary software owned by BNYM and its Affiliates through which Client and Authorized Users may access Proprietary Information or Client Data. 

“Third Party Service Provider” shall mean any other party (excluding an Information Provider) that provides services to BNYM and its Affiliates
in relation to the Electronic Delivery Mechanism. 
 Services 
 (a) BNYM will provide the Electronic Delivery Mechanism to Client and its Affiliates through Client’s Authorized Users via the BNYM Web Sites. Client and Authorized Users will gain access to and may
be able to configure and download Proprietary Information and Client Data, all through the Electronic Delivery Mechanism by issuing Commands through Proprietary Software or the BNYM Web Sites, subject to the terms of the EASA. 

 (b) BNYM retains the discretion and authority to add, delete or revise in whole or in part the Electronic
Delivery Mechanism offered to the Client and to modify the BNYM Web Sites and the Proprietary Software from time to time. BNYM will provide reasonable prior notice of such modifications, which notice may be provided via the BNYM Web Sites. If
reasonably possible under the circumstances, BNYM shall endeavor to provide such notice at least 5 days prior to the date on which such modifications shall take effect. Client may, at its option and discretion, terminate the EASA if it is not
satisfied with the substantial addition, deletion or revision of the Electronic Delivery Mechanism; 
 (c) BNYM may review or retain records of
Client’s or Authorized User’s Commands for any applicable legal or regulatory requirement and, among other reasons, for monitoring the quality of service Client receives, Client’s compliance with the EASA and the security of the
Information. 
 License/Proprietary Rights 
 (a) The BNYM Web Sites, Electronic Delivery Mechanism, Proprietary Software and Proprietary Information are proprietary to BNYM, its licensors, Information Providers or Third Party Service Providers.
Client shall cooperate with reasonable written requests from BNYM to protect BNYM’s, BNYM’s licensors’, Information Providers’ and/or Third Party Service Providers’ respective rights in the BNYM Web Sites, Electronic Access,
Proprietary Software or Proprietary Information. Nothing in the EASA shall be construed as giving Client and Authorized Users any license or right to use any of BNYM’s, BNYM’s licensors’, Information Providers’ and/or Third Party
Service Providers’ trademarks, logos and/or service marks. BNYM represents and warrants that it has and will have all rights, titles, licenses, permissions, and approvals necessary to perform its obligations under this Agreement, to provide the
BNYM Web Sites, Electronic Delivery Mechanism, Proprietary Software and Proprietary Information to Client as contemplated by the EASA and to grant Client the rights specified hereunder. 
 (b) Proprietary Software License 
 To the extent Client and Authorized Users
receive Proprietary Software hereunder, BNYM hereby grants Client and such Authorized Users a limited, non-exclusive, non-transferable license for the term of the EASA to install such Proprietary Software on Client’s internal computer system
only and to use such Proprietary Software solely in connection with the Electronic Delivery Mechanism. This license shall continue through the earlier of (i) BNYM’s termination of the license for such software, as may be permitted herein;
or (ii) the termination of the EASA. To the extent such internal computer system is accessible to networks beyond the control of Client, such as without limitation the Internet, Client shall take commercially reasonable measures to protect from
unauthorized access the computers on which the Proprietary Software is installed. 
 (2) Client and Authorized Users shall have
no rights in or to Proprietary Software, or any copies thereof, except for the right to use Proprietary Software as specifically set forth in the EASA. Title and ownership rights to Proprietary Software (including, copyright and trade secret
property rights inherent in and appurtenant thereto) shall remain with BNYM or any third party owner. Client may make copies of the Proprietary Software for backup purposes only, provided all copyright and other proprietary information included in
the original copy of the Proprietary Software are reproduced in or on such backup copies. Client and Authorized Users shall not: (i) except as provided above, make additional copies of Proprietary Software; (ii) disclose Proprietary
Software to, or allow Proprietary Software to be used by or for the benefit of, any third party; (iii) modify Proprietary Software and/or merge Proprietary Software with another software program; (iv) alter, decompile, disassemble, reverse
engineer or otherwise modify Proprietary Software; and (v) remove any copyright or proprietary’ rights notices or legends placed upon or within Proprietary Software. Client agrees, on behalf of itself and Authorized Users, not to use the
Proprietary Software for any other purpose, including without limitation, use in a time share or service bureau arrangement. Client shall be responsible for the consequences of any misuse of, or unauthorized use of or access to, Proprietary Software
by Client’s Authorized Users. 
 (c) Proprietary Information 
 (1) Proprietary Information provided hereunder may be subject to certain additional provisions or restrictions in licenses BNYM and/or its Affiliates have with Information Providers or such Information
Providers may require Client to agree to certain terms and conditions. Such additional provisions, restrictions and requirements are shown on the Data Terms Web Site. Terms on the Data Terms Web Site may be revised periodically with concurrent
notice to the Client, which notice may be provided via the BNYM Web Sites. Use of the Electronic Delivery Mechanism, and continued use of the Electronic Delivery Mechanism following revision of any terms on the Data Terms Web Site, constitutes
Client’s acceptance of and agreement to the then-current terms shown on the Data Terms Web Site. 
 (2) Client’s use
of the Proprietary Information may require Client to enter into additional contracts directly with Information Providers or other Third Party Service Providers, In the event that Client’s rights under its agreement with any such provider
conflict with the terms of the EASA, the terms of Client’s provider agreement shall prevail. 

 (3) Except to the extent Client is permitted otherwise pursuant to its own licenses with
applicable Information Providers, Client agrees that the Proprietary Information shall be solely for its internal use. As used herein, Client’s “internal use” may include Client making available such Proprietary Information to its
Affiliates or third party professional advisors provided such advisors are legally obligated to treat such Proprietary Information in a confidential manner and legally prohibited from using such Proprietary Information in any manner other than in
support of its services to Client. Client also agrees not to, and to cause Authorized Users and third party professional advisors, not to (i) reproduce or repackage, retransmit, disseminate, sell, distribute, publish, broadcast, or circulate to
third parties not covered by “internal use” or otherwise commercially exploit Proprietary Information, (ii) identify and extract Proprietary Information from the Electronic Delivery Mechanism independent of any Client Data,
(iii) use Proprietary Information in any Client or third party software application except to the extent formally approved by BNYM in writing, or (iv) use Proprietary Information in an environment shared by the Client and third parties, in
each case without the express written consent of BNYM and without first obtaining any licenses needed from the relevant Information Provider(s). The foregoing shall not be construed to permit Client to allow any third party professional advisor to
have direct access to the Electronic Delivery Mechanism through the use of a user id and password issued to Client. In the event Client requires any such professional advisor to have such direct access, Client shall notify BNYM in writing and BNYM
will have the right to require such third party professional advisor to execute a separate EASA. 
 (d) All rights not specifically granted to
Client hereunder are reserved by BNYM, its Licensors, Information Providers and/or Third Party Service Providers. 
 (e) The provisions of this
License/Proprietary Rights Section shall survive the termination of the EASA between the Client and BNYM. 
 Reliance on Commands/Security

 (a) Client shall furnish BNYM with a written list of the names, and the extent of authority or level of access of, Client’s
proposed Authorized Users. Upon BNYM’s approval (which approval shall not be unreasonably withheld), BNYM shall send to Client a user-id for each Authorized User and, where appropriate, a secure identification device for each Authorized User.

 As an alternative to the foregoing, Client may identify in a writing to BNYM the employee(s) at Client (“Client Electronic Access
Administrator(s)”) who will have the ability to administer access, including the requesting and revoking of user ids, to the Electronic Delivery Mechanism for Authorized Users as described herein. The Client Electronic Access Administrators
will be provided with a level of access that will give them the ability to request the issuance of user IDs for Authorized Users electronically by entering Authorized User information into the web site along with the extent of authority or level of
access of such Authorized Users. Client will be solely responsible for the Client Electronic Access Administrator’s actions and for protecting such Client Electronic Access Administrator’s user ids and passwords. Client will not, through a
Client Electronic Access Administrator, request a user ID for anyone other than a permanent employee of Client, and Client will be responsible for ensuring that its Client Electronic Access Administrators understand that they are not to request user
ids for individuals other than permanent Client employees. Any request for a user id for an individual that is not a permanent Client employee shall be addressed to BNYM through Client’s Client Services Officer. 

The Client will be responsible for providing the user-ids, and as appropriate secure identification devices, received from BNYM for each Authorized User
to the Authorized Users. 
 Client shall ensure that an Authorized User returns the secure identification device following the termination of
that user’s authorization to access the Electronic Delivery Mechanism. Client shall return the secure identification devices of all of the users immediately upon termination of the EASA. Client shall be responsible for immediately notifying
BNYM in writing in the event of the change in status of any Client Electronic Access Administrator that would cause such individual to no longer need access to the functionality that allows for the requesting of user ids for Authorized Users or the
revocation or disabling of such user ids. 
 BNYM shall be authorized and entitled to rely on, and shall be fully protected in acting upon, any
Commands associated with a user id issued to an Authorized User, until such time as notified in writing by Client (and after passage of a reasonable time for BNYM to act upon such notice) of the change in status of an Authorized User.
Notwithstanding the foregoing, if Client requested a Client Electronic Access Administrator to have authority to request user ids electronically, Client will be solely responsible for revoking the authorization granted to any Authorized User upon
Client’s determination that the authorization is no longer necessary for such Authorized User’s job duties or the Authorized User has left Client’s employ or for any other reason. 

(b) Browser software compatibility is published on the BNYM Web Sites, and may be updated from time to time by BNYM with such advance notice to Client as
may be possible under the circumstances (but in no event less than concurrent notice), which notice may be provided via the BNYM Web Sites. With the exception of Proprietary Software and browser software listed on the BNYM Web Sites or other
applications formally approved by BNYM in writing, Client agrees not to use, and agrees to require each Authorized User not to use, any software, program, application or any other device to access or log on to BNYM’s computer systems or the
BNYM Web Sites. Except to the extent formally approved in writing by BNYM, Client agrees not to, and agrees to require each Authorized User not to, automate the process of obtaining, downloading, transferring or transmitting any Proprietary
Information or Client Data. 

 Client Responsibilities and Obligations 

(a) Client is responsible for having and maintaining, and for ensuring that each Authorized User has and maintains, all hardware, equipment and software
(other than the Proprietary Software) necessary to access and use the Electronic Delivery Mechanism. Client shall accept and properly install any updates or modification to any software forming part of the Electronic Delivery Mechanism that BNYM
considers necessary, and shall cause its Authorized Users do the same. 
 (b) The Client shall maintain the confidentiality of the Authorized
Users’ BNYM-assigned user-ids and passwords and the security of any secure identification devices. The Client is responsible for all Commands processed through the BNYM Web Sites through and under, and the use of, the Authorized Users’
user-ids and passwords (except to the extent arising out of the acts of BNYM). The Client will notify BNYM immediately if it becomes aware of any loss or theft of any Authorized Users’ user-ids, passwords or secure identification devices, or of
any unauthorized use of any Authorized Users’ user-ids, passwords or secure identification devices or of the Electronic Delivery Mechanism, Proprietary Information or Client Data. 
 (c) The Client (and its Authorized Users, as appropriate) shall: 
  

	 	(1)	Use the Electronic Delivery Mechanism only within the scope of the EASA and shall not permit the use of the Electronic Delivery Mechanism by any third party that is not
an Authorized User. 

  

	 	(2)	Not use any Command or other feature of the BNYM Web Sites for any purpose that is unlawful. 

 

	 	(3)	Keep all information contained in the Client’s profile up-to-date. 

  

	 	(4)	Not upload or post to the BNYM Web Sites any material protected by copyright or any other intellectual property right (as well as rights of publicity and privacy)
without first obtaining the permission of the owner of such rights. 

  

	 	(5)	Not unlawfully export or re-export, directly or indirectly, any part of the Electronic Delivery Mechanism in contravention of applicable law. 

(d) Access to third party Web Sites linked to or referenced in the BNYM web sites is at the Client’s or each Authorized User’s sole discretion.
BNYM is not responsible for third party Web Sites that collect information from parties who visit their web sites through links on the BNYM Web Sites. 
 Confidentiality 
 (a) The Electronic Delivery Mechanism (including without limitation
the design, programming techniques, algorithms and codes contained within the Electronic Delivery Mechanism) and Proprietary Information are confidential property of BNYM, its licensors or the Information Providers or Third Party Service Providers,
and, for purposes hereof, shall be deemed the confidential property of BNYM (“BNYM Confidential Property”). 
 (b) Client and its
Authorized Users shall not disclose or make unauthorized use (i.e., a use not permitted under the EASA or a separate agreement between the Client and an Information Provider or Third Party Service Provider) of the BNYM Confidential Property. Client
will take reasonable care to protect BNYM Confidential Property from examination by anyone except for its employees who have a need to know or as otherwise permitted under the EASA. Client shall be responsible for the consequences of any misuse of,
or unauthorized use of or access to, any BNYM Confidential Property by the Client’s Authorized Users. 
 (c) BNYM agrees to hold in
confidence and not disclose Client Data except to the extent (a) any portion thereof was in the possession of BNYM prior to receipt thereof by BNYM under this Agreement and not subject to an agreement of confidentiality, (b) such Client
Data was at the time of receipt by BNYM, in the public domain, (c) subsequent to receipt by BNYM such Client Data becomes available in the public domain through no fault of BNYM, (d) disclosure or release is required by law or otherwise
compelled by judicial or administrative process, (e) disclosure of Client Data is required to be made to regulatory or self-regulatory authorities having authority to regulate any aspect of BNYM’s business in connection with the exercise
of such authority (including, without limitation, the Board of Governors of the Federal Reserve System), (f) disclosure is made to BNYM’s officers, employees, directors, agents, counsel, or auditors having a need to know such information
and who have been informed of the requirements of this Section and have agreed to be bound thereby, (g) disclosure is made in accordance with the written consent of the party disclosing such information to BNYM, or (h) the name, address,
securities position and other information of Client are required to be disclosed by the rules of any stock exchange, book-entry system, securities depository or clearing corporation or the terms of the organizational documents of the

 
issuer of any security or the terms of any security itself. Client grants BNYM a non-exclusive license to use, store and disclose transactional data received through the Electronic Delivery
Mechanism or to use such data and information without attribution, in compilations of blind or aggregated data in the ordinary course of operation of the Electronic Delivery Mechanism, Notwithstanding anything herein to the contrary, BNYM may
disclose Client as a customer of BNYM. 
 (d) The obligations in this section shall not restrict any disclosure by Client pursuant to any
applicable law, or by order of any court or government agency. 
 Limited Warranty/Exclusion of Other Warranties 

(a) BNYM represents and warrants that it has the full right and authority to enter into the EASA and to provide the Electronic Delivery Mechanism under
its terms. 
 (b) Except as otherwise provided under (c) below, Proprietary Information and Client Data provided through the Electronic
Delivery Mechanism are provided on an “AS-IS” basis and Client accepts the entire risk as to how and for what purposes Client and Authorized Users use such Proprietary Information and Client Data. Neither BNYM, the Information Providers
nor the Third Party Service Providers shall have any liability, contingent or otherwise, under the EASA for the accuracy, completeness, timeliness or correct sequencing of Proprietary Information or Client Data. Client acknowledges that
(i) Client Data provided through the Electronic Delivery Mechanism is subject to change because (x) such Client Data is generally updated as of the prior business day’s close of business, and (y) as is customary in securities
trading transactions, is subject to adjustment and correction and (ii) Proprietary Information and Client Data provided through the Electronic Delivery Mechanism are not reconciled on a real-time basis and are provided via the Electronic
Delivery Mechanism without any independent investigation by BNYM. 
 (c) Notwithstanding Section (b) above, nothing in the EASA shall limit
Client’s rights and remedies under any other written agreement between Client and BNYM or and affiliate of BNYM with respect to Client Data provided by BNYM to Client pursuant to such written agreement through Electronic Services. However, for
the avoidance of doubt, nothing under this Section (c) shall create any separate basis of liability on the part of BNYM or its affiliates to Client because such Client Data is accessed or received by Client through Electronic Access.

 (d) EXCEPT AS OTHERWISE SET FORTH HEREIN OR IN THE EASA, THERE IS NO WARRANTY OF MERCHANTABILITY, NO WARRANTY OF FITNESS FOR A PARTICULAR USE
AND NO WARRANTY OF QUALITY. THERE IS NO OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE PROPRIETARY INFORMATION OR CLIENT DATA. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN CLAUSE (a) OF THIS SECTION, THERE IS NO OTHER WARRANTY OF
ANY KIND, EXPRESS OR IMPLIED, REGARDING THE ELECTRONIC DELIVERY MECHANISM. 
 Indemnification 

(a) BNYM shall indemnify, protect and hold Client harmless from and against all losses, liabilities, judgments, suits, actions, proceedings, claims,
damages and costs, including reasonable legal fees and expenses, resulting from or arising out of a claim that the Proprietary Software or BNYM Web Sites infringe upon a third party patent, copyright, or trade secret, provided that Client
(i) notifies BNYM promptly of any such action or claim (except that the failure to so notify BNYM shall not limit BNYM’s obligations hereunder except to the extent that such failure materially prejudices BNYM); (ii) grants BNYM full
and exclusive authority to defend, compromise or settle such claim or action with such compromise or settlement being subject to Client’s approval which shall not be unreasonably withheld; and (iii) provides BNYM all assistance reasonably
necessary to so defend, compromise or settle. The foregoing obligations shall not apply, however, to any claim or action arising from (i) Client or Authorized User’s use of the Proprietary Software or BNYM Web Sites in a manner not
authorized by the EASA; or (ii) Client or Authorized User’s use of the Proprietary Software or BNYM Web Sites in combination with other software or services not supplied by BNYM where such use alone would not be infringing. 

(b) In addition to BNYM’s indemnification obligations set forth in paragraph (a) above, in the event that the Proprietary Software or BNYM Web
Sites are found to infringe upon a third party patent, copyright, trade secret, or other proprietary right, or in BNYM’s opinion the Proprietary Software or BNYM Web Sites are likely to be found to so infringe, BNYM may, at its sole option,
(i) procure for Client the right to continue using the Proprietary Software or BNYM Web Sites; (ii) replace the Proprietary Software or BNYM Web Sites with substantially similar software or services that are non-infringing, provided,
however, the Client may, at its option and discretion, terminate the EASA if the Client is not satisfied with the replacement Proprietary Software or BNYM Web Sites; or (iii) terminate the EASA and refund to Client any pre-paid charges
specifically relating to the Proprietary Software or BNYM Web Sites, if any. 

 (c) THE FOREGOING PARAGRAPHS (a) AND (b) OF THIS SECTION STATE BNYM’S SOLE OBLIGATION, AND
CLIENT’S SOLE REMEDY, WITH RESPECT TO ANY CLAIM OF INFRINGEMENT REGARDING THE PROPRIETARY SOFTWARE OR BNYM WEB SITES. 
 (d) Except to the
extent prohibited by applicable law, Client shall indemnify, protect and hold BNYM harmless from and against all losses, liabilities, judgments, suits, actions, proceedings, claims, damages and costs, including reasonable legal fees and expenses,
resulting from or arising out of (i) any breach by Client or any Authorized User of any term in the EASA and (ii) any person obtaining access to the Electronic Delivery Mechanism through Client or any Authorized User or through use of the
Client’s or Authorized User’s password, user-id or secure identification device, whether or not Client authorized such access (except to the extent of any unauthorized access that results from the gross negligence or willful misconduct of
BNYM). 
 Limitation of Liability 
 (a) EXCEPT FOR BNYM’S INDEMNIFICATION OBLIGATIONS SET FORTH IN CLAUSE (a) OF THE SECTION OF THESE EATCs ENTITLED “INDEMNIFICATION”, IN NO EVENT WILL BNYM, ITS LICENSORS, THE
INFORMATION PROVIDERS OR THE THIRD PARTY SERVICE PROVIDERS BE LIABLE TO THE CLIENT, ANY AUTHORIZED USER OR ANYONE ELSE FOR ANY CONSEQUENTIAL, RELIANCE, EXEMPLARY, INCIDENTAL, SPECIAL, COMPENSATORY, ECONOMIC, PUNITIVE OR INDIRECT DAMAGES (INCLUDING
BUT NOT LIMITED TO LOST PROFITS. LOSSES AND DAMAGES THAT RESULT FROM THE EASA OR THE USE OF OR INABILITY TO USE THE ELECTRONIC DELIVERY MECHANISM OR PROPRIETARY INFORMATION OR CLIENT DATA), EVEN IF BNYM, ITS LICENSORS, THE INFORMATION PROVIDERS OR
THE THIRD PARTY SERVICE PROVIDERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. 
 (b) None of BNYM, its licensors, the
Information Providers or the Third Party Service Providers shall be liable under the EASA if they are prevented from or delayed in performing their obligations, or for any loss resulting from a cause that is beyond the reasonable control of that
entity. 
 (c) BNYM makes no guarantee that the Electronic Delivery Mechanism and Proprietary Information are virus-free; however, BNYM will
make commercially reasonable efforts to ensure that the systems used by BNYM to provide the Electronic Delivery Mechanism and Proprietary Information are virus-free. BNYM is not liable for any loss or damage resulting from voluntary shutdown of the
server or the BNYM Web Sites by BNYM to address computer viruses, denial-of-service messages or other similar problems. BNYM is not responsible for any damage to Client’s computer, software, modem, telephone or other property resulting from
Client’s use of the Electronic Delivery Mechanism. 
 (d) Notwithstanding the foregoing, nothing contained in the EASA shall be deemed to
modify or limit any service obligation or liability that BNYM may otherwise have to Client under any other agreement between BNYM and Client. 

(e) EXCEPT FOR CLIENT’S INDEMNIFICATION OBLIGATIONS SET FORTH IN CLAUSE (d) OF THE SECTION OF THESE EATCs ENTITLED “INDEMNIFICATION”,
IN NO EVENT WILL CLIENT OR ANY AUTHORIZED USER BE LIABLE HEREUNDER TO BNYM, OR ANY THIRD PARTY FOR CONSEQUENTIAL, RELIANCE, EXEMPLARY, INCIDENTAL, SPECIAL, COMPENSATORY, ECONOMIC, PUNITIVE OR INDIRECT DAMAGES EVEN IF CLIENT HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES OR LOSSES. 
 Term and Termination 
 (a) In addition to any termination provision set forth in the EASA or as set forth herein, Client or BNYM may terminate the EASA as Follows: 

(1) In the event of any material breach of the EASA, the non-breaching party may terminate the EASA immediately upon written notice to
the breaching party if any breach of the EASA remains uncured after thirty (30) days written notice of the breach is sent to the breaching party. 
 (2) Either BNYM or Client may terminate the EASA in the event the other party (a) files for liquidation, dissolution or bankruptcy, (b) fails to have dismissed a bankruptcy, liquidation or
dissolution proceeding that was commenced against it by a third party within ninety (90) days of the filing; or (c) makes an assignment for the benefit of creditors. 
 (3) BNYM may immediately terminate access through an Authorized User’s user-id and password and may, at its discretion, also terminate access by an Authorized User, without right of cure, in the
event of an unauthorized use of an Authorized User’s user-id or password, or where BNYM reasonably believes there is a security risk created by such access. 

 (4) BNYM may terminate, immediately and without advance notice, and without right of cure,
any portion or component of the Electronic Delivery Mechanism, the BNYM Web Sites or Proprietary Information in the event an Information Provider or Third Party Service Provider (i) ceases to provide such portion or component to BNYM or an
Affiliate of BNYM or (ii) prohibits BNYM from permitting Client to have access to the Information Provider’s Proprietary Information; provided, however, that if BNYM receives advance notice of termination from the provider of such
information, BNYM shall provide advance notice of termination to its Customers affected thereby, but only to the extent reasonably practicable under the circumstances. 
 (b) Within five (5) business days of receiving or giving notice of termination, Client shall notify all Authorized Users of the effective date of the termination of the EASA, irrespective of whether
the termination was initiated by BNYM or Client. 
 (c) In the event of termination, BNYM will cease providing the Electronic Delivery Mechanism
and, where applicable and at BNYM’s request, Client shall return to BNYM any copies of Proprietary Software and any Proprietary Information. The foregoing, however, shall not be construed to require Client to return or destroy Proprietary
Information that may be embedded within a report containing Client Data, but the Proprietary Information will continue to be subject to the restrictions set forth herein. 
 (d) The provisions of this Termination Section shall survive the termination of the EASA. 

Limitations of Liability of the Trustee and Shareholders 
 (a) The parties have signed this EASA as one document, solely for administrative convenience and to avoid a multiplicity of documents. It is understood and agreed by the parties (including each Fund
listed in Exhibit A hereto) that (i) this EASA shall constitute a separate agreement between BNYM and each Fund, as if each Fund had executed a separate document naming only itself as the party to such separate agreement, and (ii) no Fund
shall have any liability under this EASA for the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any other Fund. 
 (b) It is expressly acknowledged and agreed that the obligations of each Fund hereunder shall not be binding upon any shareholder, trustee, officer, employee or agent of such Fund, personally. This EASA
has been duly authorized, executed and delivered by each Fund and neither such authorization, execution or delivery shall be deemed to have been made by any such shareholder, trustee, officer, employee or agent individually or to impose any
liability on any of them personally.Transfer Agency and Service Agreement

 Exhibit 10.5 

 
 

 
 TRANSFER AGENCY AND SERVICE AGREEMENT 

AGREEMENT made as of the September 7th 2011, by and between BNP Paribas Quantitative Strategies, LLC (“Client”), as sponsor of the funds listed in
Appendix I, as amended or supplemented from time to time (each, individually, a “Fund” and collectively, the “Funds”) listed on Appendix I hereto (as such Appendix be amended from time to time), severally and not jointly, 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 Fund is an exchange traded fund; and 
 WHEREAS, each Fund will issue
for purchase and redeem units of beneficial interest of each Fund (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 Fund 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 Fund 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 Fund’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 Fund, 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 Fund; 
 (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 Fund; 
 (iii) Maintain separate and
distinct records for each Fund with respect to the name and address of the Shareholders and the number of Shares issued by each Fund and held by Shareholders; 
 (iv) With respect to each Fund, record, separately and distinctly, the issuance of Shares of each Fund and maintain separate and distinct records of the total number of Shares of each Fund which have been
issued since inception and the number of Shares which are outstanding based upon data provided to it by each Fund. 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 Fund; 

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

(vi) On days that a Fund may accept orders for purchases or redemptions, calculate and transmit to the Bank and such Fund’s
administrator the number of outstanding Shares; 
 (vii) On days that a Fund may accept orders for purchases or redemptions
(pursuant to the Participant Agreement), transmit to the Bank, the Fund and DTC the amount of Shares purchased redeemed on such day by such Fund; 
 (viii) Confirm to DTC the number of Shares issued to Shareholders of each respective Fund, 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 Fund as specified by each Fund in Schedule
A attached hereto; 
 (xii) With respect to each Fund, 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 Fund 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 Fund and hold such Shares in the account of the Shareholder for each of the respective Funds; 

(xiv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The Bank of New
York Mellon as custodian for the Fund, 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 

  
 2 

 
limited to, maintaining the account of the Shareholder with respect to each Fund, obtaining at the request of the Fund from the Shareholder a list of DTC participants holding interests in each
Fund’s Global Certificate, and those services set forth on Schedule A attached hereto. 
 (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 each Fund; 
 (ii) Fund proxies, proxy statements and other proxy soliciting materials; 

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

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

 (v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Fund 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 Fund, will be preserved, maintained and made available in accordance with such Section and Rules, and will be
surrendered promptly to the Fund on and in accordance with its request. 
 2. Fees and Expenses 

2.1 The Bank shall receive from the Funds 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 Fund 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 Fund’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 Fund, will be reimbursed by the applicable Fund. 

2.3 The Fund 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, Fund reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Fund at least seven (7) days
prior to the mailing date of such materials. 

  
 3 

 3. Representations and Warranties of the Bank 

The Bank represents and warrants to each Fund 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 Fund 

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

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

It is empowered under applicable laws and by its Declaration of Fund and Fund 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 Funds 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 Fund being offered for sale. 
 5. Indemnification 
 5.1 The Bank shall not be responsible for, and the
applicable Fund 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 Fund,
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. 
 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 Fund 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 Fund or any other person or firm on behalf of the Fund including but not limited to any previous transfer agent or
registrar. 

  
 4 

 (b) The conclusive reliance on, or the carrying out by the Bank or its agents or
subcontractors of, any instructions or requests of the Fund or instructions or requests on behalf of the Fund. 
 (c) The offer
or sale of Shares by or for the Fund 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 Fund (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 with the prior written consent of the Fund (which consent shall not be
unreasonably withheld), 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 Fund 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 Fund 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 Fund elects to transmit written instructions through an on-line communication system offered by the Bank, such Fund’s use
thereof shall be subject, once executed, to the terms and conditions attached hereto as Appendix II. 
 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 

  
 5 

 
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. 
 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 Fund 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 Fund 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 Fund by machine readable input, telex, CRT data entry or other similar
means authorized by the Fund, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Fund. 
 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 Fund 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 Fund to request such purchase; 
 (c)
The legality of the declaration of any distribution by a Fund, 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 Fund. 
 8.
Providing of Documents by each Fund and Transfers of Shares 
 8.1 Each Fund shall promptly furnish to the Bank with a
copy of its Declaration of Fund and all amendments thereto. 

  
 6 

 8.2 With respect to each Fund, 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. 
 8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares of any Fund owned by the Shareholder. 

8.4 Each Fund 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 Fund’s Declaration
of Fund with respect to such increase, decrease or change; and 
 (b) An opinion of counsel for the Fund, 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 Fund 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 Fund that no other order or consent is required; and 
 (b) An opinion of counsel for the Fund, 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 Fund, and will be preserved, maintained and made available upon reasonable request, and will be surrendered
promptly to the applicable Fund on and in accordance with its request. The Bank further agrees that all records prepared or maintained by the Bank for each Fund relating to the services to be performed by the Bank hereunder will be maintained in
separate and distinct files created for each Fund. 
 8.7 The Bank and the Fund 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 Fund, the Bank will promptly employ reasonable
commercial efforts to notify the applicable Fund and secure instructions from an authorized officer of such Fund 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. 

  
 7 

 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 ease of the Fund, 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 Fund may
terminate this Agreement at any time upon ninety (90) days’ prior written notice. 
 (c) Termination of this
Agreement by a Fund shall not affect this Agreement with respect to any other Fund. 
 9.2 Should a Fund exercise its right to
terminate, all out-of-pocket expenses associated with the movement of records and material will be borne by such Fund. 
 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 Fund to pay is conditioned upon provision of services. 

12.2 This Agreement is solely for the benefit of the Bank and each Fund, 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. 

  
 8 

 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 Fund 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 Fund 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 Fund 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 Fundee and Shareholders 
 16.1 Notwithstanding anything
to the contrary provided herein, the Bank agrees that the liabilities of each Fund 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 Fund shall be enforceable against the assets of that particular Fund only, and not against the assets of any other Fund and that they have executed one instrument for convenience only. 

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

  
 9 

 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. 
  

					
	BNP PARIBAS QUANTITATIVE STRATEGIES, LLC,
	Sponsor of each Fund listed on Appendix I
		
	By:	 	 /s/ M. Andrews Yeo

		 	Name:	 	M. Andrews Yeo
		 	Title:	 	President
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Andrew Pfeifer

		 	Name:	 	Andrew Pfeifer
		 	Title:	 	Vice President

  
 10 

 APPENDIX I 
 BNP PARIBAS S&P DYNAMIC ROLL GLOBAL COMMODITIES FUND 
 BNP PARIBAS ENHANCED VOLATILITY FUND

  
 11 

 APPENDIX II 

ELECTRONIC ACCESS TERMS AND CONDITIONS 
 (AS OF SEPT. 7, 2011) 
 The use of Workbench Services and INFORM
Services are governed by and subject to these Electronic Access Terms and Conditions (“EATCs”). 
 Definitions

 “Affiliate” shall mean any company which, directly or indirectly, controls, is controlled by or is under common control with
another company (where a holding of at least thirty percent (30%) of the voting stock will be deemed to grant control), and the words “controls” and “controlled” will be construed accordingly. 

“Authorized User” shall mean (a) employees of the Client; and (b) other persons designated by Client (subject to BNYM’s
approval). 
 “BNYM Web Sites” shall mean the components of the Electronic Delivery Mechanism consisting of the Internet web sites
hosted by BNYM on the world wide web and the Proprietary Software through which Proprietary Information or Client Data is accessed: (1) Workbench services – http://www.workbench.bnymellon.com and (2) INFORM services –
https://inform.bankofny.com or http://ii.bnyinform.com. 
 “Commands” shall mean directions given via computer, including but not
limited to keystrokes and mouse clicks. 
 “Client” shall mean, collectively, the Client and any of Client’s Affiliates
identified in the EASA. 
 “Client Data” shall mean Client’s portfolio information that is unique to Client’s portfolio
(such as number of shares and which holdings) and provided or accessed through the Electronic Delivery Mechanism, provided that Client Data will not be construed to include Proprietary Information. 

“Data Terms Web Site” shall mean the set of terms and conditions (as may be amended by BNYM from time to time without notice to Client)
available at http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf or such other location as BNYM shall notify the Client in writing. 
 “EASA” shall mean a written Electronic Access Services Agreement executed between BNYM and Client, which incorporates these EATCs by reference. 

“Information” shall encompass any software, text, graphics, files, scripts or other content or materials, any database and any proprietary
data, processes, information and documentation made available to Client by BNYM. 
 “Information Provider” shall mean any third party
source, excluding a Third Party Service Provider, from which Proprietary Information may have been gathered. 
 “Proprietary
Information” shall mean Information provided or available through the Electronic Delivery Mechanism in which BNYM, its Affiliates or Information Providers have a proprietary interest, including without limitation the following:
(i) security identifiers (e.g. CUS1PS and SEDOLS), (ii) ratings (e.g. S&P, Moody’s, Fitch), (iii) classifications data (e.g. GICS, ICB, Russell, Lehman, Merrill Lynch, Topix), (iv) index data; and (v) other data
identified to a proprietary source or data in an ancillary service covered by an addendum to the EASA. 
 “Proprietary Software” shall
mean the component of the Electronic Delivery Mechanism that consists of proprietary software owned by BNYM and its Affiliates through which Client and Authorized Users may access Proprietary Information or Client Data. 

  
 12 

 “Third Party Service Provider” shall mean any other party (excluding an Information Provider) that
provides services to BNYM and its Affiliates in relation to the Electronic Delivery Mechanism. 
 Services 

(a) BNYM will provide the Electronic Delivery Mechanism to Client and its Affiliates through Client’s Authorized Users via the BNYM Web Sites. Client
and Authorized Users will gain access to and may be able to configure and download Proprietary Information and Client Data, all through the Electronic Delivery Mechanism by issuing Commands through Proprietary Software or the BNYM Web Sites, subject
to the terms of the EASA. 
 (b) BNYM retains the discretion and authority to add, delete or revise in whole or in part the Electronic Delivery
Mechanism offered to the Client and to modify the BNYM Web Sites and the Proprietary Software from time to time. BNYM will provide reasonable prior notice of such modifications, which notice may be provided via the BNYM Web Sites. If reasonably
possible under the circumstances, BNYM shall endeavor to provide such notice at least 5 days prior to the date on which such modifications shall take effect. Client may, at its option and discretion, terminate the EASA if it is not satisfied with
the substantial addition, deletion or revision of the Electronic Delivery Mechanism; 
 (c) BNYM may review or retain records of Client’s
or Authorized User’s Commands for any applicable legal or regulatory requirement and, among other reasons, for monitoring the quality of service Client receives, Client’s compliance with the EASA and the security of the Information.

 License/Proprietary Rights 
 (a) The BNYM Web Sites, Electronic Delivery Mechanism, Proprietary Software and Proprietary Information are proprietary to BNYM, its licensors, Information Providers or Third Party Service Providers.
Client shall cooperate with reasonable written requests from BNYM to protect BNYM’s, BNYM’s licensors’, Information Providers’ and/or Third Party Service Providers’ respective rights in the BNYM Web Sites, Electronic Access,
Proprietary Software or Proprietary Information, Nothing in the EASA shall be construed as giving Client and Authorized Users any license or right to use any of BNYM’s, BNYM’s licensors’, Information Providers’ and/or Third Party
Service Providers’ trademarks, logos and/or service marks. BNYM represents and warrants that it has and will have all rights, titles, licenses, permissions, and approvals necessary to perform its obligations under this Agreement, to provide the
BNYM Web Sites, Electronic Delivery Mechanism, Proprietary Software and Proprietary Information to Client as contemplated by the EASA and to grant Client the rights specified hereunder. 
 (b) Proprietary Software License 
 To the extent Client and Authorized Users
receive Proprietary Software hereunder, BNYM hereby grants Client and such Authorized Users a limited, non-exclusive, non-transferable license for the term of the EASA to install such Proprietary Software on Client’s internal computer system
only and to use such Proprietary Software solely in connection with the Electronic Delivery Mechanism. This license shall continue through the earlier of (i) BNYM’s termination of the license for such software, as may be permitted herein;
or (ii) the termination of the EASA. To the extent such internal computer system is accessible to networks beyond the control of Client, such as without limitation the Internet, Client shall take commercially reasonable measures to protect from
unauthorized access the computers on which the Proprietary Software is installed. 
 (2) Client and Authorized Users shall have
no rights in or to Proprietary Software, or any copies thereof, except for the right to use Proprietary Software as specifically set forth in the EASA. Title and ownership rights to Proprietary Software (including, copyright and trade secret
property rights inherent in and appurtenant thereto) shall remain with BNYM or any third party owner. Client may make copies of the Proprietary Software for backup purposes only, provided all copyright and other proprietary information included in
the original copy of the Proprietary Software are reproduced in or on such backup copies. Client and Authorized Users shall not: (i) except as provided above, make additional copies of Proprietary Software; (ii) disclose Proprietary
Software to, or allow Proprietary Software to be used by or for the benefit of, any third party; (iii) modify Proprietary Software and/or 

  
 13 

 
merge Proprietary Software with another software program; (iv) alter, decompile, disassemble, reverse engineer or otherwise modify Proprietary Software; and (v) remove any copyright or
proprietary rights notices or legends placed upon or within Proprietary Software, Client agrees, on behalf of itself and Authorized Users, not to use the Proprietary Software for any other purpose, including without limitation, use in a time share
or service bureau arrangement Client shall be responsible for the consequences of any misuse of, or unauthorized use of or access to, Proprietary Software by Client’s Authorized Users. 
 (c) Proprietary Information 
 (1) Proprietary Information provided hereunder may
be subject to certain additional provisions or restrictions in licenses BNYM and/or its Affiliates have with Information Providers or such Information Providers may require Client to agree to certain terms and conditions. Such additional provisions,
restrictions and requirements are shown on the Data Terms Web Site. Terms on the Data Terms Web Site may be revised periodically with concurrent notice to the Client, which notice may be provided via the BNYM Web Sites. Use of the Electronic
Delivery Mechanism, and continued use of the Electronic Delivery Mechanism following revision of any terms on the Data Terms Web Site, constitutes Client’s acceptance of and agreement to the then-current terms shown on the Data Terms Web Site.

 (2) Client’s use of the Proprietary Information may require Client to enter into additional contracts directly with
Information Providers or other Third Party Service Providers. In the event that Client’s rights under its agreement with any such provider conflict with the terms of the EASA, the terms of Client’s provider agreement shall prevail.

 (3) Except to the extent Client is permitted otherwise pursuant to its own licenses with applicable Information Providers,
Client agrees that the Proprietary Information shall be solely for its internal use. As used herein, Client’s “internal use” may include Client making available such Proprietary Information to its Affiliates or third party
professional advisors provided such advisors are legally obligated to treat such Proprietary Information in a confidential manner and legally prohibited from using such Proprietary Information in any manner other than in support of its services to
Client. Client also agrees not to, and to cause Authorized Users and third party professional advisors, not to (i) reproduce or repackage, retransmit, disseminate, sell, distribute, publish, broadcast, or circulate to third parties not covered
by “internal use” or otherwise commercially exploit Proprietary Information, (ii) identify and extract Proprietary Information from the Electronic Delivery Mechanism independent of any Client Data, (iii) use Proprietary Information in
any Client or third party software application except to the extent formally approved by BNYM in writing, or (iv) use Proprietary Information in an environment shared by the Client and third parties, in each case without the express written
consent of BNYM and without first obtaining any licenses needed from the relevant Information Provider(s). The foregoing shall not be construed to permit Client to allow any third party professional advisor to have direct access to the Electronic
Delivery Mechanism through the use of a user id and password issued to Client. In the event Client requires any such professional advisor to have such direct access, Client shall notify BNYM in writing and BNYM will have the right to require such
third party professional advisor to execute a separate EASA. 
 (d) All rights not specifically granted to Client hereunder are reserved by
BNYM, its Licensors, Information Providers and/or Third Party Service Providers. 
 (e) The provisions of this License/Proprietary Rights
Section shall survive the termination of the EASA between the Client and BNYM. 
 Reliance on Commands/Security 

(a) Client shall furnish BNYM with a written list of the names, and the extent of authority or level of access of, Client’s proposed Authorized
Users. Upon BNYM’s approval (which approval shall not be unreasonably withheld), BNYM shall send to Client a user-id for each Authorized User and, where appropriate, a secure identification device for each Authorized User. 

  
 14 

 As an alternative to the foregoing, Client may identify in a writing to BNYM the employee(s) at Client
(“Client Electronic Access Administrator(s)”) who will have the ability to administer access, including the requesting and revoking of user ids, to the Electronic Delivery Mechanism for Authorized Users as described herein. The Client
Electronic Access Administrators will be provided with a level of access that will give them the ability to request the issuance of user IDs for Authorized Users electronically by entering Authorized User information into the web site along with the
extent of authority or level of access of such Authorized Users. Client will be solely responsible for the Client Electronic Access Administrator’s actions and for protecting such Client Electronic Access Administrator’s user ids and
passwords. Client will not, through a Client Electronic Access Administrator, request a user ID for anyone other than a permanent employee of Client, and Client will be responsible for ensuring that its Client Electronic Access Administrators
understand that they are not to request user ids for individuals other than permanent Client employees. Any request for a user id for an individual that is not a permanent Client employee shall be addressed to BNYM through Client’s Client
Services Officer. 
 The Client will be responsible for providing the user-ids, and as appropriate secure identification devices, received from
BNYM for each Authorized User to the Authorized Users. 
 Client shall ensure that an Authorized User returns the secure identification device
following the termination of that user’s authorization to access the Electronic Delivery Mechanism. Client shall return the secure identification devices of all of the users immediately upon termination of the EASA. Client shall be responsible
for immediately notifying BNYM in writing in the event of the change in status of any Client Electronic Access Administrator that would cause such individual to no longer need access to the functionality that allows for the requesting of user ids
for Authorized Users or the revocation or disabling of such user ids. 
 BNYM shall be authorized and entitled to rely on, and shall be fully
protected in acting upon, any Commands associated with a user id issued to an Authorized User, until such time as notified in writing by Client (and after passage of a reasonable time for BNYM to act upon such notice) of the change in status of an
Authorized User. Notwithstanding the foregoing, if Client requested a Client Electronic Access Administrator to have authority to request user ids electronically, Client will be solely responsible for revoking the authorization granted to any
Authorized User upon Client’s determination that the authorization is no longer necessary for such Authorized User’s job duties or the Authorized User has left Client’s employ or for any other reason. 

(b) Browser software compatibility is published on the BNYM Web Sites, and may be updated from time to time by BNYM with such advance notice to Client as
may be possible under the circumstances (but in no event less than concurrent notice), which notice may be provided via the BNYM Web Sites. With the exception of Proprietary Software and browser software listed on the BNYM Web Sites or other
applications formally approved by BNYM in writing, Client agrees not to use, and agrees to require each Authorized User not to use, any software, program, application or any other device to access or log on to BNYM’s computer systems or the
BNYM Web Sites. Except to the extent formally approved in writing by BNYM, Client agrees not to, and agrees to require each Authorized User not to, automate the process of obtaining, downloading, transferring or transmitting any Proprietary
Information or Client Data. 
 Client Responsibilities and Obligations 

(a) Client is responsible for having and maintaining, and for ensuring that each Authorized User has and maintains, all hardware,
equipment and software (other than the Proprietary Software) necessary to access and use the Electronic Delivery Mechanism. Client shall accept and properly install any updates or modification to any software forming part of the Electronic Delivery
Mechanism that BNYM considers necessary, and shall cause its Authorized Users do the same. 
 (b) The Client shall maintain the
confidentiality of the Authorized Users’ BNYM-assigned user-ids and passwords and the security of any secure identification devices. The Client is responsible for all Commands processed through the BNYM Web Sites through and under, and the use
of, the Authorized Users’ user-ids and passwords (except to the extent arising out of the acts of BNYM). The Client will notify BNYM immediately if it becomes aware of any loss or theft of any Authorized Users’ user-ids, passwords or
secure identification devices, or of any unauthorized use of any Authorized Users’ user-ids, passwords or secure identification devices or of the Electronic Delivery Mechanism, Proprietary Information or Client Data. 

  
 15 

 (c) The Client (and its Authorized Users, as appropriate) shall: 

 

	(1)	Use the Electronic Delivery Mechanism only within the scope of the EASA and shall not permit the use of the Electronic Delivery Mechanism by any third party that is not
an Authorized User. 

  

	(2)	Not use any Command or other feature of the BNYM Web Sites for any purpose that is unlawful. 

 

	(3)	Keep all information contained in the Client’s profile up-to-date. 

  

	(4)	Not upload or post to the BNYM Web Sites any material protected by copyright or any other intellectual property right (as well as rights of publicity and privacy)
without first obtaining the permission of the owner of such rights. 

  

	(5)	Not unlawfully export or re-export, directly or indirectly, any part of the Electronic Delivery Mechanism in contravention of applicable law. 

(d) Access to third party Web Sites linked to or referenced in the BNYM web sites is at the Client’s or each Authorized User’s
sole discretion. BNYM is not responsible for third party Web Sites that collect information from patties who visit their web sites through links on the BNYM Web Sites. 
 Confidentiality 
 (a) The Electronic Delivery Mechanism (including
without limitation the design, programming techniques, algorithms and codes contained within the Electronic Delivery Mechanism) and Proprietary Information are confidential property of BNYM, its licensors or the Information Providers or Third Party
Service Providers, and, for purposes hereof, shall be deemed the confidential property of BNYM (“BNYM Confidential Property”). 
 (b) Client and its Authorized Users shall not disclose or make unauthorized use (i.e., a use not permitted under the EASA or a separate agreement between the Client and an Information Provider or Third
Party Service Provider)_of the BNYM Confidential Property. Client will take reasonable care to protect BNYM Confidential Property from examination by anyone except for its employees who have a need to know or as otherwise permitted under the EASA.
Client shall be responsible for the consequences of any misuse of, or unauthorized use of or access to, any BNYM Confidential Property by the Client’s Authorized Users. 
 (c) BNYM agrees to hold in confidence and not disclose Client Data except to the extent (a) any portion thereof was in the possession of BNYM prior to receipt thereof by BNYM under this Agreement and
not subject to an agreement of confidentiality, (b) such Client Data was at the time of receipt by BNYM, in the public domain, (c) subsequent to receipt by BNYM such Client Data becomes available in the public domain through no fault of
BNYM, (d) disclosure or release is required by law or otherwise compelled by judicial or administrative process, (e) disclosure of Client Data is required to be made to regulatory or self-regulatory authorities having authority to regulate
any aspect of BNYM’s business in connection with the exercise of such authority (including, without limitation, the Board of Governors of the Federal Reserve System), (f) disclosure is made to BNYM’s officers, employees, directors,
agents, counsel, or auditors having a need to know such information and who have been informed of the requirements of this Section and have agreed to be bound thereby, (g) disclosure is made in accordance with the written consent of the party
disclosing such information to BNYM, or (h) the name, address, securities position and other information of Client are required to be disclosed by the rules of any stock exchange, book-entry system, securities depository or clearing corporation
or the terms of the organizational documents of the issuer of any security or the terms of any security itself. Client grants BNYM a non-exclusive license to use, store and disclose transactional data received through the Electronic Delivery
Mechanism or to use such data and 

  
 16 

 
information without attribution, in compilations of blind or aggregated data in the ordinary course of operation of the Electronic Delivery Mechanism. Notwithstanding anything herein to the
contrary, BNYM may disclose Client as a customer of BNYM. 
 (d) The obligations in this section shall not restrict any
disclosure by Client pursuant to any applicable law, or by order of any court or government agency. 
 Limited Warranty/Exclusion of Other
Warranties 
 (a) BNYM represents and warrants that it has the full right and authority to enter into the EASA and to
provide the Electronic Delivery Mechanism under its terms. 
 (b) Except as otherwise provided under (c) below,
Proprietary Information and Client Data provided through the Electronic Delivery Mechanism are provided on an “AS-IS” basis and Client accepts the entire risk as to how and for what purposes Client and Authorized Users use such Proprietary
Information and Client Data. Neither BNYM, the Information Providers nor the Third Party Service Providers shall have any liability, contingent or otherwise, under the EASA for the accuracy, completeness, timeliness or correct sequencing of
Proprietary Information or Client Data. Client acknowledges that (i) Client Data provided through the Electronic Delivery Mechanism is subject to change because (x) such Client Data is generally updated as of the prior business day’s
close of business, and (y) as is customary in securities trading transactions, is subject to adjustment and correction and (ii) Proprietary Information and Client Data provided through the Electronic Delivery Mechanism are not reconciled
on a real-time basis and are provided via the Electronic Delivery Mechanism without any independent investigation by BNYM. 

(c) Notwithstanding Section (b) above, nothing in the EASA shall limit Client’s rights and remedies under any other written
agreement between Client and BNYM or and affiliate of BNYM with respect to Client Data provided by BNYM to Client pursuant to such written agreement through Electronic Services. However, for the avoidance of doubt, nothing under this Section
(c) shall create any separate basis of liability on the part of BNYM or its affiliates to Client because such Client Data is accessed or received by Client through Electronic Access. 

(d) EXCEPT AS OTHERWISE SET FORTH HEREIN OR IN THE EASA, THERE IS NO WARRANTY OF MERCHANTABILITY, NO WARRANTY OF FITNESS FOR A
PARTICULAR USE AND NO WARRANTY OF QUALITY. THERE IS NO OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE PROPRIETARY INFORMATION OR CLIENT DATA, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN CLAUSE (a) OF THIS SECTION, THERE IS NO OTHER
WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE ELECTRONIC DELIVERY MECHANISM. 

                    
Indemnification 
 (a) BNYM shall indemnify, protect and hold Client harmless from and against all losses, liabilities, judgments,
suits, actions, proceedings, claims, damages and costs, including reasonable legal fees and expenses, resulting from or arising out of a claim that the Proprietary Software or BNYM Web Sites infringe upon a third party patent, copyright, or trade
secret, provided that Client (i) notifies BNYM promptly of any such action or claim (except that the failure to so notify BNYM shall not limit BNYM’s obligations hereunder except to the extent that such failure materially prejudices BNYM);
(ii) grants BNYM full and exclusive authority to defend, compromise or settle such claim or action with such compromise or settlement being subject to Client’s approval which shall not be unreasonably withheld; and (iii) provides BNYM
all assistance reasonably necessary to so defend, compromise or settle. The foregoing obligations shall not apply, however, to any claim or action arising from (i) Client or 

  
 17 

 
Authorized User’s use of the Proprietary Software or BNYM Web Sites in a manner not authorized by the EASA; or (ii) Client or Authorized User’s use of the Proprietary Software or
BNYM Web Sites in combination with other software or services not supplied by BNYM where such use alone would not be infringing. 
 (b) In
addition to BNYM’s indemnification obligations set forth in paragraph (a) above, in the event that the Proprietary Software or BNYM Web Sites are found to infringe upon a third party patent, copyright, trade secret, or other proprietary
right, or in BNYM’s opinion the Proprietary’ Software or BNYM Web Sites are likely to be found to so infringe, BNYM may, at its sole option, (i) procure for Client the right to continue using the Proprietary Software or BNYM Web
Sites; (ii) replace the Proprietary Software or BNYM Web Sites with substantially similar software or services that are non-infringing, provided, however, the Client may, at its option and discretion, terminate the EASA if the Client is not
satisfied with the replacement Proprietary Software or BNYM Web Sites; or (In) terminate the EASA and refund to Client any pre-paid charges specifically relating to the Proprietary Software or BNYM Web Sites, if any. 

(c) THE FOREGOING PARAGRAPHS (a) AND (b) OF THIS SECTION STATE BNYM’S SOLE OBLIGATION, AND CLIENT’S SOLE REMEDY, WITH RESPECT TO ANY
CLAIM OF INFRINGEMENT REGARDING THE PROPRIETARY SOFTWARE OR BNYM WEB SITES. 
 (d) Except to the extent prohibited by applicable law. Client
shall indemnify, protect and hold BNYM harmless from and against all losses, liabilities, judgments, suits, actions, proceedings, claims, damages and costs, including reasonable legal fees and expenses, resulting from or arising out of (i) any
breach by Client or any Authorized User of any term in the EASA and (ii) any person obtaining access to the Electronic Delivery Mechanism through Client or any Authorized User or through use of the Client’s or Authorized User’s
password, user-id or secure identification device, whether or not Client authorized such access (except to the extent of any unauthorized access that results from the gross negligence or willful misconduct of BNYM). 

Limitation of Liability 
 (a) EXCEPT FOR BNYM’S INDEMNIFICATION OBLIGATIONS SET FORTH IN CLAUSE (a) OF THE SECTION OF THESE EATCs ENTITLED “INDEMNIFICATION”, IN NO EVENT WILL BNYM, ITS LICENSORS, THE
INFORMATION PROVIDERS OR THE THIRD PARTY SERVICE PROVIDERS BE LIABLE TO THE CLIENT, ANY AUTHORIZED USER OR ANYONE ELSE FOR ANY CONSEQUENTIAL, RELIANCE, EXEMPLARY, INCIDENTAL, SPECIAL, COMPENSATORY, ECONOMIC, PUNITIVE OR INDIRECT DAMAGES (INCLUDING
BUT NOT LIMITED TO LOST PROFITS, LOSSES AND DAMAGES THAT RESULT FROM THE EASA OR THE USE OF OR INABILITY TO USE THE ELECTRONIC DELIVERY MECHANISM OR PROPRIETARY INFORMATION OR CLIENT DATA), EVEN IF BNYM, ITS LICENSORS, THE INFORMATION PROVIDERS OR
THE THIRD PARTY SERVICE PROVIDERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. 
 (b) None of BNYM, its
licensors, the Information Providers or the Third Party Service Providers shall be liable under the EASA if they are prevented from or delayed in performing their obligations, or for any loss resulting from a cause that is beyond the reasonable
control of that entity. 
 (c) BNYM makes no guarantee that the Electronic Delivery Mechanism and Proprietary Information are
virus-free; however, BNYM will make commercially reasonable efforts to ensure that the systems used by BNYM to provide the Electronic Delivery Mechanism and Proprietary Information are virus-free. BNYM is not liable for any loss or damage resulting
from voluntary shutdown of the server or the BNYM Web Sites by BNYM to address computer viruses, denial-of-service messages or other similar problems, BNYM is not responsible for any damage to Client’s computer, software, modem, telephone or
other property resulting from Client’s use of the Electronic Delivery Mechanism. 

  
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 (d) Notwithstanding the foregoing, nothing contained in the EASA shall be deemed to modify
or limit any service obligation or liability that BNYM may otherwise have to Client under any other agreement between BNYM and Client. 
 (e) EXCEPT FOR CLIENT’S INDEMNIFICATION OBLIGATIONS SET FORTH IN CLAUSE (d) OF THE SECTION OF THESE EATCs ENTITLED “INDEMNIFICATION”, IN NO EVENT WILL CLIENT OR ANY AUTHORIZED USER BE
LIABLE HEREUNDER TO BNYM, OR ANY THIRD PARTY FOR CONSEQUENTIAL, RELIANCE, EXEMPLARY, INCIDENTAL, SPECIAL, COMPENSATORY, ECONOMIC, PUNITIVE OR INDIRECT DAMAGES EVEN IF CLIENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. 

Term and Termination 
 (a) In
addition to any termination provision set forth in the EASA or as set forth herein, Client or BNYM may terminate the EASA as follows: 
 (1) In the event of any material breach of the EASA, the non-breaching party may terminate the EASA immediately upon written notice to the breaching party if any breach of the EASA remains uncured after
thirty (30) days written notice of the breach is sent to the breaching party. 
 (2) Either BNYM or Client may terminate
the EASA in the event the other party (a) files for liquidation, dissolution or bankruptcy, (b) fails to have dismissed a bankruptcy, liquidation or dissolution proceeding that was commenced against it by a third party within ninety
(90) days of the filing; or (c) makes an assignment for the benefit of creditors. 
 (3) BNYM may immediately
terminate access through an Authorized User’s user-id and password and may, at its discretion, also terminate access by an Authorized User, without right of cure, in the event of an unauthorized use of an Authorized User’s user-id or
password, or where BNYM reasonably believes there is a security risk created by such access. 
 (4) BNYM may terminate,
immediately and without advance notice, and without right of cure, any portion or component of the Electronic Delivery Mechanism, the BNYM Web Sites or Proprietary Information in the event an Information Provider or Third Party Service Provider
(i) ceases to provide such portion or component to BNYM or an Affiliate of BNYM or (ii) prohibits BNYM from permitting Client to have access to the Information Provider’s Proprietary Information; provided, however, that if BNYM
receives advance notice of termination from the provider of such information, BNYM shall provide advance notice of termination to its Customers affected thereby, but only to the extent reasonably practicable under the circumstances. 

(b) Within five (5) business days of receiving or giving notice of termination, Client shall notify all Authorized Users of the effective date of
the termination of the EASA, irrespective of whether the termination was initiated by BNYM or Client. 
 (c) In the event of termination, BNYM
will cease providing the Electronic Delivery Mechanism and, where applicable and at BNYM’s request, Client shall return to BNYM any copies of Proprietary Software and any Proprietary information. The foregoing, however, shall not be construed
to require Client to return or destroy Proprietary Information that may be embedded within a report containing Client Data, but the Proprietary Information will continue to be subject to the restrictions set forth herein. 

(d) The provisions of this Termination Section shall survive the termination of the EASA. 
 Limitations of Liability of the Trustee and Shareholders 
 (a) The parties have
signed this EASA as one document, solely for administrative convenience and to avoid a multiplicity of documents. It is understood and agreed by the parties (including each Fund listed in Exhibit A hereto) that (i) this EASA shall constitute a
separate agreement between BNYM and each Fund, as if each Fund had executed a separate document naming only itself as the party to such separate agreement, and (ii) no Fund shall have any liability under this EASA for the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to any other Fund. 

  
 19 

 (b) It is expressly acknowledged and agreed that the obligations of each Fund hereunder shall not be binding
upon any shareholder, trustee, officer, employee or agent of such Fund, personally. This EASA has been duly authorized, executed and delivered by each Fund and neither such authorization, execution or delivery shall be deemed to have been made by
any such shareholder, trustee, officer, employee or agent individually or to impose any liability on any of them personally. 

  
 20 

 SCHEDULE A 

BOOKS AMD RECORDS TO BE MAINTAINED BY THE BANK 
 The Bank shall maintain separate and distinct files for each Fund 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 Fund and DTC 
 Distribution Records 
 Year-end Statements and Tax Forms 

Net Asset Computation Documentation 

  
 21

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