FIRST AMENDMENT TO THE

SERIES PORTFOLIOS TRUST

INVESTMENT ADVISORY AGREEMENT

with

ELM PARTNERS MANAGEMENT LLC

THIS FIRST AMENDMENT, dated as of the 22nd day of January 2026, to the Investment Advisory Agreement, dated as of July 8, 2020, as amended, (the “Advisory Agreement”) is entered into by and between Series Portfolios Trust, a Delaware statutory trust (the “Trust”), on behalf of the series listed on Schedule A, which may be amended from time to time (each a “Fund” and together, the “Funds”), and Elm Partners Management LLC (the “Adviser”).

RECITALS

WHEREAS, the parties have entered into the Advisory Agreement; and

WHEREAS, the Trust and the Adviser desire to amend the Advisory Agreement to reduce the management fee for the Elm Market Navigator ETF by 0.02%, effective January 28, 2026; and

WHEREAS, the Agreement allows for the amendment of Schedule A to the Agreement by a written instrument executed by both parties;

NOW, THEREFORE, the parties agree as follows:

Schedule A of the Agreement is hereby superseded and replaced with Amended and Restated Schedule A attached hereto.

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 on one or more counterparts as of the date and year first written above.

SERIES PORTFOLIOS TRUST on behalf of the series listed on Schedule A						ELM PARTNERS MANAGEMENT LLC
By: /s/Ryan L. Roell						By:     /s/Brandon Labbe
Name:    Ryan L. Roell						Name:    Brandon Labbe
Title:    President						Title:    Controller

1

---

Amended and Restated Schedule A

to the

SERIES PORTFOLIOS TRUST

INVESTMENT ADVISORY AGREEMENT

with

ELM PARTNERS MANAGEMENT LLC

Series of Series Portfolios Trust			Annual Fee Rate as a Percentage of Average Daily Net Assets			Effective Date of Initial Investment Advisory Agreement
Elm Market Navigator ETF			0.20%			February 10, 2025

2