VTL Associates, LLC
EX-99.d.3
VTL Associates, LLC
Xxx Xxxxxxxx Xxxxxx
0000 Xxxxxx Xxxxxx, Suite 2020
Philadelphia, PA 19103
September 24, 2013
Xxx Xxxxxxxx Xxxxxx
0000 Xxxxxx Xxxxxx, Suite 2020
Philadelphia, PA 19103
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, VTL Associates, LLC (the “Adviser”), agrees that, with respect to the funds listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”), which are series of the RevenueShares ETF Trust, the Adviser shall, from September 24, 2013 through October 28, 2014, waive all or a portion of its investment advisory fees and/or reimburse expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) in an aggregate amount equal to the amount by which a Fund’s total operating expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) exceeds the amount opposite such Fund’s name on Schedule A hereto (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses).
The Adviser acknowledges that it: (1) shall not be entitled to collect on, or make a claim for, waived fees at any time in the future; and (2) shall not be entitled to collect on, or make a claim for, reimbursed Fund expenses at any time in the future.
VTL Associates, LLC
By: /s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx
Chief Executive Officer
Date: September 24, 2013
Your signature below acknowledges
acceptance of this Agreement:
By: /s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx
President
Date: September 24, 2013
SCHEDULE A
Funds Expense Limitation (as a percentage of a Fund’s average daily net assets)
RevenueShares Ultra Dividend Fund 0.49%
RevenueShares Emerging Market Fund 0.49%
