Agreements | (4) Agreements (a) Management Fee The Fund pays the Sponsor an annual management fee, monthly in arrears, in an amount calculated as the greater of 0.15% of its average daily net assets, or $75,000 effective February 20, 2016 ($56,250 prior to February 20, 2016) (the Sponsor Fee). The Sponsor Fee is paid in consideration of the Sponsors advisory services to the Fund. Additionally, Sit receives an annual fee, monthly in arrears, for its services equal to 0.50% effective January 27, 2016 (0.35% prior to January 27, 2016) of the Funds average daily net assets. As of February 19, 2015, Sit has agreed to waive its license and service fee (CTA fee) and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of the Fund so that Fund expenses do not exceed an annual rate of 1.50%, excluding brokerage commissions and interest expense, of the value of the Funds average daily net assets (the Expense Cap). The assumption of expenses and waiver of the CTA fee are contractual on the part of the Sponsor and Sit, respectively, through February 1, 2018. The waiver of the CTA fees, pursuant to the undertaking, amounted to $16,335 and $5,793 for the three months ended September 30, 2016 and September 30, 2015, respectively. The Fund currently accrues its daily expenses up to the Expense Cap. 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 Expense Cap which aggregated $79,991 and $84,620 for the three months ended September 30, 2016 and September 30, 2015, respectively. (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). Effective February 19, 2016, the Fund has agreed to pay U.S. Bank 0.05% of assets under management (AUM), with a $50,000 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. For the first year of services, the Fund paid 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. The Fund paid U.S. Bank $13,812 and $12,518 for the three months ended September 30, 2016 and September 30, 2015, respectively. (c) The Distributor Effective December 1, 2015, ALPS Distributors, Inc. (the Distributor) provides statutory and wholesaling distribution services to the Fund. The Fund pays an annual fee for such distribution services and related administrative services equal to 0.02% of the Funds average daily net assets, with a minimum of $15,000 payable annually. This fee has two components, with a portion of the fee paid to ALPS Distributors, Inc. for the statutory distribution services and a portion paid to the Sponsor for the related administrative services. 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. Esposito Securities LLC (Esposito) provided statutory and wholesaling distribution services to the Fund through November 30, 2015. The Fund paid Esposito an annual fee for such distribution services, equal to 0.02% of Fund average daily net assets, with a minimum of $15,000 payable annually. Pursuant to the Distribution Services Agreement between the Sponsor, the Fund and Esposito, the former distributor assisted 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. Esposito also assisted with the processing of creation and redemption orders. The Fund incurred $3,811 and $3,770 in distribution and related administrative services for the three months ended September 30, 2016 and September 30, 2015, respectively, as disclosed in the Statements of Operations. (d) The Commodity Broker SG Americas Securities, LLC (the Commodity Broker), a Delaware limited liability company, serves as the Funds clearing 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, giveup 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 0.126% 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. The Fund incurred $6,377 and $3,628 in brokerage commissions and fees for the three months ended September 30, 2016 and September 30, 2015, 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), 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, 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. For the three months ended September 30, 2016 and September 30, 2015, the Fund incurred $1,260 and $1,256, respectively, in trustee fees 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 Funds Expense Cap limitation pays all of the routine offering, operational, administrative and other ordinary expenses of the Fund in excess of 1.50% (excluding brokerage commissions and interest expense) of the Funds 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. For the three months ended September 30, 2016 and September 30, 2015, the Fund incurred $151,707 and $118,864, respectively, in routine offering, operational, administrative or other ordinary expenses. The CTA fee waiver by Sit and the assumption of Fund expenses above the Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $16,335 and $79,991, respectively, for the three months ended September 30, 2016, and $5,793 and $84,620, respectively, for the three months ended September 30, 2015. (g) Organizational and Offering Costs Expenses incurred in connection with organizing the Fund and up to the offering of its Shares upon commencement of its investment operations on February 19, 2015, were paid by the Sponsor and Sit 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. These costs will include registration fees for 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. For the three months ended September 30, 2016, and September 30, 2015, respectively, the Fund did not incur such expenses. (h) Extraordinary Fees and Expenses The Fund will pay all extraordinary fees and expenses, if any. Extraordinary fees and expenses are fees and expenses which are nonrecurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three months ended September 30, 2016, and September 30, 2015, respectively, the Fund did not incur such expenses. |