AMENDMENT NO. 4 TO THE INVESTMENT ADVISORY AGREEMENT

Exhibit (d)(4)(v)

AMENDMENT NO. 4 TO THE

INVESTMENT ADVISORY AGREEMENT

AMENDMENT NO. 4 effective as of September 1, 2017 (“Amendment No. 4”) to the Investment Advisory Agreement dated May 1, 2011, as amended, (“Agreement”) between AXA Equitable Funds Management Group, LLC, a limited liability company organized under the laws of the State of Delaware (“FMG LLC” or “Manager”) and Xxxxxx Xxxxxxx Investment Management Inc., a Delaware corporation (“Xxxxxx Xxxxxxx” or “Adviser”).

WHEREAS, FMG LLC and the Adviser agree to amend the Agreement to modify the fee payable to the Adviser for investment advisory and other services the Adviser provides with respect to the AXA Global Equity Managed Volatility Portfolio.

NOW THEREFORE, FMG LLC and the Adviser agree to modify the Agreement as follows:

1. Appendix A. Appendix A to the Agreement setting forth the Portfolios of EQ Advisors Trust for which the Adviser is appointed as the investment adviser and the fee payable to the Adviser is hereby replaced in its entirety by Appendix A attached hereto.

2. Ratification. Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 4 as of the date first set forth above.

AXA EQUITABLE FUNDS MANAGEMENT GROUP, LLC						XXXXXX XXXXXXX INVESTMENT MANAGEMENT INC.
By:		/s/ Xxxxxx Xxxx				By:		/s/ Xxxxx Xxxxx
		Xxxxxx Xxxx						Name: Xxxxx Xxxxx
		Senior Vice President and Chief Operating Officer						Title: Managing Director

APPENDIX A

AMENDMENT NO. 4

TO

INVESTMENT ADVISORY AGREEMENT

The Manager shall pay the Adviser monthly compensation computed daily at an annual rate equal to the following:

Portfolios		Annual Advisory Fee Rate
AXA Global Equity Managed Volatility Portfolio*		0.620% of the Xxxxxx Xxxxxxx Allocated Portion’s total average daily net assets.**
AXA/Xxxxxx Xxxxxxx Small Cap Growth Portfolio*		0.60% of the Xxxxxx Xxxxxxx Allocated Portion’s total average daily net assets.**

* This Portfolio has been designated a “multi-adviser portfolio” and Xxxxxx Xxxxxxx Investment Management Inc. receives a fee based on a discrete portion of the Portfolio’s assets that have been allocated to it by the Manager (“Xxxxxx Xxxxxxx Allocated Portion”).

** The daily advisory fee for the Xxxxxx Xxxxxxx Allocated Portion is calculated by multiplying the aggregate net assets of the Xxxxxx Xxxxxxx Allocated Portion at the close of the immediately preceding business day by the Annual Advisory Fee Rate calculated as set forth above and then dividing the result by the number of days in the year. The Manager will provide the Adviser with information regarding the calculation of the advisory fee for the Xxxxxx Xxxxxxx Allocated Portion on a monthly basis.