VTL Associates, LLC One Commerce Square
Exhibit 99.d.2
VTL Associates, LLC
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▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, Suite 2020
Philadelphia, PA 19103
October 15, 2013
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▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, Suite 2020
Philadelphia, PA 19103
| Re: | Expense Limitations |
Ladies and Gentlemen:
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, VTL Associates, LLC (the “Adviser”), agrees that, with respect to the funds listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”), which are series of the RevenueShares ETF Trust, the Adviser shall, from October 28, 2013 through October 28, 2014, waive all or a portion of its investment advisory fees and/or reimburse expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) in an aggregate amount equal to the amount by which a Fund’s total operating expenses (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) exceeds the amount opposite such Fund’s name on Schedule A hereto (excluding any taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses).
The Adviser acknowledges that it: (1) shall not be entitled to collect on, or make a claim for, waived fees at any time in the future; and (2) shall not be entitled to collect on, or make a claim for, reimbursed Fund expenses at any time in the future.
| VTL Associates, LLC | ||
| By: | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | ||
| Chief Executive Officer | ||
| Date: October 15, 2013 | ||
Your signature below acknowledges
acceptance of this Agreement:
| By: | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ |
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
| President | |
| Date: October 15, 2013 |
SCHEDULE A
| Funds | Expense Limitation (as a |
| percentage of a Fund’s | |
| average daily net assets) | |
| RevenueShares Large Cap Fund | 0.49% |
| RevenueShares Mid Cap Fund | 0.54% |
| RevenueShares Small Cap Fund | 0.54% |
| RevenueShares Consumer Discretionary Sector Fund | 0.49% |
| RevenueShares Consumer Staples Sector Fund | 0.49% |
| RevenueShares Energy Sector Fund | 0.49% |
| RevenueShares Financials Sector Fund | 0.49% |
| RevenueShares Health Care Sector Fund | 0.49% |
| RevenueShares Industrials Sector Fund | 0.49% |
| RevenueShares Information Technology Sector Fund | 0.49% |
| RevenueShares Materials Sector Fund | 0.49% |
| RevenueShares Utilities Sector Fund | 0.49% |
| RevenueShares Navellier Overall A-100 Fund | 0.60% |
| RevenueShares ADR Fund | 0.49% |