VTL Associates, LLC One Commerce Square
Exhibit 28(d)(iv)
VTL Associates, LLC
Xxx Xxxxxxxx Xxxxxx
0000 Xxxxxx Xxxxxx, Suite 2020
Philadelphia, PA 19103
October 28, 2016
Xxxxxxxxxxx Revenue Weighted ETF Trust
Xxx Xxxxxxxx Xxxxxx
0000 Xxxxxx Xxxxxx, Suite 2020
Philadelphia, PA 19103
Re: Expense Limitations
Ladies and Gentlemen:
Ladies and Gentlemen:
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, VTL Associates, LLC (the “Adviser”), agrees that, with respect to the funds listed on Schedule A hereto (each a “Fund” and collectively, the “Funds”), which are series of the Xxxxxxxxxxx Revenue Weighted ETF Trust (the “Trust”), the Adviser shall, from December 2, 2015 through December 2, 2017, waive all or a portion of its investment advisory fees and/or reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) in an aggregate amount equal to the amount by which a Fund’s total operating expenses (excluding any acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) exceeds the amount opposite such Fund’s name on Schedule A hereto.
The Trust, on behalf of each Fund, agrees to repay the Adviser any fees previously waived or expenses previously reimbursed for the Fund in later periods; provided, however, that the repayment shall be payable only to the extent that it (1) can be made during the three years following the time at which the Adviser waived fees or reimbursed expenses for the Fund under this Agreement, and (2) can be repaid without causing the total operating expenses (excluding any acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) of the Fund exceed the lower of (a) any applicable fee waiver and expense reimbursement agreement that was in place for the Fund at the time the fees were waived or expenses were reimbursed or (b) any applicable fee waiver and expense reimbursement agreement in place for the Fund at the time the Fund would make such repayment. The Trust agrees to furnish or otherwise make available to the Adviser such copies of its financial statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably request in connection with this Agreement.
| VTL Associates, LLC | ||
| By: | /s/ Xxxxxx Xxxxx | |
| Xxxxxx Xxxxx | ||
| Vice President | ||
| Date: October 28, 2016 | ||
Your signature below acknowledges
acceptance of this Agreement:
Xxxxxxxxxxx Revenue Weighted ETF Trust
| By: | /s/ Xxxxxx Xxxxx |
| Xxxxxx Xxxxx | |
| Vice President | |
| Date: October 28, 2016 |
SCHEDULE A
| Funds | Expense Limitation (as a percentage of a Fund’s average daily net assets) |
| Xxxxxxxxxxx Large Cap Revenue ETF | 0.39% |
| Xxxxxxxxxxx Mid Cap Revenue ETF | 0.39% |
| Xxxxxxxxxxx Small Cap Revenue ETF | 0.39% |
| Xxxxxxxxxxx Consumer Discretionary Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Consumer Staples Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Energy Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Financials Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Health Care Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Industrials Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Information Technology Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Materials Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Utilities Sector Revenue ETF | 0.49% |
| Xxxxxxxxxxx Navellier Overall A-100 Revenue ETF | 0.60% |
| Xxxxxxxxxxx ADR Revenue ETF | 0.49% |
| Xxxxxxxxxxx Ultra Dividend Revenue ETF | 0.39% |
| Xxxxxxxxxxx Emerging Market Revenue ETF | 0.49% |
| Xxxxxxxxxxx Global Growth Revenue ETF | 0.54% |
| Xxxxxxxxxxx ESG Revenue ETF | 0.40% |
| Xxxxxxxxxxx Global ESG Revenue ETF | 0.45% |
