EXPENSE LIMITATION AGREEMENT GRAIL ADVISORS ETF TRUST GRAIL WESTERN ASSET ULTRA SHORT DURATION ETF One Ferry Building, Suite 255 San Francisco, CA 94111
Exhibit (h)(13)
GRAIL WESTERN ASSET ULTRA SHORT DURATION ETF
Xxx Xxxxx Xxxxxxxx, Xxxxx 000
Xxx Xxxxxxxxx, XX 00000
August 31, 2010
Grail Advisors, LLC
Xxx Xxxxx Xxxxxxxx, Xxxxx 000
Xxx Xxxxxxxxx, XX 00000
Dear Ladies and Gentlemen:
Grail Western Asset Ultra Short Duration ETF (the “Fund”) is a series of Grail Advisors ETF Trust, a Delaware statutory trust (“Trust”).
You hereby agree until the date noted on Schedule A (“Limitation Period”), to forgo current payment of fees and/or reimburse annual operating expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses of the Fund) (“Operating Expenses”), so that the Operating Expenses of the Fund are limited to the rate per annum, as noted on Schedule A, of the Fund’s average daily net assets (“Expense Limitation”).
The Fund agrees to repay you for any fees forgone by you under the Expense Limitation or any Operating Expenses you reimburse in excess of the Expense Limitation, provided the repayments do not cause the Fund’s total operating expenses (exclusive of interest, taxes, brokerage commissions and extraordinary expenses) to exceed the respective annual rate of average daily net assets as noted on Schedule A and the repayments are made within three years after the year in which you incurred the expense.
You understand that you shall look only to the assets attributable to the Fund for performance of this Agreement and for payment of any claim you may have hereunder, and neither any other series of the Trust, nor any of the Trust’s trustees, officers, employees, agents, or shareholders, whether past, present or future, shall be personally liable therefor.
This Agreement is made and to be performed principally in the State of California, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware. Any amendment to this Agreement shall be in writing signed by the parties hereto.
If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.
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Very truly yours, |
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on behalf of |
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GRAIL WESTERN ASSET ULTRA SHORT DURATION ETF |
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By: |
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Xxxxxxx X. Xxxxxx |
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Title: |
President |
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The foregoing Agreement is hereby accepted as of August 31, 2010 |
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GRAIL ADVISORS, LLC |
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By: |
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Xxxxxxx X. Xxxxxx |
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Title: |
Chief Executive Officer |
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SCHEDULE A
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Fund |
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Limitation |
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Expense |
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Grail Western Asset Ultra Short Duration ETF |
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8/31/2011 |
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0.30 |
% |
