SECOND AMENDMENT TO THE ABSOLUTE SHARES TRUST FUND ACCOUNTING SERVICING AGREEMENT
SECOND AMENDMENT TO THE
THIS SECOND AMENDMENT dated as of the 7th day of October, 2015, to the Fund Accounting Servicing Agreement, dated as of June 11, 2014, as amended April 7, 2015 (the "Agreement"), is entered into by and between ABSOLUTE SHARES TRUST, 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 add the WBI Tactical Rotation Shares and to reflect and revise the list of funds of the Trust to reflect changes to names of certain funds; and
WHEREAS, the parties desire to amend the fees of the Trust; 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 as follows:
Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.
Amended Exhibit B is hereby superseded and replaced with Amended Exhibit B attached hereto.
IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.
ABSOLUTE SHARES TRUST | U.S. BANCORP FUND SERVICES, LLC |
By: /s/ Xxx Xxxxxxxxx, Xx. | By: /s/ Xxxxxxx X. XxXxx |
Name: Xxx Xxxxxxxxx, Xx. | Name: Xxxxxxx X. XxXxx |
Title: CEO | Title: Executive Vice President |
Absolute Shares Trust (WBI) 10/2015
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1
Amended Exhibit A to the Fund Accounting Servicing Agreement – Absolute Shares Trust
Name of Series
WBI Tactical SMG Shares (WBIA) (f/k/a WBI XXXX Tactical Growth Shares)*
WBI Tactical SMV Shares (WBIB) (f/k/a WBI XXXX Tactical Value Shares)*
WBI Tactical SMY Shares (WBIC) (f/k/a WBI XXXX Tactical Yield Shares)*
WBI Tactical SMS Shares (WBID) (f/k/a WBI XXXX Tactical Select Shares)*
WBI Tactical LCG Shares (WBIE) (f/k/a WBI Large Cap Tactical Growth Shares)*
WBI Tactical LCV Shares (WBIF) (f/k/a WBI Large Cap Tactical Value Shares)*
WBI Tactical LCY Shares (WBIG) (f/k/a WBI Large Cap Tactical Yield Shares)*
WBI Tactical LCS Shares (WBIL) (f/k/a WBI Large Cap Tactical Select Shares)*
WBI Tactical Income Shares (WBII)*
WBI Tactical High Income Shares (WBIH)*
WBI Tactical Rotation Shares (TBD)
*Former names listed in original contract were placeholder names, but were not the actual names filed with the SEC. Names listed above, were the names actually filed with the SEC.:
WBI AbsoluteCore Shares Global XXXX Growth ETF (WBIA)
WBI AbsoluteCore Shares Global XXXX Value ETF (WBIB)
WBI AbsoluteCore Shares Global XXXX Yield ETF (WBIC)
WBI AbsoluteCore Shares Global XXXX Select ETF (WBID)
WBI AbsoluteCore Shares Global Large Growth ETF (WBIE)
WBI AbsoluteCore Shares Global Large Value ETF (WBIF)
WBI AbsoluteCore Shares Global Large Yield ETF (WBIG)
WBI AbsoluteCore Shares Global Large Select ETF (WBIL)
WBI AbsoluteCore Shares Tactical Bond ETF (WBII)
WBI AbsoluteCore Shares Tactical High Income ETF (WBIH)
2
Amended Exhibit B to the Fund Accounting Servicing Agreement – Absolute Shares Trust
Base Fee for Accounting, Administration, Transfer Agent/Shareholder & Account Services-effective March 1, 2015
The following reflects the greater of the basis point fee or minimum per fund-
Admin/Accounting/TA
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Basis Points on AUM per Fund
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Annual Minimum per Fund
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$[ ]
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+$[ ]
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+$[ ]
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Funds 1-5
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Funds 6-10
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Funds 11 and
above
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[ ]
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[ ]
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[ ]
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$[ ]Year 1
$[ ]Year 2
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$[ ]Year 1
$[ ]Year 2
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$[ ]Year 1
$[ ]Year 2
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Note: MLP Funds pricing may vary from the above annual fees and are TBD per investment strategy
The Following Services and Associated Fees are in Addition to the Base Fee-
Pricing Services
§
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$[ ]- Domestic Equities, Options, ADRs, Foreign Equities
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§
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$[ ]- Domestic Corporates, Convertibles, Governments, Agencies, Futures, Options on Futures, Forwards, Currency Rates, Mortgage Backed
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§
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$[ ]- CMOs, Municipal Bonds, Money Market Instruments, Foreign Corporates, Convertibles, Governments, Agencies, Asset Backed, High Yield
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§
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$[ ]- Interest Rate Swaps, Foreign Currency Swaps, Total Return Swaps, Total Return Bullet Swaps
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§
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$[ ]- Bank Loans
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§
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$[ ]- Swaptions
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§
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$[ ]- Credit Default Swaps
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§
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$[ ] per Month Manual Security Pricing (>25per day)
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Corporate Action & Manual Pricing Services
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$[ ] /Foreign Equity Security per Month for Corporate Action Service
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§
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$[ ] /Domestic Equity Security per Month for Corporate Action Service
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Factor Services (security paydown factor data)
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$[ ] per CMOs, Asset Backed, Mortgage Backed Security per Month
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Third Party Administrative Data Charges (descriptive data for each security)
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$[ ] per security per month for fund administrative
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Fair Value Services (Charged at the Complex Level)
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$[ ] per security on the First 100 Securities
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§
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$[ ] per security on the Balance of Securities
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NOTE: Prices above are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees.
All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.
Amended Exhibit B (continued) to the Fund Accounting Servicing Agreement
3
Base Fee for Accounting, Administration, Transfer Agent/Shareholder & Account Services (continued) - effective March 1, 2015
Chief Compliance Officer Support Fee *
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$[ ] per USBFS services selected (Administration/Accounting/Transfer Agent/ Custodian)
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Out-Of-Pocket Expenses
Including but not limited to corporate action services, fair value pricing services, factor services, 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 from Board of directors meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and CCO team travel related costs to perform due diligence reviews at advisor and sub-advisor facilities.
*Subject to annual CPI increase, Milwaukee MSA.
Fees are calculated pro rata and billed monthly.
Supplemental Services and Associated Fees at September 1, 2015 Services
Ongoing Annual Legal Administration Services
Add the following for legal administration services in support of external legal counsel, including annual registration statement update and drafting of supplements:
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$[ ] first ten ETFs advised by Millington Securities, Inc. and sub-advised by WBI Investments, Inc. This $[ ] is based on a calendar year and is broken down into twelve months for billing purposes. Fees start with March 2015 services per the agreement signed April 7, 2015.
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§
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$[ ] for each of the next five ETFs advised by Millington Securities, Inc. and sub-advised by WBI Investments, Inc. This $[ ] is based on a calendar year and is broken down into twelve months for billing purposes. Fees begin in the month for which the ETF commences operations.
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§
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additional funds to be negotiated
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The Annual Legal Administration Services (in support of Fund counsel) include:
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Direct access to our team of lawyers and paralegals to assist with any inquiries.
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Drafting the annual update to the funds' registration statement and filing the same with the SEC
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§
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Coordinating with the adviser, auditor, external counsel and other parties to incorporate comments on the registration statement
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§
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Preparation of each fund's summary prospectus and filing the same with the SEC
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§
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Preparation of the funds' 497(j) letter or 497(c) supplement and filing the same with the SEC
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§
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Preparation of the funds' XBRL filings (whether 485(b) or 497) and filing the same with the SEC
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§
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Drafting of any stickers or supplements during the year and filing the same with the SEC
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File conversions for SEC XXXXX filings are charged as out-of-pocket expenses, typically on a per page basis
Amended Exhibit B (continued) to the Fund Accounting Servicing Agreement
4
Absolute Shares Trust
Supplemental Services and Associated Fees (continued) at September 1, 2015 Services
Legal Administration Services for the Registration of the WBI Tactical Rotation Shares
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A one-time fee of $[ ] for legal administration services in support of external legal counsel with respect to the registration of the WBI Tactical Rotation Shares. Fee will be charged on September 2015 Services Xxxx.
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The Legal Administration Services (in support of Fund counsel) for the registration of the WBI Tactical Rotation Shares include:
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Direct access to our team of lawyers and paralegals to assist with any inquiries.
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Preparing the definitive (485(b)) registration statement and filing the same with the SEC
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§
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Coordinating with the adviser, auditor, external counsel and other parties to incorporate comments on the registration statement
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§
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Preparation of the fund's summary prospectus and filing the same with the SEC
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§
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Preparation of the fund's 497(j) letter or 497(c) supplement and filing the same with the SEC
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§
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Preparation of the fund's XBRL filing and filing the same with the SEC
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§
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Preparation of any delaying amendments (485BXTs) and filing the same with the SEC
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§
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Preparation of the fund’s Form 8-A registration and filing the same with the SEC
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File conversions for SEC XXXXX filings are charged as out-of-pocket expenses, typically on a per page basis
The Legal Administration Services for the registration of the WBI Tactical Income Shares do not include:
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Taking comments from the SEC staff regarding the fund’s 485(a) filing
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Preparing responses to such comments
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§
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Preparation or filing of subsequent filings pursuant to Rule 485(a)
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§
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Preparation or assistance with any proposed listing rule filed pursuant to Rule 19b-4
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§
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Preparation of assistance with any amendments to the adviser’s SEC exemptive relief with respect to actively-managed ETFs
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Daily Compliance Services (Xxxxxxx River)
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Base fee – $[ ] /fund per year
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§
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Setup – $[ ] /fund group
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Section 15(c) Reporting
Add the following for legal administration services in support of external legal counsel, including annual registration statement update and drafting of supplements:
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$[ ] /fund per report – first class
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§
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$[ ] /additional class report
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Non-Standard Intraday Indicative Value (IIV) Calculation
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Negotiated based upon specific requirements
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Customized Benchmarking
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Negotiated based upon specific requirements
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Additional Services Provided and Negotiated Upon Client Request.
Absolute Shares Trust (WBI) 10/2015
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