Document:

Exhibit 4.5

 

SPONSOR AGREEMENT

 

THIS SPONSOR AGREEMENT
(this “Agreement”) is dated as of June 16, 2014 between AccuShares Investment Management, LLC, a Delaware limited
liability company (“Sponsor”), and AccuShares Commodities Trust I, a statutory trust organized under the laws
of the state of Delaware (the “Trust”), both for itself and on behalf of each of its series set forth on Schedule
A hereto (each, a “Fund” and, collectively, the “Funds”).

		1.	The Trust and the Funds. As of the date of this Agreement, neither the Trust nor any Fund
is (i) an investment company under the Investment Company Act of 1940 (the “1940 Act”) and (ii) required to
register as such thereunder. As of the date of this Agreement, Sponsor is not registered as an investment adviser under the Investment
Advisers Act of 1940 and is not required to register as such thereunder.

		2.	Appointment. Pursuant to the terms of the second amended and restated trust agreement of
the Trust (the “Trust Agreement”), the Trust appointed Sponsor to serve as its sponsor, with full managerial
control of the Trust, and Sponsor accepted such appointment and agreed to assume certain expenses of the Trust and each Fund. Sponsor
hereby agrees to render managerial services to the Trust and the Funds on the terms and conditions set forth in this Agreement
and the Trust Agreement.

		3.	Management. Sponsor will manage the Funds in accordance with Sponsor’s best judgment
and as outlined in the Funds’ then-current prospectus or prospectuses included as a part of a registration statement filed
with the U.S. Securities and Exchange Commission (the “SEC”).

		4.	Reporting; Record Keeping. Sponsor will be available at reasonable times to discuss the
management of the Funds with the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing Fund management
are intended solely for the benefit of the Trust and the Funds, and the Trust agrees that it will not disseminate such reports
to any other party (other than the Funds’ service providers) without the prior consent of Sponsor, except as may be required
by applicable law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as are required
to be made or maintained by it in its capacity as sponsor of the Trust.

		5.	Eligible Repos.

A.               
Sponsor will not cause any Fund to enter into any Global Master Repurchase Agreement or tri-party account control agreement
in connection with any Eligible Repo transaction with any Person who is an Affiliated Person (as defined in Section 2(a)(3) of
the Investment Company Act of 1940) with respect to any of a Fund, the Trust, the Trustee, the Sponsor or the Investment Advisor.

    	 

    	 

    

B.                
 Sponsor will not cause any Fund to enter into any Eligible Repo with any Person unless such Eligible Repo (i) is entered
into with a seller that is bank with at least one billion U.S. dollars in assets or a registered securities dealer that is deemed
creditworthy by the Investment Advisor, (ii) terminates the Business Day following its execution, (iii) is denominated in U.S.
dollars, and (iv) is “collateralized fully,” meaning that (A) the value of the assets collateralizing the Eligible
Repo (less transaction costs, including loss of interest, that the Fund reasonably could expect to incur if the seller were to
default) is, and during the entire term of the Eligible Repo remains, at least equal to the resale price payable by the seller
under the Eligible Repo, (B) title to the underlying collateral assets passes to the Fund or, if the asset transfer is recharacterized
as a secured loan, the Fund will have a perfected first priority security interest in the assets securing the seller’s obligations,
(C) such assets are held by a custodian bank for the benefit of the Fund during the term of the Eligible Repo, (D) such assets
consist entirely of U.S. Treasury Securities, and (E) upon the insolvency of the seller, the Eligible Repo would qualify under
a provision of applicable insolvency law providing an exclusion from any automatic stay of creditors’ rights against the
seller.

		6.	Other Accounts. The Trust understands and acknowledges that Sponsor may perform sponsor
and managerial services for various persons other than the Funds. The Trust, on behalf of each Fund, acknowledges that Sponsor
may give advice and take action concerning such other persons that may be the same as, similar to or different from the advice
given, or the timing and nature of action taken, concerning the Funds. Except to the extent necessary to perform Sponsor’s
obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of
Sponsor or any employee of Sponsor to engage in any other business or to devote time and attention to the management or other aspects
of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm,
individual or association.

		7.	Fees and Expenses. The Trust, on behalf of each Fund, shall pay Sponsor fees for its services
as sponsor hereunder, from time to time, all as set forth on Schedule A hereto and in the registration statements or reports of
the Trust publicly available on the EDGAR system of the SEC (“EDGAR filings”). Sponsor and the Trust, on behalf
of each Fund, agree that material changes to the Sponsor fee payment structure shall not become effective prior to 30 days after
such changes are described in one or more EDGAR filings. Sponsor, on behalf of each Fund, shall pay Wilmington Trust, N.A., as
trustee of the Trust, fees for its services as trustee under the Trust Agreement, from time to time, all as set forth on Schedule
B hereto.

		8.	Representations; Indemnification. The Trust, on behalf of itself and each Fund, represents
and warrants that: (a) it has been duly organized and is validly existing under the law of the state of Delaware, (b) it is duly
authorized to execute, deliver and perform this Agreement and has taken all action necessary to authorize its execution, delivery
and performance, including the obtaining of any necessary

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governmental consents, (c) the execution,
delivery and performance of this Agreement does not and will not conflict with or violate any provision of law, rule, regulation,
governing document of the Trust, contract, deed of trust, or other instrument to which the Trust is a party or to which any of
the Trust’s or any Fund’s property is subject, (d) this Agreement is a valid and binding obligation enforceable against
the Trust and each Fund, as applicable, in accordance with its terms (subject to applicable insolvency or similar laws affecting
creditors’ rights generally and subject, as to enforceability, to equitable principles of general application) and (e) each
Fund will be comprised of assets that are owned by such Fund as principal, and will not be subject to (i) the Employee Retirement
Income Security Act of 1974, (ii) the 1940 Act, (iii) the Commodity Exchange Act, or (iv) any lien, security interest or other
similar encumbrance. The indemnification provisions of Section 5.9 of the Trust Agreement shall apply to any claims, losses, liabilities
or expenses (including but not limited to, the reasonable fees and expenses of counsel) of any kind and nature whatsoever incurred
by Sponsor for any actions taken by Sponsor acting in reasonable reliance upon such representations.

		9.	Liability. Sponsor will be liable for losses to any Fund that are the direct result of Sponsor’s
gross negligence, bad faith or willful misconduct. Except as set forth in the foregoing sentence, neither Sponsor nor its officers,
employees or agents shall be liable hereunder for any act or omission or for any error of judgment in managing the Funds. Sponsor
shall not be responsible for any special, indirect or consequential damages, or any loss incurred by reason of any act or omission,
by the Funds or any broker, dealer, counterparty or custodian used hereunder or any authorized representative of the foregoing.
Notwithstanding the foregoing, nothing herein shall in any way constitute a waiver or limitation of any rights that the Trust or
the Funds may have under the federal securities laws or other applicable law.

		10.	Instructions. Sponsor shall comply with, and be entitled to act on, any instructions reasonably
believed to be from an authorized representative of the Trust. Sponsor and its employees and agents shall be fully protected from
all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority
of the persons providing such instructions.

		11.	Tax Filings. Except as described in EDGAR filings, Sponsor will not be responsible for making
any tax credit or similar claim or any legal filing on the Trust’s or any Fund’s behalf.

		12.	Governing Law/Disputes. This Agreement shall be governed by and construed in accordance
with the law of the State of New York (excluding the law thereof which required the application of or reference to the law of any
other jurisdiction). Any action or proceeding arising directly, indirectly, or otherwise in connection with, out of, related to,
or from this Agreement, any breach hereof, or any transaction covered hereby, shall be resolved by arbitration, within the City
of

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New York and State of New York.
In any such action or proceeding, the prevailing party shall be entitled to recovery of all reasonable attorneys’ fees incurred
with respect thereto. Each party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject
to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury
trial.

		13.	Termination. This Agreement may be terminated at any time by the Trust or Sponsor upon 30
days’ prior written notice to the other party. Any obligation or liability of either party resulting from actions or inactions
occurring prior to termination shall not be affected by termination of this Agreement.

		14.	Assignment. Neither the Trust nor Sponsor shall assign this Agreement without the written
consent of the other party.

		15.	License to Use Marks. For so long as Sponsor is the sponsor of the Trust, Sponsor grants
the Trust a no-fee license to use all service marks or trademarks which Sponsor or its affiliates have or may register for use
in connection with financial services.

		16.	Notices. All notices and other communications under this Agreement shall be in writing and
shall be addressed to the parties at their respective addresses.

If to the Trust:

AccuShares Commodities
Trust I

c/o AccuShares Investment Management, LLC

1 Bridge Plaza North, Suite 468

Fort Lee, NJ 07024

Attn: Forrest Gilman

If to Sponsor:

 

AccuShares Investment
Management, LLC

1 Bridge Plaza North, Suite 468

Fort Lee, NJ 07024

Attn: Forrest Gilman

 

		17.	Severability. In the event any provision of this Agreement is adjudicated to be void, illegal,
invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such
remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law.

		18.	Integration; Amendment. This Agreement together with the Trust Agreement contain the entire
agreement between the parties with respect to the transactions contemplated hereby and supersede all previous oral or written negotiations,
commitments and understandings related thereto. This Agreement may not be amended or modified in any respect, nor may any provision
be waived, without

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the written agreement of Sponsor
and the Trust. No waiver by Sponsor or the Trust of any obligation of the other hereunder shall be considered a waiver of any other
obligation of such party.

		19.	Further Assurances. Each of Sponsor and the Trust shall execute and deliver such other documents
or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions
contemplated hereby.

		20.	Headings. The headings of paragraphs herein are included solely for convenience and shall
have no effect on the meaning of this Agreement.

		21.	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original and all of which taken together shall be deemed to be one and the same instrument.

		22.	Definitions. Capitalized terms not otherwise defined in this Agreement have the meanings
assigned to them in the Trust Agreement.

		23.	Assets of the Funds. The assets of each Fund shall be held in separate and distinct accounts
(directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately
from the other assets of the Trust and every other Fund and are referred to as “assets belonging to” that Fund. Except
as otherwise set forth herein, the assets belonging to a Fund shall belong only to that Fund for all purposes, and to no other
Fund, and shall be subject only to the rights of creditors of that Fund. Any assets, income, earnings, profits, funds, or payments,
and proceeds thereof which are not readily identifiable as belonging to any particular Fund shall be allocated to and among one
or more Funds in such manner and on such basis as the Sponsor in its sole and absolute discretion deems fair and equitable. Each
such allocation shall be conclusive and binding upon the shareholders of all Funds for all purposes, and such assets, income, earnings,
profits, funds, or payments, and proceeds thereof, shall be referred to as assets belonging to that Fund. The assets belonging
to a Fund shall be so recorded upon the books of the Trust, and shall be held in trust for the benefit of the shareholders of such
Fund. The assets belonging to a Fund shall be charged with the liabilities of such Fund and all expenses, costs, charges, indemnities
and reserves attributable to such Fund.

		24.	Liabilities of the Funds. Except as otherwise set forth herein, the debts, liabilities,
obligations, expenses, costs, charges, interests, claims, indemnities and reserves of any nature and all kinds and descriptions
(“Claims”) incurred, contracted for, attributable to or otherwise existing with respect to a particular Fund 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 Claims 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 Claims of the
Trust which are not

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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 and absolute discretion deems fair and equitable. Any person extending
credit to, contracting with or having any claim against any Fund may look only to the assets of such Fund to satisfy or enforce
any Claim with respect to such Fund. No shareholder or former shareholder of any Fund shall have a claim on or any right to any
assets allocated or belonging to any other Fund, except to the extent that such shareholder or former shareholder has such a claim
or right hereunder as a shareholder or former shareholder of such other Fund.

 

[Signature Page Follows]

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

	
        ACCUSHARES COMMODITIES TRUST I

        By: AccuShares Investment Management, LLC,

        as Sponsor

        

        By: /s/ Forrest G. Gilman                                      

	Name: Forrest G. Gilman
	Title: 	Vice President,
    Chief Financial Officer and Treasurer
	 
	
        ACCUSHARES INVESTMENT MANAGEMENT, LLC

        

        By: /s/ Forrest G. Gilman                                      

	Name: Forrest G. Gilman
	Title:  	Vice President,
    Chief Financial Officer and Treasurer

 

    	 

    	 

    

SCHEDULE A

SPONSOR’S FEES

 

Each Fund pays Sponsor a Sponsor’s
Fee, monthly in arrears, for each of its classes in an amount equal to the percentage of such class’ average daily Class
Value (as defined in the Trust Agreement) at the rates indicated in the following table, calculated on the basis of a 365-day year.

 

	 	Sponsor’s Fee for Up Shares	 	Sponsor’s Fee for Down Shares
	AccuShares Commodity Funds:	 	 	 
	AccuShares S&P GSCI Spot Fund	75 bps	 	75 bps
	AccuShares S&P GSCI Agriculture and Livestock Spot Fund	75 bps	 	75 bps
	AccuShares S&P GSCI Industrial Metals Spot Fund	75 bps	 	75 bps
	AccuShares S&P GSCI Crude Oil Spot Fund	45 bps	 	45 bps
	AccuShares S&P GSCI Brent Oil Spot Fund	45 bps	 	45 bps
	AccuShares S&P GSCI Natural Gas Spot Fund	60 bps	 	60 bps
	AccuShares Spot CBOE VIX Fund	95 bps	 	95 bpsExhibit
10.1

DOMESTIC CUSTODIAN AGREEMENT

 

This Agreement (this “Agreement”)
is made as of June 16, 2014 by and between AccuShares Commodities Trust I (the “Trust”),
a Delaware statutory trust on behalf of each of its separate fund series listed on Appendix A attached hereto and made a
part hereof (each a “Fund” and collectively the “Funds”) and State
Street Bank and Trust Company, a Massachusetts trust company (the “Custodian”).

 

WITNESSETH:

 

Whereas,
the Trust is organized pursuant to its Second Amended and Restated Trust Agreement dated as of June 16, 2014 (the “Trust
Agreement”) between Wilmington Trust, N.A., as trustee, and AccuShares Investment Management, LLC (the “Sponsor”),
as sponsor;

 

Whereas,
the offer and sale of the shares of beneficial interest (“Shares”) of each Fund will be registered with
the U.S. Securities and Exchange Commission (the “SEC”) by means of the Trust’s registration statement
on Form S-1, which will be filed and effective as of the date of such offer and sale (on such present form, any subsequent amendment
thereto or any later effective registration statement, the “Registration Statement”) under the Securities
Act of 1933, as amended (“1933 Act”);

 

Whereas,
each Fund, pursuant to the Trust Agreement, is authorized to issue its Shares in a pair of offsetting classes (each, a “Class”),
with each such Class representing interests in such Fund’s assets, as set forth under the Trust Agreement and as described
in the Funds’ most current prospectus(es) contained in the Registration Statement (as amended and supplemented from time
to time, the “Prospectus”); and

 

Whereas,
each Fund will issue and redeem its Shares only in aggregations of Shares known as “Creation Units,”
generally in exchange for a specified cash payment, as more fully described in such Fund’s Prospectus.

 

Now,
Therefore, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto
agree as follows:

 

		Section 1.	 Employment of Custodian and Property to be Held
by It

 

The
Trust hereby employs the Custodian as a custodian of assets of each Fund, including securities which such Fund desires to be held
in places within the United States (“domestic securities”). The Trust, on behalf of each Fund, agrees
to deliver to the Custodian all securities and cash of the Funds, and all payments of income, payments of principal or capital
distributions received by it with respect to all securities owned by the Funds from time to time, and the cash consideration received
by it for such Shares as may be issued or sold from time to time. The Custodian shall not be responsible for any property of a
Fund which is not received by it or which is delivered out in accordance with Proper Instructions (as such term is defined in
Section 8 hereof).

    	 

    	 

    

Upon
receipt of Proper Instructions, the Custodian shall on behalf of the Funds appoint one or more banks, trust companies or other
entities located in the United States and designated in such Proper Instructions to act as a sub-custodian for the purposes of
effecting such transaction(s) as may be designated by the Fund. Each such designated sub-custodian is referred to herein as a
“Special Sub-Custodian.”

 

		Section 2.	 Duties of the Custodian with Respect to Property
of the Funds to be Held in the United States

 

		2.1	Holding Securities. The Custodian shall hold and segregate
for the account of each Fund all non-cash property to be held by it in the United States, including all domestic securities owned
by such Fund, other than securities which are maintained pursuant to Section 2.9 in a clearing agency which acts as a securities
depository or in a book-entry system authorized by the U.S. Department of the Treasury and certain federal agencies (each, a “U.S.
Securities System”).

 

		2.2	Delivery of Domestic Securities. The Custodian shall
release and deliver domestic securities owned by a Fund held by the Custodian in a U.S. Securities System account of the Custodian
only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, specifying
(a) the domestic securities of the Fund to be delivered and (b) the person or persons to whom delivery of such securities shall
be made.

 

		2.3	Registration of Securities. Domestic securities held
by the Custodian (other than bearer securities) shall be registered in the name of the Fund or in the name of any nominee of the
Fund or of any nominee of the Custodian which nominee shall be assigned exclusively to the Fund, or in the name or nominee name
of any agent appointed pursuant to Section 2.8 or in the name or nominee name of any sub-custodian appointed pursuant to Section
1. All securities accepted by the Custodian on behalf of the Fund under the terms of this Agreement shall be in “street
name” or other good delivery form. If, however, the Fund directs the Custodian to maintain securities in “street name”,
the Custodian shall utilize reasonable efforts only to timely collect income due the Fund on such securities and to notify the
Fund of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

 

		2.4	Payment of Fund Monies. The Custodian shall pay out
monies of a Fund upon receipt of Proper Instructions on behalf of the applicable Fund, specifying (a) the amount of such payment
and (b) the person or persons to whom such payment is to be made.

 

		2.5	Bank Accounts. The Custodian shall open and maintain
a separate bank account or accounts in the United States in the name of each Fund of the Trust, subject only to draft or order
by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions
hereof, all cash received by it

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from
or for the account of the Fund. Funds held by the Custodian for a Fund may be deposited by it to its credit as Custodian in the
banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable.
Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in
that capacity.

 

		2.6	Determination of Fund Deposit, etc.
Subject to and in accordance with the directions of the Sponsor on behalf of any Fund and with the assistance of each Fund’s
administrator and investment advisor, the Custodian shall determine for each Fund after the end of each trading day on the NASDAQ
OMX, in accordance with the Trust Agreement and the policies and procedures set forth in each Fund’s Prospectus, (i) the
amount of cash deposit to create a Creation Unit of each Fund and (ii) the amount of cash proceeds payable upon redemption of
a Creation Unit of each Fund on such date. The Custodian shall provide or cause to be provided this information to the Sponsor
and other persons according to the instructions of the Sponsor and shall disseminate such information on each day the NASDAQ OMX
is open, including through the facilities of the National Securities Clearing Corporation, prior to the opening of trading on
the NASDAQ OMX.

 

		2.6A	Allocation of Deposit Security Shortfalls. [RESERVED]

		2.7	Collection of Income. Subject to the provisions of
Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities
held hereunder to which each Fund shall be entitled either by law or pursuant to custom in the securities business, and shall
collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment
by the issuer, such securities are held by the Custodian or its agent and shall credit such income, as collected, to such Fund's
custodian account. The Custodian shall present for payment all income items requiring presentation as and when they become due
and shall collect interest when due on securities held hereunder. Income due each Fund on domestic securities loaned shall be
the responsibility of the Fund. The Custodian will have no duty or responsibility in connection therewith, other than to provide
the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian
of the income to which the Fund is properly entitled.

 

		2.8	Appointment of Agents. The Custodian may at any time
or times in its discretion appoint (and may at any time remove) any other bank or trust company to act as a custodian, as its
agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however,
that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder.

 

		2.9	Deposit of Fund Assets in U.S. Securities Systems.
The Custodian may deposit and/or maintain domestic securities owned by a Fund in a U.S. Securities System in accordance with applicable
Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and to the extent applicable hereto.

 

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		2.10	Segregated Account. Upon receipt of Proper Instructions,
the Custodian shall on behalf of each applicable Fund establish and maintain a segregated account or accounts for and on behalf
of each such Fund for any purpose, into which account or accounts may be transferred cash and/or securities, including securities
maintained in an account by the Custodian pursuant to Section 2.9 hereof.

 

		2.11	Deposit of Fund Assets with the Underlying Transfer Agent.
[RESERVED]

 

		2.12	Ownership Certificates for Tax Purposes. The Custodian
shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt
of income or other payments with respect to domestic securities of each Fund held by it and in connection with transfers of securities.

 

		2.13	Proxies. [RESERVED]

 

		2.14	Communications Relating to Domestic Fund Securities.
Subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the Fund all written information received by
the Custodian from issuers of the securities being held for the Fund. With respect to tender or exchange offers, the Custodian
shall transmit promptly to the Fund all written information received by the Custodian from issuers of the securities whose tender
or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable
for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property
of the Funds at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and
(ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii)
occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power.
The Custodian shall also transmit promptly to the Fund all written information received by the Custodian regarding any class action
or other collective litigation in connection with Fund securities or other assets issued in the United States and then held, or
previously held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of
the Fund, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian will not support class-action
participation by the Fund beyond such forwarding of written information received by the Custodian. For the avoidance of doubt,
upon and after the effective date of any termination of this Agreement with respect to the Trust or any Fund, as may be applicable,
the Custodian shall have no responsibility to so transmit any information under this Section 2.14 to the Trust or such Fund, as
applicable.

 

		Section 3.	   Property of the Funds Held Outside of the
United States [RESERVED]

 

		Section 4.	 Reserved.

 

		Section 5.	  Contractual
Settlement Services (Purchase / Sales)

 

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		5.1	The Custodian
shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of each Fund in connection
with (i) the purchase of securities for such Fund, and (ii) proceeds of the sale of securities held on behalf of such Fund, on
a contractual settlement basis.

 

		5.2	The
services described above (the “Contractual Settlement Services”) shall be provided for such instruments
and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision
of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the Sponsor on behalf
of each Fund, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets,
or other changed external business circumstances affecting the markets or the Fund.

 

		5.3	The consideration
payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Fund as of the time
and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall promptly
recredit such amount at the time that the Fund notifies the Custodian by Proper Instruction that such transaction has been canceled.

 

		5.4	With respect to
the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the
“Settlement Amount”) shall be made to the account of the Fund as if the Settlement Amount had been received
as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such
provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable
notice of, the transaction, as applicable; and the Custodian or its agents having possession of the asset(s) (which shall exclude
assets subject to any third party lending arrangement entered into by a Fund) associated with the transaction in good deliverable
form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period
ordinarily applicable to such transactions in the applicable market.

 

		5.5	Simultaneously with the making of such provisional credit,
the Fund agrees that the Custodian shall have, and hereby grants to the Custodian, a security interest in any property at any
time held for the account of the Fund to the full extent of the credited amount, and each Fund hereby pledges, assigns and grants
to the Custodian a continuing security interest and a lien on any and all such property under the Custodian’s possession,
in accordance with the terms of this Agreement. In the event that the applicable Fund fails to promptly repay any provisional
credit, the Custodian shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of The Commonwealth
of Massachusetts.

 

		5.6	The Custodian
shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at
any time when the Custodian

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believes, in its reasonable judgment, that such transaction will not settle in accordance with its
terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions
with respect thereto, as applicable, and the Fund shall be responsible for any costs or liabilities resulting from such reversal.
Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Fund to the Custodian
and may be debited from any cash account held for benefit of the Fund. 

 

		5.7	In
the event that the Custodian is unable to debit an account of the Fund, and the Fund fails to pay any amount due to the Custodian
at the time such amount becomes payable in accordance with this Agreement, (i) the Custodian may charge the Fund for costs and
expenses associated with providing the provisional credit, including without limitation the cost of funds associated therewith,
(ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction
may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an
advance of cash for purposes of this Agreement and (iv) the Custodian shall have the right to setoff against any property and
to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Fund to the full
extent necessary for the Custodian to make itself whole.

 

Section 6. Tax
Services

 

Subject to and to the extent
of receipt by the Custodian of relevant and necessary documentation and information with respect to the Fund that the Custodian
has requested, the Custodian shall perform the following services: (i) file claims for exemptions, reductions in withholding taxes,
or refunds of any tax with respect to withheld foreign (non-U.S.) taxes in instances in which such claims are appropriate; (ii)
withhold appropriate amounts as required by U.S. tax laws with respect to amounts received on behalf of nonresident aliens; and
(iii) provide to the Fund such information actually received by the Custodian that could, in the Custodian’s reasonable belief
and sole discretion, assist the Fund in its submission of any reports or returns with respect to taxes. Other than the servicing
responsibilities identified herein, the Custodian shall have no responsibility or liability for any obligations now or hereafter
imposed on the Fund or the Custodian as custodian of the Fund by the tax law of any country or of any state or political subdivision
thereof.

 

It shall be the
responsibility of the Fund to notify the Custodian of the obligations imposed on the Fund or the Custodian as custodian by
the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other
taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the
Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund with respect to any claim for
exemption or refund under the tax law of countries for which such Fund has provided sufficient information and documentation.
As the Custodian does not provide tax advice, it is specifically understood and agreed that the Custodian shall not be
considered the Fund’s tax advisor or tax counsel. In connection with the provision of services pursuant to this Section
6, the Custodian shall be kept indemnified by and shall be without

    	-6-

    	 

    

liability
to the Trust and each Fund for any obligations, including taxes, withholding and reporting requirements, claims for exemption
and refund, additions for late payment, interest, penalties and other expenses that may be assessed against the Trust or such
Fund or the Custodian as custodian. The Trust on behalf of each Fund agrees that the Custodian is authorized to deduct from any
cash received or credited to a Fund’s account any taxes or levies required by any tax or other governmental authority having
jurisdiction in respect of the Fund’s transactions, and that the Custodian is authorized to disclose any information required
by any such tax or other governmental authority in relation to processing any claim for exemption from or reduction or refund
of any taxes relating to the Fund’s transactions and holdings.

 

Section 7. Payments for Sales or Repurchases
or Redemptions of Shares

 

The Custodian shall receive
from the Fund’s transfer agent (the “Transfer Agent”), as the case may be, and deposit into the
account of the appropriate Fund, such payments as are received for Shares, in Creation Unit aggregations, thereof issued or sold
from time to time by such Fund. The Custodian will provide timely notification to the Sponsor on behalf of a Fund and the Transfer
Agent of any receipt by it of payments for Shares of such Fund.

 

From such funds as may be available for the
purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to, or in
accordance with the instructions of, Authorized Participants (as defined in the applicable Fund’s Prospectus) who have delivered
to the Transfer Agent proper instructions for the redemption or repurchase of their Shares, in Creation Unit aggregations, which
shall have been accepted by the Sponsor, the cash redemption amount (as described in the applicable Fund’s Prospectus), less
any applicable transaction fees due for the redemption order (as described in the applicable Fund’s Prospectus) and less
the cash value of any dividend or distribution declared by a Fund during the pendency of any redemption order as necessary to provide
the Authorized Participant only with cash proceeds to which they are entitled (a “distribution true up”). The cash
redemption amount (less any applicable transaction fees or distribution true up due for the redemption order) due to the Authorized
Participant on redemption shall be effected through (1) the Continuous Net Settlement clearing process of NSCC, as such processes
have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of The Depository Trust Company
on a Delivery Versus Payment basis.

 

Section 8. Proper Instructions 

 

“Proper Instructions,”
which may also be standing instructions, shall mean instructions received by the Custodian from the Sponsor, Wilmington Trust,
National Association, as investment advisor to the Funds or any successor investment advisor designated in writing to the Custodian
by the Sponsor (the “Investment Advisor”), the Transfer Agent, the administrator of the Funds designated
by the Sponsor (the “Administrator”), or a person or entity duly authorized by any of them. Such instructions
may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing
access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary
systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction,
provided that the Fund has followed any security

    	-7-

    	 

    

procedures
agreed to from time to time by the Fund and the Custodian including, but not limited to, the security procedures selected by the
Fund via the form of Funds Transfer Addendum hereto, the terms of which are hereby agreed to. The Custodian may agree to accept
oral instructions, and in such case oral instructions will be considered Proper Instructions. The Fund shall cause all oral instructions
to be confirmed in writing. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian
has received notice of any change from the Fund and has had a reasonable time to implement such change. The Custodian may act
on a Proper Instruction if it reasonably believes it contains sufficient information, and may refrain from acting on any Proper
Instructions until such time that it has determined, in its sole discretion, that is has received any required clarification and/or
authentication of Proper Instructions. The Custodian may rely upon and shall be protected in acting upon any instructions, notice,
request, consent, certificate or other instrument or paper believed by it in good faith to be genuine and to have been properly
executed by or on behalf of the Fund.

 

If the Custodian is not
provided with reasonable time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification
to, a prior Proper Instruction), the Custodian will use good faith efforts to execute the Proper Instruction but will not be responsible
or liable if such efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant
to the prior Proper Instruction). The inclusion of a statement of purpose or intent (or any similar notation) in a Proper Instruction
shall not impose any additional obligations on the Custodian or condition or qualify its authority to effect such Proper Instruction.
The Custodian will not assume a duty to ensure that the stated purpose or intent is fulfilled, and will have no responsibility
or liability when it follows the Proper Instruction without regard to such purpose or intent.

 

Concurrently with the execution
of this Agreement, and from time to time thereafter, as appropriate, the Fund shall deliver to the Custodian a certificate setting
forth the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions or any other notice,
request, direction, instruction, certificate or instrument on behalf of the Fund. Such certificate may be accepted and conclusively
relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar
certificate to the contrary.

 

Section 9.Actions Permitted without
Express Authority

 

The Custodian may in its
discretion, without express authority from the applicable Fund:

 

		1)	Make payments to itself or others for minor expenses of
handling securities or other similar items relating to its duties under this Agreement; provided that all such payments shall
be accounted for to the Trust on behalf of the Fund;

 

		2)	Surrender securities in temporary form for securities
in definitive form;

 

		3)	Endorse for collection, in the name of the Fund, checks,
drafts and other negotiable instruments; and

 

    	-8-

    	 

    

		4)	In general, attend to all non-discretionary details
in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of
the Fund except as otherwise directed by the Sponsor on behalf of the Fund.

		 	 

Section 10.Books
of Account and Calculation of Class Value and Class Value per Share

 

The Custodian shall cooperate
with and supply necessary information to the Sponsor and the Administrator or such other entity or entities appointed by the Sponsor
on behalf of any Fund to keep the books of account of each Fund and/or compute the Class Values and Class Values per Share (each
as defined in such Fund’s Prospectus) of the outstanding Shares of each Fund or, if directed in writing to do so by the Sponsor,
shall itself keep such books of account and/or compute such Class Values and Class Values per Share. If and as so directed, the
Custodian shall transmit the Class Values and Class Values per Share of a Fund to the Transfer Agent, the NASDAQ OMX, the Sponsor
and such other entities as directed in writing by the Sponsor. If and as so directed, the Custodian shall also calculate daily
the Net Investment Income attributable to each Class of a Fund, as described in such Fund’s Prospectus, and shall advise
the Transfer Agent, the NASDAQ OMX, the Sponsor and such other entities as directed in writing by the Sponsor daily of the total
amounts of such Net Investment Income and, if instructed in writing by the Sponsor to do so, shall advise the Transfer Agent, the
NASDAQ OMX, the Sponsor and such other entities as directed in writing by the Sponsor periodically of the division of such Net
Investment Income among its various components. The calculations of the Class Values and Class Values per Share of each Fund shall
be made at the time or times described from time to time in such Fund’s Prospectus.

 

Section 11.Records

 

The Custodian shall
create and maintain all records relating to its activities and obligations under this Agreement in such manner as may be
agreed to from time to time by the Fund and the Custodian and shall at all times during the regular business hours of the
Custodian be open for inspection by duly authorized representatives, officers, employees or agents of a Fund. The Custodian
shall, at the Fund’s request, supply the Fund with a tabulation of securities owned by each Fund and held by the
Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund
and the Custodian, include certificate numbers in such tabulations.

 

Section 12.Opinion of Fund’s Independent
Accountant

 

The Custodian
shall cooperate reasonably with the Fund’s independent accountants.

 

    	-9-

    	 

    

Section 13. Reports to Fund by Independent
Public Accountants

 

The Custodian shall provide
each Fund, at such times as the Fund may reasonably require, with reports by independent public accountants on the accounting system,
internal accounting control and procedures for safeguarding securities, including securities deposited and/or maintained in a U.S.
Securities System, relating to the services provided by the Custodian under this Agreement; such reports shall be of sufficient
scope and in sufficient detail as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies
would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

 

Section 14.Compensation of Custodian

 

The Custodian shall be
entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time between the Trust
on behalf of each applicable Fund and the Custodian.

 

Section 15.Responsibility of Custodian

 

The Custodian shall be
held to the exercise of reasonable care in carrying out the provisions of this Agreement, and shall be kept indemnified by and
shall be without liability to the Trust and each Fund for any action taken or omitted by it in good faith without negligence, including,
without limitation, acting in accordance with any Proper Instruction. The Custodian shall be entitled to rely on and may act upon
advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken
or omitted pursuant to such advice. In no event shall the Custodian be liable for indirect, special or consequential damages.

 

The Custodian shall
be without responsibility or liability to the Fund for: (i) events or circumstances beyond the reasonable control of the
Custodian, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any
securities market or system, power or other mechanical or technological failures or interruptions, computer viruses or
communications disruptions, work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar
force majeure events or acts; (ii) errors by a Fund, its Investment Advisor, the Sponsor or any other duly authorized person
in their instructions to the Custodian; (iii) the insolvency of or acts or omissions by a U.S. Securities System or Special
Sub-Custodian; (iv) the failure of the Fund, its Investment Advisor, the Sponsor or any duly authorized person to adhere to
the Custodian’s operational policies and procedures; (v) any delay or failure of any broker, agent or intermediary,
central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’s sub-custodian or
agent securities purchased or in the remittance or payment made in connection with securities sold; (vi) any delay or failure
of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian,
the Fund, the Custodian’s sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and
other accretions or benefits; (vii) delays or inability to perform its duties due to any disorder in market infrastructure
with respect to any particular security or U.S. Securities System; and (viii) the effect of any

    	-10-

    	 

    

provision
of any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision
thereof or of any court of competent jurisdiction.

 

The Custodian is authorized
and instructed to rely upon the information it receives from the Fund or any third party on behalf of the Fund. The Custodian shall
have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any data
supplied to it by or on behalf of the Fund. The Custodian shall have no liability in respect of any loss, damage or expense suffered
by the Fund arising from the performance of the Custodian’s duties hereunder in reliance upon records that were maintained
for the Fund by entities other than the Custodian prior to its appointment as custodian.

 

If the Fund instructs the
Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the
opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund being liable for the payment of money or
incurring liability of some other form, the Fund, as a prerequisite to the Custodian taking such action, shall provide indemnity
to the Custodian in an amount and form satisfactory to it. The Custodian shall not be responsible for the title, validity or genuineness
of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless
in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be
signed by the proper party or parties.

 

Any property at any
time held for the Fund’s account shall be security for the Fund’s performance of its obligations under this
Agreement. The obligations include the Fund’s obligations to reimburse the Custodian if the Custodian, its affiliates,
subsidiaries or agents advances cash or securities to the Fund for any purpose (including but not limited to securities
settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall
incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of
this Agreement, except such as may arise from its or its nominee’s own negligent action, negligent failure to act or
willful misconduct, as well as the Fund’s obligation to compensate the Custodian pursuant to Section 14 hereof. Should
the Fund fail to reimburse or otherwise pay the Custodian any obligation under this Agreement promptly, the Custodian shall
have the rights and remedies of a secured party under this Agreement, the Uniform Commercial Code and other applicable law,
including the right to utilize available cash and to dispose of such Fund’s assets to the extent necessary to obtain
payment or reimbursement.  The Custodian may at any time decline to follow Proper Instructions to deliver out to the
Fund cash or securities if the Custodian determines in its reasonable discretion that, after giving effect to the Proper
Instructions, the cash or securities remaining will not have sufficient value fully to secure the Fund’s payment or
reimbursement obligations, whether contingent or otherwise.

 

The Custodian has no responsibility
to monitor or oversee the investment activity undertaken by the Fund or its Investment Advisor. The Custodian has no duty to ensure
(or to inquire whether) an Investment Advisor complies with any investment objectives or restrictions agreed between the Fund and
the Investment Advisor, or whether the Investment Advisor complies with its legal obligations to under applicable securities laws
or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take

    	-11-

    	 

    

any responsibility
or liability for the suitability or appropriateness of the investments made by the Fund or on its behalf.

 

The Fund’s receipt
of securities from a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty
in connection with any sale of securities will be at the Fund’s sole risk, and the Custodian shall not be obligated to make
demands on the Fund’s behalf if the Fund’s counterparty defaults. If the Fund’s counterparty fails to deliver
securities or cash, the Custodian will, as its sole responsibility, notify the Investment Advisor of such failure within a reasonable
time after becoming aware of the same.  

 

Section 16. Effective Period and Termination

 

This Agreement shall
remain in full force and effect for an initial term ending five (5) years from the date hereof (the “Initial Term”).
After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal
Term”) unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days
prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either
party may terminate this Agreement: (i) in the event of the other party’s material breach of a material provision of this
Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably
acceptable, within 60 days’ written notice of such breach, or (ii) in the event that the other party is adjudged bankrupt
or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency or other similar
law, or a conservator or receiver is appointed for the such party or upon the happening of a like event to such party at the direction
of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph, the
Trust shall pay the Custodian its compensation due and shall reimburse the Custodian for its costs, expenses and disbursements.

 

In the event of: (i)
the Trust’s termination of this Agreement, with or without notice, with respect to any Fund for any reason other than
as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to
which the Custodian is not retained to continue providing services hereunder to such Fund (or its respective successor), the
Trust shall pay the Custodian its compensation due through the end of the then-current term (based upon the average monthly
compensation previously earned by Custodian with respect to the Fund) and shall reimburse the Custodian for its costs,
expenses and disbursements. Upon receipt of such payment and reimbursement, the Custodian will deliver the Fund’s
securities, funds and other properties as set forth herein. For the avoidance of doubt, no payment will be required pursuant
to the first sentence of this paragraph in the event of (a) the liquidation or dissolution of the Fund and distribution of
the Fund’s assets as a result of the Sponsor’s good faith determination that the Fund is no longer viable, (b) a
merger of the Fund into, or the consolidation of the Fund with, another entity, or (c) the sale by the Fund of all, or
substantially all, of its assets to another entity, in each of (b) and (c) where the Custodian is retained to continue
providing services to the Fund (or its respective successor) on substantially the same terms as this Agreement.

 

The provisions of Sections
6, 14 and 15 of this Agreement shall survive termination of this Agreement for any reason.

 

    	-12-

    	 

    

Section 17.Successor Custodian

 

If a successor custodian
for the Fund shall be appointed by the Sponsor, the Custodian shall, upon termination, deliver to such successor custodian at the
office of the Custodian, duly endorsed and in the form for transfer, all securities, funds and other properties of the Fund then
held by it hereunder and shall transfer to an account of the successor custodian all of the securities of the Fund held in a U.S.
Securities System.

 

If no such successor custodian
shall be appointed, the Custodian shall, in like manner, upon receipt of a Proper Instruction, deliver at the office of the Custodian
and transfer such securities, funds and other properties in accordance with such Proper Instruction.

 

In the event that no Proper
Instruction designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before
the date when such termination shall become effective, then the Custodian shall have the right to deliver to (i) the applicable
Fund, or (ii) a bank or trust company, of its own selection, all securities, funds and other properties held by the Custodian hereunder
and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of
the Fund, and to transfer to an account of such successor custodian all of the Fund’s securities held in any U.S. Securities
System. The Custodian shall have no liability for any such delivery. Thereafter, in the case of clause (ii) above, such bank or
trust company shall be the successor of the Custodian under this Agreement.

 

In the event that securities,
funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of the
Fund to appoint a successor custodian, the Custodian shall be entitled to fair compensation for its services during such period
as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating
to the duties and obligations of the Custodian shall remain in full force and effect.

 

Section 18. Representations and Warranties

 

The Custodian represents
and warrants to the Trust that:

 

		(a)	It is a trust company duly organized and existing under
the laws of the Commonwealth of Massachusetts;

 

		(b)	It is duly qualified to carry on its business in the Commonwealth
of Massachusetts;

 

		(c)	This Agreement constitutes its legal, valid, binding and
enforceable agreement;

 

		(d)	It is empowered under applicable laws and by its organizational
documents to enter into and perform the services contemplated in this Agreement;

 

    	-13-

    	 

    

		(e)	All requisite organizational proceedings have been taken
to authorize it to enter into and perform this Agreement; and

 

		(f)	Its entrance into this Agreement shall not cause a material
breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable
to it.

 

The Trust represents and
warrants to the Custodian that:

 

		(a)	It is duly organized, validly existing in good standing
in its jurisdiction of organization and is qualified to conduct its business in every jurisdiction where its business is conducted;

 

		(b)	The execution, delivery and performance of this Agreement,
all documents and instruments to be delivered hereunder or thereunder and all transactions contemplated hereunder or thereunder
have been duly authorized by all necessary organizational action;

 

		(c)	The person executing this Agreement on its behalf has
been duly authorized to act on its behalf;

 

		(d)	This Agreement constitutes its legal, valid, binding and
enforceable agreement;

 

		(e)	It has obtained all authorizations, approvals and consents
of any governmental body required in connection with this Agreement and all transactions contemplated hereunder and such authorizations
are in full force and effect; and

 

		(f)	The execution, delivery and performance of this Agreement
and the transactions hereunder will not violate any agreement, law, ordinance, charter, by-law, rule or regulation applicable
to it or by which it is bound or by which any of its assets are affected. Further, the Trust hereby acknowledges and agrees that
it shall promptly notify the Custodian of any statute, regulation, rule, or other regulatory requirement or policy governing any
Fund, and any change thereto, which may affect the Custodian’s responsibilities under this Agreement.

 

    	-14-

    	 

    

Section 19.Anti-Money Laundering

 

The Fund acknowledges that
the Custodian is required to comply with a number of federal regulations and policies concerning matters such as the identity of
its customers and the source of funds it handles, including the Bank Secrecy Act and the USA Patriot Act, and all regulations issued
thereunder, and the regulations issued by the U.S. Department of Treasury, Office of Foreign Asset Control (together, the “U.S.
Money Laundering and Investor Identification Requirements”). Accordingly, the Fund confirms that it has complied
and shall continue to comply with all applicable U.S. Money Laundering and Investor Identity Requirements with respect to the account
of the Fund, including without limitation maintaining and effecting appropriate procedures to verify suspicious transactions and
the source of funds for settlement of transactions.

 

Section 20.General

 

Section 20.1 Governing
Law. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth
of Massachusetts, without giving effect to any conflict of laws rules.

 

Section 20.2 Prior Contracts.
This Agreement supersedes and terminates, as of the date hereof, all prior agreements between the Fund and the Custodian relating
to the custody of the Fund’s assets. This Agreement may be amended at any time in writing by mutual agreement of the parties
hereto.

 

Section 20.3 Assignment.
This Agreement may not be assigned by (a) the Trust without the written consent of the Custodian or (b) by the Custodian without
the written consent of the Trust, except that either party may assign this Agreement to a successor of all or a substantial portion
of its business, or to a party controlling, controlled by or under common control with such party.

 

Section 20.4 Interpretive
and Additional Provisions. In connection with the operation of this Agreement, the Custodian and the Trust on behalf of any
Fund may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in
their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall
be in a writing signed by both parties, provided that no such interpretive or additional provisions shall contravene any applicable
law or regulations or any provision of the Trust’s organizational or governing documents. No interpretive or additional provisions
made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

 

Section 20.5 Additional
Funds. In the event that the Trust establishes one or more additional
series with respect to which it desires to have the Custodian render services as custodian under the terms hereof, it shall
so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such series shall become
a Fund hereunder.

 

Section 20.6 Remote
Access Services Addendum. The Custodian and the Trust agree to be bound by the terms of the Remote Access Services Addendum
attached hereto.

 

    	-15-

    	 

    

Section 20.7 Notices.
Any notice, instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile
transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other
addresses as may be notified by any party from time to time.

	 	To the Trust, any Fund or the Sponsor:	AccuShares Investment Management, LLC
	 	 	1 Bridge Plaza North, Suite 468
	 	 	Fort Lee, NJ 07024
	 	 	Attention:  Forrest Gilman
	 	 	Telephone:  201-399-4700
	 	 	Facsimile:  203-998-0435
	 	 	 
	 	To the Custodian:	State Street Bank and Trust Company
	 	 	1200 Crown Colony Drive 
	 	 	Quincy, MA, 02169 
	 	 	Attention: Michael Timcoe
	 	 	Telephone: (617) 985-3185
	 	 	Facsimile: (617) 988-0793

 

Section 20.8 Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts
taken together shall constitute but one and the same Agreement. Counterparts may be executed in either original or electronically
transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures
received via electronically transmitted form.

 

Section 20.9 Severability.
If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist
upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in
exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver
of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any
further exercise of the right or remedy or the exercise of any other right or remedy.

 

Section 20.10 Confidentiality.
The parties hereto agree that each shall treat confidentially all information provided by each party to the other party
regarding its business and operations. All confidential information provided by a party hereto shall be used by any other
party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be
required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to
any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a
breach of this Agreement, (ii) that is independently derived by any party hereto without the use of any information provided
by the other party hereto in connection with this Agreement, (iii) that is required in any legal or regulatory proceeding,
investigation, audit, examination, subpoena, civil investigative demand or

    	-16-

    	 

    

other similar process, or by operation of law or
regulation, or (iv) where the party seeking to disclose has received the prior written consent of the party providing the
information, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary, the Custodian
and its affiliates may report and use nonpublic portfolio holdings information of its clients, including the Trust, on an
aggregated basis with all or substantially all other client information and without specific reference to the Trust or any
Fund.

 

Section 20.11 Reproduction
of Documents. This Agreement and all schedules, exhibits, addenda, attachments and amendments hereto may be reproduced by any
photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each
agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding,
whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business,
and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

 

Section
20.12 Regulation GG. The Trust hereby represents and warrants that
it does not engage in an “Internet gambling business,” as such term is defined in Section 233.2(r) of Federal Reserve
Regulation GG (12 CFR 233) (“Regulation GG”). The Trust hereby covenants and agrees that it shall not
engage in an Internet gambling business. In accordance with Regulation GG, the Trust is hereby notified that “restricted
transactions,” as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian
pursuant to this Agreement or otherwise between or among any party hereto.

 

Section 20.13Data
Privacy. The Custodian will implement and maintain a comprehensive written information security program that contains appropriate
security measures to safeguard the personal information of the Trust’s and the Funds’ shareholders, employees, directors
and/or officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision
of services hereunder.  For these purposes, “personal information” shall mean (i) an individual’s name (first
initial and last name or first name and last name), address or telephone number plus (a) Social Security number, (b) driver’s
license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal
identification number or password that would permit access to a person’s account or (ii) any combination of the foregoing
that would allow a person to log onto or access an individual’s account.  Notwithstanding the foregoing “personal
information” shall not include information that is lawfully obtained from publicly available information, or from federal,
state or local government records lawfully made available to the general public.

 

Section 20.14 Loan Services Addendum.
[RESERVED]

 

Section 20.15 Shareholder
Communications. SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests
by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank
unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian
needs each Fund to indicate whether it authorizes the Custodian to provide the Fund’s name, address, and share position to
requesting companies whose stock the Fund owns. If the Fund tells the Custodian “no”, the Custodian will not provide
this information to requesting

    	-17-

    	 

    

companies. If the Fund tells the Custodian “yes” or does not check either “yes”
or “no” below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information
for all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’s protection, the Rule
prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate communications.
Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

 

	 	YES [  ]	The Custodian is authorized to release the Fund’s name, address, and share positions.

	 	NO  [X]	The Custodian is not authorized to release the Fund’s name, address, and share positions.

 

Section 20.16 Assets
and Liabilities of the Funds.

 

The Custodian hereby acknowledges and
agrees that:

The assets of each Fund shall be held
in separate and distinct accounts (directly or indirectly, including through a nominee or otherwise) and accounted for in such
separate and distinct records separately from the other assets of the Trust and every other Fund and are referred to as “assets
belonging to” that Fund. Except as otherwise set forth herein, the assets belonging to a Fund shall belong only to that Fund
for all purposes, and to no other Fund, and shall be subject only to the rights of creditors of that Fund. The assets belonging
to a Fund shall be charged with the liabilities of such Fund and all expenses, costs, charges, indemnities and reserves attributable
to such Fund.

Except as otherwise set forth herein,
the debts, liabilities, obligations, expenses, costs, charges, interests, claims, indemnities and reserves of any nature and all
kinds and descriptions (“Claims”) incurred, contracted for, attributable to or otherwise existing with respect to a
particular Fund 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 Claims 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.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

    	-18-

    	 

    

IN WITNESS WHEREOF, each
of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative and its seal
to be hereunder affixed as of the date first above-written.

 

 

Accushares Commodities
Trust I, for and on behalf of each Fund listed on Appendix A attached hereto

 

By: AccuShares Investment Management, LLC, as Sponsor

 

 

	 	By: /s/ Forrest G. Gilman                                          
	      	Name:  Forrest G. Gilman
	      	Title:  Vice President, Chief Financial Officer and Treasurer

 

 

 

State
Street Bank and Trust Company

 

 

By: /s/ Michael F. Rogers                             

Name: Michael F. Rogers

Title: Executive Vice President

    	 

    	 

    

APPENDIX
A

to

Custodian
Agreement

 

 

AccuShares Commodities
Trust I

AccuShares S&P GSCI Spot Fund

AccuShares S&P GSCI Agriculture and Livestock
Spot Fund

AccuShares S&P GSCI Industrial Metals Spot
Fund

AccuShares S&P GSCI Crude Oil Spot Fund

AccuShares S&P GSCI Brent Oil Spot Fund

AccuShares S&P GSCI Natural Gas Spot Fund

AccuShares Spot CBOE VIX Fund

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