AMENDMENT TO ADMINISTRATIVE AGENCY AGREEMENT

Amendment to Section 9. Section 9 of the Agreement is hereby amended by adding the following to the end thereof:

Amendment to Appendix A. Appendix A to the Agreement is hereby deleted in its entirety and replaced with the attached Appendix A.

Amendment to Appendix B. Appendix B to the Agreement is hereby deleted in its entirety and replaced with the attached Appendix B.

Representations and Warranties. Each party represents that it has full power and authority to enter into and perform this Amendment.

Miscellaneous.

As amended hereby, all terms and conditions of the Agreement are hereby ratified and affirmed as of the date hereof and are extended to give effect to the terms hereof. This Amendment, together with the Agreement, constitutes the entire agreement of the parties with respect to its subject matter and supersedes all oral communications and prior writings with respect hereto. Except as expressly modified hereby, the Agreement shall continue in full force and effect in accordance with its terms and conditions.

This Amendment may be executed and delivered in counterparts (through facsimile transmission or otherwise in writing), each such counterpart shall be deemed an original, and all such counterparts, together, shall constitute the same Amendment.

This Amendment shall be governed by and construed in accordance with the laws and exclusive jurisdiction provisions of the Agreement.

Investment taxlots and transaction activity

Income

Dividends

Principal paydowns

Capital activity

Expense accruals

Cash activity

Corporate Reorganizations

Securities holdings

Cash including cash transfers, fees assessed and other investment related cash transactions

Trade settlements

Market prices obtained from approved sources including those listed on Appendix D or Fair Valuations obtained from an Authorized Person of the Portfolios

Mark to market of non-base receivables/payables utilizing approved foreign exchange quotations as quoted in Appendix D

Mark to market of non-base currency positions utilizing the approved sources quoted in Appendix D or Fair Valuations obtained from an Authorized Person

Amortization/accretion at the individual tax lot level

General ledger entries

Book value calculations

Trade Date + 1 accounting

Calculation of Net Asset Value Per Share (“NAV”) as of the close of business of the NYSE

Calculation of 12 Official month end valuations per annum

Monthly accounting package to be delivered for client review and approval

Calculation of the PCF cash components inclusive of applicable projections

Dissemination of the PCF to the NSCC

The Administrator shall accumulate information for and prepare

Within an agreed upon production cycle, reports [one] annual TSR (“Tailored Shareholder Report”) and [one] semi-annual TSR for the Trust per fiscal year, such preparation includes the coordination of all printer and author edits, the review of printer drafts and the coordination of the audit of the Portfolio by its independent public auditor (e.g. manage open items lists, host weekly audit meeting, etc.)

[one] annual report on Form N-CEN

[one] first fiscal quarter report and [one] third fiscal quarter report on Form N-PORT Part F or two quarterly report Schedule of Investments for Form N-PORT

[one] annual report and [one] semi-annual report on Form N-CSR

[one] annual Rule 24f-2 Notice

Assist the Trust in preparing the annual Form N-PX filing per calendar year

Review and comment on shareholder reports and coordinate with BBH&Co.’s financial reporting personnel

In accordance with Rule 31a-2 under the 1940 Act, maintain those records received or created by the Administrator, which are required to be maintained by Rule 31a-1(b)(4) under the 1940 Act

Prepare fiscal year-end and excise tax distribution calculations;

Prepare monthly, quarterly and annual income distributions as described in each Portfolio’s prospectus

Provide any tax analysis of portfolio transactions

Prepare annual capital gain distribution(s) including spillback amounts as required

Prepare tax-related ROCSOP entries for fund accounting purposes

Prepare FINCEN filings

Review required tax disclosures (such as tax cost, long-term capital gain, tax-exempt designation, foreign tax credits, dividend-received deductions, and qualified dividend income pass throughs) in the Trust’s financial statements

Assist Portfolio’s auditors, as is reasonably necessary, with federal, state and local (if any) income and excise tax returns, including tax return extension requests, for signature by the Trust

Prepare shareholder year-end tax information, including 1099-NEC

Calculate the amounts and characterizations of distributions declared during the calendar year for Form 1099-DIV reporting

Provide analysis and necessary adjustments based on passive foreign investment companies (“PFICs”) that have been identified by the Trust and communicated to the Administrator

Consult with the Trust’s Authorized Persons on their management and/or investment strategy regarding straddles identified by the Trust and communicated to the Administrator and provide necessary adjustments

Calculate time weighted total returns for the Trust (both absolutely and relative to the benchmark) and report such returns as agreed to by the parties.

Provide and review the Trust’s performance information disclosed in its financial statements.

Daily Performance Reporting

Monthly Performance

Monthly Synthetic Performance

Growth of 10k

Best and Worst Quarter

After Tax Reporting

As of Reporting Semi Annual

Creation and Redemption of Creation Units.

Accept from [the Distributor/Authorized Participants] creation and redemption orders for communication to the appropriate parties, approval (as may be agreed with the Distributor) and processing.

Pursuant to creation and redemption orders that the Administrator as transfer agent shall receive from [the Distributor/Authorized Participants (and which shall be confirmed by the Distributor, as required)] and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall communicate such orders to the Trust or ETF as appropriate.

Pursuant to such creation orders that the Administrator as the Index Receipt Agent shall receive (and which shall be confirmed by the Distributor) and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall transfer appropriate trade instructions to the ETF’s custodian, Brown Brothers ▇▇▇▇▇▇▇▇ & Co. (“Custodian”) and pursuant to such orders register the appropriate number of book entry only Creation Units in the name of The Depository Trust Company (“DTC”) or its nominee as a shareholder (each a “Authorized Participant”) of the ETF and deliver the Creation Units of the ETF to the appropriate Authorized Participant.

Pursuant to such redemption orders that Index Receipt Agent shall receive from the Authorized Participant and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall transfer appropriate trade instructions (which may be irrevocable in certain foreign markets) to the Custodian and, pursuant to such orders, redeem the appropriate number of Creation Units that are delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Creation Units from the account of the Authorized Participant on the register of the ETF.

On behalf of the ETF, the Administrator shall issue Creation Units for settlement with purchasers through DTC as the purchaser is authorized to receive. Beneficial ownership of ETF Shares shall be shown on the records of DTC and DTC Participants and not on any records maintained by the Administrator. In issuing Creation Units through DTC to an Authorized Participant, the Administrator shall be entitled to rely upon the latest Instructions that are received from the Distributor by the Administrator as Index Receipt Agent concerning the issuance and delivery of such Creation Units for settlement.

The Administrator shall not issue on behalf of the ETF any Creation Units where it has received an Instruction from the ETF or the Distributor or written notification from any federal or state authority that the sale of the ETF Shares has been suspended or discontinued, and the Administrator shall be entitled to rely upon such Instructions or written notification.

Upon the issuance of Creation Units as provided herein, the Administrator shall not be responsible for the payment of any original issue or other taxes, if any, required to be paid by the ETF or the Distributor in connection with such issuance.

The Administrator will act only upon Instruction from the ETF and/or the Distributor in addressing any failure in the delivery of cash, securities and/or shares in connection with the creation and redemption of Creation Units. The Administrator shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder.

Recordkeeping.

The Administrator shall record the creation and redemption of Creation Units and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of 1934, as amended, a record of the total number of Creation Units that are authorized, issued and outstanding based upon data provided to the Administrator by the ETF or the Distributor. The Administrator shall also provide the ETF on a regular basis with the total number of Creation Units authorized, issued and outstanding; provided however that the Administrator shall not be responsible for monitoring the issuance of such Creation Units or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Creation Units or shares.

Services Related to the Monitoring of Cash Collateral.

Identify creation and redemption Creation Unit activity for which collateral is required, on a daily basis

Calculate required collateral for creation and redemption on a daily basis in accordance with the collateral ratios set forth in the Participant Agreements, utilizing a market price from a third-party pricing source as set forth on Appendix D

Mark to market daily the value of such collateral positions using market prices from a third-party pricing source as set forth on Appendix D

Communicate collateral requirements as determined in (b) and (c) to Authorized Participants as necessary

Provide reporting as to open collateral positions and notify the ETF in the event of collateral delivered by Authorized Participants

Establish Operational Procedures with the ETF and Authorized Participants (based upon the form provided by the Administrator) which set forth the detailed requirements in connection with the processing requirements as to cash collateral posted by Authorized Participants.