DERIVATIVES RISK MANAGEMENT PROGRAM SUPPORT SERVICES ADDENDUM

DERIVATIVES RISK MANAGEMENT PROGRAM SUPPORT SERVICES ADDENDUM

This Derivatives Risk Management Program Support Services Addendum (this “Addendum”) with an effective date of March 7, 2023 shall be attached to and governed by that certain ETF Master Services Agreement between Ultimus Fund Solutions, LLC (“Ultimus”) and Capitol Series Trust (the “Trust”) dated December 8, 2021 (the “Agreement) . All capitalized terms used herein, unless otherwise defined, have the meaning ascribed to them in the Agreement as it may be supplemented or amended from time to time.

The parties agree as follows:

1. Derivatives Risk Management Program Support Services

Ultimus will provide to the Trust’s funds (identified on Schedule A, which schedule may be revised from time to time in Ultimus’ sole discretion to add or remove funds without need of a formal amendment) (the “Funds”) certain services (the “Derivatives Risk Management Program Support Services”), as described below, in accordance with Rule 18f-4 under the Investment Company Act of 1940, as amended (“Rule 18f-4”):

a. Manage derivatives-specific data, update security master files, and load each Fund’s portfolio composition and derivatives-specific data into Confluence software;

b. Deliver daily derivatives exposure and value-at-risk (“VaR”) reports generated by the Confluence software to each Fund’s investment adviser (“Adviser”) and the Trust’s Chief Compliance Officer and make available reporting for weekly stress testing and back-testing calculations performed by the Confluence software;

c. Provide Adviser access to the Confluence software in order that Adviser may calculate derivatives exposure for each Fund it advises and make other derivatives risk management calculations as required by Rule 18f-4 (e.g., daily VaR calculations, weekly back-testing, and weekly stress-testing);

d. Provide Adviser a board reporting template; and

e. Provide the Trust’s board of trustees (the “Board”) access to an independent derivatives expert (a “Derivatives Expert”) capable of supporting the Board’s efforts in effecting compliance oversight as required by Rule 18f-4 and the Trust’s related Derivatives Risk Management Program.

2. Fees

In consideration for Ultimus providing the Derivatives Risk Management Program Support Services, the Trust will pay (or cause to be paid) Ultimus a quarterly fee of $[REDACTED] per Fund (the “Derivatives Risk Management Program Support Services Fee”).

3. Expense Reimbursements

In addition to the Derivatives Risk Management Program Support Services Fee, the Trust will reimburse (or cause to be reimbursed) Ultimus for the Funds’ pro rata share (as determined by Xxxxxxx) of third party expenses incurred by Xxxxxxx in providing the Derivatives Risk Management Program Support Services, including, without limitation, the Trust’s proportionate share of any fees paid by Xxxxxxx to any Derivatives Expert as part of Ultimus’ providing the Derivatives Risk Management Program Support Services.

4. Invoicing and Payment Terms

Xxxxxxx will invoice for the Derivatives Risk Management Program Support Services Fee and any reimbursable expenses quarterly in arrears. The same will be due and payable within 30 days of receipt of invoice.

5. Fee Increases

On each anniversary date of the Agreement, Ultimus will increase the Derivatives Risk Management Program Support Services Fee by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally adjusted)¹ plus 1.5%.

6. Responsibility for Compliance Oversight and Identification of Derivative Securities

The Board has and retains primary responsibility for oversight of all compliance matters relating to the Funds, including, but not limited to, compliance with the Investment Company Act and Rule 18f-4. The Adviser has and retains primary responsibility for identifying derivative securities. Ultimus’ provision of Derivatives Risk Management Program Support Services hereunder shall not relieve the Board or the Adviser of the aforementioned responsibilities.

¹ Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

7. Miscellaneous

Except as supplemented hereby, the Agreement shall remain in full force and effect without modification. This Addendum may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows] 

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IN WITNESS WHEREOF, each party hereto has caused this Addendum to be executed by its duly authorized officer as of the date and year first above written.

CAPITOL SERIES TRUST ULTIMUS FUND SOLUTIONS, LLC

By: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxx Xxxxxxx

Name: Xxxxxxx X. Xxxxxx		Name: Xxxx Xxxxxxx
Title: President		Title: Chief Executive Officer

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DERIVATIVES RISK MANAGEMENT PROGRAM SUPPORT SERVICES ADDENDUM

Schedule A

Funds

Hull Tactical US ETF

A-1