Common use of Outside the Clearing Process Clause in Contracts

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement procedures provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may in its sole discretion issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% the percentage (as identified in the Prospectus) of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115105% of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below)1. The Participant must also make available on or before following transactions shall be handled Outside the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: Clearing Process: (i) any creation or redemption of Creation Units that the date upon which all of Trust, its Order Taker or another authorized agent shall instruct X.X. Xxxxxx to settle Outside the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the FundClearing Process; and and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any security create that is part of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be issued outside of ineligible for the Clearing Process until the transfer of good title Process, including securities that are not eligible to the Fund of the securities be settled through DTC. 2. All such transactions shall be effected by X.X. Xxxxxx on a delivery versus payment and receive versus payment basis through DTC and according to DTC's rules, and the payment of any cash component Trust or the ETF Series shall provide to X.X. Xxxxxx the information and applicable fees have been completed. When the Subcustodian confirms terms that are necessary to the Fund’s custodian that the required securities (orsettle each transaction, when permitted in the sole discretion of the Fund, including the cash value thereof) have been delivered of each security settlement, unless the Trust's or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by X.X. Xxxxxx as Custodian and subject to the account terms of the relevant Subcustodian, Custody Agreement. US fixed income securities that are not DTC eligible will be settled free of payment via the custodian shall Fed or similar US clearing structure. Foreign equity and fixed income securities will cause the delivery be settled locally free of payment where permitted in such market. 3. The Trust recognizes that fails to receive may occur from time to time with respect to one or more of the Creation Unit. security creates/redemptions among Deposit/Redemption Securities settled outside the Clearing Process. (i) In the event that a deposit of securities is incomplete on the settlement date for an Authorized Participant has submitted a Creation UnitOrder for an ETF Series outside the clearing process, but is unable to transfer all or part of the Deposit Securities to X.X. Xxxxxx at or prior to the required time, the Fund may issue a Creation Unit notwithstanding Distributor or its agent will nonetheless accept the creation order if it is otherwise acceptable in form and substance, and rely on an undertaking by such deficiency in reliance on the undertaking of the Authorized Participant to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by the such Authorized Participant’s 's delivery and maintenance of collateral consisting having a percentage value as specified by that Trust, provided that the Trust shall in no event specify a collateral value less than 105% of cash the value of the missing Deposit Securities. X.X. Xxxxxx will calculate the requisite collateral level on each business day, using (i) prices and foreign exchange rates as furnished to X.X. Xxxxxx by the Fund Administrator or its agent on behalf of the Trust and (ii) the collateral value specified by the Trust. The amount of required collateral may change from time to time and will be notified to the Authorized Participant by X.X. Xxxxxx. Any collateral shall be in the form of US dollars and will be held by X.X. Xxxxxx subject to the terms of the Custody Agreement. (ii) In the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to an ETF Series, the Distributor or its agent will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral having a value at least equal to 115105% of the value of the missing securitiesshares. X.X. Xxxxxx will calculate the requisite collateral level on each business day, using (i) prices and foreign exchange rates as furnished to X.X. Xxxxxx by the Fund Administrator or its agent on behalf of the Trust and (ii) the collateral value specified by the Trust. The parties hereto agree that amount of required collateral may change from time to time and will be notified to the delivery of such Authorized Participant by X.X. Xxxxxx. Any collateral shall be made in accordance with cash collateral settlement provided the form of US dollars and will be held by X.X. Xxxxxx subject to the Participant by terms of the Transfer Agent. Moreover, Custody Agreement. (iii) The Trust acknowledges and agrees that X.X. Xxxxxx'x calculation of the Fund, acting in good faith, may purchase requisite collateral will be based solely on the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost information it receives pursuant to the Fund of purchasing preceding clauses B.3.(i)-(ii) and will not reflect any adjustment for purchase interest on debt securities or any other such securities and the value of the collateral, which may be sold by adjustments. The Trust further agrees that it shall instruct the Fund at such timeAdministrator to furnish prices and foreign exchange rates to X.X. Xxxxxx, and including in such manner, as the Fund may determine respect of unsettled positions in its sole discretionsecurities which are no longer Deposit Securities.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general1. The following transactions shall be handled Outside the Clearing Process: (a) any creation or redemption of Creation Units that the Trust, securities making up its Distributor or another authorized agent shall instruct X.X. Xxxxxx to settle Outside the Clearing Process; and (b) any security create that is part of a Creation Unit must be delivered Deposit or redemption of Creation Units and that according to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund NSCC rules is deemed to be sufficient ineligible for the Clearing Process, including securities that are not eligible to pay any cash component of the Creation Unit, together with any applicable feesbe settled through DTC. 2. Any excess funds will All such transactions shall be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up effected by X.X. Xxxxxx on a Creation Unitdelivery versus payment and receive versus payment basis through DTC and according to DTC’s rules, and any related cash component the Trust or the ETF Series shall provide to X.X. Xxxxxx the information and other cash amounts due terms that are delivered necessary to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphssettle each transaction, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, including the cash value thereof) have been delivered of each security settlement, unless the Trust’s or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by X.X. Xxxxxx as Custodian and subject to the account terms of the relevant Subcustodian, Custody Agreement. US fixed income securities that are not DTC eligible will be settled free of payment via the custodian shall Fed or similar US clearing structure. Foreign equity and fixed income securities will cause the delivery be settled locally free of payment where permitted in such market. 3. The Trust recognizes that fails to receive may occur from time to time with respect to one or more of the Creation Unit. security creates/redemptions among Deposit/Redemption Securities settled outside the Clearing Process. (a) In the event that a deposit of securities is incomplete on the settlement date for an Authorized Participant has submitted a Creation UnitOrder for an ETF Series outside the clearing process, but is unable to transfer all or part of the Deposit Securities to X.X. Xxxxxx at or prior to the required time, the Fund may issue a Creation Unit notwithstanding Distributor or its agent will nonetheless accept the creation order if it is otherwise acceptable in form and substance, and rely on an undertaking by such deficiency in reliance on the undertaking of the Authorized Participant to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by the such Authorized Participant’s delivery and maintenance of collateral consisting having a percentage value as specified by that Trust, provided that the Trust shall in no event specify a collateral value less than 105% of cash the value of the missing Deposit Securities. X.X. Xxxxxx will calculate the requisite collateral level on each business day, using (i) prices and foreign exchange rates as furnished to X.X. Xxxxxx by the Fund Administrator or its agent on behalf of the Trust and (ii) the collateral value specified by the Trust. The amount of required collateral may change from time to time and will be notified to the Authorized Participant by X.X. Xxxxxx. Any collateral shall be in the form of US dollars and will be held by X.X. Xxxxxx subject to the terms of the Custody Agreement. (b) In the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to an ETF Series, the Distributor or its agent will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which such undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral having a value at least equal to 115105% of the value of the missing securitiesshares. X.X. Xxxxxx will calculate the requisite collateral level on each business day, using (i) prices and foreign exchange rates as furnished to X.X. Xxxxxx by the Fund Administrator or its agent on behalf of the Trust and (ii) the collateral value specified by the Trust. The parties hereto agree that amount of required collateral may change from time to time and will be notified to the delivery of such Authorized Participant by X.X. Xxxxxx. Any collateral shall be made in accordance with cash collateral settlement provided the form of US dollars and will be held by X.X. Xxxxxx subject to the Participant by terms of the Transfer Agent. Moreover, Custody Agreement. (c) The Trust acknowledges and agrees that X.X. Xxxxxx’x calculation of the Fund, acting in good faith, may purchase requisite collateral will be based solely on the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost information it receives pursuant to the Fund of purchasing preceding clauses B.3.(i)-(ii) and will not reflect any adjustment for purchase interest on debt securities or any other such securities and the value of the collateral, which may be sold by adjustments. The Trust further agrees that it shall instruct the Fund at such timeAdministrator to furnish prices and foreign exchange rates to X.X. Xxxxxx, and including in such manner, as the Fund may determine respect of unsettled positions in its sole discretionsecurities which are no longer Deposit Securities.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115___% of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, 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. In the event that a deposit of securities is incomplete on the settlement date for a Creation Unit, the Fund may in its sole discretion issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115105% of the value of the missing securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the collateral, which may be sold by the Fund at such time, and in such manner, as the Fund may determine in its sole discretion.

Outside the Clearing Process. In general1. The following transactions shall be handled Outside the Clearing Process: (a) any creation or redemption of Creation Units that the Trust, its Distributor or another authorized agent shall instruct Index Receipt Agent to settle Outside the Clearing Process; and ETF Agency Services Agreement – June 2020 (b) any security that is part of a Creation Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be ineligible for the Clearing Process, which includes but is not limited to transactions involving U.S. domestic ETFs that are not over-the-counter eligible, U.S. domestic global fixed-income ETFs, U.S. domestic global equities ETFs, non-U.S. ETFs, and Deposit Securities or Redemption Securities that are not eligible to be settled through DTC. 2. Transactions handled Outside the Clearing Process will be processed via proprietary ETF servicing modules. 3. Transactions Outside the Clearing Process shall be effected by Index Receipt Agent on a delivery versus payment and receive versus payment basis, and for DTC eligible securities, through DTC and in compliance with such terms and rules under which the DTC customarily operates. The Trust or the ETF Series shall provide to Index Receipt Agent the information and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled consistent with standard market practice. US domestic fixed-income securities making up that are not eligible for settlement through the DTC will be settled free of payment through the U.S. Federal Reserve Bank or similar U.S. clearing structure. Foreign equity securities and fixed income securities will be settled locally free of payment. All transactions handled Outside the Clearing Process that are not settled through DTC shall be effected by Index Receipt Agent pursuant to the terms of the Custody Agreement. 4. The Trust recognizes that (i) fails (including partial fails) to receive one or more of the Deposit Securities needed to settle the creation of a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) fails to receive the latest day for settlement ETF Shares on the customary settlement cycle in the jurisdiction(s) where any redemption of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside of may occur with respect to transactions settled Outside the Clearing Process until the transfer of good title to the Fund of the securities and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the custodian shall will cause the delivery of the Creation UnitProcess. 5. In the event that a deposit of securities is incomplete on the settlement date for an Authorized Participant has submitted a Creation UnitOrder for an ETF Series Outside the Clearing Process, the Fund may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking but is unable to transfer all or part of the Deposit Securities to Index Receipt Agent at or prior to the required time, Order Taker will nonetheless accept the creation order if it is otherwise acceptable in form and substance, and the Trust shall rely on an undertaking by such Authorized Participant to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by the such Authorized Participant’s delivery and maintenance of collateral consisting of cash having a percentage value at least equal of the market value of the missing Deposit Securities specified by the Trust (the “Creation Required Cash Collateral”). 6. Beginning on the trade date, Index Receipt Agent will compare (i) the Deposit Securities received from the Authorized Participant to 115% (ii) the Deposit Securities required to create the Creation Unit. If the Index Receipt Agent has failed to receive any of the required Deposit Securities, on the trade date and on each subsequent business day, Index Receipt Agent shall calculate and notify the Authorized Participant of the amount of the Creation Required Cash Collateral using (i) prices and foreign exchange rates as furnished to Index Receipt Agent by the Fund Administrator or a third-party on behalf of the Trust and (ii) the collateral valuation percentage specified by the Trust pursuant to Section B.5 of this Schedule B. Any Creation Required Cash Collateral shall be in the form of US dollars and will be held by Index Receipt Agent subject to the terms of the Custody Agreement. 7. The Trust acknowledges and agrees that Index Receipt Agent’s Calculation of the Creation Required Cash Collateral will be based solely on the information it receives pursuant to pursuant to Section B.5 of this Schedule B and will not reflect any adjustment for purchase interest on debt securities or any other such adjustments. 8. If Index Receipt Agent has received from the Authorized Participant the Creation Deposit and Creation Required Cash Collateral (if any) required to settle a creation order, the Index Receipt Agent will instruct the Transfer Agent to create the appropriate number of ETF Shares of applicable ETF Series for deposit to the Custodian’s DTC Participant Account for transfer to the Authorized Participant. 9. If the Index Receipt Agent holds cash received from an Authorized Participant in connection with a creation order in excess of the amount of Creation Required Cash Collateral, Index Receipt Agent is authorized to return such collateral to the Authorized Participant once it exceeds a minimum threshold specified by Index Receipt Agent. Moreover, Index Receipt Agent is authorized to accept from any Authorized Participant, both prior to and after the settlement date of each order, Deposit Securities in exchange for an off-setting amount of Creation Required Cash Collateral previously received in connection with such order. ETF Agency Services Agreement – June 2020 10. If Index Receipt Agent has not received from the Authorized Participant the Creation Deposit and Creation Required Cash Collateral (if any) required to settle a creation order, Index Receipt Agent shall have no obligation to settle, and no liability for failing to settle, such creation order. Moreover, Index Receipt Agent shall have no obligation to settle, and shall have no liability for refusing to settle, any creation order received from an Authorized Participant if the Authorized Participant has not provided the Creation Deposit and Creation Required Cash Collateral (if any) required to settle every creation order with the same settlement date for every ETF Series of the Trust subject to this Schedule C. 11. In the event an Authorized Participant has submitted a redemption request in proper form for a Creation Unit but is unable to transfer all of the ETF Shares required to redeem the Creation Unit, the Index Receipt Agent will nonetheless accept and effect the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing ETF Shares as soon as possible, which such undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral having a specified percentage value of the value of the missing ETF Shares (“Redeem Required Cash Collateral”). 12. Where all of the Redemption Securities are US domestic securities, beginning on trade date, Index Receipt Agent will compare (i) the ETF Shares received from the Authorized Participant to (ii) the ETF Shares required to redeem each Creation Unit. If the Index Receipt Agent has failed to receive any of the required ETF Shares, on the trade date and on each subsequent business day, Index Receipt Agent shall calculate and notify the Authorized Participant of the amount of the Redeem Required Cash Collateral using (i) prices and foreign exchange rates as furnished to Index Receipt Agent by the Fund Administrator or a third-party on behalf of the Trust and (ii) the collateral valuation percentage specified by the Trust pursuant to Section B.5 of this Schedule B. Any Redeem Required Cash Collateral shall be in the form of US dollars and will be held by Index Receipt Agent subject to the terms of the Custody Agreement. The parties hereto agree that Trust authorizes Index Recepit Agent to permit the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Authorized Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and to exchange the Participant agrees ETF shares required to accept liability redeem the Creation Unit in exchange for any shortfall between the cost to the Fund of purchasing such securities and the value an equivalent amount of the collateralRedeem Required Cash Collateral. 13. Where any of the Redemption Securities are not US domestic securities, which may be sold by the Fund at such time, and in such manner, as Index Receipt Agent shall request from the Fund may determine in its sole discretionAuthorized Participant on the business day after the trade date of the redemption transaction either (i) the Redeem Required Cash Collateral or (ii) the ETF Shares required to redeem each Creation Unit. The Index Receipt Agent will return the Redeem Required Cash Collateral on the redemption transaction settlement date following receipt of (i) the ETF Shares required to redeem each Creation Unit or (ii) the Redeem Required Cash Collateral.

Outside the Clearing Process. In general1. The following transactions shall be handled Outside the Clearing Process: (a) any purchase or redemption of ETF Shares that the Trust, its Distributor or another authorized agent shall instruct Index Receipt Agent to settle Outside the Clearing Process; (b) any security that is part of a Creation Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be ineligible for the Clearing Process, including securities making up that are not eligible to be settled through DTC; and (c) any purchase or redemption of ETF Shares that is cancelled or withdrawn from the Clearing Process pursuant to Section A, paragraph 6, above. 2. Transactions handled Outside the Clearing Process will be processed via proprietary ETF servicing modules. 3. Transactions Outside the Clearing Process shall be effected by Index Receipt Agent on a delivery versus payment and receive versus payment basis, and for DTC eligible securities, through DTC and in compliance with such terms and rules under which the DTC customarily operates. The Trust on behalf of the ETF Series shall provide to Index Receipt Agent the information and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust’s Instruction on behalf of the ETF Series is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled consistent with standard market practice. US domestic fixed-income securities that are not eligible for settlement through the DTC will be settled free of payment through the U.S. Federal Reserve Bank or similar U.S. clearing structure. Foreign equity securities and fixed income securities will be settled locally free of payment. All transactions handled Outside the Clearing Process that are not settled through DTC shall be effected by X.X. Xxxxxx pursuant to the terms of the Custody Agreement. ETF Agency Services Agreement – August 2021 4. The Trust recognizes that (i) fails (including partial fails) to receive one or more of the Deposit Securities needed to settle the creation of a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Participant must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: (i) the date upon which all of the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the Fund; and (ii) fails to receive the latest day for settlement ETF Shares on the customary settlement cycle in the jurisdiction(s) where any redemption of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not be issued outside may occur with respect to transactions settled Outside the Clearing Process. 5. If an Authorized Participant has submitted a creation order for an ETF Series Outside the Clearing Process, but is unable to transfer all or part of the Clearing Process until the transfer of good title Deposit Securities to Index Receipt Agent at or prior to the Fund of required time, Order Taker will nonetheless accept the securities creation order if it is otherwise acceptable in form and substance, and the payment of any cash component and applicable fees have been completed. When the Subcustodian confirms to the Fund’s custodian that the required securities (or, when permitted in the sole discretion of the Fund, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the custodian Trust shall will cause the delivery of the Creation Unit. In the event that a deposit of securities is incomplete rely on the settlement date for a Creation Unit, the Fund may issue a Creation Unit notwithstanding an undertaking by such deficiency in reliance on the undertaking of the Authorized Participant to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by the such Authorized Participant’s delivery and maintenance of collateral consisting of cash having a percentage value at least equal of the market value of the missing Deposit Securities specified by the Trust (the “Creation Required Cash Collateral”). 6. Beginning on the trade date, Index Receipt Agent will compare (i) the Deposit Securities received from the Authorized Participant to 115% (ii) the Deposit Securities required to create the Creation Unit. If the Index Receipt Agent has failed to receive any of the required Deposit Securities, on the trade date and on each subsequent business day, Index Receipt Agent shall calculate and notify the Authorized Participant of the amount of the Creation Required Cash Collateral using (i) prices and foreign exchange rates as furnished to Index Receipt Agent by the Fund Administrator or a third-party on behalf of the Trust and (ii) the collateral valuation percentage specified by the Trust pursuant to Section B.5 of this Schedule B. Any Creation Required Cash Collateral shall be in the form of US dollars and will be held by Index Receipt Agent subject to the terms of the Custody Agreement. 7. The Trust acknowledges and agrees that Index Receipt Agent’s calculation of the Creation Required Cash Collateral will be based solely on the information it receives pursuant to Section B.5 of this Schedule B and will not reflect any adjustment for purchase interest on debt securities or any other such adjustments. 8. If Index Receipt Agent has received from the Authorized Participant the Creation Deposit and Creation Required Cash Collateral (if any) required to settle a creation order, the Index Receipt Agent will instruct the Transfer Agent to create the appropriate number of ETF Shares of the applicable ETF Series for deposit to the Custodian’s DTC Participant Account for transfer to the Authorized Participant. 9. If the Index Receipt Agent holds cash received from an Authorized Participant in connection with a creation order in excess of the amount of Creation Required Cash Collateral, Index Receipt Agent is authorized to return such collateral to the Authorized Participant once it exceeds a minimum threshold specified by Index Receipt Agent. Moreover, Index Receipt Agent is authorized to accept from any Authorized Participant, both prior to and after the settlement date of each order, Deposit Securities in exchange for an off-setting amount of Creation Required Cash Collateral previously received in connection with such order. 10. If Index Receipt Agent has not received from the Authorized Participant the Creation Deposit and Creation Required Cash Collateral (if any) required to settle a creation order, Index Receipt Agent shall have no obligation to settle, and no liability for failing to settle, such creation order. Moreover, Index Receipt Agent shall have no obligation to settle, and shall have no liability for refusing to settle, any creation order received from an Authorized Participant if the Authorized Participant has not provided the Creation Deposit and Creation Required Cash Collateral (if any) required to settle every creation order with the same settlement date for every ETF Series of the Trust subject to this Schedule B. 11. In the event an Authorized Participant has submitted a redemption request in proper form for a Creation Unit but is unable to transfer all of the ETF Shares required to redeem the Creation Unit, the Index Receipt Agent will nonetheless accept and effect the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing ETF Shares as soon as possible, which such undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral having a specified percentage value of the value of the missing ETF Shares (“Redeem Required Cash Collateral”). ETF Agency Services Agreement – August 2021 12. Where all of the Redemption Securities are US domestic securities, beginning on settlement date, Index Receipt Agent will compare (i) the ETF Shares received from the Authorized Participant to (ii) the ETF Shares required to redeem each Creation Unit. If the Index Receipt Agent has failed to receive any of the required ETF Shares, on the settlement date and on each subsequent business day, Index Receipt Agent shall calculate and notify the Authorized Participant of the amount of the Redeem Required Cash Collateral using (i) prices and foreign exchange rates as furnished to Index Receipt Agent by the Fund Administrator or a third-party on behalf of the Trust and (ii) the collateral valuation percentage specified by the Trust pursuant to Section B.5 of this Schedule B. Any Redeem Required Cash Collateral shall be in the form of US dollars and will be held by Index Receipt Agent subject to the terms of the Custody Agreement. The parties hereto agree that Trust authorizes Index Receipt Agent to permit the delivery of such collateral shall be made in accordance with cash collateral settlement provided to the Authorized Participant by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and to exchange the Participant agrees ETF shares required to accept liability redeem the Creation Unit in exchange for any shortfall between the cost to the Fund of purchasing such securities and the value an equivalent amount of the collateralRedeem Required Cash Collateral. 13. Where any of the Redemption Securities are not US domestic securities, which may be sold by the Fund at such time, and in such manner, as Index Receipt Agent shall request from the Fund may determine in its sole discretionAuthorized Participant on the business day after the trade date of the redemption transaction either (i) the Redeem Required Cash Collateral or (ii) the ETF Shares required to redeem each Creation Unit. The Index Receipt Agent will return the Redeem Required Cash Collateral on the redemption transaction settlement date following receipt of (i) the ETF Shares required to redeem each Creation Unit or (ii) the Redeem Required Cash Collateral.

Outside the Clearing Process. In general, securities making up a Creation Unit must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below)1. The Participant must also make available on or before following transactions shall be handled Outside the International Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay any cash component of the Creation Unit, together with any applicable fees. Any excess funds will be returned following settlement of the issue of the Creation Unit. The “International Contractual Settlement Date” will be the earlier of: Clearing Process: (i) any creation or redemption of Creation Units that the date upon which all of Trust, its Order Taker or another authorized agent shall instruct J.X. Xxxxxx to settle Outside the required securities making up a Creation Unit, and any related cash component and other cash amounts due are delivered to the FundClearing Process; and and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any security create that is part of such securities are customarily traded. Except as provided in the next two paragraphs, a Creation Unit will not Deposit or redemption of Creation Units and that according to NSCC rules is deemed to be issued outside of ineligible for the Clearing Process until the transfer of good title Process, including securities that are not eligible to the Fund of the securities be settled through DTC. 2. All such transactions shall be effected by J.X. Xxxxxx on a delivery versus payment and receive versus payment basis through DTC and according to DTC’s rules, and the payment of any cash component Trust or the ETF Series shall provide to J.X. Xxxxxx the information and applicable fees have been completed. When the Subcustodian confirms terms that are necessary to the Fund’s custodian that the required securities (orsettle each transaction, when permitted in the sole discretion of the Fund, including the cash value thereof) have been delivered of each security settlement, unless the Trust’s or the ETF Series Instruction is that delivery is to be made free of payment; provided, however, that any security that is not DTC eligible shall be settled as a window delivery pursuant to street practice. All such transactions shall be effected by J.X. Xxxxxx as Custodian and subject to the account terms of the relevant Subcustodian, Custody Agreement. US fixed income securities that are not DTC eligible will be settled free of payment via the custodian shall Fed or similar US clearing structure. Foreign equity and fixed income securities will cause the delivery be settled locally free of payment where permitted in such market. 3. The Trust recognizes that fails to receive may occur from time to time with respect to one or more of the Creation Unit. security creates/redemptions among Deposit/Redemption Securities settled outside the Clearing Process. (i) In the event that a deposit of securities is incomplete on the settlement date for an Authorized Participant has submitted a Creation UnitOrder for an ETF Series outside the clearing process, but is unable to transfer all or part of the Deposit Securities to J.X. Xxxxxx at or prior to the required time, the Fund may issue a Creation Unit notwithstanding Distributor or its agent will nonetheless accept the creation order if it is otherwise acceptable in form and substance, and rely on an undertaking by such deficiency in reliance on the undertaking of the Authorized Participant to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by the such Authorized Participant’s delivery and maintenance of collateral consisting having a percentage value as specified by that Trust, provided that the Trust shall in no event specify a collateral value less than 105% of cash the value of the missing Deposit Securities. J.X. Xxxxxx will calculate the requisite collateral level on each business day, using (i) prices and foreign exchange rates as furnished to J.X. Xxxxxx by the Fund Administrator or its agent on behalf of the Trust and (ii) the collateral value specified by the Trust. The amount of required collateral may change from time to time and will be notified to the Authorized Participant by J.X. Xxxxxx. Any collateral shall be in the form of US dollars and will be held by J.X. Xxxxxx subject to the terms of the Custody Agreement. (ii) In the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to an ETF Series, the Distributor or its agent will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which such undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral having a value at least equal to 115105% of the value of the missing securitiesshares. J.X. Xxxxxx will calculate the requisite collateral level on each business day, using (i) prices and foreign exchange rates as furnished to J.X. Xxxxxx by the Fund Administrator or its agent on behalf of the Trust and (ii) the collateral value specified by the Trust. The parties hereto agree that amount of required collateral may change from time to time and will be notified to the delivery of such Authorized Participant by J.X. Xxxxxx. Any collateral shall be made in accordance with cash collateral settlement provided the form of US dollars and will be held by J.X. Xxxxxx subject to the Participant by terms of the Transfer Agent. Moreover, Custody Agreement. (iii) The Trust acknowledges and agrees that J.X. Xxxxxx’x calculation of the Fund, acting in good faith, may purchase requisite collateral will be based solely on the missing securities at any time and the Participant agrees to accept liability for any shortfall between the cost information it receives pursuant to the Fund of purchasing preceding clauses B.3.(i)-(ii) and will not reflect any adjustment for purchase interest on debt securities or any other such securities and the value of the collateral, which may be sold by adjustments. The Trust further agrees that it shall instruct the Fund at such timeAdministrator to furnish prices and foreign exchange rates to J.X. Xxxxxx, and including in such manner, as the Fund may determine respect of unsettled positions in its sole discretionsecurities which are no longer Deposit Securities.