AMENDMENT TO FEE AND EXPENSE LIMITATION AGREEMENT PIMCO ETF Trust Newport Beach, California 92660 July 31, 2019
AMENDMENT TO
FEE AND EXPENSE LIMITATION AGREEMENT
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
July 31, 2019
Pacific Investment Management Company LLC
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
| Re: |
Dear Sirs:
This amendment dated July 31, 2019 amends the Fee and Expense Limitation Agreement between PIMCO ETF Trust (the “Trust”), Pacific Investment Management Company LLC (“PIMCO”) and PIMCO Investments LLC (“PI”) dated November 30, 2012 (the “Agreement”) as follows:
1. Paragraph 4 of the Agreement is hereby deleted in its entirety and replaced with the following:
4. Pursuant to a Second Amended and Restated Expense Limitation Agreement dated June 1, 2018 (“Expense Limitation Agreement”), between the Trust and PIMCO, as supplemented from time to time, PIMCO has agreed to waive or reduce the Management Fee of an Expense Limited Fund or reimburse an Expense Limited Fund if the payment or accrual of organizational expenses attributable to the Expense Limited Fund, payment of the Expense Limited Fund’s pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier or payment of the Expense Limited Fund’s pro rata share of the Trust’s Trustees’ fees exceeds 0.49 basis points of the applicable Expense Limited Fund’s average net assets.
2. Paragraph 6 of the Agreement is hereby deleted in its entirety and replaced with the following:
6. In any month in which the Investment Management Agreement is in effect, PIMCO shall be entitled to reimbursement by an Expense Limited Fund of any portion of the Management Fee waived, reduced or reimbursed pursuant to this Agreement (the “Reimbursement Amount”) during the previous thirty-six months, provided that such amount paid to PIMCO will not: 1) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata trustee fees pursuant to the Expense Limitation Agreement, exceed 0.0049% of the applicable Expense Limited Fund’s average net assets; 2) exceed the total Reimbursement Amount; 3) include any amounts previously reimbursed
to PIMCO; or 4) cause any Expense Limited Fund to maintain a net negative yield. The Reimbursement Amount will be calculated on the last business day of each calendar quarter. In determining the Reimbursement Amount, PIMCO will calculate the total amount waived over the quarter and then determine whether over the 36 month period ending on such calculation date, PIMCO is entitled to reimbursement under this Paragraph 6. PI will not be entitled to any reimbursement for Distribution and/or Service Fees waived, reduced or reimbursed pursuant to this Agreement.
3. All other provisions of the Agreement remain in full force and effect.
4. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust personally, but shall bind only the trust property of the Trust relating to the Fund. This Agreement has been signed and delivered by an officer of the Trust, acting as such, and such execution and delivery by such officer shall not be deemed to have been made by any Trustee or officer individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust relating to the Fund, as provided in the Trust’s Declaration of Trust Instrument as amended and restated November 4, 2014, and as amended from time to time.
5. This Agreement constitutes the entire agreement between the Trust on behalf of the Fund and PIMCO with respect to its subject matter and may be amended or modified only by a writing signed by duly authorized officers of both the Trust and PIMCO.
If the foregoing correctly sets forth the agreement between the Trust and PIMCO, please so indicate by signing and returning to the Trust the enclosed copy hereof.
| Very truly yours,
|
| By: |
| Name: Xxxxxxx Xxxx |
| Title: Treasurer |
ACCEPTED AND AGREED:
PACIFIC INVESTMENT MANAGEMENT COMPANY LLC
| By: |
| Name: Xxxxx Xxxxxxx |
| Title: Managing Director |
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