Export stems with fade on stereo out

I’m exporting stems for a track that has a fade on the stereo out at the end of the track. Will each stem reflect the fade out? I think it should but so far that isn’t the case. Advice? Cubase 11.

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Are you using the include master bus FX option?

Certainly works in 14 but I don’t have 11 to test.

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Doesn’t seem to work in 11 Pro, since my exported (separate) stems do not fade-out as my Master volume is set to do nor does the filter effect cut-off.

All Master automation does however work when a complete mixdown of all channels combined is executed.