| Agreements | (4) Agreements (a) Management Fee The Fund pays the Sponsor a sponsor fee (the
“Sponsor Fee”) in consideration of the Sponsor’s advisory services to the Fund. Additionally, the Fund pays its commodity
trading advisor a license and service fee (the “CTA fee”). BDRY pays the Sponsor an annual Sponsor Fee,
monthly in arrears, in an amount calculated as the greater of 0.15% of its average daily net assets, or $125,000. BDRY also paid an annual
fee to Breakwave, monthly in arrears, in an amount equal to 1.45% of BDRY’s average daily net assets. Breakwave has agreed to waive
its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of BDRY
such that Fund expenses do not exceed an annual rate of 3.50%, excluding brokerage commissions and interest expense, of the value of
BDRY’s average daily net assets through March 31, 2024 (the “BDRY Expense Cap,”). The assumption of expenses by
the Sponsor and waiver of BDRY’s CTA fee are contractual on the part of the Sponsor and Breakwave, respectively. Effective September 1, 2022, Breakwave may recoup any fees waived on or after such date, pursuant to the Expense Cap; however, no repayment
will be made if such repayment causes the Fund's Total Expenses after the repayment to exceed either the Expense Cap in place at the time
such amounts were waived, or the Fund's current Expense Cap. Such recoupment is limited to three years from the date the amount is initially
waived. The waiver of BDRY’s CTA fees, pursuant
to the undertaking, amounted to $27,625 and $-0-, for the three months ended September 30, 2022, and 2021, respectively, as disclosed
in the Statements of Operations. The Fund currently accrues its daily expenses
up to the Expense Cap, or if less, at accrual estimates established by the Sponsor. At the end of each month, the accrued amount is remitted
to the Sponsor as the Sponsor has assumed and is responsible for the payment of the routine operational, administrative, and other ordinary
expenses of the Fund in excess of the Fund’s Expense Cap, which in the case of BDRY, expenses absorbed by the sponsor aggregated
$-0- and $-0- for the three months ended September 30, 2022, and 2021, respectively, as disclosed in the Statements of Operations. (b) The Administrator, Custodian, Fund Accountant
and Transfer Agent The Fund has appointed U.S. Bank, a national
banking association, with its principal office in Milwaukee, Wisconsin, as the custodian (the “Custodian”). Its affiliate,
U.S. Bancorp Fund Services, is the Fund accountant (“the Fund accountant”) of the Fund, transfer agent (the “Transfer
Agent”) for Fund shares and administrator for the Fund (the “Administrator”). 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 “U.S. Bank”). BDRY has agreed to pay U.S. Bank 0.05% of AUM,
with a $45,000 minimum annual fee payable for its administrative, accounting and transfer agent services and 0.01% of AUM, with an annual
minimum of $4,800 for custody services. BDRY paid U.S. Bank $16,637 and $16,297 for the three months ended September 30, 2022, and 2021,
respectively, as disclosed in the Statements of Operations. (c) The Distributor The Fund pays ETFMG Financial LLC. (the “Distributor”),
an affiliate of the Sponsor, an annual fee for statutory and wholesaling distribution services and related administrative services equal
to the greater of $15,000 or 0.02% of the Fund’s average daily net assets, payable monthly. Pursuant to the Marketing Agent Agreement
between the Sponsor, the Fund and the Distributor, the Distributor assists the Sponsor and the Fund with certain functions and duties
relating to distribution and marketing services to the Fund, including reviewing and approving marketing materials and certain regulatory
compliance matters. The Distributor also assists with the processing of creation and redemption orders. BDRY incurred $3,959 and $3,959 for the three months ended September
30, 2022 and 2021, respectively, as disclosed in the Statements of Operations. BDRY pays the Sponsor an annual fee for wholesale
support services of $25,000 plus 0.12% of BDRY’s average daily net assets, payable monthly. BDRY incurred $17,700 and $33,807 in wholesale
support fees for the three months ended September 30, 2022, and 2021, respectively, as disclosed in the Statements of Operations. (d) The Commodity Broker Marex Financial (formerly ED & F Man Capital Markets Inc.), registered in England,
serves as BDRY’s clearing broker (the “Commodity Broker”). In its capacity as clearing broker, the Commodity
Broker executes and clears the Funds’ futures transactions and performs certain administrative services for the Fund. The Fund pays respective brokerage commissions,
including applicable exchange fees, National Futures Association (“NFA”) fees, give–up fees, pit brokerage fees and
other transaction related fees and expenses charged in connection with trading activities in CFTC regulated investments. Brokerage commissions
on futures contracts are recognized on a half-turn basis. The Sponsor does not expect brokerage commissions
and fees to exceed 0.40% (excluding the impact on the Fund of creation and/or redemption activity) of the net asset value of the Fund
for execution and clearing services on behalf of the Fund, although the actual amount of brokerage commissions and fees in any year or
any part of any year may be greater. The effects of trading spreads, financing costs associated with financial instruments, and costs
relating to the purchase of U.S. Treasury Securities or similar high credit quality short-term fixed-income or similar securities are
not included in the foregoing analysis. BDRY incurred $109,622 and $177,793 in brokerage commissions and fees for the three months ended
September 30, 2022 and 2021, respectively, as disclosed in the Statements of Operations. (e) The Trustee Under the Amended and Restated Declaration of
Trust and Trust Agreement (the “Trust Agreement”) for the Fund, Wilmington Trust Company, the Trustee of the Fund (the “Trustee”)
serves as the sole trustee of the Fund in the State of Delaware. The Trustee will accept service of legal process on the Fund in the
State of Delaware and will make certain filings under the Delaware Statutory Trust Act. Under the Trust Agreement for the Fund, the Sponsor
has the exclusive management and control of all aspects of the business of the Fund. The Trustee does not owe any other duties to the
Fund, the Sponsor or the Shareholders of the Fund. The Trustee has no duty or liability to supervise or monitor the performance of the
Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor. BDRY incurred $1,260 and $630 in trustee fees
for the three months ended September 30, 2022 and 2021, respectively, which is included in Other Expenses in the Statements of Operations. (f) Routine Offering, Operational, Administrative
and Other Ordinary Expenses The Sponsor, in accordance with the BDRY Expense
Cap limitation paid, after the waiver of the CTA fee for BDRY by Breakwave, all of the routine offering, operational, administrative
and other ordinary expenses of BDRY in excess of 3.50% (excluding brokerage commissions and interest expense) of BDRY’s average
daily net assets, including, but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator,
Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and
printing, mailing and duplication costs. BDRY incurred $471,274 and $795,900 for the three months ended September 30, 2022 and 2021,
respectively, in routine offering, operational, administrative or other ordinary expenses. The CTA fee waiver for BDRY by Breakwave was
$27,625 and $-0- for the three months ended September 30, 2022 and 2021, respectively. In addition, the assumption of Fund expenses
above the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $-0- and $-0- for the three
months ended September 30, 2022 and 2021, respectively. (g) Organizational and Offering Costs Expenses incurred in connection with organizing
BDRY and up to the offering of its Shares upon commencement of its investment operations on March 22, 2018, were paid by the Sponsor
and Breakwave without reimbursement. Accordingly, all such expenses are not
reflected in the Statements of Operations. The Fund will bear the costs of its continuous offering of Shares and ongoing offering
expenses. Such ongoing offering costs will be included as a portion of the Routine Offering, Operational, Administrative and Other
Ordinary Expenses. For the three months ended September 30, 2022 and 2021, BDRY incurred no such expense. |
