On any Index Business day, the Daily Investor Fee for each series of the ETNs will be equal to the product of (1) the Closing Indicative Value for such series of ETNs on the immediately preceding Index Business Day times (2)(a) the Investor Fee Factor for such series of ETNs times (b) 1/365 times (c) d, where d is the number of calendar days from and including the immediately prior Index Business Day to but excluding the date of determination. The Daily Investor Fee is deemed to be zero on any day that is not an Index Business Day. The Investor Fee Factor is 1.35% per annum for the gold, platinum, palladium, copper, Brent crude, and crude oil ETNs (Bloomberg tickers “UGLD”, “DGLD”, “LPLT”, “IPLT”, “LPAL”, “IPAL”, “LCPR”, “SCPR”, “UOIL”, “DOIL”, “UWTI”, “DWTI”).
The Investor Fee Factor is 1.65% per annum for the silver and the natural gas ETNs (Bloomberg tickers “USLV”, “DSLV”, “UGAZ”, “DGAZ”).
These fees are described more fully in the applicable pricing supplement.