Common use of Expenses of the Trust Clause in Contracts

Expenses of the Trust. Other than as provided for in Sections 1 and 3, the Trust shall be responsible for all of its own fees, expenses, charges, assessments, taxes, and other costs incurred in its operations, whether incurred directly by the Trust or incurred by the Manager on behalf of the Trust (together, “fees and expenses”). Such fees and expenses payable by the Trust shall include, but are not limited to: i. Fees and expenses paid to the Manager as provided herein; ii. Brokerage fees and commissions in connection with the purchase and sale of securities for the ETF Fund; iii. Fees and expenses of transfer and dividend disbursing agents, sub-transfer agents, custodians, securities lending agents, administrators and shareholder servicing and record-keeping agents, including the expenses of issue, repurchase or redemption of its shares; iv. Fees and expenses of registering and maintaining the registration of the ETF Fund and its shares under federal and any applicable state laws; including the printing and distribution of prospectuses to its existing shareholders; x. Xxxx and expenses incident to meetings of the shareholders of the Trust, reports to the ETF Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the ETF Fund’s and the Trust’s legal existence; vi. Fees and expenses of all audits by independent public accountants; vii. Fees and expenses of legal counsel to the ETF Fund and/or the trustees, including the legal fees related to the registration and continued qualification of the ETF Fund’s shares for sale; viii. Compensation of, and fees and expenses incurred by those individuals serving as, trustees who are not trustees, officers, employees or shareholders of the Manager or any of its affiliates; ix. Fees and expenses relating to the pricing and return data of ETF Fund assets and related indices to the extent necessary for disclosure in regulatory filings for the Trust, including expenses of obtaining quotations for calculating the value of the ETF Fund’s net assets; x. The ETF Fund’s pro rata portion of fidelity bond, errors and omissions, and directors and officers liability insurance premiums; xi. The ETF Fund’s pro-rata portion of fees and expenses in connection with membership in investment company organizations or trade associations, as approved by the Board; xii. Salaries and other compensation, in whole or in part, of officers and employees of the Trust who are not officers, trustees, or employees of the Manager or its affiliates (provided, however, notwithstanding the employment of officers or personnel by the Manager, the Trust shall be responsible for its pro rata portion of any salary and other compensation as may be payable to the Trust’s chief compliance officer); xiii. Fees and expenses incident to meetings of the Board; xiv. Taxes and other governmental fees levied against the ETF Fund, and the preparation of the Trust’s tax returns; xv. Investment fees and expenses of the ETF Fund, including the interest expense of borrowing money; xvi. Fees and expenses associated with obtaining tax reclaims for the ETF Fund; xvii. Fees and expenses associated with preparing the ETF Fund’s filings with the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, or other government agency or regulatory body and any costs associated with disclosure, reporting and recordkeeping requirements with respect to such filings; xviii. Fees and expenses associated with regulatory inquiries and examinations, regulatory proceedings, and regulatory investigations of the ETF Fund; xix. Fees and expenses incurred in connection with any litigation or regulatory proceeding, including class action proceedings, bankruptcy proceedings, and responses to subpoenas of any kind; xx. Extraordinary fees and expenses of the ETF Fund; xxi. Fees and expenses associated with trade administration oversight services with respect to reconciliations, including: (a) assistance with ETF Fund valuation and tax lot accounting; (b) daily reconciliation of the ETF Fund’s cash and positions with the ETF Fund’s custodians; (c) detailed reconciliations of the ETF Fund’s net asset value; and (d) maintenance of books and records of portfolio transactions; xxii. Fees and expenses associated with trade administration oversight services with respect to settlement oversight, including: (a) capturing information for trades executed for the ETF Fund and corporate action elections and transmitting such information to custodians, other fund service providers and other third parties such as securities lending agents; and (b) coordinating with custodians and brokers to identify, investigate and resolve all unmatched and failed trades and matters related to corporate actions; xxiii. Fees and expenses associated with trade administration oversight services with respect to collateral management oversight, including: (a) the administration of the ETF Fund’s margin accounts; (b) calculation and management of daily margin calls; (c) transmission of instructions related to collateral settlement; and (d) reviews of collateral eligibility and substitute collateral; xxiv. Fees and expenses related to the ETF Fund’s, not the Manager’s, compliance program; xxv. Fees and expenses associated with oversight of the securities lending activities of the ETF Fund to the extent permissible by law; and xxvi. Fees and expenses associated with the voting of proxies (or other requests for consent or approval of interest holders) with respect to securities or other assets held by the ETF Fund, including certain research services, as approved by the Board. The ETF Fund, at its expense, may enter into agreements with one or more entities (including the Manager) to perform some or all of the services related to the fees and expenses of the ETF Fund specified above in this Section 4 or such other services that may be requested by the Board from time to time. Payment by the Manager of the fees and expenses that shall be borne by the ETF Fund under this Agreement shall not prejudice the Manager’s right to seek reimbursement for such fees and expenses or to provide for the future payment by the ETF Fund of such fees and expenses. In carrying out its responsibilities under Section 3 of the Agreement, to the extent the Manager deems necessary or desirable and at the expense of the ETF Fund, the Manager shall be entitled to consult with, and obtain the assistance of, the persons described in clause (i) of Section 3 that provide services to the Trust. To the extent there is uncertainty as to whether a fee or expense should be borne by the Trust, the Board will have discretion to determine, in consultation with the Manager and consistent with applicable law, whether the Trust will bear such fee or expense.

Expenses of the Trust. Other than as provided for in Sections 1 and 3, the Trust shall be responsible for all of its own fees, expenses, charges, assessments, taxes, and other costs incurred in its operations, whether incurred directly by the Trust or incurred by the Manager on behalf of the Trust (together, “fees and expenses”). Such fees and expenses payable by the Trust shall include, but are not limited to: i. Fees and expenses paid to the Manager as provided herein; ii. Brokerage fees and commissions in connection with the purchase and sale of securities for the ETF Fund; iii. Fees and expenses of transfer and dividend disbursing agents, sub-transfer agents, custodians, securities lending agents, administrators and shareholder servicing and record-keeping agents, including the expenses of issue, repurchase or redemption of its shares; iv. Fees and expenses of registering and maintaining the registration of the ETF Fund and its shares under federal and any applicable state laws; including the printing and distribution of prospectuses to its existing shareholders; x. Xxxx v. Fees and expenses incident to meetings of the shareholders of the Trust, reports to the ETF Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the ETF Fund’s and the Trust’s legal existence; vi. Fees and expenses of all audits by independent public accountants; vii. Fees and expenses of legal counsel to the ETF Fund and/or the trustees, including the legal fees related to the registration and continued qualification of the ETF Fund’s shares for sale; viii. Compensation of, and fees and expenses incurred by those individuals serving as, trustees who are not trustees, officers, employees or shareholders of the Manager or any of its affiliates; ix. Fees and expenses relating to the pricing and return data of ETF Fund assets and related indices to the extent necessary for disclosure in regulatory filings for the Trust, including expenses of obtaining quotations for calculating the value of the ETF Fund’s net assets; x. The ETF Fund’s pro rata portion of fidelity bond, errors and omissions, and directors and officers liability insurance premiums; xi. The ETF Fund’s pro-rata portion of fees and expenses in connection with membership in investment company organizations or trade associations, as approved by the Board; xii. Salaries and other compensation, in whole or in part, of officers and employees of the Trust who are not officers, trustees, or employees of the Manager or its affiliates (provided, however, notwithstanding the employment of officers or personnel by the Manager, the Trust shall be responsible for its pro rata portion of any salary and other compensation as may be payable to the Trust’s chief compliance officer); xiii. Fees and expenses incident to meetings of the Board; xiv. Taxes and other governmental fees levied against the ETF Fund, and the preparation of the Trust’s tax returns; xv. Investment fees and expenses of the ETF Fund, including the interest expense of borrowing money; xvi. Fees and expenses associated with obtaining tax reclaims for the ETF Fund; xvii. Fees and expenses associated with preparing the ETF Fund’s filings with the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, or other government agency or regulatory body and any costs associated with disclosure, reporting and recordkeeping requirements with respect to such filings; xviii. Fees and expenses associated with regulatory inquiries and examinations, regulatory proceedings, and regulatory investigations of the ETF Fund; xix. Fees and expenses incurred in connection with any litigation or regulatory proceeding, including class action proceedings, bankruptcy proceedings, and responses to subpoenas of any kind; xx. Extraordinary fees and expenses of the ETF Fund; xxi. Fees and expenses associated with trade administration oversight services with respect to reconciliations, including: (a) assistance with ETF Fund valuation and tax lot accounting; (b) daily reconciliation of the ETF Fund’s cash and positions with the ETF Fund’s custodians; (c) detailed reconciliations of the ETF Fund’s net asset value; and (d) maintenance of books and records of portfolio transactions; xxii. Fees and expenses associated with trade administration oversight services with respect to settlement oversight, including: (a) capturing information for trades executed for the ETF Fund and corporate action elections and transmitting such information to custodians, other fund service providers and other third parties such as securities lending agents; and (b) coordinating with custodians and brokers to identify, investigate and resolve all unmatched and failed trades and matters related to corporate actions; xxiii. Fees and expenses associated with trade administration oversight services with respect to collateral management oversight, including: (a) the administration of the ETF Fund’s margin accounts; (b) calculation and management of daily margin calls; (c) transmission of instructions related to collateral settlement; and (d) reviews of collateral eligibility and substitute collateral; xxiv. Fees and expenses related to the ETF Fund’s, not the Manager’s, compliance program; xxv. Fees and expenses associated with oversight of the securities lending activities of the ETF Fund to the extent permissible by law; and xxvi. Fees and expenses associated with the voting of proxies (or other requests for consent or approval of interest holders) with respect to securities or other assets held by the ETF Fund, including certain research services, as approved by the Board. The ETF Fund, at its expense, may enter into agreements with one or more entities (including the Manager) to perform some or all of the services related to the fees and expenses of the ETF Fund specified above in this Section 4 or such other services that may be requested by the Board from time to time. Payment by the Manager of the fees and expenses that shall be borne by the ETF Fund under this Agreement shall not prejudice the Manager’s right to seek reimbursement for such fees and expenses or to provide for the future payment by the ETF Fund of such fees and expenses. In carrying out its responsibilities under Section 3 of the Agreement, to the extent the Manager deems necessary or desirable and at the expense of the ETF Fund, the Manager shall be entitled to consult with, and obtain the assistance of, the persons described in clause (i) of Section 3 that provide services to the Trust. To the extent there is uncertainty as to whether a fee or expense should be borne by the Trust, the Board will have discretion to determine, in consultation with the Manager and consistent with applicable law, whether the Trust will bear such fee or expense.

Expenses of the Trust. Other than as provided for in Sections 1 and 3, the Trust shall be responsible for all of its own fees, expenses, charges, assessments, taxes, and other costs incurred in its operations, whether incurred directly by the Trust or incurred by the Manager on behalf of the Trust (together, “fees and expenses”). Such fees and expenses payable by the Trust shall include, but are not limited to: i. Fees and expenses paid to the Manager as provided herein; ii. Brokerage fees and commissions in connection with the purchase and sale of securities for the ETF Fund; iii. Fees and expenses of transfer and dividend disbursing agents, sub-transfer agents, custodians, securities lending agents, administrators and shareholder servicing and record-keeping agents, including the expenses of issue, repurchase or redemption of its shares; iv. Fees and expenses of registering and maintaining the registration of the ETF Fund and its shares under federal and any applicable state laws; including the printing and distribution of prospectuses to its existing shareholders; x. Xxxx v. Fees and expenses incident to meetings of the shareholders of the Trust, reports to the ETF Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the ETF Fund’s and the Trust’s legal existence; vi. Fees and expenses of all audits by independent public accountants; vii. Fees and expenses of legal counsel to the ETF Fund and/or the trustees, including the legal fees related to the registration and continued qualification of the ETF Fund’s shares for sale; viii. Compensation of, and fees and expenses incurred by those individuals serving as, trustees who are not trustees, officers, employees or shareholders of the Manager or any of its affiliates; ix. Fees and expenses relating to the pricing and return data of ETF Fund assets and related indices to the extent necessary for disclosure in regulatory filings for the Trust, including expenses of obtaining quotations for calculating the value of the ETF Fund’s net assets; x. The ETF Fund’s pro rata portion of fidelity bond, errors and omissions, and directors and officers liability insurance premiums; xi. The ETF Fund’s pro-rata portion of fees and expenses in connection with membership in investment company organizations or trade associations, as approved by the Board; xii. Salaries and other compensation, in whole or in part, of officers and employees of the Trust who are not officers, trustees, or employees of the Manager or its affiliates (provided, however, notwithstanding the employment of officers or personnel by the Manager, the Trust shall be responsible for its pro rata portion of any salary and other compensation as may be payable to the Trust’s chief compliance officer); xiii. Fees and expenses incident to meetings of the Board; xiv. Taxes and other governmental fees levied against the ETF Fund, and the preparation of the Trust’s tax returns; xv. Investment fees and expenses of the ETF Fund, including the interest expense of borrowing money; xvi. Fees and expenses associated with obtaining tax reclaims for the ETF Fund; xvii. Fees and expenses associated with preparing the ETF Fund’s filings with the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, or other government agency or regulatory body and any costs associated with disclosure, reporting and recordkeeping requirements with respect to such filings; xviii. Fees and expenses associated with regulatory inquiries and examinations, regulatory proceedings, and regulatory investigations of the ETF Fund; xix. Fees and expenses incurred in connection with any litigation or regulatory proceeding, including class action proceedings, bankruptcy proceedings, and responses to subpoenas of any kind; xx. Extraordinary fees and expenses of the ETF Fund; xxi. Fees and expenses associated with trade administration oversight services with respect to reconciliations, including: (a) assistance with ETF Fund valuation and tax lot accounting; (b) daily reconciliation of the ETF Fund’s cash and positions with the ETF Fund’s custodians; (c) detailed reconciliations of the ETF Fund’s net asset value; and (d) maintenance of books and records of portfolio transactions; xxii. Fees and expenses associated with trade administration oversight services with respect to settlement oversight, including: (a) capturing information for trades executed for the ETF Fund and corporate action elections and transmitting such information to custodians, other fund service providers and other third parties such as securities lending agents; and (b) coordinating with custodians and brokers to identify, investigate and resolve all unmatched and failed trades and matters related to corporate actions; xxiii. Fees and expenses associated with trade administration oversight services with respect to collateral management oversight, including: (a) the administration of the ETF Fund’s margin accounts; (b) calculation and management of daily margin calls; (c) transmission of instructions related to collateral settlement; and (d) reviews of collateral eligibility and substitute collateral; xxiv. Fees and expenses related to the ETF Fund’s, not the Manager’s, compliance program; xxv. Fees and expenses associated with oversight of the securities lending activities of the ETF Fund to the extent permissible by law; and xxvi. Fees and expenses associated with the voting of proxies (or other requests for consent or approval of interest holders) with respect to securities or other assets held by the ETF Fund, including certain research services, as approved by the Board. The ETF Fund, at its expense, may enter into agreements with one or more entities (including the Manager) to perform some or all of the services related to the fees and expenses of the ETF Fund specified above in this Section 4 or such other services that may be requested by the Board from time to time. Payment by the Manager of the fees and expenses that shall be borne by the ETF Fund under this Agreement shall not prejudice the Manager’s right to seek reimbursement for such fees and expenses or to provide for the future payment by the ETF Fund of such fees and expenses. In carrying out its responsibilities under Section 3 of the Agreement, to the extent the Manager deems necessary or desirable and at the expense of the ETF Fund, the Manager shall be entitled to consult with, and obtain the assistance of, the persons described in clause (i) of Section 3 that provide services to the Trust. To the extent there is uncertainty as to whether a fee or expense should be borne by the Trust, the Board will have discretion to determine, in consultation with the Manager and consistent with applicable law, whether the Trust will bear such fee or expense.

Expenses of the Trust. Other than as provided for in Sections 1 and 3, the Trust shall be responsible for all of its own fees, expenses, charges, assessments, taxes, and other costs incurred in its operations, whether incurred directly by the Trust or incurred by the Manager on behalf of the Trust (together, “fees and expenses”). Such fees and expenses payable by the Trust shall include, but are not limited to: : i. Fees and expenses paid to the Manager as provided herein; ; ii. Brokerage fees and commissions in connection with the purchase and sale of securities for the ETF Fund; ; iii. Fees and expenses of transfer and dividend disbursing agents, sub-transfer agents, custodians, securities lending agents, administrators and shareholder servicing and record-keeping agents, including the expenses of issue, repurchase or redemption of its shares; ; iv. Fees and expenses of registering and maintaining the registration of the ETF Fund and its shares under federal and any applicable state laws; including the printing and distribution of prospectuses to its existing shareholders; x. Xxxx ; v. Fees and expenses incident to meetings of the shareholders of the Trust, reports to the ETF Fund’s shareholders, the filing of reports with regulatory bodies and the maintenance of the ETF Fund’s and the Trust’s legal existence; ; vi. Fees and expenses of all audits by independent public accountants; ; vii. Fees and expenses of legal counsel to the ETF Fund and/or the trustees, including the legal fees related to the registration and continued qualification of the ETF Fund’s shares for sale; ; viii. Compensation of, and fees and expenses incurred by those individuals serving as, trustees who are not trustees, officers, employees or shareholders of the Manager or any of its affiliates; ; ix. Fees and expenses relating to the pricing and return data of ETF Fund assets and related indices to the extent necessary for disclosure in regulatory filings for the Trust, including expenses of obtaining quotations for calculating the value of the ETF Fund’s net assets; ; x. The ETF Fund’s pro rata portion of fidelity bond, errors and omissions, and directors and officers liability insurance premiums; ; xi. The ETF Fund’s pro-rata portion of fees and expenses in connection with membership in investment company organizations or trade associations, as approved by the Board; ; xii. Salaries and other compensation, in whole or in part, of officers and employees of the Trust who are not officers, trustees, or employees of the Manager or its affiliates (provided, however, notwithstanding the employment of officers or personnel by the Manager, the Trust shall be responsible for its pro rata portion of any salary and other compensation as may be payable to the Trust’s chief compliance officer); ; xiii. Fees and expenses incident to meetings of the Board; ; xiv. Taxes and other governmental fees levied against the ETF Fund, and the preparation of the Trust’s tax returns; ; xv. Investment fees and expenses of the ETF Fund, including the interest expense of borrowing money; ; xvi. Fees and expenses associated with obtaining tax reclaims for the ETF Fund; ; xvii. Fees and expenses associated with preparing the ETF Fund’s filings with the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, or other government agency or regulatory body and any costs associated with disclosure, reporting and recordkeeping requirements with respect to such filings; ; xviii. Fees and expenses associated with regulatory inquiries and examinations, regulatory proceedings, and regulatory investigations of the ETF Fund; ; xix. Fees and expenses incurred in connection with any litigation or regulatory proceeding, including class action proceedings, bankruptcy proceedings, and responses to subpoenas of any kind; ; xx. Extraordinary fees and expenses of the ETF Fund; ; xxi. Fees and expenses associated with trade administration oversight services with respect to reconciliations, including: (a) assistance with ETF Fund valuation and tax lot accounting; (b) daily reconciliation of the ETF Fund’s cash and positions with the ETF Fund’s custodians; (c) detailed reconciliations of the ETF Fund’s net asset value; and (d) maintenance of books and records of portfolio transactions; ; xxii. Fees and expenses associated with trade administration oversight services with respect to settlement oversight, including: (a) capturing information for trades executed for the ETF Fund and corporate action elections and transmitting such information to custodians, other fund service providers and other third parties such as securities lending agents; and (b) coordinating with custodians and brokers to identify, investigate and resolve all unmatched and failed trades and matters related to corporate actions; ; xxiii. Fees and expenses associated with trade administration oversight services with respect to collateral management oversight, including: (a) the administration of the ETF Fund’s margin accounts; (b) calculation and management of daily margin calls; (c) transmission of instructions related to collateral settlement; and (d) reviews of collateral eligibility and substitute collateral; ; xxiv. Fees and expenses related to the ETF Fund’s, not the Manager’s, compliance program; ; xxv. Fees and expenses associated with oversight of the securities lending activities of the ETF Fund to the extent permissible by law; and and xxvi. Fees and expenses associated with the voting of proxies (or other requests for consent or approval of interest holders) with respect to securities or other assets held by the ETF Fund, including certain research services, as approved by the Board. The ETF Fund, at its expense, may enter into agreements with one or more entities (including the Manager) to perform some or all of the services related to the fees and expenses of the ETF Fund specified above in this Section 4 or such other services that may be requested by the Board from time to time. Payment by the Manager of the fees and expenses that shall be borne by the ETF Fund under this Agreement shall not prejudice the Manager’s right to seek reimbursement for such fees and expenses or to provide for the future payment by the ETF Fund of such fees and expenses. In carrying out its responsibilities under Section 3 of the Agreement, to the extent the Manager deems necessary or desirable and at the expense of the ETF Fund, the Manager shall be entitled to consult with, and obtain the assistance of, the persons described in clause (i) of Section 3 that provide services to the Trust. To the extent there is uncertainty as to whether a fee or expense should be borne by the Trust, the Board will have discretion to determine, in consultation with the Manager and consistent with applicable law, whether the Trust will bear such fee or expense.

Expenses of the Trust. Other than as provided for in Sections 1 and 3, the Trust shall be responsible for all of its own fees, expenses, charges, assessments, taxes, and other costs incurred in its operations, whether incurred directly by the Trust or incurred by the Manager on behalf of the Trust (together, “fees and expenses”). Such fees and expenses payable by the Trust shall include, but are not limited to: i. Fees and expenses paid to the Manager as provided herein; ii. Brokerage fees and commissions in connection with the purchase and sale of securities for the ETF FundETF; iii. Fees and expenses of transfer and dividend disbursing agents, sub-transfer agents, custodians, securities lending agents, administrators and shareholder servicing and record-keeping agents, including the expenses of issue, repurchase or redemption of its shares; iv. Fees and expenses of registering and maintaining the registration of the ETF Fund and its shares under federal and any applicable state laws; including the printing and distribution of prospectuses to its existing shareholders; x. Xxxx v. Fees and expenses incident to meetings of the shareholders of the Trust, reports to the ETF FundETF’s shareholders, the filing of reports with regulatory bodies and the maintenance of the ETF FundETF’s and the Trust’s legal existence; vi. Fees and expenses of all audits by independent public accountants; vii. Fees and expenses of legal counsel to the ETF Fund and/or the trustees, including the legal fees related to the registration and continued qualification of the ETF FundETF’s shares for sale; viii. Compensation of, and fees and expenses incurred by those individuals serving as, trustees who are not trustees, officers, employees or shareholders of the Manager or any of its affiliates; ix. Fees and expenses relating to the pricing and return data of ETF Fund assets and related indices to the extent necessary for disclosure in regulatory filings for the Trust, including expenses of obtaining quotations for calculating the value of the ETF FundETF’s net assets; x. The ETF FundETF’s pro rata portion of fidelity bond, errors and omissions, and directors and officers liability insurance premiums; xi. The ETF FundETF’s pro-rata portion of fees and expenses in connection with membership in investment company organizations or trade associations, as approved by the Board; xii. Salaries and other compensation, in whole or in part, of officers and employees of the Trust who are not officers, trustees, or employees of the Manager or its affiliates (provided, however, notwithstanding the employment of officers or personnel by the Manager, the Trust shall be responsible for its pro rata portion of any salary and other compensation as may be payable to the Trust’s chief compliance officer); xiii. Fees and expenses incident to meetings of the Board; xiv. Taxes and other governmental fees levied against the ETF FundETF, and the preparation of the Trust’s tax returns; xv. Investment fees and expenses of the ETF FundETF, including the interest expense of borrowing money; xvi. Fees and expenses associated with obtaining tax reclaims for the ETF FundETF; xvii. Fees and expenses associated with preparing the ETF FundETF’s filings with the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, or other government agency or regulatory body and any costs associated with disclosure, reporting and recordkeeping requirements with respect to such filings; xviii. Fees and expenses associated with regulatory inquiries and examinations, regulatory proceedings, and regulatory investigations of the ETF FundETF; xix. Fees and expenses incurred in connection with any litigation or regulatory proceeding, including class action proceedings, bankruptcy proceedings, and responses to subpoenas of any kind; xx. Extraordinary fees and expenses of the ETF Fund; xxi. Fees and expenses associated with trade administration oversight services with respect to reconciliations, including: (a) assistance with ETF Fund valuation and tax lot accounting; (b) daily reconciliation of the ETF Fund’s cash and positions with the ETF Fund’s custodians; (c) detailed reconciliations of the ETF Fund’s net asset value; and (d) maintenance of books and records of portfolio transactions; xxii. Fees and expenses associated with trade administration oversight services with respect to settlement oversight, including: (a) capturing information for trades executed for the ETF Fund and corporate action elections and transmitting such information to custodians, other fund service providers and other third parties such as securities lending agents; and (b) coordinating with custodians and brokers to identify, investigate and resolve all unmatched and failed trades and matters related to corporate actions; xxiii. Fees and expenses associated with trade administration oversight services with respect to collateral management oversight, including: (a) the administration of the ETF Fund’s margin accounts; (b) calculation and management of daily margin calls; (c) transmission of instructions related to collateral settlement; and (d) reviews of collateral eligibility and substitute collateral; xxiv. Fees and expenses related to the ETF Fund’s, not the Manager’s, compliance program; xxv. Fees and expenses associated with oversight of the securities lending activities of the ETF Fund to the extent permissible by law; and xxvi. Fees and expenses associated with the voting of proxies (or other requests for consent or approval of interest holders) with respect to securities or other assets held by the ETF Fund, including certain research services, as approved by the Board. The ETF Fund, at its expense, may enter into agreements with one or more entities (including the Manager) to perform some or all of the services related to the fees and expenses of the ETF Fund specified above in this Section 4 or such other services that may be requested by the Board from time to time. Payment by the Manager of the fees and expenses that shall be borne by the ETF Fund under this Agreement shall not prejudice the Manager’s right to seek reimbursement for such fees and expenses or to provide for the future payment by the ETF Fund of such fees and expenses. In carrying out its responsibilities under Section 3 of the Agreement, to the extent the Manager deems necessary or desirable and at the expense of the ETF Fund, the Manager shall be entitled to consult with, and obtain the assistance of, the persons described in clause (i) of Section 3 that provide services to the Trust. To the extent there is uncertainty as to whether a fee or expense should be borne by the Trust, the Board will have discretion to determine, in consultation with the Manager and consistent with applicable law, whether the Trust will bear such fee or expense.

Expenses of the Trust. Other than as provided for in Sections 1 and 3, the Trust shall be responsible for all of its own fees, expenses, charges, assessments, taxes, and other costs incurred in its operations, whether incurred directly by the Trust or incurred by the Manager on behalf of the Trust (together, “fees and expenses”). Such fees and expenses payable by the Trust shall include, but are not limited to: : i. Fees and expenses paid to the Manager as provided herein; ; ii. Brokerage fees and commissions in connection with the purchase and sale of securities for the ETF Fund; ETF; iii. Fees and expenses of transfer and dividend disbursing agents, sub-transfer agents, custodians, securities lending agents, administrators and shareholder servicing and record-keeping agents, including the expenses of issue, repurchase or redemption of its shares; ; iv. Fees and expenses of registering and maintaining the registration of the ETF Fund and its shares under federal and any applicable state laws; including the printing and distribution of prospectuses to its existing shareholders; x. Xxxx ; v. Fees and expenses incident to meetings of the shareholders of the Trust, reports to the ETF FundETF’s shareholders, the filing of reports with regulatory bodies and the maintenance of the ETF FundETF’s and the Trust’s legal existence; ; vi. Fees and expenses of all audits by independent public accountants; ; vii. Fees and expenses of legal counsel to the ETF Fund and/or the trustees, including the legal fees related to the registration and continued qualification of the ETF FundETF’s shares for sale; ; viii. Compensation of, and fees and expenses incurred by those individuals serving as, trustees who are not trustees, officers, employees or shareholders of the Manager or any of its affiliates; ; ix. Fees and expenses relating to the pricing and return data of ETF Fund assets and related indices to the extent necessary for disclosure in regulatory filings for the Trust, including expenses of obtaining quotations for calculating the value of the ETF FundETF’s net assets; ; x. The ETF FundETF’s pro rata portion of fidelity bond, errors and omissions, and directors and officers liability insurance premiums; ; xi. The ETF FundETF’s pro-rata portion of fees and expenses in connection with membership in investment company organizations or trade associations, as approved by the Board; ; xii. Salaries and other compensation, in whole or in part, of officers and employees of the Trust who are not officers, trustees, or employees of the Manager or its affiliates (provided, however, notwithstanding the employment of officers or personnel by the Manager, the Trust shall be responsible for its pro rata portion of any salary and other compensation as may be payable to the Trust’s chief compliance officer); ; xiii. Fees and expenses incident to meetings of the Board; ; xiv. Taxes and other governmental fees levied against the ETF FundETF, and the preparation of the Trust’s tax returns; ; xv. Investment fees and expenses of the ETF FundETF, including the interest expense of borrowing money; ; xvi. Fees and expenses associated with obtaining tax reclaims for the ETF Fund; ETF; xvii. Fees and expenses associated with preparing the ETF FundETF’s filings with the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, or other government agency or regulatory body and any costs associated with disclosure, reporting and recordkeeping requirements with respect to such filings; ; xviii. Fees and expenses associated with regulatory inquiries and examinations, regulatory proceedings, and regulatory investigations of the ETF Fund; ETF; xix. Fees and expenses incurred in connection with any litigation or regulatory proceeding, including class action proceedings, bankruptcy proceedings, and responses to subpoenas of any kind; ; xx. Extraordinary fees and expenses of the ETF Fund; ETF; xxi. Fees and expenses associated with trade administration oversight services with respect to reconciliations, including: (a) assistance with ETF Fund valuation and tax lot accounting; (b) daily reconciliation of the ETF FundETF’s cash and positions with the ETF FundETF’s custodians; (c) detailed reconciliations of the ETF FundETF’s net asset value; and (d) maintenance of books and records of portfolio transactions; ; xxii. Fees and expenses associated with trade administration oversight services with respect to settlement oversight, including: (a) capturing information for trades executed for the ETF Fund and corporate action elections and transmitting such information to custodians, other fund service providers and other third parties such as securities lending agents; and (b) coordinating with custodians and brokers to identify, investigate and resolve all unmatched and failed trades and matters related to corporate actions; ; xxiii. Fees and expenses associated with trade administration oversight services with respect to collateral management oversight, including: (a) the administration of the ETF FundETF’s margin accounts; (b) calculation and management of daily margin calls; (c) transmission of instructions related to collateral settlement; and (d) reviews of collateral eligibility and substitute collateral; ; xxiv. Fees and expenses related to the ETF FundETF’s, not the Manager’s, compliance program; ; xxv. Fees and expenses associated with oversight of the securities lending activities of the ETF Fund to the extent permissible by law; and and xxvi. Fees and expenses associated with the voting of proxies (or other requests for consent or approval of interest holders) with respect to securities or other assets held by the ETF FundETF, including certain research services, as approved by the Board. The ETF FundETF, at its expense, may enter into agreements with one or more entities (including the Manager) to perform some or all of the services related to the fees and expenses of the ETF Fund specified above in this Section 4 or such other services that may be requested by the Board from time to time. Payment by the Manager of the fees and expenses that shall be borne by the ETF Fund under this Agreement shall not prejudice the Manager’s right to seek reimbursement for such fees and expenses or to provide for the future payment by the ETF Fund of such fees and expenses. In carrying out its responsibilities under Section 3 of the Agreement, to the extent the Manager deems necessary or desirable and at the expense of the ETF FundETF, the Manager shall be entitled to consult with, and obtain the assistance of, the persons described in clause (i) of Section 3 that provide services to the Trust. To the extent there is uncertainty as to whether a fee or expense should be borne by the Trust, the Board will have discretion to determine, in consultation with the Manager and consistent with applicable law, whether the Trust will bear such fee or expense.