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&lt;p style="margin-top: 18px; margin-bottom: 0px;"&gt;&lt;font style="font-family: Times New Roman;" class="_mt" size="2"&gt;&lt;b&gt;3 - Expenses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;font style="font-family: Times New Roman;" class="_mt" size="2"&gt;
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&lt;p style="margin-top: 6px; margin-bottom: 0px;"&gt;&lt;font style="font-family: Times New Roman;" class="_mt" size="2"&gt;The Trust pays to the Sponsor a Sponsor's fee that accrues daily at an annualized rate equal to 0.50% of the adjusted net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee's fee, the Custodian's fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. &lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</NonNumbericText>
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The Trust pays to the Sponsor a Sponsor's fee that accrues daily at an annualized rate equal to 0.50% of the adjusted net asset value of the</NonNumericTextHeader>
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 -Publisher SEC
 -Name Regulation S-X (SX)
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 -Section 03
 -Paragraph 3, 6, 7, 9
 -Article 5

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