Common use of Purchases and Redemptions Clause in Contracts

Purchases and Redemptions. The Acquiring Fund acknowledges and agrees that it is not an Authorized Participant, as defined in Rule 6c-11 under the 1940 Act, and has no ability to directly redeem shares from the Acquired Fund. Nonetheless, the Acquiring Fund will use reasonable efforts to provide two business days’ notice of anticipated purchases and sales of Acquired Fund(s) shares that exceed 4% of the Acquired Fund’s then outstanding shares if practicable and consistent with the Acquiring Fund’s best interests. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to purchase or sell shares and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase or sale is made, if any. In addition, the Acquiring Fund will use reasonable efforts to avoid purchases or sales of the Acquired Fund’s shares in an amount that exceeds 4% of the Acquired Fund’s then outstanding shares on days on which the London Metals Exchange is closed.

Purchases and Redemptions. The Acquiring Fund acknowledges and agrees that it is not an Authorized Participant, as defined in Rule 6c-11 under the 1940 Act, and has no ability to directly redeem shares from the Acquired Fund. Nonetheless, the Acquiring Fund will use reasonable efforts to provide two business days’ notice of anticipated purchases and sales of Acquired Fund(s) shares that exceed 4% of the Acquired Fund’s then outstanding shares (which is approximately $44 million as of the date of this agreement) if practicable and consistent with the Acquiring Fund’s best interests. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to purchase or sell shares and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase or sale is made, if any. In addition, the Acquiring Fund will use reasonable efforts to avoid purchases or sales of the Acquired Fund’s shares in an amount that exceeds 4% of the Acquired Fund’s then outstanding shares (which is approximately $44 million as of the date of this agreement) on days on which the London Metals Exchange is closed.