Document:

Exhibit 4.2

FORM OF 

ETFS COLLATERALIZED COMMODITIES TRUST 

AUTHORIZED PARTICIPANT AGREEMENT

          This
Authorized Participant Agreement (the “Agreement”), dated as of __________, is
entered into by and among ____________ (the “Authorized Participant”), ETFS
Collateralized Commodities Trust, a Delaware statutory trust (the “Trust”), on
behalf of its separate series therein (“Funds”), and ETF Securities LLC, a
Delaware limited liability company, as sponsor of the Trust (the “Sponsor”) [on
behalf of each Fund]. 

          The
Parties agree and acknowledge that: 

          (i)
This Agreement shall take effect as if such number of separate agreements as
there are Funds had been entered into, each between the Authorized Participant,
the Sponsor and the Trust acting in respect of a separate such Fund and in
respect of all purchases and redemptions which the Authorized Participant
enters into in respect of that Fund;

          (ii)
for the purposes of its execution, performance, termination and interpretation,
this document is deemed to constitute as many Agreements as there are Funds and
has been executed as a single document for administrative convenience only; 

          (iii)
each purchase and redemption entered into in respect of a particular Fund shall
be governed by the Agreement deemed to have been entered in respect of such
Fund; 

          (iv)
the rights and obligations of each Fund under each Agreement are separate and
distinct from the rights and obligations of each other Fund under any other
Agreement , each Fund will at any time be liable only for its own obligations
and no Fund shall be guarantor of or jointly liable for the obligations of any
other Fund.

SUMMARY

          As
provided in the Trust Agreement of the Trust, as amended (the “Trust Agreement”)
as currently in effect and described in the Prospectus (defined below), units
of fractional undivided beneficial interest in and ownership of the Fund (the
“Shares”) may be created or redeemed by the [Sponsor][Fund] for an Authorized
Participant in aggregations of fifty thousand (50,000) Shares (each
aggregation, a “Creation Unit”). Creation Units are offered only pursuant to a
registration statement of the Trust on Form S-1, as amended (Registration No.:
___________, as declared effective by the Securities and Exchange Commission
(“SEC”) and as the same may be amended from time to time thereafter or any
successor registration statement in respect of Shares of the Trust
(collectively, the “Registration Statement”) together with the prospectus of
the Trust (the “Prospectus”) included therein. Under the Trust Agreement,
Creation Units may be issued to, and redeemed from, authorized participants,
only through the facilities of the Depository Trust Company (“DTC”), or a
successor depository, and only in exchange for cash. This Agreement, the
Handbook (as defined below) and the Procedures (as defined below) set forth the
specific procedures by which the Authorized Participant may create or redeem
Creation Units. 

          Because
new Shares can be created and issued on an ongoing basis, at any point during
the valid existence of the Trust, a “distribution,” as such term is used in the
Securities Act of 1933, as amended (“1933 Act”), may be occurring. The
Authorized Participant is cautioned that some of its activities may result in
its being deemed a participant in a distribution in a manner which would render
it a statutory underwriter and subject it to the prospectus-delivery and
liability provisions of the 1933 Act. The Authorized Participant should review the
“Plan of Distribution” portion of the Prospectus and consult

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with its own counsel in connection with entering
into this Agreement and submitting Orders (defined below). 

          Capitalized
terms used but not defined in this Agreement shall have the meanings assigned
to such terms in the Facility Agreement, the Trust Agreement, the Authorized
Participant Procedures Handbook set forth in Attachment A hereto (the
“Handbook”) and the Creation and Redemption Procedures set forth in Attachment
B (the “Procedures”). 

          To
give effect to the foregoing premises and in consideration of the mutual
covenants and agreements set forth below, the parties hereto agree as follows:

          Section 1.
Order Placement and Authorized Participant
Covenants.

          (a)
To place orders to purchase or redeem one or more Creation Units, the
Authorized Participant must follow the procedures for purchase and redemption
referred to in Section 3 of this Agreement the Handbook and Procedures
described in Attachments A and B, as each may be amended, modified or
supplemented from time to time. 

          (b)
The Authorized Participant covenants and agrees: 

	
  

 	
  

 
	
  

 	
      (i) to use its best
 efforts to ensure that any payment of cash to a Commodity Contract
 Counterparty, or any receipt of cash from a Commodity Contract Counterparty,
 in connection with a Purchase Order or Redemption Order placed by the
 Authorized Participant will take place only under the terms of the Trust
 Agreement and in accordance with the terms of the applicable Direct Agreement
 (as defined below); and

 
	
  

 	
  

 
	
  

 	
      (ii) (save in the
 case where the Authorized Participant is the Commodity Contract Counterparty)
 it will enter into a Direct Agreement with the Commodity Contract
 Counterparty in respect of the Fund substantially in the agreed form.

 
	
  

 	
  

 
	
  

 	
 Section 2.
 Status, Representations and Warranties of
 the Parties. 

 
	
  

 	
  

 
	
  

 	
 (a) The Authorized Participant represents and
 warrants and covenants the following: 

 
	
  

 	
  

 
	
  

 	
           (i)
 The Authorized Participant is a participant of DTC (as such a participant, a
 “DTC Participant”). If the Authorized Participant ceases to be a DTC
 Participant, the Authorized Participant shall give prompt notice to the
 Sponsor of such event, and this Agreement shall terminate immediately as of the
 date the Authorized Participant ceased to be a DTC Participant. 

 
	
  

 	
  

 
	
  

 	
           (ii)
 Unless Section 2(a)(iii) applies, the Authorized Participant either
 (i) is registered as a broker-dealer under the Securities Exchange Act
 of 1934, as amended (“1934 Act”), and is a member in good standing of the
 Financial Industry Regulatory Authority (the “FINRA”), or (ii) is exempt
 from being, or otherwise is not required to be, licensed as a broker-dealer
 or a member of FINRA, and in either case is qualified to act as a broker or
 dealer in the states or other jurisdictions where the nature of its business
 so requires. In connection with the purchase or redemption of Creation Units
 and any related offers or sales of Shares, the Authorized Participant will
 maintain any such registrations, qualifications and membership in good
 standing and in full force and effect throughout the term of this Agreement.
 The Authorized Participant will comply with all applicable federal laws, the
 laws of the states or other jurisdictions concerned, and the rules and
 regulations promulgated thereunder, and with the FINRA By-Laws and NASD
 Conduct Rules (or with comparable FINRA Conduct Rules, if such NASD Conduct
 Rules are subsequently renamed, repealed, rescinded, or are otherwise
 replaced by FINRA Conduct Rules) if it is a FINRA member, 

 

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 to the extent the foregoing relates to the
 Authorized Participant’s transactions in and activities with respect to
 Shares, and that it will not offer or sell Shares in any state or
 jurisdiction where they may not lawfully be offered and/or sold. 

 
	
  

 	
  

 
	
  

 	
           (iii)
 If the Authorized Participant is offering or selling Shares in jurisdictions
 outside the several states, territories and possessions of the United States
 and is not otherwise required to be registered, qualified or a member of
 FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant
 will, in connection with such offers and sales, (i) observe the
 applicable laws of the jurisdiction in which such offer and/or sale is made,
 (ii) comply with the prospectus delivery and other requirements of the
 1933 Act, and the regulations promulgated thereunder, and (iii) conduct
 its business in accordance with the NASD Conduct Rules (or with comparable
 FINRA Conduct Rules, if such NASD Conduct Rules are subsequently renamed,
 repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules), to
 the extent the foregoing relates to the Authorized Participant’s transactions
 in, and activities with respect to, Shares. 

 
	
  

 	
  

 
	
  

 	
           (iv)
 The Authorized Participant has policies, procedures, and internal controls in
 place that are reasonably designed to comply with applicable anti-money
 laundering laws and regulations, including applicable provisions of the
 Uniting and Strengthening America by Providing Appropriate Tools Required to
 Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the
 regulations promulgated thereunder, if the Authorized Participant is subject
 to the requirements of the USA PATRIOT Act. 

 
	
  

 	
  

 
	
  

 	
           (v)
 The Authorized Participant is duly [incorporated and registered as a company]
 under the laws of []], and has the power and authority to enter into this
 Agreement.

 

          (b)
The Sponsor represents, warrants, and covenants on its own behalf and as Sponsor
of the Trust that on the date hereof and at each time of purchase by the
Authorized Participant of a Creation Unit from the Trust (each such time, the
“Time of Purchase”), that: 

	
  

 	
  

 
	
  

 	
           (i)
 on the effective date of the Registration Statement and at each Time of
 Purchase, the Trust’s Registration Statement shall be effective and no stop
 order of the SEC with respect thereto shall have been issued and no
 proceedings for such purpose shall have been instituted or, to the Sponsor’s
 knowledge, will then be contemplated by the SEC; the Registration Statement
 complied when it became effective and complies at the Time of Purchase in all
 material respects with the requirements of the 1933 Act, and the Prospectus
 complied as of its date, and complies at the Time of Purchase, in all
 material respects with the requirements of the 1933 Act; and the conditions
 to the use of Form S-1 have been satisfied; the Registration Statement did
 not when it became effective and does not at the Time of Purchase contain an
 untrue statement of a material fact or omit to state a material fact required
 to be stated therein or necessary to make the statements therein not
 misleading, the Prospectus did not, as of its date and does not at the Time
 of Purchase, contain an untrue statement of a material fact or omit to state
 a material fact required to be stated therein or necessary in order to make
 the statements therein, in the light of the circumstances under which they
 were made, not misleading; and, the documents comprising the Disclosure
 Package (as defined below) did not contain an untrue statement of a material
 fact or omit to state a material fact required to be stated therein or
 necessary in order to make the statements therein, in the light of the
 circumstances under which they were made, not misleading; provided, however,
 that the Sponsor makes no warranty or representation with respect to any
 statement contained in the Registration Statement, the Prospectus or the
 Disclosure Package in reliance upon and in conformity with information
 concerning the Authorized Participant and furnished in writing by or on
 behalf of the Authorized Participant to the Sponsor expressly for use
 therein. The “Disclosure Package” is the Prospectus and any amendments
 and supplements thereto at the Time of Purchase and any free writing
 prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared
 by, for or on behalf of the Sponsor before the Time of Purchase and intended
 for general distribution; 

 

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           (ii)
 the Shares, when issued and delivered against payment of consideration
 therefor, as provided in this Agreement, will be duly and validly authorized,
 issued, fully paid and non-assessable and free of statutory and contractual
 preemptive rights, rights of first refusal and similar rights; 

 
	
  

 	
  

 
	
  

 	
           (iii)
 the Sponsor has been duly organized and, on the effective date of the
 Registration Statement and at each Time of Purchase, will be validly existing
 as a limited liability company in good standing under the laws of the State of
 Delaware, with full power and authority to act as the sponsor of the Trust as
 described in the Registration Statement and the Prospectus, and has all
 requisite power and authority to execute and deliver this Agreement; 

 
	
  

 	
  

 
	
  

 	
           (iv)
 at the time the Sponsor makes an offer of Shares following the filing of the
 Registration Statement, neither the Trust nor the Sponsor will be an
 “ineligible issuer” as defined in Rule 405 of the 1933 Act; 

 
	
  

 	
  

 
	
  

 	
           (v)
 the Sponsor agrees that if it becomes aware of any new delivery or disclosure
 requirement under the 1933 Act relating to Shares, other than the current
 obligation to deliver the Prospectus, it shall use best efforts to advise the
 Authorized Participant of such requirement(s); and 

 
	
  

 	
  

 
	
  

 	
           (vi)
 the Sponsor shall provide to the Authorized Participant copies of the then
 current Prospectus and any printed supplemental information in reasonable
 quantities upon request, the Sponsor will promptly notify the Authorized
 Participant when a revised, supplemented or amended Prospectus is available,
 the Sponsor will deliver or otherwise make available to the Authorized
 Participant copies of such revised, supplemented or amended Prospectus at
 such time and in such numbers as to enable the Authorized Participant to
 comply with any obligation the Authorized Participant may have to deliver
 such Prospectus to customers or in response to the Authorized Participant’s
 reasonable request, the Sponsor will make such revised, supplemented or
 amended Prospectus available to the Authorized Participant no later than the
 effective date thereof, and the Sponsor will be deemed to have complied with
 this paragraph when the Authorized Participant has received such revised,
 supplemented or amended Prospectus at the address indicated below the
 signature line of the Authorized Participant in such number of hard copies as
 to enable the Authorized Participant to comply with any obligation it may
 have to deliver such Prospectus to customers or as it may have reasonably
 requested. 

 
	
  

 	
  

 
	
  

 	
 (c) The Sponsor, on its own behalf and in its
 capacity as sponsor of the Trust, agrees: 

 
	
  

 	
  

 
	
  

 	
           (i)
 upon receipt of request from the Authorized Participant therefore, to file a
 post-effective amendment to the Registration Statement removing any reference
 to the Authorized Participant thereunder; and 

 
	
  

 	
  

 
	
  

 	
           (ii)
 to advise the Authorized Participant promptly, confirming such advice in
 writing, of any request by the SEC for amendments or supplements to the
 Registration Statement or the Prospectus or for additional information with
 respect thereto, or of notice of institution of proceedings for, or the entry
 of, a stop order suspending the effectiveness of the Registration Statement,
 and, if the SEC should enter a stop order suspending the effectiveness of the
 Registration Statement, to use its best efforts to obtain the lifting or
 removal of such order as soon as possible.

 

          Section 3.
Orders.

          (a)
All orders to purchase or redeem Creation Units shall be made in accordance with
the terms of the Trust Agreement, this Agreement and the Procedures. Each party
will comply with such foregoing terms and procedures to the extent applicable
to it. The Sponsor may issue, or caused to be issued, 

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additional or other procedures from time to time
relating to the manner of creating or redeeming Creation Units which are not
related to the Procedures, and the Authorized Participant will comply with such
procedures of which it has received notice delivered in accordance with Section 15(c)
within a commercially reasonable time following receipt of such notice. The
Trust, on behalf of each Fund, directs the Authorized Participant to contribute
or receive cash payments directly to the Commodity Contract Counterparty [in
accordance with the Procedures].

          (b)
The Authorized Participant acknowledges and agrees that each order to purchase
a Creation Unit (a “Purchase Order”) and each order to redeem a Creation Unit
(a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”)
delivered to the Sponsor, or the Sponsor’s designee, may not be revoked by the
Authorized Participant after the specified Cut-off Time for the applicable
Fund.

          (c)
The Sponsor may, in its discretion, suspend the right of repurchase, or postpone
the purchase settlement date, (i) for any period during which any of the
NYSE, CBOT, or COMEX is closed other than for customary holidays or weekend
closings or when trading is suspended or restricted on such exchanges in any of
the underlying commodities; (ii) for any period during which a Market
Disruption Event in the underlying index exists as a result of which the
fulfillment of a purchase order is not reasonably practicable; or
(iii) for such other period as the Sponsor determines to be necessary for
the protection of the shareholders. The Sponsor will not be liable to any
person or in any way for any loss or damages that may result from any such
suspension or postponement. 

          (d)
The Sponsor, or its designee, shall also have the absolute right, but shall
have no obligation, to reject any Purchase Order (i) determined by the
Sponsor, or its designee, not to be in proper form; (ii) that the Sponsor,
or its designee, has determined would have adverse tax consequences to the Trust
or to the Beneficial Owners; (iii) the acceptance or receipt of which
could, in the opinion of counsel to the Sponsor be unlawful; or (iv) if
circumstances outside the control of the Sponsor, or its designee, make it for
all practical purposes not feasible to process purchases of Creation Units. The
Sponsor shall not be liable to any person by reason of the rejection of any
Purchase Order. 

          (e)
The Sponsor, or its designee, shall reject any Redemption Order the fulfillment
of which its counsel advises would be illegal under applicable laws and
regulations, and the Sponsor, or its designee, shall have no liability to any
person for rejecting a Redemption Order in such circumstances. 

          (f)
The Sponsor may, in its discretion, suspend the right of redemption, or
postpone the applicable Redemption Settlement Time, for any period during which
any of the NYSE, CBOT, or COMEX is closed other than for customary holidays or
weekend closings or when trading is suspended or restricted on such exchanges
in any of the underlying commodities: (i) for any period during which an
emergency exists as a result of which the redemption distribution is not
reasonably practicable; or (ii) for such other period as the Sponsor
determines to be necessary for the protection of the shareholders. The Sponsor
will not be liable to any person or in any way for any loss or damages that may
result from any such suspension or postponement. 

          (g)
The Authorized Participant hereby consents to the use of recorded telephone
lines whether or not such use is reflected in the Procedures. In the event that
the Sponsor, the Trust, or any of their affiliated persons becomes legally
compelled to disclose to any third party any recording involving communications
with the Authorized Participant, the Sponsor agrees to provide the Authorized
Participant with reasonable advance written notice identifying the recordings
to be so disclosed, together with copies of such recordings, so that the
Authorized Participant may seek a protective order or other appropriate remedy
with respect to the recordings or waive its right to do so. In the event that
such protective order or other remedy is not obtained, or the Participant
waives its right to seek such protective order or remedy, the Sponsor, the Trust,
or any of their affiliated persons, as the case may be, agrees to

5

furnish only that portion of the recorded
conversation that, according to legal counsel, is legally required to be
furnished and will exercise its best efforts to obtain a protective order or
other reliable assurance that confidential treatment will be accorded the
recorded conversation. The Sponsor, the Trust, and their affiliated persons
shall not otherwise disclose to any third party any recording involving
communications with the Authorized Participant without the Authorized
Participant’s express written consent, except the Sponsor and the Trust may
disclose to a regulatory or self-regulatory organization, to the extent
required by applicable rule or law, recordings involving communications with
the Authorized Participant.

          Section 4.
Fees. To compensate
JPMorgan Chase Bank, N.A. for services as Administrator in processing the
purchase and redemption of Creation Units, an Authorized Participant is
required to pay a fixed transaction fee of $500 per order to create or redeem
Creation Units. The transaction fee may be waived or otherwise adjusted by the
Sponsor and the Sponsor agrees to provide the Authorized Participant with
prompt notice in advance of any such waiver or adjustment of the transaction
fee.

          Section 5.
Authorized Persons. Concurrently with
the execution of this Agreement and as requested in writing from time to time
thereafter, the Authorized Participant shall deliver to the Sponsor, or its
designee, a certificate, duly certified as appropriate by its secretary or
other duly authorized official, in the form of Exhibit A, setting forth the
names and signatures of all persons authorized to give instructions relating to
activity contemplated hereby or by any other notice, request or instruction
given on behalf of the Authorized Participant (each, an “Authorized Person”).
The Sponsor may accept and rely upon such certificate as conclusive evidence of
the facts set forth therein and shall consider such certificate to be in full
force and effect until the Sponsor, or its designee, receives a superseding
certificate bearing a subsequent date and duly certified as described above.
Upon the termination or revocation of authority of any Authorized Person by the
Authorized Participant, the Authorized Participant shall give prompt written
notice of such fact to the Sponsor and such notice shall be effective upon
receipt by the Sponsor.

          Section 6.
Redemption. The Authorized
Participant represents and warrants that it will not initiate a Redemption
Order (as described in the Procedures) with the Sponsor for the purpose of
redeeming a Creation Unit unless (i) it owns outright or has the right or
authority to tender for redemption the Creation Units to be redeemed and to
receive the entire proceeds of the redemption, and (ii) such Creation
Units have not been loaned or pledged to another party and are not the subject
of a repurchase agreement, securities lending agreement or any other
arrangement which, under the circumstances, would preclude the delivery of such
Creation Units to the Sponsor on the third Business Day following the
Redemption Order Date.

          Section 7.
Role of Authorized Participant.

          (a)
The Authorized Participant acknowledges that, for all purposes of this
Agreement and the Trust Agreement, the Authorized Participant shall have no
authority to act as agent for the Trust or the Sponsor in any matter or in any
respect. 

          (b)
The Authorized Participant will make itself and its employees available, upon
reasonable request, during normal business hours to consult with the Sponsor or
its designees concerning the performance of the Authorized Participant’s
responsibilities under this Agreement. 

          (c)
The Authorized Participant, as a DTC Participant, agrees that it shall be bound
by all of the obligations of a DTC Participant in addition to any obligations
that it undertakes hereunder. 

6

          (d)
The Authorized Participant agrees, subject to any privacy, confidentiality or
other internal policies it may have regarding its customers, obligations
arising under federal or state securities laws or the applicable rules of any
self-regulatory organization, to assist the Sponsor in ascertaining certain
information regarding sales of Shares made by or through the Authorized
Participant upon reasonable request of the Trust or the Sponsor that is
necessary for the Trust to comply with its obligations to distribute
information to its shareholders under applicable state or federal securities
laws; provided that consistent with market practice, the Authorized Participant
may undertake to deliver prospectuses, proxy material, annual and other reports
of the Trust or other similar information that the Trust is obligated to
deliver to its shareholders to the Authorized Participant’s customers that
custody Shares with the Authorized Participant, after receipt from the Trust or
the Sponsor of sufficient quantities to allow mailing thereof to such
customers. The Sponsor agrees that the names and addresses and other
information concerning the Authorized Participant’s customers are and shall
remain the sole property of the Authorized Participant, and none of the
Sponsor, the Trust or any of their respective affiliates shall use such names,
addresses or other information for any purposes except in connection with the
performance of their duties and responsibilities hereunder and except for
servicing and informational mailings related to the Trust referred to in this
Section 7(d) of this Agreement.

          Section 8.
Indemnification.

          (a)
The Authorized Participant hereby indemnifies and holds harmless the
Sponsor[and the Fund], its respective direct or indirect affiliates (as defined
below) and its respective directors, sponsors, partners, members, managers,
officers, employees and agents (each, an “Authorized Participant Indemnified
Party”) from and against any losses, liabilities, damages, costs and expenses
(including reasonable attorney’s fees and the reasonable cost of investigation)
incurred by such Authorized Participant Indemnified Party as a result of:
(i) any breach by the Authorized Participant of any provisions of this
Agreement that relates to the Authorized Participant, including its
representations, warranties and covenants, or the Authorized Participant’s
willful misconduct, negligence or bad faith; (ii) any failure on the part
of the Authorized Participant to perform any of its obligations set forth in
this Agreement; (iii) any failure by the Authorized Participant to comply
with applicable laws and rules and regulations of self-regulatory organizations
to the extent the foregoing relates to the Authorized Participant’s
transactions in, and activities with respect to, Shares under this Agreement,
[except that the Authorized Participant shall not be required to indemnify an
Authorized Participant Indemnified Party to the extent that such failure was
caused by the Authorized Participant’s adherence to instructions given or
representations made by the Sponsor or any Authorized Participant Indemnified
Party, as applicable;] (iv) any actions of such Authorized Participant
Indemnified Party in reasonable reliance upon any instructions issued by the
Authorized Participant in accordance with the Procedures believed by the Authorized
Participant Indemnified Party to be genuine and to have been given by the
Authorized Participant; or (v) (A) any representation by the
Authorized Participant, its employees or its agents or other representatives
about the Shares, any Authorized Participant Indemnified Party or the Trust
that is not consistent with the Trust’s then-current Prospectus made in
connection with the offer or the solicitation of an offer to buy or sell Shares
and (B) any untrue statement or alleged untrue statement of a material fact
contained in any research reports, marketing material and sales literature
described in Section 12(b) or any alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein when read together with the Prospectus, in light of the circumstances
under which they were made, not misleading to the extent that such statement or
omission relates to the Shares or any Authorized Participant Indemnified Party,
unless, in either case, such representation, statement or omission was made or
included by the Authorized Participant at the written direction of the Sponsor
or is based upon any omission or alleged omission by the Sponsor to state a
material fact in connection with such representation, statement or omission
necessary to make such representation, statement or omission not misleading.
The Authorized Participant shall not be liable 

7

under its indemnity agreement contained in this
paragraph with respect to any claim made against any Authorized Participant
Indemnified Party unless the Authorized Participant Indemnified Party shall
have notified the Authorized Participant in writing of the claim within a
reasonable time after the summons or other first written notification giving
information of the nature of the claim shall have been served upon the
Authorized Participant Indemnified Party (or after the Authorized Participant
Indemnified Party shall have received notice of service on any designated
agent). However, failure to notify the Authorized Participant of any claim
shall not relieve the Authorized Participant from any liability which it may
have to any Authorized Participant Indemnified Party against whom such action
is brought otherwise than on account of its indemnity agreement contained in
this paragraph and shall only release it from such liability under this
paragraph to the extent it has been materially prejudiced by such failure to
give notice. The Authorized Participant shall be entitled to participate at its
own expense in the defense, or, if it so elects, to assume the defense of any
suit brought to enforce any claims, but if the Authorized Participant elects to
assume the defense, the defense shall be conducted by counsel chosen by it and
satisfactory to the Authorized Participant Indemnified Party in the suit, and
who shall not, except with the consent of the Authorized Participant
Indemnified Parties, be counsel to the Authorized Participant. If the
Authorized Participant does not elect to assume the defense of any suit, it
will reimburse the Authorized Participant Indemnified Party for the reasonable
fees and expenses of any counsel retained by them. 

          (b)
The [Sponsor][Fund] hereby agrees to indemnify and hold harmless the Authorized
Participant, its respective subsidiaries, affiliates, directors, officers,
employees and agents, and each person, if any, who controls such persons within
the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified
Party”) from and against any losses, liabilities, damages, costs and expenses
(including reasonable attorneys’ fees and the reasonable cost of investigation)
incurred by such Sponsor Indemnified Party as a result of (i) any breach
by the Sponsor of any provision of this Agreement that relates to the Sponsor,
or the Sponsor’s willful misconduct, negligence or bad faith; (ii) any
failure on the part of the Sponsor to perform any obligation of the Sponsor set
forth in this Agreement; (iii) any failure by the Sponsor to comply with
applicable laws and the rules and regulations of any governmental entity or any
self-regulatory organization to the extent the foregoing relates to the
Authorized Participant’s transactions in, and activities with respect to,
Shares under this Agreement, except that the Sponsor shall not be required to
indemnify a Sponsor Indemnified Party to the extent that such failure was
caused by the Sponsor’s adherence to instructions given or representations made
by the Authorized Participant or any Sponsor Indemnified Party, as applicable;
(iv) any untrue statements or omissions made in any promotional material
or sales literature furnished to the Authorized Participant or otherwise
approved in writing by the Trust in respect of the Fund; (v) actions of
such Sponsor Indemnified Party in reasonable reliance upon any instructions
issued or representations made by the Sponsor or the Trust in accordance with
this Agreement or Attachment A hereto reasonably believed by the Authorized
Participant to be genuine and to have been given by the Sponsor or the Trust in
respect of the Fund; or (vi) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement of the
Trust relating to the Fund as originally filed with the SEC or in any amendment
thereof, or in the Prospectus, or in any amendment thereof or supplement
thereto, or arising out of or based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except those statements in the
Registration Statement or the Prospectus based on information furnished in
writing by or on behalf of the Authorized Participant expressly for use in the
Registration Statement or the Prospectus. The Sponsor shall not be liable under
its indemnity agreement contained in this paragraph with respect to any claim
made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the
Sponsor in writing of the claim within a reasonable time after the summons or
other first written notification giving information of the nature of the claim
shall have been served upon the Sponsor Indemnified Party (or after the Sponsor
Indemnified Party shall have received notice of service on any designated
agent). However, failure to notify the Sponsor of any claim shall not relieve
the Sponsor from any liability which it may have to any

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 Sponsor Indemnified
Party against whom such action is brought otherwise than on account of its
indemnity agreement contained in this paragraph and shall only release it from
such liability under this paragraph to the extent it has been materially
prejudiced by such failure to give notice. The Sponsor shall be entitled to
participate at its own expense in the defense, or, if it so elects, to assume
the defense of any suit brought to enforce any claims, but if the Sponsor
elects to assume the defense, the defense shall be conducted by counsel chosen
by it and satisfactory to the Sponsor Indemnified Party in the suit and who
shall not, except with the consent of the Sponsor Indemnified Party, be counsel
to the Sponsor. If the Sponsor does not elect to assume the defense of any
suit, it will reimburse the Sponsor Indemnified Party in the suit for the
reasonable fees and expenses of any counsel retained by them. 

          (c)
No indemnifying party, as described in paragraphs (a) and (b) above,
shall, without the written consent of the Authorized Participant Indemnified
Party or the Sponsor Indemnified Party, as the case may be, effect the
settlement or compromise of, or consent to the entry of any judgment with
respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified party is an actual or potential party to such action or claim)
unless such settlement, compromise or judgment (i) includes an
unconditional release of the Authorized Participant Indemnified Party or
Sponsor Indemnified Party, as the case may be, from all liability arising out
of such action or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any
Authorized Participant Indemnified Party or Sponsor Indemnified Party, as the
case may be.

          (d)
The Sponsor and the Authorized Participant agree promptly to notify each other
of the commencement of any proceedings or litigation against it and, in the
case of the Sponsor, against any of the Sponsor’s officers or directors, in
connection with the issuance and sale of the Shares or in connection with the
Registration Statement or the Prospectus.

          Section 9.
Limited Recourse and Liability.

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Limitations on Liability.

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 Neither the Sponsor nor the Authorized
 Participant shall be liable to each other or to any other person for any
 damages arising out of any mistake or error in data provided to any of them
 by a third party or out of any interruption or delay in the electronic means
 of communications used by them. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 The debts, liabilities, obligations, expenses,
 costs, charges, indemnities and reserves incurred, contracted for,
 attributable to or otherwise existing with respect to the Fund to which this
 Agreement relates shall be enforceable against the assets of such Fund only,
 and not against the assets of the Trust generally or of any other Fund and,
 unless otherwise provided by the Sponsor, none of the debts, liabilities,
 obligations, expenses, costs, charges, indemnities and reserves incurred,
 contracted for, attributable to or otherwise existing with respect to the
 Trust generally or any other Fund shall be enforceable against the assets of
 such Fund. Any general liabilities, expenses, costs, charges, indemnities or
 reserves of the Trust which are not readily identifiable as being held with
 respect to any particular Fund shall be allocated and charged by the Sponsor
 to and among any one or more of the Funds in such manner and on such basis as
 the Sponsor in its sole discretion deems fair and equitable. Pursuant to the
 Delaware Statutory Trust Act and the Trust Agreement, any party extending
 credit to, contracting with or having any claim against any Fund of the Trust
 may look only to the assets of such Fund to satisfy or enforce any debt with
 respect to that Fund. 

 

9

	
  

 	
  

 	
  

 
	
  

 	
 (iii)
 This Agreement has been entered into by the Fund and was executed and
 delivered by an officer of its Sponsor, on behalf of the Fund, which officer
 was acting solely in his capacity as an officer of the Sponsor and not in his
 individual capacity and which Sponsor was acting solely in its capacity as
 sponsor of the Fund and not in its individual capacity. The obligations of
 this Agreement are not binding on such officer, the Sponsor or any
 shareholder of the Funds of the Trust individually. The obligations of this
 Agreement are binding only upon the assets and property of the Trust or
 belonging or attributable to a Fund thereof.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Tax Liability. 

 

          (i)
The Authorized Participant shall be responsible for the payment of any transfer
tax, sales or use tax, stamp tax, recording tax, value added tax and any other
similar tax or government charge applicable to the purchase or redemption of
any Creation Unit made pursuant to this Agreement, regardless of whether or not
such tax or charge is imposed directly on the Authorized Participant. To the
extent the Sponsor or the Trust is required by law to pay any such tax or
charge, the Authorized Participant agrees to promptly indemnify such party for
any such payment, together with any applicable penalties, additions to tax or interest
thereon upon reasonable notice thereof; provided, however, that the Authorized
Participant shall not be liable to make payments pursuant to this paragraph to
the extent that such payments result from the Sponsor’s, the Trust’s, or their
designee’s willful misconduct, negligence, or bad faith.

          (ii)
if any payment made by the Authorized Participant on behalf of the Fund in
respect of a Creation Amount due from the Fund under the Facility Agreement is
received into the Counterparty Account after a withholding or deduction of any
amount, the Authorized Participant shall, on behalf of the Fund, pay into the
Counterparty Account, such additional amounts as will result in receipt by the
Commodity Contract Counterparty after such withholding or deduction of the
amount which would have been received by the Commodity Contract Counterparty
had no such withholding or deduction been made.

          Section 10.
Acknowledgments

          (a)
The Authorized Participant acknowledges receipt of a (i) copy of
the Trust Agreement and (ii) the current Prospectus of the Trust, and
represents that it has reviewed and understands such documents. The Sponsor and
the Trust agree to process Orders, or cause its agents to process Orders, in
accordance with the provisions of the Prospectus of the Trust, the Trust
Agreement, and the Procedures. 

          (b)
The Authorized Participant acknowledges that it has been notified by the
Sponsor of the provisions of the Facility Agreement and the ISDA Master
Agreement pursuant to which the Authorized Participant may be designated as an
Unacceptable Authorized Participant (and so cease to be an Authorized
Participant for the purposes of the Facility Agreement).

          (c)
The Authorized Participant hereby acknowledges and consents:

          (i)
to the Fund entering into a Security Assignment in favor of the Commodity
Contract Counterparty in respect of this Agreement; and

          (ii)
to the pledge and grant by the Fund under such Security Assignment to the
Commodity Contract Counterparty of a lien and first priority security interest
for the performance and discharge of certain of its obligations under the
Facility Agreement of all its right, title, interest and benefit, existing now
or in the future, in, to, under or in respect of this Agreement and all other
rights, moneys and property whatsoever which may from time to time at any time
be derived from or accrue with respect to this Agreement, subject to the
provisions of the Security Assignment; 

10

          and
further acknowledges that under the terms of the Security Assignment, the
Commodity Contract Counterparty shall be entitled to exercise the rights of the
Fund under this Agreement.

          Section 11.
Effectiveness and Termination. Upon the
execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth above, and may be
terminated at any time by any party upon thirty (30) days prior written
notice to the other parties unless earlier terminated: (i) in accordance
with Section 2(a)(i); (ii) upon written notice to the Authorized
Participant by the Sponsor in the event of a material breach by the Authorized
Participant of this Agreement or the procedures described or incorporated herein;
(iii) upon written notice to the Sponsor by the Authorized Participant in
the event of a material breach by the Sponsor of this Agreement or the
procedures described or incorporated herein; (iv) immediately in the
circumstances described in Section 15(j); or (v) at such time as the
Trust is terminated pursuant to the Trust Agreement. This Agreement supersedes
any prior agreement between the parties hereto with respect to the subject
matter contained herein. 

          Section 12.
Marketing Materials; Representations Regarding
Shares; Identification in Registration Statement.

          (a)
The Authorized Participant represents, warrants and covenants that (i) it
will not, in connection with any sale or solicitation of a sale of Shares,
make, or permit any of its representatives to make, any representations
concerning the Shares or any Authorized Participant Indemnified Party other
than representations not inconsistent with (A) the then-current Prospectus
of the Trust, (B) printed information approved by the Sponsor as information
supplemental to such Prospectus or (C) any promotional materials or sales
literature furnished to the Authorized Participant by the Sponsor, and
(ii) it will not furnish or cause to be furnished to any person or display
or publish any information or material relating to the Shares or any Authorized
Participant Indemnified Party that are inconsistent with the Trust’s
then-current Prospectus. Copies of the then-current Prospectus of the Trust and
any such printed supplemental information will be supplied by the Sponsor to
the Authorized Participant in reasonable quantities upon request. 

          (b)
Notwithstanding the foregoing or anything to the contrary in this Agreement,
the Authorized Participant and its affiliates may without the written approval
of the Sponsor or the Trust prepare and circulate in the regular course of
their businesses research, sales literature, reports, and other similar
materials that include information, opinions or recommendations relating to the
Shares, provided that such research, sales literature, reports, and other
similar materials comply with applicable NASD rules (or with comparable FINRA
rules, if such NASD rules are subsequently repealed, rescinded, or are
otherwise replaced by FINRA rules). 

          (c)
The Authorized Participant hereby agrees that for the term of this Agreement
the Sponsor, or its designee, may deliver the then-current Prospectus, and any
revisions, supplements or amendments thereto or recirculation thereof, to the
Authorized Participant in Portable Document Format (“PDF”) via electronic mail
to (or to such other address as may be provided by the Authorized Participant
from time to time) in lieu of delivering the Prospectus in paper form. The
Authorized Participant may revoke the foregoing agreement at any time by
delivering written notice to the Sponsor, or the Sponsor’s designee, and,
whether or not such agreement is in effect, the Authorized Participant may, at
any time, request reasonable quantities of the Prospectus, and any revisions, supplements
or amendments thereto or recirculation thereof, in paper form from the Sponsor
or its designee. The Authorized Participant acknowledges that it has the
capability to access, view, save and print material provided to it in PDF and
that it will incur no appreciable extra costs by receiving the Prospectus in
PDF instead of in paper form. 

11

The Sponsor will, when requested by the Authorized
Participant, make available, or cause to be made available, at no cost the
software and technical assistance necessary to allow the Authorized Participant
to access, view and print the PDF version of the Prospectus. 

          (d)
For as long as this Agreement is effective, if required by the SEC, the
Authorized Participant agrees to be identified as an authorized participant of
the Trust (i) in the section of the Prospectus included within the
Registration Statement entitled “Creation and Redemption of Shares” and in any
other section as may be required by the SEC and (ii) on the Trust’s
website. Upon the termination of this Agreement, (i) during the period
prior to when the Sponsor qualifies and in its sole discretion elects to file
on Form S-3, the Sponsor will remove such identification from the Prospectus in
the amendment of the Registration Statement next occurring after the date of
the termination of this Agreement and, during the period after when the Sponsor
qualifies and in its sole discretion elects to file on Form S-3, the Sponsor
will promptly file a current report on Form 8-K indicating the withdrawal of
the Authorized Participant as an authorized participant of the Trust and
(ii) the Sponsor will promptly update the Trust’s website to remove any
identification of the Authorized Participant as an authorized participant of
the Trust. 

          Section 13.
Certain Covenants of the Sponsor. The Sponsor, on
its own behalf and as sponsor of the Trust, covenants and agrees: 

          (a)
to advise the Authorized Participant promptly of the happening of any event
during the term of this Agreement which could require the making of any change
in the Prospectus then being used so that the Prospectus would not include an
untrue statement of material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they
are made, not misleading, and, during such time, to prepare and furnish, at the
expense of the Trust, to the Authorized Participant promptly such amendments or
supplements to such Prospectus as may be necessary to reflect any such change; 

          (b)
to furnish directly or cause to be furnished to the Authorized Participant, at
each time (i) the Registration Statement or the Prospectus is amended or
supplemented by the filing of a post-effective amendment, (ii) a new
Registration Statement is filed to register additional Shares in reliance on
Rule 429 under the 1933 Act, and (iii) there is financial information
incorporated by reference into the Registration Statement or the Prospectus,
such customary documents and certificates in form and content as reasonably
requested and agreed; and 

          (c)
to cause the Trust to file a post-effective amendment to the Registration
Statement no less frequently than once per calendar quarter on or about the
same time that the Trust files a quarterly or annual report pursuant to
Section 13 or 15(d) of the 1934 Act (including the information contained
in such report), until such time as the Trust’s reports filed pursuant to
Section 13 or 15(d) of the 1934 Act are incorporated by reference in the
Registration Statement. 

          Section 14.
Ambiguous Instructions. If a Purchase
Order Form or a Redemption Order Form contains order terms that differ from the
information provided in the telephone call at the time of issuance of the
applicable order number, the Sponsor will use commercially reasonable efforts
to contact one of the Authorized Persons of the Authorized Participant to
request confirmation of the terms of the Order. If an Authorized Person
confirms the terms as they appear in the Order, then the Order will be accepted
and processed. If an Authorized Person contradicts the Order terms, the Order
will be deemed invalid, and a corrected Order must be received by the Sponsor.
If the Sponsor is not able to contact an Authorized Person, then the Order shall
be accepted and processed in accordance with its terms notwithstanding any
inconsistency from the terms of the telephone information. In the event that an
Order contains terms that are not complete or are illegible, the Order will be
deemed invalid and the Sponsor will attempt to contact one of the Authorized
Persons of the Authorized Participant to request retransmission of the Order.

12

          Section 15.
Miscellaneous.

          (a)
Amendment and Modification. This
Agreement, the Procedures attached as Attachment A and the Exhibits hereto may
be amended, modified or supplemented by the Trust and the Sponsor, without
consent of the Authorized Participant from time to time by the following
procedure. After the amendment, modification or supplement has been agreed to,
the Sponsor will mail a copy of the proposed amendment, modification or
supplement to the Authorized Participant in accordance with Section 15(c)
below. For the purposes of this Agreement, mail will be deemed received by the
recipient thereof on the third (3rd) day following the deposit
of such mail into the United States postal system. Within fifteen
(15) calendar days after its deemed receipt, the amendment, modification
or supplement will become part of this Agreement, the Attachments or the
Exhibits, as the case may be, in accordance with its terms. If at any time
there is any material amendment, modification or supplement of any ETFS
Collateralized Commodities Trust Authorized Participant Agreement (other than
this Agreement), the Sponsor will promptly mail a copy of such amendment,
modification or supplement to the Authorized Participant. 

          (b)
Waiver of Compliance. Any failure
of any of the parties to comply with any obligation, covenant, agreement or
condition herein may be waived by the party entitled to the benefits thereof
only by a written instrument signed by the party granting such waiver, but any
such written waiver, or the failure to insist upon strict compliance with any
obligation, covenant, agreement or condition herein, shall not operate as a
waiver of, or estoppel with respect to, any subsequent or other failure. 

          (c)
Notices. 

               1)
Except
as otherwise specifically provided in this Agreement, all notices required or
permitted to be given pursuant to this Agreement shall be given in writing and
delivered by personal delivery, by postage prepaid registered or certified
United States first class mail, return receipt requested, by nationally
recognized overnight courier (delivery confirmation received) or by telex,
telegram or telephonic facsimile or similar means of same day delivery
(transmission confirmation received), with a confirming copy regular mail,
postage prepaid. For avoidance of doubt, notices may not be given or
transmitted by electronic mail. Unless otherwise notified in writing, all
notices to the Trust shall be given or sent to the Sponsor. All notices shall
be directed to the address or telephone or facsimile numbers indicated below
the signature line of the parties on the signature page hereof. 

               2)
Any Pricing Notice shall be in writing in English and shall be signed by or on
behalf of the Party giving it (or its duly authorized representative). Any
Pricing Notice shall be sent by fax to the recipient’s Primary Fax Number. Any
Pricing Notice shall be deemed to have been received upon sending, subject to
confirmation of uninterrupted and error-free transmission by a transmission
report. 

          (d)
Successors and Assigns. This
Agreement and all of the provisions hereof shall be binding upon and inure to
the benefit of the parties and their respective successors and permitted
assigns.

          (e)
Assignment. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any party without the prior written consent of the other parties,
which shall not be unreasonably withheld, except that any entity into which a
party hereto may be merged or converted or with which it may be consolidated or
any entity resulting from any merger, conversion, or consolidation to which
such party hereunder shall be a party, or any entity succeeding to all or
substantially all of the business of the party, shall be the successor of the
party under this Agreement and except that the Sponsor 

13

may delegate its obligations hereunder to the
Distributor or the Administrator by advance written notice to the Authorized
Participant. The party resulting from any such merger, conversion,
consolidation or succession shall promptly notify the other parties hereto of
the change. Any purported assignment in violation of the provisions hereof
shall be null and void. Notwithstanding the foregoing, this Agreement shall be
automatically assigned to any successor trustee or Sponsor at such time such
successor qualifies as a successor trustee or Sponsor under the terms of the
Trust Agreement. Furthermore, the Authorized Participant may assign its rights,
interests or obligations hereunder to an affiliate without mutual written
consent of any other party. Any such assignment shall be subject in all cases
to the Security Assignment and other provisions referred to in Section 10(c)
hereof.

          (f)
Governing Law; Consent to Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws
of the State of New York (regardless of the laws that might otherwise govern
under applicable New York conflict of laws principles) as to all matters,
including matters of validity, construction, effect, performance and remedies.
Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan
in such State in connection with any action, suit or other proceeding arising
out of or relating to this Agreement or any action taken or omitted hereunder,
and waives any claim of forum non conveniens and any objections as to laying of
venue. Each party further waives personal service of any summons, complaint or
other process and agrees that service thereof may be made by certified or
registered mail directed to such party at such party’s address for purposes of
notices hereunder. Each party hereby waives its right to a trial by jury of any
claim arising under or in connection with this Agreement. 

          (g)
Counterparts. This Agreement may
be executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement, and it shall not be necessary
in making proof of this Agreement as to any party hereto to produce or account
for more than one such counterpart executed and delivered by such party. 

          (h)
Interpretation. The article and
section headings contained in this Agreement are solely for the purpose of
reference, are not part of the agreement of the parties and shall not in any
way affect the meaning or interpretation of this Agreement. 

          (i)
Entire Agreement. This Agreement
and the Trust Agreement, along with any other agreement or instrument delivered
pursuant to this Agreement and the Trust Agreement, supersede all prior
agreements and understandings between the parties with respect to the subject
matter hereof, provided, however, that the Authorized Participant shall not be
deemed by this provision to be a party to the Trust Agreement. 

          (j)
Severance. If any provision of
this Agreement is held by any court or any act, regulation, rule or decision of
any other governmental or supra national body or authority or regulatory or
self-regulatory organization to be invalid, illegal or unenforceable for any
reason, it shall be invalid, illegal or unenforceable only to the extent so
held and shall not affect the validity, legality or enforceability of the other
provisions of this Agreement so long as this Agreement as so modified continues
to express, without material change, the original intentions of the parties as
to the subject matter of this Agreement and the deletion of such portion of
this Agreement will not substantially impair the respective benefits,
obligations, or expectations of the parties to this Agreement. If this
Agreement as so modified substantially impairs the respective benefits,
obligations, or expectations of the parties to this Agreement, 

14

it shall be subject to immediate termination upon
written notice by the terminating party delivered in accordance with
Section 15(c) of this Agreement. 

          (k)
No Strict Construction. The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will
be applied against any party.

          (l)
Survival. Sections 8
(Indemnification) and 16 (No Promotion) hereof shall survive the termination of
this Agreement. 

          (m)
Other Usages. The following
usages shall apply in interpreting this Agreement: (i) references to a
governmental or quasigovernmental agency, authority or instrumentality shall
also refer to a regulatory body that succeeds to the functions of such agency,
authority or instrumentality; and (ii) ”including” means “including, but
not limited to.” 

          (n)
[Each of the Parties shall treat as confidential and shall not disclose or
transmit to any third party except to their professional advisers or the
Commodity Contract Counterparty Confidential Information (as defined below).
Confidential Information shall not include (i) any information that is
available to the public or to the receiving party hereunder from sources other
than the providing party; (ii) any information that becomes public other than
by a breach of this provision by the receiving party; or (iii) any information
that is independently developed by the receiving party without knowingly using
or referencing Confidential Information received from the providing party.
Notwithstanding the foregoing, either party may disclose Confidential
Information if such disclosure is (i) requested by any regulatory authority or
court or (ii) required by law or court order to be disclosed by the receiving
party, provided, if permitted by law, that the receiving party makes its best
commercial effort to inform the providing party of such disclosure.]

          (m)
The development rights and property in existing and all new products developed
by the Sponsor and the Trust remain the exclusive property of the Sponsor.

          Section 16.
No Promotion. Except as
provided in Section 12(d) of this Agreement, each of the Trust and the
[Sponsor][Fund] agrees that it will not, without the prior written consent of
the Authorized Participant in each instance, (i) use in advertising,
publicity or otherwise the name of the Authorized Participant or any affiliate
of the Authorized Participant, or any partner or employee of the Authorized
Participant, nor any trade name, trademark, trade device, service mark, symbol
or any abbreviation, contraction or simulation thereof owned by the Authorized
Participant or its affiliates, or (ii) represent, directly or indirectly,
that any product or any service provided by the Trust or the Sponsor has been
approved or endorsed by the Authorized Participant. 

Section 17.
New Commodity Contract Counterparties

               (a)
This Agreement constitutes not a single agreement, but a series of separate,
distinct and independent authorized participant agreements relating to Shares
on the terms set out in this Agreement (other than this Section 17) with
respect to each Commodity Contract Counterparty and each Facility Agreement and
ISDA Master Agreement and accordingly:

15

               (i)
as at the date on which this Agreement is entered into between the Parties,
this Agreement shall be deemed to comprise a number of such separate, distinct
and independent authorized participant agreements equal to the number of
Facility Agreements in existence as at the date of this Agreement, each
corresponding to one Facility Agreement and the Commodity Contract Counterparty
with which such Facility Agreement is entered into; and

               (ii)
on each occasion, after the date on which this Agreement is entered into
between the Parties, that Fund enters into a new Facility Agreement (the “New
Commodity Contract Counterparty Facility Agreement”) with a Commodity Contract
Counterparty (the “New Commodity Contract Counterparty”), the Parties will be
deemed (without any further action being required to be taken by either of
them) to have entered into a further corresponding authorized participant
agreement relating to Shares on the terms set out in this Agreement (other than
this Section 17) with respect to the New Commodity Contract Counterparty and
the New Commodity Contract Counterparty Facility Agreement, as construed in
accordance with Section 17(b).

               (b)
For the purposes of determining the terms of each authorized participant agreement
deemed to have been entered into between the Parties pursuant to Section 17(a),
this Agreement (other than Clauses 15(g), 17 and 18) shall be construed as if
references to “this Agreement” were references to such deemed authorized
participant agreement, references to the Commodity Contract Counterparty and
the Facility Agreement were references only to respectively the New Commodity
Contract Counterparty and the New Commodity Contract Counterparty Facility
Agreement (or, in the case of each such deemed authorized participant agreement
at the date hereof, respectively the Commodity Contract Counterparty (the
“Applicable Commodity Contract Counterparty”) with which the Trust has
Commodity Contracts corresponding to the Shares to which such deemed authorized
participant agreement relates and the Facility Agreement (the “Applicable
Facility Agreement”) between the Trust and the Applicable Commodity Contract
Counterparty), references to Commodity Contracts were references only to
Commodity Contracts between the Trust and the New Commodity Contract
Counterparty (or, in the case of each such deemed authorized participant
agreement at the date hereof, Commodity Contracts between the Trust and the
Applicable Commodity Contract Counterparty) and references to Shares were
references only to Shares corresponding to such Commodity Contracts.

               (c)
The Sponsor shall give to the Authorized Participant not less than [30] days’
notice prior to the entering into of any New Commodity Contract Counterparty
Facility Agreement. 

          Section
18. Availability of Commodity Contracts

               (a)
The Sponsor will use its reasonable endeavors to ensure that there is a
sufficient number of Commodity Contracts as is required to meet the demand for
corresponding Shares of the Fund.

               (b)
If, on any Pricing Day, Purchase Orders or Redemption Orders are received from
more than one Authorized Participant for Shares in number exceeding the number
of that class which can be accepted on that Pricing Day (due to the relevant
Fund having insufficient Commodity Contracts of that class available for
purchase or redemption or the Authorized Participant not being an Authorized
Participant with respect to one or more Commodity Contract Counterparties) then
the number of Shares of that class to be allocated to each Authorized
Participant for purchase and redemption will be determined in accordance with
Attachment B and for redemption will be determined in accordance with 

16

               (c)
Each Fund agrees that each Share it issues will be secured by corresponding
Commodity Contracts from a Commodity Contract Counterparty with corresponding
terms and each time a Share is issued or redeemed, corresponding Commodity
Contracts with corresponding terms will be Created or Cancelled (as the case
may be) with a Commodity Contract Counterparty in accordance with the
provisions set out in the relevant Facility Agreement(s).

          (d)
Upon receipt of a Purchase Order, the Fund may choose to create corresponding
Commodity Contracts with such Commodity Contract Counterparty as it shall
determine and the Fund shall incur no Liability in respect of such
determination.

          Section
19. General Payment Provisions

          (a)
Currency.
All monies payable under this Agreement shall be paid in US Dollars
in cleared and immediately available funds and without set-off or counterclaim
(other than any set-off expressly contemplated by this Agreement).

          (b)
Interest

          (i)
Following the occurrence of an AP Settlement Failure, interest shall accrue on
any balance of the Application Amount not paid or otherwise discharged by way
of set-off in accordance with this Agreement by or on behalf of AP from the
Settlement Failure Date. Such interest shall:

	
  

 	
  

 
	
  

 	
           (A)
 accrue at the Funding Rate from and including the Settlement Failure Date to
 but excluding the date falling three Business Days after the Settlement
 Failure Date, and thereafter at the Default Rate; and

 
	
  

 	
  

 
	
  

 	
           (B)
 cease to accrue in relation to the balance of the Application Amount, (A) on
 the date on which the Short or Leveraged Commodity Securities relating to
 such balance are Redeemed by the Fund in accordance with the terms of this
 Agreement, or (B) if such Short or Leveraged Commodity Securities are not so
 Redeemed, on the date on which such balance is paid by or on behalf of AP
 into the Counterparty Account (as defined in the Facility Agreement).

 

          (ii)
Interest determined pursuant to paragraph (b) above shall be payable to the Fund
within 2 Business Days of written demand being made by the Commodity Contract
Counterparty.

          (ii)
The Parties acknowledge and agree that, other than as set out in paragraph
(b)(i), no interest or any amount in respect of or in the nature of interest is
due or payable by or on behalf of either Party.

          (c)
No double
recovery. A Party may satisfy any of its payment obligations under
this Agreement by procuring the payment of the outstanding amount into the
relevant account on its behalf by another person.

          (d)
Payments
due on Days other than Business Days. Where a day on which a payment
would otherwise be due and payable is not a Business Day, such payment shall be
due and payable by the payer on the next following Business Day.

          Section
20. Bank accounts

17

          (a)
The Authorized Participant shall establish and at all times maintain a bank
account (the “AP Bank Account”) to receive payments of Redemption Amounts, into
which the Authorized Participant shall pay (or procure payment of) Application
Amounts. [Such account shall be used to effect settlement of issues,
Redemptions and cancellations of Shares through DTC] and the Authorized
Participant shall notify the Sponsor, the Administrator and each Commodity
Contract Counterparty of the details of such account from time to time.

          (b)
The Authorized Participant shall as soon as possible after the date hereof
notify the Sponsor, the Administrator and each Commodity Contract Counterparty
of the account details of the AP Bank Account.

          (c)
the Authorized Participant may change the bank account which constitutes the AP
Bank Account by giving notice thereof to the Sponsor, the Administrator and
each Commodity Contract Counterparty.

          (d)
A change of bank account notified in accordance with paragraph (c) shall take
effect on the later to occur of:

          (i)
the date specified in the notice as the date on which the change is to take
place; or

          (ii)
the day which is five Business Days following the day on which notice of the
change was deemed received by each of the persons to which it was sent.

[Signature Page Follows]

18

          IN
WITNESS WHEREOF, the Authorized Participant, the Trust and the Sponsor, on
behalf of the Trust, have caused this Agreement to be executed by their duly
authorized representatives as of the date first set forth above. 

	
  

 	
  

 	
  

 
	
 ETF
 SECURITIES USA LLC

 	
  

 
	
 Sponsor
 of Trust

 	
  

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name:

 	
  

 
	
 Title:

 	
  

 
	
  

 	
  

 	
  

 
	
 ETFS
 COLLATERALIZED

 COMMODITIES TRUST, on behalf of

 each Fund thereof

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name:

 	
  

 
	
 Title:

 	
  

 
	
  

 	
  

 	
  

 
	
 [AUTHORIZED
 PARTICIPANT]

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Name:

 	
  

 
	
 Title:

 	
  

 

19

EXHIBIT A

ETFS COLLATERALIZED COMMODITIES TRUST

FORM OF

AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

          The
following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity
contemplated by the Authorized Participant Agreement or any other notice,
request or instruction on behalf of the Authorized Participant pursuant to the
ETFS Collateralized Commodities Trust Authorized Participant Agreement. 

	
  

 	
  

 	
  

 
	
 Authorized Participant:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Telephone:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Fax:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Telephone:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Fax:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Telephone:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Fax:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 E-Mail Address:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Telephone:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
 Fax:

 	
  

 	
  

 
	
  

 	

 

 	
  

 

	
  

 	
  

 	
  

 
	
  

 	
 Certified By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Date:

 	
  

 
	
  

 	
  

 	

 

 

20

	
  

 
	
 ATTACHMENT A

 
	
  

 
	
 ETFS COLLATERALIZED COMMODITIES

 
	
  

 
	
 AUTHORIZED PARTICIPANT

 
	
 PROCEDURES HANDBOOK

 
	
  

 
	

 

 
	
 TABLE OF CONTENTS

 

21

INTRODUCTION

ETF Securities USA LLC (“Sponsor”) and JPMorgan
Chase Bank, N.A. (“Administrator”) welcome you as an Authorized Participant
(“Authorized Participant”) for ETFS Collateralized Commodities Trust (the
“Trust”). Only Authorized Participants are permitted to directly purchase or
redeem Shares of the Funds directly with the Trust. Definitions used in this
Procedures Handbook can be found in the Glossary in Appendix A. 

This Procedures Handbook details the procedures for
placing and processing Purchase Orders and Redemption Orders in Creation Units.
All Orders must be made in accordance with terms and procedures set forth
herein. Sponsor or Administrator may send you updates or supplements to this
Procedures Handbook from time to time, as necessary. 

Please note that before an Authorized Participant
may place any Purchase Order, it must sign the Authorized Participant Agreement
and return it to Administrator as well as enter into a Direct Agreement with
each Commodity Contract Counterparty. A list of all authorized traders must be
sent to Administrator with the Authorized Participant Agreement, but may be
amended in writing as necessary. Only authorized traders will be allowed to
place Orders for Shares. 

LONG SHARES 

The following funds seek to provide daily
investment results, before fees and expenses, which correspond to the daily
performance (100%) of a particular index or benchmark. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Index or

 Benchmark

 	
  

 	
 Objective

 	
  

 	
 Description

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 ETFS
 Oil

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Natural Gas

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Copper

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Wheat

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS Composite Agriculture

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS Composite Industrial Metals

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS Composite Energy

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS All Commodities

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

SHORT SHARES 

The following funds seek to provide daily
investment results, before fees and expenses, which correspond to the inverse
(negative 100%) of the daily performance of a particular index or benchmark. 

22

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Index or

 Benchmark

 	
  

 	
 Objective

 	
  

 	
 Description

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 ETFS
 Short Oil

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Short Natural Gas

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Short Copper

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Short Wheat

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Short Gold

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

LEVERAGED SHARES 

The following funds seek to provide daily
investment results, before fees and expenses, which correspond to 2X (200%) of
the daily performance of a particular index or benchmark. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Index Benchmark

 	
  

 	
 Objective

 	
  

 	
 Description

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 ETFS
 Leveraged Oil

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Leveraged Natural Gas

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Leveraged Copper

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Leveraged Wheat

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETFS
 Leveraged Gold

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

PURCHASE OF CREATION UNITS 

The Trust will offer, issue and sell Shares only in
Creation Unit Aggregations of a specified number of Shares (50,000), or such
other amount of Shares as designated in the relevant Fund’s Prospectus, through
Administrator on a continuous basis, without a sales load, at their price per
share determined in accordance with the definition of Application Amount in
paragraph 8 of Attachment B. 

Cash Deposits 

Creation Units for each Fund will be exchanged only
for cash. Creation Units are sold at their price per Share determined as above,
plus a transaction fee. 

Eligibility 

To be eligible to place a Purchase Order with Administrator,
an Authorized Participant must be a DTC Participant. 

Cut-Off Time for
Purchase Orders 

JPMorgan Chase Bank, N.A. must receive all Purchase
Orders to purchase Creation Unit Aggregations no later than [the times listed
below][the Cut-Off Time].

	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Cut-Off Time

 
	

 

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
 ETFS
 Oil

 	
  

 	
  

 
	
 ETFS
 Natural Gas

 	
  

 	
  

 
	
 ETFS
 Copper

 	
  

 	
  

 
	
 ETFS
 Wheat

 	
  

 	
  

 
	
 ETFS
 Composite Agriculture

 	
  

 	
  

 
	
 ETFS
 Composite Industrial Metals

 	
  

 	
  

 

23

	
  

 	
  

 	
  

 
	
 ETFS
 Composite Energy

 	
  

 	
  

 
	
 ETFS
 All Commodities

 	
  

 	
  

 
	
 ETFS
 Short Oil

 	
  

 	
  

 
	
 ETFS
 Short Natural Gas

 	
  

 	
  

 
	
 ETFS
 Short Copper

 	
  

 	
  

 
	
 ETFS
 Short Wheat

 	
  

 	
  

 
	
 ETFS
 Short Gold

 	
  

 	
  

 
	
 ETFS
 Leveraged Oil

 	
  

 	
  

 
	
 ETFS
 Leveraged Natural Gas

 	
  

 	
  

 
	
 ETFS
 Leveraged Copper

 	
  

 	
  

 
	
 ETFS
 Leveraged Wheat

 	
  

 	
  

 
	
 ETFS
 Leveraged Gold

 	
  

 	
  

 

If Purchase Orders are received by the Fund’s
identified Cut-off Time and are accepted by Administrator, the Purchase Order
will be processed based on the price per Share of the Fund as next determined.
The date on which a Purchase Order to purchase Creation Unit Aggregations is
placed is referred to as the “Transmittal Date.” An Authorized Participant
placing orders for Creation Unit Aggregations of the Funds should afford
sufficient time to permit proper submission of the order to Administrator prior
to the identified Cut-off Time on the Transmittal Date. Purchase Orders
received after the Cut-off Time will be processed the next Business Day. 

Transmittal of
Purchase Orders 

Purchase Orders may be transmitted by an Authorized
Participant to Administrator via facsimile. 

	
  

 	
  

 
	
  

 	
 By

 facsimile:

 

Economic or market disruptions, or telephone or
other communication failure may impede the ability to reach Administrator or an
Authorized Participant. 

Delivery of Cash

Cash must be transferred directly to the Commodity
Contract Counterparty specified by Administrator. The terms of the Direct
Agreement shall apply if the Authorized Person cancels the order or the
Commodity Contract Counterparty does not receive the Cash by the market close
on the settlement date. 

Transaction Fees

A Transaction Fee may be charged for each Creation
Unit as described below. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Funds

 	
  

 	
 Fixed Transaction Fee Per Redemption Order

 	
  

 
	

 

 	
  

 	

 

 	
  

 
	
 All
 Funds

 	
  

 	
 $

 	
 500

 	
  

 

Receipt of
Purchase Order 

24

A Purchase Order is deemed received by
Administrator on the Transmittal Date if (i) such order is received by
Administrator not later than the specified Cut-off Time on such Transmittal
Date; and (ii) all other applicable procedures set forth in this
Procedures Handbook are properly followed. The Funds reserve the right to
reject a Purchase Order for the reasons set forth in Attachment B. The Funds
reserve the right to reject a Purchase Order for the reasons set forth in the
Prospectus, which are specified below. 

Once the Funds have received and accepted a
Purchase Order, upon determination of the Application Amount, Administrator
will confirm the issuance of a Creation Unit of Shares, at such price.
Administrator will then transmit a confirmation of acceptance to the Authorized
Participant that placed the Purchase Order. 

Delivery of
Creation Units 

When Cash is received by the Commodity Contract
Counterparty on the third (3rd) Business Day after the Purchase, the
Shares will be released through DTC. 

Settlement 

Purchase Orders for the Funds settle on a T+3
basis. 

Right to Reject Purchase Orders
for Creation Unit Aggregations 

In respect of any Fund, the Sponsor may, in its
discretion, suspend the right of repurchase, or postpone the purchase
settlement date, (i) for any period during which the NYSE is closed other
than for customary holidays or weekend closings or when trading is suspended or
restricted on such exchanges in any of the underlying commodities;
(ii) for any period during which an emergency exists as a result of which
the fulfillment of a Purchase Order is not reasonably practicable; or
(iii) for such other period as the Sponsor determines to be necessary for
the protection of the Shareholders. The Sponsor will not be liable to any
person or in any way for any loss or damages that may result from any such
suspension or postponement. Each Fund reserves the right to reject a Creation
Order transmitted to it by Administrator if: 

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 it determines that the purchase order is not in
 proper form; 

 
	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 the Sponsor believes that the purchase order
 would have adverse tax consequences to any Fund or its Shareholders; 

 
	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 the Purchase Order would in the opinion of
 counsel be illegal; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 circumstances outside the control of the Sponsor
 make it, for all practical purposes, not feasible to process creations of
 Creation Units. 

 

The
Administrator shall notify an Authorized Participant of the rejection of a
Purchase Order. 

REDEMPTION OF SHARES 

Shares of the Fund may be redeemed only in Creation
Unit Aggregations of a specified number of Shares (50,000), or such other
amount of Shares as designated in the Fund’s Prospectus, through Administrator
on a continuous basis, without a sales load, at their price per Share
determined after receipt of a Redemption Order on any Business Day. The Fund
will not redeem Shares in amounts less than the Creation Unit Aggregation. 

Cash Redemption 

The redemption proceeds for a Creation Unit of the
Fund will consist solely of cash. 

25

Eligibility 

To be eligible to place Redemption Orders with
Administrator, an Authorized Participant must be a DTC Participant. 

Cut-Off Time for
Redemption Orders 

Administrator must receive all Redemption Orders to
redeem Creation Unit Aggregations no later than the times listed below. 

	
  

 	
  

 	
  

 
	
 Fund

 	
  

 	
 Cut-Off Time

 
	

 

 	
  

 	

 

 
	
 ETFS
 Oil

 	
  

 	
  

 
	
 ETFS
 Natural Gas

 	
  

 	
  

 
	
 ETFS
 Copper

 	
  

 	
  

 
	
 ETFS
 Wheat

 	
  

 	
  

 
	
 ETFS
 Composite Agriculture

 	
  

 	
  

 
	
 ETFS
 Composite Industrial Metals

 	
  

 	
  

 
	
 ETFS
 Composite Energy

 	
  

 	
  

 
	
 ETFS
 All Commodities

 	
  

 	
  

 
	
 ETFS
 Short Oil

 	
  

 	
  

 
	
 ETFS
 Short Natural Gas

 	
  

 	
  

 
	
 ETFS
 Short Copper

 	
  

 	
  

 
	
 ETFS
 Short Wheat

 	
  

 	
  

 
	
 ETFS
 Short Gold

 	
  

 	
  

 
	
 ETFS
 Leveraged Oil

 	
  

 	
  

 
	
 ETFS
 Leveraged Natural Gas

 	
  

 	
  

 
	
 ETFS
 Leveraged Copper

 	
  

 	
  

 
	
 ETFS
 Leveraged Wheat

 	
  

 	
  

 
	
 ETFS
 Leveraged Gold

 	
  

 	
  

 

If Redemption Orders are received by a Fund’s
identified Cut-off Time and are accepted by Administrator, the Redemption Order
will be processed based on the price per Share of the Fund as next determined
on such date. The date on which a Redemption Order to redeem Creation Unit
Aggregations is placed is referred to as the “Transmittal Date.” An Authorized
Participant placing a Redemption Order for Creation Unit Aggregations of a Fund
should afford sufficient time to permit proper submission of the order to
Administrator prior to the identified Cut-off Time on the Transmittal Date.
Requests received after the Cut-off Time will be processed the next Business
Day. 

Transmittal of
Redemption Orders 

Redemption Orders may be transmitted by an
Authorized Participant to Administrator by facsimile. 

	
  

 	
  

 
	
  

 	
 By
 facsimile:

 

Economic or market disruptions, or telephone or
other communication failure may impede the ability to reach Administrator or an
Authorized Participant. 

26

Receipt/Delivery
of Redemption Order 

A Redemption Order for Creation Unit Aggregations
is deemed received by Administrator on the Transmittal Date if (i) such
request is received by Administrator not later than a Fund’s identified Cut-off
Time on such Transmittal Date; and (ii) all other applicable procedures
set forth in this Procedures Handbook are properly followed. Delivery of Cash
will be made free of payment following which Shares will be delivered to the
Authorized Participant on the third (3rd) Business Day after the
Redemption Order is deemed received by JPMorgan Chase Bank, N.A. 

If delivery fails, the Redemption Order may be
cancelled. If a Redemption Order is cancelled, the Authorized Participant will
be required to reimburse the Commodity Contract Counterparty for costs
associated with the cancellation as per the terms of the Direct Agreement. The
Trust will not settle partial Creation Unit Aggregations. 

Transaction Fee 

A Transaction Fee may be charged for each Creation
Unit redeemed as described below. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Funds

 	
  

 	
 Fixed Transaction Fee Per Redemption Order

 	
  

 
	

 

 	
  

 	

 

 	
  

 
	
 All
 Funds

 	
  

 	
 $

 	
 500

 	
  

 

Settlement 

Redemption Orders customarily settle on a T+3
basis. 

Suspension of Right to Redeem
Creation Unit Aggregations 

The right of redemption may be suspended or the
date of payment postponed with respect to any Fund for any period during which
the NYSE is closed other than for customary holidays or weekend closings or
when trading is suspended or restricted on such exchanges in any of the
underlying commodities: (i) for any period during which an emergency
exists as a result of which the redemption distribution is not reasonably
practicable; or (ii) for such other period as the Sponsor determines to be
necessary for the protection of the shareholders. The Sponsor and the Fund will
not be liable to any person or in any way for any loss or damages that may
result from any such suspension or postponement. 

27

ATTACHMENT B 

CREATION
AND REDEMPTION PROCEDURES

28

CREATION OF COMMODITY CONTRACTS

1. An Authorized Participant may before the Cut Off Time on any Fund
Business Day give (or cause to be given on its behalf) to the Administrator a
notice in the form prescribed from time to time by the Trust for the purposes
of this paragraph (an “Application Order Form”) for the issue by the Fund of
Shares. The giving of such application shall constitute a Purchase Order.

	
  

 	
  

 
	
 2.

 	
 An Application Order Form shall be invalid:

 
	
  

 	
  

 
	
 (a)

 	
 if it does not specify a number and the Fund in respect of which
 Shares are to be issued;

 
	
  

 	
  

 
	
 (b)

 	
 if it is lodged or deemed received on an Fund Business Day when the
 right to Redeem Shares of the relevant class is suspended as provided for in
 the Trust Agreement and Prospectus;

 
	
  

 	
  

 
	
 (c)

 	
 if the Creation of Commodity Contracts which would result from that
 Application Order Form would result in any Creation Limit being exceeded, and
 the Commodity Contract Counterparty does not pursuant to the Facility
 Agreement agree to that Creation Limit being exceeded (in which event such
 Application Order Form will not be capable of being invalidated under this
 sub-paragraph (c) in respect of the greatest number of Commodity
 Contracts of the relevant class or classes that would not result in such
 Creation Limit being exceeded);

 
	
  

 	
  

 
	
 (d)

 	
 if the Creation of Commodity Contracts which would result from that
 Application Order Form would not equal or exceed the Minimum Creation Amount
 for the Fund to which that Application Order Form relates, and the Commodity
 Contract Counterparty does not agree to the Creation notwithstanding such
 shortfall;

 
	
  

 	
  

 
	
 (e)

 	
 if the Commodity Contract Counterparty pursuant to the terms of the
 Facility Agreement determines that the sum of the Prices of the Commodity
 Contracts which would thereby be Created, plus all other Creation Amount(s)
 not yet paid by the Authorized Participant, less all Cancellation Amounts not
 yet paid by the Commodity Contract Counterparty to the Fund in respect of
 Cancellations corresponding with Redemptions of Shares by the Authorized
 Participant would (after taking account of any collateral and/or set-off
 arrangements in favor of the Commodity Contract Counterparty in respect of
 the Authorized Participant) exceed the Notified Credit Limit with respect to
 the Authorized Participant (if any) applicable on that day, and the Commodity
 Contract Counterparty does not pursuant to the Facility Agreement agree to
 the Creation notwithstanding such excess;

 
	
  

 	
  

 
	
 (f)

 	
 if at the time the relevant Settlement Creation Notice is deemed
 received by the Commodity Contract Counterparty pursuant to the Facility
 Agreement either a Fund Event of Default or Potential Fund Event of Default
 has occurred and is continuing, and the Commodity Contract Counterparty does
 not pursuant to the Facility Agreement agree to the Creation of Commodity
 Contracts which would result from that Application Order Form notwithstanding
 such Fund Event of Default or Potential Fund Event of Default or the giving
 of such notice;

 
	
  

 	
  

 
	
 (g)

 	
 if it is not confirmed in accordance with paragraph 5 below;

 
	
  

 	
  

 
	
 (h)

 	
 if it is for a Shares of a Fund for which notice is still effective
 of a Compulsory Pricing Date for that Fund under the Facility Agreement and
 the Application Order Form is received on or after: (i) where notice of a
 Compulsory Pricing Date has been given in accordance with Clause [9] of

 

29

	
  

 	
  

 
	
  

 	
 the Facility Agreement (other than Clause [9.1](a) thereof), the
 date of such notice; and (ii) where a Compulsory Pricing Date has been
 notified in accordance with Clause [9.1](a) or Clause [15.4] of the
 Facility Agreement, the date which is three Business Days prior to the
 Compulsory Pricing Date; 

 
	
  

 	
  

 
	
 (i)

 	
 if a Hedging Disruption Event has occurred and is continuing in
 respect of the Relevant Market for one or more commodities by reference to
 the Settlement Prices for which the Commodity Index to which the Application
 Order Form relates (in whole or in part), and the Commodity Contract
 Counterparty has given notice of that Hedging Disruption Event, and has not
 given notice of its cessation, in each case in accordance with
 Clause [16.1],Error! Reference source
 not found. of the Facility Agreement, and the Commodity Contract
 Counterparty does not agree pursuant to the Facility Agreement to the
 Creation of Commodity Contracts which would result from that Application
 Order Form notwithstanding such Hedging Disruption Event; or

 
	
  

 	
  

 
	
 (j)

 	
 the Commodity Contract Counterparty has given notice to the Fund
 pursuant to the Facility Agreement of the existence of a Material Adverse
 Change, and no agreement has been reached by the Commodity Contract
 Counterparty and the Fund Parties under Clause [8] of the Facility
 Agreement in connection with such Material Adverse Change, and the Commodity
 Contract Counterparty does not agree pursuant to the Facility Agreement to
 the Creation of Commodity Contracts which would result from that Application
 Order Form notwithstanding the existence of such Material Adverse Change,

 

and, save as provided under sub-paragraph (d) above and
paragraph 5, no Shares shall be issued in respect of or under that
Application Order Form.

3. An Application Order Form which is received by the Administrator on
a Fund Business Day after the Cut-Off Time (or on a day which is not a Fund
Business Day) shall be deemed to be received by the Administrator at
[8.00 a.m]. on the next following Fund Business Day, unless the Commodity
Contract Counterparty agrees pursuant to the Facility Agreement to treat that
Application Order Form as having been received prior to the Cut-Off Time in
which case the Application Order Form shall be deemed to have been received by
the Administrator prior to the Cut-Off Time. For the purposes of these Creation
Procedures a Settlement Application that relates to more than one Fund will be
deemed to comprise a separate Application Order Form in respect of each such
Fund.

4. If a Application Order Form in relation to a Fund is deemed received
by the Administrator prior to the Cut-Off Time on a Fund Business Day (Day 1): 

	
  

 	
  

 	
  

 	
  

 
	
 (a)

 	
 if Day 1 is not a Pricing Day for such Individual Shares or, in the case
 of Index Shares, if Day 1 is not a Pricing Day for each of the commodities by
 reference to the Settlement Prices for which the Commodity Index relating to
 the class of Index Shares to which the Application Order Form relates is
 calculated (in whole or in part):

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 the Authorized Participant may by written notice to the
 Administrator, sent before the Cut-Off Time on the next succeeding Fund
 Business Day, cancel the Application Order Form, and where such a notice of
 withdrawal is given no Shares shall be issued in respect of or under that
 Application Order Form; and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 if no notice is issued under paragraph 4(a)(i) then the
 Application Order Form will be deemed received by the Commodity Contract
 Counterparty prior to the Cut-Off Time on the next Fund Business Day (and no
 creation of Commodity Contracts for that Creation Notice shall occur before
 then) in priority to any Application Order Form deemed 

 

30

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 received by the Administrator prior to the Cut-Off Time on such Fund
 Business Day pursuant to paragraph 5 and that Fund Business Day will
 then constitute Day 1 for the Creation Notice and this paragraph 4 shall
 apply thereto accordingly;

 
	
  

 	
  

 	
  

 	
  

 
	
 (b)

 	
 in the case of Index Shares, if Day 1 is a Pricing Day for one or
 more but not all Designated Contracts by reference to the Settlement Price
 for which the Composite Commodity Index relating to an Index Share of class i
 relates is calculated (in whole or in part) then (1) that Index Share will
 not be priced until the next General Trading Day on which each such
 Designated Contract has had one or more Pricing Days; and (2) the Price of an
 Index Share of that class for an Application Order Form deemed received on
 Day 1 will be an amount (which may not be negative) calculated to 7 places of
 decimals with 0.00000005 rounded upwards): 

 

	
  

 	
  

 	
  

 
	
  

 	

	
  

 	
  

 	
  

 
	
  

 	
 where:

 
	
  

 	
  

 	
  

 
	
  

 	
 Pi, t

 	
 is the Price of an Index Share of class i for day t;

 
	
  

 	
  

 	
  

 
	
  

 	
 IPi,t

 	
 is the Indicative Price (determined in accordance with
 Clause 5.5) of an Index Share of class i for day t;

 
	
  

 	
  

 	
  

 
	
  

 	
 i

 	
 refers to the relevant class of Index Share;

 
	
  

 	
  

 	
  

 
	
  

 	
 t

 	
 refers to the applicable calendar day (Day 1);

 
	
  

 	
  

 	
  

 
	
  

 	
 IPD

 	
 represents the ‘Index Pricing Day’, which is defined as the day upon
 which the relevant Index Share is priced, being the General Trading Day on
 which each Designated Contract by reference to the Settlement Price for which
 the relevant Composite Commodity Index is calculated has had at least one
 Pricing Day from and including day t;

 
	
  

 	
  

 	
  

 
	
  

 	
 IPD-1

 	
 refers to the calendar day prior to IPD;

 
	
  

 	
  

 	
  

 
	
  

 	
 CAi, Γ+1

 	
 is the Capital Adjustment applicable to an Index Share of class i for
 day Γ+1;

 
	
  

 	
  

 	
  

 
	
  

 	
 Γ

 	
 represents each calendar day from and including t until and including
 IPD-1;

 
	
  

 	
  

 	
  

 
	
  

 	
 τ

 	
 means each calendar day from and including t until and including CPDw-1;

 
	
  

 	
  

 	
  

 
	
  

 	
 ND

 	
 means the ‘Number of Disrupted commodities’, being defined as the
 number of commodities represented in the relevant Composite Commodity Index
 which are the subject of a Market Disruption Event on Day 1;

 

31

	
  

 	
  

 	
  

 
	
  

 	
 w

 	
 is a commodity in relation to the relevant Composite Commodity Index
 which is subject to a Market Disruption Event on Day 1;

 
	
  

 	
  

 	
  

 
	
  

 	
 CPDw

 	
 represents the ‘Commodity Pricing Day’ which is defined as the first
 calendar day following Day 1 which is a Pricing Day for commodity w;

 
	
  

 	
  

 	
  

 
	
  

 	
 CPDw-1

 	
 refers to the calendar day prior to CPDw;

 
	
  

 	
  

 	
  

 
	
  

 	
 j

 	
 in relation to a commodity w, is either a Lead Future or a Next
 Future and where j=1 it is a Lead Future and where j=2 it is a Next Future;

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 HP 

 	
 w 

 	
  

 	
 means the Theoretical Hedge Position (determined in accordance with
 Clause 5.7(ii)) for Designated Contract j of commodity w in respect of
 Index Share i on day τ;

 
	
  

 	
 i,τ,j 

 	
  

 
	
  

 
	
  

 	
 WAV 

 	
 w 

 	
  

 	
 means the weighted value for Designated Contract j of commodity w on
 day τ+1 used for calculating the relevant Composite Commodity Index
 calculated in accordance with the Handbook, provided that where day τ+1
 is not a General Trading Day then it shall be equal to ;

 
	
  

 	
 τ+1,j 

 	
  

 
	
  

 
	
  

 	
 WAV 

 	
 w 

 	
  

 	
 means the weighted value for Designated Contract j of commodity w on
 day τ used for calculating the relevant Composite Commodity Index
 calculated in accordance with the Handbook, provided that where day
 τ is not a General Trading Day then it shall be the weighted value for
 such Designated Contract on the General Trading Day preceding day τ;

 
	
  

 	
 τ,j 

 	
  

 
	
  

 
	
  

 	
 CIM 

 	
 w 

 	
  

 	
 means the Commodity Index Multiplier (as defined in the Handbook from
 time to time) on day τ for Designated Contract j of commodity w, provided
 that where day τ is not a General Trading Day then it shall
 be equal to the Commodity Index Multiplier for such Designated Contract on
 the first General Trading Day prior to day τ; and

 
	
  

 	
 τ,j 

 	
  

 
	
  

 
	
  

 	
 CIM 

 	
 w 

 	
  

 	
 means the Commodity Index Multiplier (as defined in the Handbook from
 time to time) on day τ+1 for Designated Contract j of commodity w, provided
 that where day τ+1 is not a General Trading Day then it shall be equal to .

 
	
  

 	
 τ+1,j 

 	
  

 

	
  

 	
  

 
	
 (c)

 	
 where paragraph 4(b) applies, the Pricing Date in respect of the
 Application Order Form relating to the Index Shares concerned will be the
 Trading Day on which all Designated Contracts by reference to the Settlement
 Price for which the Composite Commodity Index relating to such Index Shares
 is calculated have had one or more Pricing Days since (but including) Day 1; 

 

32

	
  

 	
  

 	
  

 	
  

 
	
 (d)

 	
 where
 paragraph 4(b) applies:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 in relation to a Application Order Form, at any time prior to a
 Pricing being completed in accordance with paragraph 4(b) the Relevant
 Commodity Contract Counterparty and the Authorized Participant may agree a
 Price and applicable Pricing Date in lieu of that which would be determined
 in accordance with paragraph 4(b) and notify that Price and applicable
 Pricing Date jointly to the Fund in such form as the Fund may reasonably
 require. Such joint notification shall be conclusive evidence that the
 Commodity Contract Counterparty and the Authorized Participant have agreed a
 Price and applicable Pricing Date which shall apply in lieu of that which
 would be determined in accordance with paragraph 4(b); 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 if a Price has not been determined in accordance with
 paragraph 4(b) or 4(d)(i) by the end of the fourth General Trading Day
 following Day 1 then, either the Authorized Participant or the Fund, by
 notice to the other given in the same manner as for a Pricing Notice, may
 elect that the Price should instead be determined in the manner provided in
 the following sub-paragraphs. Any such notice must, to be valid, be given
 between [8.00 a.m. and 6.30 p.m.] (in the case of notice given by the
 relevant Authorized Participant) or 7.00 p.m. (in the case of notice given by
 the Fund) on an Fund Business Day. Any such notice which is received by the
 Fund or the Authorized Participant on an Fund Business Day after the Cut-Off
 Time but prior to 6.30 p.m. (in the case of notice given by the Authorized
 Participant) or 7.00 p.m. (in the case of notice given by the Fund) shall be
 deemed to be received by the Fund or the Authorized Participant (as the case
 may be) at 8.00 a.m. on the following Fund Business Day, unless the Fund or
 the Authorized Participant (as the case may be) agrees to treat that
 Settlement Redemption Form as having been received by it prior to the Cut-Off
 Time in which case it shall be deemed to have been received by the Fund or
 the Authorized Participant (as the case may be) prior to the Cut-Off Time.
 The giving of any notice pursuant to paragraph (ii) shall not prevent
 the Relevant Commodity Contract Counterparty and the Authorized Participant
 from agreeing a Price and Pricing Date in accordance with
 paragraph 4(d)(i) in which case such Price and applicable Pricing Date
 shall apply in lieu of that which would be determined in accordance with the
 following sub-paragraphs; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iii)

 	
 if a notice is given pursuant to paragraph 4(d)(ii) the
 Calculation Agent will be required under the Calculation Agency Agreement to
 calculate in good faith and in a commercially reasonable manner a Price as at
 the close of business on the Fund Business Day on which such notice was
 deemed given using the formula set out in paragraph 4(b) and, for each
 relevant Designated Contract for which a Market Disruption Event would (but
 for this paragraph (d)) have prevented the determination of the Price
 hereunder, a fair market value for such Designated Contract determined using
 the principles set out in the [Calculation Agency Agreement] and to notify
 the same to the Fund, the Authorized Participant and the Relevant Commodity
 Contract Counterparty; and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iv)

 	
 if by 6.30 p.m. on the Fund Business Day following notification by
 the Calculation Agent to the Fund and the Authorized Participant of any
 determination made by the Calculation Agent pursuant to
 paragraph 4(d)(iii) either the Fund or the Authorized Participant
 notifies the Relevant Commodity Contract Counterparty that it requires the
 appointment of a leading dealer in commodity derivatives as substitute
 calculation agent (a Substitute Calculation Agent) to determine the fair
 market values for any Designated Contract for which a Market Disruption Event
 would (but for this paragraph (d)) have prevented the determination of
 the Price hereunder in accordance with this paragraph and the Price, 

 

33

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 then (unless agreement is reached otherwise in accordance with
 paragraph 4(d)(i)) each of the Fund, the Authorized Participant and the
 Relevant Commodity Contract Counterparty shall, in the absence of manifest
 error, be bound by a determination made by the Substitute Calculation Agent
 of such fair market values and Price. Any Substitute Calculation Agent shall
 be appointed jointly by the Relevant Commodity Contract Counterparty and the
 Authorized Participant or, at the request of either, by the Fund. Any
 Substitute Calculation Agent, if it is an Authorized Participant, shall be
 independent of the Creation concerned and shall itself have no similar
 transactions with the Fund awaiting Pricing in accordance with provisions of
 its Authorized Participant Agreement analogous to paragraph 4(b). The
 Fund shall not be obliged to appoint any Substitute Calculation Agent
 hereunder unless it is indemnified and/or secured to its reasonable
 satisfaction against any Liabilities to which it may thereby render itself
 liable. In performing its duties under this paragraph any Substitute
 Calculation Agent shall calculate such fair market values and Price in good
 faith and in a commercially reasonable manner and shall calculate such Price
 as at the close of business on the Fund Business Day on which the notice
 under paragraph 4(d)(ii) above was deemed given using the formula set
 out in paragraph 4(b) and, for each relevant Designated Contract for
 which a Market Disruption Event would (but for this paragraph (d)) have
 prevented the determination of the Price hereunder, a fair market value for
 such Designated Contract using the principles set out in the Calculation
 Agency Agreement and the applicable reported settlement prices for all other
 relevant Designated Contracts. The Substitute Calculation Agent shall assume,
 without enquiry, that any determination by the original Calculation Agent as
 to whether a Market Disruption Event in relation to any Designated Contract
 has occurred is correct and shall be bound by any such determination.
 Accordingly, the role of the Substitute Calculation Agent shall be limited to
 the determination of the relevant fair market values and the Price consequent
 upon such determinations. The Substitute Calculation Agent shall have no
 liability or responsibility to the parties for any error or omission in
 making any determination in connection with this paragraph.

 

Confirmation of
Application Order Form

5. The Authorized Participant’s Authorized Individual shall, within 30
minutes of any Application Order Form having been sent by the Authorized
Participant, try to contact the Administrator’s Authorized Individual by
telephone to seek confirmation by the Administrator of such Application Order
Form. The Administrator’s Authorized Individual shall generally be available
from [8.00am to 2.00pm] and must be available from [2.00pm to 2.30pm] (the
“Application Required Time”). The Administrator on behalf of the Fund shall
confirm such Application Order Form during the Application Required Time (or
earlier), except where such Application Order Form is not valid under
paragraph 2 above (other than by virtue of sub-paragraph 2(i)), provided
that where sub-paragraph [2(c), (d), (e), (f) (i) or (j)]
applies the Administrator on behalf of the Fund may, but shall not be obliged
to, confirm such Application Order Form; and if the Application Order Form was
deemed received by the Administrator after the Cut-Off Time the Administrator
may, but shall not be obliged to, agree that such Application Order Form should
be treated as though received prior to the Cut-Off Time (and in any event, the
Administrator’s Authorized Individual shall inform the Authorized Participant’s
Authorized Individual whether, and to what extent, the Administrator has
confirmed or rejected such Application Order Form).

6. Where the Fund confirms its acceptance of an Application Order Form,
that Application Order Form (to the extent accepted by the Fund) shall be a
valid Application.

34

7. If the Administrator considers that a purported Application Order
Form is invalid, it shall notify the Authorized Participant of that fact as
soon as reasonably possible. For this purpose notification to the Authorized
Participant by the Commodity Contract Counterparty pursuant to paragraph 7 of
Schedule 11 to the Facility Agreement in relation to the corresponding
Settlement Creation Notice shall be treated as notification by the Fund. The
Fund shall not be obliged to issue pursuant to an Application Order Form any
Shares where the relevant Commodity Contract Counterparty has not confirmed a
corresponding Commodity Contract Creation in accordance with the provisions of
the relevant Facility Agreement.

Application Amount

8. The Application Amount with respect to an Application Order Form
shall be the amount (in US Dollars) determined as equal to the sum of the Class
Amounts in respect of the class of Commodity Contract thereby Created.

9. Within one Business Day after the Pricing Date in respect of any
Application Order Form, the Fund shall notify the Authorized Participant of the
Application Amount payable in respect of that Application Order Form, and
notify the Relevant Authorized Participant of the Application Amount payable in
respect of its request for issuance of Shares, determined as provided in
paragraph 8.

Payment of
Application Amount

10. The Authorized Participant shall by [4.00 p.m.] on the Payment Date
in respect of an Application pay (or procure the payment of) the Application
Amount in respect of that Application to the Fund by crediting such amount to
the Counterparty Account in full cleared and immediately available funds, save
if and to the extent that the Authorized Participant or the Fund has given a
notice to withdraw in respect of any such Application in accordance with
paragraphs 4 above or 11 below.

Non-Payment of
Application Amount

11. Subject to paragraph 12, the Fund may give a notice to
withdraw in respect of an Application Order Form for any Shares at any time
after [4.00 p.m.] on the first Fund Business Day following the Payment Date in
respect of such Application, by sending such notice to the Authorized
Participant, if and to the extent that the Fund has not at such time received
payment or deemed payment of the Application Amount in the Counterparty Account
in respect of such Application Order Form. The Fund shall send copies of such
notice to withdraw to the Commodity Contract Counterparty at the same time as
it sends such notice to the Authorized Participant. For this purpose a
Withdrawal Notice given by the Commodity Contract Counterparty to the
Authorized Participant pursuant to paragraph 11 of Schedule 6 to the Facility
Agreement in relation to the creation of the corresponding Commodity Contracts
shall be treated as a notice to withdraw given by the Fund.

12. Where a
notice to withdraw is duly given in respect of any Application Order Form,
then:

	
  

 	
  

 
	
 (a)

 	
 such Application Order Form shall be cancelled, and (without
 prejudice to any amounts payable under the Direct Agreement) the Parties
 shall have no further obligations to each other under or in respect of it;

 
	
  

 	
  

 
	
 (b)

 	
 no interest shall be payable to the Fund in respect of such
 Application Amount; and

 
	
  

 	
  

 
	
 (c)

 	
 the number and classes of Shares issued pursuant to that Application
 Order Form shall be cancelled (without any payment obligation arising under
 this Agreement).

 

35

Set-off

13. If at any time a Redemption Amount is due to be paid by the Fund in
respect of a Redemption of Shares by the Authorized Participant and the
Authorized Participant failed to pay an Application Amount on its due date and
such Application Amount or part thereof remains outstanding, then the Fund may
elect, by giving written notice thereof to the Authorized Participant on or
before the Payment Date for that Redemption, to effect a set-off of those
amounts in accordance with this paragraph 13, and upon the Fund giving notice
accordingly the following provisions shall apply:

	
  

 	
  

 	
  

 	
  

 
	
 (a)

 	
 if the relevant Redemption Amount is greater than the relevant
 outstanding Application Amount, the Fund shall apply sufficient of the
 relevant Redemption Amount to meet the relevant outstanding Application
 Amount in full, whereupon (i) the relevant outstanding Application Amount
 shall be deemed paid in full; (ii) the Fund’s obligation to pay to the
 Authorized Participant that portion of the relevant Redemption Amount so applied
 shall be deemed satisfied in full; and (iii) the Fund shall pay to the
 Authorized Participant the balance of the relevant Redemption Amount in
 accordance with the [Trust Agreement]; 

 
	
  

 	
  

 	
  

 	
  

 
	
 (b)

 	
 if the relevant Redemption Amount is less than the relevant outstanding
 Application Amount, the Fund shall apply all of the relevant Redemption
 Amount to meet the relevant outstanding Application Amount in part, whereupon
 (i) the relevant Application Amount shall be deemed paid in such part; (ii)
 the Fund’s obligation to pay to the Authorized Participant the relevant
 Redemption Amount so applied shall be deemed satisfied in full; and (iii) the
 Fund shall not be entitled to give a notice of withdrawal in respect of the
 issue of Shares corresponding to that part of the Application Amount which
 has been so set off; and 

 
	
  

 	
  

 	
  

 	
  

 
	
 (c)

 	
 the Fund shall procure that the [Administrator] will effect
 deliveries and payments such that:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 where paragraph 13(a) applies:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (A)

 	
 the issue of Shares relating to the Application Amount which is set
 off in whole under paragraph 13(a)(i) is settled on a delivery free of
 payment basis, and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (B)

 	
 the Redemption of Shares relating to the Redemption Amount is settled
 on a delivery versus payment basis (the amount of the payment being the
 amount of the balance of Redemption Amount payable by the Fund under
 paragraph 13(a)(iii)); and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 where paragraph 13(b) applies:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (A)

 	
 the issue of the greatest number of Shares relating to the
 Application Amount the aggregate subscription price for which does not exceed
 the balance of the Application Amount that has been set off is settled on a
 delivery versus payment basis (the amount of the payment being the amount of
 the balance of Application Amount payable to the Fund) and any difference
 between such aggregate subscription price and such balance so set off is paid
 by the Fund into the Redemption Account, and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (B)

 	
 the Redemption of Shares relating to the Redemption Amount which is
 set off in whole under paragraph 13(b)(ii) is settled on a delivery free of
 payment basis. 

 

36

Creation Limits –
Order of Priority

14. For the purposes of the Creation Limits, Creation Notices will be
dealt with in order of their actual receipt by the Commodity Contract
Counterparty and, for the purpose of this paragraph, paragraph 3 above
shall be disregarded.

 [REDEMPTIONS – Provisions for
Redemptions to be added]

37

APPENDIX A – GLOSSARY OF TERMS 

“Application Amount” means the amount determined in
accordance with paragraph 12 of Attachment B.

“AP Settlement Failure” means, in relation to any Shares,
any failure by the Authorized Participant to comply with its obligations in
respect of the Purchase Order for those Shares under this Agreement (including
without limitation a failure to pay the Application Amount in respect of those
Shares on the due date therefor in full cleared and immediately available US
Dollar funds into the Commodity Contract Counterparty Account in accordance
with this Agreement), other than any such failure which has occurred as a
result of (i) the failure of the Fund to comply with its obligations in respect
of the issue of those Shares under this Agreement or (ii) the failure of the
relevant Commodity Contract Counterparty to comply with its obligations in
respect of the Creation of the corresponding Commodity Contracts under the
applicable Facility Agreement;

[“Business Day” means any day other than a day when any of
the New York Stock Exchange, the Chicago Board of Trade, or the COMEX is closed
for regular trading.]

“Cash” shall mean same day funds in United States
dollars. 

“CBOT” means the Chicago Board of Trade.

“COMEX” means a division of the New York Mercantile
Exchange.

“Commodity Contract Counterparty” means
______________________.

“Confidential Information” means (subject as
provided in Section 15(n):

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 with respect to the Authorized Participant only:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i) the business rules dated on or about
 [                    ]
 [insert date of latest version] produced by the Sponsor relating to Shares as
 the same may be amended from time to time; and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii) any daily spreadsheet forwarded by the
 Sponsor and/or the Trust or Administrator to the Authorized Participant which
 details the methodology for pricing of or valuing Commodity Securities; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b) with respect to the Authorized Participant,
 the Trust and the Sponsor [(i) this Agreement, the Direct Agreement, the
 Facility Agreement, the Trust Agreement and any related agreements, and (ii)]
 any other documentation or other materials sent by such party (the “Sending
 Party”) to another party (the “Receiving Party”) in connection with this
 Agreement marked as “Confidential” and which the Receiving Party has prior to
 such materials being sent, agreed in writing to treat as Confidential
 Information for the purposes of this Agreement.

 

“Creation Unit” and “Creation Unit Aggregation” means an aggregation of a
specified number of Shares of a particular Fund of the Trust as stated in the
Prospectus. 

“Custodian” means the Fund’s custodian, JPMorgan Chase
Bank, N.A. 

“Cut-off Time” means [the time that a Purchase Order must
be transmitted to JPMorgan Chase Bank, N.A. to be deemed received. Times are
Eastern Time as specified in the Handbook] 

38

“DTC” means The Depository Trust Company. 

“DTC Participant” refers to a participant in the
facilities of the Depository Trust Company. 

“DVP” means Delivery Versus Payment. 

“Facility Agreement” means any agreement which is a
Facility Agreement as defined in the Prospectus 

“Fund” means a series of ETFS Collateralized Commodities
Trust. 

“Handbook” means the Authorized Participant Procedures
Handbook, as supplemented or amended from time to time. 

 [“IIV”
means Intraday Indicative Value.] 

[“Licensor” means CME Group Index Services
LLC and UBS Securities LLC.] 

“NYSE” means the New York Stock Exchange.

“Orders” means any order to purchase or redeem Creation
Unit Aggregations. 

“Pricing Notice” means a Purchase Order Form, a
Redemption Order Form or a notice of withdrawal;

“Prospectus” means the Trust’s then current prospectus
and statement of additional information included in its effective registration
statement, as supplemented or amended from time to time. 

“Purchase Amount” means the amount determined in
accordance with paragraph 8 of Attachment B.

“Purchase Order”
means the making of an application for the issue of Shares by the Fund by the
Authorized Participant by the giving of an Application Order
Form in accordance with this Agreement 

“Redemption Order” means an order for the redemption of
Shares in a Fund given in accordance with [the Trust Agreement]. 

“Application Order Form” means a notice in the form
prescribed from time to time by the Sponsor for the purposes of paragraph 1 of
Attachment B;

“Sponsor” means the Funds’ sponsor, ETF Securities USA
LLC. 

“Transaction Fee” is a fixed dollar fee charged for each
Creation Unit regardless of the number of Creations per Fund per Business Day
for an Authorized Participant and applicable variable fee charged based on the
total value of Creation Aggregation Units purchased or redeemed. 

“Transmittal Date” means the date on which a Creation
Order to purchase Creation Unit Aggregations is placed. 

“Trust”
means the ETFS Collateralized Commodities Trust.

39EXHIBIT 10.1

	
 

	
 

	
 

	
33 Act ETF Fund Serv
Agreement –March 2010 version 

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
SECTION

	
 

	
1.

	
INTENTION
OF THE PARTIES; DEFINITIONS

	
1

	
1.1

	
Intention of the Parties.

	
1

	
1.2

	
Definitions; Interpretation.

	
1

	
2.

	
WHAT J.P.
MORGAN IS REQUIRED TO DO

	
4

	
2.1

	
The Services.

	
4

	
2.2

	
No Duty to Monitor Compliance.

	
4

	
2.3

	
No Responsibility for Tax Returns.

	
4

	
2.4

	
Storage of Records.

	
5

	
2.5

	
Compliance with Laws and Regulations.

	
5

	
2.6

	
Change Control.

	
5

	
3.

	
INSTRUCTIONS

	
6

	
3.1

	
Acting on Instructions; Unclear Instructions.

	
6

	
3.2

	
Verification and Security Procedures.

	
6

	
3.3

	
Instructions Contrary To Applicable
Law/Market Practice.

	
6

	
3.4

	
Cut-Off Times.

	
7

	
3.5

	
Electronic Access.

	
7

	
4.

	
FEES AND
EXPENSES OWING TO J.P. MORGAN

	
7

	
4.1

	
Fees and Expenses.

	
7

	
5.

	
ADDITIONAL
PROVISIONS RELATING TO THE TRUST

	
8

	
5.1

	
Representations of the Trust and J.P.
Morgan.

	
8

	
5.2

	
The Trust to Provide Certain Information to
J.P. Morgan.

	
8

	
5.3

	
Information Used to Provide the Service.

	
8

	
6.

	
WHERE
J.P. MORGAN IS LIABLE TO THE TRUST OR THE FUNDS

	
8

	
6.1

	
Standard of Care; Liability.

	
8

	
6.2

	
Force Majeure.

	
9

	
6.3

	
J.P. Morgan May Consult with Counsel.

	
9

	
6.4

	
Limitations of J.P. Morgan’s Liability.

	
10

	
7.

	
TERM AND
TERMINATION

	
11

	
7.1

	
Term and Termination.

	
11

	
7.2

	
Termination for Convenience.

	
11

	
7.3

	
Other Grounds for Termination.

	
11

	
7.4

	
Consequences of Termination.

	
12

	
7.5

	
Transition following Termination.

	
12

	
8.

	
MISCELLANEOUS

	
12

	
8.1

	
Notices.

	
12

	
8.2

	
Successors and Assigns.

	
13

	
8.3

	
Entire Agreement.

	
13

	
8.4

	
Insurance.

	
13

	
8.5

	
Governing Law and Jurisdiction.

	
13

	
8.6

	
Severability; Waiver; and Survival.

	
13

	
8.7

	
Confidentiality.

	
14

	
8.8

	
Use of J.P. Morgan’s Name.

	
14

	
8.9

	
Delegation.

	
15

	
8.10

	
Third Party Rights.

	
15

	
8.11

	
Counterparts.

	
15

	
 

	
 

	
SCHEDULE     1
ACCOUNTING AND VALUE CALCULATION SERVICES

	
16

	
APPENDIX
A VALUE ERROR CORRECTION POLICY AND PROCEDURES

	
21

	
SCHEDULE     2
FUND ADMINISTRATION SERVICES

	
22

	
SCHEDULE     3
REMUNERATION

	
25

	
ANNEX A
Electronic Access

	
26

33 Act ETF
Fund Serv Agreement –

ADMINISTRATION AGREEMENT

This Agreement, dated May __ , 2011, is
between JPMORGAN CHASE
BANK, N. A., whose principal
place of business is at One Beacon Street, Boston, Massachusetts 02108. (“J.P. Morgan”) and ETF SECURITIES USA LLC, a
Delaware limited liability company (“ETFS”)
for services to be provided to ETFS COLLATERALIZED COMMODITIES TRUST, a Delaware
statutory trust currently organized into separate series (“Funds”) with offices at c/o ETF Securities
USA LLC, 48 Wall Street, 11ith Floor, New York, New York 10005 (the “Trust”).

	
 

	
 

	
 

	
 

	
1.

	
Intention of the Parties; Definitions

	
 

	
 

	
 

	
 

	
 

	
1.1

	
Intention of the Parties.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P.
Morgan is a national association formed under the laws of the United States..

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
The Trust is a Delaware
statutory trust registered under the Securities Act of 1933, as amended (the “1933 Act”), with the purpose of
investment of its assets in certain types of securities and instruments, as
more fully described in the Trust’s Registration Statement, as amended from
time to time.

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
EFTS in its capacity as Sponsor
(as defined herein) to the Trust has requested J.P. Morgan to provide
Accounting and Value Calculation Services and Fund Administration Services to
the Funds, which J.P. Morgan has agreed to do subject to the terms and
conditions appearing in this Agreement and the Schedules.

	
 

	
 

	
 

	
 

	
 

	
1.2

	
Definitions; Interpretation.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
As used in
this Agreement and the Schedules and Appendices to this Agreement, the
following terms have the meaning hereinafter stated.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Accounting and Value Calculation Services” means the services
described in Schedule 1.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Affiliate(s)” means an entity
controlling, controlled by, or under common control with, J.P. Morgan or
Trust, as the case may be.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Applicable Law”
means the applicable laws in force in the United States, including the 1933
Act and the Securities Exchange Act of 1934, as amended, (“1934 Act”) as well as any applicable
statute, treaty, rule, regulation or common law and any applicable decree,
injunction, judgment, order, formal interpretation or ruling issued by a
court or governmental entity.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Articles” means the deed of
trust of the Trust, as amended from time

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
to time.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Authorized Person”
means any person who has been designated by the Trust (or by any agent
designated by the Trust) to act on behalf of Trust or the Funds under this
Agreement. Such persons will continue to be Authorized Persons until such
time as J.P. Morgan receives, and has had reasonable time to act upon,
Instructions from the Trust (or its agent) that any such person is no longer
an Authorized Person.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Board” means the board of trustees of the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Change” has the meaning
given in Section 2.6.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Change Control” means
the process set out in Section 2.6.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Change Request” has the
meaning given in Section 2.6.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Confidential
Information” means and includes all non-public information
concerning the Trust and/or the Funds which J.P. Morgan receives in the course of providing services under
this Agreement. Nevertheless, the term Confidential Information shall not
include information which is or becomes available to the general public by
means other than J.P. Morgan’s breach of the terms of this Agreement or
information which J.P. Morgan obtains on a non-confidential basis from a
person who is not known to be subject to any obligation of confidence to any
person with respect to that information.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Fees” means the payments described in Article 4, to be
made by the Sponsor to J.P. Morgan for the Services provided to the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Fund Administration Services” means the
services described in Schedule 2. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Instruction” means an
instruction that has been verified in accordance with a Security Procedure
or, if no Security Procedure is applicable, which J.P. Morgan believes in good
faith to have been given by an Authorized Person.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “J.P. Morgan Indemnitees”
means J.P. Morgan and its affiliates and nominees, and their respective
directors, officers, employees and agents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Liabilities” means any liabilities, losses,
claims, costs, damages, penalties, fines, obligations, taxes (other than taxes
based solely on J.P. Morgan’s income) or expenses of any kind whatsoever
(including, without limitation, reasonable attorneys’, accountants’,
consultants’ or experts’ fees and disbursements).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Prospectus” means the prospectus of the
applicable Fund as supplemented, updated or amended from time to time.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Registration Statement” means the
registration statement on Form S-1 of the applicable Fund, filed under the
1933 Act, as amended or supplemented, updated or amended from time to time.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Regulator” means the United States Securities and Exchange
Commission (“SEC”)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Security Procedure” means any security procedure to be
followed by Trust upon the issuance of an Instruction and/or by J.P. Morgan
upon the receipt of an Instruction, so as to enable J.P. Morgan to verify
that such Instruction is authorized, as set forth in operating procedures
documentation in effect from time to time between the parties with respect to
the services set forth in this Agreement, or as otherwise agreed in writing
by the parties. A Security Procedure
may, without limitation, involve the use of algorithms, codes, passwords, encryption
or telephone call backs and may be updated by J.P. Morgan from time to time
upon notice to the Trust. Trust acknowledges that Security Procedures are
designed to verify the authenticity of, and not detect errors in,
Instructions. For the avoidance of doubt, the parties agree that a SWIFT
message issued in the name of Trust through any third party utility agreed
upon by the parties as being a method for providing Instructions and
authenticated in accordance with that utility’s customary procedures, shall
be deemed to be an authorized Instruction.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Service Commencement Date” means the
first date on which J.P. Morgan is entitled to receive fees under this
Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Services” means the Accounting and Value
Calculation Services, and Fund Administration Services.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Shares” means the shares issued by the
Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Shareholder” means a holder of Shares.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Sponsor” means any person or
entity appointed as investment adviser or manager of any of the Funds, in accordance with the Registration Statement.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Trustee” means the Delaware statutory trustee of the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Headings
are for reference and convenience only and are not intended to affect
interpretation.

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
References
to Articles and Sections are to Articles and Sections of this Agreement and
references to sub-sections and paragraphs are to sub-sections of the Sections
and paragraphs of the sub-sections in which they appear.

	
 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
Unless the context requires
otherwise, references in this Agreement to “persons” shall include legal as
well as natural entities; references importing the singular shall include the
plural (and vice versa); use of the generic masculine pronoun shall include
the feminine; use of the term “including” shall be deemed to mean “including
but not limited to,” and references to appendices and numbered sections shall
be to 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
3

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
such addenda and provisions
herein; all such addenda are hereby incorporated in this Agreement by
reference.

	
 

	
 

	
 

	
 

	
2.

	
What J.P. Morgan is Required to Do

	
 

	
 

	
 

	
 

	
 

	
2.1

	
The Services.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
The Trust hereby appoints J.P.
Morgan to act as administrator of and to provide the Services with respect to
each of the Funds and J.P. Morgan agrees to
act as administrator of and to provide the Services with respect to the Funds (subject to any limitations notified by the Trust to
J.P. Morgan in writing and subject to any requirements or restrictions
imposed on the performance of such functions by any statutory provisions for
the time being in force), until this Agreement is terminated as hereinafter
provided.

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
The Trust shall not permit the
Registration Statement to be amended in any way inconsistent with the terms
and conditions of the Agreement. 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
J.P. Morgan shall act as agent
of the Trust and/or the Funds solely with respect to
the duties of J.P. Morgan described in this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
The Trust acknowledges that J.P.
Morgan is not providing any legal, tax or investment advice in providing the
Services.

	
 

	
 

	
 

	
 

	
 

	
2.2

	
No Duty to Monitor Compliance. 

	
 

	
 

	
 

	
 

	
 

	
 

	
Each party
hereto acknowledges that the duty of J.P. Morgan in its capacity as the
provider of any of the Services shall not constitute a duty to monitor the
compliance of any other party hereto or their delegates or any other person
whatsoever (other than J.P. Morgan or any of its Affiliates or
sub-contractor) with any restriction or guideline imposed on any of the Funds or the Sponsor by the Registration Statement and any
other document, or by law or regulation or otherwise with regard to any of
the Funds or the Sponsor, except
as expressly set forth in this Agreement and
further, that the duties of J.P. Morgan in its capacity as the provider of
any of the Services, shall not extend to enforcing compliance of any of the Funds , the Sponsor, their respective delegates or any other
person whatsoever (other than J.P. Morgan or any of its Affiliates or
sub-contractor) with any such restrictions or guidelines.

	
 

	
 

	
 

	
 

	
 

	
2.3

	
No Responsibility for Tax Returns.

	
 

	
 

	
 

	
 

	
 

	
 

	
Notwithstanding
anything herein to the contrary, while J.P. Morgan shall provide the Trust
with information regarding taxable events in the United States in relation to
the Trust and/or the Funds, J.P. Morgan is not
responsible for preparing or filing any tax reports or returns on behalf of
the Shareholders or the Funds
except as expressly set forth in this Agreement.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
4

	
 

	
 

	
 

	
 

	
 

	
 

	
2.4

	
Storage of Records.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan
is authorized to maintain all accounts, registers, corporate books and other
documents on magnetic tape or disc, or on any other mechanical or electronic
system; provided that they are capable of being reproduced in legible form in
accordance with Applicable Law. Where any Authorized Person, including any
Fund’s auditor, wishes to inspect such documents maintained by J.P. Morgan,
J.P. Morgan shall provide legible documents, for the discharge of the Fund’s
and its auditors’ legal and regulatory duties. The applicable Funds shall be
responsible for the payment of any research and copying costs associated with
any such request, in accordance with J.P. Morgan’s customary practices.

	
 

	
 

	
 

	
 

	
 

	
 

	
2.5

	
Compliance with Laws and Regulations.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan
will comply with Applicable Law in the United States with respect to the
provision of the Services. The Trust undertakes to comply (and to cause the
Funds to comply) with Applicable Law in the United States and in each state
in which the Trust conducts business, to the extent that compliance with such
Applicable Law is relevant to the provision or receipt of the Services or the
marketing of the Funds.

	
 

	
 

	
 

	
 

	
 

	
 

	
2.6

	
Change Control. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
If
either party wishes to propose any amendment or modification to, or variation
of, the Services (including the scope or details of the Services (a “Change”)
then it shall notify the other party of that fact by sending a request (a
“Change Request”) to the party, specifying in as much detail as is reasonably
practicable the nature of the Change. J.P. Morgan shall maintain a log of all
Change Requests.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Promptly
following the receipt of a Change Request, the parties shall agree whether to
implement the Change Request, whether the Fees should be modified in light of
the change to the Services, and the basis upon which J.P. Morgan will be
compensated for implementing the Change Request.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
If
a change to Applicable Law requires a change to the provision of the
Services, the parties shall follow the Change Control processes set forth in
this Schedule. J.P. Morgan shall bear its own costs with respect to
implementing such a Change Request except that:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
J.P. Morgan shall be entitled to charge the Trust for any changes to
software that has been developed or customized for the Trust; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
J.P. Morgan shall be entitled to charge the Trust for any changes
required as a result of the change in Applicable Law affecting the Trust
and/or any of its Funds in a materially different way than it affects J.P.
Morgan’s other customers, or 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
which the Trust wishes J.P. Morgan to implement in a way different
from what J.P. Morgan reasonably intends to implement for its other
customers.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
If the change in Applicable Law results in a change to the Services,
or an increase in J.P. Morgan’s risk associated with provision of the
Services, J.P. Morgan shall be entitled to make an appropriate increase in
the Fees.

	
 

	
 

	
 

	
 

	
3.

	
Instructions

	
 

	
 

	
 

	
 

	
 

	
 

	
3.1

	
Acting on Instructions; Unclear Instructions.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
The
Trust authorizes J.P. Morgan to accept, rely upon and/or act upon any
Instructions received by it without inquiry.
The Trust will indemnify the J.P. Morgan Indemnitees against, and hold
each of them harmless from, any Liabilities that may be imposed on, incurred
by, or asserted against the J.P. Morgan Indemnitees as a result of any action
or omission taken in accordance with any Instruction unless the Liabilities
result from an act of negligence, fraud or willful misconduct on the part of
the J.P. Morgan Indemnitees with respect to the manner in which such
Instructions are followed.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P.
Morgan shall promptly notify an Authorized Person or Shareholder, as applicable, if
an Instruction does not contain all information reasonably necessary for J.P.
Morgan to carry out the Instruction.
J.P. Morgan may decline to act upon an Instruction if it does not
receive clarification or confirmation satisfactory to it. J.P. Morgan will not be liable for any
loss arising from any reasonable delay in carrying out any such Instruction
while it seeks such missing information, clarification or confirmation or in
declining to act upon any Instruction for which it does not receive
clarification satisfactory to it.

	
 

	
 

	
 

	
 

	
 

	
 

	
3.2

	
Verification and Security Procedures.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P.
Morgan and the Trust shall comply with any applicable Security Procedures
with respect to the delivery or authentication of Instructions and shall
ensure that any codes, passwords or similar devices are reasonably
safeguarded.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P.
Morgan may record any of its telephone communications.

	
 

	
 

	
 

	
 

	
 

	
 

	
3.3

	
Instructions Contrary To Applicable Law/Market Practice.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan need not act upon Instructions which it reasonably
believes to be contrary to Applicable Law or market practice but J.P. Morgan
will be under no duty to investigate whether any Instructions comply with
Applicable Law or market practice. In the event J.P. Morgan does not act upon
such

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
6

	
 

	
 

	
 

	
 

	
 

	
 

	
Instructions, J.P. Morgan will notify Trust where reasonably
practicable.

	
 

	
 

	
 

	
 

	
 

	
3.4

	
Cut-Off Times.

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan has established cut-off times for receipt of certain
Instructions, which will be made available to the Trust. If J.P. Morgan receives
an Instruction (other than Instructions relating to a Share transaction,
which shall be processed by J.P. Morgan in accordance with the Registration
Statement) after its established cut-off time, J.P. Morgan will attempt to
act upon the Instruction on the day requested if J.P. Morgan deems it
practicable to do so or otherwise as soon as practicable after that day.

	
 

	
 

	
 

	
 

	
 

	
3.5

	
Electronic Access.

	
 

	
 

	
 

	
 

	
 

	
 

	
Access by the Trust to certain applications or products of J.P.
Morgan via J.P. Morgan’s web site or otherwise shall be governed by this
Agreement and the terms and conditions set forth in Annex A.

	
 

	
 

	
 

	
 

	
4.

	
Fees and Expenses Owing to J.P. Morgan

	
 

	
 

	
 

	
 

	
 

	
4.1

	
Fees and Expenses.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
The Sponsor will pay J.P. Morgan
for its services on behalf of the Trust under this Agreement, as agreed
between the Sponsor and J.P. Morgan from time to time and as described in
Schedule 3.

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
In addition to the fees provided
for above, the Trust shall be responsible for the payment of all the
reasonable fees and disbursements of J.P. Morgan in connection with the
establishment, and ongoing business of the Trust and/or any Fund, all
governmental or similar fees, charges, taxes, duties and imposts levied in or
by any relevant authority in the United States on or in respect of the Trust and/or any Fund which are incurred by J.P. Morgan, and any other
customary or extraordinary expenses. The Trust shall reimburse J.P. Morgan
for any of the foregoing and for all reasonable out-of-pocket expenses
including without limitation telephone, postage and stationery and expenses
of a similar nature as J.P. Morgan may incur in the execution of its duties
under this Agreement and including the costs and expenses, by the Trust’s
request or with the Trust’s agreement, incurred by J.P. Morgan and its agents
in determining the value of assets in connection with its duty as the
calculator of the Value of the Funds or any Shares and in
connection with the performance of its duties pursuant to this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Invoices
will be payable within thirty (30) days of the date of the invoice. If the
Trust disputes an invoice, it shall nevertheless pay on or before the date
that payment is due such portion of the invoice as is not subject to a bona fide dispute. Without prejudice to
J.P. Morgan’s 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
7

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
other
rights, J.P. Morgan reserves the right to charge interest on overdue amounts
from the due date until actual payment at such rate as J.P. Morgan
customarily charges for similar overdue amounts.

	
 

	
 

	
 

	
 

	
5.

	
Additional Provisions Relating to the Trust

	
 

	
 

	
 

	
 

	
 

	
5.1

	
Representations of the Trust and J.P.
Morgan.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
The
Trust represents and warrants that (i) assuming execution and delivery of
this Agreement by J.P. Morgan, this Agreement is the Trust’s legal, valid and
binding obligation, enforceable against Trust in accordance with its terms,
(ii) it has full power and authority to enter into and has taken all
necessary corporate action to authorize the execution of this Agreement, and
(iii) it has not relied on any oral or written representation made by J.P.
Morgan or any person on its behalf, and acknowledges that this Agreement sets
out to the fullest extent the duties of J.P. Morgan.

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P.
Morgan represents and warrants that (i) assuming execution and delivery of
this Agreement by the Trust, this Agreement is J.P. Morgan’s legal, valid and
binding obligation, enforceable against J.P. Morgan in accordance with its
terms and (ii) it has full power and authority to enter into and has taken
all necessary corporate action to authorize the execution of this Agreement.

	
 

	
 

	
 

	
 

	
 

	
5.2

	
The Trust to Provide Certain Information to
J.P. Morgan.

	
 

	
 

	
 

	
 

	
 

	
 

	
Upon request, the Trust will promptly provide to J.P. Morgan such
information about itself and its financial status as J.P. Morgan may
reasonably request, including the Articles and its current audited and
unaudited financial statements, its Registration Statement and any contracts,
regulatory documents or opinions from a lawyer or accountant that relate to
the Services described in this Agreement.

	
 

	
 

	
 

	
 

	
 

	
5.3

	
Information Used to Provide the Service.

	
 

	
 

	
 

	
 

	
 

	
 

	
The Trust
agrees with J.P. Morgan that any information the Trust or the Sponsor
provides to J.P. Morgan pursuant to this Agreement shall be complete and
accurate to enable J.P. Morgan to perform its responsibilities pursuant to
this Agreement.

	
 

	
 

	
 

	
 

	
6.

	
Where J.P. Morgan is Liable to the Trust or the Funds

	
 

	
 

	
 

	
 

	
 

	
6.1

	
Standard of Care; Liability.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P.
Morgan will use reasonable care in performing its obligations under this
Agreement. J.P. Morgan will not be responsible for any loss or 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
8

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
damage
suffered by the Trust or the Funds with respect to any matter as to which
J.P. Morgan has satisfied its obligation of reasonable care unless the same
results from an act of negligence, fraud or willful misconduct on the part of
J.P. Morgan.

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P.
Morgan will be liable for the Trust’s and/or any Fund’s direct damages to the
extent they result from J.P. Morgan’s fraud, negligence, or willful
misconduct in performing its duties as set out in this Agreement.
Nevertheless, under no circumstances will J.P. Morgan be liable for any
indirect, incidental, consequential or special damages (including, without
limitation, lost profits or business) of any form incurred by any person or
entity, whether or not foreseeable and regardless of the type of action in
which such a claim may be brought, J.P. Morgan’s performance under this
Agreement, or J.P. Morgan’s role as a service provider to the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
The
Trust will indemnify the J.P. Morgan Indemnitees against, and hold them
harmless from, any Liabilities that may be imposed on, incurred by or
asserted against any of the J.P. Morgan Indemnitees in connection with or
arising out of J.P. Morgan’s performance under this Agreement, provided the
J.P. Morgan Indemnitees have not acted with negligence or engaged in fraud or
willful misconduct in connection with the Liabilities in question.

	
 

	
 

	
 

	
 

	
 

	
6.2

	
Force Majeure.

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will maintain and update from time to time business
continuation and disaster recovery procedures with respect to its global
business that it determines from time to time meet reasonable commercial
standards. To the extent permitted by Applicable Law, J.P. Morgan will have
no liability, however, for any damage, loss, expense or liability of any
nature that the Trust or any of the Funds may suffer or incur, caused by an
act of God, fire, flood, civil or labor disturbance, war, terrorism, act of
any governmental authority or other act or threat of any authority (de jure
or de facto), legal constraint, fraud or forgery, (other than on the part of
J.P. Morgan or its employees), malfunction of equipment or software (except
where such malfunction is primarily and directly attributable to J.P.
Morgan’s negligence in maintaining the equipment or software), failure of or
the effect of rules or operations of any external funds transfer system,
inability to obtain or interruption of external communications facilities, or
any cause beyond the reasonable control of J.P. Morgan.

	
 

	
 

	
 

	
 

	
 

	
6.3

	
J.P. Morgan May Consult with Counsel.

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will be entitled to rely on, and may act upon the advice
of professional advisors in relation to matters of law, regulation or market
practice (which may be the professional advisers of the Trust or the Funds),
and shall not be liable to Trust under this Agreement for any action taken or
omitted pursuant to such advice provided that J.P. Morgan has acted with

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
reasonable care.

	
 

	
 

	
 

	
 

	
 

	
 

	
6.4

	
Limitations of J.P. Morgan’s Liability.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P. Morgan may rely on information provided to it by
or on behalf of the Funds, or which was prepared or maintained by the Trust
or any third party on behalf of the Funds, in the course of discharging its
duties under this Agreement. J.P. Morgan shall not be liable to any person
for any Liabilities suffered by any person as a result of J.P. Morgan: (i)
having relied upon the authority, accuracy, truth or completeness of
information including, without limitation, information supplied to J.P.
Morgan by the Trust or by the Sponsor or any third party which is not a
subcontractor of J.P. Morgan, including but not limited to, information in
relation to trades in respect of the Funds or expenses of the Funds; (ii)
having relied upon the authority, accuracy, truth and completeness of
information furnished to J.P. Morgan by any pricing services, data services,
or provider of other market information or information concerning securities
held by the Funds.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P.
Morgan shall not be liable for any error in data that is transitioned to J.P.
Morgan at the time it begins to provide the Services with respect to the
Funds provided however
that J.P. Morgan:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
shall use reasonable efforts to mitigate any Losses arising as a
result of any such error of which it is aware; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
shall notify the Trust as soon as practicable after becoming aware of
the error.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan shall be entitled to reasonable compensation, at its
customary hourly rates, for the remediation efforts needed to correct any
such error in data.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
J.P. Morgan shall not be liable for any Losses
resulting from a
failure by any person (other than an Affiliate or subcontractor of J.P.
Morgan) to provide J.P. Morgan with any information or notice that is
reasonably necessary for the provision of the Services provided however that the
Losses do not result from an act of negligence, fraud or willful misconduct
on the part of the J.P. Morgan Indemnitees. J.P. Morgan shall use reasonable
efforts to find alternative sources of information in the event of any such
failure. In the event of any such failure that may affect the performance of
the Services, J.P. Morgan shall promptly notify the Trust. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
J.P. Morgan shall not be liable
for any Liabilities whatsoever incurred or suffered by any party hereto,
whether on their own account or for the account of the Funds, as a result of
the failure of the Trust or its agents, officers or employees to comply with
the laws or regulations of any jurisdiction in which Shares are offered.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(e)

	
J.P. Morgan’s responsibilities
with respect to the correction of an error 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
in calculating the value of any
Fund shall be subject to the Value correction policy and procedures attached
to this Agreement as Appendix A to Schedule 1 of this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
(f)

	
The Trust agrees that the accounting
reports provided by J.P. Morgan, as well as any share class or other similar
reports, are to enable the Trust to fulfill its statutory reporting and
investor subscription/redemption obligations, and are not for investment,
treasury or hedging purposes.

	
 

	
 

	
 

	
 

	
7.

	
Term and Termination

	
 

	
 

	
 

	
 

	
 

	
7.1

	
Term and Termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
This
Agreement shall be in effect for [an initial term of five years from the
Services Commencement Date (the “Initial Term”). The Agreement will
automatically renew for additional one year periods effective from the first
anniversary of the date of the end of the Initial Term of this Agreement,
unless and until a valid termination notice is given by the Sponsor on behalf
of the Trust or J.P. Morgan at least one hundred and eighty (180) days prior
to the end of the applicable term.]

	
 

	
 

	
 

	
 

	
 

	
7.2

	
Termination for Convenience.

	
 

	
 

	
 

	
 

	
 

	
 

	
Notwithstanding
Section 7.1, this Agreement shall be capable of being terminated prior to the
end of the Initial Term, [by not less than twelve (12) months’ written notice
given by the Sponsor on behalf of the Trust to J.P. Morgan. Nevertheless, if
any termination by the Trust under this Section 7.2 becomes effective prior
to the end of the Initial Term, the Trust shall pay J.P. Morgan an early
termination fee in an amount equal to the product of X times a fraction, the
numerator of which is the number of full or partial months remaining in the
Initial Term at the time termination becomes effective and the denominator is
[36] (the “Early Termination Fee.]

	
 

	
 

	
 

	
 

	
 

	
7.3

	
Other Grounds for Termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
In the event
of the termination of the domestic custody agreement or the agency agreement
between J.P. Morgan and the Trust, J.P. Morgan may terminate this Agreement
in whole or in part and cease to provide the Services simultaneously with the
transition of the assets of the respective Funds to a successor custodian.
[In the event that any such termination occurs prior to the end of the
Initial Term, the Trust shall pay J.P. Morgan the Early Termination Fee,
unless the Trust’s termination of the custody agreement was for material
breach.]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (b)
Either party may terminate this Agreement immediately upon written notice to
the other party following the occurrence of any of the following:

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i) the other
party being declared bankrupt, entering into a composition with creditors,
obtaining a suspension of payment, being put under court controlled
management or being the subject of a similar measure;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii) the
relevant federal or state authority withdrawing its authorization of either
party; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii) the
other party committing any material breach of this Agreement and failing to
remedy such breach (if capable of remedy) within 90 days of being given
written notice of the material breach, unless the parties agree to extend the
period to remedy the breach.

	
 

	
 

	
 

	
 

	
 

	
 

	
7.4

	
Consequences of Termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Termination
of this Agreement under the provisions of this Article 7 will be without
prejudice to the performance of any party’s obligations under this Agreement
with respect to all outstanding transactions at the date of termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
7.5

	
Transition following Termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
As soon as
reasonably practicable following its resignation or termination of
appointment becoming effective and subject to payment of any amount owing to
J.P. Morgan under this Agreement, J.P. Morgan agrees to transfer such records
and related supporting documentation as are held by it under this Agreement,
to any replacement provider of the Services or to such other person as the
Trust may direct. Except as otherwise provided in Section 7.3, J.P. Morgan
will provide the Services until a replacement administrator is in place
subject to the terms and conditions of this Agreement (including Article
4). J.P. Morgan will also provide
reasonable assistance to its successor, for such transfer, subject to the
payment of such reasonable expenses and charges as J.P. Morgan customarily
charges for such assistance. The Trust undertakes to use its best efforts to
appoint a new administrative service provider as soon as possible.

	
 

	
 

	
 

	
 

	
 

	
8.

	
Miscellaneous

	
 

	
 

	
 

	
 

	
 

	
 

	
8.1

	
Notices.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Notices required under this Agreement (other than Instructions) shall
be sent or served by registered mail, overnight delivery services, such as
Federal Express (FedEx) or United Parcel Service (UPS), etc., courier
services or hand delivery to the address of the respective parties as set out
on the first page of this Agreement, unless and until notice of a new address
is given to the other party in writing. Notice will not be deemed to be given
unless it has been received.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
12

	
 

	
 

	
 

	
 

	
 

	
8.2

	
Successors and Assigns.

	
 

	
 

	
 

	
 

	
 

	
 

	
This Agreement will be binding on each of the parties hereto and
their respective successors and permitted assigns, but the parties agree that
neither party can assign its rights and obligations under this Agreement
without the prior written consent of the other party, which consent will not
be unreasonably withheld or delayed; except J.P. Morgan may assign this
Agreement without the Trust’s consent to (a) any Affiliate or subsidiary of
J.P. Morgan or (b) in connection with a merger, reorganization, stock sale or
sale of all or substantially all of J.P. Morgan’s fund servicing business

	
 

	
 

	
 

	
 

	
 

	
8.3

	
Entire Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
This Agreement, including the Schedules and Appendices, sets out the
entire Agreement between the parties in connection with the subject matter,
and this Agreement supersedes any other agreement, statement, or
representation relating to the Services under this Agreement, whether oral or
written. Amendments must be in writing and signed by both parties.

	
 

	
 

	
 

	
 

	
 

	
8.4

	
Insurance.

	
 

	
 

	
 

	
 

	
 

	
 

	
The Trust acknowledges that J.P. Morgan will not be required to
maintain any insurance coverage specifically for the benefit of the Trust or
the Funds. J.P. Morgan will, however, provide summary information of its own
general insurance coverage, to the Trust upon written request.

	
 

	
 

	
 

	
 

	
 

	
8.5

	
Governing Law and Jurisdiction.

	
 

	
 

	
 

	
 

	
 

	
 

	
This Agreement will be construed, regulated and administered under
the laws of the U.S. or State of New York, as applicable, without regard to
New York’s principles regarding conflict of laws. The U.S. District Court for the Southern District of New York
will have the sole and exclusive jurisdiction over any lawsuit or other
judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter
jurisdiction, the Supreme Court of the State of New York, New York County
will have sole and exclusive jurisdiction.
Either of these courts will have the proper venue for any such lawsuit
or judicial proceeding, and the parties waive any objection to venue or their
convenience as a forum. The parties
agree to submit to the jurisdiction of any of the courts specified and to
accept service of process to vest personal jurisdiction over them in any of
these courts. The parties further
hereby knowingly, voluntarily and intentionally waive, to the fullest extent
permitted by Applicable Law, any right to a trial by jury with respect to any
such lawsuit or judicial proceeding arising or relating to this Agreement or
the transactions contemplated hereby.

	
 

	
 

	
 

	
 

	
 

	
8.6

	
Severability; Waiver; and Survival.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a) If one or more provisions of this Agreement are held invalid,
illegal or unenforceable in any respect on the basis of any particular 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
13

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
circumstances or in any jurisdiction, the validity, legality and
enforceability of such provision or provisions under other circumstances or
in other jurisdictions and of the remaining provisions will not in any way be
affected or impaired.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b) Except as otherwise provided herein, no failure or delay on the
part of either party in exercising any power or right under this Agreement
operates as a waiver, nor does any single or partial exercise of any power or
right preclude any other or further exercise, or the exercise of any other
power or right. No waiver by a party of any provision of this Agreement, or
waiver of any breach or default, is effective unless it is in writing and
signed by the party against whom the waiver is to be enforced.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c) The parties’ rights, protections, and remedies under this
Agreement shall survive its termination.

	
 

	
 

	
 

	
 

	
 

	
 

	
8.7

	
Confidentiality.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a) Subject to Section 8.7(b), J.P. Morgan will hold all Confidential
Information in confidence and will not disclose any Confidential Information
except as may be required by Applicable Law, a regulator with jurisdiction
over J.P. Morgan’s or Funds business, or with the consent of the Trust. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b) The Trust authorizes J.P. Morgan to disclose Confidential
Information to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i) any service providers and/or vendors to the Funds that J.P.
Morgan believes are reasonably required by such person to provide the
relevant services; 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
its professional advisers, auditors or public accountants; 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
its Affiliates; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
any revenue authority or any governmental entity.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Except as otherwise required by Applicable Law or as needed to
enforce the terms of this Agreement, the parties shall hold the terms and
conditions of this Agreement, including, without limitation, any commercial
terms, in confidence.

	
 

	
 

	
 

	
 

	
 

	
 

	
8.8

	
Use of J.P. Morgan’s Name.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
The Trust
agrees not to use (or permit the use of) J.P. Morgan’s name in any document,
publication or publicity material relating to the Trust or the Funds,
including but not limited to notices, sales literature, stationery,
advertisements, etc., without the prior consent of J.P. Morgan (which consent
shall not be unreasonably withheld), provided that no prior consent is needed
if the document in which J.P. Morgan’s name is used merely states that J.P.
Morgan is acting as administrator to the Funds.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
14

	
 

	
 

	
 

	
 

	
8.9

	
Delegation.

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan
may delegate to a reputable agent any of its functions herein. However, J.P.
Morgan will remain responsible to the Funds for any such delegation. To the
extent reasonably practicable, J.P. Morgan will consult with the Trust before
it implements the delegation of a material portion of the Services.

	
 

	
 

	
 

	
 

	
8.10

	
Third Party Rights.

	
 

	
 

	
 

	
 

	
 

	
A person who is not a party to this
Agreement shall have no right to enforce any term of this Agreement.

	
 

	
 

	
 

	
 

	
8.11

	
Counterparts.

	
 

	
 

	
 

	
 

	
 

	
This Agreement may be executed in several counterparts each of which
will be deemed to be an original and together will constitute one and the
same agreement.

AS WITNESS the
hand of the duly authorized officers of the parties hereto:

	
 

	
 

	
 

	
 

	
 

	
ETF
SECURITIES USA LLC, not in its individual capacity, but solely on
behalf of the TRUST

	
 

	
JPMORGAN
CHASE BANK, N. A.

	
 

	
 

	
 

	
By:

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
Name:

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

	
Title:

	
 

	
 

	
 

	
Date:

	
 

	
Date:

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
15

SCHEDULE 1

Accounting and Value Calculation Services

	
 

	
 

	
 

	
 

	
A.

	
Definitions 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Definitions.

	
 

	
 

	
 

	
 

	
 

	
 

	
As used in
this Agreement and the Schedules and Appendices to this Agreement, the
following terms have the meaning hereinafter stated:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Accounting Records”
means the official books and records which are maintained by or in respect of
the Funds in accordance with Applicable Law.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Business Day” means a
day on which the New York Stock Exchange is open for Business. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Cash” means the
cash that (i) must be tendered to a Counterparty on behalf of a Fund by an
Authorized Participant to issue one or more Creation Units of the Shares of
such Fund or (ii) must be tendered by a Counterparty on behalf of a Fund to
an Authorized Participant to redeem one or more Creation Units of the Shares
of such Fund.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Counterparty”
means an entity that has entered into specified agreements with a Fund
pursuant to which it can enter into commodity contracts with such Fund.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Creation Unit” means
a large block of a specified number of Shares at a given value that makes up
one unit of the Fund, as specified in the Trust’s prospectus. A Creation Unit
is the minimum number of Shares that may be created or redeemed at any one
time.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Custodian” means the
entity appointed as the custodian of the Funds, as notified by the Trust to
J.P. Morgan in writing.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Daily” means, in
relation to an activity, that it is repeated on each Business Day.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Value” means, in
relation to any of the Funds, the net asset value per Share for that Fund.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Value Error”
means one or more errors in the computation of net asset value which, when considered
cumulatively, results in a computed error amount of at least .01 per Share. 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Order Taker” means
the entity appointed as order taker of the Funds, as notified by the Trust to
J.P. Morgan in writing.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Portfolio Composition File” (or “PCF”) means
the names, identifiers and number of shares of each equity security, the
percentage of the Fund represented by each security, the types of financial
instruments and their characteristics, money market instruments, and such
other information as may be agreed with the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Transfer Agent” means
J.P. Morgan acting in the capacity as transfer agent for the Trust. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “Valuation Procedures”
means the procedures to be followed by J.P. Morgan with respect to valuation
of the Funds’ securities, as agreed by the parties.

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Interpretation.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Capitalized terms which are defined in the main body of this
Agreement shall be defined as provided in the main body unless otherwise
defined in this Schedule.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
References to a “commodity contract” within the Schedules to the
Agreement shall include derivatives on commodity contracts, including prepaid
forward contracts.

	
 

	
 

	
 

	
 

	
 

	
B.

	
Fund Accounting

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Maintenance of Accounting Records.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P. Morgan shall maintain the following Accounting Records in
accordance with U.S. generally accepted accounting principles:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
journals
containing an itemized Daily record of all purchases and sales of securities,
all receipts and disbursements of cash and all other debits and credits;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
general
and auxiliary ledgers reflecting all asset, liability, reserve, capital,
income and expense accounts, including interest accrued and interest
received;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
separate
ledger accounts; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
a
monthly trial balance of all ledger accounts (except shareholder accounts).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P. Morgan shall update the Accounting Records to reflect completed
Share transactions as notified to it by the Order Taker on a total aggregate
basis.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
J.P. Morgan is not required to calculate performance fees, or
performance fee waivers, expense caps or collars, except as may be 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
agreed with the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Distributions.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Daily Distributing Funds:
J.P. Morgan will compute each Fund’s net income and capital gains, dividend
payables, dividend factors and agreed upon rates and yields.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Non-Daily Dividend Funds:
J.P. Morgan will record Fund distributions as notified to it by the Funds’
Administrator.

	
 

	
 

	
 

	
 

	
 

	
 

	
3.

	
Assistance to Auditors.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan shall provide reasonable cooperation and assistance to
the auditors of the Funds, including without limitation by providing copies
of extracts of the Accounting Records and other documentation which is
maintained by J.P. Morgan on behalf of the Funds as reasonably required by
such auditors to carry out their functions. The Trust and/or the Sponsor
shall coordinate all requests for assistance by auditors.

	
 

	
 

	
 

	
 

	
 

	
C.

	
Fund Valuations

	
 

	
 

	
 

	
 

	
 

	
 

	
1.

	
Value Calculation and Reporting.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P. Morgan shall perform Value calculations in accordance with:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the Prospectus;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Valuation Procedures; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Instructions which are consistent with J.P. Morgan’s operating model,

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
       provided that, in the cases
of (ii) and (iii), they are consistent with (i).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
J.P. Morgan shall perform the following Value calculation functions
Daily, unless otherwise agreed with the Trust:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
recording all security transactions including appropriate gains and
losses from the sale of Fund securities and the termination in full or in
part of commodity contracts;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
recording each Fund’s (or class’) capital share activities based upon
Share Transactions received by the Order Taker;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
recording interest income, amortization/accretion income and dividend
income;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iv)

	
accruing Fund (or class) expenses according to instructions received
from the Sponsor or its designee;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(v)

	
recording all corporate actions affecting securities and

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
commodity contracts held by each Fund;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(vi)

	
determining the outstanding receivables and payables for all (1)
security trades and commodity contract transactions, (2) Share transactions;
and (3) income and expense accounts; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(vii)

	
obtaining security prices from independent pricing services, or if
such quotes are unavailable, obtaining such prices from the Funds’ Sponsor or
its designee, as approved by the Board.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(viii)

	
Sending the daily PCF to the Trust as directed.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
J.P. Morgan shall report confirmed Value calculations to 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the Sponsor;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
the Order Taker; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
such third parties as agreed with the Trust.

	
 

	
 

	
 

	
 

	
 

	
 

	
2.

	
Value Errors.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Subject to Applicable Law and notwithstanding additional duties of
J.P. Morgan as furthermore described in Appendix A to this Schedule:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
J.P. Morgan shall report all Value Errors to the Trust promptly upon
discovery.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
The Trust shall ensure that all errors in Value calculations
identified by it, or by the Sponsor, are reported to J.P. Morgan as soon as
reasonably practicable following discovery.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
J.P. Morgan shall correct Value Errors as and when required by
Appendix A to this Schedule.

	
 

	
 

	
 

	
 

	
 

	
D.

	
Reconciliations of Securities Positions and Cash and/or
Currency Balances

	
 

	
 

	
 

	
 

	
 

	
 

	
1

	
          J.P.
Morgan shall reconcile its records of securities positions and cash and/or
currency balances of the relevant Fund to the records of the relevant
Custodian, and shall perform similar reconciliations to the relevant source
with respect to other material investment assets or liabilities. Such
reconciliations shall be conducted at the frequency as agreed with the Trust
in the case of cash and/or currency holdings, securities and other investment
assets or liabilities.

	
 

	
 

	
 

	
 

	
 

	
 

	
2

	
          In cases
where an Affiliate of J.P. Morgan is not the appointed Custodian for a Fund,
the Trust shall ensure that the Custodian shall provide J.P. Morgan with
timely, accurate and complete records of securities position, prepaid forward
contracts, and cash and/or currency balances to J.P. Morgan for each Fund.
The Trust also shall ensure that the relevant source shall provide J.P.
Morgan with timely, accurate and complete records of any other material
investment assets or liabilities for each Fund.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
19

	
 

	
 

	
 

	
E.

	
Standard Reporting

	
 

	
 

	
 

	
 

	
J.P. Morgan shall make available a standard set of reports as agreed
with the Trust.

	
 

	
 

	
 

	
F.

	
Services Requiring Separate Arrangements

	
 

	
 

	
 

	
 

	
1.

	
Non-Standard Services and Reports.

	
 

	
 

	
 

	
 

	
 

	
Additional services and special reports are available by arrangement
between the Trust and J.P. Morgan under the terms and conditions of this
Agreement (other than adjustments in compensation as may be agreed). The
non-standard services and special reports will be subject to the Change
Control processes set forth in Section 2.6.

	
 

	
 

	
 

	
 

	
2.

	
Messaging/Communication.

	
 

	
 

	
 

	
 

	
 

	
Unless otherwise agreed in accordance with the Change Control process
set forth in Section 2.6, all information delivered to J.P. Morgan (including
but not limited to trade flows and reconciliation reports) shall be via J.P.
Morgan’s standard means of electronic communication.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
20

	
 

	
APPENDIX A

	
Value Error Correction Policy and Procedures

	
 

	
 

	
 

	
1.

	
As used in this
Agreement and the Schedules and Appendices to this Agreement, the following
terms have the meaning hereinafter stated:

	
 

	
 

	
 

	
 

	
 

	
Value Error” is
defined as one or more errors in the computation of net asset value which,
when considered cumulatively, result in a difference between the originally
computed Value calculation and the corrected Value calculation of at least
$0.010 per share. This computation is based upon the actual difference and is
not based upon the rounding of the Value calculation to the nearest cent per
share.

	
 

	
 

	
 

	
 

	
 

	
The term “responsible person” means
a person who, by virtue of negligence, fraud, or willful misconduct, caused
or contributed to an Value Error.

	
 

	
 

	
 

	
2.

	
(a)

	
In the event that a Value Error results in a computation error greater
than $0.01, then any party receiving an overpayment as a result of the Value
Error shall be responsible to reimburse the payee for such excess amounts.
The Trust will be responsible for obtaining any reimbursements due in
accordance with this Agreement from the responsible person or persons. 

	
 

	
 

	
 

	
 

	
(b)

	
In cases where J.P. Morgan is not the responsible person with regard
to a Value Error, J.P. Morgan shall be entitled to reasonable compensation
for the work it performs with respect to the remediation of the Value Error.

	
 

	
 

	
 

	
 

	
(c)

	
In cases where a Value Error has occurred, the Trust, upon JPMorgan’s
request, will instruct the Transfer Agent to reprocess each Authorized
Participant’s Creation and/or Redemption transactions occurring during the
Value Error period by adjusting only the corresponding dollar amounts
associated with the transactions, at the expense of the responsible person or
persons. If the Transfer Agent or other party does not agree to reprocess
transactions resulting from a Value Error for which JPMorgan is a responsible
person, JPMorgan’s liability will be limited to the dollar amount it would
have been liable for had the reprocessing occurred.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
21

	
 

	
SCHEDULE 2

	
Fund Administration Services

	
 

	
 

	
 

	
A.

	
Portfolio Compliance Service.

	
 

	
 

	
 

	
 

	
 

	
1. Subject to the timely availability of accurate data, J.P. Morgan will
perform testing of the Fund’s portfolio compliance at such frequency and with
respect to such investment restrictions and other requirements, as may be
agreed to among the Sponsor, J.P. Morgan and each Fund as necessary to meet
industry regulations. J.P. Morgan will report its findings to the Trust from
time to time as agreed between the parties (the “Portfolio Compliance Service”). 

	
 

	
 

	
 

	
 

	
 

	
2. J.P. Morgan is providing the Portfolio Compliance Service as a
reporting service to the Trust to assist it in the oversight of the Funds and
is not acting in a fiduciary capacity for the Funds. Accordingly, J.P. Morgan
shall have no liability for any Liabilities (including investment losses)
incurred by the Trust or any Fund resulting from the reliance by the Trust
(or any other person) on the accuracy or completeness of the Portfolio
Compliance Service. 

	
 

	
 

	
 

	
 

	
 

	
3. In the event that J.P. Morgan,
by reason of its negligence or willful misconduct, provides the Trust with
the Portfolio Compliance Service that contain a Material Error, J.P. Morgan shall be liable to the
Trust for a service credit in an amount equal to 10% of that portion of the
annual fees for fund administration that the parties allocate specifically to
the service of providing Compliance Reports. The amount of any such service
credit shall be set off against the next invoice for fees provided by J.P.
Morgan hereunder. “Material Error”
means the Portfolio Compliance Service fails to detect a material breach of a
investment guideline applicable to the Fund to which the Portfolio Compliance
Service relates, subject to the availability of accurate data, which material
breach is not corrected by the Trust without incurring a loss that would not
have been incurred in the absence of the Material Error.

	
 

	
 

	
 

	
B.

	
Financial Reporting Services.

	
 

	
 

	
 

	
 

	
J.P. Morgan financial reporting services to include:

	
 

	
 

	
 

	
 

	
1.

	
Filings on Form 8-K

	
 

	
 

	
 

	
 

	
 

	
Prepare and deliver accounting reports and schedules to the Sponsor
who will combine with other information and file Form 8-K with the SEC.

	
 

	
 

	
 

	
 

	
2.

	
Quarterly and Annual Reports on Forms 10-Q
and 10-K. 

	
 

	
 

	
 

	
 

	
 

	
Within a 90 day production cycle, or shorter time period as required
by the SEC and communicated to J.P. Morgan by the Trust, prepare an Annual
Report on 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
22

	
 

	
 

	
 

	
 

	
 

	
 

	
Form 10-K
and deliver to the Sponsor who will file Form 10-K with the SEC for the
Trust’s fiscal year.

	
 

	
 

	
 

	
 

	
 

	
 

	
Within a 45
day production cycle, or shorter time period as required by the SEC and
communicated to J.P. Morgan by the Trust, prepare one Quarterly Report on
Form 10-Q and deliver to the Sponsor who will file Form 10-Q with the SEC. 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan
will prepare the Trust’s Financial Statements for review by the Trust and its
auditors, such preparation to include the following:

	
 

	
 

	
 

	
 

	
 

	
 

	
•

	
Statement of
Financial Condition

	
 

	
 

	
•

	
Statement of
Investments

	
 

	
 

	
•

	
Statement of
Operations

	
 

	
 

	
•

	
Change in
Net Assets

	
 

	
 

	
•

	
Cash Flows

	
 

	
 

	
•

	
Notes to
Financial Statements

	
 

	
 

	
•

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

	
 

	
 

	
•

	
Any other
information that may be required by rule or regulation

	
 

	
 

	
 

	
 

	
 

	
 

	
In
connection with the preparation of each Annual Report, J.P. Morgan shall
assist with the audit of the Trust by its independent public accountant
(e.g., manage open items lists, host weekly audit meeting, etc.). 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will provide
to the Trust sub-certifications for Sarbanes-Oxley attestation with respect
to any Form 10-Ks, Form 10-Qs which include any applicable executive officer
certifications.

	
 

	
 

	
 

	
 

	
 

	
3.

	
Additional Services.

	
 

	
 

	
 

	
 

	
 

	
 

	
The
following services are available by arrangement between the Trust and J.P.
Morgan (and subject to additional fees): pro forma statements and in-house
type-setting and publishing.

	
 

	
 

	
 

	
 

	
C.

	
General
Administration Services

	
 

	
 

	
 

	
 

	
 

	
1.

	
Expense Accruals. 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan
will prepare Fund expense projections, establish accruals and review on a
periodic basis, including expenses based on a percentage of average daily net
assets (e.g., management, advisory and administrative fees) and expenses
based on actual charges annualized and accrued daily (e.g. audit fees,
registration fees, directors’ fees)based on detail provided by the Sponsor or
its designee. J.P. Morgan will establish a fund allocation methodology if
necessary. J.P. Morgan will prepare a monthly expense pro forma for the
Funds. J.P. Morgan will monitor expense reduction relating to Organization
and Offering costs.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
23

	
 

	
 

	
 

	
 

	
2.

	
Expense Payments. 

	
 

	
 

	
 

	
 

	
 

	
Upon Instruction by the Trust’s officer, J.P. Morgan will arrange for
the payment of each Fund’s expenses.

	
 

	
 

	
 

	
 

	
3.

	
Reports. 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will prepare and review monthly performance calculations
and will report Fund performance to outside statistical service providers as
instructed by the Sponsor.

	
 

	
 

	
 

	
 

	
4.

	
SEC Examinations. 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will provide support and coordinate communications and
data collection of records and documents held by J.P. Morgan on the Trust’s
behalf, with respect to routine SEC regulatory examinations of the [Funds].

	
 

	
 

	
 

	
 

	
5.

	
Non-Executive Officers.

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will furnish appropriate non-executive officers for the Trust,
such as assistant treasurers and secretaries.

	
 

	
 

	
 

	
 

	
6.

	
Other Services.

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will apply for all Trust and Fund Tax I.D. numbers and
CUSIP numbers;

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will assist in coordinating seed money and establish
control accounts for new funds;

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will provide consultative services with respect to
financial matters of the Funds as may be requested and agreed to by the Trust
and J.P. Morgan from time to time; 

	
 

	
 

	
 

	
 

	
 

	
J.P. Morgan will provide financial information for the prospectus and
other regulatory filings.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
24

	
 

	
SCHEDULE
3

	
 

	
Remuneration

[To be agreed by the parties]

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
25

	
 

	
ANNEX A

	
 

	
Electronic
Access

	
 

	
 

	
1.

	
J.P. Morgan shall permit the Trust and its Authorized Persons to
access electronically the applications and products listed on Exhibit 1 to
this Agreement (the “Products”). J.P. Morgan reserves the right to modify
this Annex A and, subject to the terms and conditions of the Agreement, the
products and services available through the Products, upon notice to the
Trust. J.P. Morgan shall use reasonable efforts to give the Trust reasonable
notice of its termination or suspension of access hereunder to any Product,
but may do so immediately upon written notice to the Trust if J.P. Morgan
determines, in its sole discretion, that providing access to such Product
would violate Applicable Law or that the security or integrity of such
Product is at risk.

	
 

	
 

	
2.

	
In consideration of the fees paid by the Trust to J.P. Morgan and
subject to any applicable software license addendum in relation to Bank owned
or sublicensed software provided for a particular application, J.P. Morgan
grants to the Trust, and, where applicable, its Authorized Persons, on the terms
of this Annex A a non-exclusive license to use the Products and the
information and data made available to the Trust through the Products (the
“Data”) for the sole use of the Trust. The Trust may download the Data and
print out hard copies for its reference, provided that it does not remove any
copyright or other notices contained therein or any hyperlink or other
reference to any such notice.

	
 

	
 

	
3.

	
The rights and obligations of the parties with respect to the
provision of certain cash products and services via the Products shall also
be governed, to the extent not governed by this Agreement, by J.P. Morgan’s
terms and conditions relating to such products and services, as the same may
be amended from time to time (the “Product Terms”). If and to the extent that
there is a conflict between the Product Terms and this Annex A, the
provisions of this Annex A shall prevail. 

	
 

	
 

	
4.

	
The Trust acknowledges that there are certain security, corruption,
transaction error and access availability risks associated with using open
networks such as the Internet, and the Trust hereby expressly assumes such
risks. The Trust shall make its own independent assessment of the adequacy of
the Internet and of the security procedures made available by J.P. Morgan.
The Trust acknowledges and agrees that the selection and use by it of third
party security and communications software and third party service providers
is the sole responsibility of the Trust, and J.P. Morgan disclaims all risks
related thereto, notwithstanding that J.P. Morgan may recommend certain
security and/or communication software packages. All such software must be
interoperable with J.P. Morgan’s software. Each of the Trust and J.P. Morgan
shall be responsible for the proper functioning, maintenance and security of
its own systems, services, software and other equipment.

	
 

	
 

	
5.

	
In cases where J.P. Morgan’s web site is unexpectedly down or
otherwise unavailable, J.P. Morgan shall provide other appropriate means for
the Trust or its Authorized Persons to instruct J.P. Morgan or obtain reports
from J.P. Morgan. Provided that J.P. Morgan reasonably provides such other
means, shall not be liable for any Liabilities arising out of inability to
instruct or communicate using J.P. Morgan’s web site in the absence of J.P. 

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
26

	
 

	
 

	
 

	
Morgan’s gross negligence or willful misconduct.

	
 

	
 

	
6.

	
Trust shall use (and cause its Affiliates, Authorized Persons, and
other agents to use) appropriate and up to date products that are
commercially available to protect their respective systems and associated
files and Data from the threat of computer viruses and other similar
destructive software elements (“Viruses”) and to minimize the risk of
transmission of Viruses between the parties..

	
 

	
 

	
7.

	
The Trust shall promptly and accurately designate in writing to J.P.
Morgan the geographic location of its users from time to time. The Trust
further represents and warrants to J.P. Morgan that the Trust shall not
access the service from any jurisdiction which J.P. Morgan informs the Trust
or where the Trust has actual knowledge that the service is not authorized
for use due to local regulations or laws. Prior to submitting any document
which designates the persons authorized to act on the Trust’s behalf, the Trust
shall obtain from each individual referred to in such document all necessary
consents to enable J.P. Morgan to process the Data set out therein for the
purposes of providing the Products.

	
 

	
 

	
8.

	
The Trust shall be responsible for the compliance of its Authorized
Persons with the terms of this Annex A.

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
27

	
 

	
EXHIBIT 1

	
 

	
Products

[To be Inserted]

	
 

	
 

	
33 Act ETF
Fund Serv Agreement –

	
28

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