Common use of Outside the CNS Clearing Process Clause in Contracts

Outside the CNS Clearing Process. (a) 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 Authorized 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 CNS 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 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 Authorized Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% 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 Trust by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Authorized 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. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component of the Creation UnitComponent, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each international Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities international Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities Deposit Securities (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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 Marketing Agent that a “cash in lieu” amount will be accepted, the Marketing Agent 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. (4) In the event that a deposit of securities Creation Basket Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) 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 Authorized 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 of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities Deposit Securities (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit 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) In the event that a deposit of securities Creation Basket Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% 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 the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Each Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “International Contractual Settlement Date” will be of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; and AP or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund each Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the Fundeach Trust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit Securities. (4) Each 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 each Trust notifies the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive the “cash in lieu” amount, with any appropriate adjustments as advised by each 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 AP’s internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), each Trust may deliver the Fund may issue a Creation Unit Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participantsuch AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% the percentage of the value of the missing securitiesDeposit Securities set forth in the Prospectus. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Order Desk Administrator upon request. Moreover, the FundThe parties hereto further agree that each Trust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund each Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund each Trust at such time, and in such manner, as the Fund each Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “"International Contractual Settlement Date” will be " with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Fund Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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 will notify the AP and the Transfer Agent 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. (4) In the event that a deposit of securities Fund Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized Participant’s AP's delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “"International Contractual Settlement Date” will be " of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; 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 securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit 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 the Distributor that a "cash in lieu" amount will be delivered, the Distributor will notify the AP and the AP shall receive 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 AP's internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), the Fund Trust may issue a Creation Unit deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP's undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participant’s such AP's delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesShares. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Order Desk Administrator upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “International Contractual Settlement Date” will be of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; and AP or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit 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 the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive 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 AP’s internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), the Fund Trust may issue a Creation Unit deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participantsuch AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% of the value of the missing securitiesShares. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Order Desk Administrator upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be Date with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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. (4) In the event that a deposit of securities Portfolio Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized Participant’s APs delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “"International Contractual Settlement Date” will be " with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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 accepted, the Distributor 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. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares. (4) In the event that a deposit of securities Portfolio Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized Participant’s AP's delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “International Contractual Settlement Date” will be of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; 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 securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit Securities. (4) The Trust may in its sole discretion permit 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 delivered, the Distributor will notify the AP and the AP shall receive 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 AP’s internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), the Fund Trust may issue a Creation Unit deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participantsuch AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% the percentage amount set forth in Annex I of the value of the missing securitiesShares. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Administrator upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a) 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 Authorized 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 CNS 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 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 Authorized Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% [XXX%] 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 Trust by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Authorized 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. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component of the Creation UnitComponent, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each international Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities international Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities Deposit Securities (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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. (4) In the event that a deposit of securities Creation Basket Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. DRAFT (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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. (4) In the event that a deposit of securities Portfolio Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105____ % of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a) 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 Authorized 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 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 CNS 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 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 Authorized Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% 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 Trust by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Authorized 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. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Fund Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) The Trust may in its sole discretion permit 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 will notify the AP and the Transfer Agent 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. (4) In the event that a deposit of securities Fund Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% the percentage identified in Annex I of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “International Contractual Settlement Date” will be of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; 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 securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit 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 the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive 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 AP’s internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), the Fund Trust may issue a Creation Unit deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participantsuch AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105to115% of the value of the missing securitiesShares. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Administrator upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; and Trust or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Fund Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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 will notify the AP and the Transfer Agent 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. (4) In the event that a deposit of securities Fund Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; and Trust or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Fund Deposit (or, when permitted in the sole discretion of the FundTrust, 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 Unit of securities is incomplete on the settlement date for a Creation Unit, the Fund Shares. (3) The Trust may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant to deliver the missing securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% 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 Trust by the Transfer Agent. Moreover, the Fund, acting in good faith, may purchase the missing securities at any time and the Authorized 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. discretion permit or require the substitution of an amount of cash (bi.e., a “cash in lieu” amount) to be added to the Cash redeems shall Component to replace any Deposit Security which may not be settled outside the CNS process.available in sufficient quantity for delivery or for other similar

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Instruments must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Instruments, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Instruments and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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 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. (4) In the event that a deposit of securities Portfolio Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Instruments are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Instruments as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105110% of the value of the missing securitiesDeposit Instruments. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Instruments at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; and Trust or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Fund Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall cause the delivery of the Creation UnitUnit of Shares. (3) 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 will notify the AP and the Transfer Agent 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. (4) In the event that a deposit of securities Fund Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% the percentage of the value of the missing securitiesDeposit Securities set forth in the Prospectus. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “International Contractual Settlement Date” will be of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; and AP or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit 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 the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive 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 AP’s internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), the Fund Trust may issue a Creation Unit deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participantsuch AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesShares. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Order Desk Administrator upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit the Shares must be delivered to an account maintained at the applicable local Subcustodian Custodian on or before the International Contractual Settlement Date (defined below)Business Day immediately following the date on which the NAV of the redemption was calculated. The Authorized Participant must Trust will 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 the Cash Component next determined after acceptance of the Creation UnitRedemption Order, together with any less the applicable fees. Any excess funds will be returned following settlement of Transaction Fee (as described in the issue of the Creation UnitProspectus). The “International Contractual Settlement Date” will be of an International Fund is the earlier of: 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 Deposit Securities are delivered to the Fund; and AP or (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. (2) Deliveries of redemption proceeds by a Fund generally will be made within three (3) Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (3) Except as provided in the next two paragraphs, a Creation Unit the Deposit Securities will not be issued outside of the CNS Clearing Process delivered until the transfer of good title to the Fund Trust of the securities and the payment required Creation Unit(s) of any Cash Component and applicable fees have Shares has been completed. When the Subcustodian Custodian confirms to the Fund’s Custodian that the required securities (Shares or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have collateral has been delivered to received by the account of the relevant Subcustodianaccount, the Custodian shall will cause the delivery of the Creation UnitDeposit 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 the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive 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 AP’s internal policies and procedures. (5) In the event that a deposit the number of securities Shares is incomplete insufficient on the settlement date for a Creation UnitUnit(s) of Shares (Order Date +1), the Fund Trust may issue a Creation Unit deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking of the Authorized Participant to deliver the missing securities Shares as soon as possible, which undertaking shall be secured by the Authorized Participantsuch AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% the percentage of the value of the missing securitiesDeposit Securities set forth in the Prospectus. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentBNYM ETF Order Desk Administrator upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Shares at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities Shares and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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 will notify the AP and the Transfer Agent 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. (4) In the event that a deposit of securities Portfolio Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105115% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, The parties hereto further agree that the FundTrust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.

Outside the CNS Clearing Process. (a1) In generalExcept as provided below, securities making up a Creation Unit Deposit Securities must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The Authorized Participant AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the FundTrust, immediately available or same day funds estimated by the Fund Trust to be sufficient to pay any the Cash Component next determined after acceptance of the Creation UnitPurchase Order, together with any the applicable feespurchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation UnitUnit of Shares. The “International Contractual Settlement Date” will be with respect to each International Fund is the earlier of: of (i) the date upon which all of the required securities making up a Creation UnitDeposit Securities, and any related the Cash Component and any other cash amounts which may be due are delivered to the Fund; Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such securities International Fund are customarily traded. . (2) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued outside of the CNS Clearing Process until the transfer of good title to the Fund Trust of the securities portfolio of Deposit Securities and the payment of any the Cash Component and applicable fees the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Fund’s Custodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the FundTrust, the cash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation UnitUnit of Shares. (3) 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. (4) In the event that a deposit of securities Portfolio Deposit is incomplete on the settlement date for a Creation UnitUnit of Shares because certain or all of the Deposit Securities are missing, the Fund Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the Authorized Participant AP to deliver the missing securities Deposit Securities as soon as possible, which undertaking shall be secured by such the Authorized ParticipantAP’s delivery and maintenance of collateral consisting of U.S. Dollar cash having a value at least equal to 105% of the value of the missing securitiesDeposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with cash collateral settlement the Cash Collateral Settlement Procedures, which such procedures shall be provided to the Trust AP by the Transfer AgentAgent upon request. Moreover, the FundThe parties hereto further agree that Trust, acting in good faith, may purchase the missing securities Deposit Securities at any time and the Authorized Participant AP agrees to accept liability for any shortfall between the cost to the Fund Trust of purchasing such securities and the value of the collateral, which may be sold by the Fund Trust at such time, and in such manner, as the Fund Trust may determine in its sole discretion. (b) Cash redeems shall be settled outside the CNS process.