0001104659-10-010351 Sample Contracts

EXPENSE LIMITATION AGREEMENT GRAIL ADVISORS ETF TRUST GRAIL AMERICAN BEACON LARGE CAP VALUE ETF GRAIL AMERICAN BEACON INTERNATIONAL EQUITY ETF One Ferry Building, Suite 255 San Francisco, CA 94111

Expense Limitation Agreement • February 26th, 2010 • Grail Advisors ETF Trust • Delaware

• Contract Type
  Expense Limitation Agreement
• Filed
  February 26th, 2010
• Company
  Grail Advisors ETF Trust
• Jurisdiction
  Delaware

Grail American Beacon Large Cap Value ETF and Grail American Beacon International Equity ETF (the “Funds”) are each a series of Grail Advisors ETF Trust, a Delaware statutory trust (“Trust”).

EXPENSE LIMITATION AGREEMENT GRAIL ADVISORS ETF TRUST RP GROWTH ETF RP FOCUSED LARGE CAP GROWTH ETF RP TECHNOLOGY ETF RP FINANCIALS ETF One Ferry Building, Suite 255 San Francisco, CA 94111

Expense Limitation Agreement • February 26th, 2010 • Grail Advisors ETF Trust • California

• Contract Type
  Expense Limitation Agreement
• Filed
  February 26th, 2010
• Company
  Grail Advisors ETF Trust
• Jurisdiction
  California

RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF and RP Financials ETF (the “Funds”) are each a series of Grail Advisors ETF Trust, a Delaware statutory trust (“Trust”).