AMENDMENT TO THE ETF SERIES SOLUTIONS CUSTODY AGREEMENT

AMENDMENT TO THE

ETF SERIES SOLUTIONS CUSTODY AGREEMENT

THIS AMENDMENT, effective as of the 1^st day of September, 2017, to the Custody 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. BANK NATIONAL ASSOCIATION, a national banking association (the “Custodian”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the series of the Trust to add funds and fees; and

WHEREAS, Article XV, Section 15.02 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 add the following series of ETF Series Solutions:

Exhibit V, the AAM S&P 500 High Dividend Value ETF and AAM S&P Emerging Markets High Dividend Value ETF, is hereby added and attached hereto.

This amendment will become effective upon the commencement of operations of the AAM S&P 500 High Dividend Value ETF and AAM S&P Emerging Markets High Dividend Value 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 first written above.

ETF SERIES SOLUTIONS		U.S. BANK, N.A.
By:  /s/ Xxxxxxx X. Xxxxxxxx		By:  /s/ Xxxxxx Xxxxxxxxx
Name:  Xxxxxxx X. Xxxxxxxx		Name:  Xxxxxx Xxxxxxxxx
Title: Vice President and Secretary		Title: Executive Vice President

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Exhibit U to the ETF Series Solutions Custody Agreement -

AAM S&P 500 High Dividend Value ETF

AAM S&P Emerging Markets High Dividend Value ETF

Base Fee for Domestic Custody Services

The following reflects the greater of the basis point fee or annual minimum for funds listed on Schedule A.

Note: Year 1 minimum fee for Funds 1-5 will be discounted by 50% for the first 6 months of service starting on the launch date of each Fund.¹

Custody	Basis Points on AUM		Annual Minimum per Fund2
	First $[  ]	Balance	$[  ]
	[  ]	[  ]

See APPENDIX C for Services and Associate Fees in addition to Base Fee

See APPENDIX D for Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

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APPENDIX C

Domestic Custody Services in addition to the Base Fee¹

Portfolio Transaction Fees²

§ $[  ] – Book entry DTC transaction, Federal Reserve transaction, principal paydown

§ $[  ] – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

§ $[  ] – Option/SWAPS/future contract written, exercised or expired

§ $[  ] – Mutual fund trade, Margin Variation Wire and outbound Fed wire

§ $[  ] – Physical security transaction

§ $[  ] – Check disbursement (waived if U.S. Bancorp is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Miscellaneous Expenses

Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges and extraordinary expenses based upon complexity.

Additional Services

§ Additional fees apply for global servicing.

§ $[  ] per Sub Advisor or Segregated custody account per year

§ No charge for the initial conversion free receipt.

§ Overdrafts – charged to the account at [  ] unless a line of credit is in place.

¹ Subject to annual CPI increase - All Urban Consumers - U.S. City Average.

Fees are calculated pro rata and billed monthly

² “Sponsor trades” are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process.  Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are not considered to be “Sponsor trades.

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APPENDIX D

Additional Global Sub-Custodial Services Annual Fee Schedule

Base Fee

A monthly base fee per account (fund) will apply based on the number of foreign securities held.

§ 1-25 foreign securities: $[  ]

§ 26-50 foreign securities: $[  ]

§ Over 50 foreign securities: $[  ]

§ Euroclear – Eurobonds only.  Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge.  In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge.

§ For all other markets specified above, surcharges may apply if a security is held outside of the local market.

Plus:

Global Custody Transaction Fees¹

Global Custody transaction fees associate with Sponsor Trades². (See schedule below)

§ A transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or exchange of a security.

Global Safekeeping and Transaction Fees

(See schedule below)

Tax Reclamation Services

Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $[  ] per claim.

Miscellaneous Expenses

§ Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

§ A surcharge may be added to certain Miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses.  Also, certain expenses are charged at a predetermined flat rate.

§ SWIFT reporting and message fees.

¹ Subject to annual CPI increase - All Urban Consumers - U.S. City Average.

Fees are calculated pro rata and billed monthly

²“Sponsor trades” are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process.  Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are not considered to be “Sponsor trades.”

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Additional Global Sub-Custodial Services Annual Fee Schedule

Country	Instrument	Safekeeping (BPS)	Transaction Fee		Country	Instrument	Safekeeping (BPS)	Transaction Fee
Argentina	All	____	$____		Lebanon	All	____	$____
Australia	All	____	$____		Lithuania	All	____	$____
Austria	All	____	$____		Luxembourg	All	____	$____
Bahrain	All	____	$____		Malaysia	All	____	$____
Bangladesh	All	____	$____		Mali	All	____	$____
Belgium	All	____	$____		Malta	All	____	$____
Benin	All	____	$____		Mauritius	All	____	$____
Bermuda	All	____	$____		Mexico	All	____	$____
Botswana	All	____	$____		Morocco	All	____	$____
Brazil	All	____	$____		Namibia	All	____	$____
Bulgaria	All	____	$____		Netherlands	All	____	$____
Burkina Faso	All	____	$____		New Zealand	All	____	$____
Canada	All	____	$____		Niger	All	____	$____
Cayman Islands*	All	____	$____		Nigeria	All	____	$____
Channel Islands*	All	____	$____		Norway	All	____	$____
Chile	All	____	$____		Oman	All	____	$____
China	All	____	$____		Pakistan	All	____	$____
Columbia	All	____	$____		Peru	All	____	$____
Costa Rica	All	____	$____		Phillipines	All	____	$____
Croatia	All	____	$____		Poland	All	____	$____
Cyprus	All	____	$____		Portugal	All	____	$____
Czech Republic	All	____	$____		Qatar	All	____	$____
Denmark	All	____	$____		Romania	All	____	$____
Ecuador	All	____	$____		Russia	Equities	____	$____
Egypt	All	____	$____		Senegal	All	____	$____
Estonia	All	____	$____		Singapore	All	____	$____
Euromarkets**	All	____	$____		Slovak Republic	All	____	$____
Finland	All	____	$____		Slovenia	All	____	$____
France	All	____	$____		South Africa	All	____	$____
Germany	All	____	$____		South Korea	All	____	$____
Ghana	All	____	$____		Spain	All	____	$____
Greece	All	____	$____		Sri Lanka	All	____	$____
Guinea Bissau	All	____	$____		Swaziland	All	____	$____
Hong Kong	All	____	$____		Sweden	All	____	$____
Hungary	All	____	$____		Switzerland	All	____	$____
Iceland	All	____	$____		Taiwan	All	____	$____
India	All	____	$____		Thailand	All	____	$____
Indonesia	All	____	$____		Togo	All	____	$____
Ireland	All	____	$____		Tunisia	All	____	$____
Israel	All	____	$____		Turkey	All	____	$____
Italy	All	____	$____		UAE	All	____	$____
Ivory Coast	All	____	$____		United Kingdom	All	____	$____
Japan	All	____	$____		Ukraine	All	____	$____
Jordan	All	____	$____		Uruguay	All	____	$____
Kazakhstan	All	____	$____		Venezuela	All	____	$____
Kenya	All	____	$____		Vietnam	All	____	$____
Kuwait	All	____	$____		Zambia	All	____	$____
Latvia	Equities	____	$____		Zimbabwe	All	________	$____

*Additional customer documentation and indemnification will be required prior to establishing accounts in these markets.

**Tiered by market value: <$5billion and >$10billion: [  ] bps; >$10billion: [  ] bps

**Euromarkets – Non-eurobonds: Surcharges vary by local market.

*Safekeeping and transaction fees are assessed on security and currency transactions.

Advisor’s Signature below acknowledges approval of the schedules on this Exhibit U.

Advisors Asset Management, Inc.
By:  /s/ Xxxxx XxXxxx
Printed Name:  Xxxxx XxXxxx
Title:  MD – Head of ETF Products	Date:  9/28/17

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