AMENDMENT #11 to DOMESTIC CUSTODY AGREEMENT
Exhibit 28 g (1)
AMENDMENT #11 to DOMESTIC CUSTODY AGREEMENT
AMENDMENT #11 (the “Amendment”) dated as of June 23, 2009 between PROSHARES TRUST (“ProShares”) and JPMORGAN CHASE BANK, N.A. (“Bank”).
WITNESSETH
WHEREAS, ProShares and the Bank have entered into a Domestic Custody Agreement dated as of May 25, 2006, as amended on January 19, 2007, February 16, 2007, September 18, 2007, December 10, 2007, January 25, 2008, March 12, 2008, June 10, 2008, August 22, 2008, December 8, 2008 and June 1, 2009 (the “Agreement”), and
WHEREAS, ProShares and the Bank wish to amend the Agreement and to have the Agreement, as amended herein, govern the rights and obligations of ProShares and the Bank with respect to each and every transaction which is (a) outstanding on the date hereof and (b) entered into on or after the date hereof,
NOW, THEREFORE, in consideration of the mutual agreements herein contained, ProShares and the Bank hereby acknowledge and agree as follows:
1. Certain Definitions. Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement.
2. Amendments.
(a) Exhibit 1 of the Agreement is hereby amended by replacing it in its entirety with Exhibit 1 annexed hereto.
(b) Schedule A of the Agreement is hereby amended by replacing it in its entirety with Schedule A annexed hereto.
3. Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.
4. Each of the parties hereby represents and warrants that:
(a) the representations and warranties contained in the Agreement are true on and as of the date hereof as if made by the party on and as of said date, and
(b) the execution, delivery and performance of this Amendment are within the party’s corporate power and have been duly authorized by all necessary corporate action, and this Amendment constitutes the legal, valid and binding obligation of the party in accordance with its terms.
5. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
6. This Amendment shall be construed in accordance with and be governed by the laws of the State of New York (without reference to choice of law doctrine).
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers or authorized representatives as of the day and year first above written.
| PROSHARES TRUST |
| /s/ Xxx Doberman |
| Name: Xxx Doberman |
| Title: Secretary |
| JPMORGAN CHASE BANK, N.A. |
| /s/ Xxxxx X. Xxxxx |
| Name: Xxxxx X. Xxxxx |
| Title: Executive Director |
EXHIBIT 1
PROSHARES TRUST PORTFOLIOS
THAT ARE PARTIES TO THIS DOMESTIC CUSTODY AGREEMENT
ProShares Short S&P 500
ProShares Short QQQ
ProShares Short Dow 30
ProShares Short MidCap
ProShares UltraShort S&P 500
ProShares UltraShort QQQ
ProShares UltraShort Dow 30
ProShares UltraShort MidCap
ProShares Ultra S&P 500
ProShares Ultra QQQ
ProShares Ultra Dow 30
ProShares Ultra MidCap
ProShares Ultra SmallCap600
ProShares Ultra Russell2000
ProShares Short SmallCap600
ProShares Short Russell2000
ProShares UltraShort SmallCap600
ProShares UltraShort Russell2000
ProShares Ultra Basic Materials
ProShares Ultra Consumer Goods
ProShares Ultra Consumer Services
ProShares Ultra Financials
ProShares Ultra Health Care
ProShares Ultra Industrials
ProShares Ultra Oil & Gas
ProShares Ultra Real Estate
ProShares Ultra Semiconductors
ProShares Ultra Technology
ProShares Ultra Utilities
ProShares UltraShort Basic Materials
ProShares UltraShort Consumer Goods
ProShares UltraShort Consumer Services
ProShares UltraShort Financials
ProShares UltraShort Health Care
ProShares UltraShort Industrials
ProShares UltraShort Oil & Gas
ProShares UltraShort Real Estate
ProShares UltraShort Semiconductors
ProShares UltraShort Technology
ProShares UltraShort Utilities
ProShares Ultra Russell1000 Value
ProShares Ultra Russell1000 Growth
ProShares Ultra MidCap Value
ProShares Ultra MidCap Growth
ProShares Ultra Russell2000 Value
ProShares Ultra Russell2000 Growth
ProShares UltraShort Russell1000 Value
ProShares UltraShort Russell1000 Growth
ProShares UltraShort MidCap Growth
ProShares UltraShort MidCap Value
ProShares UltraShort Russell2000 Value
ProShares UltraShort Russell2000 Growth
ProShares Short MSCI Emerging Markets
ProShares Short MSCI EAFE
ProShares UltraShort MSCI Emerging Markets
ProShares UltraShort MSCI Japan
ProShares UltraShort MSCI EAFE
ProShares UltraShort FTSE/Xinhua China 25
ProShares UltraShort 7-10 Year Treasury
ProShares UltraShort 20+ Year Treasury
ProShares Ultra FTSE/Xinhua China 25
ProShares Ultra MSCI Japan
ProShares Ultra Telecommunications
ProShares UltraShort Telecommunications
ProShares Short Financials
ProShares Short Oil & Gas
ProShares UltraShort iBoxx $ Investment Grade
ProShares UltraShort iBoxx $ High Yield
ProShares Ultra Biotechnology
ProShares UltraShort Biotechnology
ProShares Ultra MSCI EAFE
ProShares Ultra MSCI Emerging Markets
ProShares Ultra Russell3000
ProShares UltraShort MSCI Europe
ProShares UltraShort MSCI Pacific ex-Japan
ProShares UltraShort MSCI Brazil
ProShares UltraShort MSCI Mexico Investable Market
ProShares UltraShort Russell3000
ProShares Credit Suisse 130/30
ProShares UltraPro S&P500
Proshares UltraProShort S&P500
SCHEDULE A
FEE SCHEDULE
FOR
CUSTODY AND AGENCY SERVICES
from
JPMORGAN CHASE BANK, N.A.
| A. | Domestic Custody Core Service Fees |
| Market Value Fees All domestic assets |
Annual Fee | ||
| First $2 billion |
2.50 bp | ||
| Over $2 billion |
1.00 bp | ||
| U.S. Market Transaction Charges |
Per Transaction | ||
| DTC non-Xxxxxxx index funds |
$ | 5.00 | |
| DTC Xxxxxxx index funds |
$ | 3.50 | |
| Fed Book Entry |
$ | 5.00 | |
| Physical Transactions |
$ | 12.00 | |
| Futures/Options |
$ | 12.00 | |
| Wire Transfers |
$ | 8.00 | |
| B. | Out-of-Pocket Fees (Custody Only) |
The Trust shall reimburse JPMorgan for all reasonable out-of-pocket expenses incurred on its behalf.
FEE SCHEDULE (continued)
FOR
CUSTODY AND AGENCY SERVICES
| C. | Global Fee Schedule |
Global Custody Core Service Fees
Asset charges (per annum) and Transaction charges (per security movement). These global custody fees are all the fees contemplated in Section 4.1 of the Global Custody Rider to this agreement.
| Country of Investment |
Holdings (basis points) |
Transactions (U.S. Dollars) | ||
| Argentina |
20.00 | 45.00 | ||
| Australia |
2.00 | 20.00 | ||
| Austria |
2.50 | 35.00 | ||
| Belgium |
2.50 | 25.00 | ||
| Brazil |
12.00 | 45.00 | ||
| Chile |
20.00 | 45.00 | ||
| China |
20.00 | 45.00 | ||
| Colombia |
25.00 | 75.00 | ||
| Czech Republic |
17.00 | 45.00 | ||
| Denmark |
2.00 | 25.00 | ||
| Egypt |
25.00 | 50.00 | ||
| Finland |
2.00 | 25.00 | ||
| France |
1.75 | 20.00 | ||
| Germany |
1.75 | 20.00 | ||
| Greece |
8.00 | 25.00 | ||
| Hong Kong |
3.00 | 35.00 | ||
| Hungary |
17.00 | 45.00 | ||
| India |
10.00 | 45.00 | ||
| Indonesia |
8.00 | 35.00 | ||
| Ireland |
2.00 | 35.00 | ||
| Israel |
15.00 | 45.00 | ||
| Italy |
2.00 | 20.00 | ||
| Japan |
1.25 | 20.00 | ||
| Country of Investment |
Holdings (basis points) |
Transactions (U.S. Dollars) | ||
| Jordan |
35.00 | 75.00 | ||
| Korea |
10.00 | 35.00 | ||
| Malaysia |
8.00 | 35.00 | ||
| Mexico |
8.00 | 25.00 | ||
| Morocco |
35.00 | 75.00 | ||
| Netherlands |
2.00 | 20.00 | ||
| New Zealand |
3.00 | 35.00 | ||
| Norway |
2.00 | 35.00 | ||
| Pakistan |
35.00 | 75.00 | ||
| Peru |
25.00 | 75.00 | ||
| Philippines |
8.00 | 35.00 | ||
| Poland |
17.00 | 45.00 | ||
| Portugal |
4.00 | 35.00 | ||
| Russia |
17.00 | 45.00 | ||
| Singapore |
4.00 | 35.00 | ||
| South Africa |
8.00 | 35.00 | ||
| Spain |
2.50 | 35.00 | ||
| Sweden |
2.00 | 25.00 | ||
| Switzerland |
2.00 | 20.00 | ||
| Taiwan |
15.00 | 45.00 | ||
| Thailand |
8.00 | 35.00 | ||
| Turkey |
10.00 | 35.00 | ||
| United Kingdom |
1.00 | 15.00 | ||
FEE SCHEDULE (continued)
FOR
CUSTODY AND AGENCY SERVICES
| D. | Agency Services |
JPMorgan shall be entitled to receive transaction fees from Authorized Participants (APs) according to the following schedule.
Fixed fee schedule charged to create or redeem Creation Units regardless of number of units redeemed or created for an order:
| ProShares Ultra S&P500@ |
$ | 2,500 | |
| ProShares Short S&P500@ |
$ | 500 | |
| ProShares UltraShort S&P500@ |
$ | 500 | |
| ProShares Ultra QQQ@ |
$ | 500 | |
| ProShares Short QQQ@ |
$ | 500 | |
| ProShares UltraShort QQQ@ |
$ | 500 | |
| ProShares Ultra Dow30SM |
$ | 500 | |
| ProShares Short Dow30SM |
$ | 500 | |
| ProShares UltraShort Dow30SM |
$ | 500 | |
| ProShares Ultra MidCap400 |
$ | 2,000 | |
| ProShares Short MidCap400 |
$ | 500 | |
| ProShares UltraShort MidCap400 |
$ | 500 | |
| ProShares Ultra Xxxxxxx 2000® |
$ | 3,500 | |
| ProShares Xxxxx Xxxxxxx 2000® |
$ | 500 | |
| ProShares UltraShort Xxxxxxx 2000® |
$ | 500 | |
| ProShares Ultra SmallCap600 |
$ | 3,000 | |
| ProShares Short SmallCap600 |
$ | 500 | |
| ProShares UltraShort SmallCap600 |
$ | 500 |
| ProShares Ultra Xxxxxxx 1000@ Value |
$ | 3,055 | |
| ProShares Xxxxx Xxxxxxx 1000@ Value |
$ | 500 | |
| ProShares UltraShort Xxxxxxx 1000@ Value |
$ | 500 | |
| ProShares Ultra Xxxxxxx 1000@ Growth |
$ | 3,415 | |
| ProShares Xxxxx Xxxxxxx 1000@ Growth |
$ | 500 | |
| ProShares UltraShort Xxxxxxx 1000@ Growth |
$ | 500 | |
| ProShares Ultra Xxxxxxx MidcapTM Value |
$ | 2,405 | |
| ProShares Xxxxx Xxxxxxx MidcapTM Value |
$ | 500 | |
| ProShares UltraShort Xxxxxxx MidcapTM Value |
$ | 500 | |
| ProShares Ultra Xxxxxxx MidcapTM Growth |
$ | 2,695 | |
| ProShares Xxxxx Xxxxxxx MidcapTM Growth |
$ | 500 | |
| ProShares UltraShort Xxxxxxx MidcapTM Growth |
$ | 500 | |
| ProShares Ultra Xxxxxxx 2000@ Value |
$ | 3,500 | |
| ProShares Xxxxx Xxxxxxx 2000@ Value |
$ | 500 | |
| ProShares UltraShort Xxxxxxx 2000@ Value |
$ | 500 | |
| ProShares Ultra Xxxxxxx 2000@ Growth |
$ | 3,500 | |
| ProShares Xxxxx Xxxxxxx 2000@ Growth |
$ | 500 | |
| ProShares UltraShort Xxxxxxx 2000@ Growth |
$ | 500 | |
| ProShares Ultra Basic Materials |
$ | 500 | |
| ProShares Short Basic Materials |
$ | 500 | |
| ProShares UltraShort Basic Materials |
$ | 500 | |
| ProShares Ultra Consumer Goods |
$ | 755 | |
| ProShares Short Consumer Goods |
$ | 500 | |
| ProShares UltraShort Consumer Goods |
$ | 500 | |
| ProShares Ultra Consumer Services |
$ | 1,265 |
| ProShares Short Consumer Services |
$ | 500 | |
| ProShares UltraShort Consumer Services |
$ | 500 | |
| ProShares Ultra Financials |
$ | 1,555 | |
| ProShares Short Financials |
$ | 500 | |
| ProShares UltraShort Financials |
$ | 500 | |
| ProShares Ultra Health Care |
$ | 800 | |
| ProShares Short Health Care |
$ | 500 | |
| ProShares UltraShort Health Care |
$ | 500 | |
| ProShares Ultra Industrials |
$ | 1,355 | |
| ProShares Short Industrials |
$ | 500 | |
| ProShares UltraShort Industrials |
$ | 500 | |
| ProShares Ultra Oil & Gas |
$ | 500 | |
| ProShares Short Oil & Gas |
$ | 500 | |
| ProShares UltraShort Oil & Gas |
$ | 500 | |
| ProShares Ultra Real Estate |
$ | 500 | |
| ProShares Short Real Estate |
$ | 500 | |
| ProShares UltraShort Real Estate |
$ | 500 | |
| ProShares Ultra Semiconductors |
$ | 500 | |
| ProShares Short Semiconductors |
$ | 500 | |
| ProShares UltraShort Semiconductors |
$ | 500 | |
| ProShares Ultra Technology |
$ | 1,105 | |
| ProShares Short Technology |
$ | 500 | |
| ProShares UltraShort Technology |
$ | 500 | |
| ProShares Ultra Utilities |
$ | 500 |
| ProShares Short Utilities |
$ | 500 | ||
| ProShares UltraShort Utilities |
$ | 500 | ||
| ProShares Short MSCI Emerging Markets |
$ | 500 | ||
| ProShares Short MSCI EAFE |
$ | 500 | ||
| ProShares UltraShort MSCI Emerging Markets |
$ | 500 | ||
| ProShares UltraShort MSCI Japan |
$ | 500 | ||
| ProShares UltraShort MSCI EAFE |
$ | 500 | ||
| ProShares UltraShort FTSE/Xinhua China 25 |
$ | 500 | ||
| ProShares UltraShort 7-10 Year Treasury |
$ | 500 | ||
| ProShares UltraShort 20+ Year Treasury |
$ | 500 | ||
| ProShares UltraShort iBoxx $ Investment Grade |
$ | 500 | ||
| ProShares UltraShort iBoxx $ High Yield |
$ | 500 | ||
| ProShares Ultra FTSE/Xinhua China 25 |
$ | 500 | * | |
| ProShares Ultra FTSE/Xinhua China 25† |
$ | 875 | ** | |
| ProShares Ultra MSCI Japan |
$ | 500 | * | |
| ProShares Ultra MSCI Japan |
$ | 5,000 | ** | |
| ProShares Ultra Telecommunications |
$ | 500 | ||
| ProShares UltraShort Telecommunications‡ |
$ | 500 | ||
| ProShares Ultra Biotechnology |
$ | 685 | ||
| ProShares UltraShort Biotechnology |
$ | 500 | ||
| ProShares Ultra MSCI EAFE |
$ | 500 | * |
| * | For any creation unit purchases or redemptions made when the Fund is invested in financial instruments and cash only. |
| * | For any creation unit purchases or redemptions made when the Fund is invested in local international equities or American Depository Receipts in addition to any financial instruments and cash. |
With respect to any change from * to ** or vice versa, the express written approval of the Custodian is required.
| ProShares Ultra MSCI EAFE |
$ | 1,250 | ** | |
| ProShares Ultra MSCI Emerging Markets |
$ | 500 | * | |
| ProShares Ultra MSCI Emerging Markets |
$ | 1,250 | ** | |
| ProShares UltraShort MSCI Europe |
$ | 500 | ||
| ProShares UltraShort MSCI Pacific ex-Japan |
$ | 500 | ||
| ProShares UltraShort MSCI Brazil |
$ | 500 | ||
| ProShares UltraShort MSCI Mexico Investable Market |
$ | 500 | ||
| ProShares Ultra Russell3000 |
$ | 15,000 | ||
| ProShares UltraShort Russell3000 |
$ | 500 | ||
| ProShares Credit Xxxxxx 000/00 |
$ | 1,875 | ||
| ProShares UltraPro S&P500 |
$ | 2,500 | ||
| ProShares UltraProShort S&P500 |
$ | 500 |
Additional Transaction Fees.
An additional charge of up to three (3) times the normal creation redemption fee (for a total charge of up to four (4) times the normal creation redemption fee) will be collected with respect to transactions effected by Authorized Participants outside the Clearing Process.
| * | For any creation unit purchases or redemptions made when the Fund is invested in financial instruments and cash only. |
| * | For any creation unit purchases or redemptions made when the Fund is invested in local international equities or American Depository Receipts in addition to any financial instruments and cash. |
With respect to any change from * to ** or vice versa, the express written approval of the Custodian is required.
