Common use of Role of Authorized Participant Clause in Contracts

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that that, for all purposes of this AgreementAgreement and the Trust Indenture, the Authorized Participant will is and shall be deemed to be an independent contractor, contractor and will has and shall have no authority to act as agent for the Trust, any Fundthe Sponsor, the Distributor or Trustee, the Custodian, or the Participant’s Custodian in any matter or in any respect. . (b) The Authorized Participant agrees to will make itself and its employees available, upon request, during normal business hours to consult with the Trust, the DistributorTrustee, the Custodian, or the Authorized Participant’s custodian Custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (bc) In executing With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this AgreementAgreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the ProspectusTrust Indenture. (cd) The Authorized Participant agrees to will maintain records of all sales of Shares made by or through it and to will furnish copies of such records to the Trust or the Distributor Sponsor upon the reasonable request of the Trust or the DistributorSponsor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that that, for all purposes of this AgreementAgreement and the Trust Indenture, the Authorized Participant will is and shall be deemed to be an independent contractor, contractor and will has and shall have no authority to act as agent for the Trust, any Fundthe Sponsor, the Distributor or Trustee, the Custodian, or the Participant's Custodian in any matter or in any respect. . (b) The Authorized Participant agrees to will make itself and its employees available, upon request, during normal business hours to consult with the Trust, the DistributorTrustee, the Custodian, or the Authorized Participant’s custodian 's Custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (bc) In executing With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this AgreementAgreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the ProspectusTrust Indenture. (cd) The Authorized Participant agrees to will maintain records of all sales of Shares made by or through it and to will furnish copies of such records to the Trust or the Distributor Sponsor upon the request of the Trust or the DistributorSponsor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, the Subcustodian, the Transfer Agent or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, rights and shall be bound by all of the obligations, obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours hours, to consult with the Trust, the Distributor, the Custodian, or the Authorized Participant’s 's custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement, provided that the Participant shall be under no obligation to divulge or otherwise discuss any information that the Participant believes (i) is confidential or proprietary in nature or (ii) the disclosure of which to third parties would be prohibited. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase Creation Orders or redemption transactions Redemption Orders in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“"Beneficial Owner”"), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares Creation Units made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributorin accordance with Applicable Law.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that that, for all purposes of this AgreementAgreement and the Trust Indenture, the Authorized Participant will is and shall be deemed to be an independent contractor, contractor and will has and shall have no authority to act as agent for the Trust, any Fundthe Sponsor, the Distributor or Trustee, the Custodian, or the Participant's Custodian in any matter or in any respect. . (b) The Authorized Participant agrees to will make itself and its employees available, upon request, during normal business hours to consult with the Trust, the DistributorTrustee, the Custodian, or the Authorized Participant’s custodian 's Custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (bc) In executing With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this AgreementAgreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the ProspectusTrust Indenture. (cd) The Authorized Participant agrees to will maintain records of all sales of Shares made by or through it and to will furnish copies of such records to the Trust or the Distributor Sponsor upon the reasonable request of the Trust or the DistributorSponsor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or Distributor, the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, the Subcustodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, the Subcustodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or Distributor, the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, the Subcustodian, the Transfer Agent or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, rights and shall be bound by all of the obligations, obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, the Subcustodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

Role of Authorized Participant. (a) The Each Authorized Participant acknowledges and agrees that that, for all purposes of this AgreementParticipants Agreement and the Trust Agreements, the Authorized Participant will it is and shall be deemed to be an independent contractor, contractor and will has and shall have no authority to act as agent for the Trust, any FundPaired Holding Trusts, the Distributor Tradeable Trusts, the Depositor, the Administrative Agent or the Custodian, Trustee in any matter or in any respect. The . (b) Each Authorized Participant agrees to will make itself and its employees available, upon request, during normal business hours to consult with the Trust, Trustee and the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees Administrative Agent concerning the performance of the such Authorized Participant’s 's responsibilities under this Participants Agreement. (bc) In executing this Agreement, the With respect to (i) any Paired Subsequent Issuance and Paired Optional Redemption of Paired Holding Shares or (ii) any creation or exchange of Tradeable Shares made by an Authorized Participant agrees in connection with pursuant to this Participants Agreement for the benefit of any purchase or redemption transactions in which it acts for a customer or for any other Authorized DTC Participant or indirect participantIndirect Participant, or any other shareholder in an underlying shares account (“Beneficial Owner”)beneficial owner, that it such Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the ProspectusTrust Agreements. (cd) The Each Authorized Participant agrees to will maintain records of all sales of Paired Holding Shares or Tradeable Shares made by or through it and to will furnish copies of such records to the Trust or the Distributor Depositor upon the reasonable request of the Trust or the DistributorDepositor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor or the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares Creation Units made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the DistributorTrust.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, contractor and will have no authority to act as agent for the TrustSponsor, any the Fund, the Distributor Distributor, the Transfer Agent or the Custodian, Authorized Participant's custodian in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustSponsor, the Fund, the Distributor, the Custodian, Transfer Agent or the Authorized Participant’s 's custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“"Beneficial Owner”"), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of the Shares made by or through it and to furnish copies of such records to the Trust Sponsor, the Fund or the Distributor upon the request of the Trust or the Distributorany of these parties.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor Distributor, the Custodian, or the CustodianSubcustodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, or the Authorized Participant’s 's custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“"Beneficial Owner”"), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or Distributor, the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, or the Authorized Participant’s 's custodian or their designees concerning the performance of the Authorized Participant’s 's responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“"Beneficial Owner”"), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, the Subcustodian or the Transfer Agent or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any the Fund, the Distributor or Distributor, the Custodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor Distributor, the Transfer Agent, or any other service providers to the Custodian, Trust in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the CustodianTransfer Agent, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or Trust, the Distributor or their designees upon the request of the Trust or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the TrustCompany, any Fund, the Distributor or Distributor, the Custodian, the Subcustodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustCompany, the Distributor, the Custodian, the Subcustodian, or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust Company or the Distributor upon the request of the Trust Company or the Distributor.

Role of Authorized Participant. (a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, contractor and will have no authority to act as agent for the TrustManaging Owner, any the Fund, the Distributor Distributor, the Transfer Agent or the Custodian, Authorized Participant’s custodian in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the TrustManaging Owner, the Fund, the Distributor, the Custodian, Transfer Agent or the Authorized Participant’s custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account (“Beneficial Owner”), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. (c) The Authorized Participant agrees to maintain records of all sales of Shares the Units made by or through it and to furnish copies of such records to the Trust Managing Owner, the Fund or the Distributor upon the request of the Trust or the Distributorany of these parties.