SCHEDULE A

to the

INVESTMENT SUB-ADVISORY AGREEMENT

Dated November 1, 2018 between

SALT FINANCIAL, LLC

and

PENSERRA CAPITAL MANAGEMENT LLC

and    

ETF SERIES SOLUTIONS

Fund	Minimum Fee	Rate
Salt High truBetaTM US Market ETF	$18,000	0.05% on the first $100 million; 0.04% from $100 million to $500 million; 0.03% from $500 million to $1 billion; and 0.02% on net assets in excess of $1 billion
Salt Low truBetaTM US Market ETF	$18,000	0.05% on the first $100 million; 0.04% from $100 million to $500 million; 0.03% from $500 million to $1 billion; and 0.02% on net assets in excess of $1 billion

IN WITNESS WHEREOF, the parties hereto have caused this Schedule A to be signed on their behalf by their duly authorized officers as of October 3, 2019.

SALT FINANCIAL LLC

By: /s/ Anthony R. Barchetto

Name: Anthony R. Barchetto

Title: Chief Executive Officer

PENSERRA CAPITAL MANAGEMENT LLC

By: /s/ Dustin Lewellyn

Name: Dustin Lewellyn

Title: Partner / Chief Investment Officer

ETF SERIES SOLUTIONS

By: /s/ Michael D. Barolsky

Name: Michael D. Barolsky

Title: Vice President