Common use of Consultant/Licensor Services Clause in Contracts

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10, 2014 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) a. Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10September 20th, 2014 2019 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) : i. as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (. ii) . the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (. iii) . the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10May 20, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for purchase and deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any the Trust's ’s Deposit Date, any the list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistentconsistent with the investment objectives set forth in the Trust’s Registration Statement. In providing services hereunder, and not conflict, with that provided to other the Consultant/Licensor clients may use the resources of investment advisor subsidiaries of abrdn plc, the parent company of the Consultant/Licensor. (b) Consultation. Consultant/Licensor shall: (i) upon GFD’s reasonable request, provide GFD with similar investment objectives information about the Appropriate Securities as reasonably necessary for use by GFD in preparing and strategies updating Registration Statement disclosures and a substantially similar investment programmarketing materials for the Trust; and (ii) promptly review for accuracy and completeness information provided and disclosures made in the Registration Statement for the Trust in which the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategyare deposited; (iii) provided that the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper be responsible for reviewing any information or disclosure not sent to the Consultant/Licensor in advance of it being filed with such results on a historical or "going forward" basisthe Securities and Exchange Commission.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10August 27, 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10October 2nd, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10October 28th, 2014 2020 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10August 10th, 2014 2022 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10May 18th , 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10May 26th, 2014 2021 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 1010th, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10June 20, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10December 19, 2014 2019 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10November 15, 2014 2023 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for purchase and deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any the Trust's ’s Deposit Date, any the list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistentconsistent with the investment objectives set forth in the Trust’s Registration Statement. In providing services hereunder, and not conflict, with that provided to other the Consultant/Licensor clients may use the resources of investment advisor subsidiaries of abrdn plc, the parent company of the Consultant/Licensor. (b) Consultation. Consultant/Licensor shall: (i) upon GFD’s reasonable request, provide GFD with similar investment objectives information about the Appropriate Securities as reasonably necessary for use by GFD in preparing and strategies updating Registration Statement disclosures and a substantially similar investment programmarketing materials for the Trust; and (ii) promptly review for accuracy and completeness information provided and disclosures made in the Registration Statement for the Trust in which the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategyare deposited; (iii) provided that the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper be responsible for reviewing any information or disclosure not sent to the Consultant/Licensor in advance of it being filed with such results on a historical or "going forward" basisthe Securities and Exchange Commission.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10November 15, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10March 27, 2014 2020 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10February 8th, 2014 2023 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10February 4th, 2014 2021 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 1029, 2014 2020 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10November 29, 2014 2019 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10September 29th, 2014 2021 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10November 15th , 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10January 31, 2014 2022 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 1012th, 2014 2023 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10February 3rd, 2014 2021 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10February 28, 2014 2020 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10October 3rd, 2014 2019 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10May 28, 2014 2019 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10November 28, 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10October 19, 2014 2023 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10September 21, 2014 2023 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10October 18, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10January 24th, 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10, 2014 day of deposit (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD Licensee with a list of Appropriate Securities for deposit by GFDLicensee, in its sole discretion, into the Trust. Licensee shall specify the Target Date no less than five business days in advance of the Target Date. If Consultant/Licensor fails to provide GFD Licensee with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Licensee and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD Licensee shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any the Trust's Deposit Date, any the list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such the Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10February 28, 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10May 25, 2014 2018 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10May 22, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10February 28, 2014 2019 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10August 5, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10January 24, 2014 2020 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10December 27, 2014 2021 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10October 11th, 2014 2023 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 4:00 p.m. (C.S.T.) on the third business day before the April 10May 6th, 2014 2020 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD Guggenheim with a list of Appropriate Securities for deposit by GFDGuggenheim, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD Guggenheim with a list of Appropriate Securities prior to 12:00 4:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD Guggenheim and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 4:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD Guggenheim shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) that as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10January 11, 2014 2024 (such prior day being the "“Target Date"”), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "“Deposit Date"”. GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "“Registration Statement"”). Consultant/Licensor hereby covenants, represents and warrants thatthat (i), as of any Trust's ’s Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's ’s Registration Statement, (ii) all information provided by Consultant/Licensor to GFD for inclusion in advertising materials and any prospectus with respect to Appropriate Securities will be true and correct in all material respects, and (iii) all calculations with respect to Appropriate Securities provided by Consultant/Licensor to GFD with respect to the Appropriate Securities will be true and correct in all material respects, and (iv) the list of Appropriate Securities for deposit by GFD into the Trust will comply with and satisfy the Investment Strategy. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's ’s Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment programobjectives; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "“going forward" ” basis.

Consultant/Licensor Services. (a) Selection of Securities. Prior to 12:00 p.m. (C.S.T.) on the third business day before the April 10August 27, 2014 2019 (such prior day being the "Target Date"), Consultant/Licensor shall provide GFD with a list of Appropriate Securities for deposit by GFD, in its sole discretion, into the Trust. If Consultant/Licensor fails to provide GFD with a list of Appropriate Securities prior to 12:00 p.m. on the Target Date: (i) Consultant/Licensor shall be liable (and shall promptly pay) for any costs and expenses incurred by GFD and the Trust resulting from such delay and (ii) the Portfolio Fee and the License Fee set forth in Section 4, below, shall each be reduced by one (1) basis point for each 24-hour period of delay following 12:00 p.m. on the Target Date. The date that the Appropriate Securities are deposited is referred to herein as the "Deposit Date". GFD shall provide to Consultant/Licensor the registration statement relating to the Trust (the "Registration Statement"). Consultant/Licensor hereby covenants, represents and warrants that, as of any Trust's Deposit Date, any list of Appropriate Securities furnished pursuant to this Agreement shall be appropriate for inclusion in such Trust based on the investment objectives and criteria set forth in the Trust's Registration Statement. Consultant/Licensor further covenants, represents and warrants that: (i) as of the Trust's Deposit Date, the Appropriate Securities and any consultation it provides with respect to the Trust will be consistent, and not conflict, with that provided to other Consultant/Licensor clients with similar investment objectives and strategies and a substantially similar investment program; (ii) the Appropriate Securities shall be selected based on a completely objective, verifiable and non-discretionary strategy; (iii) the historical performance results of securities selected pursuant to the Strategy will be based on all of the components of the Strategy; and (iv) Consultant/Licensor shall not tamper with such results on a historical or "going forward" basis.