SCHEDULE A to the INVESTMENT SUB-ADVISORY AGREEMENT Dated July 25, 2018 between DEFIANCE ETFS, LLC and PENSERRA CAPITAL MANAGEMENT LLC

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 Next Gen Video Gaming ETF	$20,000	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 Medical Innovation ETF	$15,000
Defiance Quantum ETF	$15,000
Defiance Next Gen Connectivity ETF	$15,000
Defiance Next Gen Food & Agriculture ETF	$15,000
Defiance Junior Cyber Security ETF	$15,000
Defiance Junior Cloud Computing and Big Data ETF	$15,000
Defiance Junior Biotechnology ETF	$15,000
Defiance Junior Applied AI ETF	$15,000
Defiance Encrypted Software Technologies ETF	$15,000

[Signature page follows]

Signature Page to Defiance ETFs-Penserra Amended Schedule A to the Investment Sub-Advisory Agreement

IN WITNESS WHEREOF, the parties hereto have caused this Schedule A to be signed on their behalf by their duly authorized officers as of October 3, 2019.

DEFIANCE ETFS, LLC

By: /s/ Xxxx Xxxxxxxxxx

Name: Xxxx Xxxxxxxxxx

Xxxxx: 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

Signature Page to Defiance ETFs-Penserra Amended Schedule A to the Investment Sub-Advisory Agreement