Common use of CREATION AND REDEMPTION PROCESS Clause in Contracts

CREATION AND REDEMPTION PROCESS. If creations and redemptions pursuant to this Agreement are on an in-kind basis, the Participant understands and acknowledges that the Transfer Agent will not effect a creation or redemption (issuing a Creation Unit Aggregation of Shares in the case of a creation, transferring Deposit Securities in the case of a redemption) until it has received confirmation of receipt of the Participant’s incoming security transfer through the (i) Fed Book Entry System, Euroclear or DTC in the case of a creation, and through Euroclear or DTC in the case of a redemption; or (ii) NSCC or DTC. November 2019

CREATION AND REDEMPTION PROCESS. If creations and redemptions pursuant to this Agreement are on an in-kind basis, the Participant understands and acknowledges that the Transfer Agent will not effect a creation or redemption (issuing a Creation Unit Aggregation of Shares in the case of a creation, transferring Deposit Securities in the case of a redemption) until it has received confirmation of receipt of the Participant’s incoming security transfer through the (i) Fed Book Entry System, Euroclear or DTC in the case of a creation, and through Euroclear or DTC in the case of a redemption; or (ii) NSCC or DTC. November 20195.