LETTER AGREEMENT

LETTER AGREEMENT

Xxxxxxx Investment Management Company

0000 Xxxxxx Xxxxxx

00^xx Xxxxx

Xxxxxxx, XX 00000

Re: Amended and Restated Management Agreement

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

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

Sincerely,
XXXXXXX EXCHANGE TRADED FUNDS TRUST
By:		/s/ Xxxxxx Xxxxxxxxx
		Xxxxxx Xxxxxxxxx
		President and Chief Executive Officer
Accepted this 1st day of November 2012.
XXXXXXX INVESTMENT MANAGEMENT COMPANY
By:		/s/ Xxxxx Xxxxxxx
		Xxxxx Xxxxxxx
		President and Chief Executive Officer
XXXXX XXXXXXX COMPANY
By:		/s/ Xxx Xxxxxxx
		Xxx Xxxxxxx
		Chief Executive Officer

APPENDIX A

Xxxxxxx Aggressive Growth ETF

Xxxxxxx Consistent Growth ETF

Xxxxxxx Growth at a Reasonable Price ETF

Xxxxxxx Equity Income ETF

Xxxxxxx Low P/E ETF

Xxxxxxx Contrarian 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 Xxxxx & Mid Cap Defensive Value ETF

Xxxxxxx Xxxxx Cap Defensive Value ETF

Xxxxxxx Xxxxx Cap Aggressive Growth ETF

Xxxxxxx Xxxxx Cap Consistent Growth ETF

Xxxxxxx Xxxxx Cap Low P/E ETF

Xxxxxxx Xxxxx Cap Contrarian ETF

Xxxxxxx Developed ex-U.S. Low Beta ETF

Xxxxxxx Developed ex-U.S. High Beta ETF

Xxxxxxx Developed ex-U.S. Low Volatility ETF

Xxxxxxx Developed ex-U.S. High Volatility ETF

Xxxxxxx Developed ex-U.S. High Momentum ETF

Xxxxxxx High Dividend Yield ETF

Xxxxxxx Xxxxx Cap High Dividend Yield ETF

Xxxxxxx International High Dividend Yield ETF