EX-99.(D)(5) 3 ea0247230-01_ex99d5.htm EXHIBIT 99.(D)(5)

Exhibit (d)(5)

 

AMENDMENT TO THE
Investment SUB-ADVISORY AGREEMENT

 

THIS AMENDMENT, effective as of July 11, 2025 (the “Effective Date”), this amendment to the Investment Sub-Advisory Agreement, dated as of May 9, 2025 (the “Sub-Advisory Agreement”), is entered into by and between Tortoise Capital Advisors, L.L.C., a Delaware limited liability company (the “Adviser”) and Exchange Traded Concepts, LLC, an Oklahoma limited liability company (the “Sub-Adviser”).

 

RECITALS

 

WHEREAS, the Adviser and Sub-Adviser have entered into the Sub-Advisory Agreement with respect to certain series of Tortoise Capital Series Trust (the “Trust”); and

 

WHEREAS, the parties desire to amend Schedule A of the Sub-Advisory Agreement to update the series of the Trust; and

 

WHEREAS, Section 10 of the Sub-Advisory Agreement allows for its amendment by a written instrument executed by both parties.

 

NOW, THEREFORE, the parties agree that Schedule A of the Advisory Agreement is superseded and replaced with Schedule A attached hereto.

 

Except to the extent amended hereby, the Advisory Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

 

  TORTOISE CAPITAL ADVISORS, L.L.C.
     
  By: /s/ Jeffrey Kruske
  Printed Name:  Jeffrey Kruske
  Title: Chief Operating Officer  
  Date: July 11, 2025
     
  EXCHANGE TRADED CONCEPTS, LLC
     
  By: /s/ J. Garrett Stevens
  Printed Name: J. Garrett Stevens
  Title: Chief Executive Officer
  Date: July 11, 2025

 

 

 

 

SCHEDULE A

FUNDS AND FEES

 

Series

Annual Fee Rate as % of

Current Net Allocated Assets

 

Fund Minimum Annual Fee Annual Rate

Tortoise North American Pipeline Fund

Effective Date: May 9, 2025

Initial Term: May 9, 2027

$20,000*

3.5 bps (0.035%) on the first $250 million of the Fund’s net assets; and

2.5 bps (0.025%) on the next $250 million of the Fund’s net assets; and 2 bps (0.02%) on Fund net assets in excess of $500 million.

Tortoise Global Water Fund

Effective Date: July 11, 2025

Initial Term: July 11, 2027

$20,000*

3.5 bps (0.035%) on the first $250 million of the Fund’s net assets; and

2.5 bps (0.025%) on the next $250 million of the Fund’s net assets; and 2 bps (0.02%) on Fund net assets in excess of $500 million.

 

*. Notwithstanding the foregoing, once the total of the fees payable to the Sub-Adviser with respect to a Fund in any calendar year equals or exceeds the aggregate of the Minimum Annual Fee payable by the Funds for such calendar year (or the pro rata portion of the aggregate Minimum Annual Fee payable for partial calendar years), no Fund shall be required to make further payments of the Minimum Annual Fee with respect to such Fund for that calendar year.

 

Dated: May 9, 2025

 

Amended: July 11, 2025

 

 Schedule A - Page 1