<SEC-DOCUMENT>0001615774-18-001845.txt : 20180313
<SEC-HEADER>0001615774-18-001845.hdr.sgml : 20180313
<ACCEPTANCE-DATETIME>20180313131044
ACCESSION NUMBER:		0001615774-18-001845
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20180313
DATE AS OF CHANGE:		20180313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETF Managers Group Commodity Trust I
		CENTRAL INDEX KEY:			0001610940
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218453
		FILM NUMBER:		18685876

	BUSINESS ADDRESS:	
		STREET 1:		35 BEECHWOOD ROAD
		STREET 2:		SUITE B
		CITY:			SUMMIT
		STATE:			NJ
		ZIP:			07901
		BUSINESS PHONE:		908-897-0510

	MAIL ADDRESS:	
		STREET 1:		35 BEECHWOOD ROAD
		STREET 2:		SUITE B
		CITY:			SUMMIT
		STATE:			NJ
		ZIP:			07901
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>s109335_424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to rule 424(b)(3)<BR>
Registration File No 333-218453</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Breakwave Dry Bulk Shipping
ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*Principal U.S. Listing Exchange: NYSE Arca, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Breakwave Dry Bulk Shipping ETF (the &ldquo;Fund&rdquo;),
a series of the ETF Managers Group Commodity Trust I (the &ldquo;Trust&rdquo;), is an exchange traded fund that issues shares
that trade on the NYSE Arca, Inc. stock exchange (&ldquo;NYSE Arca&rdquo;). The Fund&rsquo;s investment objective is to provide
investors with exposure to the daily change in the price of dry bulk freight futures by tracking the performance of a portfolio
(the &ldquo;Benchmark Portfolio&rdquo;) consisting of exchange-cleared futures contracts on the cost of shipping dry bulk freight
(&ldquo;Freight Futures&rdquo;). The Fund seeks to achieve its investment objective by investing substantially all of its assets
in the Freight Futures currently constituting the Benchmark Portfolio. The Benchmark Portfolio is maintained by Breakwave Advisors
LLC (&ldquo;Breakwave&rdquo;), which also serves as the Fund&rsquo;s commodity trading advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund and the Trust are managed and controlled by their
sponsor and investment manager, ETF Managers Capital LLC (the &ldquo;Sponsor&rdquo;). The Fund is obligated to pay the Sponsor
a management fee (the &ldquo;Sponsor Fee&rdquo;), calculated daily and paid monthly, equal to the greater of (i) 0.15% per year
of the Fund&rsquo;s average daily net assets; or (ii) $125,000. The Fund also pays Breakwave a license and service fee in an amount
equal to 1.45% per year of the value of the Fund&rsquo;s average daily net assets (the &ldquo;CTA Fee&rdquo; and, together with
the Sponsor Fee, the &ldquo;Management Fee&rdquo;). The Fund is responsible for paying all of the routine operational, administrative
and other ordinary expenses of the Fund, (collectively, &ldquo;Other Expenses&rdquo;). Breakwave has agreed to waive its CTA Fee
and the Sponsor has agreed to assume the Fund&rsquo;s Other Expenses (excluding brokerage fees, interest expenses, and extraordinary
expenses) so that the Fund&rsquo;s total annual expenses (&ldquo;Total Expenses&rdquo;) (i.e., the Management Fee plus Other Expenses)
do not exceed 3.50% per annum through February 28, 2019 (the &ldquo;Expense Cap&rdquo;). The Fund may also be responsible for
certain non-recurring or extraordinary fees and expenses. The Sponsor has paid all of the expenses related to the organization
and offering of the shares in this prospectus, which are estimated to be approximately $178,625.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is an exchange traded fund. This means that most investors
who decide to buy or sell shares of the Fund shares place their trade orders through their brokers and may incur customary brokerage
commissions and charges. Shares trade on the NYSE Arca under the ticker symbol &ldquo;BDRY&rdquo; and are bought and sold throughout
the trading day at bid and ask prices like other publicly traded securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares trade on the NYSE Arca after they are initially purchased
by &ldquo;Authorized Participants,&rdquo; institutional firms that purchase shares in blocks of 50,000 shares called &ldquo;Baskets&rdquo;
(referred to herein as a &ldquo;Creation Basket&rdquo; or &ldquo;Redemption Basket,&rdquo; as applicable) through the Fund&rsquo;s
distributor, ETFMG Financial LLC (the &ldquo;Distributor&rdquo;). The initial Authorized Participant with respect to the Fund
is expected to be Credit Suisse Securities (USA) LLC. It is expected that after the date of this prospectus, the initial Authorized
Participant will, subject to certain terms and conditions, make minimum initial purchases of at least two initial Creation Baskets
of 50,000 shares of the Fund at an initial price per share of $25.00, equal to $1,250,000 per Creation Basket. The Fund will not
commence trading unless and until its initial Authorized Participant effects the minimum initial purchase. Following the initial
purchase by the initial Authorized Participant, shares of the Fund will be offered to Authorized Participants in Creation Baskets
at the Fund&rsquo;s NAV. The net asset value is calculated by taking the current market value of the Fund&rsquo;s total assets
(after close of NYSE Arca) subtracting any liabilities and dividing that total by the total number of outstanding shares. Authorized
Participants may then offer to the public, from time to time, shares from any Creation Basket they create at a per-share market
price. The offering of the Fund&rsquo;s shares is a &ldquo;best efforts&rdquo; offering, which means that neither the Distributor
nor any Authorized Participant is required to purchase a specific number or dollar amount of shares. The Fund pays a distribution
fee consisting of an asset-based fee on the amount of the Fund&rsquo;s annual net assets, subject to a minimum dollar amount.
Authorized Participants will not receive from the Fund, the Sponsor or any of their affiliates any fee or other compensation in
connection with the sale of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors who buy or sell shares during the day from their
broker may do so at a premium or discount relative to the NAV of the Fund&rsquo;s total net assets due to supply and demand forces
at work in the secondary trading market for shares that are closely related to, but not identical to, the same forces influencing
the prices of the Freight Futures in which the Fund invests and cash or other cash equivalents that the Fund holds. Investing
in the Fund involves significant risks. See &ldquo;Risk Factors Involved with an Investment in the Fund&rdquo; beginning on page
5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offering of the Fund&rsquo;s shares is registered with
the SEC in accordance with the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;). The offering is intended to be a continuous
offering and is not expected to terminate until all of the registered shares have been sold or three years from the date of the
original offering, whichever is earlier, although the offering may be temporarily suspended if and when no suitable investments
for the Fund are available or practicable. The Fund is not a mutual fund registered under the Investment Company Act of 1940 (&ldquo;1940
Act&rdquo;) and is not subject to regulation under such act. See &ldquo;The Fund is not a registered investment company so shareholders
do not have the protections of the 1940 Act&rdquo; on page 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a commodity pool and the Sponsor is a commodity
pool operator subject to regulation by the CFTC and the National Futures Association (&ldquo;NFA&rdquo;) under the Commodity Exchange
Act, as amended. The Sponsor is registered with the CFTC as a commodity pool operator and is a member of the NFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED
UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>The date of this prospectus is March
13, 2018</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B>&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMODITY FUTURES TRADING COMMISSION
RISK DISCLOSURE STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION
PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING CAN QUICKLY LEAD
TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE
VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION
IN THE POOL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL
CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES
TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE
DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 30 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN,
THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 3.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER
FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY
POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT,
AT PAGE 5.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE
FOREIGN FUTURES CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED
STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS.
FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR
MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 95%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></td></tr>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a001_v1">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="margin: 0pt 0"><A HREF="#a002_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breakeven
        Point</FONT></A></P>


</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a003_v1">The Fund&rsquo;s Investment Objective and Strategy</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a004_v1">Principal Investment Risks of an Investment in the Fund</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a005_v1">Breakeven Analysis</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a006_v1"><FONT STYLE="text-transform: uppercase">Risk Factors Involved with an Investment in the Fund</FONT></A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a007_v1">Risks Associated with the Freight Futures</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a008_v1">Other Risks</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a009_v1">Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a010_v1">Additional Information About the Fund, Its Investment Objective and Investments</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a011_v1">The Fund&rsquo;s Investment Objective and Strategy</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a012_v1">Management&rsquo;s Discussion</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a013_v1">Fund Trading Policies</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a014_v1">The Fund&rsquo;s Operations</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a015_v1">The Sponsor and its Management and Trading Principals</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a016_v1">The Fund&rsquo;s Service Providers</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a017_v1">Other Fees and Expenses</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="margin: 0pt 0"><A HREF="#a018_v1">Regulatory Environment</A></P>


</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a019_v1">Conflicts of Interest</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a020_v1">Fiduciary and Regulatory Duties of the Sponsor</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a021_v1">Executive Compensation</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a022_v1">Liability and Indemnification</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a023_v1">Provisions of Law</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a024_v1">Books and Records</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a025_v1">Statements, Filings, and Reports</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a026_v1">Emerging Growth Company Status</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a027_v1">Fiscal Year</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a028_v1">Governing Law; Consent to Delaware Jurisdiction</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a029_v1">Legal Matters</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a030_v1">U.S. Federal Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a031_v1">Other Tax Considerations</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a032_v1">Investment by ERISA Accounts</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a033_v1">Form of Shares</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a034_v1">Calculating NAV</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a035_v1">Creation and Redemption of Shares</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="margin: 0pt 0"><A HREF="#a036_v1">Plan of Distribution</A></P>


</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a037_v1">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a038_v1">Information You Should Know</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a039_v1">Summary of Promotional and Sales Material</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a040_v1">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a041_v1">Privacy Policy</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a042_v1">Incorporation By Reference and Availability of Certain Information</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a043_v1">APPENDIX A</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">A-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a044_v1">Report of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a045_v1">Financial Statement</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-2</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a001_v1"></A><FONT STYLE="text-transform: uppercase"><B>Prospectus
Summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This is only a summary of the prospectus and, while it contains
material information about the Breakwave Dry Bulk Shipping ETF (the &ldquo;Fund&rdquo;) and its shares, it does not contain or
summarize all of the information about the Fund and the shares contained in this prospectus that is material and/or which may
be important to you. You should read this entire prospectus, including &ldquo;Risk Factors Involved with an Investment in the
Fund&rdquo; beginning on page 5, before making an investment decision about the shares. For a glossary of defined terms, see Appendix
A.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a series of ETF Managers Group Commodity Trust
I (the &ldquo;Trust&rdquo;), a Delaware statutory trust formed on July 23, 2014. The Trust is a series trust formed pursuant to
the Delaware Statutory Trust Act, and the Trust is currently organized into two separate series. The Sit Rising Rate ETF, which
commenced operations on February 19, 2015, was the first series of the Trust. The Fund is the second series of the Trust and is
a commodity pool that continuously issues common shares of beneficial interest that may be purchased and sold on the NYSE Arca,
Inc. stock exchange (&ldquo;NYSE Arca&rdquo;). The Fund is managed and controlled by ETF Managers Capital LLC (the &ldquo;Sponsor&rdquo;),
a Delaware limited liability company. The Sponsor is registered with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;)
as a commodity pool operator (&ldquo;CPO&rdquo;) and is a member of the National Futures Association (&ldquo;NFA&rdquo;). Breakwave
Advisors LLC (&ldquo;Breakwave&rdquo;) is registered as a &ldquo;commodity trading advisor&rdquo; (&ldquo;CTA&rdquo;) with the
CFTC and serves as the Fund&rsquo;s commodity trading advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal office of the Sponsor, Trust and Fund is located
at 30 Maple Street, Suite 2, Summit, NJ 07901. The telephone number for each is (908) 897-0518.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><A NAME="a002_v1"></A>Breakeven Point</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">In order for a hypothetical investment in shares to break even over the next 12 months, assuming a selling
price of $25.00, the investment would have to generate a 1.72% return or $0.43.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a003_v1"></A><B>The Fund&rsquo;s Investment Objective
and Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s investment objective is to provide investors
with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities of the Fund, by tracking
the performance of a portfolio (the &ldquo;Benchmark Portfolio&rdquo;) consisting of a three-month strip of the nearest calendar
quarter of futures contracts on specified indexes (each a &ldquo;Reference Index&rdquo;) that measure rates for shipping dry bulk
freight (&ldquo;Freight Futures&rdquo;). Each Reference Index is published each United Kingdom business day by the London-based
Baltic Exchange Ltd. (the &ldquo;Baltic Exchange&rdquo;) and measures the charter rate for shipping dry bulk freight in a specific
size category of cargo ship &ndash; Capesize, Panamax or Supramax. The three Reference Indexes are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Capesize</B>: the Capesize 5TC Index;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Panamax</B>: the Panamax 4TC Index; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Supramax</B>: the Supramax 6TC Index.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The value of the Capesize 5TC Index is disseminated at 11:00
a.m., London Time and the value of the Panamax 4TC Index and the Supramax 6TC Index each is disseminated at 1:00 p.m., London
Time. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component
in each Reference Index. Such Reference Index information also is widely disseminated by Reuters and/or other major market data
vendors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund seeks to achieve its investment objective by investing
substantially all of its assets in the Freight Futures currently constituting the Benchmark Portfolio. The Benchmark Portfolio
will include all existing positions to maturity and settle them in cash. During any given calendar quarter, the Benchmark Portfolio
will progressively increase its position to the next calendar quarter three-month strip, thus maintaining constant exposure to
the Freight Futures market as positions mature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Benchmark Portfolio will maintain long-only positions in
Freight Futures. The Benchmark Portfolio will include a combination of Capesize, Panamax and Supramax Freight Futures. More specifically,
the Benchmark Portfolio will include 50% exposure in Capesize Freight Futures contracts, 40% exposure in Panamax Freight Futures
contracts and 10% exposure in Supramax Freight Futures contracts. The Benchmark Portfolio will not include and the Fund will not
invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared through
exchanges or clearing houses. The Fund may hold exchange-traded options on Freight Futures. The Benchmark Portfolio is maintained
by Breakwave and will be rebalanced annually. The Freight Futures currently constituting the Benchmark Portfolio, as well as the
daily holdings of the Fund will be available on the Fund&rsquo;s website at <U>www.drybulketf.com</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When establishing positions in Freight Futures, the Fund will
be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Freight Futures position
at the time it is established. These margin requirements are established and subject to change from time to time by the relevant
exchanges, clearing houses or the Fund&rsquo;s futures commission merchant (&ldquo;FCM&rdquo;). On a daily basis, the Fund will
be obligated to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of
its Freight Futures positions. Any assets not required to be posted as margin with the FCM will be held at the Fund&rsquo;s custodian
in cash or cash equivalents, as discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will hold cash or cash equivalents such as U.S. Treasuries
or other high credit quality, short-term fixed-income or similar securities for direct investment or as collateral for the U.S.
Treasuries and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. The Fund may also
realize interest income from its holdings in U.S. Treasuries or other market rate instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The&nbsp;Fund&nbsp;was&nbsp;created&nbsp;to&nbsp;provide&nbsp;investors&nbsp;with&nbsp;a&nbsp;cost-effective&nbsp;and&nbsp;convenient&nbsp;way&nbsp;to&nbsp;gain&nbsp;exposure&nbsp;to&nbsp;daily
changes&nbsp;in&nbsp;the&nbsp;price&nbsp;of&nbsp;Freight Futures. The&nbsp;Fund&nbsp;is&nbsp;intended&nbsp;to&nbsp;be&nbsp;used&nbsp;as&nbsp;a
diversification opportunity as part of a complete portfolio, not a complete investment program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a004_v1"></A><B>Principal Investment Risks of an Investment
in the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in the Fund involves risk. As with any investment,
you could lose all or part of your investment in the Fund, and the Fund&rsquo;s performance could trail that of other investments.
The Fund is subject to the principal risks noted below which may adversely affect the Fund&rsquo;s NAV, trading price, total return
and ability to meet its investment objective. Some of the risks you may face are summarized below. A more extensive discussion
of these risks appears beginning on page 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investment Risk </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in Freight Futures typically fluctuate in value
with changes in spot charter rates. Charter rates for dry bulk vessels are volatile and have declined significantly since their
historic highs and may remain at low levels or decrease further in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Futures and Options Market Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Futures and options contracts have expiration dates. Before
or upon the expiration of a contract, the Fund may be required to enter into a replacement contract that is priced higher or that
have less favorable terms than the contract being replaced (see &ldquo;Negative Roll Risk,&rdquo; below). The Freight Futures
market settles in cash against published indices, so there is no physical delivery against the futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Negative Roll Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similar to other futures contracts, the Freight Futures curve
shape could be either in &ldquo;contango&rdquo; (where the futures curve is upward sloping with next futures price higher than
the current one) or &ldquo;backwardation&rdquo; (where each the next futures price is lower than the current one). Contango curves
are generally characterized by negative roll cost, as the expiring contract value is lower that the next prompt contract value,
assuming the same lot size. That means there could be losses incurred when the contracts are rolled each period and such losses
are independent of the Freight Futures price level. See the section titled &ldquo;Impact of Futures Roll on Total Returns and
Fund Allocation&rdquo; below for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust is organized as a Delaware statutory trust, but taxed
as a partnership in accordance with the provisions of the governing trust agreement and applicable state law and, therefore, has
a more complex tax treatment than conventional mutual funds. The Fund will furnish shareholders each year with tax information
on IRS Schedule K-1 (Form 1065) and each U.S. shareholder is required to report on its U.S. federal income tax return its allocable
share of income, gain, loss and deduction of the Fund. The tax reporting of a partnership interest can be complex and shareholders
may be advised to consult a tax expert.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Market Trading Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market trading risks faced by the Fund include, but are not
limited to, the potential lack of an active market for Fund shares, low or non-existing liquidity in the freight futures market,
losses from trading in secondary markets, periods of high volatility and disruption in the process through which shares of the
Fund are sold and redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Liquidity Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Freight Futures trade off-exchange, without dedicated market
makers. As such, liquidity relies purely on the willingness of various market participants to engage voluntarily on a principal-to-principal
basis in trading. As a result, periods of limited pricing or no pricing might exist. During such periods, the Fund&rsquo;s shares
could trade at a significant premium or discount to its NAV. In addition, a lack of liquidity could prevent the Fund from implementing
its investment strategy, rolling its positions or achieving its targeted weights among futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The investment strategy used by the Sponsor or its implementation
may not produce the intended results. The Fund has no prior history or track record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Concentration Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests solely in Freight Futures. Such concentration
may result in a high degree of volatility in the net asset value of the Fund under specific market conditions and over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Other Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays fees and expenses that are incurred regardless
of whether it is profitable. In order for an investor making an investment in shares of the Fund to break even over the 12-month
period following the date of this prospectus, assuming a selling price of $25.00 (the price at which the Fund expects to initially
issue shares), the investment would have to generate a 1.72% return or $0.43 for the investor not to lose money.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unlike mutual funds, commodity pools or other investment pools
that manage their investments in an attempt to realize income and gains and distribute such income and gains to their investors,
the Fund generally does not distribute cash to shareholders. You should not invest in the Fund if you will need cash distributions
from the Fund to pay taxes on your share of income and gains of the Fund, if any, or for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will have no rights to participate in the management of
the Fund and will have to rely on the duties and judgment of the Sponsor to manage the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is subject to actual and potential inherent conflicts
involving the Sponsor and its principals, various commodity futures brokers and Authorized Participants. The Sponsor&rsquo;s officers,
directors and employees do not devote their time exclusively to the Fund. The Sponsor&rsquo;s directors, officers or employees
may serve in the same or different functions with other entities that may compete with the Fund for their services, including
other commodity pools that the Sponsor or its trading principal manages or may manage in the future (the pools that the Sponsor
or its trading principals manage or have managed in the past are referred to in this prospectus as the &ldquo;Related Pools&rdquo;).
These persons could have a conflict between their responsibilities to the Fund and to those other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has no prior operating history. There can be no assurance
that the Fund will grow to or maintain an economically viable size, in which case the Sponsor may liquidate the Fund. Investors
could lose part or all their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a005_v1"></A><B>Breakeven Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The breakeven analysis below indicates the approximate dollar
returns and percentage required for the redemption value of a hypothetical initial investment in a single share of the Fund to
equal the amount invested twelve months after the investment was made. For purposes of this breakeven analysis, an initial selling
price of $25.00 per share which will be the selling price of the shares sold in the initial Creation Basket was assumed. This
breakeven analysis refers to the redemption of Baskets by Authorized Participants and is not related to any gains an individual
investor would have to achieve in order to break even. The breakeven analysis is an approximation only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumed
    initial selling price per share</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.00</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management,
                                         License and Service Fees<SUP>(1)</SUP></FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation
                                         Basket fee<SUP>(2)</SUP></FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.01</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
                                         Brokerage Fee (0.40%)<SUP>(3)</SUP></FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                         Fund Fees and Expenses<SUP>(4)</SUP></FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
                                         Income (1.41%)<SUP>(5)</SUP></FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
                                         of trading income required for the Fund&rsquo;s NAV to break even</FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage
                                         of initial selling price per share<SUP>(6)</SUP></FONT></P>


</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">The Fund is
                                         obligated to pay the Sponsor a Sponsor Fee, payable monthly, equal to the greater of
                                         (i) 0.15% per year of the Fund&rsquo;s average daily net assets; or (ii) $125,000. The
                                         Fund also pays Breakwave a license and service fee, paid monthly in arrears, for the
                                         use of the Benchmark Portfolio in an amount equal to 1.45% per annum of the value of
                                         the Fund&rsquo;s average daily net assets. Average daily net assets are calculated daily
                                         by taking the average of the total net assets of the Fund over the calendar year &ndash;
                                         <I>i.e.</I>, the sum of daily total net assets divided by the number of calendar days
                                         in the year. On days when markets are closed, the total net assets are the total net
                                         assets from the last day when the market was open. The per share cost of the Management
                                         Fee has been calculated assuming that the Fund has $50 million in assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">Authorized Participants
                                         are required to pay a Creation Basket fee of $500 for each order they place to create
                                         one or more Baskets. An order must be at least one Basket, which is 50,000 shares. This
                                         breakeven analysis assumes a hypothetical investment in a single share so the Creation
                                         Basket fee is $0.01 (500/50,000).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">The Fund determined
                                         this amount as follows. Assuming that the price of a Fund share is $25.00, the Fund would
                                         receive $1,250,000 upon the sale of a Creation Basket (50,000 shares multiplied by $25.00).
                                         Assuming that this entire amount is invested in Freight Futures and that there is no
                                         change in the settlement price of such contracts, the Fund would be required to purchase
                                         approximately 45 lots of Capesize Freight Futures, 45 lots of Panamax Freight Futures
                                         and 15 lots of Supramax Freight Futures Contracts to support the Creation Basket (calculated
                                         based on the values of the Freight Futures as of January 4, 2018 and the target allocation
                                         for the Benchmark Portfolio). Based on the roll methodology, the Fund would have to replace
                                         one-third (approximately 35 lots) of the contracts it holds with new contracts four times
                                         per year. Assuming further that broker&rsquo;s commission for Freight Futures is approximately
                                         0.10% for each purchase, the annual broker commission charge would be approximately $5,000.
                                         As a percentage of the total investment of $1,250,000, this annual commission expense
                                         would be approximately 0.40%.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">(4)</TD><TD STYLE="text-align: left">Other Fund Fees
                                         and Expenses include, among others, legal, printing, accounting, distribution, custodial,
                                         administration, bookkeeping, and transfer agency costs. The per-share cost of these fixed
                                         or estimated fees has been calculated assuming that the Fund has $50 million in assets.
                                         The expenses presented do not represent the maximum amounts payable under the contracts
                                         with third-party service providers, as discussed below in the section titled &ldquo;The
                                         Fund&rsquo;s Service Providers.&rdquo; Assuming the Fund had $2.5 million in assets,
                                         Other Fund Fees and Expenses would equal $4.58 per share, and the amount of trading income
                                         required to break even would be $5.93 per share or 23.71%. Assuming $250 million in assets,
                                         Other Fund Fees and Expenses would equal $0.09 per share, and the amount of trading income
                                         required to break even would be $0.23 per share or 0.90%. Breakwave has agreed to waive
                                         its fee and the Sponsor has agreed to assume the Fund&rsquo;s Other Expenses (which term
                                         excludes brokerage fees, interest expenses, and extraordinary expenses) so that the Fund&rsquo;s
                                         total annual expenses do not exceed 3.50% per annum through February 28, 2019. After
                                         that date, the expense limitation may be terminated and Fund shareholders may incur expenses
                                         higher than 3.50% annually, perhaps significantly higher. The Fund may also be responsible
                                         for certain non-recurring or extraordinary fee and expenses. The Sponsor has paid all
                                         of the expenses related to the organization and offering of the shares in this prospectus,
                                         which are estimated to be approximately $178,625.</TD>
</TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: left">The Fund earns
                                         interest on funds it deposits with the futures commission merchant and the Fund&rsquo;s
                                         custodian and it estimates that the interest rate will be 1.41% based on the interest
                                         rate on six-month Treasury Bills as of January 4, 2018. The actual rate will vary.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: left">Breakwave has agreed to waive
                                         its fee and the Sponsor has agreed to assume the Fund&rsquo;s Other Expenses (which term
                                         excludes brokerage fees, interest expenses, and extraordinary expenses) so that the Fund&rsquo;s
                                         total annual expenses do not exceed 3.50% per annum through February 28, 2019. After
                                         that date, the expense limitation may be terminated and Fund shareholders may incur expenses
                                         higher than 3.50% annually, perhaps significantly higher. For example, assuming the Fund
                                         had $2.5 million in assets, the amount of trading income required to break even without
                                         the expense limitation would be $5.93 per share or 23.71% of the initial selling price
                                         per share. The Fund may also be responsible for certain non-recurring or extraordinary
                                         fee and expenses. Percentage of initial selling price per share represents the estimated
                                         approximate percentage of selling price per share net of any expenses or Management fees
                                         assumed or reimbursed by Breakwave or the Sponsor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a006_v1"></A><FONT STYLE="text-transform: uppercase"><B>Risk
Factors Involved with an Investment in the Fund</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>You should consider carefully the risks
described below before making an investment decision. You should also refer to the other information included in this prospectus
and in our periodic and current reports filed with the Securities and Exchange Commission that are incorporated by reference.
Such information includes the Fund&rsquo;s, the Trust&rsquo;s and the Sponsor&rsquo;s financial statements and the related notes.
See &ldquo;Incorporation By Reference and Availability of Certain Information.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in the Fund involves risks. You could lose all
or part of your investment in the Fund, and the Fund&rsquo;s performance could trail that of other investments. The Fund is subject
to the principal risks noted below which may adversely affect the Fund&rsquo;s NAV, trading price, yield, total return and ability
to meet its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a007_v1"></A><B>Risks Associated with the Freight
Futures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The value of the Shares of the Fund relates directly
to the value of, and realized profit or loss from, the Freight Futures and other assets held by the Fund, and fluctuations in
price could materially affect the Fund&rsquo;s shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The NAV of the Fund&rsquo;s shares relates directly to the
value of the Freight Futures, cash and cash equivalents held by the Fund and the portfolio&rsquo;s average term established and
maintained through the Fund&rsquo;s investment in Freight Futures. Fluctuations in the prices of these assets could materially
adversely affect the value and performance of an investment in the Fund&rsquo;s shares. Past performance is not necessarily indicative
of futures results; all or substantially all of an investment in the Fund could be lost. The primary types of investment-related
risk are discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund and its assets are subject to the risks inherent
in dry bulk freight shipping industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in freight futures typically fluctuate in value
with changes in spot charter rates. Charter rates for dry bulk vessels are volatile and have declined significantly since their
historic highs and may remain at low levels or decrease further in the future. As such, any decrease in spot dry bulk freight
rates could lead to declines in the value of Freight Futures which could have a negative impact on the Fund&rsquo;s performance.
Charter rates will vary with the supply and demand for dry bulk freight. Geopolitical events and government actions will affect
the supply and demand for dry bulk freight and, thus, the spot charter rate. Factors that affect dry bulk freight rates include,
but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Global economic growth;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Supply of dry bulk vessels;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Demand for dry bulk commodity transportation;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Currency exchange rates;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Wars and geopolitical conflicts;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Closures of waterways and canals;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>New routes and expansion of existing waterways
                                         and canals;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Weather and other environmental conditions;
                                         and</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Industry and environmental regulations.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The People Republic of China (&ldquo;China&rdquo;) accounts
for a sizable part of dry bulk demand, and changes in the economic and political environment in China and policies adopted by
the government to regulate its economy may have a material adverse effect on&nbsp;dry bulk charter rates and as a result, Freight
Futures.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The economy of China, which has been in a state of transition
from a planned economy to a more market oriented economy, differs from the economies of most developed countries in many respects,
including the level of government involvement, its state of development, its growth rate, control of foreign exchange, and allocation
of resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the majority of productive assets in China are still
owned by the government at various levels, in recent years, the Chinese government has implemented economic reform measures emphasizing
utilization of market forces in the development of the economy of China and a high level of management autonomy. The economy of
China has experienced significant growth in the past 20 years, but growth has been uneven both geographically and among various
sectors of the economy. Economic growth has also been accompanied by periods of high inflation. The Chinese government has implemented
various measures from time to time to control inflation and restrain the rate of economic growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more than 20 years, the Chinese government has carried
out economic reforms to achieve decentralization and utilization of market forces to develop the economy of China. These reforms
have resulted in significant economic growth and social progress. There can, however, be no assurance that the Chinese government
will continue to pursue such economic policies or, if it does, that those policies will continue to be successful. Any such adjustment
and modification of those economic policies may have an adverse impact on the economy of China and, thus, the demand for dry bulk
freight. Further, the Chinese government may from time to time adopt corrective measures to control the growth of the economy
which may also have an adverse impact on the economy. Political changes, social instability and adverse diplomatic developments
in China could result in the imposition of additional government restrictions including expropriation of assets, confiscatory
taxes or nationalization of some or all of the property held by companies in China. Any adverse effects on the Chinese economy
may negatively affect demand for dry bulk freight and, thus, the value of the charter rates. In particular, any curtailing in
coal usage or steel production in China could have a material impact on dry bulk demand, and thus, dry bulk freight rates. Any
changes in the charter rates could affect the value of Freight Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Illiquidity in the freight futures markets could make
it impossible for the Fund to realize profits, losses or roll positions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Freight Futures market depends on the willingness of market
participants to engage in a principal-to-principal trading and lacks the structure of other markets where market makers are obligated
to provide liquidity at all times. As a result, periods of limited liquidity or no liquidity at all can occur. During such periods,
the Fund might not be able to execute its investment strategy, roll positions, rebalance the portfolio to desired weightings,
or honor creation and redemption requests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Freight Futures can be volatile, which could result in
large fluctuation in the price of Fund shares and should be monitored consistently by investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Futures contracts have a high degree of price variability and
are subject to occasional rapid and substantial changes. Because the Fund will invest substantially all of its assets in Freight
Futures, you could lose a substantial part of your investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Movement in the price of freight and Freight Futures will be
outside of the Sponsor&rsquo;s control and may not be anticipated by the Sponsor. The fund is exposed to Freight Futures and thus,
might experience greater than expected volatility. The Fund is not a diversified investment vehicle, and therefore may be subject
to greater volatility than a diversified portfolio or a more diversified commodity pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with the Fund&rsquo;s Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Execution Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund seeks to invest its assets to the fullest extent possible
in Freight Futures to achieve its investment objective of providing investors exposure to the daily change in Freight Futures,
before Fund liabilities and expenses. However, changes in the NAV may not replicate the performance of Freight Futures due to
a variety of reasons, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>the Fund may not be able to purchase or sell
                                         the exact amount of Freight Futures required to meet its investment objective;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>regulatory or other extraordinary circumstances
                                         may limit the Fund&#8217;s ability to create or redeem Baskets;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>the Fund will pay certain of its fees and expenses,
                                         including brokerage fees and expenses, extraordinary expenses, the Management Fee (as
                                         described below), and a significant increase in the Fund&#8217;s liabilities and expenses
                                         could lead to underperformance of the Fund relative to daily percentage changes in the
                                         Freight Futures;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>the Fund will employ no leverage and thus,
                                         will invest less than its available capital in Freight Futures, which could lead to underperformance
                                         compared to the performance of the Freight Futures market;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>an imperfect correlation between the performance
                                         of Freight Futures held by the Fund and the Fund&#8217;s NAV;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>bid-ask spreads;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>market illiquidity or disruption;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>rounding of Fund share prices;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>the amount of Freight Futures liquidated to
                                         satisfy redemption requests;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>time differences between the trading of the
                                         Fund&#8217;s shares and the Freight Futures market;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>early and unanticipated closings of the markets
                                         on which the holdings of the Fund trade, resulting in the inability of the Fund to execute
                                         intended portfolio transactions.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The market price at which investors buy or sell shares
may be significantly more or less than NAV.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market price at which investors buy or sell shares may
be significantly less or more than NAV. The Fund&rsquo;s per share NAV will change throughout the day as fluctuations occur in
the market value of the Fund&rsquo;s portfolio assets. The public trading price at which an investor buys or sells shares during
the day from their broker may be different from the NAV of the shares. Price differences may relate primarily to supply and demand
forces at work in the secondary trading market for the Fund&rsquo;s shares that are closely related to, but not identical to,
the same forces influencing the prices of the freight futures, cash and cash equivalents that constitute the Fund&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The NAV of the Fund&rsquo;s shares may also be influenced by
non-concurrent trading hours between the NYSE Arca and the market for Freight Futures. While the Fund&rsquo;s shares trade on
the NYSE Arca from 9:30 a.m. to 4:00 p.m. E.T., the trading hours for the freight market do not coincide during all of this time.
As a result, trading spreads and the resulting premium or discount on the shares may widen and, therefore, increase the difference
between the price of the shares and the NAV of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An absence of &ldquo;backwardation&rdquo; or the presence
of &ldquo;contango&rdquo; in the prices of Freight Futures may decrease the value of the shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Fund&rsquo;s Freight Futures near expiration, they will
be replaced by contracts that have a later expiration. For example, a contract purchased and held in January 2018 may specify
a March 2018 expiration. As that contract nears expiration, it may be replaced by selling the January 2018 contract and purchasing
the contract expiring in April 2018. This process is referred to as &ldquo;rolling.&rdquo; Backwardation exists when the price
for commodity contracts with shorter-term expirations are higher than the price for contracts with longer-term expirations. In
these circumstances, absent other factors, the sale of the January 2018 contract would be consummated at a price that is higher
than the price at which the April 2018 contract is purchased. Once the Fund purchased the April 2018 contract and assuming no
other changes to the prevailing spot price for shipping dry bulk freight nor the price relationship between the spot dry bulk
freight price and futures contracts, hypothetically the value of the April 2018 contract would increase over time, thereby creating
a gain for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conversely, contango exists when the price for commodity contracts
with longer-term expirations are higher than the price for contracts with shorter-term expirations. In these circumstances, absent
other factors, the sale of the January 2018 contract would be consummated at a price that is lower than the price at which the
April 2018 contract is purchased. Once the Fund purchased the April 2018 contract and assuming no other changes to the prevailing
spot price for shipping dry bulk freight nor the price relationship between the spot dry bulk freight price and futures contracts,
hypothetically the value of the April 2018 contract would increase over time, thereby creating a loss for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See the section titled &ldquo;Impact of Futures Roll on Total
Returns and Fund Allocation&rdquo; below for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The investment objective of the Fund is not intended
to correlate with any spot price of a Reference Index or any other freight indices, and this could cause the price of the Fund&rsquo;s
shares to substantially vary from changes in the spot price of freight. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The investment objective of the Fund is to provide investors
with exposure to the daily change of near-dated Freight Futures and not on the spot freight rates. Freight Futures reflect the
market participants&rsquo; expectation of average levels of freight rates and not any particular price level in the future. Positive
changes in the spot charter rates might not necessarily transform to positive changes in Freight Futures, as market participants
might view such increases as temporary. On the other hand, futures prices might deviate from the price of spot rates as participants
anticipate different spot levels in the future. The absence of physical delivery in the freight futures market and thus the absence
of carry trade means that freight futures price levels are generally more disconnected from spot rates compared to other commodity
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Weak correlation between the Fund&rsquo;s NAV and the spot
price of freight or spot-related indices such as the Baltic Dry Index (as discussed below) may result. Investors may not be able
to effectively hedge the risk of losses in freight-related transactions or indirectly invest in spot freight rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The&nbsp;NAV&nbsp;may&nbsp;be&nbsp;overstated&nbsp;or&nbsp;understated&nbsp;due&nbsp;to&nbsp;the&nbsp;valuation&nbsp;method&nbsp;employed&nbsp;when&nbsp;a&nbsp;settlement&nbsp;price&nbsp;for
Freight&nbsp;Futures&nbsp;is&nbsp;not&nbsp;available&nbsp;on&nbsp;the&nbsp;date&nbsp;of&nbsp;NAV&nbsp;calculation.</I></B> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The NAV will include, in part, any unrealized profits or losses
on open Freight Futures. Under normal circumstances, the NAV will reflect the settlement price of open Freight Futures on the
date the NAV is being calculated. However, a Freight Futures contract may not be trading on a day when the Fund is accepting creation
and redemption orders. As a result, the Fund may attempt to calculate the fair value of such Freight Futures. In such situation,
the Sponsor may use the settlement price on the most recent date which the Freight Futures would have traded as the basis of determining
the market value of such contract for such day, or use an alternative fair value methodology. Accordingly, if the Sponsor implements
fair value methodologies to calculate the value of Freight Futures for any reason, there is the risk that the calculation of NAV
on the applicable day will be overstated or understated, which may adversely affect an investment in the Fund&rsquo;s shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Freight Futures may not uniformly change across maturities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will invest in Freight Futures with different maturity
dates. Generally, the Fund will hold futures with maturities of 1-6 months. Freight Futures prices do not change uniformly and
therefore if spot charter rates rise, the investment performance of the Fund will be impacted by the Fund&rsquo;s current maturity
exposure which may be different from the expectations of the Sponsor and investors in the Fund. At any time, the Fund&rsquo;s
maturity exposure may not be optimal with respect to a movement in spot charter rates or short-term freight futures which would
negatively impact performance. In addition, freight futures settle against monthly averages of spot charter rates, and as such,
the timing of any positive of negative move in spot charter rates is important in terms of pricing and trading of freight futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Freight Futures transactions are subject to little, if
any, regulation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freight Futures trade on a principal-to-principal basis, and
then the transactions are cleared through major exchanges. The Freight Futures markets rely upon the integrity of market participants
in lieu of the additional regulation imposed by the CFTC on participants in the futures markets. The lack of regulation in these
markets could expose the Fund in certain circumstances to significant losses in the event of trading abuses or financial failure
by participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>The Fund may experience a loss
if it is required to sell U.S. Treasuries or cash equivalents at a price lower than the price at which they were acquired.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If the Fund is required to sell U.S.
Treasuries or cash equivalents at a price lower than the price at which they were acquired, the Fund will experience a loss.&nbsp;&nbsp;This
loss may adversely impact the price of the Fund&rsquo;s shares. The value of U.S. Treasuries and other debt securities generally
moves inversely with movements in interest rates.&nbsp;&nbsp;The prices of longer maturity securities are subject to greater market
fluctuations as a result of changes in interest rates.&nbsp;&nbsp;While the short-term nature of the Fund&rsquo;s investments
in U.S. Treasuries and cash equivalents should minimize the interest rate risk to which the Fund is subject, it is possible that
the U.S. Treasuries and cash equivalents held by the Fund will decline in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund will not take defensive positions to protect
against declining freight rates, which could cause a decline to the value of the Fund&rsquo;s shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will maintain a portfolio with a targeted average
tenure of approximately 60 days, regardless of the Sponsor&rsquo;s views on expected freight rate movements. The Fund will not
take a defensive position if freight rates decline or if the Sponsor expects rates to decline. The Fund&rsquo;s performance will
be highly sensitive to freight rate changes and the value of the Fund&rsquo;s shares will decrease as freight rates fall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>If this offering of shares does
not raise sufficient funds to make the Fund&rsquo;s future operations viable, the Fund may be forced to terminate and investors
may lose all or part of their investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">All of the expenses relating to the
Fund incurred prior to the date of this prospectus have been or will be paid by the Sponsor. These payments by the Sponsor were
designed to allow the Fund the ability to commence the public offering of its shares. As of the date of this prospectus, the Fund
pays the fees, costs and expenses of its operations. If the Sponsor and the Fund are unable to raise sufficient funds so that
the Fund&rsquo;s expenses are reasonable in relation to its NAV, the Fund may be forced to terminate and investors may lose all
or part of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>The liquidity of the shares
may be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price
of the shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the event that one or more Authorized
Participants that are actively involved in purchasing and selling Shares cease to be so involved, the liquidity of the shares
will likely decrease, which could adversely affect the market price of the shares and result in your incurring a loss on your
investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>The Fund may incur higher fees
and expenses upon renewing existing or entering into new contractual relationships.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If the Fund enters into new contractual
relationships or renews existing relationships with its service providers, it may incur higher fees and expenses and need to change
its accruals or introduce new fees and expenses. Any such change could make investors; investment less profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund is not actively managed and will attempt to
deliver investors exposure to daily changes in the price of Freight Futures during periods in which the prices of Freight Futures
are flat or declining as well as when they are rising.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor will seek to hold Freight
Futures during periods in which daily changes in the price of Freight Futures are flat or declining as well as when they are rising,
and will not actively manage the Fund based on any other discretionary criteria. For example, if the Fund&rsquo;s positions in
Freight Futures are declining in value, the Fund will not close out such positions, except during rebalancing periods or for creation
and redemption orders in accordance with its investment objective. Any decrease in value of the Fund&rsquo;s Freight Futures positions
will result in a decrease in the NAV and likely will result in a decrease in the market price of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Several factors may affect the Fund&rsquo;s
ability to consistently track the Benchmark Portfolio and achieve the Fund&rsquo;s investment objective.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As with all funds that track a benchmark,
the performance of the Fund may not closely track the performance of the benchmark for a variety of reasons. For example, the
Fund incurs operating expenses and portfolio transaction costs not incurred by the benchmark. The Fund is also required to manage
cash flows and may experience operational inefficiencies the Benchmark Portfolio does not. In addition, the Fund may not be fully
invested in the contents of its Benchmark Portfolio at all times or may hold securities not included in its Benchmark Portfolio.
As a result, there can be no assurance that the Fund will be able to achieve its investment objective.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Fund has no operating history,
which limits investors ability to evaluate past performance in deciding whether to buy the shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has no trading performance history
upon which to evaluate an&nbsp;investment in the Fund. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The success of the Fund depends
on the ability of the CTA to accurately implement trading systems, and any failure to do so could subject the Fund to losses on
such transactions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CTA will use mathematical formulas
to facilitate the purchase and sale of Freight Futures. The CTA must make accurate calculations and execute the trades dictated
by such calculations. In addition, the Fund relies on the CTA to properly operate and maintain its computer and communications
systems. Execution of the formulas and operation of the systems are subject to human error. Any failure, inaccuracy or delay in
implementing any of the formulas or systems or executing the Fund&rsquo;s transactions could impair the Fund&rsquo;s ability to
achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Trust is taxed as a partnership and the applicable
tax laws are complex and burdensome on investors and may cause investors to incur tax liabilities in excess of any distributions
they may receive with respect to the shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investor&rsquo;s tax liability may exceed the amount of
distributions, if any, on its shares. Cash or property will be distributed at the sole discretion of the Sponsor. The Sponsor
has not and does not currently intend to make cash or other distributions with respect to the shares. Investors will be required
to pay U.S. federal income tax and, in some cases, state, local, or foreign income tax, on their allocable share of the Fund&rsquo;s
taxable income, without regard to whether they receive distributions or the amount of any distributions. Therefore, the tax liability
of an investor with respect to its shares is likely to exceed the amount of cash or value of property (if any) distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investor&rsquo;s allocable share of taxable income or loss
may differ from its economic income or loss on its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Due to the application of the assumptions and conventions applied
by the Fund in making allocations for tax purposes and other factors, an investor&rsquo;s allocable share of the Fund&rsquo;s
income, gain, deduction or loss may be different than its economic profit or loss from its shares for a taxable year. This difference
could be temporary or permanent and, if permanent, could result in a shareholder being taxed on amounts in excess of its economic
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Items of income, gain, deduction, loss and credit with respect
to shares could be reallocated if the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) does not accept the assumptions and conventions
applied by the Fund in allocating those items, with potential adverse consequences for an investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The U.S. tax rules pertaining to entities taxed as partnerships
are complex and their application to large, publicly traded partnership treated entities such as the Fund is in many respects
uncertain. The Fund applies certain assumptions and conventions in an attempt to comply with the intent of the applicable rules
and to report taxable income, gains, deductions, losses and credits in a manner that properly reflects shareholders&rsquo; economic
gains and losses. These assumptions and conventions may not fully comply with all aspects of the Internal Revenue Code (the &ldquo;Code&rdquo;)
and applicable Treasury Regulations, however, and it is possible that the IRS could successfully challenge the Fund&rsquo;s allocation
methods and require the Fund to reallocate items of income, gain, deduction, loss or credit in a manner that adversely affects
investors. If this occurs, investors may be required to file an amended tax return and to pay additional taxes plus deficiency
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund could be treated as a corporation for federal
income tax purposes, which may substantially reduce the value of the shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has obtained an opinion of counsel that, under current
U.S. federal income tax laws, the Fund will be treated as a trust that is not taxable as a corporation for U.S. federal income
tax purposes, provided that (i) at least 90 percent of the Fund&rsquo;s annual gross income consists of &ldquo;qualifying income&rdquo;
as defined in the Code, (ii) the Fund is organized and operated in accordance with its governing agreements and applicable law
and (iii) the Fund does not elect to be taxed as a corporation for federal income tax purposes. Although the Sponsor anticipates
that the Fund will satisfy the &ldquo;qualifying income&rdquo; requirement for all of its taxable years, that result cannot be
assured. The Fund has not requested and will not request any ruling from the IRS with respect to its classification as a trust
not taxable as a corporation for federal income tax purposes. If the IRS were to successfully assert that the Fund is taxable
as a corporation for federal income tax purposes in any taxable year, rather than passing through its income, gains, losses and
deductions proportionately to shareholders, the Fund would be subject to tax on its net income for the year at corporate tax rates.
In addition, although the Sponsor does not currently intend to make distributions with respect to shares, any distributions would
be taxable to shareholders as dividend income. Taxation of the Fund as a corporation could materially reduce the after-tax return
on an investment in shares and could substantially reduce the value of the shares.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund is organized and operated as a Delaware statutory
trust in accordance with the provisions of the declaration of trust and applicable state law, and therefore, the Fund has a more
complex tax treatment than traditional mutual funds.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is organized and operated as a trust in accordance
with the provisions of the governing trust agreement (the &ldquo;Trust Agreement&rdquo;) and applicable state law. No U.S. federal
income tax is paid by the Fund on its income. Instead, the Fund will furnish shareholders each year with tax information on IRS
Schedule K-1 (Form 1065) and each U.S. shareholder is required to report on its U.S. federal income tax return its allocable share
of the income, gain, loss and deduction of the Fund. This must be reported without regard to the amount (if any) of cash or property
the shareholder receives as a distribution from the Fund during the taxable year. The tax reporting of a partnership interest
can be complex and shareholders may be advised to consult a tax expert. A shareholder, therefore, may be allocated income or gain
by the Fund but receive no cash distribution with which to pay the tax liability resulting from the allocation, or may receive
a distribution that is insufficient to pay such liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to federal income taxes, shareholders may be subject
to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes and estate, inheritance
or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns property or where
the shareholders reside. Although an analysis of those various taxes is not presented here, each prospective shareholder should
consider their potential impact on its investment in the Fund. It is each shareholder&rsquo;s responsibility to file the appropriate
U.S. federal, state, local and foreign tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a008_v1"></A><B>Other Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Certain of the Fund&rsquo;s investments could be illiquid,
which could cause large losses to investors at any time or from time to time.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the Fund intends to hold positions to expiration and
cash-settle such positions, Freight Futures positions cannot always be liquidated, if needed, at the desired price. It is difficult
to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption
can also make it difficult to liquidate a position. The large size of the positions that the Fund may acquire increases the risk
of illiquidity both by making its positions more difficult to liquidate and by potentially increasing losses while trying to do
so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The NYSE Arca may halt trading in the Fund&rsquo;s shares,
which would adversely impact an investor&rsquo;s ability to sell shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s shares are listed for trading on the NYSE
Arca under the market symbol BDRY. Trading in shares may be halted due to market conditions or, in light of NYSE Arca rules and
procedures, for reasons that, in the view of the NYSE Arca, make trading in shares inadvisable. In addition, trading is subject
to trading halts caused by extraordinary market volatility pursuant to &ldquo;circuit breaker&rdquo; rules that require trading
to be halted for a specified period based on a specified market decline. Additionally, there can be no assurance that the requirements
necessary to maintain the listing of the Fund&rsquo;s shares will continue to be met or will remain unchanged. NYSE Arca listing
rules require a minimum of 50,000 shares to be outstanding for continued listing and will be the Fund&rsquo;s minimum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The lack of an active trading market for the Fund&rsquo;s
shares may result in losses on an investor&rsquo;s investment in the Fund at the time the investor sells the shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the Fund&rsquo;s shares are listed and traded on the
NYSE Arca, there can be no guarantee that an active trading market for the shares will be maintained. If an investor needs to
sell shares at a time when no active trading market for them exists, the price the investor receives upon sale of the shares,
assuming they were able to be sold, likely would be lower than if an active market existed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Sponsor is leanly staffed and relies heavily on key
personnel to manage the Fund and other funds.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In managing and directing the day-to-day activities and affairs
of the Fund, the Sponsor relies heavily on the services of its CEO, Samuel Masucci III, its CFO, John Flanagan and its CCO, Reshma
Amin. If any of the group were to leave or be unable to carry out his or her present responsibilities, it may have an adverse
effect on the management of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is a risk that the Fund will
not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such the Fund may not earn any
profit.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed in more detail in the section of this prospectus
entitled &ldquo;Breakeven Analysis&rdquo; on page 3, the Fund has estimated that in order for a hypothetical investment in shares
to break even over the next 12 months, assuming a selling price of $25.00 (the price at which the Fund expects to initially issue
shares), the investment would have to generate a 1.72% return or $0.43. Both the Fund and its manager, the Sponsor, are newly
formed and have no operating history, and accordingly, the breakeven amount may be higher than estimated. The Fund&rsquo;s Management
Fee and Other Expenses must be paid in all cases regardless of whether the Fund&rsquo;s activities are profitable. Accordingly,
the Fund must earn trading gains sufficient to compensate for these fees and expenses before it can earn any profit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Regulation of the futures and options markets is extensive
and constantly changing; future regulatory developments are impossible to predict but may significantly and adversely affect the
Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The futures markets are subject to comprehensive statutes,
regulations, and margin requirements. In addition, the CFTC and futures exchanges are authorized to take extraordinary actions
in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher
margin requirements, the establishment of daily price limits and the suspension of trading. Regulation of commodity interest transactions
in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action.
Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United
States. The effect of any future regulatory change on the Fund is impossible to predict, but it could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An investment in the Fund may provide little or no diversification
benefits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freight rates historically have experienced little or no correlation
with other asset classes. Nevertheless, if freight rates decline, an investor in Fund shares will experience a loss at the same
time the investor may suffer losses with respect to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund is not a registered investment company so shareholders
do not have the protections of the 1940 Act.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is not an investment company subject to the 1940 Act.
Accordingly, investors do not have the protections afforded by that statute. The 1940 Act is designed to protect investors by
preventing: insiders from managing investment companies to their benefit and to the detriment of public investors; the issuance
of securities having inequitable or discriminatory provisions; the management of investment companies by irresponsible persons;
the use of unsound or misleading methods of computing earnings and asset value; changes in the character of investment companies
without the consent of investors; and investment companies from engaging in excessive leveraging. To accomplish these ends, the
1940 Act requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits
leveraging, and imposes governance requirements as a check on fund management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund and the Sponsor may have conflicts of interests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is subject to actual and potential inherent conflicts
involving the Sponsor, various commodity futures brokers and Authorized Participants. The Sponsor&rsquo;s officers, directors
and employees do not devote their time exclusively to the Fund. These persons are directors, officers or employees of other entities
that may compete with the Fund for their services. They could have a conflict between their responsibilities to the Fund and to
those other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also be subject to certain conflicts with respect
to its FCM through which it places trades in Freight Futures, including, but not limited to, conflicts that result from receiving
greater amounts of compensation from other clients, or purchasing opposite or competing positions on behalf of third party accounts
traded through the FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Shareholders have only very limited voting rights and
have the power to replace the Sponsor only under specific circumstances. Shareholders do not participate in the management of
the Fund and do not control the Sponsor, so they do not have any influence over basic matters that affect the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders have very limited voting rights with respect to
the Fund&rsquo;s affairs and have none of the statutory rights normally associated with the ownership of shares of a corporation
(including, for example, the right to bring &ldquo;oppression&rdquo; or &ldquo;derivative&rdquo; actions). Shareholders may elect
a replacement sponsor only if the Sponsor resigns voluntarily or loses its limited liability company charter. Shareholders are
not permitted to participate in the management or control of the Fund or the conduct of its business. Shareholders must therefore
rely upon the duties and judgment of the Sponsor to manage the Fund&rsquo;s affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund could terminate at any time and cause the liquidation
and potential loss of an investor&rsquo;s investment and could upset the overall maturity and timing of an investor&rsquo;s investment
portfolio.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may terminate at any time, regardless of whether the
Fund has incurred losses, subject to the terms of the Trust Agreement. In particular, unforeseen circumstances, including the
death, adjudication of incompetence, bankruptcy, dissolution, or removal of the Sponsor as the manager of the Fund could cause
the Fund to terminate unless a majority interest of the security holders within 90 days of the event elects to continue the Fund.
However, no level of losses will require the Sponsor to terminate the Fund. The Fund&rsquo;s termination would cause the liquidation
and potential loss of an investor&rsquo;s investment. Termination could also negatively affect the overall maturity and timing
of an investor&rsquo;s investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund does not expect to make cash distributions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unlike mutual funds, commodity pools or other investment pools
that actively manage their investments in an attempt to realize income and gains from their investing activities and distribute
such income and gains to their investors, the Fund generally does not expect to distribute cash to security holders. An investor
should not invest in the Fund if the investor will need cash distributions from the Fund to pay taxes on its share of income and
gains of the Fund, if any, or for any other reason. Nonetheless, although the Fund does not intend to make cash distributions,
the income earned from its investments held directly or posted as margin may reach levels that merit distribution, e.g., at levels
where such income is not necessary to support its underlying investments and investors adversely react to being taxed on such
income without receiving distributions that could be used to pay such tax. If this income becomes significant then cash distributions
may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An unanticipated number of redemption requests during
a short period of time could have an adverse effect on the Fund&rsquo;s NAV.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a substantial number of requests for redemptions are received
by the Fund during a relatively short period of time, the Fund may not be able to satisfy the requests from the Fund&rsquo;s assets
not committed to trading. As a consequence, it could be necessary to liquidate positions in the Fund&rsquo;s trading positions
before the time that the trading strategies would otherwise dictate liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The financial markets are currently
in a slow period of recovery and the financial markets are still relatively fragile.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2008, the financial markets have
experienced very difficult conditions and volatility as well as significant adverse trends. Although the financial markets have
recovered somewhat, the financial markets are still fragile. A poor financial recovery could adversely affect the financial condition
and results of operations of the Fund&rsquo;s service providers and Authorized Participants, which would impact the ability of
the Sponsor to achieve the Fund&rsquo;s investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The failure or bankruptcy of a clearing broker or the
Fund&rsquo;s custodian could result in a substantial loss of the Fund&rsquo;s assets and could impair the Fund in its ability
to execute trades.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under CFTC regulations, a clearing broker maintains customers&rsquo;
assets in a bulk segregated account. If a clearing broker fails to do so, or even if the customers&rsquo; funds are segregated
by the clearing broker but the clearing broker is unable to satisfy a substantial deficit in a customer account, the clearing
broker&rsquo;s other customers may be subject to risk of a substantial loss of their funds in the event of that clearing broker&rsquo;s
bankruptcy. In that event, the clearing broker&rsquo;s customers, such as the Fund, are entitled to recover, even in respect of
property specifically traceable to them, only a proportional share of all property available for distribution to all of that clearing
broker&rsquo;s customers. The bankruptcy of a clearing broker could result in the complete loss of the Fund&rsquo;s assets posted
with the clearing broker. The Fund may also be subject to the risk of the failure of, or delay in performance by, any exchanges
and markets and their clearing organizations, if any, on which commodity interest contracts are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, to the extent the Fund&rsquo;s clearing broker
is required to post the Fund&rsquo;s assets as margin to a clearinghouse, the margin will be maintained in an omnibus account
containing the margin of all the clearing broker&rsquo;s customers. If the Fund&rsquo;s clearing broker defaults to a clearinghouse
because of a default by one of the clearing broker&rsquo;s other customers or otherwise, then the clearinghouse can look to all
of the margin in the omnibus account, including margin posted by the Fund and any other non-defaulting customers of the clearing
broker to satisfy the obligations of the clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, clearing brokers may be subject to legal
or regulatory proceedings in the ordinary course of their business. A clearing broker&rsquo;s involvement in costly or time-consuming
legal proceedings may divert financial resources or personnel away from the clearing broker&rsquo;s trading operations, which
could impair the clearing broker&rsquo;s ability to successfully execute and clear the Fund&rsquo;s trades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the majority of the Fund&rsquo;s assets are held
in U.S. Treasury securities, cash and/or cash equivalents with U.S. Bancorp Fund Services, LLC (the &ldquo;Custodian&rdquo;).
The insolvency of the Custodian could result in a complete loss of the Fund&rsquo;s assets held by that Custodian, which, at any
given time, could comprise a substantial portion of the Fund&rsquo;s total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Although the Shares of the Fund are limited liability
investments, certain circumstances such as bankruptcy or indemnification could increase a shareholder&rsquo;s liability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shares of the Fund are limited liability investments; shareholders
may not lose more than they invest plus any profits recognized on their investment. However, shareholders could be required, as
a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in
fact insolvent or in violation of its Trust Agreement. Shareholders also agree in the Trust Agreement that they will indemnify
the Fund for any harm suffered by the Fund as a result of the shareholders actions unrelated to the business of the Fund.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a009_v1"></A><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus includes &ldquo;forward-looking statements&rdquo;
which generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology
such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo; or the negative of these terms or
other comparable terminology. All statements (other than statements of historical fact) included in this prospectus that address
activities, events or developments that will or may occur in the future, including such matters as movements in the futures markets
and indexes that track such movements, the Fund&rsquo;s operations, the Sponsor&rsquo;s plans and references to the Fund&rsquo;s
future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events
or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made based
on its perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate
in the circumstances. Whether or not actual results and developments will conform to the Sponsor&rsquo;s expectations and predictions,
however, is subject to a number of risks and uncertainties, including the special considerations discussed in this prospectus,
general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental
authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward- looking
statements made in this prospectus are qualified by these cautionary statements, and there can be no assurance that actual results
or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected
consequences to, or have the expected effects on, the Fund&rsquo;s operations or the value of its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a010_v1"></A><B>Additional Information About the Fund,
Its Investment Objective and Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund is a commodity pool that issues
common shares of beneficial interest that may be purchased and sold on NYSE Arca. The Fund is a series of the Trust, a Delaware
statutory trust formed on July 23, 2014 pursuant to the Delaware Statutory Trust Act. The Trust currently consists of two series,
the Sit Rising Rate ETF, which commenced operations on February 19, 2015, and the Fund. Each series operates as a separate commodity
pool. Additional series of the Trust may be created in the future. The Trust and the Fund operate pursuant to the Trust Agreement.
The Fund is managed and controlled by the Sponsor. The Sponsor is registered with the CFTC as a CPO and is a member of the NFA.
Breakwave is registered with the CFTC as a CTA and will act as such for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a011_v1"></A><B>The Fund&rsquo;s Investment Objective
and Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">The
Fund will seek to achieve its objective by purchasing Freight Futures that are cleared through major exchanges (see description
of Freight Futures below). The Fund will place purchase orders for Freight Futures with an execution broker. The broker will identify
a selling counterparty and, simultaneously with the completion of the transaction, will submit the block traded Freight Futures
to the relevant exchange or clearing house for clearing, thereby completing and creating a cleared futures transaction. If the
exchange or clearing house does not accept the transaction for any reason, the transaction is considered null and void and of
no legal effect.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">The principal markets for Freight Futures are Nasdaq OMX Stockholm AB and Singapore Exchange Ltd (&ldquo;SGX&rdquo;).
Other exchanges that clear Freight Futures are ICE Futures US (the &ldquo;ICE&rdquo;), the Chicago Mercantile Exchange (&ldquo;CME&rdquo;)
and the European Energy Exchange (&ldquo;EEX&rdquo;). In each case, the applicable exchange acts as a counterparty for each member
for clearing purposes. The Fund&rsquo;s investments in Freight Futures will be cleared by Nasdaq OMX-Stockholm AB, CME, SGX, ICE,
and/or the European Energy Exchange (&ldquo;EEX&rdquo;).</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Benchmark Portfolio will consist of positions in the three-month
strip of the nearest calendar quarter of Freight Futures and roll them constantly to the next calendar quarter. The four-calendar
quarters are January, February, and March (Q1), April, May, and June (Q2), July, August, and September (Q3), and October, November
and December (Q4). The Benchmark Portfolio will consist of an equal number of Freight Futures in each of the three months comprising
the nearby calendar quarter at the beginning of such quarter. Throughout the quarter, the Benchmark Portfolio and the Fund will
attempt to roll positions in the nearby calendar quarter, on a pro rata basis. For example, if the Fund was currently holding
the Q1 calendar quarter comprising the January, February and March monthly contracts, each week in the month of February, the
Fund will attempt to purchase Q2 contracts in an amount equal to approximately one quarter of the expiring February positions.
As a result, by the end of February, the Fund would have rolled the February position to Q2 contracts, leaving the Fund with March
and Q2 contracts. At the end of March, the Fund will have completed the roll and will then hold only Q2 exposure comprising April,
May and June monthly contracts. Since Freight Futures contracts are cash settled, the Fund need not sell out of existing contracts.
Rather, it will hold such contracts to expiration and apply the above methodology in order acquire the nearby calendar contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Benchmark Portfolio will be rebalanced annually. The Benchmark
Portfolio&rsquo;s initial allocation will be approximately 50% Capesize Freight Futures contracts, 40% Panamax Freight Futures
contracts and 10% Supramax Freight Futures contracts. The above allocation will be based on contract value, not number of lots.
Given each asset&rsquo;s individual price movements during the year, such percentages might deviate from the targeted allocation.
During the month of December of each year, the Fund will rebalance the portfolio in order to bring the allocation of assets back
to the desirable levels. During this period, the Fund would purchase or sell Freight Futures to achieve its targeted allocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For illustration purposes, a possible asset allocation for
the months of January, April, July or October could be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
    Month</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2<SUP>nd
    </SUP>Month</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3<SUP>rd
    </SUP>Month</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Next
    Quarter</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capesize
    Contracts</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Panamax Contracts</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supramax
    Contracts</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.6</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33.0</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33.0</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22.4</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also realize interest income from holdings of
U.S. Treasuries, which may be posted as margin or otherwise held to cover the Fund&rsquo;s remaining notional exposure to Freight
Futures. The Sponsor will deposit a portion of the Fund&rsquo;s net assets with the custodian to be used to meet its current or
potential margin or collateral requirements. The Sponsor anticipates that the Fund&rsquo;s Freight Futures positions will be held
to expiration and settle in cash against the respective Reference Index as published by the Baltic Exchange. However, positions
may be closed out to meet orders for redemption of Baskets, in which case the proceeds from the closed positions will not be reinvested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s portfolio will be traded with a view to reflecting
the performance of the Benchmark Portfolio, whether the Benchmark Portfolio is rising, falling or flat over any particular period.
To maintain the correlation between the Fund and the change in the Benchmark Portfolio, the Sponsor may adjust the Fund&rsquo;s
portfolio of investments on a daily basis in response to creation and redemption orders or otherwise as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The&nbsp;Fund&rsquo;s&nbsp;non-discretionary&nbsp;investment&nbsp;strategy&nbsp;is&nbsp;designed&nbsp;to&nbsp;permit&nbsp;investors&nbsp;to&nbsp;gain&nbsp;exposure&nbsp;to&nbsp;daily&nbsp;changes
in the price of&nbsp;Freight&nbsp;Futures&nbsp;in&nbsp;a&nbsp;cost-effective&nbsp;manner and/or to permit participants in the
shipping or other industries to hedge the risk in their freight exposure. Accordingly, depending on the investment objective of
an individual investor, risks associated with investing in freight may exist. The&nbsp;Fund&nbsp;is&nbsp;intended&nbsp;to&nbsp;be&nbsp;used&nbsp;as&nbsp;a
diversification opportunity as part of a complete investment portfolio, not a complete investment program.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview of the Dry Bulk Freight Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following is a brief introduction of the global dry
bulk freight industry. The data presented below is derived from information released from various third-party sources. Although
the Sponsor believes this information is accurate, it has not independently verified this information. The third-party sources
from which certain of the information presented below include the United Nations Conference on Trade and Development, the Baltic
and International Maritime Council, Bloomberg and others.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dry bulk shipping is a 150-plus year-old industry focusing
on the transportation of dry bulk commodities using oceangoing vessels named dry bulk carriers. Dry bulk carriers are ships that
have cargo loaded directly into the ship&rsquo;s storage holds. The cargos transported are dry commodities that do not need to
be carried in packaged form. Dry commodity cargos (mainly iron ore, coal and grains) are homogenous and are loaded with bucket
cranes, conveyors or pumps. Crude oil and refined products, while shipped in bulk, are wet cargos and are transported on tanker
vessels, rather than dry bulk carriers. Dry bulk carriers have an average useful life of approximately 25 years and are measured
on size or capacity in dead weight tons (&ldquo;DWT&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dry bulk carriers come in various sizes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Capesizes</B> (100,000+ DWT) are the largest
                                         of the dry bulk asset classes. Capesizes primarily transport iron ore and coal. Traditional
                                         Capesize routes are from Australia to Asia, and from Brazil to Europe and Asia. There
                                         are about 1,700 Capesizes worldwide. The Capesize fleet is about 40% of the dry bulk
                                         fleet by DWT capacity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Panamaxes</B> (65,000 &ndash; 100,000 DWT)
                                         primarily transport coal, grain and iron ore. The Panamax is the largest vessel class
                                         that can transit the (old) Panama Canal. There are about 2,500 Panamaxes worldwide representing
                                         25% of the global fleet by DWT capacity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Handymaxes </B>(40,000 &ndash; 65,000 DWT)
                                         are the work horse of the industry, carrying the whole spectrum of dry bulk commodities:
                                         grain, coal, iron ore, and minor bulks. A sub-category of Handymaxes are vessels with
                                         capacities of 50,000-65,000 that are called Supramaxes. There are about 3,450 Handymaxes
                                         worldwide representing about 24% of the global fleet by DWT capacity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Handysizes </B>(10,000 &ndash; 40,000 DWT)
                                         bulkers typically transport grain, coal, and minor bulks. Handysize bulkers tend to trade
                                         regionally. There are about 3,350 Handysize bulkers in the fleet, or about 12% of the
                                         global fleet by DWT capacity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dry Bulk Vessel Supply</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are approximately 11,100 dry bulk vessels worldwide with
a carrying capacity of roughly 815 million DWT and an average age of approximately 9 years. Supply of dry bulk ships is dynamic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors impacting dry bulk supply include new orders, the scrapping
of older vessels, new shipbuilding technologies, vessel congestion in ports, closures of major waterways, including canals, and
wars and other geopolitical conflicts that can restrict access to vessels available for shipping dry bulk freight.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B><IMG SRC="img001_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Demand for Dry Bulk Freight</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dry bulk demand has seen steady growth over the past two decades,
as the Asian economies have exhibited robust demand for raw materials on the back of strong economic growth. Iron ore, the main
component of steel production, has been the main driver of dry bulk freight demand growth. The higher demand for such raw materials
has led to increasing demand for dry bulk shipping, as the regions that produce and consume raw materials are located far apart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Demand for dry bulk freight is generally measured in ton-miles,
which corresponds to one ton of freight carried one mile. Such measure takes into consideration both the quantity of cargo transport
but also the distance between loading and offloading ports. Over the last 10 years, dry bulk freight demand growth for major commodities
has averaged approximately 5% per year. In 2015, dry bulk freight demand growth for major commodities declined for the first time
in at least 15 years, while in 2016, it is estimated to have increased by approximately 2%. Weaker iron ore and coal imports to
China were the main reasons for the below trend growth. In 2017, dry bulk demand growth for major commodities return to its historical
trend, estimated to have increased by approximately 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors impacting demand for shipping dry bulk freight include
global economic growth, demand for iron ore, demand for metallurgical and thermal coal, demand for grains, government regulations,
taxes and tariffs, fuel prices, vessel speeds and new trade routes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="img002_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dry Bulk Freight Charter Rates</I></B><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dry bulk freight &ldquo;charter rates&rdquo; reflect the price
paid for the use of the ship to transport a bulk commodity. The most commonly used freight rate is the timecharter rate, which
is measured in U.S. Dollars per day. Dry bulk timecharter rates have exhibited significant volatility in the last 15 years. From
2003 to 2008, faster growth rates in demand for dry bulk ships was not matched by growth in supply of ships and thus, charter
rates increased considerably, reaching their highest point in 2008. Following the global financial crisis, growth in supply of
ships exceeded demand, leading to a considerable drop in charter rates. Over the last five years, rates have generally been weak
compared to historical levels, as higher supply and relatively weak demand growth led to lower utilization rates in the industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A common industry measure of dry bulk rates is the Baltic Dry
Index (&ldquo;BDI&rdquo;). The BDI is an economic indicator issued daily by the Baltic Exchange. The BDI provides an assessment
of the price of moving the major raw materials by sea throughout the world. Taking in 21 shipping routes measured on a timecharter
basis, the index covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including
coal, iron ore and grain. Each individual asset class also has its own index (i.e., a Reference Index), which is also published
daily by the Baltic Exchange and reflects a weighted average assessment of different standardized routes around the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Baltic Exchange, which is a wholly owned subsidiary of
the SGX, is a membership organization and an independent source of maritime market information for the trading and settlement
of physical and derivative shipping contracts. According to the Baltic Exchange, this information is used by shipbrokers, owners
and operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Reference Indexes are published by the Baltic Exchange&rsquo;s
subsidiary company, Baltic Exchange Information Services Ltd. (&ldquo;Baltic&rdquo;), which publishes a wide range of market reports,
fixture lists and market rate indicators on a daily and (in some cases) weekly basis. The Baltic indices, which include the Reference
Indexes, are an assessment of the price of moving the major raw materials by sea. The indices are based on assessments of the
cost of transporting various bulk cargoes, both wet (e.g., crude oil and oil products) and dry (e.g., coal and iron ore), made
by leading shipbroking houses located around the world on a per ton and daily hire basis. The information is collated and published
by the Baltic Exchange. &nbsp;Procedures relating to administration of the Baltic indices are set forth in &ldquo;The Baltic Exchange,
Guide to Market Benchmarks&rdquo; November 2016 (the &ldquo;Guide&rdquo;), including production methods, calculation, confidentiality
and transparency, duties of panelists, code of conduct, audits and quality control. The Guide is available at www.balticexchange.com.
According to the Guide, these procedures are in compliance with the &ldquo;Principles for Financial Benchmarks&rdquo; issued by
the International Organization of Securities Commissioners (&ldquo;IOSCO&rdquo;) (the &ldquo;IOSCO Principles&rdquo;). The IOSCO
Principles are designed to enhance the integrity, the reliability and the oversight of benchmarks by establishing guidelines for
benchmark administrators and other relevant bodies in the following areas:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance:
                                         to protect the integrity of the benchmark determination process and to address conflicts
                                         of interest;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark
                                         quality: to promote the quality and integrity of benchmark determinations through the
                                         application of design factors;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quality
                                         of the methodology: to promote the quality and integrity of methodologies by setting
                                         out minimum information that should be addressed within a methodology. These principles
                                         also call for credible transition policies in case a benchmark may cease to exist due
                                         to market structure change.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accountability
                                         mechanisms: to establish complaints processes, documentation requirements and audit reviews.</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">The IOSCO Principles provide a framework of standards that might be met in different ways, depending
on the specificities of each benchmark. In addition to a set of high level principles, the framework offers a subset of more detailed
principles for benchmarks having specific risks arising from their reliance on submissions and/or their ownership structure. For
further information concerning the IOSCO Principles, see http://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The BDI has reflected the volatility of charter rates over
the last 15 years, reaching its highest point on record in 2008 at 11,793. In 2016, it reached its lowest point on record at 290.
The average price of the BDI in the 15 years from 2003 to 2017, has been 2,658, and the median price has been 1,908. As of January
4, 2018, the BDI stood at 1,341.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="img003_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Source: The Baltic Exchange</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On an individual vessel basis, rates are most commonly referred
to as the average assessment of various rates published by the Baltic Exchange. More specifically:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for Capesize ships, the Capesize 5TC Index is
                                         the weighted average of five different routes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for Panamax ships, the Panamax 4TC Index is the
                                         weighted average of four different routes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for Supramax ships, the Supramax 6TC Index is
                                         the weighted average of six different routes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most volatile vessel class when it comes to spot timecharter
rates is Capesize as measured by the applicable Capesize index. Below is the range of rates for the past four years as measured
by the Capesize 4TC Index (predecessor of the Capesize 5TC Index):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>in 2013, the range in Capesize spot rates was
                                         from 4,205 to 42,221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>in 2014, the range in Capesize spot rates was
                                         from 3,670 to 35,316;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>in 2015, the range in Capesize spot rates was
                                         from 2,594 to 19,499;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>in 2016, the range in Capesize spot rates was
                                         from 485 to 20,063; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>in 2017, the range in Capesize spot rates was
                                         from 3,566 to 29,411.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The average price for Capesize 4TC Index rates in the 15 years
from 2003 to 2017 has been 38,837 and the median price has been 26,276. The highest price was 233,998 in 2008 and its lowest was
485 in 2016. As of January 4, 2018, the Capesize 5TC Index stood at 19,300. (The Baltic Exchange ceased publication of the Capesize
4TC Index on December 22, 2017. The Capesize 4TC Index has been replaced by the Capesize 5TC index; prior to the Capesize 4TC
Index publication cessation, the difference between the 5TC Capesize Index and the 4TC Capesize Index was set at a fixed price
of 1,068).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<IMG SRC="img004_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Source: The Baltic Exchange</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spot timecharter rates are inherently volatile, reflecting
the long lead times for ships to reach a specific port in time when demand for transportation from such specific port rises. Spot
timecharter rate volatility has a meaningful impact on Freight Futures&rsquo; realized historical volatility and implied future
volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Freight Futures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The dry bulk freight market is a crucial part in the world
of global trade, transporting most raw materials. The last decade has seen unprecedented volatility in the dry bulk shipping space,
driven by factors such as supply and demand dynamics of seaborne trading volumes, and the number and types of shipping vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freight Futures are financial futures contracts that allow
ship owners, charterers and speculators to hedge against the volatility of freight rates. The Freight Futures are built on indices
composed of Baskets of routes for dry bulk freight, such as the Capesize 5TC Index, Panamax 4TC Index and Supramax 6TC Index.
Freight Futures are financial instruments that trade off-exchange but then are cleared through an exchange. Market participants
communicate their buy or sell orders through a network of execution brokers mainly through phone or instant messaging platforms
with specific trading instructions related to price, size, and type of order. The execution broker receives such order and then
attempts to match it with a counterpart. Once there is a match and both parties confirm the transaction, the execution broker
submits the transaction details including trade specifics, counterparty details and accounts to the relevant exchange for clearing,
thus completing a cleared block futures transaction. The exchange will then require the relevant member or FCM to submit the necessary
margin to support the position similar to other futures clearing and margin requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">Freight Futures are listed and cleared on the following exchanges: Nasdaq OMX-Stockholm AB, CME, ICE
Futures U.S., SGX, and EEX.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freight Futures settle at the end of each month over the arithmetic
average of spot index assessments in the contract month for the relevant underlying product, rounded to one decimal place. The
daily index publication, against which Freight Futures settle, is published by the Baltic Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, Freight Futures trade from approximately 12:00 a.m.
Eastern Time (&ldquo;E.T.&rdquo;) to approximately 12:00 p.m. E.T. The great majority of trading volume occurs during London business
hours, from approximately 3:00 a.m. E.T. to approximately 12:00 p.m. E.T. Some limited trading takes place during Asian business
hours as well (12:00 a.m.-3:00 a.m. E.T.). Exchanges have a cutoff time of 1:00 p.m. E.T. for clearing the respective day&rsquo;s
trades (SGX clears Freight Futures from 6:25 p.m. E.T. to 3:45 p.m. E.T. the next day). The final closing prices for settlement
are published daily around 1:00 p.m. E.T. Final cash settlement occurs the first business day following the expiry day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freight Futures are quoted in U.S. Dollars per day, with a
minimum lot size of one. One lot represents one day of freight costs, as freight rates are measured in U.S. Dollars per day. The
nominal value of a contract is simply the product of lots and Freight Future price. There are Freight Futures contracts of up
to 72 consecutive months, starting with the current month, available for trading for each vessel class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freight Futures are primarily traded off-exchange, through
broker members of the Forward Freight Agreement Brokers Association (&ldquo;FFABA&rdquo;), such as Clarkson&rsquo;s Securities,
Simpson Spence Young, Freight Investor Services, GFI Group, BRS Group and ICAP. Members of the FFABA must be members of the Baltic
Exchange and must be regulated by the Financial Conduct Authority if resident in the United Kingdom, or if not resident in the
United Kingdom, by an equivalent body if required by the authorities in the jurisdiction.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similar to other futures, Freight Futures are subject to margin
requirements by the relevant exchanges. The Sponsor anticipates that approximately 10% to 40% of the Fund&rsquo;s assets will
be used as payment for or collateral for Freight Futures contracts. In order to collateralize its Freight Futures positions the
Fund will hold such assets, from which it will post margin to its FCM, in an amount equal to the margin required by the relevant
exchanges, and transfer to its FCM any additional amounts that may be separately required by the FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most of the daily trading takes place over phones and instant
messaging platforms. Trading screens also exist and some trading also happens through such screens. Brokers are required to report
to the relevant exchanges each trade that takes place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">The liquidity of Freight Futures has remained relatively constant, in lot terms, over the last five years
with approximately 1.1 million lots trading annually. As of December 2017, open interest stood at approximately 200,000 lots across
all asset classes representing an estimated value of approximately $3 billion. Of such open interest, Capesize contracts account
for approximately 35%, Panamax for approximately 45% and Handymax for approximately 20%. Major market participants in Freight
Futures market include: commodity producers, commodity users, commodity trading houses, ship operators, major banks, investment
funds and independent ship owners.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="img005_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Source: The Baltic Exchange</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impact of Futures Roll on Total Returns
and Fund Allocation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Several factors determine the total return from investing in
a futures contract position. One factor that impacts the total return that will result from investing in near dated futures contracts
and &ldquo;rolling&rdquo; those contracts forward each month is the price relationship between the current near month contract
and the next calendar quarter contract. The fund might roll the current month position to a contract of higher value than the
expiring one, which could potentially have a negative impact on the fund&rsquo;s performance (&ldquo;negative roll yield&rdquo;)
if the settlement price ends up being lower than the purchase price. On the other hand, the fund may benefit even if the next
calendar quarter contract is of higher value compared to the expiring one, if the settlement price ends up being higher than the
purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If the futures market is in a state
of &ldquo;backwardation&rdquo; (i.e., when the price of freight in the future is expected to be less than the current spot price),
the Fund will buy later-to-expire contracts for a lower price than the sooner-to-expire contracts that mature.&nbsp;&nbsp;Hypothetically,
and assuming no other changes to either prevailing spot prices for shipping dry bulk freight or the price relationship between
the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract will rise as it approaches expiration,
increasing the Fund&rsquo;s total return (ignoring the impact of commission costs and the interest earned on U.S. Treasuries,
cash and/or cash equivalents).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If the futures market is in &ldquo;contango,&rdquo;
the Fund will buy later-to-expire contracts for a higher price than the sooner-to-expire contracts that mature.&nbsp;&nbsp;Hypothetically,
and assuming no other changes to either prevailing spot prices for shipping dry bulk freight or the price relationship between
the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract will fall as it approaches expiration,
decreasing the Fund&rsquo;s total return (ignoring the impact of commission costs and the interest earned on U.S. Treasuries,
cash and/or cash equivalents).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unlike other commodities, given the absence of physical delivery
in the freight futures market, the freight futures price reflects only expectations of average futures spot rates and not any
particular relationship between spot prices and futures prices (what commonly is known as &ldquo;carry&rdquo;). Historically,
the dry bulk freight market has exhibited strong seasonality, with the first calendar quarter of the year being the weakest in
terms of spot rates. As the year progresses, spot rates tend to strengthen, usually reaching their seasonal peak in the fourth
quarter of the year. This is primarily due to weather patterns in the most prominent exporting regions and the buying patterns
of the most prominent importing countries. As a result, Freight Futures market participants have a tendency to anticipate such
progressively stronger rates and, as a result, Freight Futures have historically been in contango towards the beginning of the
year. Then, during the fourth quarter, as the market anticipates the seasonally weak first quarter, the Freight Futures market
tends to flip to backwardation. During each of the past five years, the Freight Futures markets have experienced both periods
of contango and periods of backwardation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the Fund intends to be fully invested in Freight Futures,
the Sponsor may not be able to invest the Fund&rsquo;s assets in futures contracts having an aggregate notional amount exactly
equal to the expiring position or the asset allocation of 50% Capesize contracts, 40% Panamax contracts and 10% Supramax contracts.
For example, as standardized contracts, Freight Futures contracts are denominated in specific dollar amounts, and the Fund&rsquo;s
NAV and the proceeds from the sale of a Creation Basket are unlikely to be an exact multiple of the amounts of those contracts.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the Fund intends to hold positions to maturity, the
Sponsor has the option to close existing positions when it determines it would be appropriate to do so and reinvest the proceeds
in other positions. Positions may also be closed out to meet orders for Redemption Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE POOL HAS NOT COMMENCED TRADING YET AND DOES NOT HAVE
ANY PERFORMANCE HISTORY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a012_v1"></A><B>Management&rsquo;s Discussion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is newly formed and has not commenced operations.
Prior to the inception of operations the Fund does not have any financial information with which to assess the Fund&rsquo;s financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a013_v1"></A><B>Fund Trading Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Liquidity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests principally in exchange cleared futures that,
in the opinion of the Sponsor, are traded in sufficient volume to permit the ready taking of orders in these financial interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Leverage</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Sponsor endeavors to have the
value of the Fund&rsquo;s Treasury Securities, cash and cash equivalents, whether held by the Fund or posted as margin or collateral,
at all times approximate the aggregate market value of its obligations under the Fund&rsquo;s Freight Futures interests, adjusted
for the proportion of the current month&rsquo;s Freight Futures contracts whose value has already been assessed.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Borrowings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund does not intend to or foresee
the need to borrow money or establish lines of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pyramiding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Fund does not and will not employ
the technique, commonly known as pyramiding, in which the speculator uses unrealized profits on existing positions as variation
margin for the purchase of additional positions in the same commodity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has discretionary authority over all distributions
made by the Fund. In view of the Fund&rsquo;s objective of seeking significant capital appreciation, the Sponsor currently does
not intend to make any distributions, but, has the sole discretion to do so from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Margin Requirements and Marking-to-Market
Futures Positions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&ldquo;Initial margin&rdquo; is an
amount of funds that must be deposited by a commodity trader with the trader&rsquo;s broker to initiate an open position in futures
contracts.&nbsp;&nbsp;A margin deposit is like a cash performance bond.&nbsp;&nbsp;It helps assure the trader&rsquo;s performance
of the futures contracts that he or she purchases or sells.&nbsp;&nbsp;Futures contracts are customarily bought and sold on initial
margin that represents a small percentage of the aggregate purchase or sales price of the contract.&nbsp;&nbsp;The amount of margin
required in connection with a particular futures contract is set by the exchange on which the contract is traded.&nbsp;&nbsp;Brokerage
firms, such as the Fund&rsquo;s clearing broker, carrying accounts for traders in commodity interest contracts may require higher
amounts of margin as a matter of policy to further protect themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Futures contracts are marked to market
at the end of each trading day and the margin required with respect to such contracts is adjusted accordingly.&nbsp;&nbsp;This
process of marking-to-market is designed to prevent losses from accumulating in any futures account.&nbsp;&nbsp;Therefore, if
the Fund&rsquo;s futures positions have declined in value, the Fund may be required to post &ldquo;variation margin&rdquo; to
cover this decline.&nbsp;&nbsp;Alternatively, if the Fund&rsquo;s futures positions have increased in value, this increase will
be credited to the Fund&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a014_v1"></A><B>The Fund&rsquo;s Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a015_v1"></A><B>The Sponsor and its Management and
Trading Principals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is a single member limited liability company that was formed in the state of Delaware on June 12, 2014. The Sponsor maintains
its main business office at 30 Maple Street, Suite 2, Summit, NJ 07901. The Sponsor is registered as a commodity pool operator
with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;). The Sponsor is a member of the National Futures Association
(&ldquo;NFA&rdquo;). The Sponsor registered as a CPO with the CFTC and became a member of the NFA on September 23, 2014. The Sponsor&rsquo;s
registration as a commodity trading advisor was approved on May 16, 2017. The Fund is obligated to pay the Sponsor Fee, calculated
daily and paid monthly, equal to the greater of (i) 0.15% per year of the Fund&rsquo;s average daily net assets; or (ii) $125,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor is a wholly-owned subsidiary of Exchange Traded
Managers Group LLC (&ldquo;ETFMG&rdquo;), a single member limited liability company domiciled and headquartered in New Jersey.
Performance of the Related Pools is presented beginning on page 25 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither the Trust nor the Fund has executive officers. Pursuant
to the terms of the Trust Agreement, the Fund&rsquo;s affairs are managed by the Sponsor. The business and affairs of the Sponsor
are managed by its chief executive officer, Samuel Masucci, III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are individual Principals, as that term is defined
in CFTC Rule 3.1, for the Sponsor: Samuel R. Masucci, III, John A. Flanagan, Reshma J. Amin and Timothy J. Collins. These individuals
are principals due to their positions; however, Mr. Masucci is also a principal due to his controlling stake in Exchange Traded
Managers Group LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Samuel R. Masucci, III</I></B>. Mr. Masucci is the founder
of ETFMG and has been its Managing Owner since its formation in November 2013. Mr. Masucci was listed as a principal, as that
term is defined in CFTC Rule 3.1, of the Sponsor on September 23, 2014. Mr. Masucci serves as Chairman and Chief Executive Officer
of ETFMG with responsibilities for managing all ETF listed products and related service activities. Mr. Masucci became the Chief
Executive Officer of Factor Advisors, LLC (&ldquo;Factor Advisors&rdquo;) in June 2012, a financial services company, and became
the Chairman in March 2013; in this position Mr. Masucci was listed as a principal of Factor Capital Management LLC (&ldquo;Factor
Capital&rdquo;) on June 20, 2012 and deregistered as a principal on September 23, 2014. Mr. Masucci became the Chief Executive
Officer of GENCAP Ventures, LLC, a financial services company, in May 2012 and was responsible for managing all ETF issues and
related service activities. Gencap was the parent of Factor Capital and Factor Advisors. ETFMG acquired Gencap in November 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Masucci was out of the job market from January to May 2012.
Mr. Masucci worked as Chief Executive Officer for MacroMarkets LLC, a financial services company, from April 2005 to December
2011, with responsibility for running the day to day operations of an issuer of public securities and a registered broker-dealer.
From April 2005 to December 2011, Mr. Masucci also worked as the Chief Executive Officer, managing partner and Chief Compliance
Officer of Macro Financial LLC, which as its main business was a registered broker-dealer. From July 2001 to April 2005, Mr. Masucci
worked as an owner and manager of The Cobblestone Group. The main business of The Cobblestone Group was fixed income consulting
to the investment banking and commercial banking industries. From March 1999 to June 2001, Mr. Masucci worked in mortgage trading
as a Managing Director for Bear Stearns Inc., a financial institution. Mr. Masucci was out of the job market from December 1998
to February 1999. From June 1996 to November 1998, Mr. Masucci worked at SBC Warburg/UBS, a financial institution, as an Executive
Director managing an asset backed securities group. From January 1992 to June 1996, Mr. Masucci worked in structured products
(specifically, structuring mortgage derivatives and hedge funds), at Merrill Lynch, a financial institution, as a Vice President.
From January 1990 to January 1992, Mr. Masucci worked as a financial consultant for Merrill Lynch, a financial institution, in
the private client group in connection with retail investors. From November 1987 to January 1990, Mr. Masucci worked at MetLife
Insurance Company, an insurance company, as a retail salesperson qualified to sell financial and insurance products to retail
clients. From August 1984 to October 1987, Mr. Masucci worked as a manager of jobsites for Forestdale Inc., which is a residential
property developer. Mr. Masucci received his B.S. from Penn State University in Finance in July 1984.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>John A. Flanagan. </I></B>Mr. Flanagan serves as the
Principal Financial Officer of the Sponsor and the Trust. Mr. Flanagan was listed as a principal, as that term is defined in CFTC
Rule 3.1, of the Sponsor on January 8, 2015. Since October 2016, Mr. Flanagan has served as the Principal Financial Officer of
ForceShares LLC (&ldquo;ForceShares&rdquo;), a registered commodity pool operator; Mr. Flanagan was listed as a principal of ForceShares
on October 20, 2016. Since June 2014, Mr. Flanagan has served as an Independent Trustee of Absolute Shares Trust, a multi-series
exchange traded fund. Mr. Flanagan has been the President and sole owner of John A Flanagan CPA, LLC since December 2010. Mr.
Flanagan was Chief Financial Officer of MacroMarkets LLC, an exchange traded fund issuer, from January 2007 to December 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reshma J. Amin. </I></B>Ms. Amin serves as the Chief
Compliance Officer of the Sponsor and the Trust. Ms. Amin was listed as a principal of the Sponsor on July 27, 2016. Prior to
joining the Sponsor, from October 2007 to July 2016, Ms. Amin was a Partner at the law firm Crow &amp; Cushing where she counseled
clients in the financial services and money management industry focusing on SEC, CFTC, NFA and FINRA regulatory compliance. From
September 2006 to September 2007, Ms. Amin clerked for the Honorable Philip L. Paley, Superior Court of New Jersey, Law Division.
Ms. Amin received her B.S. in Economics from The George Washington University in May 2000 and a J.D. from Case Western Reserve
University School of Law in May 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Timothy J. Collins.</I></B> Mr. Collins has been a portfolio
manager of the Sponsor since July 2016. Mr. Collins has been listed as a principal, associated person, swap associated person
and NFA associate member of the Sponsor since July 2016. Since July 2016, Mr. Collins has been the portfolio manager for ForceShares,
a registered commodity pool operator. Mr. Collins has been listed as a principal of ForceShares since July 2016, as an associated
person and NFA associate member effective September 2016 and as a swap associated person effective March 2017. From January 2003
until July 2016, Mr. Collins served as the founding partner and Managing Director of Fairfield Advisors, LLC (&ldquo;Fairfield&rdquo;),
an investment management firm, where he developed sophisticated trading strategies with an emphasis on ETFs and commodities. Mr.
Collins was registered as an associated person and NFA associate member with Fairfield from April 2014 to January 2016. Mr. Collins
received a Masters of Business Administration from the Stern School of Business at New York University with a dual major in Finance
and International Business. He also has a Bachelor of Science degree in Finance from Fairfield University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Performance of Related Pools</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following performance information is presented in accordance
with CFTC regulations. The performance of the Fund will differ materially from the performance of the Related Pools which is included
herein. The performance of the Related Pools which is summarized herein is materially different from the Fund and the past performance
summaries of the Related Pools below are generally not representative of how the Fund might perform in the future. No performance
information is presented with respect to the Fund, which has not commenced investment operations prior to the date of this prospectus
and which will not begin trading until after the initial Creation Baskets of the Fund are purchased by the initial Authorized
Participant (all as described in the &ldquo;Plan of Distribution&rdquo; section). The performance of the Fund will differ materially
from the Related Pools listed below.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance information is set forth in accordance with CFTC
regulations, since each fund&rsquo;s inception of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE OF THE OTHER COMMODITY POOL
OPERATED BY THE SPONSOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PAST
PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Name of Commodity Pool: Sit Rising Rate ETF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Type of Commodity Pool: Exchange traded security</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Inception of Trading: February 19, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Aggregate Subscriptions (from inception through
November 30, 2017): $38,934,390&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Aggregate Redemptions (from inception through November
30, 2017): $16,056,030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Total Net Assets as of November 30, 2017: $27,095,099&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">NAV per Share as of November 30, 2017: $23.56</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Worst Monthly Percentage Draw-down: January 2016
(3.98%)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Worst Peak-to-Valley Draw-down: February 2015 &ndash;June
2016 (10.68%)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="margin: 0pt 0 0pt 0.15in">Number of shareholders (as of December 28, 2017): 175&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rates of Return:*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 25%; border: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Month</B></TD>
    <TD STYLE="width: 25%; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>2015</B></TD>
    <TD STYLE="width: 25%; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 25%; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>2017</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>January</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-3.98%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.42%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>February</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-1.23%**</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.67%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.64%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-1.71%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.64%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.26%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>April</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.17%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.23%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-1.03%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>May</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.43%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.74%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.82%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>June</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.49%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-3.62%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.93%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>July</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.97%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.41%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.67%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>August</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.17%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.07%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-1.14%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>September</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-2.01%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.43%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.71%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>October</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.29%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.07%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.60%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>November</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.24%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.65%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.29%</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>December</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.54%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.18%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD></TR>
<TR>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Annual
    Rate of Return</B></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-3.15%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-2.21%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.50%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The monthly rate of return is calculated
by dividing the ending NAV of a given month by the ending NAV of the previous month, subtracting 1 and multiplying this number
by 100 to arrive at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Partial from February 19, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Draw-down: Losses experienced over a specified period. Draw-down
is measured on the basis of monthly returns only and does not reflect intra-month figures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Worst Monthly Percentage Draw-down: The largest single month
loss sustained since inception of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Worst Peak-to-Valley Draw-down: The largest percentage decline
in the NAV per share over the history of the fund. This need not be a continuous decline, but can be a series of positive and
negative returns where the negative returns are larger than the positive returns. Worst Peak-to-Valley Draw-down represents the
greatest cumulative percentage decline in month-end per share NAV that is not equaled or exceeded by a subsequent month-end per
share NAV.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factor Capital Management LLC was the sponsor of the FactorShares
exchange-traded funds noted below (the &ldquo;FactorShares funds&rdquo;) and Mr. Masucci was a principal. Each of these funds
was a &ldquo;commodity pool&rdquo; and therefore although the funds were liquidated in November 2013, in conformity with regulatory
requirements, the performance of the FactorShares funds is shown below. Investors should be aware that there are significant differences
between the Fund and the Related Pools below; principally, the FactorShares funds were leveraged funds seeking investment exposure
to equities and commodities. Given the significantly different investment objectives of the Fund and the FactorShares funds, the
performance of the Fund is not expected to have any relationship to that of the FactorShares funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE OF FACTORSHARES 2X: OIL
BULL/S&amp;P500 BEAR (<I>TICKER: FOL</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Name of Pool: </I>Factorshares 2X: Oil
Bull/S&amp;P500 Bear<BR>
<I>Type of Pool: </I>Public, Exchange-Listed Commodity Pool<BR>
<I>Inception of Trading: </I>February 22, 2011<BR>
<I>Cessation of Operations: </I>November 21, 2013<BR>
<I>Aggregate Gross Capital Subscriptions as of November 30, 2017: </I>$10,998,571<BR>
<I>Net Asset Value as of November 30, 2017: $0.00 Net Asset Value per Share as of November 30, 2017: $0.00</I><BR>
<I>Worst Monthly Drawdown: </I>(22.06)% October 2013<BR>
<I>Worst Peak-to-Valley Drawdown: </I>(85.84)% April 2011 &ndash; November 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARY INDICATIVE
OF FUTURE RESULTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2013(%)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; text-align: left">Annual Rate of Return</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(58.92</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="width: 94%">The fund ceased investment operations on November 21, 2013.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE OF FACTORSHARES 2X: TBOND
BULL/S&amp;P500 BEAR (<I>TICKER: FSA</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Name
of Pool: </I><FONT STYLE="font-size: 10pt">Factorshares 2X: TBond Bull/S&amp;P500 Bear</FONT></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Type
of Pool: </I>Public, Exchange-Listed Commodity Pool</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inception
of Trading: </I>February 22, 2011</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cessation
of Operations: </I>November 21, 2013</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Aggregate
Gross Capital Subscriptions as of November 30, 2017: </I>$9,239,791</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Net
Asset Value as of November 30, 2017: $0.00 Net Asset Value per Share as of November 30, 2017: $0.00 </I></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Worst
Monthly Drawdown: </I>(29.18)% November 2013</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Worst
Peak-to-Valley Drawdown: </I>(86.12)% September 2011 &ndash; November 2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2013(%)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; text-align: left">Annual Rate of Return</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(71.72</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="width: 94%; text-align: justify">The fund ceased investment operations on November 21, 2013.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE OF FACTORSHARES 2X: S&amp;P500
BULL/TBOND BEAR (<I>TICKER: FSE</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Name of Pool: </I>Factorshares 2X: S&amp;P500
Bull/TBond Bear<BR>
<I>Type of Pool: </I>Public, Exchange-Listed Commodity Pool<BR>
<I>Inception of Trading: </I>February 22, 2011<BR>
<I>Cessation of Operations: </I>November 21, 2013<BR>
<I>Aggregate Gross Capital Subscriptions as of November 30, 2017: $5,000,000</I><BR>
<I>Net Asset Value as of November 30, 2017: $0.00 Net Asset Value per Share as of November 30, 2017: $0.00</I><BR>
<I>Worst Monthly Drawdown: </I>(8.21)% August 2013<BR>
<I>Worst Peak-to-Valley Drawdown: </I>(56.94)% April 2011 - April 2013 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2013(%)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; text-align: left">Annual Rate of Return</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">18.65</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="width: 94%; text-align: justify">The fund ceased investment operations on November 21, 2013.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE OF FACTORSHARES 2X: GOLD
BULL/S&amp;P500 BEAR (<I>TICKER: FSG</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Name of Pool: </I>Factorshares 2X: Gold
Bull/S&amp;P500 Bear<BR>
<I>Type of Pool: </I>Public, Exchange-Listed Commodity Pool<BR>
<I>Inception of Trading: </I>February 22, 2011<BR>
<I>Cessation of Operations: </I>November 21, 2013<BR>
<I>Aggregate Gross Capital Subscriptions as of November 30, 2017: </I>$41,776,771<BR>
<I>Net Asset Value as of November 30, 2017: $0.00</I><BR>
<I>Net Asset Value per Share as of November 30, 2017: $0.00</I> <BR>
<I>Worst Monthly Drawdown: </I>(20.97)% June 2013<BR>
<I>Worst Peak-to-Valley Drawdown: (87.32)% August 2011 &ndash; November 2013</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2013(%)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; text-align: left">Annual Rate of Return</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(74.20</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="width: 94%; text-align: justify">The fund ceased investment operations on November 21, 2013.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE OF FACTORSHARES 2X: S&amp;P500
BULL/USD BEAR (<I>TICKER: FSU</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Name of Pool</I>: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factorshares
2X: S&amp;P500 Bull/USD Bear</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Type of Pool:
</I>Public, Exchange-Listed Commodity Pool</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inception
of Trading: </I>February 22, 2011</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cessation
of Operations: </I>November 21, 2013</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Aggregate
Gross Capital Subscriptions as of November 30, 2017: </I>$5,000,000</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Net
Asset Value as of November 30, 2017: $0.00 Net Asset Value per Share as of November 30, 2017: $0.00</I></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Worst
Monthly Drawdown: </I>(9.51)% August 2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Worst
Peak-to-Valley Drawdown: </I>(24.69)% April 2011 - February 2013</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2013(%)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; text-align: left">Annual Rate of Return</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">30.60</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="width: 94%; text-align: justify">The fund ceased investment operations on November 21, 2013.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commodity Trading Advisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commodity Trading Advisor (&ldquo;CTA&rdquo;) for the Fund
is Breakwave Advisors LLC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Breakwave is registered with the CFTC as a CTA and was approved
as a Member of the NFA as of May 17, 2017. Its principal place of business is 2 South End Avenue, TH3, New York, NY 10280, telephone:
(646) 775- 2898.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Breakwave, under authority delegated by the Sponsor, is responsible
for reallocating assets within the portfolio with a view to achieving the Fund&rsquo;s investment objective. In its capacity as
a commodity trading advisor, Breakwave is an organization which, for compensation or profit, advises others as to the value of
or the advisability of buying or selling futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has entered into a Services Agreement with Breakwave.
Under this agreement, Breakwave has agreed to compose and maintain the Benchmark Portfolio and license to the Sponsor the use
of the Benchmark Portfolio. For this license and services, the Fund pays a fee to Breakwave of 1.45% of average daily net assets
of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Breakwave has agreed to be responsible for the payment of certain
expenses in excess of the expense limitation although the Sponsor retains the ultimate obligation to the Fund to waive and/or
reimburse such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">Breakwave is a limited liability company. The following individual is the President, sole investment
professional and Principal, as that term is defined in CFTC Rule 3.1:</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John Kartsonas: </B>John Kartsonas is the Principal and
Managing Partner of Breakwave Advisors LLC., a Commodity Trading Advisory firm based in New York. Mr. Kartsonas was listed as
a principal of the Sponsor on May 17, 2017. He has been a registered associated person and an NFA associate member of Breakwave
since May 17, 2017. From 2017 to the present Mr. Kartsonas has also served as a Director of Seanergy Maritime, an international
shipping company listed in the Nasdaq Capital Market. Prior to that, Mr. Kartsonas was a Senior Portfolio Manager at Carlyle Commodity
Management from October 2012 to January 2017, a commodity-focused investment firm based in New York and part of the Carlyle Group.
He was responsible for the firm&rsquo;s Shipping and Freight investments. During his tenure, he managed one of the largest freight
futures funds globally. Mr. Kartsonas received his MBA from the Simon School of Business, University of Rochester.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THIS TRADING ADVISOR PREVIOUSLY HAS NOT DIRECTED ANY ACCOUNTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a016_v1"></A><B>The Fund&rsquo;s Service Providers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Administrator, Custodian, Fund Accountant, and Transfer
Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.&nbsp;Bank, a national banking association, with its principal
office in Milwaukee, Wisconsin, provides custody and fund accounting to the Trust and Fund. Its affiliate, U.S. Bancorp Fund Services,
is the transfer agent (&ldquo;Transfer Agent&rdquo;) for Fund shares and administrator for the Fund (&ldquo;Administrator&rdquo;).
It performs certain administrative and accounting services for the Fund and prepares certain SEC, NFA and CFTC reports on behalf
of the Fund. (U.S. Bank and U.S. Bancorp Fund Services are referred to collectively hereinafter as &ldquo;U.S. Bank&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the first year of services, the Fund has agreed to pay
U.S. Bank 0.05% of assets under management (&ldquo;AUM&rdquo;), with a $45,000 minimum annual fee payable for its administrative,
accounting and transfer agent services and 0.01% of AUM, with a minimum of $4,800 for custody services.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delaware Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wilmington Trust, N.A. (the &ldquo;Trustee&rdquo;) serves as
the Trust&rsquo;s corporate trustee as required under the Delaware Statutory Trust Act (&ldquo;DSTA&rdquo;). The Trustee receives
for its services an annual fee of $5,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee is the sole trustee of the Trust. The rights and
duties of the Trustee and the Sponsor with respect to the offering of the shares and Fund management and the shareholders are
governed by the provisions of the DSTA and by the Trust Agreement. The Trustee will accept service of legal process on the Trust
in the State of Delaware and will make certain filings under the DSTA. The Trustee does not owe any other duties to the Trust,
the Sponsor or the shareholders of the Fund. The Trustee&rsquo;s principal offices are located at 1100 North Market Street, Wilmington,
Delaware 19890. The Trustee is unaffiliated with the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee is permitted to resign upon at least sixty (60)
days&rsquo; notice to the Trust, provided, that any such resignation will not be effective until a successor Trustee is appointed
by the Sponsor. The Sponsor has the discretion to replace the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Only the assets of the Trust and the Sponsor are subject to
issuer liability under the federal securities laws for the information contained in this prospectus and under federal securities
laws with respect to the issuance and sale of the shares. Under such laws, neither the Trustee, either in its capacity as Trustee
or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the
issuer or a director, officer or controlling person of the issuer of the shares. The Trustee&rsquo;s liability in connection with
the issuance and sale of the shares is limited solely to the express obligations of the Trustee set forth in the Trust Agreement.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Trust Agreement, the Sponsor has exclusive management
and control of all aspects of the Trust&rsquo;s business. The Trustee has no duty or liability to supervise the performance of
the Sponsor, nor will the Trustee have any liability for the acts or omissions of the Sponsor. The shareholders have no voice
in the day to day management of the business and operations of the Funds and the Trust, other than certain limited voting rights
as set forth in the Trust Agreement. In the course of its management of the business and affairs of the Funds and the Trust, the
Sponsor may, in its sole and absolute discretion, appoint an affiliate or affiliates of the Sponsor as additional sponsors and
retain such persons, including affiliates of the Sponsor, as it deems necessary to effectuate and carry out the purposes, business
and objectives of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the Trustee has no authority over the Trust&rsquo;s
operations, the Trustee itself is not registered in any capacity with the CFTC.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distribution Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ETFMG Financial LLC (the &ldquo;Distributor&rdquo;) provides
statutory distribution services to the Fund, which are further discussed in the section titled &ldquo;Plan of Distribution,&rdquo;
below. The Fund pays an annual fee for such distribution services and related administrative services equal to the greater of
$15,000 or 0.02% of average Fund net assets, payable monthly. The Distributor&rsquo;s principal business address is 30 Maple Street,
Suite 2, Summit, New Jersey 07901.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Futures Commission Merchant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macquarie Futures USA LLC (&ldquo;Macquarie&rdquo;) serves
or will serve as the Fund&rsquo;s broker for the execution of orders and/or the carrying and clearance of positions in commodities,
commodity futures contracts, and options on the foregoing. Macquarie is a futures commission merchant registered with the CFTC.
The Fund estimates that it will pay 0.40% of the Fund&rsquo;s NAV in brokerage fees during the first year of its operations for
execution and clearing services on behalf of the Fund. Such brokerage fees are not included in the Fund&rsquo;s Other Fees and
Expenses discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macquarie&rsquo;s head office is at 125 West 55th Street, New
York, NY 10019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 3, 2013, Macquarie settled, without admitting
or denying the allegations, a matter brought by the U.S. Commodity Futures Trading Commission (CFTC) alleging that Macquarie violated
CFTC Regulation 30.7 by failing to maintain adequate funds in secured accounts. The settlement included a $150,000 civil monetary
penalty and an order to cease and desist from violating CFTC Regulation 30.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than the foregoing matter, which did not have a material
adverse effect on the financial condition of Macquarie, there have been no material administrative, civil or criminal actions
brought, pending or concluded against Macquarie or its principals in the past five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither Macquarie nor any affiliate, officer, director or employee
thereof have passed on the merits of this prospectus or offering, or give any guarantee as to the performance or any other aspect
of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">Macquarie is not affiliated with either the Fund or the Sponsor. Therefore, the Sponsor and the Fund
do not believe that the Fund has any conflicts of interest with Macquarie or its trading principals arising from their acting
as the Fund&rsquo;s FCM.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Counsel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sullivan &amp; Worcester LLP serves as legal counsel to the
Fund and the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a017_v1"></A><B>Other Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will be responsible for its Other Expenses, including
professional services (e.g., outside auditor&rsquo;s fees and legal fees and expenses), shareholder tax return preparation, regulatory
compliance, and other services provided by affiliated and non-affiliated service providers. Breakwave has agreed to waive its
license and services fee and the Sponsor has agreed to assume the remaining expenses of the Fund so that Total Expenses do not
exceed an annual rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary expenses, of the value of
the Fund&rsquo;s average daily net assets. All asset-based fees and expenses are calculated on the prior day&rsquo;s net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">The contractual and non-contractual fees and expenses paid by the Fund as described above (exclusive
of the Sponsor&rsquo;s management fee and estimated brokerage fees) are as follows, net of any expenses waived pursuant to the
Expense Cap. These are also the &ldquo;Other Fund Fees and Expenses&rdquo; included in the section entitled &ldquo;Breakeven Analysis&rdquo;
in this prospectus on page 3. The per-share cost of these fixed or estimated fees has been calculated assuming that the Fund has
$50 million in assets.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%">Professional Fees(1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0.11</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Distribution and Marketing Fees(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Custodian and Administrator Fees and Expenses(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and Administrative Fees(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Total Other Fund Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Professional fees include legal, auditing and tax-preparation
                                         related costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Marketing fees consist of primarily, but not entirely, of
                                         fees paid to the Distributor and other costs related to the trading activities of the
                                         Fund.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Custodian and Administrator fees consist of fees to U.S.
                                         Bank for the Fund&rsquo;s administrative, accounting, transfer agent and custodian activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>General and Administrative fees include, but are not limited
                                         to, insurance and printing costs, as well as various compliance and reporting costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Asset-based fees are calculated on a daily basis (accrued at
1/365 of the applicable percentage of NAV on that day) and paid on a monthly basis. NAV is calculated by taking the current market
value of each Fund&rsquo;s total assets and subtracting any liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><A NAME="a018_v1"></A>Regulatory Environment</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The regulation of futures markets, futures contracts, and futures
exchanges has historically been comprehensive. The CFTC and the exchanges are authorized to take extraordinary actions in the
event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased margin
requirements, the establishment of daily price limits and the suspension of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The regulation of commodity interest transactions in the United
States is an evolving area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory
attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a
possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment
in the Fund, or the ability of the Fund to continue to implement its investment strategy. The effect of any future regulatory
change on the Fund is impossible to predict but could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CFTC possesses exclusive jurisdiction to regulate the activities
of commodity pool operators and has adopted regulations with respect to the activities of those persons and/or entities. Under
the CEA, a registered CPO, such as the Sponsor, is required to make annual filings with the CFTC describing its organization,
capital structure, management and controlling persons. In addition, the CEA authorizes the CFTC to require and review books and
records of, and documents prepared by, registered CPOs. Pursuant to this authority, the CFTC requires CPOs to keep accurate, current
and orderly records for each pool that they operate. The CFTC may suspend the registration of a commodity pool operator (1) if
the CFTC finds that the operator&rsquo;s trading practices tend to disrupt orderly market conditions, (2) if any controlling person
of the operator is subject to an order of the CFTC denying such person trading privileges on any exchange, and (3) in certain
other circumstances. Suspension, restriction or termination of the Sponsor&rsquo;s registration as a commodity pool operator would
prevent it, until that registration were to be reinstated, from managing the Fund, and might result in the termination of the
Fund if a successor sponsor is not elected pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s investors are afforded prescribed rights for
reparations under the CEA. Investors may also be able to maintain a private right of action for violations of the CEA. The CFTC
has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file a complaint for a
reparations award with the CFTC for violation of the CEA against a floor broker or an FCM, introducing broker, commodity trading
advisor, CPO, and their respective associated persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to authority in the CEA, the NFA has been formed and
registered with the CFTC as a registered futures association. At the present time, the NFA is the only self-regulatory organization
for commodity interest professionals, other than futures exchanges. The CFTC has delegated to the NFA responsibility for the registration
of CPOs and FCMs and their respective associated persons. The Sponsor and the Fund&rsquo;s clearing broker are members of the
NFA. As such, they will be subject to NFA standards relating to fair trade practices, financial condition and consumer protection.
The NFA also arbitrates disputes between members and their customers and conducts registration and fitness screening of applicants
for membership and audits of its existing members. Neither the Trust nor the Fund is required to become a member of the NFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The regulations of the CFTC and the NFA prohibit any representation
by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC, or membership in the NFA, in
any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person&rsquo;s trading program or
objectives. The registrations and memberships of the parties described in this summary must not be considered as constituting
any such approval or endorsement. Likewise, no futures exchange has given or will give any similar approval or endorsement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Futures exchanges in the United States are subject to varying
degrees of regulation under the CEA depending on whether such exchange is a designated contract market, exempt board of trade
or electronic trading facility. Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder
as administered by the CFTC. The CFTC&rsquo;s function is to implement the CEA&rsquo;s objectives of preventing price manipulation
and excessive speculation and promoting orderly and efficient commodity interest markets. In addition, the various exchanges and
clearing organizations themselves exercise regulatory and supervisory authority over their member firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Dodd-Frank Wall Street Reform and Consumer Protection Act
(the &ldquo;Dodd-Frank Act&rdquo;) was enacted in response to the economic crisis of 2008 and 2009 and it significantly altered
the regulatory regime to which the securities and commodities markets are subject. To date, the CFTC has issued proposed or final
versions of all of the rules it is required to promulgate under the Dodd-Frank Act, and it continues to issue proposed versions
of additional rules that it has authority to promulgate. The provisions of the new law include the requirement that position limits
be established on a wide range of commodity interests, including agricultural, energy, and metal-based commodity futures contracts,
options on such futures contracts and cleared and uncleared swaps that are economically equivalent to such futures contracts and
options; new registration and recordkeeping requirements for swap market participants; capital and margin requirements for &ldquo;swap
dealers&rdquo; and &ldquo;major swap participants,&rdquo; as determined by the new law and applicable regulations; and the mandatory
use of clearinghouse mechanisms for sufficiently standardized swap transactions that were historically entered into in the over-the-counter
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the rules and regulations imposed under the
Dodd-Frank Act, certain participants that are European banks may also be subject to European Market Infrastructure Regulation.
These regulations have not yet been fully implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current rules and regulations under the Dodd-Frank Act require
enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer
disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants
that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks
of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust
manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination
programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs in a thorough manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The effect of future regulatory change on the Fund, and the
exact timing of such changes, is impossible to predict but it may be substantial and adverse. Specifically, the new law, the rules
that have been promulgated thereunder, and the rules that are expected to be promulgated may negatively impact the ability of
the Fund to meet its investment objectives, either through position limits or requirements imposed on it and/or on their counterparties.
In particular, new position limits imposed on a fund or any counterparties may impact the ability of that fund to invest in a
manner that most efficiently meets its investment objective. New requirements, including capital imposed on the counterparties
of a fund may increase the cost of that fund&rsquo;s investments and doing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, considerable regulatory attention has recently
been focused on non-traditional publicly distributed investment pools such as the Fund. Furthermore, various national governments
have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets and the need to regulate
the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible to predict, but could
be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">The Fund will use 100% of its net assets to invest in and trade in Freight Futures and options on Freight
Futures that are subject to regulation by the CFTC and traded pursuant to CFTC and applicable exchange regulations. The offering
of the Fund&rsquo;s shares is registered with the SEC in accordance with the 1933 Act and the Fund&rsquo;s shares are registered
with the SEC under the Exchange Act. The Fund is a commodity pool and the Sponsor is a commodity pool operator subject to regulation
by the CFTC and the NFA under the Commodity Exchange Act, as amended.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a019_v1"></A><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are present and potential future conflicts of interest
in the Fund&rsquo;s structure and operation you should consider before you purchase shares. The Sponsor and Breakwave will use
this notice of conflicts as a defense against any claim or other proceeding made. If the Sponsor or Breakwave is not able to resolve
these conflicts of interest adequately, it may impact the Fund&rsquo;s ability to achieve its investment objectives. The Fund,
the Sponsor and Breakwave may have inherent conflicts to the extent the Sponsor attempts to maintain the Fund&rsquo;s asset size
in order to preserve its fee income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor&rsquo;s and Breakwave&rsquo;s officers, directors
and employees, do not devote their time exclusively to the Fund. These persons are, or may in the future be, directors, officers
or employees of other entities, including other series of the Trust, which may compete with the Fund for their services. They
could have a conflict between their responsibilities to the Fund and to those other entities. The Sponsor and Breakwave believe
that they have sufficient personnel, time, and working capital to discharge their responsibilities in a fair manner and that these
persons&rsquo; conflicts should not impair their ability to provide services to the Fund. The Sponsor and its principals will
not invest in futures or other commodity interests for their proprietary accounts; therefore, the Sponsor will not give preferential
treatment to proprietary accounts or trade proprietary accounts ahead of or against the Fund. However, Breakwave and its principals
may trade futures on behalf of their own accounts, other clients&rsquo; accounts, and private funds, including such other parties
in which Breakwave may have an interest. Such persons may from time-to-time take positions in their proprietary accounts which
are opposite, or ahead of, the positions taken for the Fund and proprietary accounts may receive preferential treatment. Additionally,
these various accounts may be deemed to be competing for the same or similar positions in the market. Depending on market liquidity
and other factors, this possibility could result in Fund orders being executed at prices that are less favorable than would otherwise
be the case. Moreover, the compensation terms for Breakwave&rsquo;s services may vary among client accounts, creating the potential
for preferential treatment of certain accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trades for proprietary and client accounts are typically combined
into one block trade for execution with all trades receiving equivalent average pricing. Notwithstanding the adoption of procedures
and policies relating to proprietary trading, there is still a possibility that proprietary accounts may receive preferential
treatment over the Fund. Breakwave and its principals will not have any obligation to shareholders to make available any information
regarding other trading activities, strategies, or transactions by Breakwave or its principals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has sole current authority to manage the investments
and operations of the Fund, and this may allow it to act in a way that furthers its own interests which may create a conflict
with your best interests. Security holders have limited voting control, which will limit their ability to influence matters such
as amendment of the Declaration of Trust, change in the Fund&rsquo;s basic investment policy, dissolution of the Fund, or the
sale or distribution of the Fund&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">The Sponsor serves as the sponsor to the Fund
and the other series of the Trust, and may in the future serve as the sponsor or investment adviser to other commodity pools.
The Sponsor may have a conflict to the extent that its trading decisions for the Fund may be influenced by the effect they would
have on the other pools it manages.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The previous risk factors and conflicts of interest are complete
as of the date of this prospectus; however, additional risks and conflicts may occur which are not presently foreseen by the Sponsor.
You may not construe this prospectus as legal or tax advice. Before making an investment in this fund, you should read this entire
prospectus, including the Declaration of Trust which can be found on the Fund&rsquo;s website at www.drybulketf.com. You should
also consult with your personal legal, tax, and other professional advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ownership or Beneficial Interest in the Fund</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor owns 40 shares of the Fund, representing 100% of
the beneficial ownership on the date of this prospectus. As of the date of this prospectus, none of the Sponsor&rsquo;s principals
has an ownership or beneficial interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the date of this prospectus, neither Breakwave nor any
of its principals owned any shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Related Party Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor, Breakwave and the Distributor, who may be deemed
&ldquo;related persons&rdquo; of the Fund under Item 404 of Regulation S-K adopted by the SEC, are entitled to receive compensation
from the Fund for certain services they provide to the Fund. See &ldquo;The Sponsor and its Management and Trading Principals,&rdquo;
Commodity Trading Advisor and &ldquo;The Fund&rsquo;s Service Providers &ndash; Distribution Services&rdquo; in this prospectus
for a description of the services provided by the Sponsor, Breakwave and the Distributor and the compensation payable to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Interests of Named Experts and Counsel</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor employed Sullivan &amp; Worcester to assist in
preparing this prospectus. Neither the law firm nor any other expert hired by the Fund to give advice on the preparation of this
offering document has been hired on a contingent fee basis. Nor does any such party have any present or future expectation of
interest in the Sponsor, Distributor, Authorized Participants, Custodian, Administrator or other service providers to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a020_v1"></A><B>Fiduciary and Regulatory Duties of
the Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The general fiduciary duties which would otherwise be imposed
on the Sponsor (which would make its operation of the Trust as described herein impracticable due to the strict prohibition imposed
by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), are replaced
by the terms of the Trust Agreement (to which terms all shareholders, by subscribing to the shares, are deemed to consent).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, under the terms of the Trust Agreement, the Sponsor
is required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Devote such of its time to the business and affairs
                                         of the Trust as it shall, in its discretion exercised in good faith, determine to be
                                         necessary to conduct the business and affairs of the Trust for the benefit of the Trust;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">Execute,
                                         file, record and/or publish all certificates, statements and other documents and do any
                                         and all other things as may be appropriate for the formation, qualification and operation
                                         of the Trust and for the conduct of its business in all appropriate jurisdictions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">Retain
                                         independent public accountants to audit the accounts of the Trust;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">Employ
                                         attorneys to represent the Trust;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: justify">Select
                                         the Trust&rsquo;s Trustee, Administrator, Transfer Agent, Custodian and Commodity Broker,
                                         and any other service provider;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">Use its
                                         best efforts to maintain the status of the Trust as a &ldquo;statutory trust&rdquo; for
                                         state law purposes and as a &ldquo;partnership&rdquo; for U.S. federal income tax purposes;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(vii)</TD><TD STYLE="text-align: justify">Have
                                         fiduciary responsibility for the safekeeping and use of the Trust, whether or not in
                                         the Sponsor&rsquo;s immediate possession or control, and the Sponsor will not employ
                                         or permit others to employ such funds or in any manner except for the benefit of the
                                         Trust, including, among other things, the utilization of any portion of the Trust Estate
                                         as compensating balances for the exclusive benefit of the Sponsor. The Sponsor shall
                                         at all times act with integrity and good faith and exercise due diligence in all activities
                                         relating to the conduct of the business of the Trust and in resolving conflicts of interest;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(viii)</TD><TD STYLE="text-align: justify">Interact
                                         with the Depository, which is the Depository Trust Company (the &ldquo;DTC&rdquo;), as
                                         required;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ix)</TD><TD STYLE="text-align: justify">Delegate
                                         those of its duties hereunder as it shall determine from time to time to the Administrator
                                         or Distributor, as applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(x)</TD><TD STYLE="text-align: justify">Perform
                                         such other services as the Sponsor believes that the Trust may from time to time require;
                                         and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(xi)</TD><TD STYLE="text-align: justify">In its
                                         sole discretion, cause the Trust to do one or more of the following: to make, refrain
                                         from making, or once having made, to revoke, the election referred to in Section 754
                                         of the Code, and any similar election provided by state or local law, or any similar
                                         provision enacted in lieu thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor shall have no liability to the Trust or to any
shareholder for any loss suffered by the Trust which arises out of any action or inaction of the Sponsor if the Sponsor, in good
faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute
fraud, gross negligence, bad faith, or willful misconduct of the Sponsor. Subject to the foregoing, the Sponsor shall not be personally
liable for the return or repayment of all or any portion of the capital or profits of any shareholder or assignee thereof. The
Sponsor shall not be liable for the conduct or misconduct of any Administrator engaged to provide administrative services to the
Trust or other delegate selected by the Sponsor with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Delaware law, a beneficial owner of a statutory trust
(such as a shareholder of the Fund) may, under certain circumstances, institute legal action on behalf of himself and all other
similarly situated beneficial owners (a &ldquo;class action&rdquo;) to recover damages for violations of fiduciary duties, or
on behalf of a statutory trust (a &ldquo;derivative action&rdquo;) to recover damages from a third party where there has been
a failure or refusal to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject
to certain legal requirements, to bring class actions in federal court to enforce their rights under the federal securities laws
and the rules and regulations promulgated thereunder by the SEC. Beneficial owners who have suffered losses in connection with
the purchase or sale of their beneficial interests may be able to recover such losses from the Sponsor where the losses result
from a violation by the Sponsor of the anti-fraud provisions of the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under certain circumstances, shareholders also have the right
to institute a reparations proceeding before the CFTC against the Sponsor (a registered commodity pool operator), an FCM, as well
as those of their respective employees who are required to be registered under the Commodity Exchange Act, and the rules and regulations
promulgated thereunder. Private rights of action are conferred by the Commodity Exchange Act. Investors in futures and in commodity
pools may, therefore, invoke the protections provided thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">The foregoing summary describing in general terms the remedies available to shareholders under federal
law is based on statutes, rules and decisions as of the date of this prospectus. As this is a rapidly developing and changing
area of the law, shareholders who believe that they may have a legal cause of action against any of the foregoing parties should
consult their own counsel as to their evaluation of the status of the applicable law at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management; Voting by Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders of the Fund take no part in the management
or control, and have no voice in the Trust&rsquo;s operations or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has the right unilaterally to amend the Trust Agreement
as it applies to the Trust provided that the shareholders have the right to vote only if expressly required under Delaware or
federal law or rules or regulations of the NYSE Arca, or if submitted to the shareholders by the Sponsor in its sole discretion.
No amendment affecting the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in
the form of an instruction letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Meetings of the Trust&rsquo;s shareholders may be called by
the Sponsor and may be called by it upon the written request of shareholders holding at least 50% of the outstanding shares of
the Trust or the Fund, as applicable. The Sponsor shall deposit in the United States mail or electronically transmit written notice
to all shareholders of the Fund of the meeting and the purpose of the meeting, which shall be held on a date not less than 30
nor more than 60 days after the date of mailing of such notice, at a reasonable time and place. Where the meeting is called upon
the written request of the shareholders such written notice shall be mailed or transmitted not more than 45 days after such written
request for a meeting was received by the Sponsor. Any notice of meeting shall be accompanied by a description of the action to
be taken at the meeting. Shareholders may vote in person or by proxy at any such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any action required or permitted to be taken by shareholders
by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated
for all purposes as votes at a meeting. If the vote or consent of any shareholder to any action of the Trust, the Fund or any
shareholder, as contemplated by the Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice
to each shareholder given in the manner provided in accordance with the Trust Agreement. The Trust Agreement provides that shareholders
are deemed to have consented to any proposals recommended by the Sponsor in the shareholder notice unless such shareholders timely
object to the proposals. Therefore, a lack of a response by a shareholder will have the same effect as if that shareholder had
provided affirmative written consent for the proposed action. The Sponsor and all parties dealing with the Trust may act in reliance
on such deemed activity.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a021_v1"></A><B>Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has no employees, officers or directors and is managed
by the Sponsor. None of the directors or officers of the Sponsor receive compensation from the Fund. The Sponsor receives a management
fee, paid monthly in arrears. The Sponsor Fee is equal to the greater of (i) 0.15% per year of the Fund&rsquo;s average daily
net assets; or (ii) $125,000.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a022_v1"></A><B>Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor will be indemnified by the Trust against any losses,
judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities
for the Trust, provided that (i) the Sponsor was acting on behalf of or performing services for the Trust and has determined,
in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result
of fraud, gross negligence, bad faith, willful misconduct, or a material breach of the Trust Agreement on the part of the Sponsor
and (ii) any such indemnification will only be recoverable from the Trust. All rights to indemnification permitted herein and
payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal,
adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under
Title 11 of the Code by or against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions above, the Sponsor and any broker-dealer
for the Trust will not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S.
federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged
securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including,
without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee
and finds that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will not incur the cost of that portion of any insurance
which insures any party against any liability, the indemnification of which is herein prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expenses incurred in defending a threatened or pending civil,
administrative or criminal action suit or proceeding against the Sponsor will be paid by the Trust in advance of the final disposition
of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Sponsor on
behalf of the Trust; (ii) the legal action is initiated by a third party who is not a shareholder or the legal action is initiated
by a shareholder and a court of competent jurisdiction specifically approves such advance; and (iii) the Sponsor undertakes to
repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Termination Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will dissolve at any time upon the happening of any
of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">The filing of a certificate of dissolution or revocation of the Sponsor&rsquo;s
    charter (and the expiration of 90 days after the date of notice to the Sponsor of revocation without a reinstatement of its
    charter) or upon written notice by the Sponsor of its withdrawal as Sponsor, unless (i) at the time there is at least one
    remaining Sponsor and that remaining Sponsor carries on the business of the Trust or (ii) within 90 days of such event of
    withdrawal all the remaining shareholders agree in writing to continue the business of the Trust and to select, effective
    as of the date of such event, one or more successor Sponsors. If the Trust is terminated as the result of an event of withdrawal
    and a failure of all remaining shareholders to continue the business of the Trust and to appoint a successor Sponsor as provided
    above within 120 days of such event of withdrawal, shareholders holding shares representing at least a majority (over 50%)
    of the net asset value (not including shares held by the Sponsor and its affiliates) may elect to continue the business of
    the Trust by forming a new statutory trust, or reconstituted trust, on the same terms and provisions as set forth in the Trust
    Agreement. Any such election must also provide for the election of a Sponsor to the reconstituted trust. If such an election
    is made, all shareholders of the Trust shall be bound thereby and continue as shareholders of the reconstituted trust.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">The occurrence of any event which would make unlawful the continued existence
    of the Trust.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">In the event of the suspension, revocation or termination of the Sponsor&rsquo;s
    registration as a commodity pool operator, or membership as a commodity pool operator with the NFA (if, in either case, such
    registration is required at such time unless at the time there is at least one remaining Sponsor whose registration or membership
    has not been suspended, revoked or terminated).</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">The Trust becomes insolvent or bankrupt.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">The shareholders holding shares representing at least seventy-five percent
    (75%) of the net asset value (which excludes the shares of the Sponsor) vote to dissolve the Fund, notice of which is sent
    to the Sponsor not less than ninety (90) business days prior to the effective date of termination.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">The determination of the Sponsor that the aggregate net assets of the
    Fund in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the
    Trust.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">The Trust is required to be registered as an investment company under
    the Investment Company Act of 1940.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">DTC is unable or unwilling to continue to perform its functions, and
    a comparable replacement is unavailable.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a023_v1"></A><B>Provisions of Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to applicable law, indemnification of the Sponsor
is payable only if the Sponsor has determined, in good faith, that the act, omission or conduct that gave rise to the claim for
indemnification was in the best interest of the Trust and the Fund and the act, omission or activity that was the basis for such
loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the
result of negligence or misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only
out of the assets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Provisions of Federal and State Securities Laws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This offering is made pursuant to federal and state securities
laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises out of an alleged
violation of such laws is prohibited unless certain conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These conditions require that no indemnification of the Sponsor
or any underwriter for the Fund may be made in respect of any losses, liabilities or expenses arising from or out of an alleged
violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification;
(ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds
that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor
or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies
are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Provisions of the 1933 Act and NASAA Guidelines</I></B></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the
1933 Act may be permitted to the Sponsor or its directors, officers, or persons controlling the Trust and the Fund, the Sponsor
has been informed that SEC and the various State administrators believe that such indemnification is against public policy as
expressed in the 1933 Act and the North American Securities Administrators Association, Inc. (&ldquo;NASAA&rdquo;) commodity pool
guidelines and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a024_v1"></A><B>Books and Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The books and records of the Fund may be made available for
inspection and copying (upon payment of reasonable reproduction costs) by Shareholders of the Fund or their representatives for
any purposes reasonably related to a Shareholder&rsquo;s interest as a beneficial owner of the Fund upon reasonable advance notice
during regular business hours at the office of the Sponsor. The Sponsor will maintain and preserve the books and records of each
Fund for a period of not less than six years.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a025_v1"></A><B>Statements, Filings, and Reports</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will furnish to DTC Participants (as defined below)
for distribution to shareholders annual reports (as of the end of each fiscal year) for the Fund as are required to be provided
to shareholders by the CFTC and the NFA. These annual reports will contain financial statements prepared by the Sponsor and audited
by an independent registered public accounting firm designated by the Sponsor. The Trust will also post monthly reports to the
Fund&rsquo;s website (<U>www.drybulketf.com</U>). These monthly reports will contain certain unaudited financial information regarding
the Fund, including the Fund&rsquo;s NAV. The Sponsor will furnish to the shareholders other reports or information which the
Sponsor, in its discretion, determines to be necessary or appropriate. In addition, under SEC rules the Trust will be required
to file quarterly and annual reports for the Fund with the SEC, which need not be sent to shareholders but will be publicly available
through the SEC. The Trust will post the same information that would otherwise be provided in the Trust&rsquo;s CFTC, NFA and
SEC reports on the Fund&rsquo;s website <U>www.drybulketf.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor is responsible for the registration and qualification
of the shares under the federal securities laws, federal commodities laws, and laws of any other jurisdiction as the Sponsor may
select. The Sponsor is responsible for preparing all required reports, but has entered into an agreement with the Administrator
to prepare these reports on the Trust&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accountants&rsquo; report on its audit of the Fund&rsquo;s
financial statements will be furnished by the Trust to shareholders upon request. The Trust will make such elections, file such
tax returns, and prepare, disseminate and file such tax reports for the Fund, as it is advised by its counsel or accountants are
from time to time required by any applicable statute, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a026_v1"></A><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is an &ldquo;emerging growth company&rdquo; as defined
under the JOBS Act. The Fund will remain an &ldquo;emerging growth company&rdquo; for up to five years, or until the earliest
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">the last day of the first fiscal year in which its total annual gross
    revenues exceed $1 billion,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">the date that it becomes a &ldquo;large accelerated filer&rdquo; as defined
    in Rule 12b-2 under Exchange Act, which would occur if the market value of its shares that are held by non-affiliates exceeds
    $700 million as of the last business day of its most recently completed second fiscal quarter, or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">the date on which it has issued more than $1 billion in non-convertible
    debt during the preceding three year period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As an &ldquo;emerging growth company,&rdquo; the Fund may take
advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not
&ldquo;emerging growth companies,&rdquo; including, but not limited to, not being required to comply with the auditor attestation
requirements of Section 404(b) of the Sarbanes-Oxley Act as long as it is a &ldquo;non-accelerated filer,&rdquo; which includes
issuers that had a public float of less than $75 million as of the last business day of their most recently completed second fiscal
quarter, issuers that have not been subject to the requirements of Section 13(a) or 15(d) of the Exchange Act for a period of
at least 12 calendar months and issuers that have not filed at least one annual report pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Section 107 of the JOBS Act provides that an &ldquo;emerging
growth company&rdquo; can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act
for complying with new or revised accounting standards. Under this provision, an &ldquo;emerging growth company&rdquo; can delay
the adoption of certain accounting standards until those standards would otherwise apply to private companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, the Fund is choosing to &ldquo;opt out&rdquo; of such
extended transition period and, as a result, will comply with new or revised accounting standards on the relevant dates on which
adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that this decision
to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a027_v1"></A><B>Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fiscal year of the Fund is January 1 to December 31. The
Sponsor may select an alternate fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a028_v1"></A><B>Governing Law; Consent to Delaware
Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights of the Sponsor, the Fund, DTC (as registered owner
of the Fund&rsquo;s global certificate for shares) and the shareholders, are governed by the laws of the State of Delaware. The
Sponsor, the Fund, DTC, and by accepting shares, each DTC Participant and each shareholder, consent to the jurisdiction of the
courts of the State of Delaware and any federal courts located in Delaware. Such consent is not required for any person to assert
a claim of Delaware jurisdiction over the Sponsor or the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a029_v1"></A><B>Legal Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Litigation and Claims</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 19, 2018, the Superior Court of New Jersey dismissed
an action captioned <U>PureShares, LLC, d/b/a PureFunds et al. v. ETF Managers Group, LLC et al.</U>, Docket No. C 63-17, in which
Samuel Masucci III, a principal of the Sponsor, was a named defendant. The matter was primarily a contract dispute where the plaintiffs
alleged, <I>inter alia</I>, breach of contract, defamation, interference with contractual relations, misappropriation of trade
secrets and intentional infliction of mental distress. The action was dismissed without prejudice, and the plaintiffs in the action,
including PureShares, LLC and Andrew Chanin, were ordered to pay certain of defendants&rsquo; expenses, including certain legal
fees.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel Masucci III, a principal of the Sponsor, was a named
defendant in <U>Fox Creek Capital, Inc. vs. ETF Managers Group, LLC, et al.</U>, a civil action in Superior Court of New Jersey,
Chancery Division, Union County. The matter was filed by way of Order to Show Cause on April 28, 2017, and the Plaintiff alleged
breach of an NDA, misappropriation of trade secrets and confidential information, breach of covenant of good faith and fair dealing,
unfair competition, fraud in the inducement, conversion, breach of fiduciary duty, constructive trust, unjust enrichment, civil
conspiracy, alter ego and piercing the corporate veil. Defendants vigorously and successfully contested the matter in Court resulting
in the Order to Show Cause being denied by the Court. Further, the matter was dismissed in its entirety by the Plaintiffs, by
way of voluntary dismissal that was filed on May 22, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">Samuel Masucci III, a principal of the Sponsor, is a named defendant in <U>NASDAQ, Inc. vs. Exchange
Traded Managers Group, LLC, et al.</U>, a civil action in the United States District Court for the Southern District of New York
filed on October 26, 2017. The matter is primarily a contract dispute and is not yet scheduled for trial. Plaintiff has alleged,
inter alia, breach of contract, conversion, unfair competition, unjust enrichment, and breach of duty of good faith and fair dealing.
The defendants are vigorously contesting the matter.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Legal Opinion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sullivan &amp; Worcester LLP is counsel to advise the Fund,
the Trust and the Sponsor with respect to the shares being offered hereby and has passed upon the validity of the shares being
issued hereunder. Sullivan &amp; Worcester LLP has also provided the Sponsor with its opinion with respect to federal income tax
matters addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Experts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WithumSmith &amp; Brown, P.C. an independent registered public
accounting firm, has audited the financial statements of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Connolly &amp; Company, P.C., an independent certified public
accounting firm, has audited the financial statements of the Sponsor.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a030_v1"></A><B>U.S. Federal Income Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion summarizes the material U.S. federal
income tax consequences of the purchase, ownership and disposition of shares in the Fund, and the U.S. federal income tax treatment
of the Fund, as of the date hereof. This discussion is applicable to a beneficial owner of shares who purchases shares in the
offering to which this prospectus relates, including a beneficial owner who purchases shares from an Authorized Participant. Except
where noted otherwise, it deals only with shares held as capital assets and does not deal with special situations, such as those
of dealers in securities or currencies, financial institutions, tax-exempt entities, insurance companies, persons holding shares
as a part of a position in a &ldquo;straddle&rdquo; or as part of a &ldquo;hedging,&rdquo; &ldquo;conversion&rdquo; or other integrated
transaction for federal income tax purposes, traders in securities or commodities that elect to use a mark-to-market method of
accounting, or holders of shares whose &ldquo;functional currency&rdquo; is not the U.S. dollar. Furthermore, the discussion below
is based upon the provisions of the Code, as amended, and regulations (&ldquo;Treasury Regulations&rdquo;), rulings and judicial
decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified so as to result in U.S.
federal income tax consequences different from those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Persons considering the purchase, ownership or disposition
of shares should consult their own tax advisors concerning the United States federal income tax consequences in light of their
particular situations as well as any consequences arising under the laws of any other taxing jurisdiction. As used herein, a &ldquo;U.S.
shareholder&rdquo; of a share means a beneficial owner of a share that is, for United States federal income tax purposes, (i)
a citizen or resident of the United States, (ii) a corporation or partnership created or organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate the income of which is subject to United States federal income
taxation regardless of its source or (iv) a trust (X) that is subject to the supervision of a court within the United States and
the control of one or more United States persons as described in section 7701(a)(30) of the Code or (Y) that has a valid election
in effect under applicable Treasury Regulations to be treated as a United States person. A &ldquo;Non-U.S. shareholder&rdquo;
is a holder that is not a U.S. shareholder. If a partnership holds our shares, the tax treatment of a partner will generally depend
upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our shares,
you should consult your own tax advisor regarding the tax consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor, on behalf of the Fund, has received the opinion
of Sullivan &amp; Worcester LLP, counsel to the Fund, that the material U.S. federal income tax consequences to the Fund and to
U.S. shareholders and Non-U.S. shareholders will be as described below. In rendering its opinion, Sullivan &amp; Worcester LLP
has relied on the facts described in this prospectus as well as certain factual representations made by the Fund and the Sponsor.
The opinion of Sullivan &amp; Worcester LLP is not binding on the IRS, and as a result, the IRS may not agree with the tax positions
taken by the Fund. If challenged by the IRS, the Fund&rsquo;s tax positions might not be sustained by the courts. No ruling has
been requested from the IRS with respect to any matter affecting the Fund or prospective investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EACH PROSPECTIVE INVESTOR IS ADVISED TO
CONSULT ITS OWN TAX ADVISOR AS TO HOW U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN THE FUND. APPLY TO YOU AND AS TO
HOW THE APPLICABLE STATE, LOCAL OR FOREIGN TAXES APPLY TO YOU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Status of the Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is organized and operated as a statutory trust in
accordance with the provisions of the Trust Agreement and Delaware law. As a statutory trust, the Fund will be taxable as a partnership
unless it elects to be taxable as a corporation under current tax law. The Fund does not intend to elect to be taxable as a corporation.
Even if the Fund doesn&rsquo;t elect to be taxed as a corporation, under the Code, an entity classified as a partnership that
is deemed to be a &ldquo;publicly traded partnership&rdquo; is generally taxable as a corporation for federal income tax purposes.
The Code provides an exception to this general rule for a publicly traded partnership whose gross income for each taxable year
of its existence consists of at least 90% &ldquo;qualifying income&rdquo; (&ldquo;qualifying income exception&rdquo;). For this
purpose, section 7704 defines &ldquo;qualifying income&rdquo; as including, in pertinent part, interest (other than from a financial
business), dividends and gains from the sale or disposition of capital assets held for the production of interest or dividends.
In addition, in the case of a partnership a principal activity of which is the buying and selling of commodities (other than as
inventory) or of futures, forwards and options with respect to commodities, &ldquo;qualifying income&rdquo; includes income and
gains from such commodities and futures, forwards and options with respect to commodities. The Fund and the Sponsor have represented
the following :</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 21px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">At least 90% of the Fund&rsquo;s gross income for each taxable year will constitute &ldquo;qualifying
    income&rdquo; within the meaning of Code section 7704 (as described above);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 21px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund is organized and operated in accordance with its governing agreements and applicable
    law;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 21px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Fund has not elected, and will not elect, to be classified as a corporation for U.S.
    federal income tax purposes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based in part on these representations, Sullivan &amp; Worcester
LLP is of the opinion that the Fund classifies as a partnership for federal income tax purposes and that it is not taxable as
a corporation for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund failed to satisfy the qualifying income exception
in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable time after
discovery, the Fund would be taxable as a corporation for federal income tax purposes and would pay federal income tax on its
income at regular corporate rates. In that event, shareholders would not report their share of the Fund&rsquo;s income or loss
on their returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, distributions to shareholders would be treated
as dividends to the extent of the Fund&rsquo;s current and accumulated earnings and profits. To the extent a distribution exceeded
the Fund&rsquo;s earnings and profits, the distribution would be treated as a return of capital to the extent of a shareholder&rsquo;s
basis in its shares, and thereafter as gain from the sale of shares. Accordingly, if the Fund were to be taxable as a corporation,
it would likely have a material adverse effect on the economic return from an investment in the Fund and on the value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The remainder of this summary assumes that the Fund is classified
as a partnership for federal income tax purposes and that it is not taxable as a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>U.S. Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tax Consequences of Ownership of Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of the Fund&rsquo;s Income. No U.S. </I>federal
income tax is paid by the Fund on its income. Instead, the Fund files annual information returns, and each U.S. shareholder is
required to report on its U.S. federal income tax return its allocable share of the income, gain, loss and deduction of the Fund.
For example, shareholders must take into account their share of ordinary income realized by the Fund from accruals of interest
on U.S. Treasuries and other investments, and their share of gain from U.S. Treasuries. These items must be reported without regard
to the amount (if any) of cash or property the shareholder receives as a distribution from the Fund during the taxable year. Consequently,
a shareholder may be allocated income or gain by the Fund but receive no cash distribution with which to pay its tax liability
resulting from the allocation, or may receive a distribution that is insufficient to pay such liability. Because the Sponsor currently
does not intend to make distributions, it is likely that in any year in which the Fund realizes net income and/or gain a U.S.
shareholder will be required to pay taxes on its allocable share of such income or gain from sources other than the Fund distributions.
In addition, for taxable years beginning after December 31, 2012, individuals with income in excess of $200,000 ($250,000 in the
case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their &ldquo;net
investment income,&rdquo; which generally includes net income from interest, dividends, annuities, royalties, and rents, and net
capital gains (other than certain amounts earned from trades or businesses). Also included as income subject to the additional
3.8% tax is income from businesses involved in the trading of financial instruments or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Allocations of the Fund&rsquo;s Profit and Loss</I>. Under
Code section 704, the determination of a partner&rsquo;s distributive share of any item of income, gain, loss, deduction or credit
is governed by the applicable organizational document unless the allocation provided by such document lacks &ldquo;substantial
economic effect.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An allocation that lacks substantial economic effect nonetheless
will be respected if it is in accordance with the partners&rsquo; interests in the partnership, determined by taking into account
all facts and circumstances relating to the economic arrangements among the partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, the Fund applies a monthly closing-of-the-books convention in determining allocations of economic profit or loss to shareholders.
Income, gain, loss and deduction are determined on a monthly &ldquo;mark-to-market&rdquo; basis, taking into account our accrued
income and deductions and realized and unrealized gains and losses for the month. These items are allocated among the holders
of shares in proportion to the number of shares owned by them as of the close of business on the last business day of the month.
Items of taxable income, deduction, gain, loss and credit recognized by the Fund for federal income tax purposes for any taxable
year are allocated among holders in a manner that equitably reflects the allocation of economic profit or loss. The allocation
is intended to eliminate disparities between a partner&rsquo;s basis in its partnership interest and its share of the tax bases
of the partnership&rsquo;s assets, so that the partner&rsquo;s allocable share of taxable gain or loss on a disposition of an
asset will correspond to its share of the appreciation or depreciation in the value of the asset since it acquired its interest.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund applies certain conventions in determining and allocating
items for tax purposes in order to reduce the complexity and costs of administration. The Sponsor believes that application of
these conventions is consistent with the intent of the partnership provisions of the Code, and that the resulting allocations
will have substantial economic effect or otherwise will be respected as being in accordance with shareholders&rsquo; interests
in the Fund for federal income tax purposes. The Code and existing Treasury Regulations do not expressly permit adoption of all
of these conventions although the monthly allocation convention described above is now permitted under recently adopted final
Treasury Regulations. The Sponsor is authorized to revise our allocation method to conform to any method permitted under future
Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The assumptions and conventions used in making tax allocations
may cause a shareholder to be allocated more or less income or loss for federal income tax purposes than its proportionate share
of the economic income or loss realized by the Fund during the period it held its shares. This &ldquo;mismatch&rdquo; between
taxable and economic income or loss in some cases may be temporary, reversing itself in a later year when the shares are sold,
but could be permanent. For example, a shareholder could be allocated income accruing before it purchased its shares, resulting
in an increase in the basis of the shares (see &ldquo;Tax Basis of Shares,&rdquo; below). On a subsequent disposition of the shares,
the additional basis might produce a capital loss the deduction of which may be limited (see &ldquo;Limitations on Deductibility
of Losses and Certain Expenses,&rdquo; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Mark to Market of Certain Exchange-Traded Contracts</I>.
For federal income tax purposes, the Fund generally is required to use a &ldquo;mark-to-market&rdquo; method of accounting under
which unrealized gains and losses on instruments constituting &ldquo;section 1256 contracts&rdquo; are recognized currently. A
section 1256 contract is defined as: (1) a futures contract that is traded on or subject to the rules of a national securities
exchange which is registered with the SEC, a domestic board of trade designated as a contract market by the CFTC, or any other
board of trade or exchange designated by the Secretary of the Treasury, and with respect to which the amount required to be deposited
and the amount that may be withdrawn depends on a system of &ldquo;marking to market&rdquo;; (2) a forward contract on exchange-traded
foreign currencies, where the contracts are traded in the interbank market; (3) a non-equity option traded on or subject to the
rules of a qualified board or exchange; (4) a dealer equity option; or (5) a dealer securities futures contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under these rules, section 1256 contracts held by the Fund
at the end of each taxable year, including for example futures contracts and options on futures contracts traded on a U.S. exchange
or board of trade or certain foreign exchanges, are treated as if they were sold by the Fund for their fair market value on the
last business day of the taxable year. A shareholder&rsquo;s distributive share of the Fund&rsquo;s net gain or loss with respect
to each section 1256 contract generally is treated as long-term capital gain or loss to the extent of 60 percent thereof, and
as short-term capital gain or loss to the extent of 40 percent thereof, without regard to the actual holding period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of the Fund&rsquo;s Futures Contracts and some of their
other commodity interests will qualify as &ldquo;section 1256 contracts&rdquo; under the Code. Gain or loss recognized through
disposition, termination or marking-to-market of the Fund&rsquo;s section 1256 contracts will be subject to 60/40 treatment and
allocated to shareholders in accordance with the monthly allocation convention. Under recently enacted legislation, cleared swaps
and other commodity swaps will most likely not qualify as section 1256 contracts. If a commodity swap is not treated as a section
1256 contract, any gain or loss on the swap recognized at the time of disposition or termination will be long-term or short-term
capital gain or loss depending on the holding period of the swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Limitations on Deductibility of Losses and Certain Expenses</I>.
A number of different provisions of the Code may defer or disallow the deduction of losses or expenses allocated to you by the
Fund, including but not limited to those described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shareholder&rsquo;s deduction of its allocable share of any
loss of the Fund is limited to the lesser of (1) the tax basis in its shares or (2) in the case of a shareholder that is an individual
or a closely held corporation, the amount which the shareholder is considered to have &ldquo;at risk&rdquo; with respect to our
activities. In general, the amount at risk will be your invested capital plus your share of any recourse debt of the Fund for
which you are liable. Losses in excess of the lesser of tax basis or the amount at risk must be deferred until years in which
the Fund generates additional taxable income against which to offset such carryover losses or until additional capital is placed
at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noncorporate taxpayers are permitted to deduct capital losses
only to the extent of their capital gains for the taxable year plus $3,000 of other income. Unused capital losses can be carried
forward and used to offset capital gains in future years. In addition, a noncorporate taxpayer may elect to carry back net losses
on section 1256 contracts to each of the three preceding years and use them to offset section 1256 contract gains in those years,
subject to certain limitations. Corporate taxpayers generally may deduct capital losses only to the extent of capital gains, subject
to special carryback and carryforward rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">Expenses
incurred by noncorporate taxpayers constituting &ldquo;miscellaneous itemized deductions,&rdquo; generally including investment-related
expenses (other than interest and certain other specified expenses), are not deductible for years before 2026. Although the matter
is not free from doubt, we believe management fees we pay to the Sponsor and other expenses we incur constitute investment-related
expenses subject to the disallowance for those years rather than expenses incurred in connection with a trade or business, and
will report these expenses consistent with that interpretation. For 2026 and later years, the Code imposes additional limitations
on the amount of certain itemized deductions allowable to individuals with adjusted gross income in excess of certain amounts
by reducing the otherwise allowable portion of such deductions by an amount equal to the lesser of:</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">3% of the individual&rsquo;s adjusted gross income in excess of certain
    threshold amounts; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">80% of the amount of certain itemized deductions otherwise allowable
    for the taxable year.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noncorporate shareholders generally may deduct &ldquo;investment
interest expense&rdquo; only to the extent of their &ldquo;net investment income.&rdquo; Investment interest expense of a shareholder
will generally include any interest expense accrued by the Fund and any interest paid or accrued on direct borrowings by a shareholder
to purchase or carry its shares, such as interest with respect to a margin account. Net investment income generally includes gross
income from property held for investment (including &ldquo;portfolio income&rdquo; under the passive loss rules but not, absent
an election, long-term capital gains or certain qualifying dividend income) less deductible expenses other than interest directly
connected with the production of investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that we allocate losses or expenses to you that
must be deferred or disallowed as a result of these or other limitations in the Code, you may be taxed on income in excess of
your economic income or distributions (if any) on your shares. As one example, you could be allocated and required to pay tax
on your share of interest income accrued by the Fund for a particular taxable year, and in the same year allocated a share of
a capital loss that you cannot deduct currently because you have insufficient capital gains against which to offset the loss.
As another example, you could be allocated and required to pay tax on your share of interest income and capital gain for a year,
but be unable to deduct some or all of your share of management fees and/or margin account interest incurred by you with respect
to your shares. Shareholders are urged to consult their own professional tax advisors regarding the effect of limitations under
the Code on your ability to deduct your allocable share of the Fund&rsquo;s losses and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tax Basis of Shares</I>. A shareholder&rsquo;s tax basis
in its shares is important in determining (1) the amount of taxable gain it will realize on the sale or other disposition of its
shares, (2) the amount of non-taxable distributions that it may receive from the Fund and (3) its ability to utilize its distributive
share of any losses of the Fund on its tax return. A shareholder&rsquo;s initial tax basis of its shares will equal its cost for
the shares plus its share of the Fund&rsquo;s liabilities (if any) at the time of purchase. In general, a shareholder&rsquo;s
&ldquo;share&rdquo; of those liabilities will equal the sum of <I>(i) </I>the entire amount of any otherwise nonrecourse liability
of the Fund as to which the shareholder or an affiliate is the creditor (a &ldquo;partner nonrecourse liability&rdquo;) and (ii)
a <I>pro rata </I>share of any nonrecourse liabilities of the Fund that are not partner nonrecourse liabilities as to any shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shareholder&rsquo;s tax basis in its shares generally will
be (1) increased by (a) its allocable share of the Fund&rsquo;s taxable income and gain and (b) any additional contributions by
the shareholder to the Fund and (2) decreased (but not below zero) by (a) its allocable share of the Fund&rsquo;s tax deductions
and losses and (b) any distributions by the Fund to the shareholder. For this purpose, an increase in a shareholder&rsquo;s share
of the Fund&rsquo;s liabilities will be treated as a contribution of cash by the shareholder to the Fund and a decrease in that
share will be treated as a distribution of cash by the Fund to the shareholder. Pursuant to certain IRS rulings, a shareholder
will be required to maintain a single, &ldquo;unified&rdquo; basis in all shares that it owns. As a result, when a shareholder
that acquired its shares at different prices sells less than all of its shares, such shareholder will not be entitled to specify
particular shares (e.g., those with a higher basis) as having been sold. Rather, it must determine its gain or loss on the sale
by using an &ldquo;equitable apportionment&rdquo; method to allocate a portion of its unified basis in its shares to the shares
sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Treatment of Fund Distributions</I>. If the Fund makes non-liquidating
distributions to shareholders, such distributions generally will not be taxable to the shareholders for federal income tax purposes
except to the extent that the sum of (i) the amount of cash and (ii) the fair market value of marketable securities distributed
exceeds the shareholder&rsquo;s adjusted basis of its interest in the Fund immediately before the distribution. Any such distributions
in excess of a shareholder&rsquo;s tax basis generally will be treated as gain from the sale or exchange of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tax Consequences of Disposition of Shares</I>. If a shareholder
sells its shares, it will recognize gain or loss equal to the difference between the amount realized and its adjusted tax basis
for the shares sold. A shareholder&rsquo;s amount realized will be the sum of the cash or the fair market value of other property
received plus its share of any Fund debt outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gain or loss recognized by a shareholder on the sale or exchange
of shares held for more than one year will generally be taxable as long-term capital gain or loss; otherwise, such gain or loss
will generally be taxable as short-term capital gain or loss. A special election is available under the Treasury Regulations that
will allow shareholders to identify and use the actual holding periods for the shares sold for purposes of determining whether
the gain or loss recognized on a sale of shares will give rise to long-term or short-term capital gain or loss. It is expected
that most shareholders will be eligible to elect, and generally will elect, to identify and use the actual holding period for
shares sold. If a shareholder fails to make the election or is not able to identify the holding periods of the shares sold, the
shareholder will have a split holding period in the shares sold. Under such circumstances, a shareholder will be required to determine
its holding period in the shares sold by first determining the portion of its entire interest in the Fund that would give rise
to long-term capital gain or loss if its entire interest were sold and the portion that would give rise to short-term capital
gain or loss if the entire interest were sold. The shareholder would then treat each share sold as giving rise to long-term capital
gain or loss and short-term capital gain or loss in the same proportions as if it had sold its entire interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Section 751 of the Code, a portion of a shareholder&rsquo;s
gain or loss from the sale of shares (regardless of the holding period for such shares), will be separately computed and taxed
as ordinary income or loss to the extent attributable to &ldquo;unrealized receivables&rdquo; or &ldquo;inventory&rdquo; owned
by the Fund. The term &ldquo;unrealized receivables&rdquo; includes, among other things, market discount bonds and short-term
debt instruments to the extent such items would give rise to ordinary income if sold by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If some or all of your shares are lent by your broker or other
agent to a third party - for example, for use by the third party in covering a short sale - you may be considered as having made
a taxable disposition of the loaned shares, in which case -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <td style="width: 93%"><FONT STYLE="font-size: 10pt">you may recognize taxable gain or loss to the same extent as if you had
    sold the shares for cash;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">any of the Fund&rsquo;s income, gain, loss or deduction allocable to
    those shares during the period of the loan will not be reportable by you for tax purposes; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">any distributions you receive with respect to the shares will be fully
    taxable, most likely as ordinary income.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders desiring to avoid these and other possible consequences
of a deemed disposition of their shares should consider modifying any applicable brokerage account agreements to prohibit the
lending of their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Other Tax Matters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Information Reporting</I>. We report tax information to
the beneficial owners of shares. Shareholders who have become additional shareholders are treated as partners for federal income
tax purposes. The IRS has ruled that assignees of partnership interests who have not been admitted to a partnership as partners
but who have the capacity to exercise substantial dominion and control over the assigned partnership interests will be considered
partners for federal income tax purposes. On the basis of such ruling, except as otherwise provided herein, we treat the following
persons as partners for federal income tax purposes: (1) assignees of shares who are pending admission as shareholders, and (2)
shareholders whose shares are held in street name or by another nominee and who have the right to direct the nominee in the exercise
of all substantive rights attendant to the ownership of their shares. The Fund will furnish shareholders each year with tax information
on IRS Schedule K-1 (Form 1065), which will be used by the shareholders in completing their tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Persons who hold an interest in the Fund as a nominee for another
person are required to furnish to us the following information: (1) the name, address and taxpayer identification number of the
beneficial owner and the nominee; (2) whether the beneficial owner is (a) a person that is not a U.S. person, (b) a foreign government,
an international organization or any wholly-owned agency or instrumentality of either of the foregoing, or (c) a tax-exempt entity;
(3) the amount and description of shares acquired or transferred for the beneficial owner; and (4) certain information including
the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases, as well as the
amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information, including
whether they are U.S. persons and certain information on shares they acquire, hold or transfer for their own account. A penalty
of $100 per failure, up to a maximum of $1,500,000 per calendar year, is imposed by the Code, as amended for failure to report
such information to us, which penalty amounts could be higher if the nominee intentionally disregards the requirement to report
correct information. The nominee is required to supply the beneficial owner of the shares with the information furnished to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Partnership Audit Procedures</I>. The IRS may audit the
federal income tax returns filed by the Fund. Adjustments resulting from any such audit may require each shareholder to adjust
a prior year&rsquo;s tax liability and could result in an audit of the shareholder&rsquo;s own return. Any audit of a shareholder&rsquo;s
return could result in adjustments of non-partnership items as well as the Fund items. Partnerships are generally treated as separate
entities for purposes of federal tax audits, judicial review of administrative adjustments by the IRS, and tax settlement proceedings.
The tax treatment of partnership items of income, gain, loss and deduction are determined at the partnership level in a unified
partnership proceeding rather than in separate proceedings with the shareholders. The Code provides for one shareholder to be
designated as the &ldquo;tax matters partner&rdquo; and represent the partnership purposes of these proceedings. The Trust Agreement
appoints the Sponsor as the tax matters partner of the Fund. Recent tax legislation has substantially amended the unified audit
procedures applicable to partnerships. Under the revised rules, there is an increased centralization of the administrative process,
including a provision that generally requires that the payment of additional taxes resulting from an IRS examination of the partnership&rsquo;s
returns be made at the partnership level. Extensive proposed regulations have been promulgated interpreting these new provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tax Shelter Disclosure Rules</I>. In certain circumstances
the Code and Treasury Regulations require that the IRS be notified of taxable transactions through a disclosure statement attached
to a taxpayer&rsquo;s United States federal income tax return. In addition, certain &ldquo;material advisers&rdquo; must maintain
a list of persons participating in such transactions and furnish the list to the IRS upon written request. These disclosure rules
may apply to transactions irrespective of whether they are structured to achieve particular tax benefits. They could require disclosure
by the Fund or shareholders (1) if a shareholder incurs a loss in excess of a specified threshold from a sale or redemption of
its shares, (2) if the Fund engages in transactions producing differences between its taxable income and its income for financial
reporting purposes, or (3) possibly in other circumstances. While these rules generally do not require disclosure of a loss recognized
on the disposition of an asset in which the taxpayer has a &ldquo;qualifying basis&rdquo; (generally a basis equal to the amount
of cash paid by the taxpayer for such asset), they apply to a loss recognized with respect to interests in a pass-through entity,
such as the shares, even if the taxpayer&rsquo;s basis in such interests is equal to the amount of cash it paid. In addition,
under recently enacted legislation, significant penalties may be imposed in connection with a failure to comply with these reporting
requirements. <I>Investors should consult their own tax advisors concerning the application of these reporting requirements to
their specific situation</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tax-Exempt Organizations</I>. Subject to numerous exceptions,
qualified retirement plans and individual retirement accounts, charitable organizations and certain other organizations that otherwise
are exempt from federal income tax (collectively &ldquo;exempt organizations&rdquo;) nonetheless are subject to the tax on unrelated
business taxable income (&ldquo;UBTI&rdquo;). Generally, UBTI means the gross income derived by an exempt organization from a
trade or business that it regularly carries on, the conduct of which is not substantially related to the exercise or performance
of its exempt purpose or function, less allowable deductions directly connected with that trade or business. If the Fund were
to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect to an exempt organization shareholder,
then in computing its UBTI, the shareholder must include its share of (1) the Fund&rsquo;s gross income from the unrelated trade
or business, whether or not distributed, and (2) the Fund&rsquo;s allowable deductions directly connected with that gross income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBTI generally does not include dividends, interest, or payments
with respect to securities loans and gains from the sale of property (other than property held for sale to customers in the ordinary
course of a trade or business). Nonetheless, income on, and gain from the disposition of, &ldquo;debt-financed property&rdquo;
is UBTI. Debt-financed property generally is income-producing property (including securities), the use of which is not substantially
related to the exempt organization&rsquo;s tax-exempt purposes, and with respect to which there is &ldquo;acquisition indebtedness&rdquo;
at any time during the taxable year (or, if the property was disposed of during the taxable year, the 12-month period ending with
the disposition). Acquisition indebtedness includes debt incurred to acquire property, debt incurred before the acquisition of
property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the acquisition of
property if the debt would not have been incurred but for the acquisition and at the time of acquisition the incurrence of debt
was foreseeable. The portion of the income from debt-financed property attributable to acquisition indebtedness is equal to the
ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property
for the year. The Fund currently does not anticipate that it will borrow money to acquire investments; however, the Fund cannot
be certain that it will not borrow for such purpose in the future. In addition, an exempt organization shareholder that incurs
acquisition indebtedness to purchase its shares in the Fund may have UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The federal tax rate applicable to an exempt organization shareholder
on its UBTI generally will be either the corporate or trust tax rate, depending upon the shareholder&rsquo;s form of organization.
The Fund may report to each such shareholder information as to the portion, if any, of the shareholder&rsquo;s income and gains
from the Fund for any year that will be treated as UBTI; the calculation of that amount is complex, and there can be no assurance
that the Fund&rsquo;s calculation of UBTI will be accepted by the Service. An exempt organization shareholder will be required
to make payments of estimated federal income tax with respect to its UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Regulated Investment Companies</I>. Under recently enacted
legislation, interests in and income from &ldquo;qualified publicly traded partnerships&rdquo; satisfying certain gross income
tests are treated as qualifying assets and income, respectively, for purposes of determining eligibility for regulated investment
company (&ldquo;RIC&rdquo;) status. A RIC may invest up to 25% of its assets in interests in a qualified publicly traded partnership.
The determination of whether a publicly traded partnership such as the Fund is a qualified publicly traded partnership is made
on an annual basis. The Fund expects to be a qualified publicly traded partnership in each of its taxable years. However, such
qualification is not assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Non-U.S. Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, non-U.S. persons who derive U.S. source income or
gain from investing or engaging in a U.S. business are taxable on two categories of income. The first category consists of amounts
that are fixed, determinable, annual and periodic income, such as interest, dividends and rent that are not connected with the
operation of a U.S. trade or business (&ldquo;FDAP&rdquo;). The second category is income that is effectively connected with the
conduct of a U.S. trade or business (&ldquo;ECI&rdquo;). FDAP income (other than interest that is considered &ldquo;portfolio
interest&rdquo;) is generally subject to a 30% withholding tax, which may be reduced for certain categories of income by a treaty
between the U.S. and the recipient&rsquo;s country of residence. In contrast, ECI is generally subject to U.S. tax on a net basis
at graduated rates upon the filing of a U.S. tax return. Where a non-U.S. person has ECI as a result of an investment in a partnership,
the ECI is subject to a withholding tax at a rate of 37% for individual shareholders and a rate of 21% for corporate shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Withholding on Allocations and Distributions</I>. The Code
provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during a taxable
year will also be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a partnership
as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment fund
whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered
to be engaged in a U.S. trade or business unless it is a dealer is such stocks, securities, or commodities. This safe harbor applies
to investments in commodities only if the commodities are of a kind customarily dealt in on an organized commodity exchange and
if the transaction is of a kind customarily consummated at such place. Although the matter is not free from doubt, the Fund believes
that the activities directly conducted by the Fund do not result in the Fund being engaged in a trade or business within in the
United States. However, there can be no assurance that the IRS would not successfully assert that the Fund&rsquo;s activities
constitute a U.S. trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">In
the event that the Fund&rsquo;s activities were considered to constitute a U.S. trade or business, the Fund would be required
to withhold at the highest rate specified in Code section 1 (currently 37%) on distributions of our income to individual Non-U.S.
Shareholders and the highest rate specified in Code section 11(b) (currently 21%) on distributions of our income to corporate
Non-U.S. Shareholders, when such income is distributed. A non-U.S. shareholder with ECI will generally be required to file a U.S.
federal income tax return, and the return will provide the non-U.S. shareholder with the mechanism to seek a refund of any withholding
in excess of such shareholder&rsquo;s actual U.S. federal income tax liability. Any amount withheld by the Fund on behalf of a
non-U.S. shareholder will be treated as a distribution to the non-U.S. shareholder to the extent possible. In some cases, the
Fund may not be able to match the economic cost of satisfying its withholding obligations to a particular non-U.S. shareholder,
which may result in such cost being borne by the Fund, generally, and accordingly, by all shareholders.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund is not treated as engaged in a U.S. trade or business,
a non-U.S. shareholder may nevertheless be treated as having FDAP income, which would be subject to a 30% withholding tax (possibly
subject to reduction by treaty), with respect to some or all of its distributions from the Fund or its allocable share of the
Fund income. Amounts withheld on behalf of a non-U.S. shareholder will be treated as being distributed to such shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent any interest income allocated to a non-U.S. shareholder
that otherwise constitutes FDAP is considered &ldquo;portfolio interest,&rdquo; neither the allocation of such interest income
to the non-U.S. shareholder nor a subsequent distribution of such interest income to the non-U.S. shareholder will be subject
to withholding, provided that the non-U.S. shareholder is not otherwise engaged in a trade or business in the U.S. and provides
the Fund with a timely and properly completed and executed IRS Form W-8BEN or other applicable form. In general, &ldquo;portfolio
interest&rdquo; is interest paid on debt obligations issued in registered form, unless the &ldquo;recipient&rdquo; owns 10% or
more of the voting power of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is anticipated that most of the Fund&rsquo;s interest income
will qualify as &ldquo;portfolio interest.&rdquo; In order for the Fund to avoid withholding on any interest income allocable
to non-U.S. shareholders that would qualify as &ldquo;portfolio interest,&rdquo; it will be necessary for all non-U.S. shareholders
to provide the Fund with a timely and properly completed and executed Form W-8BEN (or other applicable form). If a non-U.S. shareholder
fails to provide a properly completed Form W-8BEN, the Sponsor may request that the non-U.S. shareholder provide, within 15 days
after the request by the Sponsor, a properly completed Form W-8BEN. If a non-U.S. shareholder fails to comply with this request,
the shares owned by such non-U.S. shareholder will be subject to redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Gain from Sale of Shares</I>. Gain from the sale or exchange
of the shares may be taxable to a non-U.S. shareholder if the non-U.S. shareholder is a nonresident alien individual who is present
in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual will be subject to a
30% withholding tax on the amount of such individual&rsquo;s gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Branch Profits Tax on Corporate Non-U.S. Shareholders</I>.
In addition to the taxes noted above, any non-U.S. shareholders that are corporations may also be subject to an additional tax,
the branch profits tax, at a rate of 30%. The branch profits tax is imposed on a non-U.S. corporation&rsquo;s dividend equivalent
amount, which generally consists of the corporation&rsquo;s after-tax earnings and profits that are effectively connected with
the corporation&rsquo;s U.S. trade or business but are not reinvested in a U.S. business. This tax may be reduced or eliminated
by an income tax treaty between the United States and the country in which the non-U.S. shareholder is a &ldquo;qualified resident.&rdquo;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Certain information reporting and withholding requirement</I>.
Legislation that became generally effective after June 30, 2014, generally imposes a 30% withholding tax on payments of certain
types of income to foreign financial institutions that fail to enter into an agreement with the United States Treasury to report
certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S. persons
as substantial owners). The types of income subject to the tax include U.S.-source interest and dividends and the gross proceeds
from the sale of any property that could produce U.S.-source interest or dividends. The information required to be reported includes
the identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity within the
holder&rsquo;s account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding tax on payments
to foreign entities that are not financial institutions unless the foreign entity certifies that it does not have a greater than
10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on
the status of a non-U.S. shareholder and the status of the intermediaries through which it holds shares, a non-U.S. shareholder
could be subject to this 30% withholding tax with respect to distributions on its shares and proceeds from the sale of its shares.
Under certain circumstances, a non-U.S. shareholder might be eligible for refund or credit of such taxes. Under Treasury Regulations,
some of the provisions described above are currently operative, while others will become applicable in the next several years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Prospective non-U.S. shareholders should consult their tax
advisor with regard to these and other issues unique to non-U.S. shareholders.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a031_v1"></A><B>Other Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to federal income taxes, shareholders may be subject
to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes, and estate, inheritance
or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns property or where
the shareholders reside. Although an analysis of those various taxes is not presented here, each prospective shareholder should
consider their potential impact on its investment in the Fund. It is each shareholder&rsquo;s responsibility to file the appropriate
U.S. federal, state, local, and foreign tax returns. Sullivan &amp; Worcester LLP has not provided an opinion concerning any aspects
of state, local or foreign tax or U.S. federal tax other than those U.S. federal income tax issues discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a032_v1"></A><B>Investment by ERISA Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most employee benefit plans and individual retirement accounts
(&ldquo;IRAs&rdquo;) are subject to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;) or the
Code, or both. This section discusses certain considerations that arise under ERISA and the Code that a fiduciary of an employee
benefit plan as defined in ERISA or a plan as defined in Section 4975 of the Code who has investment discretion should take into
account before deciding to invest the plan&rsquo;s assets in the Fund. Employee benefit plans and plans are collectively referred
to below as plans, and fiduciaries with investment discretion are referred to below as plan fiduciaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary is based on the provisions of ERISA and the Code
as of the date hereof. This summary is not intended to be complete, but only to address certain questions under ERISA and the
Code likely to be raised by your advisors. The summary does not include state or local law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential plan investors are urged to consult with their
own professional advisors concerning the appropriateness of an investment in the Fund and the manner in which shares should be
purchased.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Special Investment Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each plan fiduciary must consider the facts and circumstances
that are relevant to an investment in the Fund, including the role that an investment in the Fund would play in the plan&rsquo;s
overall investment portfolio. Each plan fiduciary, before deciding to invest in the Fund, must be satisfied that the investment
is prudent for the plan, that the investments of the plan are diversified so as to minimize the risk of large losses and that
an investment in the Fund complies with the terms of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Fund and Plan Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A regulation issued under ERISA contains rules for determining
when an investment by a plan in an equity interest of a Delaware business trust will result in the underlying assets of the Delaware
business trust being deemed plan assets for purposes of ERISA and Section 4975 of the Code. Those rules provide that assets of
a Delaware business trust will not be plan assets of a plan that purchases an equity interest in the Delaware business trust if
the equity interest purchased is a publicly-offered security. If the underlying assets of a Delaware business trust are considered
to be assets of any plan for purposes of ERISA or Section 4975 of the Code, the operations of that Delaware business trust would
be subject to and, in some cases, limited by, the provisions of ERISA and Section 4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The publicly-offered security exception described above applies
if the equity interest is a security that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">1.</FONT></td>
    <td style="width: 90%"><FONT STYLE="font-size: 10pt">freely transferable (determined based on the relevant facts and circumstances);</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">2.</FONT></td>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">part of a class of securities that is widely held (meaning that the class
    of securities is owned by 100 or more investors independent of the issuer and of each other); and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 7%">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">3.</FONT></td>
    <td style="width: 90%"><FONT STYLE="font-size: 10pt">either (a) part of a class of securities registered under Section 12(b)
    or 12(g) of the Exchange Act or (b) sold to the plan as part of a public offering pursuant to an effective registration statement
    under the Securities Act of 1933 and the class of which such security is a part is registered under the Exchange Act within
    120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering
    of such security occurred.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The plan asset regulations under ERISA state that the determination
of whether a security is freely transferable is to be made based on all the relevant facts and circumstances. In the case of a
security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements, alone or
in combination, ordinarily will not affect a finding that the security is freely transferable: (1) a requirement that no transfer
or assignment of the security or rights relating to the security be made that would violate any federal or state law, (2) a requirement
that no transfer or assignment be made without advance written notice given to the entity that issued the security, and (3) any
restriction on the substitution of assignee as a shareholder of a partnership, including a general partner consent requirement,
provided that the economic benefits of ownership of the assignor may be transferred or assigned without regard to such restriction
or consent (other than compliance with any of the foregoing restrictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor believes that the conditions described above are
satisfied with respect to the shares. The Sponsor believes that the shares therefore constitute publicly-offered securities, and
the underlying assets of the Fund are not considered to constitute plan assets of any plan that purchases shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Prohibited Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ERISA and the Code generally prohibit certain transactions
involving the plan and persons who have certain specified relationships to the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, shares may not be purchased with the assets of
a plan if the Sponsor, the clearing brokers, the trading advisors (if any), or any of their affiliates, agents or employees either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">exercise any discretionary authority or discretionary control with respect to management
    of the plan;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">exercise any authority or control with respect to management or disposition of the assets
    of the plan;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</td>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">render investment advice for a fee or other compensation, direct or indirect, with respect
    to any moneys or other property of the plan;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</td>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">have any authority or responsibility to render investment advice with respect to any monies
    or other property of the plan; or</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</td>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">have any discretionary authority or discretionary responsibility in the administration of
    the plan.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, a prohibited transaction may occur under ERISA or the
Code when circumstances indicate that (1) the investment in a share is made or retained for the purpose of avoiding application
of the fiduciary standards of ERISA, (2) the investment in a share constitutes an arrangement under which the Fund is expected
to engage in transactions that would otherwise be prohibited if entered into directly by the plan purchasing the share, (3) the
investing plan, by itself, has the authority or influence to cause the Fund to engage in such transactions, or (4) a person who
is prohibited from transacting with the investing plan may, but only with the aid of certain of its affiliates and the investing
plan, cause the Fund to engage in such transactions with such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Special IRA Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IRAs are not subject to ERISA&rsquo; s fiduciary standards,
but are subject to their own rules, including the prohibited transaction rules of Section 4975 of the Code, which generally mirror
ERISA&rsquo;s prohibited transaction rules. For example, IRAs are subject to special custody rules and must maintain a qualifying
IRA custodial arrangement separate and distinct from the Fund and its custodial arrangement. Otherwise, if a separate qualifying
custodial arrangement is not maintained, an investment in the shares will be treated as a distribution from the IRA. Second, IRAs
are prohibited from investing in certain commingled investments, and the Sponsor makes no representation regarding whether an
investment in shares is an inappropriate commingled investment for an IRA. Third, in applying the prohibited transaction provisions
of Section 4975 of the Code, in addition to the rules summarized above, the individual for whose benefit the IRA is maintained
is also treated as the creator of the IRA. For example, if the owner or beneficiary of an IRA enters into any transaction, arrangement,
or agreement involving the assets of his or her IRA to benefit the IRA owner or beneficiary (or his or her relatives or business
affiliates) personally, or with the understanding that such benefit will occur, directly or indirectly, such transaction could
give rise to a prohibited transaction that is not exempted by any available exemption. Moreover, in the case of an IRA, the consequences
of a non-exempt prohibited transaction are that the IRA&rsquo;s assets will be treated as if they were distributed, causing immediate
taxation of the assets (including any early distribution penalty tax applicable under Section 72 of the Code), in addition to
any other fines or penalties that may apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exempt Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain employee benefit plans may be governmental plans or
church plans. Governmental plans and church plans are generally not subject to ERISA, nor do the above-described prohibited transaction
provisions described above apply to them. These plans are, however, subject to prohibitions against certain related-party transactions
under Section 503 of the Code, which operate similar to the prohibited transaction rules described above. In addition, the fiduciary
of any governmental or church plan must consider any applicable state or local laws and any restrictions and duties of common
law imposed upon the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No view is expressed as to whether an investment in the Fund
(and any continued investment in the Fund), or the operation and administration of the Fund, is appropriate or permissible for
any governmental plan or church plan under Code Section 503, or under any state, county, local or other law relating to that type
of plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Allowing an investment in
the Fund is not to be construed as a representation by the Fund, the Sponsor, any trading advisor, any clearing broker, the Distributor
or legal counsel or other advisors to such parties or any other party that this investment meets some or all of the relevant legal
requirements with respect to investments by any particular plan or that this investment is appropriate for any such particular
plan. The person with investment discretion should consult with the plan&rsquo;s attorney and financial advisors as to the propriety
of an investment in the Fund in light of the circumstances of the particular plan, current tax law and ERISA.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a033_v1"></A><B>Form of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Registered Form</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fund shares are issued in registered form in accordance with
the Trust Agreement. U.S. Bank has been appointed registrar and transfer agent for the purpose of transferring shares in certificated
form. U.S. Bank keeps a record of all limited partners and holders of the shares in certificated form in the registry (the &ldquo;Register&rdquo;).
The Sponsor recognizes transfers of shares in certificated form only if done in accordance with the Trust Agreement. The beneficial
interests in such shares are held in book-entry form through participants and/or accountholders in the DTC.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Book Entry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Individual certificates are not issued for the shares. Instead,
shares are represented by one or more global certificates, which are deposited by the Administrator with, or on behalf of, DTC
and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the shares outstanding
at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (&ldquo;DTC
Participants&rdquo;), (2) banks, brokers, dealers and trust companies who maintain, either directly or indirectly, a custodial
relationship with, or clear through, a DTC Participant (&ldquo;Indirect Participants&rdquo;), and (3) persons holding interests
in the shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders will be shown on, and the transfer of shares will
be effected only through, in the case of DTC Participants, the records maintained by the Depository and, in the case of Indirect
Participants and Shareholders holding through a DTC Participant or an Indirect Participant, through those records or the records
of the relevant DTC Participants or Indirect Participants. Shareholders are expected to receive, from or through the broker or
bank that maintains the account through which the shareholders has purchased shares, a written confirmation relating to their
purchase of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>DTC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DTC has advised us as follows. It is a limited purpose trust
company organized under the laws of the State of New York and is a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo;
within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions
of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of
transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Transfer of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares are only transferable through the book-entry system
of DTC. Shareholders who are not DTC Participants may transfer their shares through DTC by instructing the DTC Participant holding
their shares (or by instructing the Indirect Participant or other entity through which their shares are held) to transfer the
shares. Transfers are made in accordance with standard securities industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transfers of interests in shares with DTC are made in accordance
with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures to facilitate
transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants, who in
turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate to pledge
such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest, may
be affected by the lack of a certificate or other definitive document representing such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DTC has advised us that it will take any action permitted to
be taken by a shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction
of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of
such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has
or have given such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a034_v1"></A><B>Calculating NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s NAV is calculated by:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <td style="width: 94%"><FONT STYLE="font-size: 10pt">Taking the current market value of its total assets;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt">Subtracting any liabilities; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD STYLE="width: 94%"><FONT STYLE="font-size: 10pt">Dividing that total by the total number of outstanding shares.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">The
Administrator calculates the NAV of the Fund once each NYSE Arca trading day. The NAV for a particular trading day is released
after 4:00 p.m. E.T. Trading during the core trading session on the NYSE Arca typically closes at 4:00 p.m. E.T. The Administrator
uses the Baltic Exchange settlement price for the Freight Futures And option contracts. The Administrator calculates or determines
the value of all other Fund investments using market quotations, if available, or other information customarily used to determine
the fair value of such investments as of the close of the NYSE Arca (normally 4:00 p.m. E.T.), in accordance with the current
Administrative Agency Agreement among U.S. Bancorp Fund Services, the Fund and the Sponsor. The information may include costs
of funding, to the extent costs of funding are not and would not be a component of the other information being utilized. Third
parties supplying quotations or market data may include, without limitation, dealers in the relevant markets, end-users of the
relevant product, information vendors, brokers and other sources of market information.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in order to provide updated information relating
to the Fund for use by investors and market professionals, an updated indicative fund value (&ldquo;IFV&rdquo;) is made available
through on-line information services throughout the core trading session hours of 9:30 a.m. E.T. to 4:00 p.m. E.T. on each trading
day. The IFV is calculated by using the prior day&rsquo;s closing NAV per share of the Fund as a base and updating that value
throughout the trading day to reflect changes in the most recently reported trade price for the futures and/or options held by
the Fund. Certain Freight Futures brokers provide real time pricing information to the general public either through their websites
or through data vendors such as Bloomberg or Reuters. The IFV disseminated during NYSE Arca core trading session hours should
not be viewed as an actual real time update of the NAV, because the NAV is calculated only once at the end of each trading day
based upon the relevant end of day values of the Fund&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The IFV is disseminated on a per share basis every 15 seconds
during regular NYSE Arca core trading session hours. The customary trading hours of the Freight Futures trading are 3:00 a.m.
E.T. to 12:00 p.m. E.T. This means that there is a gap in time at the end of each day during which the Fund&rsquo;s shares are
traded on the NYSE Arca, but real-time trading prices for contracts are not available. During such gaps in time the IFV will be
calculated based on the end of day price of such contracts from the Baltic Exchange&rsquo;s immediately preceding trading session.
In addition, other investments and U.S. Treasuries held by the Fund will be valued by the Administrator, using rates and points
received from client-approved third party vendors (such as Reuters and WM Company) and broker-dealer quotes. These investments
will not be included in the IFV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The NYSE Arca disseminates the IFV through the facilities of
CTA/CQ High Speed Lines. In addition, the IFV is published on the NYSE Arca&rsquo;s website and is available through on-line information
services such as Bloomberg and Reuters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dissemination of the IFV provides additional information that
is not otherwise available to the public and is useful to investors and market professionals in connection with the trading of
the Fund&rsquo;s shares on the NYSE Arca. Investors and market professionals are able throughout the trading day to compare the
market price of the Fund&rsquo;s shares and the IFV. If the market price of the Fund&rsquo;s shares diverges significantly from
the IFV, market professionals will have an incentive to execute arbitrage trades. For example, if the Fund&rsquo;s shares appears
to be trading at a discount compared to the IFV, a market professional could buy the Fund shares on the NYSE Arca and take the
opposite position in Freight Futures. Such arbitrage trades can tighten the tracking between the market price of the Fund&rsquo;s
shares and the IFV and thus can be beneficial to all market participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a035_v1"></A><B>Creation and Redemption of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund creates and redeems shares from time to time, but
only in one or more Creation Baskets or Redemption Baskets. A Basket consists of 50,000 shares. The creation and redemption of
Baskets are only made in exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasuries and/or
any cash represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number
of shares included in the Baskets being created or redeemed determined as of 4:00 p.m. E.T. on the day the order to create or
redeem Baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Authorized Participants&rdquo; are the only persons
that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities
market participants, such as banks and other financial institutions, that are not required to register as broker- dealers to engage
in securities transactions described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter
into an Authorized Participant Agreement with the Sponsor. The Authorized Participant Agreement provides the procedures for the
creation and redemption of Baskets and for the delivery of the Treasuries and any cash required for such creation and redemptions.
The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Fund, without the consent
of any limited partner or shareholder or Authorized Participant. Authorized Participants will pay a transaction fee of $500 to
the Custodian for each order they place to create or redeem one or more Baskets. Authorized Participants who make deposits with
the Fund in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either
the Fund or the Sponsor, and no such person will have any obligation or responsibility to the Sponsor or the Fund to effect any
sale or resale of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Authorized Participant is required to be registered as
a broker-dealer under the Exchange Act and is a member in good standing with FINRA, or exempt from being or otherwise not required
to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in the states or other jurisdictions
where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking
laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers
as it determines is appropriate in light of its own regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Authorized Participant Agreement, the Sponsor has
agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and to
contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description of the procedures for the creation
and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and
the form of Authorized Participant Agreement for more detail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Creation Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any business day, an Authorized Participant may place an
order with the Transfer Agent, and accepted by the Distributor, to create one or more Baskets. For purposes of processing purchase
and redemption orders, a &ldquo;business day&rdquo; means any day other than a day when any of the NYSE Arca, the Baltic Exchange
or the New York Stock Exchange is closed for regular trading. Purchase orders must be placed by 1:00 p.m. E.T. or the close of
the NYSE Arca core trading session, whichever is earlier. The day on which a valid purchase order is received in accordance with
the terms of the &ldquo;Authorized Participant Agreement&rdquo; is referred to as the purchase order date. Purchase orders are
irrevocable. By placing a purchase order, and prior to delivery of the applicable Baskets, an Authorized Participant&rsquo;s DTC
account will be charged the non-refundable transaction fee due for the purchase order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Determination of Required Payment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The total payment required to create each Creation Basket is
the NAV of 50,000 shares on the purchase order date, but only if the required payment is timely received. To calculate the NAV,
the Administrator will use the Baltic Exchange settlement price (typically determined after 2:00 p.m. E.T.) for the Freight Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because orders to purchase Baskets must be placed no later
than 1:00 p.m. E.T., but the total payment required to create a Basket typically will not be determined until after 2:00 p.m.
E.T., on the date the purchase order is received,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authorized Participants will not know the total amount of the
payment required to create a Basket at the time they submit an irrevocable purchase order. The NAV and the total amount of the
payment required to create a Basket could rise or fall substantially between the time an irrevocable purchase order is submitted
and the time the amount of the purchase price in respect thereof is determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of Required Payment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Authorized Participant who places a purchase order shall transfer to the Administrator the required amount of U.S. Treasuries
and/or cash, by the end of the next business day following the purchase order date. Upon receipt of the deposit amount, the Administrator
will direct DTC to credit the number of Baskets ordered to the Authorized Participant&rsquo;s DTC account on the next business
day following the purchase order date.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B><I>Suspension of Purchase Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The&nbsp;Sponsor acting&nbsp;by itself or through the Administrator
or the Distributor may&nbsp;suspend the right of purchase, or postpone the purchase settlement date, for any period during which
the NYSE Arca or other exchange on which the shares are listed is closed, other than for customary holidays or weekends, or when
trading is restricted or suspended. None of the Sponsor, the Marketing Agent or the Administrator will be liable to any person
or in any way for any loss or damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Rejection of Purchase Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor acting by itself or through the Distributor and/or
Transfer Agent shall have the absolute right but no obligation to reject a purchase order if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>it determines that the purchase order is not in
                                         proper form;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the acceptance or receipt of the purchase order
                                         would, in the opinion of counsel to the Sponsor, be unlawful; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>circumstances outside the control of the Sponsor,
                                         Distributor, Transfer Agent or Custodian make it, for all practical purposes, not feasible
                                         to process creations of Baskets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of the Sponsor, Distributor, Transfer Agent or Custodian
will be liable for the rejection of any purchase order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Redemption Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The procedures by which an Authorized Participant can redeem
one or more Baskets mirror the procedures for the creation of Baskets. On any business day, an Authorized Participant may place
an order with the Transfer Agent, and accepted by the Distributor, to redeem one or more Baskets. Redemption orders must be placed
by 1:00 p.m. E.T. or the close of the core trading session on the NYSE Arca, whichever is earlier. A redemption order so received
will be effective on the date it is received in satisfactory form in accordance with the terms of the Authorized Participant Agreement.
The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle an individual shareholder to redeem
any shares in an amount less than a Redemption Basket, or to redeem Baskets other than through an Authorized Participant. The
day on which the Marketing Agent receives a valid redemption order is the redemption order date. Redemption orders are irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed
through DTC&rsquo;s book-entry system to the Fund not later than 1:00 p.m. E.T., on the next business day immediately following
the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant&rsquo;s
DTC account will be charged the non-refundable transaction fee due for the redemption order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Determination of Redemption Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The redemption proceeds from the Fund consist of a cash redemption
amount equal to the NAV of the number of Baskets requested in the Authorized Participant&rsquo;s redemption order on the redemption
order date. To calculate the NAV, the Administrator will use the Baltic Exchange settlement price (typically determined after
2:00 p.m. E.T.) for the Freight Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because orders to redeem Baskets must be placed no later than
1:00 p.m. E.T., but the total amount of redemption proceeds typically will not be determined until after 2:00 p.m. E.T., on the
date the redemption order is received, Authorized Participants will not know the total amount of the redemption proceeds at the
time they submit an irrevocable redemption order. The NAV and the total amount of redemption proceeds could rise or fall substantially
between the time an irrevocable redemption order is submitted and the time the amount of redemption proceeds in respect thereof
is determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of Redemption Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The redemption proceeds due from the Fund will be delivered
to the Authorized Participant at 1:00 p.m. E.T., on the next business day immediately following the redemption order date if,
by such time, the Fund&rsquo;s DTC account has been credited with the Baskets to be redeemed. If the Fund&rsquo;s DTC account
has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent
of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of
remaining whole Baskets received if the Fund receives the fee applicable to the extension of the redemption distribution date
which the Sponsor may, from time to time, determine and the remaining Baskets to be redeemed are credited to the Fund&rsquo;s
DTC account by 1:00 p.m. E.T., on such next business day. Any further outstanding amount of the redemption order shall be cancelled.
The Sponsor may cause the redemption distribution to be delivered notwithstanding that the Baskets to be redeemed are not credited
to the Fund&rsquo;s DTC account by 12:00 p.m. E.T., on the next business day immediately following the redemption order date if
the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC&rsquo;s book entry system on such
terms as the Sponsor may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Suspension or Rejection of Redemption Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor may, in its discretion, suspend the right of redemption,
or postpone the redemption settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend
or holiday closings, or trading on the NYSE Arca is suspended or restricted, (2) for any period during which an emergency exists
as a result of which the redemption distribution is not reasonably practicable, or (3) for such other period as the Sponsor determines
to be necessary for the protection of the limited partners or shareholders. For example, the Sponsor may determine that it is
necessary to suspend redemptions to allow for the orderly liquidation of the Fund&rsquo;s assets at an appropriate value to fund
a redemption. If the Sponsor has difficulty liquidating its positions, e.g., because of a market disruption event in the futures
markets or a suspension of trading by the exchange where the futures contracts are listed, it may be appropriate to suspend redemptions
until such time as such circumstances are rectified. None of the Sponsor, the Distributor, the Transfer Agent, the Administrator,
or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or
postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption orders must be made in whole Baskets. The Sponsor
will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the
fulfillment of the order, in the opinion of its counsel, might be unlawful. The Sponsor may also reject a redemption order if
the number of shares being redeemed would reduce the remaining outstanding shares to 50,000 shares (minimum NYSE Arca listing
requirement) or less, unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all
the outstanding shares and can deliver them. None of the Sponsor, the Distributor or the Administrator will be liable to any person
or in any way for any loss or damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Creation and Redemption Transaction Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To compensate the Fund for its expenses in connection with
the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Custodian of $500
per order to create or redeem Baskets, regardless of the number of Baskets in such order. An order may include multiple Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in
the transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after the date
of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax Responsibility</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">Authorized Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording
tax, value added tax or similar tax or governmental charge applicable to the creation or redemption of Baskets, regardless of
whether or not such tax or charge is imposed directly on the Authorized Participant, and agree to indemnify the Sponsor and the
Fund if they are required by law to pay any such tax, together with any applicable penalties, additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Secondary Market Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted, the Fund creates and redeems shares from time to time, but only in one or more Creation Baskets or Redemption Baskets.
The creation and redemption of Baskets are only made in exchange for delivery to the Fund or the distribution by the Fund of the
amount of cash represented by the Baskets being created or redeemed, the amount of which will be based on the aggregate NAV of
the number of shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets
is properly received.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed above, Authorized Participants are the only persons
that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other securities
market participants, such as banks and other financial institutions that are not required to register as broker-dealers to engage
in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant
is under no obligation to offer to the public shares of any Baskets it does create. Authorized Participants that do offer to the
public shares from the Baskets they create will do so at per-share offering prices that are expected to reflect, among other factors,
the trading price of the shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Participant purchased the Creation
Baskets and the NAV of the shares at the time of the offer of the shares to the public, the supply of and demand for shares at
the time of sale, and the liquidity of the futures contract market and the market for U.S. Treasuries. The prices of shares offered
by Authorized Participants are expected to fall between the Fund&rsquo;s NAV and the trading price of the shares on the NYSE Arca
at the time of sale. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different
times may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf
of multiple clients. Authorized Participants who make deposits with the Fund in exchange for Baskets receive no fees, commissions
or other form of compensation or inducement of any kind from either the Fund or the Sponsor, and no such person has any obligation
or responsibility to the Sponsor or the Fund to effect any sale or resale of shares. Shares trade in the secondary market on the
NYSE Arca. Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per share. The amount
of the discount or premium in the trading price relative to the NAV per share may be influenced by various factors, including
the number of investors who seek to purchase or sell shares in the secondary market and the liquidity of the futures contracts
market and the market for U.S. Treasuries. While the shares trade during the core trading session on the NYSE Arca until 4:00
p.m. E.T., liquidity in the market for Freight Futures may be significantly reduced after the close of the Freight Futures market
at approximately 12:00 p.m. E.T. As a result, during this time, trading spreads, and the resulting premium or discount, on the
shares may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are a minimum number of Baskets and associated shares specified for the Fund. Once the minimum number of baskets is reached, there
can be no more basket redemptions until there has been a creation basket. In such case, market makers may be less willing to purchase
shares from investors in the secondary market, which may in turn limit the ability of shareholders of the Fund to sell their shares
in the secondary market. As of the date of this prospectus these minimum levels for the Fund are 50,000 shares, representing one
Basket.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
proceeds from the sale of Creation Baskets will be invested as quickly as practicable in the investments described in this prospectus.
The Fund&rsquo;s cash and investments are held through the Custodian, in accounts with the Fund&rsquo;s commodity futures brokers
or in demand deposits with highly-rated financial institutions. There is no stated maximum time period for the Fund&rsquo;s operations
and the Fund will continue until all shares are redeemed or the Fund is liquidated pursuant to the terms of the Trust Agreement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no specified limit on the maximum number of Creation Baskets that can be sold, although the Funds may not sell shares in Creation
Baskets if such shares have not been registered with the SEC under an effective registration statement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><A NAME="a036_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
of Distribution</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buying
and Selling Shares</FONT></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
investors buy and sell shares of the Fund in secondary market transactions through brokers. Shares trade on the NYSE Arca under
the ticker symbol &ldquo;BDRY.&rdquo; Shares are bought and sold throughout the trading day like other publicly traded securities.
When buying or selling shares through a broker, most investors incur customary brokerage commissions and charges. Investors are
encouraged to review the terms of their brokerage account for details on applicable charges.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributor
and Authorized Participants</FONT></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Fund&rsquo;s shares is a best efforts offering. The Fund continuously offers Creation Baskets consisting of 50,000
shares through the Distributor, to Authorized Participants. All Authorized Participants pay a $500 fee for each order to create
or redeem one or more Creation Baskets or Redemption Baskets.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Distributor provides statutory distribution services to the Fund. The Fund pays an annual fee for its distribution services equal
to 0.02% of average Fund net assets, with a minimum of $15,000 payable annually. The activities of the Distributor may result
in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to
the prospectus delivery and liability provisions of the 1933 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of Baskets is being made in compliance with Conduct Rule 2310 of FINRA. Accordingly, Authorized Participants will not
make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of
shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
per share price of shares offered in Creation Baskets on any subsequent day will be the total NAV of the Fund calculated shortly
after the close of the core trading session on the NYSE Arca on that day divided by the number of issued and outstanding shares.
An Authorized Participant is not required to sell any specific number or dollar amount of shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
executing an Authorized Participant Agreement, an Authorized Participant becomes part of the group of parties eligible to purchase
Baskets from, and put Baskets for redemption to, the Fund. An Authorized Participant is under no obligation to create or redeem
Baskets, and an Authorized Participant is under no obligation to offer to the public shares of any Baskets it does create. It
is expected that after the date of this prospectus, the initial Authorized Participant will, subject to certain terms and conditions,
make a minimum initial purchase of at least two initial Creation Baskets of 50,000 Fund shares at an initial price per share of
$25.00, equal to $1,250,000 per Creation Basket. The Fund will not commence trading unless and until its initial Authorized Participant
effects the minimum initial purchase.</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of January 19, 2018, the following are or are expected to enter into Authorized Participant Agreements to purchase and sell shares
of the Fund:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
Suisse Securities (USA) LLC</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
new shares can be created and issued on an ongoing basis, at any point during the life of the Fund, a &ldquo;distribution,&rdquo;
as such term is used in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned
that some of their activities may result in their being deemed participants in a distribution in a manner that could render them
statutory underwriters and subject them to the prospectus delivery and liability provisions of the 1933 Act. For example, the
initial Authorized Participant will be a statutory underwriter with respect to its initial purchase of Creation Baskets. In addition,
any purchaser who purchases shares with a view towards distribution of such shares may be deemed to be a statutory underwriter.
Authorized Participants may also be required to comply with the prospectus-delivery requirements in connection with the sale of
shares to customers. For example, an Authorized Participant, other broker- dealer firm or its client may be deemed a statutory
underwriter if it purchases a Basket from the Fund, breaks the Basket down into the constituent shares and sells the shares to
its customers; or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation
of secondary market demand for the shares. Authorized Participants may also engage in secondary market transactions in shares
that would not be deemed &ldquo;underwriting&rdquo;. For example, an Authorized Participant may act in the capacity of a broker
or dealer with respect to shares that were previously distributed by other Authorized Participants. A determination of whether
a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities
of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete
description of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery
and liability provisions of the 1933 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealers
who are neither Authorized Participants nor &ldquo;underwriters&rdquo; but are nonetheless participating in a distribution (as
contrasted to ordinary secondary trading transactions), and thus dealing with shares that are part of an &ldquo;unsold allotment&rdquo;
within the meaning of Section 4(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption
provided by Section 4 (3) of the 1933 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may qualify the shares in states selected by the Sponsor and intends that sales be made through broker-dealers who are
members of FINRA. Investors intending to create or redeem Baskets through Authorized Participants in transactions not involving
a broker-dealer registered in such investor&rsquo;s state of domicile or residence should consult their legal advisor regarding
applicable broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Authorized Participants may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from
the Fund for their purchases of Creation Baskets.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a037_v1"></A><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor causes the Fund to transfer the proceeds from the
sale of Creation Baskets to the Custodian or other custodian for trading activities. The Sponsor will invest the proceeds in Freight
Futures and U.S. Treasuries with a maturity of 397 days or less, cash and/or cash equivalents. When the Fund purchases a futures
contract, the Fund is required to deposit with the selling FCM on behalf of the exchange a portion of the value of the contract
or other interest as security to ensure payment for the obligation at maturity. This deposit is known as initial margin. The Fund
will receive or pay, depending on market movement, variation margin as the value of the futures position increase or decreases.
Shareholders will not be required to post variation margin. The Sponsor will invest the assets that remain after margin and collateral
are posted in U.S. Treasuries, cash and/or cash equivalents. Subject to these margin and collateral requirements, the Sponsor
has sole authority to determine the percentage of assets that are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>held on deposit with the FCM or another custodian;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>used for other investments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>held in bank accounts to pay current obligations
                                         and as reserves.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Fund does not invest the proceeds of the offering of the shares of the Fund in the manner described above
on the day such proceeds are received, such proceeds will be deposited with the Custodian in a non-interest bearing account. The
Fund will invest proceeds from an Authorized Participant&rsquo;s purchase of a Creation Basket immediately. It is anticipated
that the proceeds from the sale of the initial Creation Baskets will settle with the Custodian on the same day as the Fund&rsquo;s
initial investment in Freight Futures, which will be the first day of trading of the Fund&rsquo;s shares. Therefore, there will
be no time during which the Fund will hold funds from the sale of Creation Baskets prior to the commencement of trading.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The assets deposited by the Fund
with an FCM as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may be invested only in
instruments approved by the CFTC, which include (i) U.S. government securities, (ii) municipal securities, (iii) U.S. agency obligations,
(iv) certificates of deposit, (v) commercial paper guaranteed by the U.S. government, (vi) corporate notes or bonds guaranteed
by the U.S. government, and (vii) interests in money market mutual funds; however, the Sponsor anticipates that the Fund&rsquo;s
margin deposit assets will be invested only in U.S. Treasuries or otherwise held as cash and/or cash equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Approximately 10%-40% of the
Fund&rsquo;s assets are expected to normally be committed as margin for futures contracts and approximately 60% to 90% of the
NAV will be held to pay current obligations and as reserves in the form of U.S. Treasuries, cash and/or cash equivalents in segregated
accounts with an FCM. However, from time to time, the percentage of assets committed as margin may be substantially more, or less,
than such range. Ongoing margin and collateral payments will generally be required for Freight Futures based on changes in their
value. Considering the differing requirements for initial payments under futures contracts and the fluctuating nature of ongoing
margin and collateral payments, it is not possible to estimate what portion of the Fund&rsquo;s assets will be posted as margin
or collateral at any given time. The U.S. Treasuries, cash and cash equivalents held by the Fund will constitute reserves that
will be available to meet ongoing margin and collateral requirements. All interest income will be used for the Fund&rsquo;s benefit.
The Sponsor invests the balance of the Fund&rsquo;s assets not invested in futures in U.S. Treasuries with a maturity of 397 days
or less, cash and cash equivalents and such funds are available as reserves for changes in margin. All interest income is used
for the Fund&rsquo;s benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">An FCM, counterparty, government
agency or commodity exchange could increase margin or collateral requirements applicable to the Fund to hold trading positions
at any time. Moreover, margin is merely a security deposit and has no bearing on the profit or loss potential for any positions
held.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The assets of the Fund posted
as margin for futures contracts will be held in segregation pursuant to the Commodity Exchange Act and CFTC regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a038_v1"></A><FONT STYLE="font-size: 10pt"><B>Information
You Should Know</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This prospectus contains information
you should consider when making an investment decision about the shares. You may rely on the information contained in this prospectus.
Neither the Fund nor the Sponsor has authorized any person to provide you with different information and, if anyone provides you
with different or inconsistent information, you should not rely on it. This prospectus is not an offer to sell the shares in any
jurisdiction where the offer or sale of the shares is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The information contained in
this prospectus was obtained from us and other sources believed by us to be reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">You should rely only on the information
contained in this prospectus or any applicable prospectus supplement or any information incorporated by reference to this prospectus.
We have not authorized anyone to provide you with any information that is different. If you receive any unauthorized information,
you must not rely on it. You should disregard anything we said in an earlier document that is inconsistent with what is included
in this prospectus or any applicable prospectus supplement or any information incorporated by reference to this prospectus. Where
the context requires, when we refer to this &ldquo;prospectus,&rdquo; we are referring to this prospectus and (if applicable)
the relevant prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">You should not assume that the
information in this prospectus or any applicable prospectus supplement is current as of any date other than the date on the front
page of this prospectus or the date on the front page of any applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We include cross references in
this prospectus to captions in these materials where you can find further related discussions. The table of contents tells you
where to find these captions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a039_v1"></A><FONT STYLE="font-size: 10pt"><B>Summary
of Promotional and Sales Material</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund will utilize the following
sales material:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td style="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">the Fund&rsquo;s website, www.drybulketf.com;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&bull;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">the Fund fact sheet available on the Fund&rsquo;s website.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a040_v1"></A><FONT STYLE="font-size: 10pt"><B>Where
You Can Find More Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Sponsor has filed on behalf
of the Fund a registration statement on Form S-1 with the SEC under the 1933 Act. This prospectus does not contain all of the
information set forth in the registration statement (including the exhibits to the registration statement), parts of which have
been omitted in accordance with the rules and regulations of the SEC. For further information about the Fund or the shares, please
refer to the registration statement, which you may inspect, without charge, at the public reference facilities of the SEC at the
below address or online at www.sec.gov, or obtain at prescribed rates from the public reference facilities of the SEC at the below
address. Information about the Fund and the shares can also be obtained from the Fund&rsquo;s website, which is www.drybulketf.com.
The Fund&rsquo;s website address is only provided here as a convenience to you and the information contained on or connected to
the website is not part of this prospectus or the registration statement of which this prospectus is part. The Fund is subject
to the informational requirements of the Exchange Act and the Sponsor and the Fund will each, on behalf of the Fund, file certain
reports and other information with the SEC. The Sponsor will file an updated prospectus annually for the Fund pursuant to the
1933 Act. The reports and other information can be inspected at the public reference facilities of the SEC located at 100 F Street,
NE, Washington, D.C. 20549 and online at www.sec.gov. You may also obtain copies of such material from the public reference facilities
of the SEC at 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. You may obtain more information concerning the operation
of the public reference facilities of the SEC by calling the SEC at 1-800-SEC-0330 or visiting online at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a041_v1"></A><FONT STYLE="font-size: 10pt"><B>Privacy
Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund and the Sponsor may
collect or have access to certain nonpublic personal information about current and former investors. Nonpublic personal information
may include information received from investors, such as an investor&rsquo;s name, social security number and address, as well
as information received from brokerage firms about investor holdings and transactions in shares of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund and the Sponsor do not
disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In general, the Fund
and the Sponsor restrict access to the nonpublic personal information they collect about investors to those of their and their
affiliates&rsquo; employees and service providers who need access to such information to provide products and services to investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund and the Sponsor maintain
safeguards that comply with federal law to protect investors&rsquo; nonpublic personal information. These safeguards are reasonably
designed to (1) ensure the security and confidentiality of investors&rsquo; records and information, (2) protect against any anticipated
threats or hazards to the security or integrity of investors&rsquo; records and information, and (3) protect against unauthorized
access to or use of investors&rsquo; records or information that could result in substantial harm or inconvenience to any investor.
Third-party service providers with whom the Fund and the Sponsor share nonpublic personal information about investors must agree
to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information
physically, electronically and procedurally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">A copy of the Fund and the Sponsor&rsquo;s
current Privacy Policy is provided to investors annually and is also available upon request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a042_v1"></A><FONT STYLE="font-size: 10pt"><B>Incorporation
By Reference and Availability of Certain Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"> <FONT STYLE="font-size: 10pt">Until
April 9, 2018 (25 calendar days after the date of this prospectus), all dealers that effect transactions in these securities,
whether or not participating in this offering, may be required to deliver a Prospectus. This is in addition to the dealers&rsquo;
obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</FONT> </P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt">We are a
smaller reporting company, as defined in Rule 405 (17 CFR 230, 405) and file annual, quarterly and current reports and
other information with the SEC. The rules of the SEC allow us to &ldquo;incorporate by reference&rdquo; information that we
file with them, which means that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus. The documents listed below and all documents
subsequently filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act before the
termination or completion of this offering of our shares shall be deemed to be incorporated by reference in this prospectus
and to be a part of it from the filing dates of such documents. This includes but is not limited to the documents set forth
below that have been previously filed with the SEC:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         Annual Report on Form 10-K for the fiscal year ended June 30, 2017, filed with the SEC
                                         on September 28, 2017;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2017 and
                                         December 31, 2017, filed with the SEC on November 13, 2017 and February 13, 2018, respectively;
                                         and</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor&rsquo;s Audited Statements of Financial Condition as of December 31, 2016, 2015
                                         and 2014, on Form 8-K filed with the SEC on April 28, 2017.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Any statement contained in a
document incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus
to the extent that a statement contained in this prospectus or in any other subsequently filed document that also is or is deemed
to be incorporated by reference in this prospectus modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. Likewise, statements in or
portions of a future document incorporated by reference in this prospectus may update and replace statements in and portions of
this prospectus or the above listed documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
information about the Fund&rsquo;s investments is or will be available in the Fund&rsquo;s annual and quarterly reports. In the
annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund&rsquo;s
performance during the last fiscal year, as applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
make shareholder inquiries, for more detailed information on the Fund, or to request any of the documents incorporated by reference
in this prospectus free of charge, please:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 13%"><FONT STYLE="font-size: 10pt">Call:</FONT></td>
    <td style="width: 87%"><FONT STYLE="font-size: 10pt">844-ETF-MGRS (844-383-6477)</FONT></td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">Monday through Friday</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 13%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 87%"><FONT STYLE="font-size: 10pt">8:00 a.m. &ndash; 8:00 p.m. (Eastern time)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Write:</FONT></td>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ETF Managers Group Commodity
        Trust I</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">c/o ETF Managers Capital
        LLC</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">30 Maple Street,</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Suite 2</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Summit, NJ 07901</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Visit:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">www.drybulketf.com</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Information
about the Fund can be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C., and information on the
operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Reports and other information about
the Fund are available on the EDGAR Database on the SEC&rsquo;s Internet site at www.sec.gov, and copies of this information may
be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by
writing the SEC&rsquo;s Public Reference Section, Washington, D.C. 20549-1520.</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No person is authorized to give
any information or to make any representations about any Fund and its shares not contained in this Prospectus and you should not
rely on any other information. Read and keep this Prospectus for future reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ETF Managers Group Commodity
Trust I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">30 Maple Street, Suite 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Summit, NJ 07901</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Fund is distributed by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ETFMG Financial LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">30 Maple Street, Suite 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Summit, NJ 07901</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a043_v1"></A><FONT STYLE="font-size: 10pt"><B>APPENDIX
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Glossary
of Defined Terms</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In this prospectus, each of the
following terms has the meanings set forth after such term:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Administrator</B>: U.S. Bancorp
Fund Services, LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Authorized Participant</B>:
One that purchases or redeems Creation Baskets or Redemption Baskets, respectively, from or to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Business Day</B>: Any day
other than a day when any of the NYSE Arca, the CME or the New York Stock Exchange is closed for regular trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Capesize Freight Futures</B>:
Exchange-cleared futures contracts on the Capesize 5TC Index.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>CFTC</B>: Commodity Futures
Trading Commission, an independent agency with the mandate to regulate commodity futures and options in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Code</B>: Internal Revenue
Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Commodity Pool</B>: An enterprise
in which several individuals contribute funds in order to trade futures or future options collectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Commodity Pool Operator or
CPO</B>: Any person engaged in a business which is of the nature of an investment trust, syndicate, or similar enterprise, and
who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through
capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in any commodity
for future delivery or commodity option on or subject to the rules of any contract market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Creation Basket</B>: A block
of 50,000 shares used by the Fund to issue shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Custodian</B>: U.S. Bank,
a national banking association chartered by the Office of the Comptroller of the Currency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Distributor</B>: ETFMG Financial
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Dodd-Frank Act</B>: The Dodd-Frank
Wall Street Reform and Consumer Protection Act that was signed into law July 21, 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>DTC</B>: The Depository Trust
Company. DTC will act as the securities depository for the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>DTC Participant</B>: An entity
that has an account with DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Exchange Act</B>: The Securities
Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>FINRA</B>: Financial Industry
Regulatory Authority, formerly the National Association of Securities Dealers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Fund</B>: Breakwave Dry Bulk
Shipping ETF, a series of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Indirect Participants</B>:
Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either
directly or indirectly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Limited Liability Company
(LLC)</B>: A type of business ownership combining several features of corporation and partnership structures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Margin</B>: The amount of
equity required for an investment in futures contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NAV</B>: Net asset value per
share of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NFA</B>: National Futures
Association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>1933 Act</B>: The Securities
Act of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Panamax Freight Futures</B>:
Exchange-cleared futures contracts on the Panamax 4TC Index.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Redemption Basket</B>: A block
of 50,000 shares used by Authorized Participants to redeem shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SEC</B>: Securities and Exchange
Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Secondary Market</B>: The
stock exchanges and the over-the-counter market. Securities are first issued as a primary offering to the public. When the securities
are traded from that first holder to another, the issues trade in these secondary markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Shareholders</B>: Holder of
Fund shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Shares</B>: Common shares
representing fractional undivided beneficial interests in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Supramax Freight Futures</B>:
Exchange-cleared futures contracts on the Supramax 6TC Index.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>U.S. Treasuries</B>: Obligations
of the U.S. government.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Trust</B>: The ETF Managers
Group Commodity Trust I, a Delaware statutory trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Valuation Day</B>: Any day
as of which the Fund calculates its NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>You</B>: The owner of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a044_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Trustees of ETF Managers Group Commodity Trust I</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Sponsor and Shareholder of Breakwave Dry Bulk Shipping ETF</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opinion
on the Financial Statement</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying statement of assets and liabilities of Breakwave Dry Bulk Shipping ETF (the Fund), a series of ETF
Managers Group Commodity Trust I (the Trust), as of January 4, 2018. This statement of assets and liabilities is the responsibility
of the Trust&rsquo;s management. Our responsibility is to express an opinion on this statement of assets and liabilities based
on our audit.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basis
for Opinion</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the statement of assets and liabilities
is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the statement of assets and liabilities, assessing the accounting principles used and significant estimates made by management,
and evaluating the overall statement of assets and liabilities presentation. We believe that our audit provides a reasonable basis
for our opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our opinion, the statement of assets and liabilities referred to above presents fairly, in all material respects, the financial
position of Breakwave Dry Bulk Shipping ETF, (a series of ETF Managers Group Commodity Trust I) as of January 4, 2018, in conformity
with accounting principles generally accepted in the United States of America.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
WithumSmith+Brown, PC</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Trust&rsquo;s auditor since 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
25, 2018</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a045_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statement</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breakwave
Dry Bulk Shipping ETF</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a
series of ETF Managers Group Commodity Trust I)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
of Assets and Liabilities</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
4, 2018</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and Cash Equivalents</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Assets</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares Outstanding</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;40
    </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Asset Value Per Share</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.00</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying
    notes are an integral part of this financial statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breakwave
Dry Bulk Shipping ETF</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a
series of ETF Managers Group Commodity Trust I)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statement</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
4, 2018</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Organization</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Breakwave Dry Bulk Shipping ETF (the &ldquo;Fund&rdquo;) is a series of ETF Managers Group Commodity Trust I (the &ldquo;Trust&rsquo;),
a Delaware statutory trust formed on July 23, 2014. The Fund is a commodity pool that issues common shares of beneficial interest
that may be purchased and sold on the NYSE Arca, Inc. stock exchange (&ldquo;NYSE Arca&rdquo;). The Trust currently consists of
two series, the Sit Rising Rate ETF (&ldquo;RISE&rdquo;) that commenced operations on February 19, 2015, and the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETF
Managers Capital LLC, a Delaware limited liability company (the &ldquo;Sponsor&rdquo;) serves as the commodity pool operator of
the Fund. Breakwave Advisors LLC (&ldquo;Breakwave&rdquo;) is registered as a &ldquo;commodity trading advisor&rdquo; (&ldquo;CTA&rdquo;)
with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) and serves as the Fund&rsquo;s commodity trading advisor.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 4, 2018, the Sponsor purchased 40 shares of the Fund for $1,000. As of January 4, 2018, the Fund had no other activities
other than those related to its formation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s investment objective is to provide investors with exposure to the daily change in the price of dry bulk freight futures,
before expenses and liabilities of the Fund, by tracking the performance of a portfolio (the &ldquo;Benchmark Portfolio&rdquo;)
consisting of a three-month strip of the nearest calendar quarter of futures contracts on specified indexes (each a &ldquo;Reference
Index&rdquo;) that measure rates for shipping dry bulk freight (&ldquo;Freight Futures&rdquo;). Each Reference Index is published
each United Kingdom business day by the London-based Baltic Exchange Ltd. (the &ldquo;Baltic Exchange&rdquo;) and measures the
charter rate for shipping dry bulk freight in a specific size category of cargo ship &ndash; Capesize, Panamex, or Supramax. The
three Reference Indexes are as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capesize
&ndash; the Capesize 5TC Index;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Panamex
&ndash; The Panamex 4TC Index; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supramax:
the Supramax 6TC Index.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Capesize 5 TC Index is disseminated at 11:00 a.m., London Time and the value of the Panamex 4TC Index and the Supramax
6TC Index is disseminated at 1:00 p.m., London Time. The Reference Index information disseminated by the Baltic Exchange also
includes the components and value of each component in each Reference Index. Such Reference Index information is also widely disseminated
by Reuters and/or other major market vendors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund seeks to achieve its investment objective by investing substantially all of its assets in the Freight Futures currently constituting
the Benchmark Portfolio. The Benchmark Portfolio will include all existing positions to maturity to maturity and settle them in
cash. During any given calendar quarter, the Benchmark Portfolio will progressively increase its position to the next calendar
quarter three-month strip, thus maintaining constant exposure to the Freight Futures market as positions mature.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Benchmark Portfolio will maintain long-only positions in Freight Futures. The Benchmark Portfolio will include a combination of
Capesize, Panamex, and Supramax Freight Futures. More specifically, the Benchmark Portfolio will include 50% exposure in Capesize
Freight Futures contracts, 40% exposure in Panamex Freight Futures contracts and 10% exposure in Supramax Freight Futures contracts.
The Benchmark Portfolio will not include, and the Fund will not invest in, swaps, non-cleared dry bulk freight forwards or other
over-the-counter derivative instruments that are not cleared through exchanges or clearing houses. The Fund may hold exchange-traded
options on Freight Futures. The Benchmark Portfolio is maintained by Breakwave and will be rebalanced annually. The Freight Futures
currently constituting the Benchmark Portfolio, as well as the daily holdings of the Fund will be available on the Fund&rsquo;s
website at <U>www.drybulketf.com</U>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
establishing positions in Freight Futures, the Fund will be required to deposit initial margin with a value of approximately 10%
to 40% of the notional value of each Freight Futures position at the time it is established. These margin requirements are established
and subject to change from time to time by the relevant exchanges, clearing houses or the Fund&rsquo;s futures commission merchant
(&ldquo;FCM&rdquo;). On a daily basis, the Fund will be obligated to pay, or entitled to receive, variation margin in an amount
equal to the change in the daily settlement level of its Freight Futures positions. Any assets not required to be posted as margin
with the FCM will be held at the Fund&rsquo;s custodian in cash or cash equivalents, as discussed below.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will hold cash or cash equivalents such as U.S. Treasuries or other high credit quality, short-term fixed-income or similar
securities for direct investment or as collateral for the U.S. Treasuries and for other liquidity purposes and to meet redemptions
that may be necessary on an ongoing basis. The Fund may also realize interest income from its holdings in U.S. Treasuries or other
market rate instruments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund qualifies as an &ldquo;emerging growth company&rdquo; as defined under the Jumpstart Our Business Startups Act of 2012.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of the Trust and the Fund is perpetual (unless terminated in certain circumstances as described in the Prospectus).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary of Significant Accounting Policies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of significant accounting policies followed by the Trust and Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(a)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Basis of Presentation</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statement has been prepared in conformity with accounting principles generally accepted in the United States
of America (GAAP). The Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting
Standards Codification of GAAP. Pursuant to rules and regulations of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;),
an audited statement of assets and liabilities is presented solely for the Fund, and the audited financial statements of other
Series of the Trust are excluded from the Prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(b)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Use of Estimates</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the accompanying financial statement in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements. Actual results could differ from those estimates.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(c)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cash and Cash Equivalents</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and the Fund define cash and cash equivalents to be highly liquid investments, with original maturities of three months
or less.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(d)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Income Taxes</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is registered as a Delaware statutory trust and is classified as a partnership for United States federal income tax purposes,
and treated as a separate entity from any other series of the Trust for U.S. federal income tax purposes. Accordingly, the Fund
will not incur United States federal income taxes. No provision for federal, state, and local income taxes has been made in the
accompanying Statement of Assets and Liabilities, as shareholders will be individually responsible for their own income taxes,
if any, on their allocable share of the Fund&rsquo;s income, gain, loss, deductions and other items.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits
will significantly change in the next twelve months. On an ongoing basis, management will monitor its tax positions taken to determine
if adjustments to its conclusions are necessary based on factors including, but not limited to, further implementation of guidance
expected from the Financial Accounting Standards Board and on-going analysis of tax law, regulation, and interpretations thereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(e)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Related Party Transactions</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will pay the Sponsor a management fee, monthly in arrears, in an amount equal to the greater of 0.15% or $125,000 per annum
of the average daily net asset value of the Fund (the &ldquo;Management Fee&rdquo;). The Management Fee will be paid in consideration
of the Sponsor advisory services to the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund also will pay Breakwave a license and service fee, paid monthly in arrears, for the use of the Benchmark Portfolio in an
amount equal to 1.45% per annum of the value of the Fund&rsquo;s average daily net assets.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breakwave
has agreed to waive its fee and the Sponsor has agreed to assume the Fund&rsquo;s Other Expenses (which term excludes brokerage
fees, interest expense, and extraordinary expenses) so that the Fund&rsquo;s total annual expenses do not exceed 3.50% per annum
through February 28, 2019. After that date, the expense limitation may be terminated and Fund shareholders may incur expenses
higher than 3.50% annually, perhaps significantly higher. The Fund may also be responsible for certain non-recurring or extraordinary
fees and expenses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays its Distributor, ETFMG Financial LLC, an annual fee for distribution services and related administrative services equal
to the greater of $15,000 or 0.02% of average Fund net assets, payable monthly.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
incurred in connection with organizing the Fund and the offering of the Shares upon commencement of its trading operations will
be paid by Exchange Traded Managers Group LLC, the parent and sole owner of the Sponsor. Expenses incurred in connection with
the continuous offering of Shares of the Fund after the commencement of its trading operations will be paid by the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Offering of the Shares</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares of the Fund are offered on a continuous basis pursuant to Rule 415 under the Securities Act of 1933. Shares may be purchased
from the Fund only by certain eligible financial institutions (the &ldquo;Authorized Participants&rdquo;), and only in one or
more blocks of 50,000 Shares, each called a Basket, although the initial Basket(s) will be purchased by an initial purchaser at
$25 per Share ($1,250,000 per Basket). After the commencement of investment operations, the Fund will issue Shares in Baskets
only to Authorized Participants continuously on the next business day immediately following the date on which a valid order to
create a Basket is accepted by the Fund, at the net asset value of 50,000 Shares as of 4:00 p.m. New York time on the date that
a valid order to create a Basket is received by the Fund. An Authorized Participant will be required to pay a transaction fee
of $500 per order to create or redeem one or more Baskets which will be retained by the Custodian.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees and Expenses</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(a)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Organization and Offering Expenses</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
incurred in connection with organizing the Fund and expenses incurred up to the offering of its Shares upon commencement of its
trading operations will be paid by the Sponsor.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
incurred in connection with the continuous offering of Shares of the Fund after the commencement of its trading operations will
be paid by the Fund. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and
other expenses associated therewith. These costs will be accounted for as a deferred charge and thereafter amortized to expense
over twelve months on a straight-line basis or a shorter period if warranted.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(b)</I></B></FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Management Fee</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will pay the Sponsor the Management Fee as described in Note 2(e) above. The Management Fee will be paid in consideration
of the Sponsor&rsquo;s advisory services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breakwave
has agreed to waive its fee and the Sponsor has agreed to assume the Fund&rsquo;s Other Expenses (which term excludes brokerage
fees, interest expense, and extraordinary expenses) so that the Fund&rsquo;s total annual expenses do not exceed 3.50% per annum
through February 28, 2019. After that date, the expense limitation may be terminated, and Fund shareholders may incur expenses
higher than 3.50% annually, perhaps significantly higher. The Fund may also be responsible for certain non-recurring or extraordinary
fees and expenses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(c)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Brokerage Commissions and Fees</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will pay to its commodity broker all brokerage commissions and fees charged in connection with its trading activities. The
Sponsor does not expect brokerage commissions and fees paid for execution and clearing services on behalf of the Fund to exceed
0.40% of the net asset value of the Fund in any year, although the actual amount of brokerage commissions and fees in any year
or any part of any year may be greater.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(d)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The Fund&rsquo;s Fees and Other Expenses</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will pay all of the routine offering, operational, administrative and other ordinary expenses of the Fund, including, but
not limited to Custody, Fund Accounting, Transfer Agent and Distributor, legal and auditing fees and expenses, tax preparation
expenses, filing fees, and printing, mailing and distribution costs. Breakwave has agreed to waive its fee and the Sponsor has
agreed to assume the Fund&rsquo;s Other Expenses (which term excludes brokerage fees, interest expense, and extraordinary expenses)
so that the Fund&rsquo;s total annual expenses do not exceed 3.50% per annum through February 28, 2019. As of January 4, 2018,
the Fund had incurred no routine offering, operational, administrative and other ordinary expenses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(e)</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Extraordinary Fees and Expenses</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will pay all of its extraordinary fees and expenses, if any. Extraordinary fees and expenses are fees and expenses which
are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated
expenses. As of January 4, 2018, the Fund had incurred no extraordinary fees or expenses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(5)</I></B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Redemptions</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund issues and redeems Shares from time to time, but only in one or more Creation Baskets. A Creation Basket is a block of 50,000
Shares of the Fund. Baskets may be created or redeemed only by Authorized Participants.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
when aggregated in Creation Baskets, the Shares are not redeemable securities. Retail investors, therefore, generally will not
be able to purchase or redeem Shares directly from or with the Fund. Rather, most retail investors will purchase or sell Shares
in the secondary market with the assistance of a broker.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(6)</I></B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Subsequent
                                         Events</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and the Fund have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date
this financial statement was issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or
adjustments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
