Common use of Procedures for Orders Clause in Contracts

Procedures for Orders. The process by which an investor purchases and redeems ETF Shares from a Fund is described in detail in the Fund's Prospectus and the Statement of Additional Information incorporated by reference therein (the "Prospectus") that comprise part of the Trust's registration statement, as amended, on Form N-1A (No. 811-2546). All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Prospectus. Each party hereto agrees to comply with the provisions of such documents to the extent applicable to it. The discussion of the purchase and redemption process in this Agreement is modified as necessary by reference to the more complete discussion in the Prospectus and procedures described in Annex II. References to the Prospectus are to the then current Prospectus as it may be supplemented or amended from time to time. Capitalized terms not otherwise defined herein are used herein as defined in the Prospectus. This Agreement is intended to set forth the procedures by which the Participant may purchase and/or redeem Creation Units of ETF Shares (i) through the Continuous Net Settlement ("CNS") clearing processes of NSCC as such processes have been enhanced to effect purchases and redemptions of Creation Units, such processes being referred to herein as the "Clearing Process," or (ii) outside the Clearing Process. The procedures for processing an order to purchase ETF Shares (a "Purchase Order") and an order to redeem ETF Shares (a "Redemption Order") are described in the Fund's Prospectus and in Annex II to this Agreement. All Purchase and Redemption Orders must be made pursuant to the procedures set forth in Annex II. The Funds reserve the right to issue additional procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to comply with such procedures as may be issued from time to time.