Common use of NFA Notice Clause in Contracts

NFA Notice. The Trust has filed, or the Adviser has filed on the Trust’s behalf, a notice of eligibility with the National Futures Association (“NFA”) for an exclusion from the definition of the term “commodity pool operator” with respect to the Fund pursuant to U.S. Commodity Futures Trading Commission (“CFTC”) Rule 4.5. The Adviser is either registered with the CFTC as a “commodity pool operator” and a member in good standing of the NFA or is relying on an applicable exemption or exclusion from registration as a commodity pool operator.

NFA Notice. The Trust has filed, or the Adviser has filed on the Trust’s behalf, a notice of eligibility with the National Futures Association (“NFA”) for an exclusion from the definition of the term “commodity pool operator” with respect to the Fund pursuant to U.S. Commodity Futures Trading Commission (“CFTC”) Rule 4.5. The Adviser either is either registered with the CFTC as a “commodity pool operator” and a member in good standing of the NFA or is relying on an applicable exemption or exclusion from said registration as a commodity pool operator.

NFA Notice. The Trust has filed, or the Adviser has filed on the Trust’s behalf, a notice of eligibility with the National Futures Association (“"NFA”") for an exclusion from the definition of the term “"commodity pool operator” " with respect to the Fund pursuant to U.S. Rule 4.5 under the Commodity Futures Trading Commission (“CFTC”) Rule 4.5Exchange Act. The Adviser is either registered with the CFTC U.S. Commodity Futures Trading Commission ("CFTC") as a “"commodity pool operator” " and a "commodity trading adviser" and a member in good standing of the NFA or is relying on an applicable exemption or exclusion from registration as a commodity pool operatoroperator and a commodity trading adviser.