0001144204-13-063143 Sample Contracts

INVESTMENT ADVISORY AGREEMENT ETF SERIES TRUST
Investment Advisory Agreement • November 19th, 2013 • ETF Series Trust • Michigan

AGREEMENT, made this 14th day of November, 2013, among ETF Series Trust (“Trust”), on behalf of its series set forth on Schedule A, as may be amended from time to time (each, a “Fund” and, together, the “Funds”) and Recon Capital Advisors, LLC, a Delaware limited liability company (“Adviser”).

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FIRST AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT
Administrative Services Agreement • November 19th, 2013 • ETF Series Trust • New York

This FIRST AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT is made and entered into as of this 14th day of November, 2013 by and between ETF SERIES TRUST, a Delaware statutory trust (“Trust”) and ETF ISSUER SOLUTIONS INC., a Delaware corporation (“Administrator”). RECON CAPITAL ADVISORS, LLC, a Delaware limited liability company and the investment adviser to the Trust (“Adviser”) is a party hereto with respect to Section 5 only.

SUPERVISION AGREEMENT
Supervision Agreement • November 19th, 2013 • ETF Series Trust • New York

This SUPERVISION AGREEMENT (“Agreement”), made this 14th day of November 2013, between ETF Series Trust (“Trust”), a Delaware statutory trust, and Recon Capital Advisors, LLC, a Delaware limited liability company (“Manager”).

SUBLICENSE AGREEMENT
Sublicense Agreement • November 19th, 2013 • ETF Series Trust • New York

This Sublicense Agreement (the “Agreement”) is entered into as of November 14, 2013, by and between Recon Capital Advisors, LLC, a Delaware limited liability company with offices at 66 Palmer Avenue, Suite 49B, Bronxville, New York 10708 (the “ADVISER”), and ETF Series Trust (the “Licensee”).

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