0001580642-18-000939 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • February 20th, 2018 • Mutual Fund & Variable Insurance Trust • New York

SUB-ADVISORY AGREEMENT, dated as of February 16, 2018 between RATIONAL ADVISORS, INC., an Ohio corporation (the "Adviser"), and NUWAVE INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Sub-Adviser”).

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SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • February 20th, 2018 • Mutual Fund & Variable Insurance Trust • New York

WHEREAS, the Adviser acts as an investment adviser to the RNW Fund Limited, a Cayman Islands exempted company (the "Company"), pursuant to a Management Agreement dated as of February 26, 2016 (the "Management Agreement");

MANAGEMENT AGREEMENT
Management Agreement • February 20th, 2018 • Mutual Fund & Variable Insurance Trust • New York

The Company has been incorporated as an exempted company with limited liability in the Cayman Islands to engage in business as an open-end management investment company. The Company currently has one series of participating shares, which are offered solely to the Rational NuWave Enhanced Market Opportunity Fund, a series of Mutual Fund & Variable Insurance Trust.

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