AMENDMENT TO THE 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, doing business as U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“Fund Services”).
RECITALS
WHEREAS, the parties have entered into
the Agreement; and
WHEREAS, the parties desire to amend
the series of the Trust to add a fund 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 exhibit and add the following series of ETF Series Solutions:
Exhibit E, the NETLease Corporate Real Estate ETF, is hereby added with amended Exhibit E attached hereto.
This amendment will become effective upon the
commencement of operations of the NETLease Corporate Real Estate ETF. 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.
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U.S. BANCORP FUND SERVICES, LLC
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By:
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/s/ Xxxxxxx X. Xxxxxxxx
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By:
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/s/ Xxxxx X. Xxxxxxxxx
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Name:
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Xxxxxxx X. Xxxxxxxx
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Name:
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Xxxxx X. Xxxxxxxxx
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Title:
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Vice President and Secretary
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Title:
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Senior VP
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Date:
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3/12/19
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Date:
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3/13/19
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1
Exhibit E to the ETF Series Solutions Fund Accounting
Servicing Agreement
Exchange Traded Concepts, LLC
NETLease Corporate Real Estate ETF
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 Exchange Traded Concepts, LLC acts as Adviser to a
Fundamental Income fund in ETF Series Solutions (ESS).
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Annual Minimum per Fund2
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Basis Points on Trust AUM2
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$[ ]
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First $250m
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[ ] bps
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Next $250m
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[ ] bps
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Next $500m
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[ ] bps
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Balance
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[ ] bps
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See APPENDIX A for Services and Associated Fees in
addition to the Base Fee
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 Advisor” 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
Advisor” 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
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, Total Return Swaps
§ $[ ] – 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
§ $[
] per Month Manual Security Pricing (>25 per day)
NOTE: Prices are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change. Use of alternative and/or
additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees. All schedules subject to change
depending upon the use of unique security type requiring special pricing or accounting arrangements.
Corporate Action Services
Fee for IDC data used to monitor corporate actions
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§
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$[ ] per Foreign Equity Security per Month
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§
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$[ ] per Domestic Equity Security per Month
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§
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$[ ] per CMOs, Asset Backed, Mortgage Backed Security per Month
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ESS Trust Chief Compliance Officer Annual Fee (subject to board approval)
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§
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$[ ] for the first fund
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§
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$[ ] funds 2-5
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§
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$[ ] funds 6+
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§
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$[ ] per sub-adviser per fund
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Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)
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§
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$[ ] per security per month for fund administrative
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SEC Modernization Requirements
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§
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Form N-PORT – $[ ] per year, per Fund
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§
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Form N-CEN – $[ ] per year, per Fund
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3
Controlled Foreign Corporation (CFC)
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§
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Fund Services Fee Schedule plus $[ ]
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Section 15(c) Reporting
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$[ ] per fund per standard reporting package*
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Additional 15c reporting is subject to additional charges
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*Standard reporting packages for annual 15(c) meeting
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Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report
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-
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Performance reporting package: Peer Comparison Report
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§
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Standard data source – Morningstar; additional charges will apply for other data services
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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
4
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 $[ ]
Fees are calculated pro rata and billed monthly
Adviser’s Signature below acknowledges approval of the schedules on this amended Exhibit E.
Exchange Traded Concepts, LLC
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By:
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/s/ J. Xxxxxxx Xxxxxxx
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Printed Name:
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J. Xxxxxxx Xxxxxxx
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Title:
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CEO
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Date:
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March 11, 2019 |
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