Creation and Redemption of Creation Units. It is agreed and understood that the Administrator on the ETF’s behalf, shall process the issuance and redemption of Creation Units of the ETFs in blocks of Shares as established in the Prospectus for the ETF (“Creation Units”) to and from such persons as are identified and approved by the Distributor as Authorized Participants and who have entered into a Participant Agreement.
A. Accept from [the Distributor/Authorized Participants] creation and redemption orders for communication to the appropriate parties, approval (as may be agreed with the Distributor) and processing.
B. Pursuant to creation and redemption orders that the Administrator as transfer agent shall receive from [the Distributor/Authorized Participants (and which shall be confirmed by the Distributor, as required)] and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall communicate such orders to the Trust or ETF as appropriate.
Creation and Redemption of Creation Units. The Custodian shall receive and deposit into the Fund’s account such payments as are received for Fund shares issued or sold in Creation Units. The Custodian will provide timely notification to the Fund and the Transfer Agent of any receipt of such payments by the Custodian.
Creation and Redemption of Creation Units
