Common use of STANDING REDEMPTION INSTRUCTIONS Clause in Contracts

STANDING REDEMPTION INSTRUCTIONS. Annex V hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by Trust pursuant to a Redemption Order. ANNEX II -- PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR _____________ SM TRUST _____________ FUNDS FLOW PROCESS This Annex II-Part C supplements the Trust's Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the Trust. A. The AP is required to have (i) signed an Authorized Participant Agreement for _____________ Trust and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the Trust. B. The AP and Distributor shall implement the "_____________ Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC may only occur on any day that NSCC is open for business ("NSCC Business Day") . _____________ FUNDS FLOW PROCESS -------------------------------------------------------------------------------- ORIGINATOR ACTIVITY -------------------------------------------------------------------------------- 1. AP calls on Distributor's recorded 1-800 number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 PM EST on any NSCC Business Day. 1. The _____________ Telephone Representative greets caller. 2. AP identifies his/her name, the Institution he/she represents, and PIN #. The AP confirms his/her PIN # when the _____________ Telephone Representative asks for a confirmation. 3. When asked by the _____________ Telephone Representative, the AP will confirm that the trades to be placed will not raise the AP's holding to 80% or more of any Fund. 2. Telephone Representative selects the AP from drop down box to pull up the account registration and list of Authorized Participants and their Authorized Persons. The _____________ Telephone Representative verifies that the caller is authorized to place trades on behalf of that institution. The _____________ Telephone Representative then asks the AP for his/her PIN #. The _____________ Telephone Representative types the number, which will be alpha numeric into the database. 3. The _____________ Telephone Representative will read to the AP a statement confirming that the AP will not be placing trades that would raise the AP's total holdings to 80% or more of any Fund. When the AP confirms this is the case, then the _____________ Telephone Representative will click "ok". The database will then open to a trading input screen for the _____________ Telephone Representative to start entering trades online. 4. AP tells _____________ Telephone Representative that he wants to place a Creation or Redemption Order for Creation Units in a stated Fund or Funds. The AP states the Fund name(s) and relevant ticker symbol(s).

STANDING REDEMPTION INSTRUCTIONS. Annex V IV hereto contains the AP's Standing Redemption Instructions, which includes include information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by the Trust pursuant to a Redemption Order. ANNEX II -- I - PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR _____________ SM CLAYMORE EXCHANGE-TRADED FUND TRUST _____________ AND CLAYMORE EXCHANGE-TRADED FUND TRUST 2 TRUST FUNDS FLOW PROCESS ------------------------ This Annex II-I - Part C supplements the TrustFund's Prospectus with respect to the procedures to be used by the Distributor and the Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the Trust. A. The AP is required to have (i) signed an Authorized a Participant Agreement for _____________ the Trust and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the Trust. The Transfer Agent agrees promptly to de-activate a PIN upon receipt of written notice by an AP that an individual to whom a PIN was assigned is no longer an Authorized Person. B. The AP and the Distributor shall implement the "_____________ Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC NSCC/DTC may only occur on any day that NSCC NSCC/DTC is open for business ("NSCC NSCC/DTC Business Day") . _____________ FUNDS FLOW PROCESS -------------------------------------------------------------------------------- ------------------ ------------------------------------------------------------------------------ ---------------------------------------------------- ORIGINATOR ACTIVITY -------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- 1. The AP calls on Distributor's the BNYM ETF Administrator recorded 1-800 number to place a Share 1. The BNYM ETF Administrator greets caller. Creation and/or Redemption orderOrder. These trades are to be placed by 4:00 PM EST on any NSCC Business Day. 1. The _____________ Telephone Representative greets caller. 2. AP identifies his/her name, the Institution he/she represents, and PIN #. The AP confirms his/her PIN # when the _____________ Telephone Representative asks for a confirmation. 3. When asked by the _____________ Telephone Representative, the AP will confirm that the trades to be placed will not raise the AP's holding to 80% or more of any Fund. 2. Telephone Representative selects the AP from drop down box to pull up the account registration and list of Authorized Participants and their Authorized Persons. The _____________ Telephone Representative verifies that the caller is authorized to place trades on behalf of that institution. The _____________ Telephone Representative then asks the AP for his/her PIN #. The _____________ Telephone Representative types the number, which will be alpha numeric into the database. 3. The _____________ Telephone Representative will read to the AP a statement confirming that the AP will not be placing trades that would raise the AP's total holdings to 80% or more of any Fund. When the AP confirms this is the case, then the _____________ Telephone Representative will click "ok". The database will then open to a trading input screen for the _____________ Telephone Representative to start entering trades online. 4. AP tells _____________ Telephone Representative that he wants to place a Creation or Redemption Order for Creation Units in a stated Fund or Funds. The AP states the Fund name(s) and relevant ticker symbol(s).p.m. Eastern

STANDING REDEMPTION INSTRUCTIONS. Annex V hereto contains the AP's ’s Standing Redemption Instructions, which includes include information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by each Trust pursuant to a Redemption Order. ANNEX II -- – PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR XXXXXXX XXXXX ETF TRUST & XXXXXXX SACHS ETF TRUST II ALPS DISTRIBUTORS, INC., DISTRIBUTOR, THE BANK OF NEW YORK MELLON, TRANSFER AGENT CREATION/REDEMPTION ORDER FORM CONTACT INFORMATION FOR ORDER EXECUTION: Telephone order number: (000) 000-0000 Facsimile number: (000) 000-0000 Participant must complete all items in Part I. The Distributor and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. I. TO BE COMPLETED BY PARTICIPANT: Trade Date: ___________________________________ SM TRUST Date/Time: ______________________ FUNDS FLOW PROCESS This Annex II-Part C supplements the Trust's Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the Trust. A. The AP is required to have (i) signed an Authorized Participant Agreement for Your Name: ___________________________________ Trust and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the Trust. B. The AP and Distributor shall implement the "Firm Name: _________________________________ Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC may only occur on any day that NSCC is open for business ("NSCC Business Day") . NSCC/DTC Participant Number: _________/_________ Telephone Number: __________________________ FUNDS FLOW PROCESS -------------------------------------------------------------------------------- ORIGINATOR ACTIVITY -------------------------------------------------------------------------------- 1. AP calls on Distributor's recorded 1-800 number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 PM EST on any NSCC Business Day. 1. The Email: _______________________________________ Telephone Representative greets caller. 2. AP identifies his/her name, the Institution he/she represents, and PIN #. The AP confirms his/her PIN # when the Fax number: ________________________________ Telephone Representative asks Type of order (Check One): ❒ Creation ❒ Redemption Settlement Type (Check One): ❒ Cash ❒ Cash In Lieu (CIL) or Custom# ❒ In-Kind ❒ Cash w/Executions (CWE)* Settlement Date (Check One): ❒ T+1 ❒ T+2 #Each Trust may, but is not required to, permit Non-Standard Orders until 4:00PM ET, or until the market close (in the event the Exchange closes early). If creation/redemption is a custom basket order, indicate the restricted security name, ticker and number of shares to be settled in cash as part of the Cash Component. Name Symbol # of Shares Name Symbol # of Shares AP Initials The Authorized Participant confirms that this request to deposit or receive cash in lieu is being made solely because the instrument is not available in sufficient quantity, the instrument is not eligible for trading by the AP or the investor on whose behalf the AP is trading or for a confirmation. 3fund holding non U.S. investments, the AP would be subject to unfavorable income tax treatment if it were to receive redemption proceeds in kind. When asked The Authorized Participant represents and warrants that (based upon the number of outstanding Shares of each such Fund made publicly available by each Trust) either (i) it does not, and will not in the future, hold for the account of any single Beneficial Owner of Shares of the relevant Fund, eighty percent (80%) or more of the currently outstanding Shares of such relevant Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from the market value of such portfolio securities on the date of such deposit, pursuant to section 351 of the Internal Revenue Code of 1986, as amended, or (ii) it is carrying the Deposit Securities as a dealer and as inventory in connection with its market making activities. # of Creation Units (CU) Transacted: Number: _________ Number written out: ____________________________ Telephone Representative, the AP will confirm that the trades to be placed will not raise the AP's holding to 80% or more of any Fund. 2. Telephone Representative selects the AP from drop down box to pull up the account registration and list of Authorized Participants and their Authorized Persons. The Order #: _____________________ Telephone Representative verifies that the caller is authorized to place trades on behalf of that institution. The Authorized Signature_________________________________________ Telephone Representative then asks II. TO BE COMPLETED BY DISTRIBUTOR: This certifies that the AP for his/her PIN #. The above order has been: ❒ Accepted by the Distributor ❒ Declined-Reason: _____________________________________________________________________ Telephone Representative types the number, which will be alpha numeric into the database. 3. The Date:_________________ Telephone Representative will read to the AP a statement confirming that the AP will not be placing trades that would raise the AP's total holdings to 80% or more of any Fund. When the AP confirms this is the case, then the Time:__________ Authorized Signature:__________________________________________________________ Telephone Representative will click "ok"The following are the names, titles, signatures , phone numbers, and email addresses of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by this Authorized Participant Agreement for Xxxxxxx Xxxxx ETF Trust (the “Agreement”) or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Agreement. The database will then open to a trading input screen for the Authorized Participant: Name: __________________ Telephone Representative to start entering trades online. 4. AP tells Name: __________________ Telephone Representative that he wants Title: __________________ Title: __________________ Signature: __________________ Signature: __________________ Phone: __________________ Phone: __________________ Email: __________________ Email: __________________ Name: __________________ Name: __________________ Title: __________________ Title: __________________ Signature: __________________ Signature: __________________ Phone: __________________ Phone: __________________ Email: __________________ Email: __________________ Name: __________________ Name: __________________ Title: __________________ Title: __________________ Signature: __________________ Signature: __________________ Phone: __________________ Phone: __________________ Email: __________________ Email: __________________ Date: _________________ Certified By: _________________ Name: _________________ Title: _______________________ ANNEX III- PART B The Bank of New York Mellon Attn: ETF Services [___________] New York, NY [_____] Re: Addendum to place a Creation the Certificate of Authorized Persons for [Name of AP] under the Authorized Participant Agreement for the Xxxxxxx Xxxxx ETF Trust (the “Agreement”) Ladies and Gentlemen: Pursuant to the Agreement, following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized Persons (as defined in the Agreement) of [Name of AP] (the “AP”) authorized to give instructions relating to any activity contemplated by the Agreement or Redemption Order any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list of Authorized Persons is an addendum and adds Authorized Persons to the AP’s most recently executed certificate (entitled “Certified Authorized Persons of the Authorized Participant, Xxxxxxx Sachs ETF Trust”) preceding the date set forth above. Name: Name: Title: Title: Signature: Signature: Phone: Phone: Email: Email: Name : Name : Title: Title: Signature: Signature: Phone: Phone: Email: Email: Please provide PIN numbers for Creation Units such Authorized Persons who are not already established in a stated Fund or Fundsthe ETF Administrator’s system. The AP states the Fund name(s) and relevant ticker symbol(s).Very truly yours,

STANDING REDEMPTION INSTRUCTIONS. Annex V hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by Trust Company pursuant to a Redemption Order. Exhibit (e)(2) ANNEX II -- PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR _____________ SM TRUST _____________ REALTY FUNDS , INC. REALTY FUNDS FLOW PROCESS -------------------------------------------------------------------------------- This Annex II-Part C supplements the TrustFund's Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the TrustCompany. A. The AP is required to have (i) signed an Authorized Participant Agreement for _____________ Trust Fund and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the TrustCompany. B. The AP and Distributor shall implement the "_____________ Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC NSCC/DTC may only occur on any day that NSCC NSCC/DTC is open for business ("NSCC NSCC/DTC Business Day") . _____________ FUNDS FLOW PROCESS -------------------------------------------------------------------------------- ORIGINATOR ACTIVITY --------------------------------------------------------------------------------PROCESS 1. The AP calls on DistributorBNY's ETF Administrator recorded 1-800 . The BNY - ETF Administrator greets caller. number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 PM EST on any NSCC Listing Exchange Business Day. 1. The _____________ Telephone Representative greets caller. ----------------------------------------------------------------------------------------------------------------- 2. AP identifies his/her name, the Institution he/she 2 BNY - ETF Administrator will confirm the AP's PIN #. represents, and PIN #. The AP confirms his/her BNY - ETF Administrator records the PIN # and the The AP states the Fund name(s) and relevant ticker order, and provides the AP with an order confirmation symbol(s). number. AP will identify and list any securities that will not The order confirmation constitutes a binding order, be delivered or received in kind. which may only be reversed by the ETF Administrator, the Distributor or the Fund. AP will make alternate arrangements with the ETF Administrator to deliver or receive the value for those AP will make alternate arrangements securities that cannot be delivered. AP and ETF Administrator will exchange delivery or receive instructions for any security being delivered outside of the CNS system. ----------------------------------------------------------------------------------------------------------------- Exhibit (e)(2) ----------------------------------------------------------------------------------------------------------------- It is anticipated that all creation and redemption with the ETF Administrator to deliver or receive the units will settle outside of the CNS process. Detailed value for those securities that cannot be delivered. AP delivery instructions will be supplied by BNY for each and ETF Administrator will exchange delivery or receive portfolio. Separate delivery instructions may be instructions for any security being delivered outside warranted when delivering fixed income securities. of the _____________ Telephone Representative asks for CNS system. ----------------------------------------------------------------------------------------------------------------- 3.AP will Fax a confirmation. copy of the order form to the BNY ETF 3. When asked by The BNY - ETF Administrator will receive a copy of Administrator within 15 minutes from the _____________ Telephone Representative, time the call the completed order form from the AP Faxed within is made. within 15 minutes from the time the order is placed. The AP will confirm that provide, as a part of the trades to be placed will not raise order form, a All orders received from the AP's holding to 80% or more of any Fund. 2. Telephone Representative selects the AP from drop down box to pull up the account registration and list of Authorized Participants and their Authorized Persons. The _____________ Telephone Representative verifies that the caller is authorized to place trades on behalf of that institution. The _____________ Telephone Representative then asks the AP for his/her PIN #. The _____________ Telephone Representative types the number, which will be alpha numeric into the database. 3. The _____________ Telephone Representative will read to the AP a are time stamped by statement confirming that the AP will not be placing the BNY - ETF Administrator at the time the order is trades that would raise the AP's total holdings to 80% placed or more of any Fund. When Fund The Distributor will verify that the appropriate The signed Order Form will be sent as the physical disclaimers have been made by the AP confirms this and validate the receipt for the AP that the order is confirmed. disclaimer by calculating the caseAP's position, then including the _____________ Telephone Representative subscriptions requested, to the total fund shares The above procedures will click "ok"be repeated until all orders outstanding have been placed by the AP. The database Distributor will then open to a trading input screen sign the Order Form and the signed Order Form will be sent as the physical receipt for the _____________ Telephone Representative to start entering trades onlineAP that the order is confirmed. 4. AP tells _____________ Telephone Representative that he wants to place a Creation or Redemption Order for Creation Units in a stated Fund or Funds. The AP states the Fund name(s) and relevant ticker symbol(s).

STANDING REDEMPTION INSTRUCTIONS. Annex V IV hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by Trust pursuant to a Redemption Order. ANNEX II -- PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR _____________ SM TRUST _____________ FUNDS FLOW PROCESS This Annex II-Part C supplements the Trust's Fund’s Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the Trust. A. The AP is required to have (i) signed an Authorized Participant Agreement for _____________ Trust Fund and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the Trust. B. The AP and Distributor shall implement the "_____________ Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC DTC may only occur on any day that NSCC DTC is open for business ("NSCC Business Day") . _____________ FUNDS FLOW PROCESS -------------------------------------------------------------------------------- ORIGINATOR ACTIVITY --------------------------------------------------------------------------------business. 1. The AP calls on the Distributor's ’s recorded 1-800 number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 3:00 PM EST on any NSCC Business Day. 1. The _____________ Telephone Representative Distributor greets caller. 2. AP identifies his/her name, the Institution he/she represents, and PIN #. The AP confirms his/her states the Fund name(s) and relevant ticker symbol(s). 2 The Distributor will confirm the AP’s PIN #. The Distributor records the PIN # when and the _____________ Telephone Representative asks for order, and provides the AP with an order confirmation number. The order confirmation constitutes a confirmationbinding order, which may only be reversed by the Distributor or the Fund. 3. When asked by the _____________ Telephone Representative, the AP will confirm that Fax a copy of the trades order form to be placed will not raise the AP's holding to 80% or more of any Fund. 2. Telephone Representative selects Distributor within 15 minutes from the AP from drop down box to pull up time the account registration and list of Authorized Participants and their Authorized Personscall is made. The _____________ Telephone Representative verifies that AP will provide, as a part of the caller is authorized to place trades on behalf of that institution. The _____________ Telephone Representative then asks the AP for his/her PIN #. The _____________ Telephone Representative types the numberorder form, which will be alpha numeric into the database. 3. The _____________ Telephone Representative will read to the AP a statement confirming that the AP will not be placing trades that would raise the AP's ’s total holdings to 80% or more of any FundFund so as to cause such Fund to have a basis in the Deposited Securities deposited with such Fund different from the market value of such Deposited Securities on the date of such deposit. When The signed Order Form will be sent as the physical receipt for the AP confirms this that the order is the case, then the _____________ Telephone Representative will click "ok"confirmed. The database above procedures will then open be repeated until all orders have been placed by the AP. 3. The Distributor will receive a copy of the completed order form from the AP Faxed within within 15 minutes from the time the order is placed. All orders received from the APs are time stamped by Distributor at the time the order is placed The Distributor will verify that the appropriate disclaimers have been made by the AP and validate the disclaimer by calculating the AP’s position, including the subscriptions requested, to a trading input screen the total fund shares outstanding The Distributor will sign the Order Form and the signed Order Form will be sent as the physical receipt for the _____________ Telephone Representative to start entering trades onlineAP that the order is confirmed. 4. The AP tells _____________ Telephone Representative that he wants to place a Creation or Redemption Order receives the fax The AP will assume responsibility for Creation Units in a stated Fund or Fundsan incorrect trade 4. The AP states will assume responsibility for an incorrect trade and contact the Fund name(s) Distributor if necessary. If trades are corrected, the Distributor will delete the first trade and relevant ticker symbol(s)reenter the corrected trade. A second affirmation will be faxed to the AP with all trades placed that day. The corrected trade will be coded on the affirmation so that the AP can see the correction. No corrections will be permitted after 3p.m. 5. EXCEPTION - International Settlements AP’s must deliver units for redemption orders no later than Trade Date Plus 1 in order to meet the affirmed order requirements placed the previous day.