EXPENSE LIMITATION AGREEMENT COLUMBIA ETF TRUST
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February 28, 2013
Columbia Management Investment Advisers, LLC
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Dear Ladies and Gentlemen:
All the funds listed in Schedule A (the “Funds”) are each a series of Columbia ETF Trust (formerly Grail Advisors ETF Trust), a Delaware statutory trust (“Trust”).
You hereby agree, as of the effective set forth on Schedule A (the “Effective Date”) and until the end of the limitation period noted on Schedule A (“Limitation Period”), to forgo current payment of fees and/or reimburse annual operating expenses of the Funds (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses of the Fund) (“Operating Expenses”), so that the Operating Expenses of each Fund are limited to the rate per annum, as noted on Schedule A, of that Fund’s average daily net assets (“Expense Limitation”). You hereby agree, upon the Effective Date, that any reimbursements necessary to maintain an Expense Limitation shall be made, in immediately payable funds, to the relevant Fund within 10 days after the end of each month.
Each Fund agrees, upon the Effective Date, 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 that 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 respective 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 Massachusetts, 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.
| Very truly yours, | ||
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on behalf of the Funds listed in Schedule A | ||
| By: | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | |
| Title: | Treasure and Chief Financial Officer | |
The foregoing Agreement is hereby accepted as of February 28, 2013
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC
| By: | /s/ J. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ | |
| Name: | J. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ | |
| Title: | Senior Vice President |
SCHEDULE A
| Fund |
Effective Date |
Limitation Period |
Expense Limitation |
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| Columbia Core Bond ETF (Columbia Core Bond Strategy Fund) |
3/1/2013 | 2/28/2014 | 0.56 | % | ||||||||
| Columbia Intermediate Municipal Bond ETF (formerly Columbia Intermediate Municipal Bond Strategy Fund) |
3/1/2013 | 2/28/2014 | 0.51 | % | ||||||||
| Columbia Growth Equity Strategy Fund (to be known Columbia Large Cap Growth ETF effective March 25, 2013) |
3/1/2013 | 2/28/2014 | 0.86 | % | ||||||||
| Columbia Select Large Cap Growth ETF (formerly Columbia Large-Cap Growth Equity Strategy Fund) |
3/1/2013 | 2/28/2014 | 0.86 | % | ||||||||
| Columbia Select Large Cap Value ETF (formerly Columbia Concentrated Large Cap Value Strategy Fund) |
3/1/2013 | 2/28/2014 | 0.79 | % | ||||||||