Common use of Through the CNS Clearing Process Clause in Contracts

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following the Purchase Order Date (t + 1) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (2) The Trust reserves the right to 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 with respect to any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Shares of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The AP must also Each Trust will make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Date the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Redemption Order, together with less the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The TThe “Domestic Contractual Settlement Date” is the next Business Day following earlier of: (i) the Purchase Order Date date upon which all of the required securities, any cash component and any other cash amounts which may be due are delivered to the Fund; and (t + 1ii) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between settlement date of the AP and the Transfer Agent when the Purchase Order is placedCreation Unit. . Except as provided in the next two paragraphs, a the Deposit Securities representing Creation Unit Units of Shares of and any Fund cash component will be issued in accordance delivered concurrently with the terms, conditions transfer of good title to each Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system and guarantees as set forth in CNS agreements to which the Custodian and AP have entered intodelivery of the Cash Component less the Transaction Fee through CNS. (2) The Each Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities Process (discussed below) and will be at the expense of the AP. (3) Fund and will affect the value of all Shares of such Fund; but each Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, each Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to the percentage of the value of the missing Deposit Securities set forth in the Prospectus. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the BNYM ETF Order Desk Administrator upon request. The parties hereto further agree that each Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to each Trust of purchasing such Shares and the value of the collateral, which may be sold by each Trust at such time, and in such manner, as each Trust may determine in its sole discretion.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Securities of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the each Trust, immediately available or same day funds estimated by the each Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the each Trust. The “Domestic Contractual Settlement Date” is the next Business Day following earlier of: (i) the Purchase Order Date date upon which all of the required securities, any cash component and any other cash amounts which may be due are delivered to the Fund; and (t + 1ii) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between settlement date of the AP and the Transfer Agent when the Purchase Order is placedCreation Unit. . Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (2) The Each Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional Process (discussed below). Additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Shares of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The AP must also Trust will make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Date the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Redemption Order, together with less the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following date upon which all of the Purchase Order Date (t + 1) or such later Business Dayrequired Shares must be delivered to the Trust and, not the Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed(ordinarily trade date plus three (T + 3) Business Days). Except as provided in the next two paragraphs, a the Deposit Securities representing Creation Unit Units of Shares of and any Fund cash component will be issued in accordance delivered concurrently with the terms, conditions transfer of good title to the Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into.delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to 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 with respect to any domestic a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities Process (discussed below) and will be at the expense of the AP. (3) Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement procedures, which such procedures shall be provided to the AP by the BNYM ETF Administrator upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Securities of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following earlier of (i) the Purchase Order Date date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust or (t + 1ii) or such later Business Day, not to exceed three the trade date plus two Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed(“T+2”). Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional Process (discussed below). Additional cost, if any, to acquire the omitted securities will be at the expense of the APParticipant. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Securities of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following earlier of (i) the Purchase Order Date trade date plus two (t + 1T+2) or such later Business Day, not to exceed three Business Days after or (ii) the Purchase Order Datedate upon which all of the required Deposit Securities, as agreed the Cash Component and any other cash amounts which may be due are delivered to between the AP and the Transfer Agent when the Purchase Order is placedTrust . Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. a. The use of CNS, a net settlement system, creates a fungible position in the ETF agent’s DTC account, as such there may not be a one to one relationship between the internal and external records until all Deposit Security Transactions are settled at NSCC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional Process (discussed below). Additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Shares of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The AP must also Trust will make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Date the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Redemption Order, together with less the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following date upon which all of the Purchase Order Date (t + 1) or such later Business Dayrequired Shares must be delivered to the Trust and, not the Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed(ordinarily trade date plus three (T + 3) Business Days). Except as provided in the next two paragraphs, a the Deposit Securities representing Creation Unit Units of Shares of and any Fund cash component will be issued in accordance delivered concurrently with the terms, conditions transfer of good title to the Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into.delivery of the Cash Component less the Transaction Fee through CNS; (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities Process (discussed below) and will be at the expense of the AP. (3) Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to the percentage amount set forth in Annex I of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement procedures, which such procedures shall be provided to the AP by the BNYM ETF Administrator upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Shares of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian applicable custodian of the Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The AP must also Each Trust will make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Date the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Redemption Order, together with less the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of Fee (as described in the issue of the Creation Unit of Shares of the TrustProspectus). The “Domestic Contractual Settlement Date” is the next Business Day following date upon which all of the Purchase Order Date required Shares (t + 1and any Transaction Fee in excess of the Cash Component) or such later Business Daymust be delivered to each Trust and the Deposit Securities, not any cash in lieu amounts and Cash Component less the Transaction Fee are delivered by each Trust to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed(ordinarily trade date plus two (T+2) Business Days). Except as provided in the next two paragraphs, a the Deposit Securities representing Creation Unit Units of Shares and the Cash Component (less the Transaction Fee) will be delivered concurrently with the transfer of good title to each Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system and the delivery of any Fund will Transaction Fee in excess of the Cash Component through CNS. (a) The use of CNS, a net settlement system, creates a fungible position in the ETF agent’s DTC account, as such there may not be issued in accordance with a one to one relationship between the terms, conditions internal and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into.external records until all Deposit Security Transactions are settled at NSCC (2) The Each Trust reserves the right to deliver a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day, or to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic of a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities Process (discussed below) and will be at the expense of the AP. (3) Fund and will affect the value of all Shares of such Fund; but each Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described in the Prospectus to protect existing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees fees. (3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, each Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking to deliver the missing Shares as discussed soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to the percentage amount set forth in Annex I of the Prospectusvalue of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. The parties hereto further agree that each Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to each Trust of purchasing such Shares and the value of the collateral, which may be sold by each Trust at such time, and in such manner, as each Trust may determine in its sole discretion.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following the Purchase Order Date (t T + 1) or such later Business Day, not to exceed three two Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (2) The Trust reserves the right to 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 with respect to any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (4) In all cases for a Purchase Order placed with respect to TAGS, contractual settlement must take place through the CNS Clearing Process.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Securities of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Funds’ Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the each Trust, immediately available or same day funds estimated by the each Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Purchase Order, together with the applicable purchase Transaction FeeFee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the each Trust. The “Domestic Contractual Settlement Date” is the next earlier of (i) the date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to each Trust and (ii) the trade date plus two (T+2) Business Day following the Purchase Order Date (t + 1) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placedDays. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (a) The use of CNS, a net settlement system, creates a fungible position in the ETF agent’s DTC account, as such there may not be a one to one relationship between the internal and external records until all Deposit Security Transactions are settled at NSCC. (2) The Each Trust reserves the right to accept a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day, or to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic of a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional Process (discussed below). Additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Shares of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The AP must also Trust will make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Date the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Redemption Order, together with less the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following date upon which all of the Purchase Order Date (t + 1) or such later Business Dayrequired Shares must be delivered to the Trust and, not the Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed(ordinarily trade date plus two (T+2) Business Days). Except as provided in the next two paragraphs, a the Deposit Securities representing Creation Unit Units of Shares of and any Fund cash component will be issued in accordance delivered concurrently with the termstransfer of good title to the Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS. (a) The use of CNS, conditions a net settlement system, creates a fungible position in the ETF agent’s DTC account, as such there may not be a one to one relationship between the internal and guarantees as set forth in CNS agreements to which the Custodian and AP have entered intoexternal records until all Deposit Security Transactions are settled at NSCC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities Process (discussed below) and will be at the expense of the AP. (3) Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to the percentage of the value of the missing Deposit Securities set forth in the Prospectus. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Procedures, which such procedures shall be provided to the AP by the BNYM ETF Order Desk Administrator upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Shares of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The AP must also Trust will make available on or before the Domestic Contractual Settlement Date, by means satisfactory to Date the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Redemption Order, together with less the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following date upon which all of the Purchase Order Date (t + 1) or such later Business Dayrequired Shares must be delivered to the Trust and, not the Deposit Securities, any cash in lieu amounts and Cash Component less any fees are delivered by the Trust to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed(ordinarily trade date plus two (T+2) Business Days). Except as provided in the next two paragraphs, a the Deposit Securities representing Creation Unit Units of Shares of and any Fund cash component will be issued in accordance delivered concurrently with the termstransfer of good title to the Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the Transaction Fee through CNS. (a) The use of CNS, conditions a net settlement system, creates a fungible position in the ETF agent’s DTC account, as such there may not be a one to one relationship between the internal and guarantees as set forth in CNS agreements to which the Custodian and AP have entered intoexternal records until all Deposit Security Transactions are settled at NSCC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities Process (discussed below) and will be at the expense of the AP. (3) Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP’s undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement procedures, which such procedures shall be provided to the AP by the BNYM ETF Order Desk Administrator upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) of any domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component of the Creation Basket Deposit (the “Cash Component”), together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following the Purchase Order Date (t T + 1) or such later Business Day, not to exceed three two Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placed. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (2) The Trust reserves the right to 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 with respect to any domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Securities of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next Business Day following earlier of (i) the Purchase Order Date trade date plus two (t + 1T+2) or such later Business Day, not to exceed three Business Days after or (ii) the Purchase Order Datedate upon which all of the required Deposit Securities, as agreed the Cash Component and any other cash amounts which may be due are delivered to between the AP and the Transfer Agent when the Purchase Order is placedTrust . Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (a) The use of CNS, a net settlement system, creates a fungible position in the ETF agent’s DTC account, as such there may not be a one to one relationship between the internal and external records until all Deposit Security Transactions are settled at NSCC. (2) The Trust reserves the right to permit or require the substitution of an amount of cash (i.e., a “cash in lieu” amount amount) to be added to the Cash Component to replace any Deposit Security with respect to any domestic Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process, additional Process (discussed below). Additional cost, if any, to acquire the omitted securities will be at the expense of the AP. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

Through the CNS Clearing Process. (1) Except as provided below, the securities in the Creation Basket Deposit (“Deposit Securities”) Instruments of any domestic Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Domestic Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the cash component Cash Component next determined after acceptance of the Creation Basket Deposit (the “Cash Component”)Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The “Domestic Contractual Settlement Date” is the next earlier of (i) the date upon which all of the required Deposit Instruments, the Cash Component and any other cash amounts which may be due are delivered to Trust and (ii) the trade date plus three (ordinarily t +3) Business Day following the Purchase Order Date (t + 1) or such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the AP and the Transfer Agent when the Purchase Order is placedDays. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements to which the Custodian and AP have entered into. (2) The Trust reserves the right to 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 Instrument with respect to any domestic Domestic Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing ProcessProcess (discussed below), additional cost, if any, to acquire the omitted securities will be at the expense of the APParticipant. (3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.