Common use of Contractual Settlement Clause in Contracts

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the cash is delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the cash will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (ordinarily trade date plus one T+1) or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (t + 1T+2) Business Day)or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed. Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s CNS system. (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. 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. (d4) The Sponsor may use the cash pre-funding In all cases for a Redemption Order placed with respect to cover any potential trading costs associated with the Redemption OrderTAGS, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall must take place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or . (iib) outside Outside the CNS Clearing Process Process: (i.e., through DTC Process1) to a DTC account maintained at BNY Mellon on or before Deliveries of redemption distributions by the Contractual Settlement Date. The “Contractual Settlement Date” is Funds generally will be made by the date upon which all end of the required Shares must be delivered next Business Day or as agreed to the Trust and the Digital Assets delivered by the Trust Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance; provided, however, the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the APAuthorized Purchaser, or at the AP’s directionSponsor, to an Authorized Participant Designee Distributor and Transfer Agent in advance. (ordinarily trade date plus one (t + 12) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required number Redemption Baskets of Shares through has been completed. When the CNS Clearing Process or Custodian confirms that the DTC Process. required Shares (g) If or, when permitted in the applicable Trust’s DTC account has not been credited with all sole discretion of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement DateTrust, the redemption distribution is delivered to cash collateral) have been received by the extent of whole Baskets received. Any remainder of account, the redemption distribution is delivered on Custodian will cause the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension delivery of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledSecurities.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust Deposit Securities must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNSNSCC”) 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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon the Trustee on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to the Trustee, immediately available or same day funds estimated by the Trustee to be sufficient to pay the Cash Component next determined after acceptance of the 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 earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Trustee and the cash is delivered by the Trust to the AP (ordinarily ii) trade date plus one two (t + 1t+2) Business Day)Days. Except as provided in the next paragraphtwo paragraphs, a Creation Unit of Shares of the cash Trust will be delivered issued concurrently with the transfer of good title to the applicable Trust Trustee of the required number portfolio of Shares Deposit Securities through the CNS Clearing Process or NSCC’s Continuous Net Settlement (“CNS”) system and the DTC Processpayment of the Cash Component and the purchase Transaction Fee through DTC. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to replace any Deposit Security with respect to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Trust and will affect the value of all Shares of the Trust; but the Trustee, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or approval of the Board, may adjust the “Transaction Fee” within the parameters described below to protect ongoing shareholders. (ii3) Any settlement outside the CNS Clearing Process (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessProspectus. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system; (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the 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 Transfer Agent upon request. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing Process: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the International Contractual Settlement Date or (ii) outside defined below). The Trust will also make available on the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the required Shares must be Redemption Securities are delivered to the Trust AP and (ii) the Digital Assets delivered latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such international Fund are customarily traded. (2) Deliveries of redemption distributions by the Trust Funds generally will be made within three (3) Business Days. Due to the APschedule of holidays in certain countries, or at however, the AP’s direction, to an Authorized Participant Designee delivery of in-kind Redemption Securities of international Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (ordinarily trade date plus one (t + 13) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (4) The Trust may in its sole discretion 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 Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Marketing Agent that a “cash in lieu” amount will be delivered, the Marketing Agent will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET is insufficient on the International Contractual Settlement Date, the redemption distribution is delivered Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on the International Contractual Settlement Date and subsequent 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 extent of whole Baskets received. Any remainder of AP by the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledTransfer Agent upon request.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNSNSCC”) 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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon the Trustee on or before the Domestic Contractual Settlement Date (defined below). The Trustee will make available on the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and Trustee and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust Trustee to the AP (ordinarily trade date plus one two (t + 1t+2) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the cash Deposit Securities representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the applicable Trust Trustee of the required number of Shares through the CNS Clearing Process or NSCC’s Continuous Net Settlement (CNS) system and the DTC Processdelivery of the Cash Component less the purchase Transaction Fee through DTC. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount ) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to replace any Deposit Security with respect to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Trust; but the Trustee may adjust the Transaction Fee within the parameters described below to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) protect ongoing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus. (i.e.3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, through DTC Process) the Trustee may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP 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 DTC account maintained value at BNY Mellon on or before least equal to 105% of the Contractual Settlement Datevalue of the missing Shares marked to market daily. The “Contractual Settlement Date” is parties hereto further agree that the date upon which all of Trustee may purchase the required missing Shares must be delivered at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the Digital Assets delivered value of the collateral, which may be sold by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to such time, and in such manner, as the Trustee may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process : (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the Custodian on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon 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 date upon which all of next Business Day following the required Shares must be delivered to the Trust and the cash is delivered by the Trust to the AP Purchase Order Date (ordinarily trade date plus one (t T + 1) or such later Business Day), not to exceed 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 paragraphtwo paragraphs, the cash a Creation Unit of Shares of any Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessCustodian and AP have entered into. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount ) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date any domestic Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 a DTC account maintained acquire the omitted securities will be at BNY Mellon on or before the Contractual Settlement Date or expense of the AP. (ii3) Any settlement outside the CNS Clearing Process (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraphProspectus. (4) In all cases for a Purchase Order placed with respect to TAGS, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares contractual settlement must take place through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open.for Domestic Funds (b1) Except as provided below, Deposit Securities must be delivered through the National Securities Clearing Corporation (“NSCC”) to a Depository Trust Company (“DTC”) account maintained at the Custodian of the Company on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Company, immediately available or same day funds estimated by Company to be sufficient to pay the Cash Component next determined after acceptance of the 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 applicable Trust must be delivered either Company. The “Domestic Contractual Settlement Date" is the earlier of (i) date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to Company and (ii) trade date plus three (t +3) Business Days. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued concurrently with the transfer of good title to Company of the portfolio of Deposit Securities through the NSCC’s Continuous Net Settlement (“CNS”) clearing processes system and the payment of NSCC as such processes have been enhanced the Cash Component and the purchase Transaction Fee through CNS. (2) The Company reserves the right to effect purchases and redemptions permit the substitution of Creation Units, such processes being referred to herein as the “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process an amount of cash (i.e., through the manual process of The Depository Trust Company (a “DTC”)) (the “DTC Process”cash in lieu” amount ) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered added to the Trust and the cash is delivered by the Trust Cash Component to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided replace any Deposit Security with respect to any Domestic Fund which may not be available in the next paragraph, the cash will sufficient quantity for delivery or which may not be delivered concurrently with the eligible for transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Company, subject to the approval of the Board, may adjust the “Transaction Fee” within the parameters described in the Prospectus. The Company also reserves the right to permit the substitution of a DTC account maintained at BNY Mellon on cash in lieu amount to be added to the Cash Component for Custom Orders to replace any Deposit Security the acquisition of which by the Company would be prohibited by applicable law or before the Contractual Settlement Date or regulation. (ii3) Any settlement outside the CNS Clearing Process (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessProspectus. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable any Trust must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNSNSCC”) 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 “CNS Clearing Process”, to a DTC Depository Trust Company (“DTC”) account maintained at BNY Mellon the applicable custodian of any Trust on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Delegated Sponsor will make available on or before the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and Delegated Sponsor and, the cash is Digital Assets, Cash Component less any fees are delivered by the Trust Delegated Sponsor to the AP (ordinarily trade date plus one (t + 1T+1) Business Day). Except as provided in the next paragraphtwo paragraphs, the cash Digital Assets representing Creation Baskets of Shares will be delivered issued concurrently with the transfer of good title to the applicable Trust Delegated Sponsor of the required number of Shares through the CNS Clearing Process or NSCC’s Continuous Net Settlement (CNS) system and the DTC Processdelivery of the Cash Component less the purchase Transaction Fee through CNS. (c2) If In the applicable Trust’s DTC account has not been credited with all event that the number of Shares is insufficient on the settlement date for Creation Basket(s) of Shares, the Delegated Sponsor may deliver the Digital Assets notwithstanding such deficiency in reliance on the undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 the 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 marked to market daily. The parties hereto further agree that the Delegated Sponsor may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Delegated Sponsor of purchasing such Shares and the value of the collateral, which may be sold by the Delegated Sponsor at such time, and in such manner, as the Delegated Sponsor may determine in its sole discretion. (3) During a Delayed Settlement Scenario, APs will be given the option to (1) cancel the Redemption Order, (2) modify the Redemption Order, or (3) replace the in-kind Redemption Order with a cash Redemption Order in the next cash order window. The AP must cancel, modify, or choose to replace the Redemption Order before the Order Cutoff Time, which will be (a) 4:00 p.m. ET on the Contractual Settlement Dateorder date or (b) any other time agreed to with the Delegated Sponsor and of which all existing APs have been previously notified. In the event the AP fails to cancel, modify, or replace its Redemption Order by the Order Cutoff Time, the redemption distribution is delivered AP will be unable to modify its Redemption Order. Notwithstanding the extent of whole Baskets received. Any remainder of foregoing, the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited AP will remain fully responsible for Delivering to the applicable Trust’s account at DTC account on the total number of Shares to be redeemed by such next Business Day. Any further outstanding amount Authorized Participant pursuant to its Redemption Order. (4) The terms of the Redemption Orders during Delayed Settlement Scenarios will be finalized by the Order shall be cancelled. (d) Cutoff Time. The Sponsor may use AP will receive either the cash pre-funding to cover any potential trading costs associated with amount specified in the Redemption Order, including those with Order or the modified amount specified before the Order Cutoff Time. The Transfer Agent will settle the order date’s Redemption Orders one business day after the Digital Asset Counterparties due Custodian has enough unstaked Digital Assets to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for fulfill all in-kind Redemption Orders: (e) Authorized Participants shall place the Orders for that date. Once Redemption Order before 12.00 p.m. ET. (f) Except as provided belowOrders for a particular order date have been fully settled, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to Transfer Agent and Digital Asset Custodian will begin fulfilling Redemption Orders for a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Processsubsequent order date. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e.Domestic Contractual Settlement Date the Cash Component next determined after acceptance of the Redemption Order, through less the manual process of applicable Transaction Fee. The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the "Domestic Contractual Settlement Date. The “Contractual Settlement Date” " is the date upon which all of the required Shares must be delivered to the Trust and, the Deposit Securities, any cash in lieu amounts and the cash is Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t T + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or NSCC's Continuous Net Settlement (CNS) system and the DTC Process.delivery of the Cash Component less the Transaction Fee through CNS; (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a "cash in lieu" amount) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date a Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) 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. (i.e.3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, through DTC Process) 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 DTC account maintained value at BNY Mellon on or before least equal to 115% of the Contractual Settlement Datevalue of the missing Shares. The “Contractual parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Date” is procedures, which such procedures shall be provided to the date AP by the BNYM ETF Order Desk Administrator upon which all of request. The parties hereto further agree that the required Trust, acting in good faith, may purchase the missing Shares must be delivered 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 Digital Assets delivered value of the collateral, which may be sold by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) For Domestic Funds: Except as provided below, the Shares of the applicable Trust iShares must be ------------------- delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNS”NSCC) 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 “CNS Clearing Process”, to a DTC Depository Trust Company (DTC) account maintained at BNY Mellon the applicable custodian of Fund on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Fund will make available on or before the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"). The “"Contractual Settlement Date” " is the date upon which all of the required Shares iShares must be delivered to the Trust and fund and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust Fund to the AP Participant (ordinarily trade date plus one (t + 1) Business Daythree business days). Except as provided in the next paragraphtwo paragraphs, the cash Deposit Securities representing a Redemption Unit will be delivered issued concurrently with the transfer of good title to the applicable Trust Fund of the required number aggregation of Shares iShares through the CNS Clearing Process or NSCC's Continuous Net Settlement (CNS) system and the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all delivery of the Baskets Cash Component less the purchase transaction fee through the DTC. 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 redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date replace any Deposit Security which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) transfer through the CNS Clearing Process, to a or which may not be eligible for transfer through the systems of DTC account maintained at BNY Mellon on or before and hence not eligible for transfer through the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e.discussed below) and will be at the expense of Fund and will affect the value of all Fund shares; but BGFA, through DTC Process) subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all approval of the required Shares must be delivered Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. Any settlement outside the Trust "Normal Clearing Process" is subject to additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer Statement of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessAdditional Information. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process : (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the Custodian on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon 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 date upon which all of next Business Day following the required Shares must be delivered to the Trust and the cash is delivered by the Trust to the AP (ordinarily trade date plus one 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 paragraphtwo paragraphs, the cash a Creation Unit of Shares of any Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessCustodian and AP have entered into. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount ) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date any domestic Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 a DTC account maintained acquire the omitted securities will be at BNY Mellon on or before the Contractual Settlement Date or expense of the AP. (ii3) Any settlement outside the CNS Clearing Process (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessProspectus. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) For Domestic Funds: Except as provided below, the Shares of the applicable Trust Deposit Securities must be ------------------- delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNS”NSCC) 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 “CNS Clearing Process”, to a DTC Depository Trust Company (DTC) account maintained at BNY Mellon the applicable custodian of Fund on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon . Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to Fund, immediately available or same day funds estimated by Fund to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase transaction fee (as described in the Prospectus as "the Normal Clearing Process"). Any excess funds will be returned following settlement of the issue of the Creation Unit of iShares. The “"Contractual Settlement Date” " is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and the cash is delivered by the Trust to the AP (ordinarily ii) trade date plus one (t + 1) Business Day)three business days. Except as provided in the next paragraphtwo paragraphs, the cash a Creation Unit of iShares of an Index Series will be delivered issued concurrently with the transfer of good title to the applicable Trust Fund of the required number portfolio of Shares Deposit Securities through the CNS Clearing Process or NSCC's Continuous Net Settlement (CNS) system and the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all payment of the Baskets Cash Component and the purchase transaction fee through the DTC. 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 redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date replace any Deposit Security which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) transfer through the CNS Clearing Process, to a or which may not be eligible for transfer through the systems of DTC account maintained at BNY Mellon on or before and hence not eligible for transfer through the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e.discussed below) and will be at the expense of Fund and will affect the value of all Fund shares; but BGFA, through DTC Process) subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all approval of the required Shares must be delivered Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. Any settlement outside the Trust "Normal Clearing Process" is subject to additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer Statement of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessAdditional Information. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and, the Deposit Instruments, any cash in lieu amounts and the cash is Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the Deposit Instruments representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the applicable 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; (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 Instrument with respect to 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 or (discussed below) and will be at the DTC Processexpense of the 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. (c3) If In the applicable Trust’s DTC account has not been credited with all event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, the Trust may deliver the Deposit Instruments notwithstanding such deficiency in reliance on the undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET on such the Contractual AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to 110% 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Transfer Agent 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable collateral, which may be sold by Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing Process: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the Contractual Settlement Date or (ii) outside Business Day immediately following the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon date on or before which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the required Shares must be Deposit Instruments are delivered to the Trust AP and (ii) the Digital Assets delivered latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such International Fund are customarily traded. (2) Deliveries of redemption proceeds by the Trust Funds generally will be made within three (3) Business Days. Due to the APschedule of holidays in certain countries, or at however, the AP’s direction, to an Authorized Participant Designee delivery of in-kind Deposit Instruments of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (ordinarily trade date plus one (t + 13) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Instruments will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Creation Unit(s) of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral has been received by the account, the Custodian will cause the delivery of the Deposit Instruments. (4) The Trust may in its sole discretion 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 Instrument which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Deposit Instruments with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Deposit Instruments from the Fund or is not able to sell the particular Deposit Instruments in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares through is insufficient on the CNS Clearing Process or settlement date for Creation Unit(s) of Shares (Order Date +1), the DTC Process. (g) If Trust may deliver the applicable Trust’s DTC account has not been credited with all Deposit Instruments notwithstanding such deficiency in reliance on the undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET such the AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to 110% of the Contractual 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Transfer Agent 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on collateral, which may be sold by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (ordinarily trade date plus one (t + 1T+1) Business Day)or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed. Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s CNS system. (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. 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. (db) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through Outside the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before : (1) Deliveries of redemption distributions by the Contractual Settlement Date or (ii) outside Funds generally will be made by the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all end of the required Shares must be delivered next Business Day or as agreed to the Trust and the Digital Assets delivered by the Trust to the APAuthorized Purchaser, or at the AP’s directionSponsor, to an Authorized Participant Designee Distributor and Transfer Agent in advance. (ordinarily trade date plus one (t + 12) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (3) The Trust may in its sole discretion 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 Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (4) In the event that the number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET is insufficient on the Contractual Settlement Date, the redemption distribution is delivered Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. 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 extent of whole Baskets receivedAP by the Transfer Agent upon request. Any remainder When making a Redemption Order, the Authorized Person understands and agrees that in the event Shares are not transferred to the Fund in accordance with the terms of the redemption distribution is delivered on Prospectus, such Redemption Order may be rejected by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine Fund and the remaining Authorized Person will be solely responsible for all costs and losses and fees incurred by the Fund, Transfer Agent or the Distributor related to such rejected Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledOrder.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares Creation Units of the applicable Trust a Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon will make available on or before the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Contractual Settlement Date” is the date upon which all of the required Shares shares must be delivered to the Trust and and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the cash Deposit Securities representing Creation Units will be delivered issued concurrently with the transfer of good title to the applicable Trust of the required number of Shares shares through the CNS Clearing Process or NSCC's Continuous Net Settlement (CNS) system and the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all delivery of the Baskets Cash Component less the purchase Transaction Fee through DTC. 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 redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date a Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all shares of such Fund; but the Trust may adjust the Transaction Fee within the parameters described below to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) protect ongoing shareholders. Any settlement outside the CNS Clearing Process (i.e.is subject to additional requirements and fees as discussed in the Prospectus. In the event that the number of shares is insufficient on the settlement date for Creation Units, through DTC Process) the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a DTC account maintained value at BNY Mellon on or before least equal to 105% of the Contractual Settlement Datevalue of the missing shares. The “Contractual parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Date” is Procedures, which such procedures shall be provided to the date AP by Distributor upon which all of request. The parties hereto further agree that Trust may purchase the required Shares must be delivered missing shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust value of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to collateral, which may be redeemed sold by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust Deposit Securities must be delivered either (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 “CNS Clearing Process”, to a DTC an account maintained at BNY Mellon the applicable local subcustodian of the Fund on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. The “"Contractual Settlement Date” " is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and (ii) the cash is delivered by last day for settlement on the Trust to customary settlement cycle in the AP (ordinarily trade date plus one (t + 1) Business Day)jurisdiction where the securities of the applicable Index Series are customarily traded. Except as provided in the next paragraphtwo paragraphs, the cash a Creation Unit of WEBS of an Index Series will not be delivered concurrently with issued until the transfer of good title to the applicable Trust Fund of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required number securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Shares through the CNS Clearing Process Fund, the cash value thereof) have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Creation Unit of WEBS. The Distributor will then transmit a confirmation of acceptance to the Participant. The Fund may in its sole discretion 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 which may not be available in sufficient quantity for delivery or for other similar reasons. If the Adviser notifies the Distributor that a "cash in lieu" amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the DTC Process. (c) If party on whose behalf it is acting, the applicable Trust’s DTC account has not been credited "cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of WEBS because certain or all of the Baskets to be redeemed by 2 p.m. ET Deposit Securities are missing, the Fund will issue a Creation Unit of WEBS notwithstanding such deficiency in reliance on the Contractual undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash having a value at least equal to 125% of the value of the missing Deposit Securities. The parties hereto agree that the delivery of such collateral shall be made in accordance with the WEBS Cash Collateral Settlement DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent Participant by the Distributor upon request. The parties hereto further agree that the Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of whole Baskets received. Any remainder purchasing such securities and the value of the redemption distribution is delivered on collateral, which may be sold by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to Fund at such time, and in such manner, as the Fund may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and, the Deposit Securities, any cash in lieu amounts and the cash is Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the applicable 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; (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 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 or (discussed below) and will be at the DTC Processexpense of the 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. (c3) If In the applicable Trust’s DTC account has not been credited with all 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 undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET on such the Contractual AP’s delivery and maintenance of collateral consisting of cash having a value at least equal to % 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Transfer Agent 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable collateral, which may be sold by Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing Process: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the Contractual Settlement Date or (ii) outside Business Day immediately following the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon date on or before which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the required Shares must be Deposit Securities are delivered to the Trust AP and (ii) the Digital Assets delivered latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such International Fund are customarily traded. (2) Deliveries of redemption proceeds by the Trust Funds generally will be made within three (3) Business Days. Due to the APschedule of holidays in certain countries, or at however, the AP’s direction, to an Authorized Participant Designee delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (ordinarily trade date plus one (t + 13) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Creation Unit(s) of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral has been received by the account, the Custodian will cause the delivery of the Deposit Securities. (4) The Trust may in its sole discretion 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 which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. At the discretion of the Trust or the Distributor, the AP may also be permitted to replace any Deposit Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Deposit Securities from the Fund or is not able to sell the particular Deposit Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares through is insufficient on the CNS Clearing Process or settlement date for Creation Unit(s) of Shares (Order Date +1), the DTC Process. (g) If Trust may deliver the applicable Trust’s DTC account has not been credited with all Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET such the AP’s delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to % of the Contractual 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Transfer Agent 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on collateral, which may be sold by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, Deposit Securities must be delivered through the National Securities Clearing Corporation (“NSCC”) to a Depository Trust Company (“DTC”) account maintained at the Custodian of the Company on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Company, immediately available or same day funds estimated by Company to be sufficient to pay the Cash Component next determined after acceptance of the 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 applicable Trust must be delivered either Company. The “Domestic Contractual Settlement Date” is the earlier of (i) date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to Company and (ii) trade date plus three (t +3) Business Days. Except as provided in the next two paragraphs, a Creation Unit of Shares of the Fund will be issued concurrently with the transfer of good title to Company of the portfolio of Deposit Securities through the NSCC’s Continuous Net Settlement (“CNS”) clearing processes system and the payment of NSCC as such processes have been enhanced the Cash Component and the purchase Transaction Fee through DTC. (2) The Company reserves the right to effect purchases and redemptions permit or require the substitution of Creation Units, such processes being referred to herein as the “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process an amount of cash (i.e., through the manual process of The Depository Trust Company (a “DTC”)) (the “DTC Process”cash in lieu” amount ) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered added to the Trust and the cash is delivered by the Trust Cash Component to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided replace any Deposit Security with respect to any Domestic Fund which may not be available in the next paragraph, the cash will sufficient quantity for delivery or which may not be delivered concurrently with the eligible for transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of the Fund; but the Company, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or approval of the Board, may adjust the “Transaction Fee” within the parameters described below to protect ongoing shareholders. (ii3) Any settlement outside the CNS Clearing Process (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessProspectus. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust Deposit Securities must be delivered either (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 “CNS Clearing Process”, to a DTC an account maintained at BNY Mellon the applicable local subcustodian of the Fund on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. The “"Contractual Settlement Date” " is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and (ii) the cash is delivered by last day for settlement on the Trust to customary settlement cycle in the AP (ordinarily trade date plus one (t + 1) Business Day)jurisdiction where the securities of the applicable Index Series are customarily traded. Except as provided in the next paragraphtwo paragraphs, the cash a Creation Unit of WEBS of an Index Series will not be delivered concurrently with issued until the transfer of good title to the applicable Trust Fund of the required number portfolio of Shares through Deposit Securities and the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all payment of the Baskets Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to be redeemed by 2 p.m. ET on the Contractual Settlement DateCustodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the Fund, the redemption distribution is cash value thereof) have been delivered to the extent of whole Baskets received. Any remainder account of the redemption distribution is delivered on relevant subcustodian, the next Business Day Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Creation Unit of WEBS. The Distributor will then transmit a confirmation of acceptance to the extent Participant. The Fund may in its sole discretion permit or require the substitution of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding an amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Processa "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Adviser notifies the Distributor that a DTC account maintained "cash in lieu" amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the "cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of WEBS because certain Deposit Securities are missing, the Fund may, in its sole discretion, issue a Creation Unit of WEBS notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash or Short-Term Investments (as defined in the Prospectus) having a value at BNY Mellon on or before least equal to 105% of the Contractual Settlement Datevalue of the missing Deposit Securities. The “Contractual Settlement Date” is parties hereto agree that the date upon which all Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the required Shares must collateral, which may be delivered to the Trust and the Digital Assets delivered sold by the Trust to the AP, or Fund at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to such time, and in such manner, as the Fund may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust Fund must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNSNSCC”) 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 “CNS Clearing Process”, to a DTC Depository Company (“DTC”) account maintained at BNY Mellon the applicable custodian of the Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Company will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and Company and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust Company to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the cash Deposit Securities representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the applicable Trust Company of the required number of Shares through the CNS Clearing Process or NSCC’s Continuous Net Settlement (CNS) system and the DTC Processdelivery of the Cash Component less the purchase Transaction Fee through DTC. (c2) If The Company reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount ) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to replace any Deposit Security with respect to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund ; but the Company, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) 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. (i.e.3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, through DTC Process) to a DTC account maintained at BNY Mellon the Company may deliver the Deposit Securities notwithstanding such deficiency in reliance on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all undertaking of the required AP to deliver the missing Shares must as soon as possible, which undertaking shall be delivered to the Trust and the Digital Assets delivered secured by the Trust to the AP, or at such the AP’s direction, delivery and maintenance of collateral consisting of cash having a value at least equal to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day)105% of the value of the missing Shares. Except as provided The parties hereto agree that the delivery of such collateral shall be made in the next paragraph, the Digital Assets will be delivered concurrently accordance with the transfer of good title Cash Collateral Settlement Procedures, which such procedures shall be provided to the applicable Trust AP by Distributor upon request. The parties hereto further agree that Company may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Company of purchasing such securities and the value of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to collateral, which may be redeemed sold by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to Company at such time, and in such manner, as Company may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system; (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the 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 Transfer Agent upon request. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing Process: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the International Contractual Settlement Date or (ii) outside defined below). The Trust will also make available on the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an International Fund is the earlier of (i) the date upon which all of the required Shares must be Redemption Securities are delivered to the Trust AP and (ii) the Digital Assets delivered latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such international Fund are customarily traded. (2) Deliveries of redemption distributions by the Trust Funds generally will be made within three (3) Business Days. Due to the APschedule of holidays in certain countries, or at however, the AP’s direction, to an Authorized Participant Designee delivery of in-kind Redemption Securities of international Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (ordinarily trade date plus one (t + 13) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (4) The Trust may in its sole discretion 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 Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Marketing Agent that a “cash in lieu” amount will be delivered, the Marketing Agent will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET is insufficient on the International Contractual Settlement Date, the redemption distribution is delivered Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on the International Contractual Settlement Date and subsequent 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 extent of whole Baskets received. Any remainder of AP by the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledTransfer Agent upon request.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust Deposit Securities must be delivered either (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 “CNS Clearing Process”, to a DTC an account maintained at BNY Mellon the applicable local subcustodian of the Fund on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Participant must also make available on or before the Contractual Settlement Date, by means satisfactory to the Fund, immediately available or same day funds estimated by the Fund to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. The “"Contractual Settlement Date” " is the earlier of (i) the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust Fund and (ii) the cash is delivered by last day for settlement on the Trust to customary settlement cycle in the AP (ordinarily trade date plus one (t + 1) Business Day)jurisdiction where the securities of the applicable Index Series are customarily traded. Except as provided in the next paragraphtwo paragraphs, the cash a Creation Unit of WEBS of an Index Series will not be delivered concurrently with issued until the transfer of good title to the applicable Trust Fund of the required number portfolio of Shares through Deposit Securities and the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all payment of the Baskets Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to be redeemed by 2 p.m. ET on the Contractual Settlement DateCustodian that the required securities included in the Portfolio Deposit (or, when permitted in the sole discretion of the Fund, the redemption distribution is cash value thereof) have been delivered to the extent of whole Baskets received. Any remainder account of the redemption distribution is delivered on relevant subcustodian, the next Business Day Custodian shall notify the Distributor and the Adviser, and the Fund will issue and cause the delivery of the Creation Unit of WEBS. The Distributor will then transmit a confirmation of acceptance to the extent Participant. The Fund may in its sole discretion permit or require the substitution of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding an amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Processa "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Adviser notifies the Distributor that a DTC account maintained "cash in lieu" amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, the "cash in lieu" amount, with any appropriate adjustments as advised by the Fund. Any excess funds will be returned following settlement of the issue of the Creation Unit of WEBS. In the event that a Portfolio Deposit is incomplete on the settlement date or a Creation Unit of WEBS because certain Deposit Securities are missing, the Fund may, in its sole discretion, issue a Creation Unit of WEBS notwithstanding such deficiency in reliance on the undertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant's delivery and maintenance of collateral consisting of cash or Short-Term Investments (as defined in the Prospectus) having a value at BNY Mellon on or before least equal to 105% of the Contractual Settlement Datevalue of the missing Deposit Securities. The “Contractual Settlement Date” is parties hereto agree that the date upon which all Fund may purchase the missing Deposit Securities at any time and the Participant agrees to accept liability for any shortfall between the cost to the Fund of purchasing such securities and the value of the required Shares must collateral, which may be delivered to the Trust and the Digital Assets delivered sold by the Trust to the AP, or Fund at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to such time, and in such manner, as the Fund may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing System: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Domestic Contractual Settlement Date” " is the date upon which all of the required Shares must be delivered to the Trust and, the Deposit Securities, any cash in lieu amounts and the cash is Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the Deposit Securities representing Creation Units of Shares and any cash componet will be delivered concurrently with the transfer of good title to the applicable 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; (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 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 or (discussed below) and will be at the DTC Processexpense of the 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. (c3) If In the applicable Trust’s DTC account has not been credited with all 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 undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET on such the Contractual 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Distributor 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable collateral, which may be sold by Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing System: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the Contractual Settlement Date or (ii) outside Business Day immediately following the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon date on or before which the redemption order was placed. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable redemption Transaction Fee (as described in the Prospectus). The “"International Contractual Settlement Date” " of an International Fund is the earlier of (i) the date upon which all of the required Shares must be Deposit Securities are delivered to the Trust AP and (ii) the Digital Assets delivered by latest day for settlement on the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided customary settlement cycle in the next paragraph, jurisdiction(s) where the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust any of the required number securities of Shares through the CNS Clearing Process or the DTC Processsuch International Fund are customarily traded. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “"Domestic Contractual Settlement Date” " is the date upon which all of the required Shares must be delivered to the Trust and, the Deposit Securities, any cash in lieu amounts and the cash is Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCCs Continuous Net Settlement (CNS) system and the 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 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 or (discussed below) and will be at the DTC Processexpense of the 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. (c3) If In the applicable Trust’s DTC account has not been credited with all 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 undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET on such the Contractual APs 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Transfer Agent 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable collateral, which may be sold by Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing Process: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the Business Day immediately following the date on which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The International Contractual Settlement Date or of an International Fund is the earlier of (iii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be Deposit Securities are delivered to the Trust AP and (ii) the Digital Assets delivered latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such International Fund are customarily traded. (2) Deliveries of redemption proceeds by the Trust Funds generally will be made within three (3) Business Days. Due to the APschedule of holidays in certain countries, or at however, the AP’s direction, to an Authorized Participant Designee delivery of in-kind Deposit Securities of International Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (ordinarily trade date plus one (t + 13) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Creation Unit(s) of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral has been received by the account, the Custodian will cause the delivery of the Deposit Securities. (4) The Trust may in its sole discretion 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 which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies Distributor that a cash in lieu amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the cash in lieu amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Deposit Securities with a cash in lieu amount to the extent that the AP is not authorized to purchase the particular Deposit Securities from the Fund or is not able to sell the particular Deposit Securities in the secondary market, consistent with restrictions in applicable law or the APs internal policies and procedures. (5) In the event that the number of Shares through is insufficient on the CNS Clearing Process or settlement date for Creation Unit(s) of Shares (Order Date +1), the DTC Process. (g) If Trust may deliver the applicable Trust’s DTC account has not been credited with all Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET such the APs delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to 105% of the Contractual 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by the Transfer Agent 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 whole Baskets received. Any remainder purchasing such shares and the value of the redemption distribution is delivered on collateral, which may be sold by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders(a) For Domestic Funds: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, Deposit Securities must be delivered through the National Securities Clearing Corporation (“NSCC”) to a Depository Trust Trust (“DTC”) account maintained at the Custodian of the Trust on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Trust, immediately available or same day funds estimated by Trust to be sufficient to pay the Cash Component next determined after acceptance of the 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 applicable Trust must be delivered either Trust. The “Domestic Contractual Settlement Date" is the earlier of (i) date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to Trust and (ii) trade date plus three (t +3) Business Days. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued concurrently with the transfer of good title to Trust of the portfolio of Deposit Securities through the NSCC's Continuous Net Settlement (“CNS”) clearing processes system and the payment of NSCC as such processes have been enhanced the Cash Component and the purchase Transaction Fee through DTC. (2) The Trust reserves the right to effect purchases and redemptions permit or require the substitution of Creation Units, such processes being referred to herein as the “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process an amount of cash (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”a "cash in lieu" amount ) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered added to the Trust and the cash is delivered by the Trust Cash Component to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided replace any Deposit Security with respect to any Domestic Fund which may not be available in the next paragraph, the cash will sufficient quantity for delivery or which may not be delivered concurrently with the eligible for transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a or which may not be eligible for transfer through the systems of DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside and hence not eligible for transfer through the CNS Clearing Process (i.e.discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, through DTC Processsubject to the approval of the Board, may adjust the "Transaction Fee" within the parameters described below to protect ongoing shareholders. (3) to In the event that a DTC account maintained at BNY Mellon Creation Deposit is incomplete on the settlement date for a Creation Unit of Shares because certain or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Deposit Securities are missing, the Company may issue a Creation Unit of Shares must notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be delivered secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Deposit Securities marked to market daily. The parties hereto further agree that the Company may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust Company of purchasing such securities and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust value of the required number of Shares through collateral, provided that such cost is reasonable under the CNS Clearing Process or the DTC Processcircumstances. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNS”"NSCC") 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 “CNS Clearing Process”, to a DTC Depository Company Company ("DTC") account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Company will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Domestic Contractual Settlement Date” " is the date upon which all of the required Shares must be delivered to the Trust and Company and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust Company to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the cash Deposit Securities representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the applicable Trust Company of the required number of Shares through the CNS Clearing Process or NSCC's Continuous Net Settlement (CNS) system and the DTC Processdelivery of the Cash Component less the purchase Transaction Fee through DTC. (c2) If The Company reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a "cash in lieu" amount ) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date a Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund ; but the Company, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) 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 (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, Prospectus. (3) In the Digital Assets will be delivered concurrently with event that the transfer of good title to the applicable Trust of the required number of Shares through is insufficient on the CNS Clearing Process or settlement date for Creation Unit(s) of Shares, the DTC Process. (g) If Company may deliver the applicable Trust’s DTC account has not been credited with all Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the Baskets AP to deliver the missing Shares as soon as possible, which undertaking shall be redeemed secured by 2 p.m. ET on such the Contractual 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 DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent AP by Distributor upon request. The parties hereto further agree that Company may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Company of whole Baskets received. Any remainder purchasing such securities and the value of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date collateral, which the Sponsor may, from time to may be sold by Company at such time, and in such manner, as Company may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders(a) For Domestic Funds: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNSNSCC”) 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 “CNS Clearing Process”, to a DTC Depository Trust Trust (“DTC”) account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Domestic Contractual Settlement Date” " is the date upon which all of the required Shares must be delivered to the Trust and and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one three (t + 13) Business DayDays). Except as provided in the next paragraphtwo paragraphs, the cash Deposit Securities representing Creation Units of Shares will be delivered issued concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or NSCC's Continuous Net Settlement (CNS) system and the DTC Processdelivery of the Cash Component less the purchase Transaction Fee through DTC. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a "cash in lieu" amount ) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date a Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund ; but the Trust, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) 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. (i.e.3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, through DTC Process) the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a DTC account maintained value at BNY Mellon on or before least equal to 105% of the Contractual Settlement Datevalue of the missing Shares. The “Contractual parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Date” is Procedures, which such procedures shall be provided to the date AP by Distributor upon which all of request. The parties hereto further agree that Trust may purchase the required missing Shares must be delivered at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust value of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to collateral, which may be redeemed sold by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement DateDate the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and, the Deposit Securities, any cash in lieu amounts and the cash is Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one two Business Days (t + 1) Business DayT+2)). Except as provided in the next paragraphtwo paragraphs, the Deposit Securities representing Creation Units of Shares and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or NSCC’s Continuous Net Settlement (CNS) system and the DTC Process.delivery of the Cash Component less the Transaction Fee through CNS; (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date a Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) 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. (i.e.3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, through DTC Process) 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 DTC account maintained value at BNY Mellon on or before least equal to 115% of the Contractual Settlement Datevalue of the missing Shares. The “Contractual parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement Date” is procedures, which such procedures shall be provided to the date AP by the BNYM ETF Order Desk Administrator upon which all of request. The parties hereto further agree that the required Trust, acting in good faith, may purchase the missing Shares must be delivered 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 Digital Assets delivered value of the collateral, which may be sold by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process : (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the Custodian on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon 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 date upon which all of next Business Day following the required Shares must be delivered to the Trust and the cash is delivered by the Trust to the AP (ordinarily trade date plus one 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 paragraphtwo paragraphs, the cash a Creation Unit of Shares of any Fund will be delivered concurrently issued in accordance with the transfer of good title terms, conditions and guarantees as set forth in CNS agreements to which the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessCustodian and AP have entered into. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets an amount of cash (i.e., a “cash in lieu” amount) to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable replace any Deposit Security with respect to the extension of the Redemption Distribution Date any domestic Fund which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) 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 a DTC account maintained acquire the omitted securities will be at BNY Mellon on or before the Contractual Settlement Date or expense of the AP. (ii3) Any settlement outside the CNS Clearing Process (i.e., through DTC Process) is subject to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust additional requirements and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except fees as provided discussed in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC ProcessProspectus. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Fund must be delivered either (i) through the Continuous Net Settlement to a Depository Trust Company (“CNSDTC”) 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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the Custodian on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon will make available on or before the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “"Contractual Settlement Date” " is the date upon which all of the required Shares must be delivered to the Trust and and, the cash is Deposit Securities, Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the cash will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (c2) If The Trust reserves the applicable Trust’s DTC account has not been credited with all right to permit or require the substitution of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding an amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Processa "cash in lieu" amount ) to be added to the Cash Component to replace any Deposit Security with respect to a DTC account maintained at BNY Mellon on Fund which may not be available in sufficient quantity for delivery or before which may not be eligible for transfer through the Contractual Settlement DateFederal Reserve System. The “Contractual Settlement Date” is Trust, subject to the date upon which all approval of the required Board, may adjust the Transaction Fee within the parameters described below to protect ongoing shareholders from costs relating to such cash in lieu redemptions. Any settlement outside the Federal Reserve System may subject to additional requirements and fees as discussed in the Prospectus. Cash in lieu may also be available if the AP is subject to regulatory, internal policy or other similar limitations on transacting in the security (3) In the event that the number of Fund Shares must 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 undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be delivered secured by such the 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 Distributor upon request. The parties hereto further agree that Trust 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 securities and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust value of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to collateral, which may be redeemed sold by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to at such time, and in such manner, as Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Domestic Fund on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s Continuous Net Settlement (CNS) system; (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the 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 Transfer Agent upon request. (db) The Sponsor may use Outside the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption OrdersCNS Clearing Process: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f1) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC an account maintained at BNY Mellon the Custodian on or before the International Contractual Settlement Date or (ii) outside defined below). The Trust will also make available on the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component, less the applicable Transaction Fee (as described in the Prospectus). The “International Contractual Settlement Date” of an international Fund is the earlier of (i) the date upon which all of the required Shares must be Redemption Securities are delivered to the Trust AP and (ii) the Digital Assets delivered latest day for settlement on the customary settlement cycle in the jurisdiction(s) where the any of the securities of such international Fund are customarily traded. (2) Deliveries of redemption distributions by the Trust Funds generally will be made within three (3) Business Days. Due to the APschedule of holidays in certain countries, or at however, the AP’s direction, to an Authorized Participant Designee delivery of in-kind Redemption Securities of international Funds may take longer than three Business Days after the day on which the Redemption Order is placed. (ordinarily trade date plus one (t + 13) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (4) The Trust may in its sole discretion 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 Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace any Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (5) In the event that the number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET is insufficient on the International Contractual Settlement Date, the redemption distribution is delivered Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by such the AP’s delivery on the International Contractual Settlement Date and subsequent 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 extent of whole Baskets received. Any remainder of AP by the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledTransfer Agent upon request.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust Deposit Securities must be delivered either (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 “CNS Clearing Process”, to a DTC an account maintained at BNY Mellon the applicable local subcustodian of the Trust on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Participant must also make available on or before the 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 next determined after acceptance of the Purchase Order, together with the applicable purchase transaction fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of a Fund’s shares. The “Contractual Settlement Date” is the date upon which all earlier of the required Shares must be delivered to the Trust and the cash is delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the cash will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and (ii) the Digital Assets delivered by last day for settlement on the Trust to customary settlement cycle in the AP, or at jurisdiction where the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day)securities of the applicable Fund are customarily traded. Except as provided in the next paragraphtwo paragraphs, the Digital Assets a Creation Unit of shares of a Fund will not be delivered concurrently with issued until the transfer of good title to the applicable Trust of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase transaction fee have been completed. When the subcustodian confirms to the Custodian that the required number securities included in the Portfolio Deposit (or, when permitted in the sole discretion of Shares through the CNS Clearing Process Trust, the cash value thereof) have been delivered to the account of the relevant subcustodian, the Custodian shall notify the Distributor and the Adviser, and the Trust will issue and cause the delivery of the Creation Unit of shares of the Fund. The Distributor will then transmit a confirmation of acceptance to the Participant. The Trust may in its sole discretion 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 which may not be available in sufficient quantity for delivery or for other similar reasons. If the Adviser notifies the Distributor that a “cash in lieu” amount will be accepted, the Distributor will notify the Participant and the Participant shall deliver, on behalf of itself or the DTC Process. (g) If party on whose behalf it is acting, the applicable “cash in lieu” amount, with any appropriate adjustments as advised by the Trust’s DTC account has not been credited with . Any excess funds will be returned following settlement of the issue of the Creation Unit of shares. In the event that a Portfolio Deposit is incomplete on the settlement date for a Creation Unit of shares because certain or all of the Baskets to be redeemed by 2 p.m. ET Deposit Securities are missing, the Trust will issue a Creation Unit of shares notwithstanding such deficiency in reliance on the Contractual Settlement Dateundertaking of the Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Participant’s delivery and maintenance of collateral consisting of cash having a value at least equal to[ ]% of the redemption distribution is delivered value of the missing Deposit Securities marked to market daily. The parties hereto further agree that the Fund may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the extent Fund of whole Baskets received. Any remainder purchasing such securities and the value of the redemption distribution is delivered on collateral, which may be sold by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to Fund at such time, and in such manner, as the Fund may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable Trust any Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (ordinarily trade date plus one (t + 1T+1) Business Day)or as agreed to by the Authorized Purchaser, Sponsor, Distributor and Transfer Agent in advance of when the Redemption Order is placed. Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s CNS system. (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. 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. (db) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through Outside the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before : (1) Deliveries of redemption distributions by the Contractual Settlement Date or (ii) outside Funds generally will be made by the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all end of the required Shares must be delivered next Business Day or as agreed to the Trust and the Digital Assets delivered by the Trust to the APAuthorized Purchaser, or at the AP’s directionSponsor, to an Authorized Participant Designee Distributor and Transfer Agent in advance. (ordinarily trade date plus one (t + 12) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required number Redemption Baskets of Shares through has been completed. When the CNS Clearing Process or Custodian confirms that the DTC Process. required Shares (g) If or, when permitted in the applicable Trust’s DTC account has not been credited with all sole discretion of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement DateTrust, the redemption distribution is delivered to cash collateral) have been received by the extent of whole Baskets received. Any remainder of account, the redemption distribution is delivered on Custodian will cause the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension delivery of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledSecurities.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon will make available on or before the Contractual Settlement Date, the Balancing Amount less the applicable Transaction Fee. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the bitcoin, any cash is in lieu amounts and Balancing Amount less any fees are delivered by the Trust to the AP (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraphtwo paragraphs, the cash bitcoin and any Balancing Amount will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or NSCC’s Continuous Net Settlement (CNS) system. (b) The Trust will permit the DTC Processsubstitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Balancing Amount to replace any bitcoin with respect to the Trust which may not be available in sufficient quantity for delivery. (c) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Dateend of the settlement date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process : (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares securities in the Creation Basket Deposit (“Deposit Securities”) of the applicable Trust any domestic Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the Custodian on or before the Domestic Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon 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 date upon which all of next Business Day following the required Shares must be delivered to the Trust and the cash is delivered by the Trust to the AP Purchase Order Date (ordinarily trade date plus one (t T + 1) or such later Business Day), not to exceed 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 paragraphtwo paragraphs, the cash a Creation Unit of Shares of any Fund will be delivered concurrently 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. Exhibit B – Page 28 (b) Outside the CNS Clearing Process : (1) Except as provided in the next two paragraphs, a Creation Unit of Shares will not be issued until the transfer of good title to the applicable Trust of the Deposit Securities and the payment of the Cash Component and the purchase Transaction Fee have been completed. When the Subcustodian confirms to the Custodian that the required number Deposit Securities (or, when permitted in the sole discretion of Shares through the CNS Clearing Process or Trust, the DTC Processcash value thereof) have been delivered to the account of the relevant Subcustodian, the Custodian shall will cause the delivery of the Creation Unit of Shares. (c2) The Trust may in its sole discretion 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 which may not be available in sufficient quantity for delivery or for other similar reasons. If the applicable Trust’s DTC account has not Trust notifies the Distributor that a “cash in lieu” amount will be accepted, the Distributor or Transfer Agent will notify the AP and the AP shall deliver, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust which may include any difference between the actual cost to the Trust to acquire an omitted security and the value of the security had the security been credited with delivered in kind. Additional amounts, if any, shall be included in the calculation of the Cash Component to be received, any excess amounts will be returned to the AP following settlement of the issue of the Creation Unit of Shares. (3) In the event that a Creation Basket Deposit is incomplete on the settlement date for a Creation Unit of Shares because certain or all of the Baskets to be redeemed by 2 p.m. ET Deposit Securities are missing, the Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the Contractual undertaking of the AP to deliver the missing Deposit Securities as soon as possible. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement DateProcedures, the redemption distribution is delivered which such procedures shall be provided to the extent of whole Baskets receivedAP by the Transfer Agent upon request. Any remainder of The parties hereto further agree that Trust, acting in good faith, may purchase the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from missing Deposit Securities at any time to time, determine and the remaining Redemption Baskets are credited AP agrees to accept liability for any shortfall between the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered cost to the Trust of purchasing such securities and the Digital Assets delivered value of the collateral, which may be sold by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to such time, and in such manner, as the Trust may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have (a) Through the following contractual settlement requirements for cash Redemption OrdersCNS Clearing Process: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided presided below, the Shares of the applicable Trust any Fund must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the applicable custodian of any Fund on or before the Contractual Settlement Date (defined below) or (ii) outside ). The Trust will make available on the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon on or before the Domestic Contractual Settlement Date, the Cash Component less the applicable Transaction Fee. The “Contractual Settlement Date” with respect to redemptions is the date upon which all of the required Shares must be delivered to the Trust and the Redemption Securities, any cash is in lieu amounts and Cash Component less any fees are delivered by the Trust to the AP ordinarily on the first Business Day following the Redemption Order Date (ordinarily trade date plus one T+1) or as agreed to by the Authorized Purchaser, Sponsor Distributor and Transfer Agent in advance of when the Redemption Order is placed provided, however, the Contractual Settlement Date with respect to TAGS is the second Business Day following the Redemption Order Date (t + 1T+2) Business Day). or as agreed to by the Authorized Purchaser, Sponsor Distributor and Transfer Agent in advance of when the Redemption Order is placed Except as provided in the next paragraphtwo paragraphs, the Redemption Securities and any cash component will be delivered concurrently with the transfer of good title to the applicable Trust of the required number of Shares through the NSCC’s CNS system. (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 Redemption Security with respect to 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 or (discussed below). Any settlement outside the DTC ProcessCNS Clearing Process may be subject to additional requirements and fees as discussed in the Prospectus. (c3) If the applicable TrustFund’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, end of the settlement date the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust Fund receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable TrustFund’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. Pursuant to instruction from the Sponsor, the Trust may deliver the redemption distribution notwithstanding a deficiency in a Redemption Basket in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. 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. (d4) The Sponsor may use the cash pre-funding In all cases for a Redemption Order placed with respect to cover any potential trading costs associated with the Redemption OrderTAGS, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall must take place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or . (iib) outside Outside the CNS Clearing Process Process: (i.e., through DTC Process1) to a DTC account maintained at BNY Mellon on or before Deliveries of redemption distributions by the Contractual Settlement Date. The “Contractual Settlement Date” is Funds generally will be made by the date upon which all end of the required Shares must be delivered next Business Day or as agreed to the Trust and the Digital Assets delivered by the Trust Authorized Purchase, Sponsor, Distributor and Transfer Agent in advance; provided, however the delivery of the redemption distributions by TAGS generally will be made by the end of the second Business Day or as agreed to by the APAuthorized Purchaser, or at the AP’s directionSponsor, to an Authorized Participant Designee Distributor and Transfer Agent in advance. (ordinarily trade date plus one (t + 12) Business Day). Except as provided in the next paragraphtwo paragraphs, the Digital Assets Deposit Securities will not be delivered concurrently with until the transfer of good title to the applicable Trust of the required Redemption Baskets of Shares has been completed. When the Custodian confirms that the required Shares (or, when permitted in the sole discretion of the Trust, the cash collateral) have been received by the account, the Custodian will cause the delivery of the Redemption Securities. (3) The Trust may in its sole discretion 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 Redemption Security which may not be available in sufficient quantity for delivery or for other similar reasons. If the Trust notifies the Distributor that a “cash in lieu” amount will be delivered, the Distributor will notify the AP and the AP shall receive, on behalf of itself or the party on whose behalf it is acting, the “cash in lieu” amount, with any appropriate adjustments as advised by the Trust. The AP may also elect to replace arty Redemption Securities with a “cash in lieu” amount to the extent that the AP is not authorized to purchase the particular Redemption Securities from the Fund or is not able to sell the particular Redemption Securities in the secondary market, consistent with restrictions in applicable law or the AP’s internal policies and procedures. (4) In the event that the number of Shares through the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET is insufficient on the Contractual Settlement Date, the redemption distribution is delivered Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible. 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 extent of whole Baskets receivedAP by the Transfer Agent upon request. Any remainder When making a Redemption Order, the Authorized Person understands and agrees that in the event Shares are not transferred to the Fund in accordance with the terms of the redemption distribution is delivered on Prospectus, such Redemption Order may be rejected by the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine Fund and the remaining Authorized Person will be solely responsible for all costs and losses and fees incurred by the Fund. Transfer Agent or the Distributor related to such rejected Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledOrder.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b1) Except as provided below, the Shares of the applicable any Trust must be delivered either (i) through the Continuous Net Settlement National Securities Clearing Corporation (“CNSNSCC”) 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 “CNS Clearing Process”, to a DTC Depository Trust Company (“DTC”) account maintained at BNY Mellon the applicable custodian of any Trust on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon Delegated Sponsor will make available on or before the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The “Domestic Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and Delegated Sponsor and, the cash is Digital Assets, Cash Component less any fees are delivered by the Trust Delegated Sponsor to the AP (ordinarily trade date plus one (t + 1T+1) Business Day). Except as provided in the next paragraphtwo paragraphs, the cash Digital Assets representing Creation Baskets of Shares will be delivered issued concurrently with the transfer of good title to the applicable Trust Delegated Sponsor of the required number of Shares through the CNS Clearing Process or NSCC’s Continuous Net Settlement (CNS) system and the DTC Processdelivery of the Cash Component less the purchase Transaction Fee through CNS. (c2) If In the applicable Trust’s DTC account has not been credited with all event that the number of the Baskets to be redeemed by 2 p.m. ET Shares is insufficient on the Contractual Settlement Datesettlement date for Creation Basket(s) of Shares, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled. (d) The Delegated Sponsor may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) through the CNS Clearing Process, to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside the CNS Clearing Process (i.e., through DTC Process) to a DTC account maintained at BNY Mellon on or before the Contractual Settlement Date. The “Contractual Settlement Date” is the date upon which all of the required Shares must be delivered to the Trust and the Digital Assets delivered notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by the Trust to the AP, or at the AP’s direction, delivery and maintenance of collateral consisting of cash having a value at least equal to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day)115% of the value of the missing Shares marked to market daily. Except as provided in The parties hereto further agree that the next paragraph, Delegated Sponsor may purchase the Digital Assets will be delivered concurrently with missing Shares at any time and the transfer of good title AP agrees to accept liability for any shortfall between the cost to the applicable Trust Delegated Sponsor of purchasing such Shares and the value of the required number of Shares through collateral, which may be sold by the CNS Clearing Process or the DTC Process. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Delegated Sponsor may, from time to at such time, and in such manner, as the Delegated Sponsor may determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelledin its sole discretion.

Contractual Settlement. Authorized Participants shall have the following contractual settlement requirements for cash Redemption Orders: (a) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET and may be required (as communicated by the Sponsor) to pre-fund cash with the Cash Custodian before 2 p.m. ET on the Trade Date, in an amount to be determined by the Sponsor (which may generally be around 25% of the Redemption Basket Deposit). The Sponsor will communicate to the Authorized Participant any changes related to the cash pre-funding requirements through electronic means and before market open. (b) Except as provided below, the Shares of the applicable Trust Deposit Securities must be delivered either (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 “CNS Clearing Process”, to a DTC account maintained at BNY Mellon the Custodian of the Trust on or before the Contractual Settlement Date (defined below) or (ii) outside the CNS Clearing Process (i.e., through the manual process of ). The Depository Trust Company (“DTC”)) (the “DTC Process”) to a DTC account maintained at BNY Mellon AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Trust, immediately available or same day funds estimated by Trust to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Units of the Trust. The “Contractual Settlement Date” is the earlier of (i) date upon which all of the required Shares must Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and the cash is delivered by the Trust to the AP (ordinarily ii) trade date plus one three (t + 1+3) Business Day)Days. Except as provided in the next paragraphtwo paragraphs, the cash Creation Units of any Fund will be delivered issued concurrently with the transfer of good title to the applicable Trust of the required number portfolio of Shares Deposit Securities through the CNS Clearing Process or NSCC's Continuous Net Settlement (“CNS”) system and the DTC Process. (c) If the applicable Trust’s DTC account has not been credited with all payment of the Baskets Cash Component and the purchase Transaction Fee through DTC. 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 redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered added to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day Cash Component to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date replace any Deposit Security which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall may not be cancelled. (d) The Sponsor available in sufficient quantity for delivery or which may use the cash pre-funding to cover any potential trading costs associated with the Redemption Order, including those with Digital Asset Counterparties due to the Authorized Participants failure to deliver in full the Redemption Basket before 2 p.m. ET on the Contractual Settlement Date. Authorized Participants shall have the following contractual settlement requirements not be eligible for in-kind Redemption Orders: (e) Authorized Participants shall place the Redemption Order before 12.00 p.m. ET. (f) Except as provided below, the Shares of the applicable Trust must be delivered either (i) transfer through the CNS Clearing Process, to a or which may not be eligible for transfer through the systems of DTC account maintained at BNY Mellon on or before the Contractual Settlement Date or (ii) outside and hence not eligible for transfer through the CNS Clearing Process (i.e., through DTC Processdiscussed below) to a DTC account maintained and will be at BNY Mellon on or before the Contractual Settlement Dateexpense of the Fund and will affect the value of all shares of such Fund. The Trust may adjust the “Contractual Settlement DateTransaction Fee” within the parameters described below to protect ongoing shareholders. In the event that a deposit made in consideration for Creation Units is incomplete on the settlement date upon which because certain or all of the required Shares must Deposit Securities are missing, the Trust may issue a Creation Unit notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be delivered secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 105% of the value of the missing Deposit Securities, marked to market daily. The parties hereto further agree that the Company may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust Company of purchasing such securities and the Digital Assets delivered by the Trust to the AP, or at the AP’s direction, to an Authorized Participant Designee (ordinarily trade date plus one (t + 1) Business Day). Except as provided in the next paragraph, the Digital Assets will be delivered concurrently with the transfer of good title to the applicable Trust value of the required number of Shares through collateral, provided that such cost is reasonable under the CNS Clearing Process or the DTC Processcircumstances. (g) If the applicable Trust’s DTC account has not been credited with all of the Baskets to be redeemed by 2 p.m. ET on the Contractual Settlement Date, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the applicable Trust receives the fee applicable to the extension of the Redemption Distribution Date which the Sponsor may, from time to time, determine and the remaining Redemption Baskets are credited to the applicable Trust’s DTC account on such next Business Day. Any further outstanding amount of the Redemption Order shall be cancelled.