Common use of EXECUTION OF PURCHASE AND REDEMPTION ORDERS Clause in Contracts

EXECUTION OF PURCHASE AND REDEMPTION ORDERS. (a) All Orders must comply with the procedures for Orders set forth in the Prospectus and in this Agreement, including the attachments, as each may be amended from time to time. The Participant, the Distributor, and the Transfer Agent each agrees to comply with the provisions of the Prospectus, this Agreement, and the laws, rules, and regulations that are applicable to it in its role under this Agreement. If there is a conflict between the terms of the Prospectus and the terms of this Agreement, the terms of the Prospectus control. (b) Phone lines used in connection with Orders will be recorded. The parties hereby consent to the recording of all calls in connection with the Orders. (c) The Participant acknowledges and agrees that delivery of any Order shall be irrevocable, provided that the Fund, Transfer Agent and the Distributor on behalf of the Fund each reserve the right to reject any Order in accordance with the Prospectus. (d) The Participant understands that a Creation Unit generally will not be issued until the requisite cash (the “Cash Component”) and/or the designated basket of securities, including any cash in lieu (the “Deposit Securities”), as well as applicable transaction fees and taxes, are transferred to the Fund on or before the settlement date in accordance with this Agreement. (e) With respect to any Redemption Order, the Participant agrees to return to the Fund any dividend, interest, distribution, or other corporate action paid to the Participant in respect of any security that is transferred to the Participant (each, a “Fund Security”) that, based on the valuation of such Fund Security at the time of transfer, should, in accordance with the terms of the instrument or corporate action and industry custom in the applicable market, have been paid to the Fund. The Participant also agrees that, alternatively, a Fund is entitled to reduce the amount of money or other proceeds due to the Participant by an amount equal to any dividend, interest, distribution, or other corporate action to be paid to the Participant in respect of any Fund Security that is transferred to the Participant that, based on the valuation of such Fund Security at the time of transfer, should be paid to the Fund. With respect to any Purchase Order, the Distributor agrees, on behalf of the Fund, to return to the Participant any dividend, interest, distribution, or other corporate action paid to a Fund in respect of any Deposit Security that is transferred to the Fund that, based on the valuation of such Deposit Security at the time of transfer, should, in accordance with the terms of the instrument or corporate action and industry custom in the applicable market, have been paid to the Participant.