Common use of Corrective Distributions Clause in Contracts

Corrective Distributions. The Sponsor shall continuously measure for any material deviation between the Class Value per Share of each Class of each Initial Fund and the Closing Trading Prices of such Class’ Shares where the Closing Trading Prices are based on one or more trades occurring within the last 30 minutes of trading. Following the later to occur of (1) the expiration of 90 calendar days following the inception of an Initial Fund’s operations and (2) the commencement of such Fund’s third Measuring Period, if the Closing Trading Prices of the Shares of any Class of such Fund deviate in the amount set forth in the table below from their Class Value per Share for the period of time set forth in the table below, such Fund shall distribute to each of its Shareholders (x) a number of its Down Shares equal to the number of its Up Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) and (y) a number of its Up Shares equal to the number of its Down Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) (a “Corrective Distribution”). Corrective Distributions will be made on the next scheduled Regular Distribution Date or Special Distribution Date, in addition to the Regular Distribution or Special Distribution. If the Closing Trading Price for a Share of a Fund on any Business Day is not based on one or more trades occurring on the Exchange during the last 30 minutes of that day, the Closing Trading Price for that day will be deemed not to have deviated from such Share’s Class Value per Share on that day for the purposes of measuring for a Corrective Distribution. AccuShares S&P GSCI Spot Fund 5.0% 3 business days AccuShares S&P GSCI Agriculture and Livestock Spot Fund 5.0% 3 business days AccuShares S&P GSCI Industrial Metals Spot Fund 5.0% 3 business days AccuShares S&P GSCI Crude Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Xxxxx Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Natural Gas Spot Fund 7.5% 3 business days AccuShares Spot CBOE VIX Fund 10.0% 3 business days (1) Days must be consecutive.

Corrective Distributions. The Sponsor shall continuously measure for any material deviation between the Class Value per Share of each Class of each Initial Fund and the Closing Trading Prices of such Class’ Shares where the Closing Trading Prices are based on one or more trades occurring within the last 30 minutes of trading. Following the later to occur of (1) the expiration of 90 calendar days following the inception of an Initial Fund’s operations and (2) the commencement of such Fund’s third Measuring Period, if If the Closing Trading Prices of the Shares of any Class of such a Fund deviate in the amount set forth in the table below from their Class Value per Share for the period of time set forth in the table below, such Fund shall distribute to each of its Shareholders (x) a number of its Down Shares equal to the number of its Up Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) and (y) a number of its Up Shares equal to the number of its Down Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) (a “Corrective Distribution”). Notwithstanding the foregoing, for the AccuShares Spot CBOE VIX Fund, the first day in any such period of time for the calculation of Corrective Distributions shall not occur prior to July 16, 2015. Notwithstanding the foregoing, for each Fund other than the AccuShares Spot CBOE VIX Fund, the first day in any such period of time for the calculation of Corrective Distributions shall not occur prior to (i) the expiration of 15 calendar days following the inception of the Fund’s operations and (ii) the commencement of the Fund’s second Measuring Period. Corrective Distributions will be made on the next scheduled Regular Distribution Date or Special Distribution Date, in addition to the Regular Distribution or Special Distribution. If the Closing Trading Price for a Share of a Fund on any Business Day is not based on one or more trades occurring on the Exchange during the last 30 minutes of that day, the Closing Trading Price for that day will be deemed not to have deviated from such Share’s Class Value per Share on that day for the purposes of measuring for a Corrective Distribution. AccuShares S&P GSCI Spot Fund 5.0% 3 business days AccuShares S&P GSCI Agriculture and Livestock Spot Fund 5.0% 3 business days AccuShares S&P GSCI Industrial Metals Spot Fund 5.0% 3 business days AccuShares S&P GSCI Crude Oil Spot Excess Return Fund 5.0% 3 business days AccuShares S&P GSCI Xxxxx Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Natural Gas Spot Fund 7.5% 3 business days AccuShares Spot CBOE VIX Fund 10.0% 3 business days AccuShares S&P 500 VIX Front-Month Futures Index Fund 10.0% 3 business days (1) Days must be consecutive.

Corrective Distributions. The Sponsor shall continuously measure for any material deviation between the Class Value per Share of each Class of each Initial Fund and the Closing Trading Prices of such Class’ Shares where the Closing Trading Prices are based on one or more trades occurring within the last 30 minutes of trading. Following the later to occur of (1) the expiration of 90 calendar days following the inception of an Initial Fund’s operations and (2) the commencement of such Fund’s third Measuring Period, if If the Closing Trading Prices of the Shares of any Class of such an Initial Fund deviate in the amount set forth in the table below from their Class Value per Share for the period of time set forth in the table below, such Fund shall distribute to each of its Shareholders (x) a number of its Down Shares equal to the number of its Up Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) and (y) a number of its Up Shares equal to the number of its Down Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) (a “Corrective Distribution”). Notwithstanding the foregoing, for the AccuShares Spot CBOE VIX Fund, the first day in any such period of time for the calculation of Corrective Distributions shall not occur prior to July 16, 2015. Notwithstanding the foregoing, for each Initial Fund other than the AccuShares Spot CBOE VIX Fund, the first day in any such period of time for the calculation of Corrective Distributions shall not occur prior to (i) the expiration of 15 calendar days following the inception of the Fund’s operations and (ii) the commencement of the Fund’s second Measuring Period. Corrective Distributions will be made on the next scheduled Regular Distribution Date or Special Distribution Date, in addition to the Regular Distribution or Special Distribution. If the Closing Trading Price for a Share of a Fund on any Business Day is not based on one or more trades occurring on the Exchange during the last 30 minutes of that day, the Closing Trading Price for that day will be deemed not to have deviated from such Share’s Class Value per Share on that day for the purposes of measuring for a Corrective Distribution. AccuShares S&P GSCI Spot Fund 5.0% 3 business days AccuShares S&P GSCI Agriculture and Livestock Spot Fund 5.0% 3 business days AccuShares S&P GSCI Industrial Metals Spot Fund 5.0% 3 business days AccuShares S&P GSCI Crude Oil Spot Excess Return Fund 5.0% 3 business days AccuShares S&P GSCI Xxxxx Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Natural Gas Spot Fund 7.5% 3 business days AccuShares Spot CBOE VIX Fund 10.0% 3 business days AccuShares S&P 500 VIX Front-Month Futures Index Fund 10.0% 3 business days (1) Days must be consecutive. 2. Each reference in the Trust Agreement to “this Agreement,” “thereunder,” “thereof,” “herein” or words of like import referring to the Trust Agreement shall mean and be a reference to the Trust Agreement as amended by this Amendment. The Trust Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms as amended by this Amendment. 3. This Amendment may be executed in one or more facsimile or original counterparts, each of which when executed and delivered shall be deemed an original and all of which together shall constitute one and the same instrument. 4. All questions concerning the construction, validity and interpretation of this Amendment and the performance of the obligations imposed by this Amendment shall be governed by the internal law of the State of Delaware, including the Delaware Statutory Trust

Corrective Distributions. The Sponsor shall continuously measure for any material deviation between the Class Value per Share of each Class of each Initial Fund and the Closing Trading Prices of such Class’ Shares where the Closing Trading Prices are based on one or more trades occurring within the last 30 minutes of trading. Following the later to occur of (1) the expiration of 90 calendar days following the inception of an Initial Fund’s operations and (2) the commencement of such Fund’s third Measuring Period, if If the Closing Trading Prices of the Shares of any Class of such an Initial Fund deviate in the amount set forth in the table below from their Class Value per Share for the period of time set forth in the table below, such Fund shall distribute to each of its Shareholders (x) a number of its Down Shares equal to the number of its Up Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) and (y) a number of its Up Shares equal to the number of its Down Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) (a “Corrective Distribution”); provided that the first day in any such period of time with respect to the AccuShares Spot CBOE VIX Fund shall not occur prior to July 16, 2015. Corrective Distributions will be made on the next scheduled Regular Distribution Date or Special Distribution Date, in addition to the Regular Distribution or Special Distribution. If the Closing Trading Price for a Share of a Fund on any Business Day is not based on one or more trades occurring on the Exchange during the last 30 minutes of that day, the Closing Trading Price for that day will be deemed not to have deviated from such Share’s Class Value per Share on that day for the purposes of measuring for a Corrective Distribution. AccuShares S&P GSCI Spot Fund 5.0% 3 business days AccuShares S&P GSCI Agriculture and Livestock Spot Fund 5.0% 3 business days AccuShares S&P GSCI Industrial Metals Spot Fund 5.0% 3 business days AccuShares S&P GSCI Crude Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Xxxxx Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Natural Gas Spot Fund 7.5% 3 business days AccuShares Spot CBOE VIX Fund 10.0% 3 business days (1) Days must be consecutive.” 3. Each reference in the Trust Agreement to “this Agreement,” “thereunder,” “thereof,” “herein” or words of like import referring to the Trust Agreement shall mean and be a reference to the Trust Agreement as amended by this Amendment. The Trust Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms as amended by this Amendment. 4. This Amendment may be executed in one or more facsimile or original counterparts, each of which when executed and delivered shall be deemed an original and all of which together shall constitute one and the same instrument. 5. All questions concerning the construction, validity and interpretation of this Amendment and the performance of the obligations imposed by this Amendment shall be governed by the internal law of the State of Delaware, including the DSTA. As between the Sponsor, on the one hand, and the Shareholders, on the other hand, the Sponsor may construe any of the provisions of this Amendment insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Sponsor in good faith shall be conclusive and binding on the Shareholders as to the meaning to be given to such provisions notwithstanding any other provision of this Amendment. In construing this Amendment, the presumption shall be in favor of a grant of power to the Sponsor.