ETF SERIES SOLUTIONS FUND ACCOUNTING SERVICING AGREEMENT
AMENDMENT TO THE
THIS AMENDMENT to
the Fund Accounting Servicing Agreement, dated as of May 16, 2012, as amended (the “Agreement”), is entered into by and between ETF SERIES
SOLUTIONS, a Delaware statutory trust (the “Trust”), and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company
(“USBFS”).
RECITALS
WHEREAS, the
parties have entered into the Agreement; and
WHEREAS, the
parties desire to amend the series of the Trust to add funds and fees; and
WHEREAS, Section
15 of the Agreement allows for its amendment by a written instrument executed by both parties.
NOW, THEREFORE,
the parties agree to amend the Agreement and add the following series of ETF Series Solutions:
Exhibit KK, The
Acquirers Fund, is hereby added and attached hereto.
This amendment will become
effective upon the commencement of operations of The Acquirers Fund. Except to the extent amended hereby, the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year last written below.
| U.S. BANCORP FUND SERVICES, LLC | ||
|
By:
/s/ Xxxxxxx X. Xxxxxxxx
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By: /s/ Xxxxxxx X. Xxxxxxx | |
|
Name: Xxxxxxx X.
Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
|
|
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Title: Vice President
and Secretary
|
Title: Senior Vice
President
|
|
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Date: 4/8/2019
|
Date: 4/8/2019
|
1
Exhibit KK to the ETF Series Solutions Fund
Accounting Servicing Agreement
Acquirers Funds, LLC
The Acquirers Fund
Base Fee for Accounting, Administration, Transfer Agent & Account Services
The following reflects
the greater of the basis point fee or annual minimum1 for funds where Acquirers Funds, LLC acts as Adviser to the fund in ETF Series Solutions (ESS).
| Annual Minimum per Fund2 |
Basis Points on Trust AUM2
|
|
Funds 1-5 $[ ]
|
First $[ ] [ ] bps
|
|
Funds 6-10 $[ ]
|
Next $[ ] [ ] bps
|
|
Funds 11-15 $[ ]
|
Next $[ ] [ ] bps |
| Funds 16+ $[ ] |
Balance [ ] bps |
See APPENDIX B for OPTIONAL
Supplemental Services and Associated Fees
1 Each fund, regardless of asset size, will have fees allocated to it equal to the per fund minimum. Should the complex level
basis point fee calculation exceed the complex level minimum fee level calculation, the fees in excess of the minimum will be allocated to each fund based on the percent on AUM.
Once a Fund is operational, should “the Adviser” terminate this service agreement with USBFS prior to the end of the initial
two-year period, “the Adviser” will be responsible for the balance of the minimum fees for the remainder of the service agreement’s 12-month period beginning with the Fund’s launch or any anniversary of launch. To avoid doubt, if “the Adviser”
launched a Fund on March 1, 2019 and terminated the relationship on June 30, 2020, “the Adviser” would owe USBFS up to 50% of $[ ] ($[ ] admin/acct/ta + $[ ] Custody + $[ ] Distributor).
In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations
require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting
requirements).
2 Subject to annual CPI increase - All Urban Consumers - U.S. City Average.
Fees are calculated pro rata and billed monthly
2
APPENDIX A
Accounting, Administration,
Transfer Agent & Account Services (in addition to the Base Fee)
Pricing Services
For daily pricing of each securities (estimated 252 pricing days annually)
| § |
$[ ] – Domestic Equities, Options, ADRs, Foreign
Equities, Futures, Forwards, Currency Rates, Mutual Funds, ETFs
|
| § |
$[ ] – Domestic Corporates, Domestic Convertibles,
Domestic Governments, Domestic Agencies, Mortgage Backed, Municipal Bonds
|
| § |
$[ ] – CMOs, Money Market Instruments, Foreign
Corporates, Foreign Convertibles, Foreign Governments, Foreign Agencies, Asset Backed, High Yield
|
| § |
$[ ] – Interest Rate Swaps, Foreign Currency Swaps,
Total Return Swaps, Total Return Bullet Swaps
|
| § |
$[ ] – Bank Loans
|
| § |
$[ ] – Swaptions
|
| § |
$[ ] – Intraday money market funds pricing, up to 3
times per day
|
| § |
$[ ] – Credit Default Swaps
|
| § |
$[ ]per Month Manual Security Pricing (>25per
day)
|
NOTE: Prices are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to
change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional
fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.
Corporate Action Services
Fee for IDC data used to monitor corporate actions
| § |
$[ ] per Foreign Equity Security per Month
|
| § |
$[ ] per Domestic Equity Security per Month
|
| § |
$[ ] per CMOs, Asset Backed, Mortgage Backed
Security per Month
|
ESS Trust Chief Compliance Officer Annual Fee (subject to board approval)
| § |
$[ ] for the first fund
|
| § |
$[ ] for each additional fund
|
| § |
$[ ] per sub-adviser per fund
|
| § |
Additional $[ ] per distributor other than Quasar Distributors, LLC
|
Third Party Administrative Data Charges (descriptive data for analytics, reporting
and compliance)
| § |
$[ ] per security per month for fund administrative
|
SEC Modernization Requirements
| § |
Form N-PORT – $[ ] per year, per Fund
|
| § |
Form N-CEN – $[ ] per year, per Fund
|
Section 15(c) Reporting
| § |
$[ ] per fund per standard reporting package*
|
| § |
Additional 15(c) reporting is subject to additional charges
|
*Standard reporting packages for annual 15(c) meeting
| - |
Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w/ classes on one report) OR Full 15(c) report
|
- Performance reporting package: Peer Comparison Report
| § |
Standard data source – Morningstar; additional charges will
apply for other data services
|
Miscellaneous Expenses
All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: SWIFT
processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, XXXXX/XBRL filing, retention of records, federal and state regulatory
filing fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and
travel related costs .
In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations
require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).
Fees are calculated pro rata and billed monthly
3
APPENDIX B
OPTIONAL Supplemental Services for Fund Accounting, Fund
Administration & Portfolio Compliance (provided by USBFS upon client request and/or need)
Daily Compliance Services
| § |
Base fee – $[ ] per fund per year
|
| § |
Setup – $[ ] per fund group
|
Section 18 Daily Compliance Testing (for derivatives and leverage)
| § |
$[ ] set up fee per fund complex
|
| § |
$[ ] per fund per month
|
C- Corp Administrative Services
| § |
1940 Act C-Corp – USBFS Fee Schedule plus $[ ]
|
| § |
1933 Act C-Corp – USBFS Fee Schedule plus $[ ]
|
| § |
Controlled Foreign Corporation (CFC)
|
| § |
USBFS Fee Schedule plus $[ ]
|
Fees are calculated pro rata and billed monthly
4
Adviser’s signature below acknowledges approval of the schedules on this Exhibit KK.
Acquirers Funds, LLC
By: /s/ Xxxxxx Xxxxxxxx
Printed Name: Xxxxxx Xxxxxxxx
|
Title: Managing
Member
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Date: 4/8/2019
|
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