0001413042-23-000756 Sample Contracts

FUND OF FUNDS INVESTMENT AGREEMENT
Fund of Funds Investment Agreement • October 3rd, 2023 • PFS Funds • New York

THIS AGREEMENT, dated as of January 5, 2023, between/among each Acquiring Fund(s), severally and not jointly listed on Schedule A hereto (each, an “Acquiring Fund”), and each series of the Direxion Shares ETF Trust (“Trust”), excluding those listed on Schedule B hereto (each, an “Acquired Fund”), severally and not jointly. The Acquired Funds, together with the Acquiring Funds, are the “Funds.”

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AMENDMENT TO SERVICES AGREEMENT CONQUER RISK MANAGED VOLATILITY FUND CONQUER RISK TACTICAL ROTATION FUND CONQUER RISK TACTICAL OPPORTUNITIES FUND CONQUER RISK DEFENSIVE BULL FUND
Services Agreement • October 3rd, 2023 • PFS Funds

This amendment is made to the Services Agreement between Potomac Fund Management, Inc. (the “Advisor”) and PFS Funds (the “Trust”) on behalf of Conquer Risk Managed Volatility Fund, Conquer Risk Tactical Rotation Fund, Conquer Risk Tactical Opportunities Fund, and Conquer Risk Defensive Bull Fund (each a “Fund”), series of the Trust and shall become effective as of October 3, 2023. It is mutually understood and agreed by and between the undersigned parties to amend Section 6. Compensation of the Services Agreement to read as follows:

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