Common use of Expenses and Limitations Thereon Clause in Contracts

Expenses and Limitations Thereon. (a) The Sponsor or an Affiliate of the Sponsor shall be responsible for the payment of all Sponsor Expenses for the Trust or any Fund, including of any Fund. “Sponsor Expenses” shall mean the following (i) all expenses incurred in connection with the formation, qualification and registration of the Trust, any Fund and the initial issuance of the Units of any Fund under applicable U.S. federal and state law, and any other expenses actually incurred and, directly or indirectly, related to the organization of the Trust or any Fund or the initial offering of a Fund’s Units prior to the time such Units begin trading on an Exchange, including, initial registration fees, filing fees, escrow fees and taxes, travel, telephone and other expenses, and accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith, (ii) fees for licenses and other intellectual property costs allocable to any Fund, (ii) costs of preparing, printing, amending, supplementing, mailing and distributing for each Fund its Registration Statement, Prospectus and any marketing materials used in connection with the offering and issuance of the Units of a Fund, (iii) the routine expenses associated with preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities, and (iv) payment for fees associated with custody and transfer agency services, whether performed by an outside service provider or by Affiliates of the Sponsor.