Common use of Fee Reduction Clause in Contracts

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2021, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.99% (on an annual basis)of the Fund’s average daily net assets (the “Fee Cap”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31April 30, 20212025, it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.991.60% (on an annual basis)of basis) of the Fund’s average daily net assets (the “Fee CapExpense Limitation”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31April 30, 20212023, it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.991.60% (on an annual basis)of basis) of the Fund’s average daily net assets (the “Fee CapExpense Limitation”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31April 30, 20212022, it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.991.60% (on an annual basis)of basis) of the Fund’s average daily net assets (the “Fee CapExpense Limitation”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20212020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.99% (on an annual basis)of the Fund’s average daily net assets (the “Fee Cap”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2021three years from the date of the Fund’s inception, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, any class-specific fees and expenses attributable to a distribution or service plan adopted by the Trustexpenses, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.99% (on an annual basis)of the Fund’s average daily net assets (the “Fee Cap”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20212022, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.99% (on an annual basis)of the Fund’s average daily net assets (the “Fee Cap”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31April 30, 20212024, it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.991.60% (on an annual basis)of basis) of the Fund’s average daily net assets (the “Fee CapExpense Limitation”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20212024, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.99% (on an annual basis)of the Fund’s average daily net assets (the “Fee Cap”).