Exhibit 99.(d)(2)
SCHEDULE A
to the
INVESTMENT ADVISORY AGREEMENT,
dated the 16th day of October, 2023,
between
THE 2023 ETF SERIES TRUST II
and
GRANTHAM, MAYO, VAN OTTERLOO & CO. LLC
The Trust shall pay to the Adviser, as compensation for the Adviser’s services rendered, a fee, computed daily at an annual rate based on the average daily net assets of each of the Funds in accordance with the following fee schedule:
| Fund | Rate | Effective Date |
| GMO U.S. Quality ETF | 0.50% | October 16, 2023 |
| GMO International Quality ETF | 0.60% | October 28, 2024 |
| GMO International Value ETF | 0.60% | October 28, 2024 |
| GMO U.S. Value ETF | 0.50% | October 28, 2024 |
| GMO Systematic Investment Grade Credit ETF | 0.65% | October 28, 2024 |
| GMO Beyond China ETF | 0.25% | October 28, 2024 |
| GMO Horizons ETF | 0.25% | August 20, 2025 |
| GMO Dynamic Allocation ETF | 0.50% | August 20, 2025 |
| GMO Domestic Resilience ETF | 0.50% | August 20, 2025 |
| GMO Ultra-Short Income ETF | 0.20% | August 20, 2025 |
| THE 2023 ETF SERIES TRUST II, | ||
| on behalf of the Fund(s) listed in this Schedule A | ||
| By: | /s/ Douglas Y. Charton | |
| Name: | Douglas Y Charton | |
| Title: | Secretary | |
| Date: | August 20, 2025 | |
| GRANTHAM, MAYO, VAN OTTERLOO & CO. LLC | ||
| By: | /s/ Douglas Charton | |
| Name: | Douglas Charton | |
| Title: | Counsel | |
| Date: | August 20, 2025 | |
| Originally Executed: October 16, 2023 | ||
| Amended: October 28, 2024 (to add five new Funds to the Schedule) | ||
| Amended: August 20, 2025 (to add four new Funds to the Schedule) | ||