Common use of Execution of Redemption Orders Clause in Contracts

Execution of Redemption Orders. a. Redemption Orders may be submitted only on days that the Trust is open for business, as required by section 22(e) of the Investment Company Act of 1940, as amended (the “1940 Act”). b. To effect the redemption of a Creation Unit of a particular Fund, the Participant shall deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed as described in the Fund Documents. Proceeds of the redemption of a Creation Unit shall consist of Fund Securities plus or minus the Balancing Amount. The Balancing Amount will be payable to or receivable from the Fund depending on the net asset value of Fund Shares of the Fund next determined after the Redemption Order has been received. Participant shall be responsible for paying any redemption transaction fee and/or additional variable charge assessed by the Fund in accordance with the Fund Documents. The amount of such redemption transaction fee and/or additional variable charge shall be determined by the Trust, or the Advisor, in accordance with the Fund Documents and may be changed from time to time upon amendment of the applicable Fund Documents in accordance with this Agreement. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to 105% of the value of the requisite Fund Shares, marked to market on a daily basis, in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. In addition, the Participant shall be responsible for any and all customary brokerage expenses and costs incurred by the Fund in connection with any Redemption Requests submitted by Participant, including expenses arising out of the use of collateral. c. If Fund Shares are not transferred to the Fund in accordance with the terms of the Fund Documents when making a Redemption Order, such Redemption Order may be rejected by the Fund, and the Participant will be solely responsible for all costs, losses, and fees incurred (in relation to such rejected Redemption Order) by the Fund, the Index Receipt Agent and/or the Distributor. d. The Participant represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units, unless: i. it first ascertains that it owns outright (or has full legal authority and legal and beneficial right to tender) the requisite number of Fund Shares for redemption; and ii. such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. e. With respect to any Redemption Order: i. the Participant shall return to a Fund; and ii. a Fund is entitled to reduce the amount of money or other proceeds due to the Participant by an amount equal to, any dividend, distribution, or other corporate action paid to the Participant in respect of any Deposit Security that is transferred to the Participant that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Fund.

Execution of Redemption Orders. a. Redemption Orders may be submitted only on days that the Trust is open for business, as required by section 22(e) of the Investment Company Act of 1940, as amended (the “1940 Act”). b. Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in the account of a single Participant. c. To effect the redemption of a Creation Unit of a particular Fund, the Participant shall (on behalf of itself and any Participant Client) deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed as described in the Fund Documents. Proceeds of the redemption of a Creation Unit shall consist of Fund Securities plus or minus the Balancing Amount. The Balancing Amount will be payable to or receivable from the Fund depending on the net asset value of Fund Shares of the Fund next determined after the Redemption Order has been received. Participant shall be responsible for paying any redemption transaction fee and/or additional variable charge assessed by the Fund in accordance with the Fund DocumentsFund. The amount of such redemption transaction fee and/or additional variable charge shall be determined by the Trust, or the Advisor, in accordance with the Fund Documents its sole discretion and may be changed from time to time upon amendment of the applicable Fund Documents in accordance with this Agreementtime. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to 105% of the value of the requisite Fund Shares, marked to market on a daily basis, in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. In addition, the Participant shall be responsible for any and all customary brokerage expenses and costs incurred by the Fund in connection with any Redemption Requests submitted by ParticipantRequests, including expenses arising out of the use of collateral. c. d. If Fund Shares are not transferred to the Fund in accordance with the terms of the Fund Documents when making a Redemption Order, such Redemption Order may be rejected by the Fund, and the Participant will be solely responsible for all costs, losses, and fees incurred (in relation to such rejected Redemption Order) by the Fund, the Index Receipt Agent and/or the Distributor. d. e. The Participant represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units, unless: i. it first ascertains that it (or the Participant Client, as the case may be) owns outright (or has full legal authority and legal and beneficial right to tender) the requisite number of Fund Shares for redemption; and ii. such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. e. f. With respect to any Redemption Order: i. the Participant shall (on behalf of itself and any Participant Client) return to a Fund; and ii. a Fund is entitled to reduce the amount of money or other proceeds due to the Participant (or any Participant Client) by an amount equal to, any dividend, distribution, or other corporate action paid to the Participant (or to any Participant Client) in respect of any Deposit Security that is transferred to the Participant (or any Participant Client) that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Fund. g. Notwithstanding anything to the contrary in this Agreement or the Prospectus, residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant shall confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash. A Fund may (in its sole discretion) satisfy a Redemption Request with an All-Cash Payment.

Execution of Redemption Orders. a. Redemption Orders may be submitted only on days that the Trust is open for business, as required by section 22(e) of the Investment Company Act of 1940, as amended (the “1940 Act”). b. To effect the redemption of a Creation Unit of a particular Fund, the Participant shall deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed as described in the Fund Documents. Proceeds of the redemption of a Creation Unit shall consist of Fund Securities plus or minus the Balancing Amount. The Balancing Amount will be payable to or receivable from the Fund depending on the net asset value of Fund Shares of the Fund next determined after the Redemption Order has been received. Participant shall be responsible for paying any redemption transaction fee and/or additional variable charge assessed by the Fund in accordance with the Fund Documents. The amount of such redemption transaction fee and/or additional variable charge shall be determined by the Trust, or the Advisor, in accordance with the Fund Documents and may be changed from time to time upon amendment of the applicable Fund Documents in accordance with this Agreement. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to 105% of the value of the requisite Fund Shares, marked to market on a daily basis, in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. In addition, the Participant shall be responsible for any and all customary brokerage expenses and costs incurred by the a Fund in connection with any Redemption Requests submitted by Participant, including expenses arising out of the use of collateral. c. If Fund Shares are not transferred to the Fund in accordance with the terms of the Fund Documents when making a Redemption Order, such Redemption Order may be rejected by the Fund, and the Participant will be solely responsible for all costs, losses, and fees incurred (in relation to such rejected Redemption Order) by the Fund, the Index Receipt Agent and/or the Distributor. d. The Participant represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units, unless: i. it first ascertains that it owns outright (or has full legal authority and legal and beneficial right to tender) the requisite number of Fund Shares for redemption; and ii. such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. e. With respect to any Redemption Order: i. the Participant shall return to a Fund; and ii. a Fund is entitled to reduce the amount of money or other proceeds due to the Participant by an amount equal to, any dividend, distribution, or other corporate action paid to the Participant in respect of any Deposit Security that is transferred to the Participant that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Fund.

Execution of Redemption Orders. a. Redemption Orders may be submitted only on days that the Trust is open for business, as required by section 22(e) of the Investment Company Act of 1940, as amended (the “"1940 Act”"). b. Fund Shares of any Fund may be redeemed only when the Participant has the Fund Shares (some of which may be owned by a Participant client or may be borrowed) and/or cash in lieu of Fund Shares that are the subject of the Redemption Order available for delivery to the Fund on the applicable settlement date of the Order. c. To effect the redemption of a Creation Unit of a particular Fund, the Participant shall deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed as described in the Fund Documents. Proceeds of the redemption of a Creation Unit shall consist of Fund Securities (or cash in lieu) plus or minus the Balancing Amount. The Balancing Amount will be payable to or receivable from the Fund depending on the net asset value of Fund Shares of the Fund next determined after the Redemption Order has been received. Participant shall be responsible for paying any redemption transaction fee and/or additional variable charge assessed by the Fund in accordance with the Fund Documents. The amount of such redemption transaction fee and/or additional variable charge shall be determined by the Trust, or the Advisor, in accordance with the Fund Documents and may be changed from time to time upon amendment of the applicable Fund Documents in accordance with this Agreement. The Distributor shall use reasonable efforts to cause the Trust or the Advisor to provide prior notice of any change to the purchase transaction fee to Participant. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to 105% of the value of the requisite Fund Shares, marked to market on a daily basis, in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. In addition, the Participant shall be responsible for any and all customary brokerage expenses and costs incurred by the a Fund in connection with any Redemption Requests submitted by the Participant, including reasonable expenses arising out of the use of collateral, other than Excluded Costs. c. d. If Fund Shares are not transferred to the Fund in accordance with the terms of the Fund Documents when making a Redemption Order, such Redemption Order may be rejected by the Fund, and the Participant will be solely responsible for all costs, losses, and fees incurred (in relation to such rejected Redemption Order) by the Fund, the Index Receipt Agent and/or the Distributor. d. e. The Participant represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units, unless: i. unless it first ascertains that it or a client of the Participant (“Participant Client”), as the case may be, or has reasonable grounds to believe that as of the time of contractual settlement that: i. it owns outright or will own (within the meaning of Rule 200 of Regulation SHO as of the close of the business day on which the Redemption Order is placed or has or will have full legal authority and legal and beneficial right to tender) tender for redemption the requisite number of Fund Shares for redemption; and to be redeemed and receive the entire proceeds of the redemption as of the Contractual Settlement Date, or (ii) will have reasonable grounds to believe that the requisite number of Shares of the relevant Fund can be borrowed (as contemplated by Rule 203(b)(1) of Regulation SHO) such that, in either case, the Participant can make good delivery of the Shares to the Trust on or prior to the Contractual Settlement Date of the Redemption Order. In either case, the Participant represents and warrant such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the FundFund by "regular way" settlement, unless the Redemption Order is on behalf of the Participant itself and the Participant is a dealer (within the meaning of the 1934 Act) in Fund Shares at the time of contractual settlement. e. f. With respect to any Redemption Order: i. the Participant shall return to a Fund; and ii. a Fund is entitled to reduce the amount of money or other proceeds due to the Participant by an amount equal to, any dividend, distribution, or other corporate action paid to the Participant in respect of any Deposit Security that is transferred to the Participant that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Fund. g. Notwithstanding anything to the contrary in this Agreement or the Prospectus, residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant shall use commercially reasonable efforts to confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash. Under such circumstances a Fund may satisfy a Redemption Request with an All-Cash Payment. h. The Fund represents that it will use best efforts to avoid lending Deposit Securities in a manner that would preclude it from being able to make good delivery (within the normal settlement cycle) of such Deposit Securities to the Participant in connection with a Redemption Order. i. Upon the satisfaction of the requirements applicable to the redemption of a Creation Unit, the Distributor represents that it will use reasonable efforts on behalf of the applicable Fund to redeem the Creation Unit within the normal business settlement cycle or as otherwise required by applicable Law.

Execution of Redemption Orders. a. Redemption Orders may be submitted only on days that the Trust is open for business, as required by section 22(e) of the Investment Company Act of 1940, as amended (the “1940 Act”). b. Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in the account of a single Participant. c. To effect the redemption of a Creation Unit of a particular Fund, the Participant shall (on behalf of itself and any Participant Client) deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed as described in the Fund Documents. Proceeds of the redemption of a Creation Unit shall consist of Fund Securities plus or minus the Balancing Amount. The Balancing Amount will be payable to or receivable from the Fund depending on the net asset value of Fund Shares of the Fund next determined after the Redemption Order has been received. Participant shall be responsible for paying any redemption transaction fee and/or additional variable charge assessed by the Fund in accordance with the Fund DocumentsFund. The amount of such redemption transaction fee and/or additional variable charge shall be determined by the Trust, or the Advisor, in accordance with the Fund Documents its sole discretion and may be changed from time to time upon amendment of the applicable Fund Documents in accordance with this Agreementtime. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to 105% 105%/ of the value of the requisite Fund Shares, marked to market on a daily basis, in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. In addition, the Participant shall be responsible for any and all customary brokerage expenses and costs incurred by the Fund in connection with any Redemption Requests submitted by ParticipantRequests, including expenses arising out of the use of collateral. c. d. If Fund Shares are not transferred to the Fund in accordance with the terms of the Fund Documents when making a Redemption Order, such Redemption Order may be rejected by the Fund, and the Participant will be solely responsible for all costs, losses, and fees incurred (in relation to such rejected Redemption Order) by the Fund, the Index Receipt Agent and/or the Distributor. d. e. The Participant represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units, unless: i. it first ascertains that it (or the Participant Client, as the case may be) owns outright (or has full legal authority and legal and beneficial right to tender) the requisite number of Fund Shares for redemption; and ii. such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. e. f. With respect to any Redemption Order: i. the Participant shall (on behalf of itself and any Participant Client) return to a Fund; and ii. a Fund is entitled to reduce the amount of money or other proceeds due to the Participant (or any Participant Client) by an amount equal to, any dividend, distribution, or other corporate action paid to the Participant (or to any Participant Client) in respect of any Deposit Security that is transferred to the Participant (or any Participant Client) that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Fund. g. Notwithstanding anything to the contrary in this Agreement or the Prospectus, residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant shall confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash. A Fund may (in its sole discretion) satisfy a Redemption Request with an All-Cash Payment.

Execution of Redemption Orders. a. (a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by section Section 22(e) of the Investment Company Act of 1940, as amended (the “1940 Act”). b. (b) The Participant understands that Fund Shares of any Fund may be redeemed only when one or more Creation Units are held in the account of a single Participant. (c) To effect the redemption of a Creation Unit of a particular Bull Fund, the Participant shall agrees on behalf of itself and any Participant Client to deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed as described in the Fund Documents. Proceeds of the redemption of a Creation Unit shall consist of Fund Securities plus or minus the Balancing Amount. The Balancing Amount will be payable to or receivable from the Fund depending on the net asset value of Fund Shares of the Fund next determined after the Redemption Order has been received. Participant shall be responsible for paying any redemption transaction fee and/or additional variable charge assessed by the Fund in accordance with the Fund DocumentsFund. The amount of such redemption transaction fee and/or additional variable charge shall be determined by the Trust, or the Advisor, in accordance with the Fund Documents its sole discretion and may be changed from time to time upon amendment of the applicable Fund Documents in accordance with this Agreementtime. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to 105% [115%/125%] of the value of the requisite Fund Shares, marked to market on a daily basis, in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. In addition, the Participant shall be responsible for any and all customary brokerage expenses and costs incurred by the Fund in connection with any Redemption Requests submitted by ParticipantRequests, including expenses arising out of the use of collateral. c. If (d) To effect the redemption of a Creation Unit of a particular Bear Fund, the Participant agrees on behalf of itself and any Participant Client to deliver to the Index Receipt Agent the requisite number of Fund Shares comprising the number of Creation Units being redeemed. The Fund may permit the Participant to redeem a Creation Unit when the Participant is unable to deliver all or part of a Creation Unit upon the delivery of collateral up to [115%/125%] of the value of the requisite Fund Shares, marked to market on a daily basis in anticipation of delivery of all or a portion of the requisite Fund Shares, and the Fund may use such cash or collateral to purchase Fund Shares. Proceeds of the redemption of a Creation Unit shall consist of an All-Cash Payment. (e) When making a Redemption Order, the Participant understands and agrees that in the event Fund Shares are not transferred to the Fund in accordance with the terms of the Fund Documents when making a Redemption OrderDocuments, such Redemption Order may be rejected by the Fund, Fund and the Participant will be solely responsible for all costs, losses, costs and losses and fees incurred (in relation to such rejected Redemption Order) by the Fund, the Index Receipt Agent and/or or the DistributorDistributor related to such rejected Redemption Order. d. (f) The Participant represents, covenants and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units, unless: i. Units unless it first ascertains that it or its customer, as the case may be, owns outright (or has full legal authority and legal and beneficial right to tender) tender for redemption the requisite number of Fund Shares for redemption; and ii. Shares, and that such Fund Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Fund Shares to the Fund. e. (g) With respect to any Redemption Order: i. , the Participant shall acknowledges and agrees on behalf of itself and any party for which it is acting to return to a Fund; and ii. a Fund is entitled to reduce the amount of money or other proceeds due to the Participant by an amount equal to, any dividend, distribution, or other corporate action paid to it or to the Participant party for which it is acting in respect of any Deposit Security that is transferred to the Participant or any party for which it is acting that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Fund. With respect to any Redemption Order, the Participant also acknowledges and agrees on behalf of itself and any party for which it is acting that a Fund is entitled to reduce the amount of money or other proceeds due to the Participant or any party for which it is acting by an amount equal to any dividend, distribution, or other corporate action to be paid to it or to the party for which it is acting in respect of any Deposit Security that is tr ansferred to the Participant or any party for which it is acting that, based on the valuation of such Deposit Security at the time of transfer, should be paid to the Fund. (h) Notwithstanding anything to the contrary in this Agreement or the Prospectus, the Participant understands and agrees that residents of certain countries are entitled to receive only cash upon redemption of a Creation Unit. Accordingly, the Participant is required to confirm that any request it submits for an in-kind redemption has not been submitted on behalf of a Beneficial Owner who is a resident of a country requiring that all redemptions be made in cash.