SECOND AMENDMENT TO THE

INVESTMENT ADVISORY AGREEMENT

THIS SECOND AMENDMENT dated as of the 19th day of August, 2026, to the

Investment Advisory Agreement, dated as of August 21, 2024, as amended (the “Agreement”), is

entered into by and between Managed Portfolio Series, a Delaware statutory trust (“Trust”) and

Kensington Asset Management, LLC, a Texas limited liability company (the “Adviser”).

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 Second Amendment to

be executed by a duly authorized officer, as applicable, on one or more counterparts as of the

date set forth above.

MANAGED PORTFOLIO SERIES:

By:		/s/ Brian Wiedmeyer
		Brian R. Wiedmeyer
		President and Principal Executive Officer

KENSINGTON ASSET MANAGEMENT, LLC

By:		/s/ William Bower
		William Bower
		Managing Director

SCHEDULE A

FUNDS AND FEES

Series of Managed Portfolio Series	Annual Fee Rate as % of Current Net Assets
Kensington Hedged Premium Income ETF	0.95%
Kensington Credit Opportunities ETF	0.85%
Kensington Premium Opportunities ETF	0.95%