LETTER AGREEMENT

LETTER AGREEMENT

Xxxxxxx Investment Management Company

0000 Xxxxxx Xxxxxx

Xxxxxxx, Xxxxxxxxxx 00000

Re: Supervision and Operational Agreement

This Letter Agreement relates to the Supervision and Operational Agreement between Xxxxxxx Exchange Traded Funds Trust (“RET”) and Xxxxxxx Investment Management Company (“RIMCo”) dated May 10, 2011, as amended (the “Supervision Agreement”). RET advises you that it is liquidating each of the funds listed in Appendix A (the “Passively-Managed Funds”) and that RET desires to remove the Passively-Managed Funds from the Supervision Agreement as of date of the liquidation of the funds.

Please indicate your acceptance to remove the Passively-Managed Funds from the Supervision Agreement by executing this letter agreement and returning it to the undersigned.

Sincerely,

XXXXXXX EXCHANGE TRADED FUNDS TRUST

By:		/s/ Xxxxxxx Xxxxxxxx
		Xxxxxxx Xxxxxxxx
		President and Chief Executive Officer

Accepted this 28 day October 2012.

XXXXXXX INVESTMENT MANAGEMENT COMPANY

By:		/s/ Xxxxx Xxxxxxx
		Xxxxx Xxxxxxx
		President and Chief Executive Officer

APPENDIX A

Xxxxxxx Aggressive Growth ETF

Xxxxxxx Consistent Growth ETF

Xxxxxxx Growth at a Reasonable Price ETF

Xxxxxxx Contrarian ETF

Xxxxxxx Equity Income ETF

Xxxxxxx Low P/E ETF

Xxxxxxx Xxxxx & Mid Cap Defensive Value ETF

Xxxxxxx Xxxxx Cap Defensive Value ETF

Xxxxxxx 1000 Low Beta ETF

Xxxxxxx 1000 High Beta ETF

Xxxxxxx 1000 Low Volatility ETF

Xxxxxxx 1000 High Volatility ETF

Xxxxxxx 1000 High Momentum ETF

Xxxxxxx 2000 Low Beta ETF

Xxxxxxx 2000 High Beta ETF

Xxxxxxx 2000 Low Volatility ETF

Xxxxxxx 2000 High Volatility ETF

Xxxxxxx 2000 High Momentum ETF

Xxxxxxx One World Large Cap ETF

Xxxxxxx One World Large Cap Growth ETF

Xxxxxxx One World Large Cap Value ETF

Xxxxxxx One World Small Cap ETF

Xxxxxxx One World Small Cap Growth ETF

Xxxxxxx One World Small Cap Value ETF

Xxxxxxx One World All Cap ETF

Xxxxxxx One World All Cap Growth ETF

Xxxxxxx One World All Cap Value ETF

Xxxxxxx One World ex-U.S. Large Cap ETF

Xxxxxxx One World ex-U.S. Large Cap Growth ETF

Xxxxxxx One World ex-U.S. Large Cap Value ETF

Xxxxxxx One World ex-U.S. Small Cap ETF

Xxxxxxx One World ex-U.S. Small Cap Growth ETF

Xxxxxxx One World ex-U.S. Small Cap Value ETF

Xxxxxxx One World ex-U.S. All Cap ETF

Xxxxxxx One World ex-U.S. All Cap Growth ETF

Xxxxxxx One World ex-U.S. All Cap Value ETF

Xxxxxxx Developed ex-U.S. Large Cap ETF

Xxxxxxx Emerging Markets Large Cap ETF

Xxxxxxx Xxxxx Cap Consistent Growth ETF

Xxxxxxx Xxxxx Cap Low P/E ETF

Xxxxxxx Xxxxx Cap Contrarian ETF

Xxxxxxx Xxxxx Cap Aggressive Growth ETF

Xxxxxxx Developed ex-U.S. High Momentum ETF

Xxxxxxx Developed ex-U.S. High Beta ETF

Xxxxxxx Developed ex-U.S. Low Beta ETF

Xxxxxxx Developed ex-U.S. High Volatility ETF

Xxxxxxx Developed ex-U.S. Low Volatility ETF

Xxxxxxx High Dividend Yield ETF

Xxxxxxx Xxxxx Cap High Dividend Yield ETF

Xxxxxxx International High Dividend Yield ETF