FIRST AMENDMENT TO THE
INVESTMENT SUB-ADVISORY AGREEMENT
THIS FIRST AMENDMENT dated as of the 19th day of August, 2026, to the
Investment Sub-Advisory Agreement, dated as of August 21, 2024, as amended (the
“Agreement”), is entered into by and among between Kensington Asset Management, LLC, a
Texas limited liability company (the “Adviser”), Liquid Strategies, LLC, a Delaware limited
liability company (the “Sub-Adviser”), and Managed Portfolio Series, a Delaware statutory trust
(the “Trust”), on behalf of its series listed in Schedule A (the “Funds”).
RECITALS
WHEREAS, the parties have entered into the Agreement; and
WHEREAS, the parties desire to amend the Agreement to incorporate a newly
created series of the Trust; and
WHEREAS, Section 10 of the Agreement allows for its amendment by a written
instrument executed by all of the parties.
NOW, THEREFORE, the parties agree to amend and restate Schedule A as
attached hereto, to add the Kensington Premium Opportunities ETF (the “Fund”),
effective upon the launch date of the Fund.
Except to the extent amended hereby, the Agreement shall remain in full force and effect
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be
executed by a duly authorized officer, as applicable, on one or more counterparts as of the date
set forth above.
KENSINGTON ASSET MANAGEMENT, LLC
LIQUID STRATEGIES, LLC
MANAGED PORTFOLIO SERIES:
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| | President and Principal Executive Officer |