Document:

ex10-2.htm

Exhibit 10.2

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

           August 18, 2011

 

Ladies and Gentlemen:

 

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant  to purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”).

 

In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

 

(a)            The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares; and

 

(b)            The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof.

 

The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the Securities Purchase Agreement, immediately following consummation of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant with respect to, and/or exercise the Warrant for, all or a portion of the number of shares of Common Stock issuable thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit the foregoing.  The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer.

UST Seq. No. 102 and SBLF0526

  

Page 1

  

  

 

In addition, the Company agrees that in the event it elects to repurchase the Warrant, it shall deliver to the Investor within 15 calendar days of the date hereof a notice of intent to repurchase the Warrant, which notice shall be in accordance with Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”).  In the event the Company does not deliver the Warrant Repurchase Notice to the Investor within 15 calendar days of the date hereof, the Investor hereby provides notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Warrant, such notice to be effective as of the first day following the end of such 15-day period.

 

In the event that the Company delivers a Warrant Repurchase Notice and the Company and the Investor fail to agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the Company revokes the delivery of such Warrant Repurchase Notice, then the Investor hereby provides notice of its intention to sell the Warrant.

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

 

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

 

[Remainder of this page intentionally left blank]

 

 

 

 

UST Seq. No. 102 and SBLF0526

  

Page 2

  

  

 

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

	
  

	
UNITED STATES DEPARTMENT OF THE TREASURY

 

	
By:

	  
	
Name:

	  
	
Title:

	  

 

GREAT SOUTHERN BANCORP, INC.

 

	
By:

	  
	
Name:

	
Joseph W. Turner

	
Title:

	
President and Chief Executive Officer

UST Seq. No. 102 and SBLF0526

  

Page 3

  

  

 

SCHEDULE A

	
General Information:

	  
	
Date of Letter Agreement incorporating the Securities Purchase Agreement:

	
December 5, 2008

	
Name of the Company:

	
Great Southern Bancorp, Inc.

	
Corporate or other organizational form of the Company:

	
Corporation

	
Jurisdiction of organization of the Company:

	
Maryland

	
Number and series of preferred stock issued to the Investor at the Closing:

	
58,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A

	
Number of Initial Warrant Shares:

	
909,091 shares of Common Stock

	  	  
	
Terms of the Repurchase:

	  
	
Number of Preferred Shares repurchased by the Company:

	
58,000

	
Share certificate number (representing the Preferred Shares previously issued to the Investor at the Closing):

	
00001

	
Per share Liquidation Amount of Preferred Shares:

	
$1,000

	
Accrued and unpaid dividends on Preferred Shares:

	
$24,166.67  (Due after payment of regular quarterlydividend on August 15, 2011)

	
Aggregate purchase price for Repurchased Preferred Shares:

	
 

$58,024,166.67

	
Investor wire information for payment of purchase price:

	  

 

UST Seq. No. 102 and SBLF0526

  

Page 4EXHIBIT 4.1

	
  

 
	
 AMENDED AND RESTATED TRUST AGREEMENT

 
	
  

 
	
 OF

 
	
  

 
	
 ETFS COLLATERALIZED COMMODITIES TRUST

 
	
  

 
	

 

 
	
  

 
	
 ETF SECURITIES USA LLC

 
	
  

 
	
 as Sponsor

 
	
  

 
	
 and

 
	
  

 
	
 WILMINGTON TRUST COMPANY,

 
	
  

 
	
 as Trustee

 
	
  

 
	

 

 
	
  

 
	
 Dated as of
 [                            ]

 

Table of Contents

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	

 

 
	
  

 
	
 ARTICLE I
 DEFINITIONS; THE TRUST

 	
  

 	
 1

 
	
  

 	
 Section 1.1. Definitions

 	
  

 	
 1

 
	
  

 	
 Section 1.2.
 Name

 	
  

 	
 9

 
	
  

 	
 Section 1.3.
 Delaware Trustee; Business Offices

 	
  

 	
 9

 
	
  

 	
 Section 1.4.
 Declaration of Trust

 	
  

 	
 9

 
	
  

 	
 Section 1.5.
 Purposes and Powers

 	
  

 	
 10

 
	
  

 	
 Section 1.6.
 Tax Treatment

 	
  

 	
 10

 
	
  

 	
 Section 1.7.
 Limited Liability of Sponsor

 	
  

 	
 11

 
	
  

 	
 Section 1.8.
 Legal Title

 	
  

 	
 12

 
	
  

 	
 Section 1.9.
 Series Trust

 	
  

 	
 12

 
	
  

 	
 Section
 1.10. Commencement of Business

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II
 THE TRUSTEE

 	
  

 	
 12

 
	
  

 	
 Section 2.1.
 Trustee Term; Resignation

 	
  

 	
 12

 
	
  

 	
 Section 2.2.
 Powers of Trustee

 	
  

 	
 12

 
	
  

 	
 Section 2.3.
 Compensation and Expenses of the Trustee

 	
  

 	
 13

 
	
  

 	
 Section 2.4.
 Indemnification of the Trustee

 	
  

 	
 13

 
	
  

 	
 Section 2.5.
 Successor Trustee

 	
  

 	
 13

 
	
  

 	
 Section 2.6.
 Liability of Trustee

 	
  

 	
 14

 
	
  

 	
 Section 2.7.
 Payments to the Trustee

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III
 SHARES; SERIES; CAPITAL CONTRIBUTIONS

 	
  

 	
 15

 
	
  

 	
 Section 3.1.
 General

 	
  

 	
 15

 
	
  

 	
 Section 3.2.
 Establishment of Series, or Funds, of the Trust

 	
  

 	
 16

 
	
  

 	
 Section 3.3.
 Offer of Shares, Procedures for Creation and Issuance of Creation Units

 	
  

 	
 17

 
	
  

 	
 Section 3.4.
 Book-Entry-Only System, Fund Global Securities

 	
  

 	
 18

 
	
  

 	
 Section 3.5.
 Assets

 	
  

 	
 21

 
	
  

 	
 Section 3.6.
 Liabilities of the Funds

 	
  

 	
 21

 
	
  

 	
 Section 3.7.
 Distributions

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV
 THE SPONSOR

 	
  

 	
 24

 
	
  

 	
 Section 4.1.
 Management of the Trust

 	
  

 	
 24

 
	
  

 	
 Section 4.2.
 Authority of Sponsor

 	
  

 	
 24

 
	
  

 	
 Section 4.3.
 Expenses of the Trust

 	
  

 	
 27

 
	
  

 	
 Section 4.4.
 Liability of Covered Persons

 	
  

 	
 27

 
	
  

 	
 Section 4.5.
 Elimination and Limitation of Duties and Liabilities of the Sponsor

 	
  

 	
 28

 
	
  

 	
 Section 4.6.
 Obligations of the Sponsor

 	
  

 	
 29

 
	
  

 	
 Section 4.7.
 Delegation of Obligations of the Sponsor

 	
  

 	
 30

 
	
  

 	
 Section 4.8.
 Compensation to the Sponsor

 	
  

 	
 30

 
	
  

 	
 Section 4.9.
 Other Business of Shareholders

 	
  

 	
 30

 
	
  

 	
 Section
 4.10. Indemnification of Covered Persons

 	
  

 	
 30

 
	
  

 	
 Section
 4.11. Other Contractual Rights

 	
  

 	
 31

 

i

	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V
 TRANSFERS OF SHARES

 	
  

 	
 32

 
	
  

 	
 Section 5.1.
 General Prohibition

 	
  

 	
 32

 
	
  

 	
 Section 5.2.
 Transfer of Shares

 	
  

 	
 32

 
	
  

 
	
 ARTICLE VI
 ALLOCATIONS

 	
  

 	
 32

 
	
  

 	
 Section 6.1.
 Allocations for Capital Account Purposes

 	
  

 	
 32

 
	
  

 	
 Section 6.2.
 Allocations for Tax Purposes

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII
 SHAREHOLDERS

 	
  

 	
 37

 
	
  

 	
 Section 7.1.
 No Management or Control; Limited Liability; Exercise of Rights  through DTC

 	
  

 	
 37

 
	
  

 	
 Section 7.2.
 Rights and Duties

 	
  

 	
 37

 
	
  

 	
 Section 7.3.
 Limitation on Shareholder Liability

 	
  

 	
 38

 
	
  

 	
 Section 7.4.
 Voting Power and Meetings

 	
  

 	
 39

 
	
  

 	
 Section 7.5.
 Notice of Shareholders’ Meeting

 	
  

 	
 39

 
	
  

 	
 Section 7.6.
 Voting Procedure

 	
  

 	
 40

 
	
  

 	
 Section 7.7.
 Quorum and Required Vote

 	
  

 	
 40

 
	
  

 	
 Section 7.8.
 Record Dates

 	
  

 	
 40

 
	
  

 	
 Section 7.9.
 Waiver of Notice by Consent of Absent Shareholders

 	
  

 	
 41

 
	
  

 	
 Section
 7.10. Proxies

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII
 RECORDS AND REPORTS

 	
  

 	
 41

 
	
  

 	
 Section 8.1.
 Maintenance of Share Register

 	
  

 	
 41

 
	
  

 	
 Section 8.2.
 Maintenance of Other Records

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX
 REDEMPTIONS

 	
  

 	
 42

 
	
  

 	
 Section 9.1.
 Redemption of Redemption Units

 	
  

 	
 42

 
	
  

 	
 Section 9.2.
 Other Redemption Procedures

 	
  

 	
 43

 
	
  

 	
 Section 9.3.
 Mandatory Redemption by the Trust

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X
 CUSTODY OF ASSETS

 	
  

 	
 44

 
	
  

 	
 Section
 10.1. Employment of a Custodian

 	
  

 	
 44

 
	
  

 	
 Section
 10.2. Other Arrangements

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI
 MISCELLANEOUS

 	
  

 	
 44

 
	
  

 	
 Section 11.1. Termination of Trust or Series

 	
  

 	
 44

 
	
  

 	
 Section
 11.2. Merger and Consolidation

 	
  

 	
 45

 
	
  

 	
 Section
 11.3. Filing of Copies

 	
  

 	
 45

 
	
  

 	
 Section
 11.4. Applicable Law

 	
  

 	
 46

 
	
  

 	
 Section
 11.5. Provisions in Conflict with Law or Regulations

 	
  

 	
 46

 
	
  

 	
 Section
 11.6. Contracts and Instruments; How Executed

 	
  

 	
 46

 
	
  

 	
 Section
 11.7. Fiscal Year

 	
  

 	
 46

 
	
  

 	
 Section
 11.8. Counterparts

 	
  

 	
 46

 
	
  

 	
 Section
 11.9. Internal References; Headings

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XII
 AMENDMENT

 	
  

 	
 47

 
	
  

 	
 Section
 12.1. Amendment

 	
  

 	
 47

 

ii

          WHEREAS,
THIS AMENDED AND RESTATED TRUST AGREEMENT (this “Trust Agreement”) is made and
entered into as of, _________ __, 2011, by ETF SECURITIES USA LLC, a Delaware
limited liability company (the “Sponsor”), and WILMINGTON TRUST COMPANY, a
Delaware trust company, as trustee (the “Trustee”), for the purpose of
continuing a Delaware statutory trust in accordance with the provisions
hereinafter set forth;

          WHEREAS,
the Sponsor and the Trustee have heretofore created the Trust pursuant to the
DSTA (as hereinafter defined) by entering into a trust agreement, dated as of
May 27, 2010 (the “Original Trust Agreement”), and by executing and filing with
the Secretary of State of the State of Delaware the Certificate of Trust; and

          WHEREAS,
the parties hereto desire to amend and restate the Original Trust Agreement in
its entirety and to provide for the matters set forth herein; and

          WHEREAS,
this Trust is authorized to issue its shares of beneficial interest in one or
more separate series, all in accordance with the provisions set forth in this
Trust Agreement.

          NOW,
THEREFORE, in consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and pursuant to Section 8 of the Original Trust
Agreement, the Sponsor and the Trustee hereby amend and restate the Original
Trust Agreement in its entirety and agree as follows:

ARTICLE
I

DEFINITIONS; THE TRUST

          Section 1.1. Definitions.
Whenever used herein, unless otherwise defined or required by the context or
specifically provided:

          “Adjusted
Capital Account” means with respect to any Shareholder, such Shareholder’s
Capital Account as of the end of the relevant fiscal year or other applicable
period after giving effect to the following adjustments:

          (a)
Credit to such Capital Account any amounts which such Shareholder
is obligated to restore pursuant to Treasury Regulation Section
1.704-1(b)(2)(ii)(c) or is deemed to be obligated to restore to the Trust
pursuant to the second to last sentences of Treasury Regulation sections
1.704-2(g)(1) and 1.704-2(i)(5).

          (b)
Debit to such Capital Account the items described in Treasury
Regulation sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

The foregoing
definition of Adjusted Capital Account is intended to comply with the
provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be
interpreted consistently therewith. The Adjusted Capital Account of a
Shareholder in respect of a Share shall be the 

1

amount that
such Adjusted Capital Account would be if such Share were the only interest in
the Trust held by such Shareholder from and after the date on which such Share
was first issued.

          “Administrator”
means any Person from time to time engaged to provide administrative services
to the Trust pursuant to authority granted by the Sponsor.

          “Affiliate”
of a Person means (i) any Person directly or indirectly owning, controlling or
holding with power to vote 5% or more of the outstanding voting securities of
such Person; (ii) any Person 5% or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held with power to vote by such
Person; (iii) any Person, directly or indirectly, controlling, controlled by or
under common control of such Person; (iv) any employee, officer, director,
member, manager or partner of such Person; or (v) if such Person is an
employee, officer, director, member, manager or partner, any Person for which
such Person acts in any such capacity.

          “Applicable
Series” shall have the meaning assigned to such term in Section 3.6(b).

          “Authorized
Participant” means a Person who (1) is a registered broker-dealer or other
securities market Authorized Participant such as a bank or other financial
institution which is not required to register as a broker-dealer to engage in
securities transactions, (2) is a Authorized Participant in DTC, (3) has
entered into an Authorized Participant Agreement, which, at the relevant time,
is in full force and effect, with the Trust and the Sponsor, and (4) has
entered into a Direct Agreement with each of the Counterparties of the relevant
Fund. Only Authorized Participants may place orders to create or redeem one or
more Baskets of a Fund.

          “Authorized
Participant Agreement” means an agreement entered into by each Authorized
Participant, the Sponsor, and the Trust on behalf of a Fund, which sets forth
the procedures for the creation and redemption of Baskets in a Fund, which may
be amended and supplemented from time to time in accordance with its terms.

          “Basket”
means a Creation Unit or Redemption Unit, as the context may require.

          “Beneficial
Owners” shall have the meaning assigned to such term in Section 3.4(d).

          “Business
Day” means any day (other than a Saturday or Sunday) on which the Exchange
is open for regular trading.

          “Capital
Account” means the capital account maintained for a Shareholder. The
Capital Account of a Shareholder in respect of a Share shall be the amount that
such Capital Account would be if such Share were the only interest in a Fund
held by such Shareholder from and after the date on which such Share was first
issued.

          “Capital
Contributions” means the amounts of cash or other consideration contributed
to a Fund by any Person.

          “CEA”
means the Commodity Exchange Act, as amended.

2

          “Certificate
of Trust” means the Certificate of Trust of the Trust in the form filed
with the Secretary of State of the State of Delaware pursuant to section 3810
of the DSTA, as amended or restated from time to time.

          “Claims”
shall have the meaning assigned to such term in Section 3.6(b).

          
“Code” means the United States Internal Revenue Code of 1986, as
amended.

          “Corporate
Trust Office” means the principal office at which at any particular time
the corporate trust business of the Trustee is administered, which office at
the date hereof is located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attention: Corporate Trust Administration.

          “Covered
Person” means the Trustee, the person acting as Trustee (in its individual
capacity), the Sponsor, and their respective Affiliates.

          “Creation
Unit” means the minimum number of Shares of a Fund that may be created at
any one time, which shall be 50,000 or such greater or lesser number as the
Sponsor may determine from time to time for each Fund.

          “Creation
Unit Capital Contribution” of a Fund means a Capital Contribution made by
an Authorized Participant when purchasing a Creation Unit of that Fund.

          “Depreciation”
means, for each fiscal year of the Trust or other applicable period, an amount
equal to the U.S. federal income tax depreciation, amortization or other cost
recovery deduction allowable with respect to an asset for such year or other
period, except that if the Gross Asset Value of an asset differs from its
adjusted basis for U.S. federal income tax purposes at the beginning of such
year or period, Depreciation shall be in an amount that bears the same ratio to
such beginning Gross Asset Value as the U.S. federal income tax depreciation,
amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; provided, however, that if the U.S.
federal income tax depreciation, amortization or other cost recovery deduction
for such year or period is zero, Depreciation shall be determined with
reference to such beginning Gross Asset Value using any reasonable method
selected by the Sponsor.

          “Depository”
or “DTC” means The Depository Trust Company, New York, New York, or such
other depository of Shares as may be selected by the Sponsor as specified
herein.

          “Depository
Agreement” means the Letter of Representations relating to each Fund from
the Sponsor to the Depository.

          “DSTA”
means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware
Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time.

          “DTC
Participants” shall have the meaning assigned to such term in Section
3.4(c).

3

          “Exchange”
means the NYSE Arca or, if the Shares of any Fund shall cease to be listed on
the NYSE, the exchange on which the Shares of such Fund are principally traded,
as determined by the Sponsor.

          “Expenses”
shall have the meaning assigned to such term in Section 2.4.

          “Fund”
means an established and designated Series of the Trust.

          “Fund
Minimum Gain” has, with respect to a Fund, the meaning given to the term
“partnership minimum gain “ in Treasury Regulation section 1.704-2(d).

          “Fund
Value” at any time means the total assets of a Fund including, but not
limited to, all financial instruments, cash and cash equivalents, securities or
other property less total liabilities of such Fund, determined on the basis of
generally accepted accounting principles in the U.S., consistently applied
under the accrual method of accounting.

          “Global
Security” means the global certificate or certificates for each Fund issued
to the Depository as provided in the Depository Agreement.

          “Gross
Asset Value” means, with respect to any asset, the asset’s adjusted basis
for U.S. federal income tax purposes, except as follows:

          (a)
The initial Gross Asset Value of any asset contributed by a
Shareholder to a Fund shall be the gross fair market value of such asset as
determined by the Sponsor.

          (b)
The Gross Asset Values of all Fund assets shall be adjusted to
equal their respective gross fair market values, as determined by the Sponsor
using such reasonable method of valuation as it may adopt, as of the following
times:

	
  

 	
  

 
	
  

 	
           (i)
 the acquisition of an additional interest in a Fund by a new or
 existing Shareholder in exchange for more than a de minimis Capital
 Contribution, if the Sponsor reasonably determines that such adjustment is
 necessary or appropriate to reflect the relative economic interests of the
 Shareholders in the Fund;

 
	
  

 	
  

 
	
  

 	
           (ii)
 the distribution by the Fund to a Shareholder of more than a de minimis
 amount of property as consideration for an interest in the Fund, if the
 Sponsor reasonably determines that such adjustment is necessary or
 appropriate to reflect the relative economic interests of the Shareholders in
 the Fund;

 
	
  

 	
  

 
	
  

 	
           (iii)
 the liquidation of the Trust or of a Fund, as applicable,
 within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(g); and

 
	
  

 	
  

 
	
  

 	
           (iv)
 at such other times as the Sponsor shall reasonably determine
 necessary or advisable in order to comply with Treasury Regulation sections
 1.704-1(b) and 1.704-2.

 

          (c)
The Gross Asset Value of any Fund asset distributed to a
Shareholder shall be the gross fair market value of such asset on the date of
distribution.

4

          (d)
The Gross Asset Values of Fund assets shall be increased (or
decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code section 734(b) or Code section 743(b), but only to the extent
that such adjustments are taken into account in determining Capital Accounts
pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this
subsection (d) to the extent that the Sponsor reasonably determines that an
adjustment pursuant to subsection (b) above is necessary or appropriate in
connection with a transaction that would otherwise result in an adjustment
pursuant to this subsection (d).

          (e)
If the Gross Asset Value of a Fund asset has been determined or
adjusted pursuant to subsection (a), subsection (b) or subsection (d) above,
such Gross Asset Value shall thereafter be adjusted by the Depreciation taken
into account with respect to such asset for purposes of computing Net Income
and Net Losses.

          “Indirect
DTC Participants” shall have the meaning assigned to such term in Section
3.4(c).

          “Initial
Funds” shall have the meaning assigned to such term in Section 3.2(a).

          “Internal
Revenue Service” or “IRS” means the U.S. Internal Revenue Service or
any successor thereto.

          “Liquidation
Date” means the date on which an event giving rise to the dissolution of
the Trust or a Fund, as applicable, occurs.

          “Net
Income” and “Net Loss” mean for each fiscal year or other applicable
period, an amount equal to a Fund’s taxable income or loss for such fiscal year
or period, determined in accordance with Code section 703(a) (for this purpose,
all items of income, gain, loss, or deduction required to be stated separately
pursuant to Code section 703(a)(1) shall be included in taxable income or
loss), with the following adjustments:

          (a)
Any income of the Fund that is exempt from U.S. federal income
tax or excluded from U.S. federal gross income and not otherwise taken into
account in computing Net Income or Net Loss pursuant to this definition shall
be added to such taxable income or loss;

          (b)
Any expenditures of the Fund described in Code section
705(a)(2)(B) or treated as section 705(a)(2)(B) expenditures pursuant to
Treasury Regulation section 1.704-1(b)(2)(iv)(i), and not otherwise taken into
account in computing Net Income or Net Loss pursuant to this definition, shall
be subtracted from such taxable income or loss;

          (c)
In the event the Gross Asset Value of any Fund asset is adjusted
pursuant to any provision of this Agreement in accordance with the definition
of Gross Asset Value, the amount of such adjustment shall be taken into account
as gain or loss from the disposition of such asset for purposes of computing
Net Income and Net Loss;

          (d)
Gain or loss resulting from any disposition of any Fund asset
with respect to which gain or loss is recognized for U.S. federal income tax
purposes shall be computed by reference to 

5

the Gross
Asset Value of the property disposed of, notwithstanding that the adjusted tax
basis of such asset differs from its Gross Asset Value;

          (e)
In lieu of the depreciation, amortization, and other cost
recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such fiscal year or
other applicable period, computed in accordance with the definition of Depreciation;
and

          (f)
Notwithstanding any other provision of this definition, any items
which are allocated pursuant to Section 6.1(c) shall not be taken into account
in computing Net Income or Net Loss.

          “Nonrecourse
Deductions” has the meaning given in Treasury Regulation section
1.704-2(b)(1). The amount of Nonrecourse Deductions for a fiscal year or other
applicable period equals the net increase, if any, in the amount of Fund
Minimum Gain during such fiscal year or period reduced by any distributions
during such fiscal year or period of proceeds of a Nonrecourse Liability that
are allocable to an increase in Fund Minimum Gain, determined according to the
provisions of Treasury Regulation sections 1.704-2(c) and 1.704-2(h).

          “Nonrecourse
Liability” has the meaning set forth in Treasury Regulation section
1.704-2(b)(3).

          “Original
Trust Agreement” means that certain trust agreement of the Trust, dated as
of May 27, 2010, between the Sponsor and the Trustee, which Original Trust
Agreement is amended and restated by this Trust Agreement.

          “Outstanding”
means, with respect to Shares of a Fund, all Shares that are issued by the Fund
and reflected as outstanding on the Fund’s books and records as of the date of
determination.

          “Percentage
Interest” means, as of any date of determination, as to any Shares of a
Fund, the product obtained by multiplying (a) 100% by (b) the quotient obtained
by dividing (x) the number of such Shares of such Fund by (y) the total number
of all Outstanding Shares of such Fund.

          “Person”
means any natural person, partnership, limited liability company, trust
(including a statutory trust), corporation, association or other entity.

          “Prospectus”
means the final prospectus and disclosure document of the Trust with respect to
any Fund, constituting a part of a Registration Statement, as filed with the
SEC and declared effective thereby, as the same may at any time and from time
to time be amended or supplemented.

          “Purchase
Order” shall have the meaning assigned thereto in Section 3.3(a)(i).

          “Redemption
Distribution” means the cash or other assets to the extent permitted in the
Registration Statement or an Authorized Participant Agreement, to be delivered
in satisfaction of a redemption of a Redemption Unit as specified in Section
9.1.

6

          “Redemption
Order” shall have the meaning assigned thereto in Section 9.1(a).

          “Redemption
Order Date” shall have the meaning assigned thereto in Section 9.1(b).

          “Redemption
Settlement Time” shall have the meaning assigned to such term in Section
9.1(d).

          “Redemption
Unit” means the minimum number of Shares of a Fund that may be redeemed,
which shall be the number of Shares of such Fund constituting a Creation Unit
on the relevant Redemption Order Date.

          “Registration
Statement” means an effective registration statement, as it may be amended
or supplemented from time to time, filed with the SEC pursuant to which the
Trust registered the offer and sale of the Shares of any Fund.

          “Required
Allocations” means (i) any limitation imposed on any allocation of Net
Losses under Section 6.1(a) and (ii) any allocation of an item of income, gain,
loss or deduction pursuant to Sections 6(c)(i), 6(c)(ii), 6(c)(iii), 6(c)(vi)
or 6(c)(viii).

          “SEC”
means the United States Securities and Exchange Commission.

          “Series”
means a series of Shares established pursuant to the terms of this Trust
Agreement.

          “Shareholders”
means the registered holders of Shares of a Fund.

          “Shareholder
Minimum Gain” means an amount, with respect to each Shareholder Nonrecourse
Debt, that would result if such Shareholder Nonrecourse Debt were treated as a
Nonrecourse Liability, determined in accordance with Treasury Regulation
section 1.704-2(i)(3).

          “Shareholder
Nonrecourse Debt” has the meaning given to the term “partner nonrecourse
debt” in Treasury Regulation section 1.704-2(b)(4).

          “Shareholder
Nonrecourse Deductions” has the meaning given to the term “partner
nonrecourse deduction” in Treasury Regulation section 1.704-2(i)(2). The amount
of Shareholder Nonrecourse Deductions with respect to a Shareholder Nonrecourse
Debt for a fiscal year or other applicable period equals the net increase, if
any, in the amount of Shareholder Minimum Gain during such fiscal year or other
applicable period attributable to such Shareholder Nonrecourse Debt, reduced by
any distributions during that fiscal year or other applicable period to the
Shareholder that bears the economic risk of loss for such Shareholder
Nonrecourse Debt to the extent that such distributions are from the proceeds of
such Shareholder Nonrecourse Debt and are allocable to an increase in
Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt,
determined according to the provisions of Treasury Regulation sections
1.704-2(h) and 1.704-2(i).

          “Shares”
means the equal proportionate Shares of undivided beneficial interest in a Fund
and may include fractions of Shares.

7

          “Sponsor”
means ETF Securities USA LLC, or any substitute or designee of the then Sponsor
as provided herein, or any successor thereto by merger or operation of law. 

          “Sponsor
Agreement” means an agreement between the Trust and the Sponsor setting
forth, among other things, the Sponsor’s compensation and the amount to be
charged as a Transaction Fee, as it may be amended or supplemented from time to
time in accordance with its terms.

          “Sponsor
Indemnified Parties” shall have the meaning assigned to such term in
Section 4.10.

          “Subordinated
Claims” shall have the meaning assigned to such term in Section 3.6(b).

          “Subsidiary”
means, with respect to any Person, as of any date of determination, any other
Person as to which such Person owns or otherwise controls, directly or
indirectly, more than 50% of the voting shares or other similar interests or a
sole general partner interest or managing member or similar interest of such
Person.

          “Suspended
Redemption Order” shall have the meaning assigned to such term in Section
9.1(d).

          “Tax
Matters Partner” means the “tax matters partner” as defined in the Code.

          “Transaction
Fee” shall mean a non-refundable transaction fee to be payable by an
Authorized Participant to the Administrator in connection with each purchase or
redemption of a Creation Unit by an Authorized Participant.

          “Treasury
Regulations” means regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

          “Trust”
means ETFS Collateralized Commodities Trust, the Delaware statutory trust
formed pursuant to the Certificate of Trust, the business and affairs of which
are governed by this Trust Agreement.

          “Trust
Agreement” means this Amended and Restated Trust Agreement as the same may
at any time or from time to time be amended.

          “Trustee”
means Wilmington Trust Company or any successor thereto as provided herein,
acting not in its individual capacity but solely as trustee of the Trust.

          “Trustee
Indemnified Parties” shall have the meaning assigned to such term in
Section 2.4.

          “Trust
Estate” means, with respect to a Fund, all property and cash held by such
Fund, and all proceeds therefrom.

8

          “U.S.”
means the United States of America.

          “Value
per Creation Unit” means the product obtained by multiplying the Value per
Share of a Fund by the number of Shares comprising the Fund’s Creation Unit at
such time.

          “Value
per Share” means, with respect to any Fund, the Fund Value divided by the
number of Outstanding Shares of the Fund as of the date of calculation.

          Section
1.2. Name. The name of the Trust is “ETFS
Collateralized Commodities Trust” in which name the the Sponsor may engage in
the business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust.

          Section
1.3. Delaware Trustee; Business Offices.

          (a)
The sole Trustee of the Trust is Wilmington Trust Company, which
is located at the Corporate Trust Office or at such other address in the State
of Delaware as the Trustee may designate in writing to the Shareholders. The
Trustee shall receive service of process on the Trust in the State of Delaware
at the foregoing address. In the event Wilmington Trust Company resigns or is
removed as the Trustee, the Trustee of the Trust in the State of Delaware shall
be the successor Trustee.

          (b)
The principal office of the Trust, and such additional offices as
the Sponsor may establish, shall be located at such place or places inside or
outside the State of Delaware as the Sponsor may designate from time to time in
writing to the Trustee and the Shareholders. Initially, the principal office of
the Trust shall be at c/o ETF Securities USA LLC, 48 Wall Street, 11th
Floor, New York, New York 10005. The office of the Trustee in the State of
Delaware shall be located at Wilmington Trust Company, Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.

          Section 1.4.
Declaration of Trust. The Sponsor hereby
acknowledges that the Trust has received the sum of $[______] for each Fund in
bank accounts in the name of each Fund controlled by the Sponsor from the
Sponsor, and hereby declares that it shall hold such sum in trust, upon and
subject to the conditions set forth herein for the use and benefit of the
Shareholders of each Fund. It is the intention of the parties hereto that the
Trust shall be a statutory trust organized in series, or Funds, under the DSTA
and that this Trust Agreement shall constitute the governing instrument of the
Trust. It is not the intention of the parties hereto to create a general
partnership, limited partnership, limited liability company, joint stock
association, corporation, bailment or any form of legal relationship other than
a Delaware statutory trust except to the extent that each Fund is decreed to
constitute a publicly traded partnership under the Code and applicable state
and local tax law. Nothing in this Trust Agreement shall be construed to make
the Shareholders partners or members of a joint stock association. Neither the
Sponsor nor the Trustee shall be liable to any person for the failure of the
Trust or any Fund to qualify as a publicly traded partnership under the Code or
any comparable provision of the laws of any state or other jurisdiction where
such treatment is sought. Effective as of the date hereof, the Trustee and the
Sponsor shall have all of the rights, powers and duties set forth herein and in
the DSTA with respect to accomplishing the purposes 

9

of the Trust.
The Trustee has filed the Certificate of Trust required by section 3810 of the
DSTA in connection with the formation of the Trust under the DSTA.

          Section
1.5. Purposes and Powers. The purposes of the
Trust and each Fund shall be to enter into any lawful transaction and engage in
any lawful activities and engage in any other lawful business activity for
which a Delaware statutory trust may be organized.

          Section
1.6. Tax Treatment.

          (a)
By accepting Shares or interests therein, the Shareholders and/or
Beneficial Owners and, by entering into this Trust Agreement, the Sponsor, each
(i) expresses its intention that the Shares of each Fund will qualify
under applicable tax law as interests in a publicly traded partnership (not
taxable as an association) which holds the Trust Estate of each Fund for their
benefit, (ii) agrees that it will file its own U.S. federal, state and
local income, franchise and other tax returns in a manner that is consistent
with the treatment of each Fund as a publicly traded partnership in which each
of the Shareholders thereof is a partner and (iii) agrees to use
reasonable efforts to notify the Sponsor promptly upon a receipt of any notice
from any taxing authority having jurisdiction over such holders of Shares of
each Fund with respect to the treatment of the Shares of such Fund as anything
other than interests in a publicly traded partnership.

          (b)
The Sponsor, at its expense together with any allowances provided
by any Fund for this purpose, shall prepare or cause to be prepared all U.S.
federal, state, and local tax returns of the Trust or each Fund for each year
for which such returns are required to be filed and shall file or cause such
returns to be timely filed and shall timely pay (or cause to be timely paid)
any tax, assessment or other governmental charge owing with respect to the
Trust or the Fund out of the Trust Estate. The Sponsor shall deliver or cause
to be delivered to each Beneficial Owner, or the broker or nominee through
which a Beneficial Owner owns its Shares, a Form K-1 and such other
information, if any, with respect to the Trust or applicable Fund as may be
necessary for the preparation of the U.S. federal income tax or information
returns of such Beneficial Owner including a statement showing each Beneficial
Owner’s share of income, gain, loss, expense, deductions and credits for such
fiscal year for U.S. federal income tax purposes as soon as practicable
following each fiscal year but generally not later than March 15. Subject
to Section 4.10, the Trust and each Fund hereby indemnifies, to the full extent
permitted by law, the Sponsor from and against any damages or losses (including
attorneys’ fees) arising out of or incurred in connection with any action taken
or omitted to be taken by it in carrying out its responsibilities under this
Section 1.6(b); provided such action taken or omitted to be taken does not
constitute fraud, gross negligence or willful misconduct.

          (c)
Each Shareholder shall furnish the Sponsor with information
necessary to enable the Sponsor to comply with U.S. federal income tax
information reporting requirements in respect of such Shareholder’s Shares.

          (d)
The Trust or the Funds, as the case may be, shall make the
election under Code section 754 in accordance with applicable regulations
thereunder, subject to the reservation of the right to seek to revoke any such
election upon the Sponsor’s determination that such revocation is in the best
interests of the Shareholders. Notwithstanding any other provision 

10

herein
contained, for the purposes of computing the adjustments under Code section
743(b), the Sponsor shall be authorized (but not required) to adopt a
convention whereby the price paid by a transferee of a Share will be deemed to
be the weighted average closing price of the Shares on any Exchange on which such Shares
are traded during the calendar month in which such transfer is deemed to occur.

          (e)
Except as otherwise provided herein, the Sponsor shall determine
whether the Trust or the Funds should make any other elections permitted by the
Code.

          (f)
The Sponsor is hereby designated the Tax Matters Partner (as
defined in the Code). The Tax Matters Partner is authorized and required to
represent the Trust (at the Trust’s expense) in connection with all
examinations of the Trust’s affairs by tax authorities, including resulting
administrative and judicial proceedings, and to expend Trust funds for
professional services and costs associated therewith. Each Shareholder agrees
to cooperate with the Tax Matters Partner and to do or refrain from doing any
or all things reasonably required by the Tax Matters Partner to conduct such
proceedings.

          (g)
Notwithstanding any other provision of this Agreement, the
Sponsor is authorized to take any action that may be required to cause the
Trust, the Funds and other Subsidiaries of the Trust or the Funds to comply
with any withholding requirements established under the Code or any other U.S.
federal, state, local or foreign law including pursuant to Code sections 1441,
1442, 1445, 1446 and 1471 through 1474. To the extent that the Trust is
required or elects to withhold and pay over to any taxing authority any amount
resulting from the allocation or distribution of income to any Shareholder
(including by reason of Code section 1446), the Sponsor may treat the amount
withheld as a distribution of cash pursuant to Sections 3.7 or 9.1 hereof or an
expense in the amount of such withholding with regard to such Shareholder. To
maintain the uniformity of the intrinsic tax characteristics of the Trust
shares, the Sponsor is also authorized instead to allocate the amount withheld
or paid, whether treated as a distribution, expense or otherwise, to all
current Trust Shareholders. 

          Section
1.7. Limited Liability of Sponsor.

          (a)
Notwithstanding any other provision of this Trust Agreement, the
Sponsor shall not be considered, treated as or have the duties (at law or in equity)
or the liabilities of, a general partner if each Fund were considered a
partnership under Delaware law. All Shares held by the Sponsor shall have the
same rights and limited liabilities created or imposed hereunder as those
issued to Shareholders unaffiliated with the Sponsor. Notwithstanding anything
in this Trust Agreement to the contrary, Persons having any claim against the
Trust or any Fund by reason of the transactions contemplated by this Trust
Agreement and any other agreement, instrument, obligation or other undertaking
to which the Trust or a Fund is a party, shall look only to the appropriate
Fund Trust Estate for payment or satisfaction thereof. The ownership of Shares
is not a condition for any Person to serve as Sponsor.

          (b)
Subject to Sections 7.1 and 7.3 hereof, no Shareholder, including
the Sponsor, shall have any personal liability for any liability or obligation
of the Trust or any Fund.

11

          Section
1.8. Legal Title. Legal title to all of the
Trust Estate of each Fund shall be vested in the Trust as a separate legal
entity; provided, however, that where applicable law in any jurisdiction
requires any part of the Trust Estate to be vested otherwise, the Sponsor may
cause legal title to the Trust Estate or any portion thereof to be held by or
in the name of the Sponsor or any other Person (other than a Shareholder) as
nominee.

          Section
1.9. Series Trust. The Shares of the Trust
shall be divided into Series, each a Fund, as provided in section 3806(b)(2) of
the DSTA. Accordingly, it is the intent of the parties hereto that Articles IV,
V, VII, VIII, IX, X and XI of this Trust Agreement shall apply also with
respect to each such Fund as if each such Fund were a separate statutory trust
under the DSTA, and each reference to the term “Trust” in such Articles shall
be deemed to be a reference to each Fund separately to the extent necessary to
give effect to the foregoing intent, as the context may require. The use of the
terms “Trust”, “Fund” or “Series” in this Trust Agreement shall in no event
alter the intent of the parties hereto that the Trust receive the full benefit
of the limitation on interseries liability as set forth in section 3804 of the
DSTA.

          Section
1.10. Commencement of Business. The commencement
of the Trust’s business and the sale of the Shares of each Fund to the
respective Authorized Participants pursuant to each Authorized Participant
Agreement shall commence at such time as the Sponsor shall determine.

ARTICLE
II

THE TRUSTEE

          Section
2.1. Trustee Term; Resignation.

          (a)
Wilmington Trust Company has been appointed and hereby agrees to
serve as the Trustee of the Trust solely for purposes of satisfying the
requirements of section 3807 of the DSTA. The Trust shall have only one trustee
unless otherwise determined by the Sponsor. The Trustee shall serve until such
time as the Sponsor removes the Trustee or the Trustee resigns and a successor
Trustee is appointed by the Sponsor in accordance with the terms of Section 2.5
hereof.

          (b)
The Trustee may resign at any time upon the giving of at least 60
days’ advance written notice to the Trust; provided that such resignation shall
not become effective unless and until a successor Trustee shall have been
appointed by the Sponsor in accordance with Section 2.5 hereof. If the Sponsor
does not act within such 60 day period, the Trustee may apply, at the expense
of the Trust, to the Court of Chancery of the State of Delaware for the
appointment of a successor Trustee.

          Section
2.2. Powers of Trustee. Except as set forth in
Section 1.3(a) and this Article II, the duty and authority to manage the
business and affairs of the Trust is directly vested in the Sponsor, which duty
and authority the Sponsor may further delegate as provided herein, all pursuant
to section 3806(b)(7) of the DSTA. The Trustee shall not be entitled to
exercise any of the powers, nor shall the Trustee have the duty to monitor the
Sponsor’s performance of its duties and responsibilities and the Trustee shall
not have any of the duties and responsibilities, of the Sponsor described in
this Trust Agreement. The Trustee shall be a Trustee for the sole and limited
purpose of fulfilling the requirements of section 3807 of the DSTA. The Trustee
shall 

12

have only the
rights, obligations and liabilities specifically provided for herein and shall
have no implied rights, duties (including fiduciary duties), obligations and
liabilities with respect to the business and affairs of the Trust or any Fund.
The Trustee shall have the power and authority to execute and file certificates
as required by the DSTA and to accept service of process on the Trust in the
State of Delaware. The Trustee shall provide prompt notice to the Sponsor of
its performance of any of the foregoing. The Sponsor shall reasonably keep the
Trustee informed of any actions taken by the Sponsor with respect to the Trust
that would reasonably be expected to affect the rights, obligations or
liabilities of the Trustee hereunder or under the DSTA.

          Section
2.3. Compensation and Expenses of the Trustee.
The Trustee shall be entitled to receive from the Sponsor or an Affiliate of
the Sponsor (excluding the Trust) reasonable compensation for its services
hereunder as set forth in a separate fee agreement and shall be entitled to be
reimbursed by the Sponsor or an Affiliate of the Sponsor (excluding the Trust)
for reasonable out-of-pocket expenses incurred by it in the performance of its
duties hereunder, including without limitation, the reasonable compensation,
out-of-pocket expenses and disbursements of counsel and such other agents as
the Trustee may employ in connection with the exercise and performance of its
rights and duties hereunder, all as set forth in a separate fee agreement.

          Section
2.4. Indemnification of the Trustee. The
Sponsor agrees (and any additional Sponsor admitted pursuant to Section 4.2(g)
hereof will be deemed to agree), whether or not any of the transactions
contemplated hereby shall be consummated, to assume liability for, and does
hereby indemnify, protect, save and keep harmless Wilmington Trust Company (in
its capacity as Trustee and individually) and its successors, assigns, legal
representatives, officers, directors, employees, agents and servants (the “Trustee
Indemnified Parties”) from and against any and all liabilities, obligations,
losses, damages, penalties, taxes (excluding any taxes payable by the Trustee
on or measured by any compensation received by the Trustee for its services
hereunder or any indemnity payments received by the Trustee pursuant to this
Section 2.4), claims, actions, suits, costs, expenses or disbursements
(including legal fees and expenses) of any kind and nature whatsoever
(collectively, “Expenses”), which may be imposed on, incurred by or asserted
against the Trustee Indemnified Parties in any way relating to or arising out
of the formation, operation or termination of the Trust, the execution,
delivery and performance of any other agreements to which the Trust is a party
or the action or inaction of the Trustee hereunder or thereunder, except for
Expenses resulting from the gross negligence or willful misconduct of the
Trustee Indemnified Parties. The indemnities contained in this Section 2.4
shall survive the termination of this Trust Agreement or the removal or
resignation of the Trustee. The Trustee Indemnified Parties shall not be
entitled to indemnification from any Trust Estate.

          Section
2.5. Successor Trustee. Upon the resignation or
removal of the Trustee, the Sponsor shall appoint a successor Trustee by
delivering a written instrument to the outgoing Trustee. Any successor Trustee
must satisfy the requirements of section 3807 of the DSTA. Any resignation or
removal of the Trustee and appointment of a successor Trustee shall not become
effective until a written acceptance of appointment is delivered by the
successor Trustee to the outgoing Trustee and the Sponsor and any fees and
expenses due to the outgoing Trustee are paid or waived by the outgoing
Trustee. Following compliance with the preceding sentence, the successor
Trustee shall become fully vested with all of the rights, powers, duties and
obligations of the outgoing Trustee under this Trust Agreement, with like
effect as if originally 

13

named as
Trustee, and the outgoing Trustee shall be discharged of its duties and
obligations under this Trust Agreement. Notwithstanding, the foregoing, any
business entity into which the Trustee may be merged or converted or with which
it may be consolidated, or any entity resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any entity succeeding
to all or substantially all of the corporate trust business of the Trustee,
shall, subject to the requirement that any successor meet the requirements of
Section 3807 of the DSTA, be the successor of the Trustee hereunder, without
the execution or filing of any paper or any further act on the part of any of
the parties hereto.

          Section
2.6. Liability of Trustee. Except as otherwise
provided in this Article II, in accepting the trust continued hereby,
Wilmington Trust Company acts solely as Trustee hereunder and not in its
individual capacity, and all Persons having any claim against Wilmington Trust
Company by reason of the transactions contemplated by this Trust Agreement and
any other agreement to which the Trust or any Fund is a party shall look only
to the appropriate Fund Trust Estate for payment or satisfaction thereof. The
Trustee shall not be liable or accountable hereunder to the Trust or to any
other Person or under any other agreement to which the Trust or any Fund is a
party, except for the Trustee’s own gross negligence or willful misconduct. In
particular, but not by way of limitation:

          (a)
The Trustee shall have no liability or responsibility for the
validity or sufficiency of this Trust Agreement or for the form, character,
genuineness, sufficiency, value or validity of any Trust Estate.

          (b)
The Trustee shall not be liable for any actions taken or omitted
to be taken by it in accordance with the instructions of the Sponsor.

          (c)
The Trustee shall not have any liability for the acts or
omissions of the Sponsor or its delegatees.

          (d)
The Trustee shall not have any duty or obligation to, or
liability for its failure to, supervise the performance of any obligations of
the Sponsor or its delegatees or any Authorized Participant.

          (e)
No provision of this Trust Agreement shall require the Trustee to
act or expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder if the Trustee
shall have reasonable grounds for believing that such action, repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured or provided to it.

          (f)
Under no circumstances shall the Trustee be liable for
indebtedness evidenced by or other obligations of the Trust or any Fund arising
under this Trust Agreement or any other agreements to which the Trust is a
party.

          (g)
The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Trust Agreement, or to appear in,
institute, conduct or defend any action or litigation under this Trust
Agreement or any other agreements to which the Trust or any Fund is a party, at
the request, order or direction of the Sponsor or any Shareholders unless the
Sponsor or such Shareholders have offered to Wilmington Trust Company (in its
capacity as Trustee and 

14

individually)
security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by Wilmington Trust Company (including,
without limitation, the reasonable fees and expenses of its counsel) therein or
thereby.

          (h)
The Trustee shall not be required to take any action hereunder or
otherwise if the Trustee shall have reasonably determined, or shall have been
advised by counsel, that such action is likely to result in liability on the
part of the Trustee or is contrary to the terms hereof or is otherwise contrary
to law.

          (i)
Notwithstanding anything contained herein to the contrary, the
Trustee shall not be required to take any action in any jurisdiction other than
in the State of Delaware if the taking of such action will require the consent
or approval or authorization or order of or the giving of notice to, or the
registration with or taking of any action in respect of, any state or other
governmental authority or agency of any jurisdiction other than the State of
Delaware, result in any fee, tax or other governmental charge under the laws of
any jurisdiction or any political subdivision thereof in existence as of the
date hereof other than the State of Delaware becoming payable by the Trustee or
subject the Trustee to personal jurisdiction, other than in the State of
Delaware, for causes of action arising from personal acts unrelated to the
consummation of the transactions by the Trustee, as the case may be,
contemplated hereby;

          (j)
To the extent that, at law or in equity, the Trustee has duties
(including fiduciary duties) and liabilities relating thereto to the Trust, the
Shareholders or to any other Person, the Trustee acting under this Trust
Agreement shall not be liable to the Trust, the Shareholders or to any other
Person for its good faith reliance on the provisions of this Trust Agreement.
The provisions of this Trust Agreement, to the extent that they restrict the
duties (including fiduciary duties) and liabilities of the Trustee otherwise
existing at law or in equity are agreed by the parties hereto to replace such
other duties and liabilities of the Trustee.

          Section
2.7. Payments to the Trustee. Any amounts paid
to the Trustee pursuant to this Article shall be deemed not to be a part of any
Trust Estate immediately after such payment.

ARTICLE
III

SHARES; SERIES; CAPITAL CONTRIBUTIONS

          Section
3.1. General.

          (a)
The Sponsor shall have the power and authority, without
Shareholder approval, to issue Shares in one or more Series, or Funds, from
time to time as it deems necessary or desirable. Each Fund shall be separate
from all other Funds created as Series of the Trust in respect of the assets
and liabilities allocated to that Fund and shall represent a separate investment
portfolio of the Trust. The Sponsor shall have exclusive power without the
requirement of Shareholder approval to establish and designate such separate
and distinct Series, as set forth in Section 3.2 hereof, and to fix and
determine the relative rights and preferences as between the Shares of the
Funds as to right of redemption, special and relative rights as to dividends
and other distributions and on liquidation, conversion rights, and conditions
under which the Funds shall have separate voting rights or no voting rights.

15

          (b)
The number of Fund Shares authorized shall be unlimited, without
par value, and the Shares so authorized may be represented in part by
fractional Shares, calculated to four decimal places. From time to time, the
Sponsor may divide or combine the Shares of any Fund into a greater or lesser
number without thereby changing the proportionate beneficial interests in the
Fund thereof. The Sponsor may issue Shares of any Fund thereof for such
consideration and on such terms as it may determine (or for no consideration if
pursuant to a Share dividend or split-up), all without action or approval of
the Shareholders thereof. All Shares when so issued on the terms determined by
the Sponsor shall be fully paid and non-assessable. The Sponsor may classify or
reclassify any unissued Shares or any Shares previously issued and reacquired
of any Fund thereof into one or more Series thereof that may be established and
designated from time to time. The Sponsor may hold as treasury Shares, reissue
for such consideration and on such terms as it may determine, or cancel, at its
discretion from time to time, any Shares of any Fund reacquired by the Trust.
Unless otherwise determined by the Sponsor, treasury Shares shall not be deemed
cancelled. 

          (c)
No certificates or other evidence of beneficial ownership of the
Shares will be issued.

          (d)
Every Shareholder, by virtue of having purchased or otherwise
acquired a Share, shall be deemed to have expressly consented and agreed to be
bound by the terms of this Trust Agreement.

          (e)
Except to the extent otherwise provided in the instrument
establishing such Series, all the Shares of each particular Series shall
represent an equal proportionate interest in the assets held with respect to
that Series (subject to the liabilities held with respect to that Series and
such rights and preferences as may have been established and designated with
respect to Shares within such Series.)

          (f)
Except to the extent otherwise provided in the instrument
establishing such Series, any fractional Share of a Series shall carry
proportionately all the rights and obligations of a whole Share of that Series,
including rights with respect to voting, receipt of dividends and distributions,
redemption of Shares and termination of the Trust.

          (g)
The Sponsor shall have the authority to provide that the holders
of Shares of any Series shall have the right to exchange said Shares for Shares
of one or more other Series of Shares in conformity with such requirements and
procedures as may be established by the Sponsor.

          Section
3.2. Establishment of Series, or Funds, of the Trust.

          (a)
Without limiting the authority of the Sponsor set forth in
Section 3.2(b) hereof to establish and designate any further Series, the
Sponsor has heretofore established and designated 18 initial Series (the
“Initial Funds”) as follows:

ETFS Oil

ETFS Natural Gas

ETFS Copper

ETFS Wheat

ETFS Composite Agriculture

16

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

          The
provisions of this Article III shall be applicable to the above-designated
Funds and any further Fund that may from time to time be established and
designated by the Sponsor as provided in Section 3.2(b) hereof; provided,
however, that such provisions may be amended, varied or abrogated by the
Sponsor with respect to any Fund created after the initial formation of the
Trust in the written instrument creating such Fund.

          (b)
The establishment and designation of any Series, or Funds, other
than those set forth above shall be effective upon the execution by the Sponsor
of an instrument setting forth such establishment and designation, whether
directly in such instrument or by reference to, or approval of, another
document that sets forth such Series including a Registration Statement, and
the relative rights and preferences of such series, or Funds, or as otherwise
provided in such instrument. At any time that there are no Shares outstanding
of any particular Series previously established and designated, the Sponsor may
by an instrument executed by it abolish that Series and the establishment and
designation thereof. Each instrument referred to in this paragraph shall have
the status of an amendment to this Trust Agreement.

          (c)
The relative rights and preferences of the Initial Funds shall be
as set forth in the Registration Statement for such Funds.

          Section
3.3. Offer of Shares, Procedures for Creation and Issuance
of Creation Units.

          (a)
General. The procedures specified in the Authorized
Participant Agreement for each Fund will govern the Trust with respect to the
creation and issuance of additional Creation Units. Subject to the limitations
upon and requirements for issuance of Creation Units stated herein and in such
procedures, the number of Creation Units which may be issued by each Fund is
unlimited.

          (b)
Deposit with the Depository. Upon issuing a Creation Unit
for any Fund pursuant to a purchase order to subscribe for and agree to
purchase one or more Creation Unit for the applicable Fund (such request by a
Authorized Participant, a “Purchase Order”), the Sponsor will cause the Trust
to deposit the Creation Unit with the Depository in accordance with the
Depository’s customary procedures, for credit to the account of the Fund
Authorized Participant that submitted the Purchase Order.

17

          (c)
Rejection. For each Fund, the Sponsor shall have the
absolute right, but shall have no obligation, to reject any Purchase Order or
Creation Unit Capital Contribution: (i) determined by the Sponsor not to
be in proper form; (ii) that the Sponsor has determined would have adverse
tax consequences to the Trust, any Fund or to any Shareholders; (iii) the
acceptance or receipt of which would, in the opinion of counsel to the Sponsor,
be unlawful; (iv) if circumstances outside the control of the Sponsor make
it for all practical purposes not feasible to process creations of Creation
Units; or (v) for any additional reasons as set forth in the Prospectus applicable
to such Fund. The Sponsor shall not be liable to any person by reason of the
rejection of any Purchase Order or Creation Unit Capital Contribution in the
circumstances listed in clauses (i) through (v) in the preceding sentence.

          (d)
Transaction Fee. For each Fund, a non-refundable
transaction fee will be payable by an Authorized Participant to the Fund for
its own account in connection with each Purchase Order pursuant to this Section
3.3 and in connection with each Redemption Order of such Authorized Participant
pursuant to Section 9.1 hereof (each, a “Transaction Fee”). The Transaction Fee
charged in connection with each such creation and redemption shall be as set
forth in the Prospectus applicable to a Fund. The Transaction Fee may
subsequently be waived, modified, reduced, increased or otherwise changed by
the Sponsor. The Sponsor shall notify the Depository of any agreement to change
the Transaction Fee and shall not implement any increase until 30 days after
the date of that notice. 

          (e)
Global Certificate Only. Certificates for Creation Units
will not be issued, other than the applicable Global Security issued to the
Depository. So long as the Depository Agreement is in effect, Creation Units
will be issued and redeemed and Shares will be transferable solely through the
book-entry systems of the Depository and the DTC Participants and their
Indirect DTC Participants as more fully described in Section 3.4 hereof. The
Depository may determine to discontinue providing its service with respect to
Creation Units and Shares by giving notice to the Sponsor pursuant to and in
conformity with the provisions of the Depository Agreement and discharging its
responsibilities with respect thereto under applicable law. Under such
circumstances, the Sponsor shall take action either to find a replacement for
the Depository to perform its functions at a comparable cost and on terms
acceptable to the Sponsor or, if such a replacement is unavailable, to
terminate the Trust or the Funds, as applicable.

          Section
3.4. Book-Entry-Only System, Fund Global Securities.

          (a)
Global Security. The Trust and the Sponsor will enter into
the Depository Agreement pursuant to which the Depository will act as
securities depository for Shares of each Fund. Shares of each Fund will be
represented by a Global Security (which may consist of one or more certificates
as required by the Depository), which will be registered, as the Depository
shall direct, in the name of Cede & Co., as nominee for the Depository and
deposited with, or on behalf of, the Depository. No other certificates
evidencing Shares will be issued. The Global Security for each Fund shall be in
the form attached hereto as Exhibit A or described therein and shall represent
such Shares as shall be specified therein, and may provide that it shall
represent the aggregate amount of outstanding Shares of a
Fund from time to time endorsed thereon and that the aggregate amount of
outstanding Shares represented thereby may from time to time be increased or
decreased to reflect creations or redemptions of Baskets. Any endorsement of a
Global Security to reflect the amount, or any increase or decrease in the
amount, of outstanding 

18

Shares represented thereby shall be made in such manner
and upon instructions given by the Sponsor on behalf of the Trust as specified
in the Depository Agreement.

          (b)
Legend. Any Global Security issued to DTC or its nominee
shall bear a legend substantially to the following effect: “Unless this
certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to the Trust or its agent for
registration of transfer, exchange, or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is required by an authorized representative of
DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.”

          (c)
The Depository. The Depository has advised the Trust and
the Sponsor as follows: The Depository is a limited-purpose trust company
organized under the laws of the State of New York, a member of the U.S. federal
Reserve System, a “clearing corporation” within the meaning of the New York
Uniform Commercial Code, and a “clearing agency” registered pursuant to the
provisions of section 17A of the Securities Exchange Act of 1934, as amended.
The Depository was created to hold securities of its Authorized Participants
(the “DTC Participants”) and to facilitate the clearance and settlement of
securities transactions among the DTC Participants in such securities through
electronic book-entry changes in accounts of the DTC Participants, thereby
eliminating the need for physical movement of securities certificates. DTC
Participants include securities brokers and dealers, banks, trust companies,
clearing corporations, and certain other organizations, some of whom (and/or
their representatives) own the Depository. Access to the Depository’s system is
also available to others such as banks, brokers, dealers and trust companies
that clear through or maintain a custodial relationship with a DTC Participant,
either directly or indirectly (“Indirect DTC Participants”).

          (d)
Beneficial Owners. As provided in the Depository
Agreement, upon the settlement date of any creation, transfer or redemption of
Shares of a Fund, the Depository will credit or debit, on its book-entry
registration and transfer system, the number of Shares so created, transferred
or redeemed to the accounts of the appropriate DTC Participants. The accounts
to be credited and charged shall be designated by the Sponsor on behalf of each
Fund and each Authorized Participant, in the case of a creation or redemption
of Baskets. Ownership of beneficial interest in Shares will be limited to DTC
Participants, Indirect DTC Participants and persons holding interests through
DTC Participants and Indirect DTC Participants. Owners of beneficial interests
in Shares (“Beneficial Owners”) will be shown on, and the transfer of
beneficial ownership by Beneficial Owners will be effected only through, in the
case of DTC Participants, records maintained by the Depository and, in the case
of Indirect DTC Participants and Beneficial Owners holding through a DTC
Participant or an DTC Participant, through those records or the records of the
relevant DTC Participants. Beneficial Owners are expected to receive from or
through the broker or bank that maintains the account through which the
Beneficial Owner has purchased Shares a written confirmation relating to their
purchase of Shares.

          (e)
Reliance on Procedures. So long as Cede & Co., as
nominee of the Depository, is the registered owner of Shares, references herein
to the registered or record owners of Shares shall 

19

mean Cede
& Co. and shall not mean the Beneficial Owners of Shares. Beneficial Owners
of Shares will not be entitled to have Shares registered in their names, will
not receive or be entitled to receive physical delivery of certificates in
definitive form and will not be considered the record or registered holder of
Shares under this Trust Agreement. Accordingly, to exercise any rights of a
holder of Shares under this Trust Agreement, a Beneficial Owner must rely on
the procedures of the Depository and, if such Beneficial Owner is not a DTC
Participant, on the procedures of each DTC Participant or DTC Participant
through which such Beneficial Owner holds its interests. The Trust and the
Sponsor understand that under existing industry practice, if the Trust or any
Fund requests any action of a Beneficial Owner, or a Beneficial Owner desires to
take any action that the Depository, as the record owner of all outstanding
Shares of such Fund, is entitled to take, in the case of a Trustee request, the
Depository will notify the DTC Participants regarding such request, such DTC
Participants will in turn notify each DTC Participant holding Shares through
it, with each successive DTC Participant continuing to notify each person
holding Shares through it until the request has reached the Beneficial Owner,
and in the case of a request or authorization to act being sought or given by a
Beneficial Owner, such request or authorization is given by the Beneficial
Owner and relayed back to the Trust or such Fund through each Indirect DTC
Participant and DTC Participant through which the Beneficial Owner’s interest
in the Shares is held.

          (f)
Communication between the Trust and the Beneficial Owners.
As described above, the Trust and the Funds will recognize the Depository or
its nominee as the owner of all Shares for all purposes except as expressly set
forth in this Trust Agreement. Conveyance of all notices, statements and other
communications to Beneficial Owners will be effected as follows. Pursuant to
the Depository Agreement, the Depository is required to make available to the
Funds upon request and for a fee to be charged to the Funds a listing of the
Share holdings of each DTC Participant. The Trust or the Funds shall inquire of
each such DTC Participant as to the number of Beneficial Owners holding Shares,
directly or indirectly, through such DTC Participant. The Trust or the Funds
shall provide each such DTC Participant with sufficient copies of such notice,
statement or other communication, in such form, number and at such place as
such DTC Participant may reasonably request, in order that such notice,
statement or communication may be transmitted by such DTC Participant, directly
or indirectly, to such Beneficial Owners. In addition, the Funds shall pay to
each such DTC Participant an amount as reimbursement for the expenses attendant
to such transmittal, all subject to applicable statutory and regulatory
requirements.

          (g)
Distributions. Distributions on Shares pursuant to Section
3.7 hereof shall be made to the Depository or its nominee, Cede & Co., as
the registered owner of all Shares. The Trust and the Sponsor expect that the
Depository or its nominee, upon receipt of any payment of distributions in
respect of Shares, shall credit immediately DTC Participants’ accounts with
payments in amounts proportionate to their respective beneficial interests in
Shares as shown on the records of the Depository or its nominee. The Trust and
the Sponsor also expect that payments by DTC Participants to Indirect DTC
Participants and Beneficial Owners held through such DTC Participants and
Indirect DTC Participants will be governed by standing instructions and
customary practices, as is now the case with securities held for the accounts
of customers in bearer form or registered in a “street name,” and will be the
responsibility of such DTC Participants and Indirect DTC Participants. None of
the Trust, the Funds, the Trustee or the Sponsor will have any responsibility
or liability for any aspects of the records relating to or 

20

notices to
Beneficial Owners, or payments made on account of beneficial ownership
interests in Shares, or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests or for any other aspect of the
relationship between the Depository and the DTC Participants or the
relationship between such DTC Participants and the Indirect DTC Participants
and Beneficial Owners owning through such DTC Participants or Indirect DTC
Participants or between or among the Depository, any Beneficial Owner and any
person by or through which such Beneficial Owner is considered to own Shares.

          (h)
Limitation of Liability. Each Global Security to be issued
hereunder is executed and delivered solely on behalf of the applicable Fund by
the Sponsor, as Sponsor, in the exercise of the powers and authority conferred
and vested in it by this Trust Agreement. The representations, undertakings and
agreements made on the part of the Fund in each Global Security are made and
intended not as personal representations, undertakings and agreements by the
Sponsor or the Trustee, but are made and intended for the purpose of binding
only the Fund. Nothing in the Global Security shall be construed as creating
any liability on the Sponsor or the Trustee, individually or personally, to
fulfill any representation, undertaking or agreement other than as provided in
this Trust Agreement.

          (i)
Successor Depository. If a successor to DTC shall be
employed as Depository hereunder, the Trust and the Sponsor shall establish
procedures acceptable to such successor with respect to the matters addressed
in this Section 3.4.

          Section
3.5. Assets. The Trust Estate 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 Series and are referred to as “assets belonging to” that Series. The
assets belonging to a Series shall belong only to that Series for all purposes,
and to no other Series, and shall be subject only to the rights of creditors of
that Series. Any assets, income, earnings, profits, and proceeds thereof,
funds, or payments which are not readily identifiable as belonging to any
particular Series shall be allocated between and among one or more Series as
the Sponsor deems fair and equitable. Each such allocation shall be conclusive
and binding upon the Shareholders of all Series for all purposes, and such
assets, earnings, income, profits or funds, or payments and proceeds thereof shall
be referred to as assets belonging to that Series. The assets belonging to a
Series shall be so recorded upon the books of the Trust, and shall be held in
trust for the benefit of the Shareholders of that Series. The assets belonging
to a Series shall be charged with the liabilities of that Series and all
expenses, costs, charges, indemnities and reserves attributable to that Series.

          Section
3.6. Liabilities of the Funds.

          (a)
The debts, liabilities, obligations, expenses, costs, charges,
indemnities and reserves incurred, contracted for, attributable to or otherwise
existing with respect to a particular Series shall be enforceable against the
assets of such Series only, and not against the assets of the Trust generally
or of any other Series 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 Series shall be enforceable against
the assets of such Series. Any general liabilities, 

21

expenses,
costs, charges, indemnities or reserves of the Trust which are not readily
identifiable as being held with respect to any particular Series shall be
allocated and charged by the Sponsor to and among any one or more of the Series
in such manner and on such basis as the Sponsor in its sole discretion deems
fair and equitable. Notice of the contractual limitation on liabilities among
Series described in the first sentence of this paragraph shall be set forth in
the Certificate of Trust of the Trust (whether originally or by amendment) as
filed or to be filed in the Office of the Secretary of State of the State of
Delaware pursuant to the DSTA, and upon the giving of such notice in the
certificate of trust, the statutory provisions of section 3804 of the DSTA
relating to limitations on liabilities among Series (and the statutory effect
under section 3804 of the DSTA of setting forth such notice in the certificate
of trust) shall become applicable to the Trust and each Series. Any person
extending credit to, contracting with or having any claim against any Series
may look only to the assets of that Series to satisfy or enforce any debt, with
respect to that Series. No Shareholder or former Shareholder of any Series
shall have a claim on or any right to any assets allocated or belonging to any
other Series, 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 Series. Every Share, note, bond, contract, instrument, certificate
or other undertaking made or issued by or on behalf of a particular Series
shall include a recitation limiting the obligation on Shares represented
thereby to that Series and its assets.

          (b)
Except as set forth below, any debts, liabilities, obligations,
indebtedness, expenses, interests and claims of any nature and all kinds and
descriptions (“Claims”), if any, of the Sponsor and the Trustee (the
“Subordinated Claims”) incurred, contracted for or otherwise existing, arising
from, related to or in connection with all Series, any combination of Series or
one particular Series and their respective assets (the “Applicable Series”) and
the assets of the Trust shall be expressly subordinate and junior in right of
payment to any and all other Claims against the Trust and any Series thereof,
and any of their respective assets, which may arise as a matter of law or
pursuant to any contract, provided, however, that the Claims of each of the
Sponsor and the Trustee (if any) against the Applicable Series shall not be
considered Subordinated Claims with respect to enforcement against and
distribution and repayment from the Applicable Series and the Applicable
Series’ assets; and provided further that the valid Claims of either the
Sponsor or the Trustee, if any, against the Applicable Series shall be pari
passu and equal in right of repayment and distribution with all other valid
Claims against the Applicable Series.

          (c)
The Sponsor and the Trustee will not take, demand or receive from
any Fund or the Trust or any of their respective assets (other than the
Applicable Series and the Applicable Series’ assets) any payment for the
Subordinated Claims.

          (d)
The Claims of each of the Sponsor and the Trustee with respect to
the Applicable Series shall only be asserted and enforceable against the
Applicable Series and the Applicable Series’ assets; and such Claims shall not
be asserted or enforceable for any reason whatsoever against any other Series,
the Trust generally, or any of their respective assets.

          (e)
If the Claims of the Sponsor or the Trustee against the
Applicable Series or the Trust are secured in whole or in part, each of the
Sponsor and the Trustee hereby waives (under section 1111(b) of the Bankruptcy
Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which
deficiency Claims may arise in the event such security is inadequate to satisfy
such 

22

Claims)
treated as unsecured Claims against the Trust or any Series (other than the
Applicable Series), as the case may be.

          (f)
In furtherance of the foregoing, if and to the extent that the
Sponsor and the Trustee receive monies in connection with the Subordinated
Claims from a Fund or the Trust (or their respective assets), other than the
Applicable Series, and such Applicable Series’ assets, the Sponsor and the
Trustee shall be deemed to hold such monies in trust and shall promptly remit
such monies to the Fund or the Trust that paid such amounts for distribution by
the Fund or the Trust in accordance with the terms hereof.

          (g)
The foregoing segregation of the liabilities and assets of and
among the Series shall apply at all times notwithstanding that the Claims are
satisfied, and notwithstanding that the agreements in respect of such Claims
are terminated, rescinded or canceled.

          (h)
Any agreement entered into by the Trust, any Fund, or the
Sponsor, on behalf of the Trust generally or any Fund, including, without
limitation, the Authorized Participant Agreements entered into with each
Authorized Participant, will include language substantially similar to the
language set forth in Section 3.6(a) hereof. 

          Section
3.7. Distributions.

          (a)
Distributions on Shares may be paid with such frequency as the
Sponsor may determine, which may be daily or otherwise, to the Shareholders,
from such of the income and capital gains, accrued or realized, from each Trust
Estate, after providing for actual and accrued liabilities. Except to the
extent the Sponsor otherwise determines, all distributions on Shares thereof
shall be distributed to the Shareholders according to their Percentage
Interests at the date and time of record established for the payment of such
distribution and in accordance with Section 3.4(g) hereof. Such distributions
may be made in cash or Shares as determined by the Sponsor or pursuant to any
program that the Sponsor may have in effect at the time for the election by
each Shareholder of the mode of the making of such distribution to that
Shareholder. Nothing in this Section 3.7 shall obligate the Sponsor to cause
the Trust to make any distributions.

          (b)
The Shares shall represent shares of beneficial interest in each
applicable Fund Trust Estate. Each Shareholder shall be entitled to receive its
pro rata share of distributions of income and capital gains in accordance with
Section 3.7(a) hereof.

          (c)
Notwithstanding any other provisions of this Trust Agreement, no
distribution including, without limitation, any distribution paid upon
termination of the Trust or of any Series with respect to, nor any redemption
or repurchase of, the Shares of any Series shall be effected by the Trust other
than from the assets held with respect to such Series. The Sponsor shall have
full discretion to determine which items shall be treated as income and which
items as capital; and each such determination and allocation shall be
conclusive and binding upon the Shareholders.

23

ARTICLE
IV

THE SPONSOR

          Section
4.1. Management of the Trust. Pursuant to
sections 3806(a) and 3806(b)(7) of the DSTA, the business and affairs of the
Trust and each Fund shall be managed by the Sponsor in lieu of the Trustee with
such powers of delegation as may be permitted by law. The Sponsor shall have
power to conduct the business of the Trust and each Fund and carry on its
operations in any and all of its branches and maintain offices both within and
without the State of Delaware, in any and all states of the U.S., in the
District of Columbia, in any and all commonwealths, territories, dependencies,
colonies, or possessions of the U.S., and in any foreign jurisdiction and to do
all such other things and execute all such instruments as it deems necessary,
proper or desirable in order to promote the interests of the Trust and the
Funds although such things are not herein specifically mentioned. Any
determination as to what is in the interests of the Trust or a Fund made by the
Sponsor in good faith shall be conclusive. In construing the provisions of this
Trust Agreement, the presumption shall be in favor of a grant of power to the
Sponsor. The enumeration of any specific power in this Trust Agreement shall
not be construed as limiting the aforesaid power. The powers of the Sponsor may
be exercised without order of or resort to any court.

          Section
4.2. Authority of Sponsor. In addition to and
not in limitation of any rights and powers conferred by law or other provisions
of this Trust Agreement, the Sponsor shall have and may exercise on behalf of
the Trust and each Fund, all powers and rights necessary, proper, convenient or
advisable to effectuate and carry out the purposes, business and objectives of
the Trust and each Fund, which shall include, without limitation, the
following:

          (a)
To enter into, execute, deliver and maintain, and to cause the
Trust, for itself or on behalf of the Funds, to perform its obligations under,
contracts, agreements and any or all other documents and instruments, and to do
and perform all such things as may be in furtherance of Trust and Fund purposes
or necessary or appropriate for the offer and sale of the Shares and the
conduct of Trust and Fund activities.

          (b)
To establish, maintain, deposit into, sign checks and/or
otherwise draw upon accounts on behalf of the Trust or the Funds with
appropriate banking and savings institutions, and execute and/or accept any
instrument or agreement incidental to the Trust’s business and in furtherance
of its purposes, any such instrument or agreement so executed or accepted by
the Sponsor in the Sponsor’s name shall be deemed executed and accepted on
behalf of the Trust by the Sponsor.

          (c)
To deposit, withdraw, pay, retain and distribute each Trust
Estate or any portion thereof in any manner consistent with the provisions of
this Trust Agreement.

          (d)
To supervise the preparation and filing of the Registration
Statement, the Prospectus and any supplements and amendments thereto.

          (e)
To pay or authorize the payment of distributions to the
Shareholders and expenses of the Trust and each Fund.

24

          (f)
To make any elections on behalf of the Trust or any Fund under
the Code, or any other applicable U.S. federal or state tax law as the Sponsor
shall determine to be in the best interests of the Trust.

          (g)
In the sole discretion of the Sponsor, to admit an Affiliate or
Affiliates of the Sponsor as additional Sponsors.

          (h)
To adopt disclosure and financial reporting information gathering
and control policies and procedures.

          (i)
To make any necessary determination or decision in connection
with the preparation of each Fund’s financial statements and amendments
thereto, and the Prospectus.

          (j)
To prepare, file and distribute, if applicable, any periodic
reports or updates that may be required under the Securities Exchange Act of
1934, the CEA, or the rules and regulations thereunder.

          (k)
Execute, file, record and/or publish all certificates, statements
and other documents and do any and all other things as may be appropriate for
the formation, qualification and operation of the Trust and for the conduct of
its business in all appropriate jurisdictions.

          (l)
Appoint and remove independent public accountants to audit the
accounts of the Trust.

          (m)
Employ attorneys to represent the Trust.

          (n)
Adopt, implement or amend, from time to time, such disclosure and
financial reporting information gathering and control policies and procedures
as are necessary or desirable to ensure compliance with applicable disclosure
and financial reporting obligations under any applicable securities laws.

          (o)
For any Fund, enter into an Authorized Participant Agreement for
the Trust on behalf of such Fund, the Administrator or any other Person and
each Authorized Participant and discharge the duties and responsibilities of
the Fund thereunder.

          (p)
For each Fund, receive directly, or indirectly through the
Administrator or another Person, Purchase Orders and process or cause the
Administrator to process properly submitted Purchase Orders.

          (q)
For each Fund, in connection with Purchase Orders, receive
directly, or indirectly through another Person, on behalf of such Fund,
Creation Unit Capital Contributions from Authorized Participants and thereupon
issue or cause to be issued to a purchasing Authorized Participant through the
Depository the Shares of such Fund to be purchased in connection with the
Purchase Order.

          (r)
For each Fund, receive directly, or indirectly through the
Administrator or another Person, Redemption Orders from Authorized Participants
and process or cause the Administrator to process properly submitted Redemption
Orders.

25

          (s)
For each Fund, receive directly, or indirectly through the
Administrator or another Person, the Shares subject to a Redemption Order from
a redeeming Authorized Participant through the Depository, and thereupon cancel
or cause to be cancelled the Shares so redeemed in connection with such
Redemption Order.

          (t)
Cause the Trust on behalf of each Fund to enter into one or more
asset custodial agreements and collateral maintenance or management agreements
on terms and conditions acceptable to the Sponsor.

          (u)
Cause the Trust to borrow funds and to mortgage and pledge the
assets of the Trust or any Fund or any part thereof to secure obligations
arising in connection with such borrowing.

          (v)
Cause the Trust to endorse or guarantee the payment of any notes
or other obligations of any person; to make contracts of guaranty or
suretyship, or otherwise assume liability for payment thereof; and to mortgage
and pledge Trust or Fund property or any part thereof to secure any of or all
such obligations.

          (w)
Cause the Trust to purchase and pay for entirely out of Trust or
Fund property such insurance as the Sponsor may deem necessary or appropriate
for the conduct of the business, including, without limitation, insurance
policies insuring the assets of the Trust and payment of distributions and
principal on its portfolio investments, and insurance policies insuring the
Shareholders, Trustee, Sponsor, officers, employees, agents, consultants,
investment advisers, managers, administrators, distributors, principal
underwriters, or independent contractors, or any thereof (or any person
connected therewith), of the Trust individually against all claims and
liabilities of every nature arising by reason of holding, being or having held
any such office or position, or by reason of any action alleged to have been
taken or omitted by any such person in any such capacity, including any action
taken or omitted that may be determined to constitute negligence, whether or
not the Trust would have the power to indemnify such person against such
liability.

          (x)
Authorize the Trust, for the Trust or any Fund, to enter into one
or more administration, transfer agency and accounting agreements and
agreements for such other services necessary or appropriate to carry out the
business and affairs of the Trust with any party or parties on terms and
conditions acceptable to the Sponsor, including but not limited to agreements
with legal counsel and an independent registered public accounting firm.

          (y)
Interact with the Depository as required.

          (z)
Enter into and perform, or cause the performance of, the Sponsor
Agreement on terms and conditions acceptable to the Sponsor.

          (aa)
Prosecute, defend, settle or compromise actions or claims at law
or in equity as may be necessary or proper to enforce or protect the Trust’s
interests. The Sponsor shall satisfy any judgment, decree or decision of any
court, board or authority having jurisdiction or any settlement of any suit or
claim prior to judgment or final decision thereon, first, out of any insurance
proceeds available therefor, next, out of the Funds’ assets on a pro rata basis
according to the relative amount of assets of each Fund.

26

          (bb)
Delegate those of its duties hereunder as it shall determine from
time to time to one or more officers of the Trust, the Administrator, or other
Persons.

          (cc)
In general, to carry on any other business in connection with or
incidental to any of the foregoing powers, to do everything necessary, suitable
or proper for the accomplishment of any purpose or the attainment of any object
or the furtherance of any power herein set forth, either alone or in
association with others, and to do every other act or thing incidental or
appurtenant to or growing out of or connected with the aforesaid business or
purposes, objects or powers.

The foregoing clauses shall be construed both as objects and powers, and the
foregoing enumeration of specific powers shall not be held to limit or restrict
in any manner the general powers of the Sponsor. Any action by one or more of
the Sponsor hereunder shall be deemed an action on behalf of the Trust or the
applicable Series, and not an action in an individual capacity.

          Section
4.3. Expenses of the Trust.

          (a)
Unless otherwise assumed by the Sponsor, the Sponsor is
authorized to pay or cause to be paid out of the Trust Estate of a Fund any
fees and expenses of the Fund that are extraordinary or non-recurring in
nature, including (without limitation) legal claims and liabilities, litigation
costs or indemnification or other unanticipated expenses. Extraordinary fees
and expenses affecting the Trust as a whole will be prorated to each Fund
according to its respective Fund Value.

          (b)
The Sponsor shall be responsible for all organizational and
offering expenses of the Trust, and for the routine operational,
administrative, and other ordinary expenses of the Trust and each Fund,
including (without limitation) fees for the Trustee’s ordinary services and
reimbursement of its out-of-pocket expenses as provided in Section 2.3 hereof,
the fees and expenses reimbursable to the agency service provider, the
Custodian, the Administrator and other service providers of the Trust, listing
fees of the Exchange, registration fees charged by the Commission and other
regulatory and self-regulatory organizations, printing and mailing costs, audit
fees and expenses and legal fees and expenses not in excess of $100,000 per
year.

          Section
4.4. Liability of Covered Persons. A Covered
Person shall have no liability to the Trust or to any Shareholder, Beneficial
Owner, Authorized Participant or to any other Covered Person for any loss
suffered by the Trust that arises out of any action or inaction of such Covered
Person if such Covered Person, in good faith, determined that such course of
conduct was in the best interest of the Trust and such course of conduct did
not constitute gross negligence or bad faith of such Covered Person. Subject to
the foregoing, no Covered Person shall be personally liable for the return or
repayment of all or any portion of the capital or profits of any Shareholder,
Beneficial Owner, Authorized Participant or assignee thereof, it being expressly
agreed that any such return of capital or profits made pursuant to this
Agreement shall be made solely from the assets of the Trust without any rights
of contribution from any Covered Person. A Covered Person shall not be liable
for the conduct or misconduct of any delegatee selected by the Sponsor pursuant
to Section 4.7 hereof; provided, however, that in the case of the Sponsor the
foregoing shall only apply if the Sponsor made such selection with reasonable
care.

27

          Section
4.5. Elimination and Limitation of Duties and Liabilities
of the Sponsor.

          (a)
The parties hereto expressly agree to eliminate, to the fullest
extent permitted under Delaware law, any and all duties at law or in equity
(including fiduciary duties) that may be applicable to the Sponsor in the
Sponsor’s management of the Trust and performance under this Trust Agreement
other than any duties expressly imposed by the provisions of this Trust
Agreement. To the fullest extent permitted by law and pursuant to section
3806(e) of the DSTA, the Sponsor and its Affiliates shall have no liabilities,
at law or in equity, for breaches of duties (including fiduciary duties) to the
Trust, the Shareholders, the Beneficial Owners, the Authorized Participants or
any other Person under this Trust Agreement or otherwise in its management of
the Trust. To the fullest extent permitted by section 3806(e) of the DSTA, the
Sponsor acting under this Agreement shall not be liable, at law or in equity,
for breaches of this Trust Agreement to the Trust, the Shareholders, the
Beneficial Owners, the Authorized Participants or any other Person for its
management of the Trust and its performance under this Trust Agreement,
provided that such management and performance is within the standard of care
set forth in Section 4.4 hereof. The provisions of this Trust Agreement, to the
extent that they restrict or eliminate the duties and liabilities of the
Sponsor and its Affiliates otherwise existing at law or in equity are agreed by
the parties hereto to replace such other duties and liabilities of the Sponsor.

          (b)
Unless otherwise expressly provided herein:

	
  

 	
  

 
	
  

 	
           (i)
 whenever a conflict of interest exists or arises between the
 Sponsor or any of its Affiliates, on the one hand, and the Trust or any
 Shareholder, Beneficial Owner, Authorized Participant or other Person, on the
 other hand; or

 
	
  

 	
  

 
	
  

 	
           (ii)
 whenever this Agreement or any other agreement contemplated
 herein provides that the Sponsor shall act in a manner that is, or provides
 terms that are, fair and reasonable to the Trust, any Shareholder, Beneficial
 Owner, Authorized Participant or other Person,

 

the Sponsor
shall resolve such conflict of interest, take such action or provide such
terms, considering in each case the relative interest of each party (including
its own interest) to such conflict, agreement, transaction or situation and the
benefits and burdens relating to such interests, any customary or accepted
industry practices, and any applicable generally accepted accounting practices
or principles. In the absence of bad faith by the Sponsor, the resolution,
action or terms so made, taken or provided by the Sponsor shall not constitute
a breach of this Agreement or any other agreement contemplated herein or of any
duty or obligation of the Sponsor at law or in equity or otherwise.

          (c)
Notwithstanding any other provision of this Agreement or of
applicable law, whenever in this Agreement the Sponsor is permitted or required
to make a decision

	
  

 	
  

 
	
  

 	
           (i)
 in its “discretion” or under a grant of similar authority, the
 Sponsor shall be entitled to consider such interests and factors as it
 desires, including its own interests, and, to the fullest extent permitted by
 applicable law, shall have no duty or obligation to 

 

28

	
  

 	
  

 
	
  

 	
 give any
 consideration to any interest of or factors affecting the Trust, any
 Shareholder, any Beneficial Owner, any Authorized Participant or any other
 Person; or

 
	
  

 	
  

 
	
  

 	
           (ii)
 in its “good faith” or under another express standard, the
 Sponsor shall act under such express standard and shall not be subject to any
 other or different standard.

 

          (d)
The Sponsor and any of its Affiliates may engage in or possess an
interest in other profit-seeking or business ventures of any nature or
description, independently or with others, whether or not such ventures are
competitive with the Trust, and the doctrine of corporate opportunity, or any
analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires
knowledge of a potential transaction, agreement, arrangement or other matter
that may be an opportunity for the Trust, it shall have no duty to communicate
or offer such opportunity to the Trust, and the Sponsor shall not be liable to
the Trust or to the Shareholders, the Beneficial Owners or the Authorized
Participants for breach of any fiduciary or other duty by reason of the fact
that the Sponsor pursues or acquires for, or directs such opportunity to,
another Person or does not communicate such opportunity or information to the
Trust. Neither the Trust nor any Shareholder, Beneficial Owner or Authorized
Participant shall have any rights or obligations by virtue of this Trust
Agreement or the trust relationship created hereby in or to such independent
ventures or the income or profits or losses derived therefrom, and the pursuit
of such ventures, even if competitive with the activities of the Trust, shall
not be deemed to be wrongful or improper. Except to the extent expressly
provided herein, the Sponsor may engage or be interested in any financial or
other transaction with the Trust, the Shareholders, the Beneficial Owners, the
Authorized Participants or any Affiliate of the Trust or the Beneficial Owners.

          Section
4.6. Obligations of the Sponsor.

          (a)
The Sponsor does not assume any obligation nor shall it be
subject to any liability under this Trust Agreement to any Shareholder,
Beneficial Owner or Authorized Participant (including liability with respect to
the worth of the Trust Estate), except that it agrees to perform its
obligations specifically set forth in this Trust Agreement without gross
negligence or bad faith.

          (b)
The Sponsor shall not be under any obligation to prosecute any
action, suit or other proceeding in respect of any portion of the Trust Estate
or in respect of the Shares on behalf of a Shareholder, Beneficial Owner,
Authorized Participant or other Person.

          (c)
The Sponsor shall not be liable for any action or non-action by
it in reliance upon the advice of or information from legal counsel,
accountants, any Authorized Participant, any Shareholder or any other Person
believed by it in good faith to be competent to give such advice or
information.

          (d)
The Sponsor shall not be liable for any acts or omissions made by
a successor Sponsor, whether in connection with a previous act or omission of
the Sponsor or in connection with any matter arising wholly after the
resignation of the Sponsor; provided that in connection with the issue out of
which such potential liability arises the Sponsor performed its obligations
without negligence or bad faith while it acted as Sponsor.

29

          (e)
The Sponsor shall have no obligation to comply with any direction
or instruction from any Shareholder, Beneficial Owner or Authorized Participant
regarding Shares except to the extent specifically provided in this Trust
Agreement.

          Section
4.7. Delegation of Obligations of the Sponsor.
The Sponsor may at any time delegate all or a portion of its duties and
obligations under this Trust Agreement to another entity, including the
Administrator, without the consent of the Trustee, any Shareholder and any
Beneficial Owner. The Sponsor may terminate the delegation to such other entity
at any time and is not required to appoint a replacement therefor.

          Section
4.8. Compensation to the Sponsor. The Sponsor
shall be entitled to compensation for its services as Sponsor of the Trust and
allowances for certain Fund administrative expenses as set forth in the Sponsor
Agreement.

          Section
4.9. Other Business of Shareholders. Except as
otherwise specifically provided herein, any of the Shareholders and any
shareholder, officer, director, employee or other person holding a legal or
beneficial interest in an entity which is a Shareholder, may engage in or
possess an interest in other business ventures of every nature and description,
independently or with others, and the pursuit of such ventures, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper.

          Section
4.10. Indemnification of Sponsor.

          (a)
The Trust (or, in furtherance on Section 3.6 hereof, any Fund
separately to the extent the matter in question relates to a single Fund or is
otherwise disproportionate) shall indemnify and hold harmless to the fullest
extent permitted by law the Sponsor and its Affiliates, successors, assigns,
legal representatives, officers, directors, employees, agents and servants
(each a “Sponsor Indemnified Party”) against all claims, losses, liabilities
and expenses, including but not limited to amounts paid in satisfaction of
judgments or settlements, in compromise or as fines and penalties, and counsel
fees reasonably incurred by any Sponsor Indemnified Party, in connection with
the defense or disposition of any action, suit or other proceeding, whether
civil or criminal, before any court or administrative or legislative body, in
which such Sponsor Indemnified Party may be or may have been involved as a
party or otherwise or with which such Sponsor Indemnified Party may be or may
have been threatened, while in office or thereafter, by reason of any alleged
act or omission as a Sponsor Indemnified Party or by reason of his or her being
or having been such a Sponsor Indemnified Party except with respect to any
matter as to which such Sponsor Indemnified Party shall have been finally
adjudicated in any such action, suit or other proceeding not to have acted in
good faith in the reasonable belief that such Sponsor Indemnified Party’s
action was in the best interests of the Trust and except that no Sponsor
Indemnified Party shall be indemnified against any liability to the Trust or
its Shareholders by reason of willful misconduct or gross negligence of such
Sponsor Indemnified Party, and provided further that any such indemnification
will only be recoverable from the applicable Trust Estate or Trust Estates. All
rights to indemnification permitted herein and payment of associated expenses
shall not be affected by the dissolution or other cessation to exist of the
Sponsor Indemnified Party, or the withdrawal, adjudication of bankruptcy or
insolvency of the Sponsor Indemnified Party, or the filing of a voluntary or 

30

involuntary
petition in bankruptcy under Title 11 of the Code by or against the Sponsor
Indemnified Party.

          (b)
Notwithstanding the provisions of Section 4.10(a) above, the
Sponsor Indemnified Party and any Person acting as broker-dealer for the Trust
or any Fund shall not be indemnified for any losses, liabilities or expenses
arising from or out of an alleged violation of U.S. federal or state securities
laws unless (i) there has been a successful adjudication on the merits of
each count involving alleged securities law violations as to the particular
indemnitee and the court approves the indemnification of such expenses
(including, without limitation, litigation costs), (ii) such claims have
been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee and the court approves the indemnification
of such expenses (including, without limitation, litigation costs) or
(iii) a court of competent jurisdiction approves a settlement of the
claims against a particular indemnitee and finds that indemnification of the
settlement and related costs should be made.

          (c)
The Trust and the Funds shall not incur the cost of that portion
of any insurance which insures any party against any liability, the
indemnification of which is herein prohibited.

          (d)
The term “Sponsor Indemnified Party” as used only in this Section
4.10 shall include, in addition to the Sponsor, any other Sponsor Indemnified
Party performing services on behalf of the Trust and acting within the scope of
the Sponsor’s authority as set forth in this Trust Agreement.

          (e)
In the event the Trust is made a party to any claim, dispute,
demand or litigation or otherwise incurs any loss, liability, damage, cost or
expense as a result of or in connection with any Limited Owner’s (or
assignee’s) obligations or liabilities unrelated to Trust business, such
Limited Owner (or assignees cumulatively) shall indemnify, defend, hold
harmless, and reimburse the Trust for all such loss, liability, damage, cost
and expense incurred, including attorneys’ and accountants’ fees.

          (f)
The payment of any amount pursuant to this Section 4.10 shall be
subject to Section 3.6 hereof with respect to the allocation of liabilities and
other amount, as appropriate, among the Funds.

          (g)
Expenses, including counsel fees, so incurred by any such Sponsor
Indemnified Party (but excluding amounts paid in satisfaction of judgments, in
compromise or as fines or penalties) shall be paid from time to time by the
Trust in advance of the final disposition of any such action, suit or proceeding
upon receipt of an undertaking by or on behalf of such Sponsor Indemnified
Party to repay amounts so paid to the Trust if it is ultimately determined that
indemnification of such expenses is not authorized under this Section 4.10.

          Section
4.11. Other Contractual Rights. Nothing
contained in Section 4.10 hereof shall affect any right to indemnification to
which persons other than Sponsor and officers of this Trust may be separately
entitled by contract or otherwise.

31

ARTICLE
V

TRANSFERS OF SHARES

          Section
5.1. General Prohibition. A Shareholder may not
sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in
any manner encumber any or all of his Shares or any part of his right, title
and interest in the capital or profits in any Fund except as permitted in this
Article V and any act in violation of this Article V shall not be binding upon
or recognized by the Trust (regardless of whether the Sponsor shall have
knowledge thereof), unless approved in writing by the Sponsor.

          Section
5.2. Transfer of Shares. Beneficial Owners that
are not DTC Participants may transfer Shares by instructing the DTC Participant
or DTC Participant holding the Shares for such Beneficial Owner in accordance
with standard securities industry practice. Beneficial Owners that are DTC
Participants may transfer Shares by instructing the Depository in accordance
with the rules of the Depository and standard securities industry practice.

ARTICLE
VI

ALLOCATIONS

          Section
6.1. Allocations for Capital Account Purposes.
For purposes of maintaining the Capital Accounts and in determining the rights
of the Shareholders among themselves, the Trust’s Net Income and Net Loss shall
be allocated among the Shareholders in each fiscal year or other applicable
period (or portion thereof) as provided herein below.

          (a)
Net Income and Net Loss. After giving effect to the
allocations set forth in this Section 6.1, Net Income or Net Loss for each
fiscal year or other applicable period shall be allocated to the Shareholders
such that the Adjusted Capital Accounts of the Shareholders are proportionate
to their respective Percentage Interests.

          (b)
Allocation upon Termination. With respect to all Section
6.1(a) allocations following a Liquidation Date, such allocations shall be made
after Capital Account balances have been adjusted by all other allocations
provided under this Section 6.1 and after giving effect to all distributions
during such fiscal year or other applicable period; provided, however, that
solely for purposes of this Section 6.1(b), Capital Accounts shall not be
adjusted for distributions made pursuant to Section 9.1 hereof.

          (c)
Mandatory Allocations. Notwithstanding any other provision
of this Section 6.1, the following special allocations shall be made for such
taxable period:

	
  

 	
  

 
	
  

 	
           (i)
 Fund Minimum Gain Chargeback. Notwithstanding any other
 provision of this Section 6.1, if there is a net decrease in Fund Minimum
 Gain during any Trust fiscal year or other applicable period, then, subject
 to the exceptions set forth in Treasury Regulation sections 1.704-2(f)(2),
 (3), (4) and (5), each Shareholder shall be allocated items of Trust income
 and gain for such period (and, if necessary, subsequent periods) in an amount
 equal to such Shareholder’s share of Fund Minimum Gain, as determined in
 accordance with Treasury Regulation section 1.704-2(g). This Section
 6.1(c)(i) is intended to comply with the Fund Minimum Gain chargeback
 requirement in Treasury Regulation section 1.704-2(f) and shall be
 interpreted consistently therewith.

 

32

	
  

 	
  

 
	
  

 	
           (ii)
 Chargeback of Shareholder Minimum Gain. Notwithstanding the
 other provisions of this Section 6.1 (other than Section 6.1(c)(i)), if there
 is a net decrease in Shareholder Minimum Gain attributable to a Shareholder
 Nonrecourse Debt during any Trust fiscal year or other applicable period,
 then, subject to the exception set forth in Treasury Regulation section
 1.704-2(i)(4), each Shareholder with a share of Shareholder Minimum Gain
 attributable to such Shareholder Nonrecourse Debt, determined in accordance
 with Treasury Regulation section 1.704-2(i)(5), shall be allocated items of
 Trust income and gain for such period (and, if necessary, subsequent periods)
 in the manner and amounts provided in Treasury Regulation section
 1.704-2(i)(4). This Section 6.1(c)(ii) is intended to comply with the
 chargeback of items of income and gain requirement in Treasury Regulation
 section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 
	
  

 	
  

 
	
  

 	
           (iii)
 Qualified Income Offset. Notwithstanding any other provision of
 this Section 6.1 (other than Section 6.1(c)(i) and (ii)), in the event any
 Shareholder unexpectedly receives any adjustments, allocations or distributions
 described in Treasury Regulation sections 1.704-1(b)(2)(ii)(d)(4), (5), or
 (6) that cause an increase in an Adjusted Capital Account deficit of such
 Shareholder, items of Trust income and gain shall be specially allocated to
 such Shareholder in an amount and manner sufficient to eliminate, to the
 extent required by the Treasury Regulations promulgated under Code section
 704(b), the deficit balance in its Adjusted Capital Account. This Section
 6.1(c)(iii) is intended to qualify and be construed as a “qualified income
 offset” within the meaning of Treasury Regulation section
 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 
	
  

 	
  

 
	
  

 	
           (iv)
 No Excess Deficit. To the extent that any Shareholder has or
 would have, as a result of an allocation of Net Loss (or item thereof), an
 Adjusted Capital Account deficit, such amount of Net Loss (or item thereof)
 shall be allocated to the other Shareholders in accordance with this Section
 6.1, but in a manner which will not produce an Adjusted Capital Account
 deficit as to any such Shareholder. To the extent such allocation would
 result in all Shareholders having Adjusted Capital Account deficits, such Net
 Loss (or item thereof) shall be allocated in accordance with Section 6.1(a).
 Any allocations of Net Loss (or item thereof) pursuant to this Section
 6.1(c)(iv) shall be reversed with a corresponding amount of Net Profits in
 subsequent years.

 
	
  

 	
  

 
	
  

 	
           (v)
 Nonrecourse Deductions. Nonrecourse Deductions for any taxable
 period shall be allocated to the Shareholders in accordance with their
 respective Percentage Interests. If the Sponsor determines that the Trust’s
 Nonrecourse Deductions should be allocated in a different ratio to satisfy
 the safe harbor requirements of the Treasury Regulations promulgated under
 Code section 704(b), the Sponsor is authorized, upon notice to the other
 Shareholders, to revise the prescribed ratio to the numerically closest ratio
 that does satisfy such requirements.

 
	
  

 	
  

 
	
  

 	
           (vi)
 Shareholder Nonrecourse Deductions. Shareholder Nonrecourse
 Deductions for any taxable period shall be allocated 100% to the Shareholder
 that bears the economic risk of loss with respect to the Shareholder Nonrecourse Debt to which such Shareholder 

 

33

	
  

 	
  

 
	
  

 	
 Nonrecourse Deductions are attributable in
 accordance with Treasury Regulation section 1.704-2(i).

 
	
  

 	
  

 
	
  

 	
           (vii)
 Nonrecourse Liabilities. Nonrecourse Liabilities of the Trust
 described in Treasury Regulation section 1.752-3(a)(3) shall be allocated
 among the Shareholders in a manner chosen by the Sponsor and consistent with
 such Treasury Regulation.

 
	
  

 	
  

 
	
  

 	
           (viii)
 Code Section 754 Adjustments. To the extent an adjustment to
 the adjusted tax basis of any Trust asset pursuant to Code section 734(b) or
 Code section 743(b) is required, pursuant to Treasury Regulation section
 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital
 Accounts, the amount of such adjustment to the Capital Accounts shall be
 treated as an item of gain (if the adjustment increases the basis of the
 asset) or loss (if the adjustment decreases such basis), and such item of
 gain or loss shall be specially allocated to the Shareholders in a manner
 consistent with the manner in which their Capital Accounts are required to be
 adjusted pursuant to such section of the Treasury Regulations.

 
	
  

 	
  

 
	
  

 	
           (ix)
 Curative Allocation.

 

	
  

 	
  

 
	
  

 	
           (A)
 The Required Allocations are intended to comply with certain
 requirements of the Treasury Regulations. It is the intent of the
 Shareholders that, to the extent possible, all Required Allocations shall be
 offset either with other Required Allocations or with special allocations of
 other items of Trust income, gain, loss or deduction pursuant to this Section
 6.1(c)(ix). Therefore, notwithstanding any other provision of this Section
 6.1 (other than the Required Allocations), the Sponsor shall make such
 offsetting special allocations of Trust income, gain, loss or deduction in
 whatever manner it determines appropriate so that, after such offsetting
 allocations are made, each Shareholder’s Capital Account balance is, to the
 extent possible, equal to the Capital Account balance such Shareholder would
 have had if the Required Allocations were not part of this Agreement and all
 Trust items were allocated pursuant to the economic agreement among the
 Shareholders.

 
	
  

 	
  

 
	
  

 	
           (B)
 The Sponsor shall, with respect to each fiscal year or other
 applicable period, (1) apply the provisions of Section 6.1(c)(ix)(A) in
 whatever order is most likely to minimize the economic distortions that might
 otherwise result from the Required Allocations, and (2) divide all
 allocations pursuant to Section 6.1(c)(ix)(A) among the Shareholders in a
 manner that is likely to minimize such economic distortions.

 

          Section
6.2. Allocations for Tax Purposes.

          (a)
Except as otherwise provided herein, for U.S. federal income tax
purposes, each item of income, gain, loss and deduction shall be allocated
among the Shareholders in the same manner as its correlative item of “book”
income, gain, loss or deduction is allocated pursuant to Section 6.1 hereof.

34

          (b)
In accordance with Code sections 704(b) and 704(c) and the
Treasury Regulations thereunder, income, gain, loss and deduction with respect
to any property contributed to the Trust shall solely for U.S. federal income
tax purposes, be allocated among the Shareholders so as to take into account
any variation between the adjusted basis of such property to the Trust for U.S.
federal income tax purposes and the initial Gross Asset Value. If the Gross
Asset Value of any Trust asset is adjusted as described in the definition of
Gross Asset Value, subsequent allocations of income, gain, loss and deduction
with respect to such Trust asset shall take into account any variation between
the adjusted basis of such Trust Asset for U.S. federal income tax purposes and
its Gross Asset Value in the same manner as under Code section 704(c) and the
Treasury Regulations thereunder. In furtherance of the foregoing, the Trust
shall employ any method under Code section 704(c) selected by the Sponsor. The
Sponsor, in an attempt to eliminate book-tax disparities, expects items of
income, gain, or loss will be allocated for U.S. federal income tax purposes
among the Members under the principles of the remedial method of Treasury
Regulations section 1.704-3(d). Allocations pursuant to this Section 6.2(b) are
solely for purposes of U.S. federal, state, and local taxes and shall not
affect, or in any way be taken into account in computing, any Shareholder’s
Capital Account or share of Net Income, Net Loss, other items, or distributions
pursuant to any provision of this Agreement.

          (c)
For the proper administration of the Trust and for the
preservation of uniformity of the Shares, the Sponsor shall (i) adopt such
conventions as it deems appropriate in determining the amount of depreciation,
amortization and cost recovery deductions; (ii) make special allocations for
U.S. federal income tax purposes of income (including gross income) or
deductions; (iii) amend the provisions of this Agreement as appropriate (x) to
reflect the proposal or promulgation of Treasury Regulations under Code section
704(b) or Code section 704(c) or (y) otherwise to preserve or achieve
uniformity of the Shares; and (iv) adopt and employ such methods for (A) the
maintenance of Capital Accounts for book and tax purposes, (B) the
determination and allocation of adjustments under Code sections 704(c), 734 and
743, (C) the determination and allocation of taxable income, tax loss and items
thereof under this Agreement and pursuant to the Code, (D) the determination of
the identities and tax classification of Shareholders, (E) the provision of tax
information and reports to the Shareholders, (F) the adoption of reasonable
conventions and methods for the valuation of assets and the determination of
tax basis, (G) the allocation of asset values and tax basis, (H) the adoption
and maintenance of accounting methods, (I) the recognition of the transfer of
Shares, (J) tax compliance and other tax-related requirements, including the
use of computer software, and to use filing and reporting procedures similar to
those employed by publicly-traded partnerships and limited liability companies,
as it determines in its sole discretion are necessary and appropriate to
execute the provisions of this Agreement and to comply with U.S. federal, state
and local tax law, and to achieve uniformity of Shares. The Sponsor may adopt
such conventions, make such allocations and make such amendments to this Agreement
as provided in this Section 6.2(c) only if such conventions, allocations or
amendments would not have a material adverse effect on the Shareholders, the
holders of any Shares issued and Outstanding or the Trust, and if such
allocations are consistent with the principles of Code section 704.

          (d)
All items of income, gain, loss, deduction and credit recognized
by the Trust for U.S. federal income tax purposes and allocated to the
Shareholders in accordance with the provisions hereof shall be determined
without regard to any election under Code section 754 that may be made by the
Trust; provided, however, that such allocations, once made, shall be adjusted
(in the 

35

manner
determined by the Sponsor) to take into account those adjustments permitted or
required by Code sections 734 and 743. In order to make the appropriate basis
adjustments in a cost effective manner, the Trust is authorized to use
simplifying conventions and assumptions.

          (e)
In the event the Trust becomes listed on the Exchange or other
major exchange, unless the Sponsor determines otherwise, each item of Trust
income, gain, loss and deduction shall, for U.S. federal income tax purposes,
be determined on an annual basis and prorated on a monthly basis and shall be
allocated to the Shareholders as of the opening of such Exchange on the first
business day of each month; provided, however, that such items for the period
beginning on the closing date and ending on the last day of the month in which
the option closing date or the expiration of the over-allotment option occurs
shall be allocated to the Shareholders as of the opening of such Exchange on
the first Business Day of the next succeeding month; and provided, further,
that gain or loss on a sale or other disposition of any assets of the Trust or
any other extraordinary item of income or loss realized and recognized other
than in the ordinary course of business, as determined by the Sponsor, shall be
allocated to the Shareholders as of the opening of the Exchange on the first
business day of the month in which such gain or loss is recognized for U.S.
federal income tax purposes. The Sponsor may revise, alter or otherwise modify
such methods of allocation to the extent permitted or required by Code section
706 and the regulations or rulings promulgated thereunder.

          (f)
Allocations that would otherwise be made to a Shareholder under
the provisions of this Article VI shall instead be made to the Beneficial Owner
of Shares held by a nominee in any case in which the nominee has furnished the
identity of such owner to the Trust in accordance with Code section 6031(c) or
any other method determined by the Sponsor.

36

ARTICLE
VII

SHAREHOLDERS

          Section
7.1. No Management or Control; Limited Liability; Exercise
of Rights through DTC. The Shareholders shall not participate in the
management or control of the Trust’s or the applicable Fund’s business nor
shall they transact any business for the Trust or any Fund or have the power to
sign for or bind the Trust or any Fund, said power being vested solely and
exclusively in the Sponsor. Except as provided in Section 7.3 hereof, no
Shareholder shall be bound by, or be personally liable for, the expenses,
liabilities or obligations of the Trust or any Fund in excess of his Capital
Contribution plus his share of any Trust Estate of a Fund in which such
Shareholder owns a Share and profits remaining, if any. Except as provided in
Section 7.3 hereof, each Share owned by a Shareholder shall be fully paid and
no assessment shall be made against any Shareholder. No salary shall be paid to
any Shareholder in his capacity as a Shareholder, nor shall any Shareholder
have a drawing account or earn interest on his contribution. By the purchase
and acceptance or other lawful delivery and acceptance of Shares, each
Beneficial Owner shall be deemed to be a Shareholder and beneficiary of the
applicable Fund and vested with beneficial undivided interest in such Fund to
the extent of the Shares owned beneficially by such Beneficial Owner, subject
to the terms and conditions of this Trust Agreement. The rights of Beneficial
Owners under this Trust Agreement must be exercised by DTC Participants acting
on their behalf in accordance with the rules and procedures of the Depository,
as provided in Section 3.4 hereof.

          Section
7.2. Rights and Duties. The Shareholders shall
have the following rights, powers, privileges, duties and liabilities:

          (a)
The Shareholders shall have the right to obtain from the Sponsor
information of all things affecting the Trust or the applicable Fund, provided
that such is for a purpose reasonably related to the Shareholder’s interest as
a beneficial owner of the Trust or the applicable Fund, including, without
limitation, the list of Authorized Participants contemplated by Section
3.3(a)(i) hereof.

          (b)
The Shareholders shall receive the share of the distributions
provided for in this Trust Agreement in the manner and at the times provided
for in this Trust Agreement.

          (c)
Except for the Shareholders’ redemption rights set forth in
Article IX hereof, Shareholders shall have the right to demand the return of
their capital account only upon the dissolution and winding up of the
applicable Fund or the Trust and only to the extent of funds available
therefor. In no event shall a Shareholder be entitled to demand or receive
property other than cash. Except as otherwise provided by the instrument
establishing a Shareholder’s Series, no Shareholder shall have priority over
any other Shareholder either as to the return of capital or as to profits,
losses or distributions. No Shareholder shall have the right to bring an action
for partition against the Trust or a Fund.

          (d)
Except as required under applicable U.S. federal law or under the
rules or regulations of an Exchange, the Shareholders shall have no voting
rights hereunder (including with respect to mergers, consolidations or
conversions of the Trust or transfers to or domestication in any jurisdiction
by the Trust or any other matters that under the DSTA default voting rights are

37

provided to
holders of beneficial interests). The Shareholders shall have the right to vote
on other matters only as the Sponsor may consider desirable and so authorize in
its sole discretion. To the extent that U.S. federal or Delaware law is
amended, modified or interpreted by rule, regulation, order, or no-action
letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right
to vote on any specific matter, the Shareholders’ right to vote shall be deemed
to be amended, modified or interpreted in accordance therewith without further
approval by the Sponsor or the Shareholders.

          (e)
No action may be brought by a Shareholder on behalf of the Trust
unless Shareholders owning no less than a majority of the then outstanding
Shares of the same Series thereof, join in the bringing of such action. A
Shareholder of Shares in a particular Series of the Trust shall not be entitled
to participate in a derivative or class action lawsuit on behalf of any other
Series, as appropriate, or on behalf of the Shareholders in any such other
Series of the Trust.

Except as set
forth above, the Shareholders shall have no voting or other rights with respect
to the Trust or any Fund.

          Section
7.3. Limitation on Shareholder Liability.

          (a)
Except as provided in Sections 4.10(e), and 6.2 hereof, and as
otherwise provided under Delaware law, the Shareholders shall be entitled to
the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the general corporation law of Delaware
and no Shareholder shall be liable for claims against, or debts of the Trust or
the applicable Fund in excess of his Capital Contribution and his share of the
applicable Trust Estate of a Fund and undistributed profits. In addition, and
subject to the exceptions set forth in the immediately preceding sentence, the
Trust or the applicable Fund shall not make a claim against a Shareholder with
respect to amounts distributed to such Shareholder or amounts received by such
Shareholder upon redemption unless, under Delaware law, such Shareholder is
liable to repay such amount.

          (b)
The Trust or the applicable Fund shall indemnify to the full
extent permitted by law and the other provisions of this Trust Agreement, and
to the extent of the applicable Trust Estate of a Fund, each Shareholder
against any claims of liability asserted against such Shareholder solely
because he is a beneficial owner of one or more Shares as a Shareholder (other
than for taxes for which such Shareholder is liable under Section 6.2 hereof). 

          (c)
Every written note, bond, contract, instrument, certificate or
undertaking made or issued by the Sponsor shall give notice to the effect that
the same was executed or made by or on behalf of the Trust or the applicable
Fund and that the obligations of such instrument are not binding upon the
Shareholders individually but are binding only upon the assets and property of
the applicable Fund, and no resort shall be had to the Shareholders’ personal
property for satisfaction of any obligation or claim thereunder, and
appropriate references may be made to this Trust Agreement and may contain any
further recital which the Sponsor deems appropriate, but the omission thereof
shall not operate to bind the Shareholders individually or otherwise invalidate
any such note, bond, contract, instrument, certificate or undertaking. Nothing
contained in this Section 7.3 shall diminish the limitation on the liability of
the Trust to the extent set forth in Sections 3.5 and 3.6 hereof.

38

          Section
7.4. Voting Power and Meetings.

          (a)
Meetings of the Shareholders may be called by the Sponsor for
such purposes as may be prescribed by law or by this Trust Agreement. Except as
required by law or as provided for herein, there shall be no annual or regular
Shareholders’ meetings.

          (b)
On each matter, if any, submitted to a vote of Shareholders,
unless the Sponsor determines otherwise, Shares of each Series shall vote as a
separate class; provided, however, that: (i) as to any matter with respect
to which a separate vote of any Series -is required by applicable law or is
required by attributes applicable to any Series, such requirements as to a
separate vote by that Series shall apply; (ii) unless the Sponsor
determine that this clause (ii) shall not apply in a particular case, to the
extent that a matter referred to in clause (i) above affects more than one
Series and the interests of each such Series in the matter are identical, then
the Shares of all such affected Series shall vote together as a single class;
and (iii) as to any matter which does not affect the interests of a
particular Series, only the holders of Shares of the one or more affected
Series shall be entitled to vote. As determined by the Sponsor, in its sole
discretion, without the vote or consent of Shareholders, on any matter
submitted to a vote of Shareholders either (i) each whole Share shall be
entitled to one vote as to any matter on which it is entitled to vote and each
fractional Share shall be entitled to a proportionate fractional vote or
(ii) each dollar of Value (number of Shares owned times Value per Share of
such Series, as applicable) shall be entitled to one vote on any matter on
which such Shares are entitled to vote and each fractional dollar amount shall
be entitled to a proportionate fractional vote. The Sponsor hereby establishes
that each whole Share shall be entitled to one vote as to any matter on which
it is entitled to vote and each fractional Share shall be entitled to a
proportionate fractional vote. Shares may be voted in person or by proxy or in
any manner determined by the Sponsor.

          (c)
A meeting of Shareholders shall be held at any place designated
by the Sponsor.

          Section
7.5. Notice of Shareholders’ Meeting.

          (a)
All notices of meetings of Shareholders shall be sent or
otherwise given to each Shareholder of record not less than seven (7) nor more
than one hundred and twenty (120) days before the date of the meeting in the
manner determined by the Sponsor. The notice shall specify: (i) the place, date
and hour of the meeting; and (ii) the general nature of the business to be
transacted.

          (b)
Any Shareholders’ meeting, whether or not a quorum is present,
may be adjourned from time to time by the Sponsor or by the vote of a majority
of the Shares of the Series or Trust, as the case may be, represented at that
meeting, either in person or by proxy. When any meeting of Shareholders is
adjourned to another time or place, notice need not be given of the adjourned
meeting at which the adjournment is taken, unless a new record date of the
adjourned meeting is fixed or unless the adjournment is for more than sixty
(60) days from the date set for the original meeting, in which case the Sponsor
shall set a new record date. Notice of any such adjourned meeting shall be
given to each Shareholder of record entitled to vote at the adjourned meeting.
At any adjourned meeting, the Trust may transact any business which might have
been transacted at the original meeting.

39

          Section
7.6. Voting Procedure. The Trust shall be
authorized to solicit, and a Shareholder shall be entitled to submit a proxy
ballot containing the voting instructions of such Shareholder, in person, or by
U.S. mail, overnight mail, express mail, telephone, electronic mail,
telefacsimile, telegraph, internet or other electronic media, provided however,
that the Sponsor may limit or delineate the types of media and methods by which
a Shareholder may submit voting instructions. On any matter any Shareholder may
vote part of the Shares in favor of the proposal and refrain from voting the
remaining Shares or vote them against the proposal, but if the Shareholder fails
to specify the number of Shares which the Shareholder is voting affirmatively,
it will be conclusively presumed that the Shareholder’s approving vote is with
respect to the total Shares that the Shareholder is entitled to vote on such
proposal.

          Section
7.7. Quorum and Required Vote.

          (a)
Except when a larger quorum is required by applicable law or by
this Trust Agreement, the presence (in person or by ballot) of thirty-three and
one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a
quorum at a Shareholders’ meeting. When any one or more Series is to vote as a
single class separate from any other Shares, thirty-three and one-third percent
(33 1/3%) of the Shares of each such Series entitled to vote shall constitute a
quorum at a Shareholder’s meeting of that Series. Any meeting of Shareholders
may be adjourned consistent with the provisions of Section 7.5 hereof, whether
or not a quorum is present. When a quorum is present at any meeting, a majority
of the Shares represented at the meeting shall decide any questions except when
a different vote is required by any provision of this Trust Agreement or by
applicable law.

          (b)
Any action taken by Shareholders may be taken without a meeting
if Shareholders holding a majority of the Shares entitled to vote on the matter
(or such larger proportion thereof as shall be required by any express
provision of this Trust Agreement or U.S. federal law) or holding a majority
(or such larger proportion as aforesaid) of the Shares of any Series entitled
to vote separately on the matter consent to the action in writing or by other
electronic means (such as via telephone or the internet) and such written
consent or a record of such electronic consent is filed with the records of the
meetings of Shareholders. Such consent shall be treated for all purposes as a
vote taken at a meeting of Shareholders.

          Section
7.8. Record Dates. For the purpose of
determining the Shareholders of any Series who are entitled to vote or act at
any meeting or any adjournment thereof, the Sponsor may from time to time fix a
date, which shall be not more than one-hundred and twenty (120) days before the
date of any meeting of Shareholders, as the record date for determining the
Shareholders of such Series having the right to notice of and to vote at such
meeting and any adjournment thereof, and in such case only Shareholders of
record on such record date shall have such right, notwithstanding any transfer
of Shares on the books of the Trust after the record date. For the purpose of
determining the Shareholders of any Series who are entitled to receive payment
of any dividend or of any other distribution, the Sponsor may from time to time
fix a date, which shall be before the date for the payment of such dividend or
such other payment, as the record date for determining the Shareholders of such
Series having the right to receive such dividend or distribution. Without
fixing a record date the Sponsor may for voting and/or distribution purposes
close the register or transfer books for one or more Series for all or any part
of the period between a record date and a meeting of Shareholders or the
payment of a 

40

distribution.
Nothing in this Section 7.8 shall be construed as precluding the Sponsor from
setting different record dates for different Series.

          Section
7.9. Waiver of Notice by Consent of Absent Shareholders.
Any Shareholder may waive notice, which waiver may be submitted by U.S. mail,
overnight mail, express mail, telephone, electronic mail, telefacsimile,
telegraph, internet or other electronic media. The waiver of notice need not
specify either the business to be transacted or the purpose of any meeting of
Shareholders. Attendance by a person at a meeting shall also constitute a waiver
of notice of that meeting, except when the person objects at the beginning of
the meeting to the transaction of any business because the meeting is not
lawfully called or convened and except that attendance at a meeting is not a
waiver of any right to object to the consideration of matters not included in
the notice of the meeting if that objection is expressly made at the beginning
of the meeting.

          Section
7.10. Proxies. Every person entitled to vote on
any matter shall have the right to do so either in person or by one or more
agents authorized by a written or electronic proxy authorized by the person and
filed with the Sponsor. A proxy shall be deemed authorized if the Shareholder’s
name is placed on the proxy (whether by manual signature, typewriting,
telephonic or internet transmission or otherwise) by the Shareholder or the
Shareholder’s attorney-in-fact. A validly authorized proxy which does not state
that it is irrevocable shall continue in full force and effect unless (i)
revoked by the person executing it before the vote pursuant to that proxy by a
writing delivered to the Trust stating that the proxy is revoked or by a
subsequent proxy executed by, or attendance at the meeting and voting in person
by, the person executing that proxy; or (ii) written notice of the death or
incapacity of the maker of that proxy is received by the Trust before the vote
pursuant to that proxy is counted; provided however, that no proxy shall be
valid after the expiration of eleven months from the date of the proxy unless
otherwise provided in the proxy.

ARTICLE
VIII

RECORDS AND REPORTS

          Section
8.1. Maintenance of Share Register. The Trust
shall keep at its principal office or at the office of its transfer agent or
registrar, if either be appointed and as determined by the Sponsor, a record of
its Shareholders, containing the names and addresses of all Shareholders and
the number and Series of Shares held by each Shareholder.

          Section
8.2. Maintenance of Other Records. The
accounting books and records and minutes of proceedings of the Shareholders and
the Sponsor shall be kept at such place or places designated by the Sponsor or,
in the absence of such designation, at the principal office of the Trust. The
minutes shall be kept in written form and the accounting books and records
shall be kept either in written form or in any other form capable of being
converted into written form.

41

ARTICLE
IX

REDEMPTIONS

          Section
9.1. Redemption of Redemption Units. The
following procedures, as supplemented by the more detailed procedures specified
in the applicable Authorized Participant Agreement, will govern the Trust and
the Funds with respect to the redemption of Redemption Units.

          (a)
On any Business Day, an Authorized Participant with respect to
which an Authorized Participant Agreement is in full force and effect (as
reflected on the list maintained by the Sponsor pursuant to Section 3.3(a)(i))
may redeem one or more Redemption Units standing to the credit of the
Authorized Participant on the records of the Depository by delivering a request
for redemption to the Administrator (such request, a “Redemption Order”) in the
manner specified in the procedures specified in the Authorized Participant
Agreement.

          (b)
To be effective, a Redemption Order must be submitted on a
Business Day by the Order Cut-Off Time (as such term is defined in the
applicable Authorized Participant Agreement) in form satisfactory to the
Sponsor (the Business Day on which the Redemption Order is so submitted, the
“Redemption Order Date”). For each Fund, the Sponsor shall have the absolute
right, but shall have no obligation, to reject any Redemption Order:
(i) determined by the Sponsor not to be in proper form;
(ii) fulfillment of which would, in the opinion of counsel to the Sponsor,
be unlawful; (iii) if circumstances outside the control of the Sponsor
make it for all practical purposes not feasible to process redemption of
Redemption Units; or (iv) for any additional reasons as set forth in the
Prospectus applicable to such Fund. The Sponsor shall not be liable to any
person by reason of the rejection of any Redemption Order in the circumstances
listed in clauses (i) through (iv) in the preceding sentence.

          (c)
Subject to deduction of any tax or other governmental charges due
thereon, the redemption distribution (“Redemption Distribution”) shall consist
of cash in an amount equal to the product obtained by multiplying (i) the
number of Redemption Units set forth in the relevant Redemption Order by
(ii) the Value Per Creation Unit of the Fund as of the closing time of the
Exchange or the last to close of the Component Exchanges, as defined in the
applicable Fund’s Prospectus, whichever is later, on the Redemption Order Date.

          (d)
By 6:00 pm, New York time, on the third Business Day immediately
following the Redemption Order Date (the “Redemption Settlement Time”), if the
Fund’s account at the Depository has by 12:00 pm, New York time, on such day
been credited with the Redemption Units being tendered for redemption and the
Administrator has by such time received the Transaction Fee, the Sponsor shall
cause the delivery of the Redemption Distribution to a designated account of
the Authorized Participant. If by such Redemption Settlement Time the Fund has
not received from a redeeming Authorized Participant all Redemption Units
comprising the Redemption Order, the Sponsor will (i) settle the
Redemption Order to the extent of whole Redemption Units received from the
Authorized Participant and (ii) keep the redeeming Authorized
Participant’s Redemption Order open until 12:00 pm, New York time, on the first
Business Day following the Redemption Settlement Time (such day, the “Suspended
Order Settlement Date”) as to the balance of the Redemption Order (such
balance, the “Suspended Redemption Order”). If the Redemption Unit(s)
comprising the Suspended Redemption Order 

42

are credited
to the Fund’s account at the Depository by 12:00 pm, New York time, on the
Suspended Order Settlement Date, the Redemption Distribution with respect to
the Suspended Redemption Order shall be paid in the manner provided in the
first sentence of this Section 9.1(d). If by 6:00 pm, New York time, on the
Suspended Order Settlement Date the Sponsor has not received from the redeeming
Authorized Participant all Redemption Units comprising the Suspended Redemption
Order, the Sponsor will settle the Suspended Redemption Order to the extent of
whole Redemption Units then received and any balance of the Suspended
Redemption will be cancelled. Notwithstanding the foregoing, when and under
such conditions as the Sponsor may from time to time determine, the Sponsor
shall be authorized to cause the delivery of the Redemption Distribution
notwithstanding that a Redemption Unit has not been credited to the Trust’s or
the applicable Fund’s account at the Depository if the Authorized Participant
has collateralized its obligation to deliver the Redemption Unit on such terms
as the Sponsor may, in its sole discretion, from time to time agree.

          (e)
The Sponsor may, in its discretion, suspend the right of
redemption, or postpone the Redemption Settlement Date, (i) for any day
that is not a Pricing Day (as defined in the applicable Fund’s Prospectus) for
the applicable Fund or, if the applicable Fund Prospectus does not define a
Pricing Day, for any period during which the Exchange or any other applicable
exchange, including an applicable Component Exchange, as defined in the
applicable Fund’s Prospectus, is closed other than customary weekend or holiday
closings, or trading is suspended or restricted; (ii) for any period
during which an emergency exists as a result of which delivery, disposal or
evaluation of a Fund’s assets is not reasonably practicable; (iii) for
such other period as the Sponsor determines to be necessary for the protection
of Beneficial Owners; or (iv) for any other period as specified in the
applicable Authorized Participant Agreement or Fund Prospectus. The Sponsor is
not liable to any person or in any way for any loss or damages that may result
from any such suspension or postponement.

          (f)
Redemption Units effectively redeemed pursuant to the provisions
of this Section 9.1 shall be cancelled by the Trust or the applicable Fund in
accordance with the Depository’s procedures.

          Section
9.2. Other Redemption Procedures. The Sponsor
from time to time may, but shall have no obligation to, establish procedures
with respect to redemption of baskets of Shares in lot sizes smaller than the
Redemption Unit and permitting the Redemption Distribution to be in a form, and
delivered in a manner, other than that specified in Section 9.1.

          Section
9.3. Mandatory Redemption by the Trust. The
Sponsor, for any reason or no reason at all, may cause the Trust to redeem all
or part of the Shares of any Series held by a Shareholder at the redemption
price that would be applicable if such Shares were then being redeemed by the
Shareholder pursuant to Section 9.1 hereof upon such conditions and under such
procedures as may from time to time be determined by the Sponsor in its sole
discretion. Upon redemption of Shares pursuant to this Section 9.3, the Trust
shall promptly cause payment of the full redemption price to be made to such
Shareholder for Shares so redeemed

43

ARTICLE
X

CUSTODY OF ASSETS

          Section
10.1. Employment of a Custodian. The Sponsor may
enter into written contracts for the placement and maintenance of all funds,
securities and similar investments of a Fund with a Custodian. Any such
custodian shall be a bank or trust company having an aggregate capital,
surplus, and undivided profits of at least one million dollars ($1,000,000).
Upon termination of a custody agreement or inability of the Trust’s Custodian
to continue to serve, the Sponsor shall promptly appoint a successor Custodian.

          Section
10.2. Other Arrangements. The Sponsor may make
such other arrangements for the custody of the Trust’s assets (including
deposit arrangements) as may be required by any applicable law, rule or regulation.

ARTICLE
XI

MISCELLANEOUS

          Section
11.1. Termination of Trust or Series.

          (a)
Unless terminated as provided herein, the Trust, and any Series
thereof, shall continue without limitation of time. The Trust or any Series
thereof, may be dissolved at any time and for any reason, or no reason at all,
by the Sponsor. The Sponsor shall set a date on which the Trust, or any Series
thereof, shall dissolve and mail notice of that dissolution to the
Shareholders. The Shareholders shall have no rights to terminate or revoke the
Trust or any Series.

          (b)
On or after dissolution of the Trust (or any Series), after
paying or making reasonable provision for all charges, taxes, expenses, claims
and liabilities of the Trust, or severally, with respect to each Series (or the
applicable Series), whether due or accrued or anticipated as may be determined
by the Sponsor and otherwise complying with section 3808 of the DSTA, the
Sponsor shall wind up the business and affairs of the Trust (or Series) in
accordance with section 3808 of the DSTA. Subject to the payment or the
reasonable provision of such payment by the Sponsor of the claims and
obligations of the Trust, Fund, as required by section 3808 of the DSTA, the
Shareholders of the Trust or the dissolving Series, will, upon
(i) surrender of their Shares, (ii) payment of any Transaction Fee
and (iii) payment of any applicable taxes or other governmental charges,
be entitled to delivery to them or upon their order, of the amount of applicable
Trust Estate represented by those Shares pro rata in accordance with their
positive Adjusted Capital Account balances, less any amount owing by such
Shareholder, after giving effect to all adjustments made pursuant to Article VI
and all distributions theretofore made to the Shareholders. The Sponsor shall
not accept any delivery of Baskets after the date of dissolution. If any Shares
remain outstanding after the date of dissolution of the Trust or the dissolved
Series, as the case may be, the Sponsor thereafter shall discontinue the
registration of transfers of such Shares, shall not make any distributions to
Shareholders and shall not give any further notices, except that the Sponsor
shall continue to collect distributions pertaining to applicable Trust Estate and
hold the same uninvested and without liability for interest, pay pursuant to
section 3808 of the DSTA the Trust’s expenses as set forth in this Trust
Agreement and sell Trust, Fund, assets as necessary to meet those expenses and
shall continue to deliver applicable Trust Estate, together with any
distributions received with respect thereto and the net proceeds of the sale of

44

any other
property, in exchange for Shares surrendered to the Sponsor (after deducting or
upon payment of, in each case, the Transaction Fee for the surrender of Shares,
any expenses for the account of the Shareholder of such Shares in accordance
with the terms and conditions of this Trust Agreement and any applicable taxes
or other governmental charges) or otherwise under such other procedures the
Sponsor deems, in its discretion to be appropriate. At any time after the
expiration of ninety (90) days following the date of dissolution of the Trust
or the dissolved Series, as the case may be, the Sponsor may sell, or cause the
sale of, the applicable Trust Estate then held under this Trust Agreement and
may thereafter, after complying with section 3808 of the DSTA, cause to be held
with the Custodian uninvested the net proceeds of any such sale and without
liability for interest, for the pro rata benefit of the
Shareholders of the Shares that have not theretofore been surrendered.

          (c)
Upon the completion of the winding up of the Trust and all its
Series in accordance with the DSTA and this Trust Agreement, the Sponsor shall cause
the Trustee to file a certificate of cancellation with the Secretary of State
of the State of Delaware (at the expense of the Sponsor) in accordance with the
provisions of section 3810 of the Delaware Act and thereupon, the Trust and
this Trust Agreement (other than Section 2.4 hereof, shall terminate. The
provisions of Section 2.4 hereof shall survive the termination of the Trust.
After making such filing, the Trustee and the Sponsor shall be discharged from
all obligations under this Trust Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, any fees, expenses,
taxes or other governmental charges payable by the Trust, the Transaction Fees
for the surrender of Shares and any expenses for the account of the Shareholder
of such Shares in accordance with the terms and conditions of this Trust
Agreement and any applicable taxes or other governmental charges).

          Section
11.2. Merger and Consolidation.

          (a)
The Sponsor may cause (i) the Trust to be merged into or
consolidated with, converted to or to sell all or substantially all of its
assets to, another trust or entity; (ii) a Series of the Trust to be
consolidated with, or to sell all or substantially all of its assets to,
another Series of the Trust or another series of another Person; (iii) the
Shares of the Trust or any Series to be converted into beneficial interests in
another statutory trust (or series thereof); or (iv) the Shares of the
Trust or any Series to be exchanged for shares in another trust or company
under or pursuant to any state or U.S. federal statute to the extent permitted
by law.

          (b)
For the avoidance of doubt, the Sponsor, with written notice to
the Shareholders, may approve and effect any of the transactions contemplated
under Section 11.2(a)(i) – (iv) above without any vote or other action of the
Shareholders.

          (c)
In accordance with section 3815(f) of DSTA, an agreement of
merger or consolidation may effect any amendment to this Trust Agreement or
effect the adoption of a new trust agreement of the Trust if the Trust is the
surviving or resulting business trust following a merger or consolidation.

          Section
11.3. Filing of Copies. The original or a copy
of this Trust Agreement and of each restatement and/or amendment hereto shall
be kept at the office of the Trust where it may be inspected by any
Shareholder. Anyone dealing with the Trust may rely on a certificate by the 

45

Sponsor as to
whether or not any such restatements and/or amendments have been made and as to
any matters in connection with the Trust hereunder; and, with the same effect
as if it were the original, may rely on a copy certified by the Sponsor to be a
copy of this instrument or of any such restatements and/or amendments.

          Section
11.4. Applicable Law. This Trust Agreement is
created under and is to be governed by and construed and administered according
to the laws of the State of Delaware and the DSTA. The Sponsor may construe any
of the provisions of this Trust Agreement insofar as the same may appear to be
ambiguous or inconsistent with any other provisions hereof, and any such
construction hereof by the Sponsor in good faith shall be conclusive as to the
meaning to be given to such provisions. In construing this Trust Agreement, the
presumption shall be in favor of a grant of power to the Sponsor.

          Section
11.5. Provisions in Conflict with Law or Regulations.

          (a)
The provisions of this Trust Agreement are severable, and if the
Sponsor determines, with the advice of counsel, that any of such provisions are
in conflict with any other applicable laws and regulations, the conflicting
provision(s) shall be deemed never to have constituted a part of the Trust
Agreement; provided, however, that such determination shall not affect any of
the remaining provisions of the Trust Agreement or render invalid any action
taken or omitted prior to such determination.

          (b)
If any provision of the Trust Agreement shall be held invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall
attach only to such provision in such jurisdiction and shall not in any manner
affect such provision in any other jurisdiction or any other provision of the
Trust Agreement in any jurisdiction.

          Section
11.6. Contracts and Instruments; How Executed.
The Sponsor may authorize any officer or officers, agent or agents, to enter
into any contract or execute any instrument in the name of and on behalf of the
Trust and this authority may be general or confined to specific instances; and
unless so authorized or ratified by the Sponsor or within the agency power of
an officer, no officer, agent, or employee shall have any power or authority to
bind the Trust by any contract or engagement or to pledge its credit or to
render it liable for any purpose or for any amount.

          Section
11.7. Fiscal Year. The fiscal year of the Trust
and of each Series shall be fixed and refixed or changed from time to time by
resolution of the Sponsor.

          Section 11.8.
Counterparts. The Trust Agreement may be
simultaneously executed in several counterparts, each of which shall be deemed
to be an original, and such counterparts, together, shall constitute one and
the same instrument, which shall be sufficiently evidenced by any such original
counterpart.

          Section
11.9. Internal References; Headings.

          (a)
In this Trust Agreement or in any such amendment, references to
this Trust Agreement, and all expressions such as “herein,” “hereof” and
“hereunder,” shall be deemed to refer to this Trust Agreement as a whole and as
amended or affected by any such amendment.

46

          (b)
Headings are placed herein for convenience of reference only, and
in case of any conflict, the text of this instrument, rather than the headings,
shall control.

          (c)
Whenever the singular number is used herein, the same shall
include the plural; and the neuter, masculine and feminine genders shall
include each other, as applicable.

          Section
11.10. Limitations on Liability.

          (a)
The debts, liabilities, obligations, expenses, costs, charges,
indemnities and reserves incurred, contracted for, attributable to or otherwise
existing with respect to a particular Series shall be enforceable against the
assets of such Series only, and not against the assets of the Trust generally
or of any other Series 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 Series shall be enforceable against
the assets of such Series. 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 Series shall be allocated and charged
by the Sponsor to and among any one or more of the Series 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 Amended and Restated Trust
Agreement of the Trust, any party extending credit to, contracting with or
having any claim against any Series of the Trust may look only to the assets of
such Series to satisfy or enforce any debt with respect to that Series.

          (b)
This Agreement has been entered into by the Trust and was
executed and delivered by an officer of its Sponsor, on behalf of the Trust,
which officer was acting solely in his capacity as an officer of the Sponsor
and not in his individual capacity. The obligations of this Agreement are not
binding on such officer of the Sponsor or any shareholder of a Series 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 Series
thereof. 

ARTICLE XII

AMENDMENT

          Section
12.1. Amendment.

          (a)
The Sponsor may amend any provisions of this Trust Agreement
without the consent of any Shareholder or Beneficial Owner. Any amendment that
imposes or increases any fees or charges (other than taxes and other
governmental charges) or prejudices a substantial existing right of the
Shareholders will not become effective until thirty (30) days after notice of
such amendment is given, or caused to be given, by the Sponsor to the
Shareholders. Every Shareholder and Beneficial Owner, at the time any such
amendment becomes effective, shall be deemed, by continuing to hold any Shares
or an interest therein, to consent and agree to such amendment and to be bound
by this Trust Agreement as amended thereby. In no event shall any amendment
impair the right of a Shareholder to redeem Baskets and receive therefor the
amount of the Trust Estate of the applicable Fund represented thereby, except
in order to comply with mandatory provisions of applicable law. Notwithstanding
any other provision of this Trust Agreement, no amendment to this Trust
Agreement may be made if, as a result of such 

47

amendment, it
would cause the Trust to be taxable as an association taxable as a corporation
for U.S. federal income tax purposes.

          (b)
No amendment shall be made to this Trust Agreement without the
consent of the Trustee if such amendment adversely affects any of its rights,
duties or liabilities.

[SIGNATURE PAGE FOLLOWS]

48

          IN
WITNESS WHEREOF, the parties hereto do hereby make and enter into this Amended
and Restated Trust Agreement as of the date first-above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ETF
 SECURITIES USA LLC 
as Sponsor

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name: 

 	
  

 
	
  

 	
  

 	
 Title: 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON
 TRUST COMPANY, 
as Trustee

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
 Title:

 	
  

 

49

EXHIBIT
A

FORM OF GLOBAL CERTIFICATE1

CERTIFICATE OF BENEFICIAL INTEREST

-Evidencing-

All Shares

-in-

ETFS COLLATERALIZED COMMODITIES TRUST

WITH RESPECT TO ONE OF ITS SERIES,

[               ]

	
  

 	
  

 
	
  

 	
 UNLESS THIS
 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
 TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST WITH RESPECT TO
 THE FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
 ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
 SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
 ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
 REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR
 OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
 HEREIN.

 

This is to
certify that CEDE & CO. is the owner and registered holder of this
Certificate evidencing the ownership of all issued and outstanding Shares
(“Shares”), each of which represents a fractional undivided Share of beneficial
interest in [          ] (the
“Fund”), established and designated as a series of ETFS Collateralized
Commodities Trust (the “Trust”), a Delaware statutory trust formed under the
Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of
and filed in the offices of the Secretary of State of the State of Delaware on
May 27, 2010, and an Amended and Restated Declaration of Trust and Trust
Agreement, dated as of
[                    ],
by and among ETFS Securities USA LLC, a Delaware limited liability company, as
Sponsor, Wilmington Trust Company, a Delaware trust company, as trustee, and
the Shareholders of each series from time to time thereunder (hereinafter
called the “Trust Agreement”), copies of which are available at the principal
offices of the Trust.

               At
any given time this Certificate shall represent all Shares of beneficial
interest in the Fund, which shall be the total number of Shares that are
outstanding at such time. The Trust Agreement provides for the deposit of cash
with the Fund from time to time and the issuance by the Trust, with respect to
the Fund, of additional Creation Units representing the undivided Shares of
beneficial interest in the assets of the Fund. At the request of the registered
holder this Certificate may be exchanged for one or more Certificates issued to
the registered holder in such denominations as the registered holder may
request, provided, however, that, in the aggregate, the
Certificates issued to the registered holder hereof shall represent all Shares
outstanding at any given time.

               Each
Authorized Participant hereby grants and conveys all of its rights, title and
interest in and to the Fund to the extent of the undivided interest represented
hereby to the registered holder of this Certificate subject to and in pursuance
of the Trust Agreement, all the terms, conditions and covenants of which are
incorporated herein as if fully set forth at length.

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 1

 	
 Forms of
 Global Certificates of Beneficial Interest for each of 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 and ETFS Leveraged Gold shall be, except for the names
 of the Funds, substantially identical to this Form of Global Certificate. 

 

A-1

               The
registered holder of this Certificate is entitled at any time upon tender of
this Certificate to the Fund, endorsed in blank or accompanied by all necessary
instruments of assignment and transfer in proper form, at its principal office
in the State of New York and, upon payment of any tax or other governmental
charges, to receive at the time and in the manner provided in the Trust
Agreement, such holder’s ratable portion of the assets of the Fund for each
Redemption Unit tendered and evidenced by this Certificate.

               The
holder of this Certificate, by virtue of the purchase and acceptance hereof,
assents to and shall be bound by the terms of the Trust Agreement, copies of
which are on file and available for inspection at reasonable times during
business hours at the principal office of the Trust, to which reference is made
for all the terms, conditions and covenants thereof.

               The
Fund may deem and treat the person in whose name this Certificate is registered
upon the books of the Fund as the owner hereof for all purposes and the Fund
shall not be affected by any notice to the contrary.

               The
Trust Agreement permits, with certain exceptions as therein provided, the
amendment thereof, by the Sponsor with the consent of the Beneficial Owners
holding Shares (excluding Shares held by the Sponsor and its Affiliates) equal
to at least a majority (over 50%) of the net asset value of the Fund and other
funds established as series of the Trust or such higher percentage as may be
required by applicable law, and upon receipt of an opinion of independent legal
counsel to the effect that the amendment is legal, valid and binding and will
not adversely affect the limitations on liability of the Beneficial Owners; provided,
however that the Sponsor may, without the approval of the Beneficial
Owners, make such amendments to the Trust Agreement which (i) are
necessary to add to the representations, duties or obligations of the Sponsor
or surrender any right or power granted to the Sponsor in the Trust Agreement,
for the benefit of the Beneficial Owners, (ii) are necessary to cure any
ambiguity, to correct or supplement any provision in the Trust Agreement which
may be inconsistent with any other provision in the Trust Agreement or in the
Prospectus, or to make any other provisions with respect to matters or
questions arising under the Trust Agreement or the Prospectus which will not be
inconsistent with the provisions of the Trust Agreement or the Prospectus, or
(iii) the Sponsor deems advisable, provided, however, that
no amendment shall be adopted pursuant to clause (iii) unless the adoption
thereof (A) is not adverse to the interests of the Beneficial Owners;
(B) is consistent with Sponsor’s control of and power to conduct the
business of the Trust; (C) with certain exceptions, does not affect the
allocation of profits and losses among the Beneficial Owners or between the
Beneficial Owners and the Sponsor; and (D) does not adversely affect the
limitations on liability of the Beneficial Owners or the status of the Trust or
the Fund as a grantor trust for U.S. federal income tax purposes. Any such
consent or waiver by the holder of Shares shall be conclusive and binding upon
such holder of Shares and upon all future holders of Shares, and shall be
binding upon any Shares, whether evidenced by a Certificate or held in
uncertificated form, issued upon the registration or transfer hereof whether or
not notation of such consent or waiver is made upon this Certificate and
whether or not the Shares evidenced hereby are at such time in uncertificated
form. The Trust Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of any holders of Shares.

               In
accordance with Section 3.6 of the Trust Agreement, the holder of this
Certificate agrees and consents (the “Consent”) to look solely to the assets
(the “Fund Assets”) of the Fund and to the Sponsor and its assets for payment
in respect of any claim against or obligation of the Fund. The Fund Assets
include only those funds and other assets that are paid, held or distributed to
the Trust on account of and for the benefit of the Fund, including, without
limitation, funds delivered to the Trust for the purchase of Shares in the
Fund.

               In
furtherance of the Consent, the holder agrees that (i) any debts,
liabilities, obligations, indebtedness, expenses and claims of any nature and
of all kinds and descriptions (collectively, “Claims”) of the Fund incurred,
contracted for or otherwise existing and (ii) the Shares shall be subject
to the following limitations:

               (a)
(i) except as set forth below, the Claims and Shares (collectively, the
“Subordinated Claims and Shares”) shall be expressly subordinate and junior in
right of payment to any and all other claims against and Shares in the Trust
and any series thereof, pursuant to any contract; provided, however,
that the holder’s Claims (if any) against and Shares shall not be considered
Subordinated Claims and Shares with respect to enforcement against and
distribution and repayment from the Fund, the Fund Assets and the Sponsor and
its assets; and provided further that (1) the holder’s valid Claims, if
any, against the Fund shall be pari passu and equal in right of repayment and
distribution with all other valid Claims against the Fund and (2) the
holder’s Shares shall be pari passu and equal in right of repayment and
distribution with all other Shares in the Fund; and (ii) the holder will
not take, demand, or 

A-2

receive from
any series or the Trust or any of their respective assets (other than the Fund,
the Fund Assets and the Sponsor and its assets) any payment for the
Subordinated Claims and Shares;

               (b)
the Claims and Shares of the holder shall only be asserted and enforceable
against the Fund, the Fund Assets and the Sponsor and its assets and such
Claims and Shares shall not be asserted or enforceable for any reason
whatsoever against any other series, the Trust generally or any of their
respective assets;

               (c)
If the Claims of the holder against the Fund or the Trust are secured in whole
or in part, the holder hereby waives (under section 1111(b) of the Bankruptcy
Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which
deficiency Claims may arise in the event such security is inadequate to satisfy
such Claims) treated as unsecured Claims against the Trust or any series (other
than the Fund), as the case may be;

               (d)
in furtherance of the foregoing, if and to the extent that the holder receives
monies in connection with the Subordinated Claims and Shares from a series or
the Trust (or their respective assets), other than the Fund, the Fund Assets
and the Sponsor and its assets, the holder shall be deemed to hold such monies
in trust and shall promptly remit such monies to the series or the Trust that
paid such amounts for distribution by the series or the Trust in accordance
with the terms hereof; and

               (e)
the foregoing Consent shall apply at all times notwithstanding that the Claims
are satisfied, the Shares represented by this Certificate are sold,
transferred, redeemed or in any way disposed of and notwithstanding that the
agreements in respect of such Claims and Shares are terminated, rescinded or
canceled.

               The
Trust Agreement, and this Certificate, is executed and delivered by ETF
Securities USA LLC, as Sponsor, in the exercise of the powers and authority
conferred and vested in it by the Trust Agreement. The representations,
undertakings and agreements made on the part of the Trust in the Trust
Agreement or the Fund in this Certificate are made and intended not as personal
representations, undertakings and agreements by ETF Securities USA LLC but are
made and intended for the purpose of binding only the Trust and the Fund.
Nothing in the Trust Agreement or this Certificate shall be construed as
creating any liability on ETF Securities USA LLC, individually or personally,
to fulfill any representation, undertaking or agreement other than as provided
in the Trust Agreement or this Certificate.

               This
Certificate shall not become valid or binding for any purpose until properly
executed by the Sponsor pursuant to the Trust Agreement.

               Terms
not defined herein have the same meaning as in the Trust Agreement.

               IN
WITNESS WHEREOF, ETF Securities USA LLC, as Sponsor, has caused this
Certificate to be executed in its name by the manual or facsimile signature of
one of its Authorized Officers.

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ETFS
 Collateralized Commodities Trust 
with respect to ____________________

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 ETF
 Securities USA LLC, as Sponsor

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Authorized
 Officer

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Authorized
 Officer

 
	
  

 
	
  

 	
 Date:
 ____________, _____

 

A-3

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