SCHEDULE A to the INVESTMENT SUB-ADVISORY AGREEMENT Dated July 25, 2018 between Defiance ETFs, LLC and PENSERRA CAPITAL MANAGEMENT LLC and ETF Series Solutions

SCHEDULE A

to the

INVESTMENT SUB-ADVISORY AGREEMENT

Dated July 25, 2018 between

Defiance ETFs, LLC

and

PENSERRA CAPITAL MANAGEMENT LLC

and

ETF Series Solutions

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser’s services rendered, a fee, computed daily at an annual rate based on the greater of (1) the minimum annual fee or (2) the daily aggregate net assets of the Funds listed below in accordance with the following fee schedule:

Fund			Minimum Annual Fee			Rate
Defiance Quantum ETF			$15,000			0.05% on the first $500 million in aggregate net assets 0.04% on the next $500 million in aggregate net assets; 0.03% on the next $1 billion in aggregate net assets; and 0.02% on aggregate net assets in excess of $2 billion
Defiance Next Gen Connectivity ETF			$15,000
Defiance Nasdaq Junior Biotechnology ETF			$15,000
Defiance Indxx Junior Semiconductor ETF			$15,000
Defiance NextGen SPAC IPO ETF			$15,000

IN WITNESS WHEREOF, the parties hereto have caused this Schedule A to be signed on their behalf by their duly authorized officers as of July 29, 2020.

DEFIANCE ETFS, LLC

By: /s/ Xxxx Xxxxxxxxxx    

Name: Xxxx Xxxxxxxxxx

Title: President

PENSERRA CAPITAL MANAGEMENT LLC

By: /s/ Xxxxxx Xxxxxxxx

Name: Xxxxxx Xxxxxxxx

Xxxxx: Partner / Chief Investment Officer

ETF SERIES SOLUTIONS

By: /s/ Xxxxxxx X. Xxxxxxxx

Name: Xxxxxxx X. Xxxxxxxx

Xxxxx: Vice President and Secretary