Common use of Creation Procedures Clause in Contracts

Creation Procedures. On any Business Day, an Authorized Purchaser may place an order with the Transfer Agent to create one or more Creation Baskets of a Fund in accordance with this Agreement and the Procedures. Purchase Orders must be placed by the time specified in the applicable Prospectus and restated in Exhibit E hereto (the “Order Cutoff Time”) or the close of regular trading on the New York Stock Exchange, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the Sponsor and the Authorized Purchaser. The day on which the Distributor receives a valid Purchase Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser agrees to deposit cash, Treasury Securities or a combination of cash and Treasury Securities as determined by the Sponsor with the Custodian of the Fund. Failure to consummate such a deposit shall result in the cancellation of the Order. Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have submitted via CNS the non-refundable transaction fee due for the Purchase Order. The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of cash, Treasury Securities or a combination of cash and Treasury Securities that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the Purchase Order is properly received as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the date the Purchase Order is received. The Sponsor, through the Transfer Agent, shall notify the Authorized Purchaser of the amount of cash, Treasury Securities or a combination of cash and Treasury Securities to be included in deposits to create Baskets by e-mail or telephone correspondence and such amount is available via the applicable Fund’s website. An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of cash, Treasury Securities or a combination of cash and Treasury Securities by the end of the next Business Day following the Purchase Order Date (T+1) or by the end of such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the Authorized Purchaser and the Transfer Agent when the Purchase Order is placed, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, when the Creation Basket Deposit will be due on the date the Purchase Order was accepted by the Transfer Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized Purchaser’s DTC account.

Creation Procedures. On any Business Day, an Authorized Purchaser may place an order with the Transfer Marketing Agent to create one or more Creation Baskets of a Fund in accordance with this Agreement and the Procedures. Purchase Orders orders must be placed by the time specified in the applicable Prospectus and restated in Exhibit E hereto (the “Purchase Order Cutoff Cut-off Time”) or the close of regular trading on the New York Stock Exchange, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the Sponsor and the Authorized Purchaser. The day on which the Distributor Marketing Agent receives a valid Purchase Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries, cash, Treasury Securities or a combination of Treasuries and cash and Treasury Securities as determined by the Sponsor with the Custodian of the Fund. Failure The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to consummate such meet the Fund’s investment objective and shall be purchased as a deposit shall result in the cancellation of the OrderAuthorized Purchaser’s purchase of Units. Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have submitted via CNS wired to the Custodian the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of cash, Treasury Securities or a combination of Treasuries and/or cash and Treasury Securities that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the Purchase Order order to purchase is properly received accepted as the number of Shares Units to be created under the Purchase Order is in proportion to the total number of Shares Units outstanding on the date the Purchase Order order is received. The SponsorSponsor determines, through directly in its sole discretion, or in consultation with the Transfer AgentAdministrator, shall notify the Authorized Purchaser of requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury Securities or a combination and the proportions of cash Treasuries and Treasury Securities to cash, that may be included in deposits to create Baskets Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined by e-mail or telephone correspondence the Sponsor, if Treasuries and such cash are to be deposited, the amount is available via of the applicable Fund’s websitecash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of cash, Treasury Securities or a combination of Treasuries and/or cash and Treasury Securities by the end of the next third Business Day following the Purchase Order Date (T+1) or by the end of such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the Authorized Purchaser and the Transfer Agent when the Purchase Order is placed, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Transfer Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized Purchaser’s DTC accountaccount on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purch ase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Purchaser.

Creation Procedures. On any Business Day, an Authorized Purchaser Participant may place an order with the Transfer Marketing Agent to create one or more Creation Baskets of a Fund in accordance with this Agreement and the Procedures. Purchase Orders orders must be placed by the time specified in the applicable Prospectus and restated in Exhibit E hereto (the “Purchase Order Cutoff Cut-off Time”) or the close of regular trading on the New York Stock Exchange, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the Sponsor and the Authorized Purchaser. The day on which the Distributor Marketing Agent receives a valid Purchase Order and approves such Purchase Order in accordance with the Procedures is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser Participant agrees to deposit Treasuries, cash, Treasury Securities or a combination of Treasuries and cash and Treasury Securities as determined by the Sponsor with the Custodian of the Fund. Failure The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to consummate such meet the Fund’s investment objective and shall be purchased as a deposit shall result in the cancellation of the OrderAuthorized Participant’s purchase of Units. Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser Participant must also have submitted via CNS wired to the Custodian the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation procedures set forth in Exhibit C, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of cash, Treasury Securities or a combination of Treasuries and/or cash and Treasury Securities that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the Purchase Order order to purchase is properly received accepted as the number of Shares Units to be created under the Purchase Order is in proportion to the total number of Shares Units outstanding on the date the Purchase Order order is received. The SponsorSponsor determines, through directly in its sole discretion, or in consultation with the Transfer AgentAdministrator, shall notify the Authorized Purchaser of requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury Securities or a combination and the proportions of cash Treasuries and Treasury Securities to cash, that may be included in deposits to create Baskets Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined by e-mail or telephone correspondence the Sponsor, if Treasuries and such cash are to be deposited, the amount is available via of the applicable Fund’s websitecash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser Participant who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of cash, Treasury Securities or a combination of Treasuries and/or cash and Treasury Securities by the end of the next third Business Day following the Purchase Order Date (T+1) or by the end of such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the Authorized Purchaser and the Transfer Agent when the Purchase Order is placed, except in the case of an Authorized PurchaserParticipant’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Transfer Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized PurchaserParticipant’s DTC accountaccount on the third Business Day following the Purchase Order Date, except in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Participant.

Creation Procedures. On any Business Day, an Authorized Purchaser may place an order with the Transfer Marketing Agent to create one or more Creation Baskets of a Fund in accordance with this Agreement and the Procedures. Purchase Orders must be placed completed by the time specified in the applicable Prospectus and restated Purchase Order Cut-off Time (as defined in Exhibit E hereto (the “Order Cutoff Time”) or the close of regular trading on the New York Stock Exchange, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the Sponsor and the Authorized PurchaserA hereto). The day on which the Distributor Marketing Agent receives a valid Purchase Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser agrees to deposit Treasuries, cash, Treasury Securities or a combination of Treasuries and cash and Treasury Securities as determined by the Sponsor with the Custodian of the Fund. Failure The number and type of contracts specified shall be determined by the Sponsor, in its sole discretion, to consummate such meet the Fund’s investment objective and shall be purchased as a deposit shall result in the cancellation of the OrderAuthorized Purchaser’s purchase of Units. Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have submitted via CNS wired to the Custodian the non-refundable transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined by the Administrator using the Fund’s valuation procedures, that together with any cash amount will equal the purchase price of the Creation Basket being purchased. The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of cash, Treasury Securities or a combination of Treasuries and/or cash and Treasury Securities that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the Purchase Order order to purchase is properly received accepted as the number of Shares Units to be created under the Purchase Order is in proportion to the total number of Shares Units outstanding on the date the Purchase Order order is received. The SponsorSponsor determines, through directly in its sole discretion, or in consultation with the Transfer AgentAdministrator, shall notify the Authorized Purchaser of requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury Securities or a combination and the proportions of cash Treasuries and Treasury Securities to cash, that may be included in deposits to create Baskets Baskets. The Marketing Agent will publish such requirements at the beginning of each Business Day. Unless otherwise determined by e-mail or telephone correspondence the Sponsor, if Treasuries and such cash are to be deposited, the amount is available via of the applicable Fund’s websitecash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of cash, Treasury Securities or a combination of Treasuries and/or cash and Treasury Securities by the end of the next third Business Day following the Purchase Order Date (T+1) or by the end of such later Business Day, not to exceed three Business Days after the Purchase Order Date, as agreed to between the Authorized Purchaser and the Transfer Agent when the Purchase Order is placed, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets of a Fund on the first day the Baskets of that Fund are to be offered and sold, sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Transfer Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets ordered to the Authorized Purchaser’s DTC accountaccount on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Purchaser.