Common use of Allocation of Deposit Security Shortfalls Clause in Contracts

Allocation of Deposit Security Shortfalls. The Fund acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including each Fidelity ETF (collectively, the "ETF Custody Clients"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "Common Deposit Security Shortfall"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall. 4. Pursuant to Section 9.06 of the Custodian Agreement, the Fidelity ETFs shall deliver to the Custodian an amended Appendix "A" listing the Fidelity ETFs to be added as Funds under the Custodian Agreement, and when countersigned by the Custodian, each Fidelity ETF shall become a Fund under the Custodian Agreement and shall be bound by all terms and conditions and provisions of the Custodian Agreement, including without limitation, the representations and warranties set forth in Section 9.04(a) of the Custodian Agreement. 5. In the event that any exchange traded fund in addition to those listed on Schedule A hereto desires to have the Custodian render services as custodian under the terms of the Custodian Agreement and this side letter agreement, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such exchange traded fund shall become a Fund and a Fidelity ETF under the Custodian Agreement and this side letter agreement and be bound by all terms and conditions and provisions of the Custodian Agreement and this side letter agreement including, without limitation, the representations and warranties set forth in Section 9.04(a) of the Custodian Agreement. 6. Except as modified hereby, all other terms and conditions of the Custodian Agreement shall remain in full force and effect. 7. This side letter agreement may be executed in multiple counterparts, which together shall constitute one instrument.