Contract

▇. ▇▇▇▇ Price Exchange-Traded Funds, Inc. 485BPOS

Exhibit 99.(d)(15)

 

AMENDMENT TO

 

INVESTMENT MANAGEMENT AGREEMENT

 

Between

 

▇. ▇▇▇▇ ▇▇▇▇▇ EXCHANGE-TRADED FUNDS, INC.

 

and

 

▇. ▇▇▇▇ PRICE ASSOCIATES, INC.

 

This Amendment (the “Amendment”) to the Investment Management Agreement is made as of the 29th day of July, 2025, by and between ▇. ▇▇▇▇ PRICE EXCHANGE-TRADED FUNDS, INC., a Maryland corporation (the “Corporation”), on behalf of its underlying series funds (the “Funds”), each a separate series of the Corporation, and ▇. ▇▇▇▇ PRICE ASSOCIATES, INC., a corporation organized and existing under the laws of the State of Maryland (hereinafter called the “Manager”).

 

W I T N E S S E T H:

 

WHEREAS, the parties hereto entered into an Investment Management Agreement dated as of October 28, 2019 (the “Agreement”);

 

WHEREAS, the Corporation’s Board of Directors, including a majority of the directors who are not interested persons of the Corporation, approved, effective July 29, 2025, the creation and addition of the ▇. ▇▇▇▇ Price Active Core International Equity ETF, ▇. ▇▇▇▇ Price Active Core U.S. Equity ETF, ▇. ▇▇▇▇ Price Emerging Markets Equity Research ETF, ▇. ▇▇▇▇ Price High Income Municipal ETF, ▇. ▇▇▇▇ Price Innovation Leaders ETF, ▇. ▇▇▇▇ Price Long Municipal Income ETF, ▇. ▇▇▇▇ Price Multi-Sector Income ETF, and ▇. ▇▇▇▇ Price Short Municipal Income ETF (the “New Funds”), each as a separate series of the Corporation;

 

WHEREAS, the Corporation’s Board of Directors, including a majority of the directors who are not interested persons of the Corporation, approved, effective July 29, 2025, a Distribution and Servicing Plan for the New Funds (“Plan”);

 

WHEREAS, the Corporation’s Board of Directors, including a majority of the directors who are not interested persons of the Corporation, approved, effective July 29, 2025, excluding 12b-1 fees under the Plan from the expenses to be paid by the Manager under Paragraph 2 of the Agreement with respect to the New Funds;

 

WHEREAS, the parties hereto desire to amend the Agreement to make the changes set out below;

 

 

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:

 

1.

Paragraph 2 is amended to add the following (exception to the Manager’s payment of expenses) as item (6):

 

(6)          With respect to the Funds listed on Schedule B only, 12b-1 fees. Any services and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the Act.

 

2.

Schedule B is added to the end of the Agreement, after Schedule A, as follows:

 

Schedule B

 

The exclusion in paragraph 2 (6) related to 12b-1 Fees applies to the following Funds only:

 

▇. ▇▇▇▇ Price Active Core International Equity ETF

▇. ▇▇▇▇ Price Active Core U.S. Equity ETF

▇. ▇▇▇▇ Price Emerging Markets Equity Research ETF

▇. ▇▇▇▇ Price High Income Municipal ETF

▇. ▇▇▇▇ Price Innovation Leaders ETF

▇. ▇▇▇▇ Price Long Municipal Income ETF

▇. ▇▇▇▇ Price Multi-Sector Income ETF 

▇. ▇▇▇▇ Price Short Municipal Income ETF

 

3.

Schedule A to the Agreement is amended to read as follows:

 

Schedule A

 

This Agreement relates to the following Funds:

 

Fund Name	Effective Date of Agreement for the Fund	Annual Management Fee (as a percentage of average daily net assets)
▇. ▇▇▇▇ Price Active Core International Equity ETF	July 29, 2025	0.20%
▇. ▇▇▇▇ Price Active Core U.S. Equity ETF	July 29, 2025	0.14%
▇. ▇▇▇▇ Price Blue Chip Growth ETF	October 28, 2019	0.57%
▇. ▇▇▇▇ Price Capital Appreciation Equity ETF	December 5, 2022	0.31%
▇. ▇▇▇▇ Price Capital Appreciation Premium Income ETF	October 24, 2024	0.34%
▇. ▇▇▇▇ Price Dividend Growth ETF	October 28, 2019	0.50%
▇. ▇▇▇▇ Price Emerging Markets Equity Research ETF	July 29, 2025	0.40%
▇. ▇▇▇▇ Price Equity Income ETF	October 28, 2019	0.54%
▇. ▇▇▇▇ Price Financials ETF	February 6, 2025	0.44%
▇. ▇▇▇▇ Price Floating Rate ETF	May 11, 2022	0.59%
▇. ▇▇▇▇ Price Global Equity ETF	February 6, 2025	0.46%
▇. ▇▇▇▇ Price Growth ETF	December 5, 2022	0.38%
▇. ▇▇▇▇ Price Growth Stock ETF	October 28, 2019	0.52%
▇. ▇▇▇▇ Price Health Care ETF	February 6, 2025	0.44%
▇. ▇▇▇▇ ▇▇▇▇▇ Hedged Equity ETF	October 24, 2024	0.46%
▇. ▇▇▇▇ Price High Income Municipal ETF	July 29, 2025	0.32%

 

 

Fund Name

Effective Date of Agreement for the Fund

Annual Management Fee (as a percentage of average daily net assets)

▇. ▇▇▇▇ Price Innovation Leaders ETF	July 29, 2025	0.49%
▇. ▇▇▇▇ Price Intermediate Municipal Income ETF	February 5, 2024	0.24%
▇. ▇▇▇▇ Price International Equity ETF	December 5, 2022	0.50%
▇. ▇▇▇▇ Price International Equity Research ETF	February 6, 2025	0.38%
▇. ▇▇▇▇ Price Long Municipal Income ETF	July 29, 2025	0.26%
▇. ▇▇▇▇ Price Multi-Sector Income ETF	July 29, 2025	0.37%
▇. ▇▇▇▇ Price Natural Resources ETF	February 6, 2025	0.44%
▇. ▇▇▇▇ Price QM U.S. Bond ETF	July 27, 2021	0.08%
▇. ▇▇▇▇ Price Short Municipal Income ETF	July 29, 2025	0.18%
▇. ▇▇▇▇ Price Small-Mid Cap ETF	December 5, 2022	0.55%
▇. ▇▇▇▇ Price Technology ETF	May 8, 2024	0.63%
▇. ▇▇▇▇ Price Total Return ETF	July 27, 2021	0.31%
▇. ▇▇▇▇ Price U.S. Equity Research ETF	February 3, 2021	0.34%
▇. ▇▇▇▇ Price U.S. High Yield ETF	May 11, 2022	0.56%
▇. ▇▇▇▇ Price Ultra Short-Term Bond ETF	July 27, 2021	0.17%
▇. ▇▇▇▇ Price Value ETF	December 5, 2022	0.33%

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their respective officers thereunto duly authorized and their respective seals to be hereunto affixed, as of the day and year first above written.

 

	Attest:		▇. ▇▇▇▇ ▇▇▇▇▇ EXCHANGE-TRADED FUNDS, INC.
	/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇		By	/s/ ▇▇▇▇ ▇▇▇▇▇▇▇-▇▇▇▇
	▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Assistant Secretary			▇▇▇▇ ▇▇▇▇▇▇▇-▇▇▇▇, Vice President

 

	Attest:		▇. ▇▇▇▇ PRICE ASSOCIATES, INC.
	/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇		By:	/s/ ▇▇▇▇ ▇▇▇▇▇▇
	▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Assistant Secretary			▇▇▇▇ ▇▇▇▇▇▇, Vice President