Common use of Contractual Settlement Clause in Contracts

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund the Trust must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Trust Company (“DTC”) account maintained at the applicable custodian of any Fund Trustee on or before the Domestic Contractual Settlement Date (defined below). The Trust Trustee will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and Trustee and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust Trustee to the AP (ordinarily on the first trade date plus two (t+2) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities and any cash component representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the Trust Trustee of the required number of Shares through the NSCC’s CNS systemContinuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through DTC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund the Trust which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Trust; but the Trustee may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement datedate for Creation Unit(s) of Shares, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust Trustee may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares marked to market daily. The parties hereto further agree that the delivery of such collateral shall be made in accordance with Trustee may purchase the Cash Collateral Settlement Procedures, which such procedures shall be provided to missing Shares at any time and the AP by agrees to accept liability for any shortfall between the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title cost to the Trust of purchasing such securities and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, and in such manner, as the Custodian will cause the delivery of the Redemption SecuritiesTrustee may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Trust Company (“DTC”) account maintained at the applicable custodian of any Fund Trustee on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Contractual Settlement Date, by means satisfactory to the Trustee, immediately available or same day funds estimated by the Trustee to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Trustee and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first (ii) trade date plus two (t+2) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays. Except as provided in the next two paragraphs, a Creation Unit of Shares of the Redemption Securities and any cash component Trust will be delivered issued concurrently with the transfer of good title to the Trust Trustee of the required number portfolio of Shares Deposit Securities through the NSCC’s CNS systemContinuous Net Settlement (“CNS”) system and the payment of the Cash Component and the purchase Transaction Fee through DTC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund the Trust which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). ) and will be at the expense of the Trust and will affect the value of all Shares of the Trust; but the Trustee, subject to the approval of the Board, may adjust the “Transaction Fee” within the parameters described below to protect ongoing shareholders. (3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus one (t + 1) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDay). Except as provided in the next two paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS Continuous Net Settlement (CNS) system.; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the International Contractual Settlement Date (defined below). The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the Redemption Securities are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such international Fund are customarily traded. (2) Deliveries of redemption distributions by the Funds generally will be made by within three (3) Business Days. Due to the end schedule of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent holidays in advance; providedcertain countries, however, the delivery of in-kind Redemption Securities of international Funds may take longer than three Business Days after the redemption distributions by TAGS generally will be made by day on which the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceRedemption Order is placed. (23) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (4) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Cash Component to replace any Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Marketing Agent that a “cash in lieu” amount will be delivered, the Marketing Agent will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares is insufficient on the International Contractual Settlement Date, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on the International Contractual Settlement Date and subsequent maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request.

Contractual Settlement. (a) Through the CNS Clearing ProcessProcess : (1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund Custodian on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component less Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first next Business Day following the Redemption Purchase Order Date (T+1T + 1) or such later Business Day, not to exceed two Business Days after the Purchase Order Date, as agreed to by between the Authorized Purchaser, Sponsor, Distributor AP and the Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Purchase Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and a Creation Unit of Shares of any cash component Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the Trust of the required number of Shares through the NSCC’s CNS systemCustodian and AP have entered into. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (discussed below). 3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Purchase Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) For Domestic Funds: Except as provided below, the Shares of any Fund Deposit Securities must be ------------------- delivered through the NSCC National Securities Clearing Corporation (NSCC) to a DTC Depository Trust Company (DTC) account maintained at the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below). The Trust will Participant must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Fund, immediately available or same day funds estimated by Fund to be sufficient to pay the Cash Component less next determined after acceptance of the Purchase Order, together with the applicable Transaction Feepurchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"). Any excess funds will be returned following settlement of the issue of the Creation Unit of iShares. The “"Contractual Settlement Date” with respect to redemptions " is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (T+1ii) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedtrade date + three business days. Except as provided in the next two paragraphs, the Redemption Securities and any cash component a Creation Unit of iShares of an Index Series will be delivered issued concurrently with the transfer of good title to the Trust Fund of the required number portfolio of Shares Deposit Securities through the NSCC’s CNS system. 's Continuous Net Settlement (2CNS) system and the payment of the Cash Component and the purchase transaction fee through the DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of Fund and will affect the value of all Fund shares; but BGFA, subject to the approval of the Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS "Normal Clearing Process may be Process" is subject to additional requirements and fees as discussed in the ProspectusStatement of Additional Information. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process:for Domestic Funds (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Trust Company (“DTC”) account maintained at the applicable custodian Custodian of any Fund the Company on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Company, immediately available or same day funds estimated by Company to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Company. The “Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions " is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Company and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first (ii) trade date plus three (t +3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays. Except as provided in the next two paragraphs, the Redemption Securities and a Creation Unit of Shares of any cash component Fund will be delivered issued concurrently with the transfer of good title to the Trust Company of the required number portfolio of Shares Deposit Securities through the NSCC’s CNS systemContinuous Net Settlement (“CNS”) system and the payment of the Cash Component and the purchase Transaction Fee through CNS. (2) The Trust Company reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Company, subject to the approval of the Board, may adjust the “Transaction Fee” within the parameters described in the Prospectus. The Company also reserves the right to permit the substitution of a cash in lieu amount to be added to the Cash Component for Custom Orders to replace any Deposit Security the acquisition of which by the Company would be prohibited by applicable law or regulation. (3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, Date the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “"Domestic Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (T + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system.'s Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” amount " amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the AP's undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Proceduresprocedures, which such procedures shall be provided to the AP by the Transfer Agent BNYM ETF Order Desk Administrator upon request. (4) In all cases . The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect to TAGS, contractual settlement must take place through any shortfall between the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title cost to the Trust of purchasing such Shares and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, and in such manner, as the Custodian will cause the delivery of the Redemption SecuritiesTrust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) For Domestic Funds: Except as provided below, the Shares of any Fund iShares must be ------------------- delivered through the NSCC National Securities Clearing Corporation (NSCC) to a DTC Depository Trust Company (DTC) account maintained at the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below). The Trust Fund will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Feepurchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"). The “"Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares iShares must be delivered to the Trust and fund and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust Fund to the AP Participant (ordinarily on the first Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedtrade date + three business days). Except as provided in the next two paragraphs, the Deposit Securities representing a Redemption Securities and any cash component Unit will be delivered issued concurrently with the transfer of good title to the Trust Fund of the required number aggregation of Shares iShares through the NSCC’s CNS system. 's Continuous Net Settlement (2CNS) system and the delivery of the Cash Component less the purchase transaction fee through the DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of Fund and will affect the value of all Fund shares; but BGFA, subject to the approval of the Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS "Normal Clearing Process may be Process" is subject to additional requirements and fees as discussed in the ProspectusStatement of Additional Information. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing ProcessProcess : (1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund Custodian on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component less Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first next Business Day following the Redemption Purchase Order Date (T+1t + 1) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to by between the Authorized Purchaser, Sponsor, Distributor AP and the Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Purchase Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and a Creation Unit of Shares of any cash component Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the Trust of the required number of Shares through the NSCC’s CNS systemCustodian and AP have entered into. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (discussed below). 3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing ProcessSystem: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Domestic Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities representing Creation Units of Shares and any cash component componet will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system.'s Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGSthe Trust of purchasing such shares and the value of the collateral, contractual settlement must take place through which may be sold by Trust at such time, and in such manner, as the CNS Clearing ProcessTrust may determine in its sole discretion. (b) Outside the CNS Clearing ProcessSystem: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the Business Day immediately following the date on which the redemption order was placed. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable redemption Transaction Fee (as described in the next two paragraphs, Prospectus). The "International Contractual Settlement Date" of an International Fund is the earlier of (i) the date upon which all of the Deposit Securities will not be are delivered until the transfer of good title to the Trust AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the required Redemption Baskets securities of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securitiessuch International Fund are customarily traded.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption SecuritiesDeposit Instruments, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Securities Deposit Instruments representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system.Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Security Deposit Instrument with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Instruments notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 110% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases . The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGSthe Trust of purchasing such shares and the value of the collateral, contractual settlement must take place through which may be sold by Trust at such time, and in such manner, as the CNS Clearing ProcessTrust may determine in its sole discretion. (b) Outside the CNS Clearing Process: (1) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the Business Day immediately following the date on which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the Deposit Instruments are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such International Fund are customarily traded. (2) Deliveries of redemption distributions proceeds by the Funds generally will be made by within three (3) Business Days. Due to the end schedule of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent holidays in advance; providedcertain countries, however, the delivery of in-kind Deposit Instruments of International Funds may take longer than three Business Days after the redemption distributions by TAGS generally will be made by day on which the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceRedemption Order is placed. (23) Except as provided in the next two paragraphs, the Deposit Securities Instruments will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets Creation Unit(s) of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have collateral has been received by the account, the Custodian will cause the delivery of the Redemption SecuritiesDeposit Instruments. (4) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Cash Component to replace any Deposit Instrument which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Deposit Instruments with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Deposit Instruments from the Fund or is not able to sell the particular Deposit Instruments in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares (Order Date +1), the Trust may deliver the Deposit Instruments notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to 110% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “"Domestic Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system.NSCCs Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” lieu amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the APs delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases . The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGSthe Trust of purchasing such shares and the value of the collateral, contractual settlement must take place through which may be sold by Trust at such time, and in such manner, as the CNS Clearing ProcessTrust may determine in its sole discretion. (b) Outside the CNS Clearing Process: (1) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the Business Day immediately following the date on which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The International Contractual Settlement Date of an International Fund is the earlier of (i) the date upon which all of the Deposit Securities are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such International Fund are customarily traded. (2) Deliveries of redemption distributions proceeds by the Funds generally will be made by within three (3) Business Days. Due to the end schedule of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent holidays in advance; providedcertain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the redemption distributions by TAGS generally will be made by day on which the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceRedemption Order is placed. (23) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets Creation Unit(s) of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have collateral has been received by the account, the Custodian will cause the delivery of the Redemption Deposit Securities. (4) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a cash in lieu amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies Distributor that a cash in lieu amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the cash in lieu amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Deposit Securities with a cash in lieu amount to the extent that the AP is not authorized to purchase the particular Deposit Securities from the Fund or is not able to sell the particular Deposit Securities in the secondary market, consistent with restrictions in applicable law or the APs internal policies and procedures. (5) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares (Order Date +1), the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the APs delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares Creation Units of any a Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities and any cash component representing Creation Units will be delivered issued concurrently with the transfer of good title to the Trust of the required number of Shares shares through the NSCC’s CNS system. 's Continuous Net Settlement (2CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all shares of such Fund; but the Trust may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If . In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of shares is insufficient on the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsordate for Creation Units, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that Trust may purchase the missing shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect to TAGS, contractual settlement must take place through any shortfall between the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title cost to the Trust of purchasing such securities and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, the Custodian will cause the delivery of the Redemption Securitiesand in such manner, as Trust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system.Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to % of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases . The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGSthe Trust of purchasing such shares and the value of the collateral, contractual settlement must take place through which may be sold by Trust at such time, and in such manner, as the CNS Clearing ProcessTrust may determine in its sole discretion. (b) Outside the CNS Clearing Process: (1) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the Business Day immediately following the date on which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the Deposit Securities are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such International Fund are customarily traded. (2) Deliveries of redemption distributions proceeds by the Funds generally will be made by within three (3) Business Days. Due to the end schedule of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent holidays in advance; providedcertain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the redemption distributions by TAGS generally will be made by day on which the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceRedemption Order is placed. (23) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets Creation Unit(s) of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have collateral has been received by the account, the Custodian will cause the delivery of the Redemption Deposit Securities. (4) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. At the discretion of the Trust or the Distributor, the AP may also be permitted to replace any Deposit Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Deposit Securities from the Fund or is not able to sell the particular Deposit Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares (Order Date +1), the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to % of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus one (t + 1) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDay). Except as provided in the next two paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS Continuous Net Settlement (CNS) system.; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Redemption Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the International Contractual Settlement Date (defined below). The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the Redemption Securities are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such international Fund are customarily traded. (2) Deliveries of redemption distributions by the Funds generally will be made by within three (3) Business Days. Due to the end schedule of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent holidays in advance; providedcertain countries, however, the delivery of in-kind Redemption Securities of international Funds may take longer than three Business Days after the redemption distributions by TAGS generally will be made by day on which the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceRedemption Order is placed. (23) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (4) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Cash Component to replace any Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Marketing Agent that a “cash in lieu” amount will be delivered, the Marketing Agent will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares is insufficient on the International Contractual Settlement Date, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on the International Contractual Settlement Date and subsequent maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, Date the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus two Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date Days (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed)). Except as provided in the next two paragraphs, the Redemption Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system.Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the AP’s undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Proceduresprocedures, which such procedures shall be provided to the AP by the Transfer Agent BNYM ETF Order Desk Administrator upon request. (4) In all cases . The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect to TAGS, contractual settlement must take place through any shortfall between the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title cost to the Trust of purchasing such Shares and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, and in such manner, as the Custodian will cause the delivery of the Redemption SecuritiesTrust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing ProcessFor Domestic Funds: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Trust Trust (“DTC”) account maintained at the applicable custodian Custodian of any Fund the Trust on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Trust, immediately available or same day funds estimated by Trust to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions " is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first (ii) trade date plus three (t +3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays. Except as provided in the next two paragraphs, the Redemption Securities and a Creation Unit of Shares of any cash component Fund will be delivered issued concurrently with the transfer of good title to the Trust of the required number portfolio of Shares Deposit Securities through the NSCC’s CNS system's Continuous Net Settlement (“CNS”) system and the payment of the Cash Component and the purchase Transaction Fee through DTC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside ) and will be at the CNS Clearing Process may be expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to additional requirements and fees as discussed in the Prospectusapproval of the Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. (3) If In the Fund’s DTC account has not been credited with event that a Creation Deposit is incomplete on the settlement date for a Creation Unit of Shares because certain or all of the Baskets to be redeemed by the end of the settlement dateDeposit Securities are missing, the redemption distribution is delivered to the extent Company may issue a Creation Unit 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 Redemption Baskets are credited to the Fund’s DTC account on Shares notwithstanding such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Deposit Securities marked to market daily. The parties hereto further agree that the delivery of such collateral shall be made in accordance with Company may purchase the Cash Collateral Settlement Procedures, which such procedures shall be provided missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the AP by Company of purchasing such securities and the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end value of the next Business Day or as agreed to by collateral, provided that such cost is reasonable under the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advancecircumstances. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Trust Company (“DTC”) account maintained at the applicable custodian Custodian of any Fund the Company on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Company, immediately available or same day funds estimated by Company to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Company. The “Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Company and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first (ii) trade date plus three (t +3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays. Except as provided in the next two paragraphs, a Creation Unit of Shares of the Redemption Securities and any cash component Fund will be delivered issued concurrently with the transfer of good title to the Trust Company of the required number portfolio of Shares Deposit Securities through the NSCC’s CNS systemContinuous Net Settlement (“CNS”) system and the payment of the Cash Component and the purchase Transaction Fee through DTC. (2) The Trust Company reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). ) and will be at the expense of the Fund and will affect the value of all Shares of the Fund; but the Company, subject to the approval of the Board, may adjust the “Transaction Fee” within the parameters described below to protect ongoing shareholders. (3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC to a DTC an account maintained at the applicable custodian local subcustodian of any the Fund on or before the Contractual Settlement Date (defined below). The Trust will Participant must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component less next determined after acceptance of the Purchase Order, together with the applicable Transaction Feepurchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. The “"Contractual Settlement Date” with respect to redemptions " is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and (ii) the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily last day for settlement on the first Business Day following customary settlement cycle in the Redemption Order Date (T+1) or as agreed to by jurisdiction where the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance securities of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedapplicable Index Series are customarily traded. Except as provided in the next two paragraphs, the Redemption Securities and any cash component a Creation Unit of WEBS of an Index Series will not be delivered concurrently with issued until the transfer of good title to the Trust Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required number securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Shares through the NSCC’s CNS system. (2Fund, the cash value thereof) have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Creation Unit of WEBS. The Trust reserves Distributor will then transmit a confirmation of acceptance to the right to Participant. The Fund may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” amount " amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not for other similar reasons. If the Adviser notifies the Distributor that a "cash in lieu" amount will be eligible for transfer through accepted, the CNS Clearing ProcessDistributor will notify the Participant and the Participant shall deliver, on behalf of itself or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through party on whose behalf it is acting, the CNS Clearing Process (discussed below)"cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement datedate for a Creation Unit of WEBS because certain Deposit Securities are missing, 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 timein its sole discretion, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account on issue a Creation Unit of WEBS notwithstanding such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP Participant to deliver the missing Shares Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash or Short-Term Investments (as defined in the Prospectus) having a value at least equal to 105% of the value of the missing Deposit Securities. The parties hereto agree that the delivery Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such collateral shall be made in accordance with securities and the Cash Collateral Settlement Proceduresvalue of the collateral, which such procedures shall may be provided to the AP sold by the Transfer Agent upon requestFund at such time, and in such manner, as the Fund may determine in its sole discretion. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund the Trust must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund BNY Mellon on or before the Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component Balancing Amount less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securitiesbitcoin, any cash in lieu amounts and Cash Component Balancing Amount less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus one (t + 1) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDay). Except as provided in the next two paragraphs, the Redemption Securities bitcoin and any cash component Balancing Amount will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS Continuous Net Settlement (CNS) system. (2b) The Trust reserves the right to will permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component Balancing Amount to replace any Redemption Security bitcoin with respect to a Fund the Trust which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectusdelivery. (3c) If the FundTrust’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the FundTrust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC to a DTC an account maintained at the applicable custodian local subcustodian of any the Fund on or before the Contractual Settlement Date (defined below). The Trust will Participant must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component less next determined after acceptance of the Purchase Order, together with the applicable Transaction Feepurchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. The “"Contractual Settlement Date” with respect to redemptions " is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and (ii) the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily last day for settlement on the first Business Day following customary settlement cycle in the Redemption Order Date (T+1) or as agreed to by jurisdiction where the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance securities of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedapplicable Index Series are customarily traded. Except as provided in the next two paragraphs, the Redemption Securities and any cash component a Creation Unit of WEBS of an Index Series will not be delivered concurrently with issued until the transfer of good title to the Trust Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required number securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Shares through the NSCC’s CNS system. (2Fund, the cash value thereof) have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Creation Unit of WEBS. The Trust reserves Distributor will then transmit a confirmation of acceptance to the right to Participant. The Fund may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” amount " amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not for other similar reasons. If the Adviser notifies the Distributor that a "cash in lieu" amount will be eligible for transfer through accepted, the CNS Clearing ProcessDistributor will notify the Participant and the Participant shall deliver, on behalf of itself or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through party on whose behalf it is acting, the CNS Clearing Process (discussed below)"cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement outside of the CNS Clearing Process may be subject to additional requirements and fees as discussed in issue of the Prospectus. (3) If Creation Unit of WEBS. In the Fund’s DTC account has not been credited with event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of WEBS because certain or all of the Baskets to be redeemed by the end of the settlement dateDeposit Securities are missing, the redemption distribution is delivered to the extent Fund will issue a Creation Unit 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 Redemption Baskets are credited to the Fund’s DTC account on WEBS notwithstanding such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP Participant to deliver the missing Shares Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash having a value at least equal to 125% of the value of the missing Deposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with the WEBS Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP Participant by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that the Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGSthe Fund of purchasing such securities and the value of the collateral, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions which may be sold by the Funds generally will be made by Fund at such time, and in such manner, as the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent Fund may determine in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceits sole discretion. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund must be delivered through the NSCC to a DTC Depository Trust Company (“DTC”) account maintained at the applicable custodian of any Fund Custodian on or before the Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus one (t + 1) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS systemDay). (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing ProcessFederal Reserve System. The Trust, or which subject to the approval of the Board, may not be eligible for transfer through adjust the systems of DTC and hence not eligible for transfer through Transaction Fee within the CNS Clearing Process (discussed below)parameters described below to protect ongoing shareholders from costs relating to such cash in lieu redemptions. Any settlement outside the CNS Clearing Process Federal Reserve System may be subject to additional requirements and fees as discussed in the Prospectus.. Cash in lieu may also be available if the AP is subject to regulatory, internal policy or other similar limitations on transacting in the security (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Fund Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that Trust may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect to TAGS, contractual settlement must take place through any shortfall between the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title cost to the Trust of purchasing such securities and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, the Custodian will cause the delivery of the Redemption Securitiesand in such manner, as Trust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing ProcessProcess : (1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund Custodian on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component less Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first next Business Day following the Redemption Purchase Order Date (T+1t + 1) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to by between the Authorized Purchaser, Sponsor, Distributor AP and the Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Purchase Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and a Creation Unit of Shares of any cash component Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the Trust of the required number of Shares through the NSCC’s CNS systemCustodian and AP have entered into. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (discussed below). 3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC National Securities Clearing Corporation ("NSCC") to a DTC Depository Company Company ("DTC") account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust Company will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Domestic Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares must be delivered to the Trust and Company and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust Company to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities and any cash component representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the Trust Company of the required number of Shares through the NSCC’s CNS system's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through DTC. (2) The Trust Company reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund ; but the Company, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement datedate for Creation Unit(s) of Shares, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust Company may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that Company may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside Company of purchasing such securities and the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end value of the next Business Day or collateral, which may be sold by Company at such time, and in such manner, as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent Company may determine in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceits sole discretion. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing ProcessFor Domestic Funds: (1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Trust Trust (“DTC”) account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Domestic Contractual Settlement Date” with respect to redemptions " is the date upon which all of the required Shares must be delivered to the Trust and and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities and any cash component representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS system's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through DTC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” " amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund ; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement date, the redemption distribution is delivered to the extent date for Creation Unit(s) 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the SponsorShares, the Trust may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that Trust may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect to TAGS, contractual settlement must take place through any shortfall between the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title cost to the Trust of purchasing such securities and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, the Custodian will cause the delivery of the Redemption Securitiesand in such manner, as Trust may determine in its sole discretion.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any the Fund must be delivered through the NSCC National Securities Clearing Corporation (“NSCC”) to a DTC Depository Company (“DTC”) account maintained at the applicable custodian of any the Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust Company will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and Company and, the Redemption Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust Company to the AP (ordinarily on the first trade date plus three (t + 3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays). Except as provided in the next two paragraphs, the Redemption Deposit Securities and any cash component representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the Trust Company of the required number of Shares through the NSCC’s CNS systemContinuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through DTC. (2) The Trust Company reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a the Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all Shares of such Fund ; but the Company, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (3) If In the Fund’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by the end of Shares is insufficient on the settlement datedate for Creation Unit(s) of Shares, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust Company may deliver the redemption distribution Deposit Securities notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent Distributor upon request. (4) In all cases . The parties hereto further agree that Company may purchase the missing Shares at any time and the AP agrees to accept liability for a Redemption Order placed with respect any shortfall between the cost to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside Company of purchasing such securities and the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end value of the next Business Day or collateral, which may be sold by Company at such time, and in such manner, as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent Company may determine in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceits sole discretion. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC to a DTC account maintained at the applicable custodian Custodian of any Fund the Trust on or before the Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Trust, immediately available or same day funds estimated by Trust to be sufficient to pay the Cash Component less next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Units of the Trust. The “Contractual Settlement Date” with respect to redemptions is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first (ii) trade date plus three (t +3) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDays. Except as provided in the next two paragraphs, the Redemption Securities and Creation Units of any cash component Fund will be delivered issued concurrently with the transfer of good title to the Trust of the required number portfolio of Shares Deposit Securities through the NSCC’s CNS system. 's Continuous Net Settlement (2“CNS”) system and the payment of the Cash Component and the purchase Transaction Fee through DTC. The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below)) and will be at the expense of the Fund and will affect the value of all shares of such Fund. Any The Trust may adjust the “Transaction Fee” within the parameters described below to protect ongoing shareholders. In the event that a deposit made in consideration for Creation Units is incomplete on the settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with date because certain or all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets Deposit Securities are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsormissing, the Trust may deliver the redemption distribution issue a Creation Unit notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Deposit Securities, marked to market daily. The parties hereto further agree that the delivery of such collateral shall be made in accordance with Company may purchase the Cash Collateral Settlement Procedures, which such procedures shall be provided missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the AP by Company of purchasing such securities and the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end value of the next Business Day or as agreed to by collateral, provided that such cost is reasonable under the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advancecircumstances. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC to a DTC an account maintained at the applicable custodian local subcustodian of any Fund the Trust on or before the Contractual Settlement Date (defined below). The Trust will Participant must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component less next determined after acceptance of the Purchase Order, together with the applicable Transaction Feepurchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of a Fund’s shares. The “Contractual Settlement Date” with respect to redemptions is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and (ii) the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily last day for settlement on the first Business Day following customary settlement cycle in the Redemption Order Date (T+1) or as agreed to by jurisdiction where the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance securities of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedapplicable Fund are customarily traded. Except as provided in the next two paragraphs, the Redemption Securities and any cash component a Creation Unit of shares of a Fund will not be delivered concurrently with issued until the transfer of good title to the Trust of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required number securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Shares through the NSCC’s CNS system. (2Trust, the cash value thereof) have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Trust will issue and cause the delivery of the Creation Unit of shares of the Fund. The Distributor will then transmit a confirmation of acceptance to the Participant. The Trust reserves the right to may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not for other similar reasons. If the Adviser notifies the Distributor that a “cash in lieu” amount will be eligible for transfer through accepted, the CNS Clearing ProcessDistributor will notify the Participant and the Participant shall deliver, on behalf of itself or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through party on whose behalf it is acting, the CNS Clearing Process (discussed below)“cash in lieu” amount, with any appropriate adjustments as advised by the Trust. Any excess funds will be returned following settlement outside of the CNS Clearing Process may be subject to additional requirements and fees as discussed in issue of the Prospectus. (3) If Creation Unit of shares. In the Fund’s DTC account has not been credited with event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of shares because certain or all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets Deposit Securities are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsormissing, the Trust may deliver the redemption distribution will issue a Creation Unit of shares notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP Participant to deliver the missing Shares Deposit Securities as soon as possible, which undertaking shall be secured by such Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to[ ]% of the value of the missing Deposit Securities marked to market daily. The parties hereto further agree that the delivery Fund may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the Fund of purchasing such collateral shall be made in accordance with securities and the Cash Collateral Settlement Proceduresvalue of the collateral, which such procedures shall may be provided to the AP sold by the Transfer Agent upon requestFund at such time, and in such manner, as the Fund may determine in its sole discretion. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily on the first trade date plus one (t + 1) Business Day following the Redemption Order Date (T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedDay). Except as provided in the next two paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC’s CNS Continuous Net Settlement (CNS) system.; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Any settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Except as provided below, the Shares must be delivered to an account maintained at the Custodian on or before the International Contractual Settlement Date (defined below). The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an international Fund is the earlier of (i) the date upon which all of the Redemption Securities are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such international Fund are customarily traded. (2) Deliveries of redemption distributions by the Funds generally will be made by within three (3) Business Days. Due to the end schedule of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent holidays in advance; providedcertain countries, however, the delivery of in-kind Redemption Securities of international Funds may take longer than three Business Days after the redemption distributions by TAGS generally will be made by day on which the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advanceRedemption Order is placed. (23) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (4) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Cash Component to replace any Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares is insufficient on the International Contractual Settlement Date, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on the International Contractual Settlement Date and subsequent maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request.

Contractual Settlement. (a) Through the CNS Clearing Process: (1) Except as provided below, the Shares of any Fund Deposit Securities must be delivered through the NSCC to a DTC an account maintained at the applicable custodian local subcustodian of any the Fund on or before the Contractual Settlement Date (defined below). The Trust will Participant must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component less next determined after acceptance of the Purchase Order, together with the applicable Transaction Feepurchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. The “"Contractual Settlement Date” with respect to redemptions " is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and (ii) the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily last day for settlement on the first Business Day following customary settlement cycle in the Redemption Order Date (T+1) or as agreed to by jurisdiction where the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance securities of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placedapplicable Index Series are customarily traded. Except as provided in the next two paragraphs, the Redemption Securities and any cash component a Creation Unit of WEBS of an Index Series will not be delivered concurrently with issued until the transfer of good title to the Trust Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required number securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Shares through the NSCC’s CNS system. (2Fund, the cash value thereof) have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Creation Unit of WEBS. The Trust reserves Distributor will then transmit a confirmation of acceptance to the right to Participant. The Fund may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “"cash in lieu” amount " amount) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a Fund which may not be available in sufficient quantity for delivery or which may not for other similar reasons. If the Adviser notifies the Distributor that a "cash in lieu" amount will be eligible for transfer through accepted, the CNS Clearing ProcessDistributor will notify the Participant and the Participant shall deliver, on behalf of itself or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through party on whose behalf it is acting, the CNS Clearing Process (discussed below)"cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement outside the CNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (3) If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by the end issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement datedate or a Creation Unit of WEBS because certain Deposit Securities are missing, 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 timein its sole discretion, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account on issue a Creation Unit of WEBS notwithstanding such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP Participant to deliver the missing Shares Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash or Short-Term Investments (as defined in the Prospectus) having a value at least equal to 105% of the value of the missing Deposit Securities. The parties hereto agree that the delivery Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such collateral shall be made in accordance with securities and the Cash Collateral Settlement Proceduresvalue of the collateral, which such procedures shall may be provided to the AP sold by the Transfer Agent upon requestFund at such time, and in such manner, as the Fund may determine in its sole discretion. (4) In all cases for a Redemption Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities.

Contractual Settlement. (a) Through the CNS Clearing ProcessProcess : (1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of any Fund Custodian on or before the Domestic Contractual Settlement Date (defined below). The Trust will AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component less Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first next Business Day following the Redemption Purchase Order Date (T+1T + 1) or such later Business Day, not to exceed two Business Days after the Purchase Order Date, as agreed to by between the Authorized Purchaser, Sponsor, Distributor AP and the Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (T+2) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Purchase Order is placed. Except as provided in the next two paragraphs, the Redemption Securities and a Creation Unit of Shares of any cash component Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the Trust of the required number of Shares through the NSCC’s CNS systemCustodian and AP have entered into. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount ) to be added to the Cash Component to replace any Redemption Deposit Security with respect to a any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (discussed below). 3) Any settlement outside the CNS Clearing Process may be is subject to additional requirements and fees as discussed in the Prospectus. (4) In all cases for a Purchase Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process. Exhibit B – Page 28 (b) Outside the CNS Clearing Process : (1) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued until the transfer of good title to the Trust of the Deposit Securities and the payment of the Cash Component and the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Custodian that the required Deposit Securities (or, when permitted in the sole discretion of the Trust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation Unit of Shares. (2) The Trust may in its sole discretion permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Distributor that a “cash in lieu” amount will be accepted, the Distributor or Transfer Agent will notify the AP and the AP shall deliver, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust which may include any difference between the actual cost to the Trust to acquire an omitted security and the value of the security had the security been delivered in kind. Additional amounts, if any, shall be included in the calculation of the Cash Component to be received, any excess amounts will be returned to the AP following settlement of the issue of the Creation Unit of Shares. (3) If In the Fund’s DTC account has not been credited with event that a Creation Basket Deposit is incomplete on the settlement date for a Creation Unit of Shares because certain or all of the Baskets to be redeemed by the end of the settlement date, 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 Redemption Baskets Deposit Securities are credited to the Fund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsormissing, the Trust may deliver the redemption distribution issue a Creation Unit of Shares notwithstanding a such deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares Deposit Securities as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. (4) In all cases for a Redemption Order placed with respect to TAGS. The parties hereto further agree that Trust, contractual settlement must take place through acting in good faith, may purchase the CNS Clearing Process. (b) Outside the CNS Clearing Process: (1) Deliveries of redemption distributions by the Funds generally will be made by the end of the next Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance. (2) Except as provided in the next two paragraphs, the missing Deposit Securities will not be delivered until at any time and the transfer of good title AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion value of the Trustcollateral, the cash collateral) have been received which may be sold by the accountTrust at such time, and in such manner, as the Custodian will cause the delivery of the Redemption SecuritiesTrust may determine in its sole discretion.