# EDGAR Filing Document

**Accession Number:** 0002087989
**File Stem:** 0001437749-26-016759
**Filing Date:** 2026-5
**Character Count:** 896383
**Document Hash:** 3c57830e3666f7fbd684f994ba4c5086
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-016759.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001437749-26-016759

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Texas Precious Metals Trust
- **CENTRAL INDEX KEY:** 0002087989
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290494
- **FILM NUMBER:** 26974128

**BUSINESS ADDRESS:**
- **STREET 1:** C/O TEUCRIUM TRADING, LLC
- **STREET 2:** THREE MAIN STREET, SUITE 215
- **CITY:** BURLINGTON
- **STATE:** VT
- **ZIP:** 05401
- **BUSINESS PHONE:** (802) 540-0019

**MAIL ADDRESS:**
- **STREET 1:** C/O TEUCRIUM TRADING, LLC
- **STREET 2:** THREE MAIN STREET, SUITE 215
- **CITY:** BURLINGTON
- **STATE:** VT
- **ZIP:** 05401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Teucrium Commodity Trust 2
- **DATE OF NAME CHANGE:** 20250924

?xml version='1.0' encoding='ASCII'? tpmt20260430d_s1a.htm

**As filed with the Securities and Exchange Commission on May 13, 2026.**

**Registration No. 333-290494**

------

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**Pre-Effective Amendment No. 2 to**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

------

**Texas Precious Metals Trust**

**(Exact name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware**<br> (*State or Other Jurisdiction of*<br> *Incorporation or Organization*) | **27-0724963**<br> (*I.R.S. Employer Identification No.*) |

---

**c/o Teucrium Trading, LLC**

**Three Main Street**

**Suite 215**

**Burlington, VT 05401**

**Phone: (802) 540-0019**

*(Address, including zip code, and telephone number, including area code, of Registrant*'*s principal executive offices)*

------

**Sal Gilbertie**

**Chief Executive Officer**

**Teucrium Trading, LLC**

**Three Main Street, Suite 215**

**Burlington, VT 05401**

**Phone: (802) 540-0019**

*(Name, address, including zip code, and telephone number, including area code, of agent for service)*

------

**Copy to**

**Eric Simanek, Esq.**

**Eversheds Sutherland (US) LLP**

**700 Sixth Street NW, Washington, DC 20001**

------

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after the Registration Statement is declared effective.

------

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement the same offering.☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

------

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**SUBJECT TO COMPLETION, DATED MAY 13, 2026**

**Y'all Street Physical Gold ETF**

**TEXAS PRECIOUS METALS TRUST**

The Y'all Street Physical Gold ETF (the "**Fund**"), a series of the Texas Precious Metals Trust (the "**Trust**"), is an exchange traded fund that issues shares (the "**Shares**") that trade on the Nasdaq Stock Market (the "**Exchange**"). The Fund's objective is for the Shares to reflect the performance of the price of gold bullion less the expenses of the Fund's operations. The Physical Gold owned by the Fund will be comprised of .995+ fine gold bars of various denominations from members of the current London Bullion Market Association ("**LBMA**") Good Delivery List (the "**Physical Gold**"). The Fund intends to hold Physical Gold in the form of kilogram, 100 ounce and 400 ounce gold bars. The Fund is not actively managed. Teucrium Asset Management, LLC is the Trust's sponsor (the "**Sponsor**"); Wilmington Trust, National Association is the trustee of the Trust (the "**Trustee**"); and Texas Precious Metals LLC ("**Texas Precious Metals**") is the Fund's custodian (the "**Custodian**").

The offering of the Fund's Shares is registered with the Securities and Exchange Commission (the "**SEC**") in accordance with the Securities Act of 1933, as amended (the "**Securities Act**"). The Fund intends to issue Shares on a continuous basis and is registering an indeterminate number of Shares with the SEC in accordance with Rule 456(d) and 457(u) under the Securities Act.

Shares are issued by the Fund in blocks of 10,000 Shares called "**Baskets**" in exchange for Physical Gold from certain registered broker-dealers or other securities market participants ("**Authorized Participants**"). The minimum order for the issuance of Shares is generally one Basket; however, the Sponsor may, at its discretion, temporarily change the minimum order for the issuance of Shares to be up to four Baskets for as long as may be determined by the Sponsor. The amount of Physical Gold attributable to a Basket is determined by dividing the number of Troy Ounces of Physical Gold held by the Fund by the number of Baskets outstanding, as adjusted for the amount of Physical Gold constituting estimated accrued but unpaid fees and expenses of the Fund, as of the opening of business on the purchase order date (or, for redemptions of Baskets, as of the opening of business on the redemption order date). The number of Baskets outstanding is determined by dividing the number of Shares outstanding by 10,000 (or other number of Shares in a Basket for such business day). The Fund issues and redeems Baskets on an ongoing basis at net asset value to and from Authorized Participants who have entered into a contract with the Trust and the Sponsor. Wells Fargo Securities, LLC is the initial Authorized Participant ("**Initial Purchaser**") and is a statutory underwriter under Section 2(a)(11) of the Securities Act.

Shares will be offered to the public from time to time at prices that will reflect, among other things, the price of gold and the trading price of the Shares on the Exchange at the time of the offer. Prior to this offering, there has been no public market for the Shares. The Shares trade on the Exchange under the symbol "YSAU." The market price of the Shares may be different from the net asset value per Share.

**Investing in the Shares involves significant risks. See** "**RISK FACTORS**" **starting on page 8.**

**Neither the SEC nor any state securities commission has approved or disapproved of the securities offered in this prospectus (the** "**Prospectus**"**) or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The Trust qualifies as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"). "Emerging growth company" does not mean the Trust is a "growth" type of investment vehicle or that it will utilize a "growth" investment strategy. However, the Trust will not take advantage of any exemptions or other relief provided to emerging growth companies under the JOBS Act. *See* "Emerging Growth Company Status."

The Shares are neither interests in nor obligations of the Sponsor, the Trustee, U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("**USBGFS**"), the Fund's administrator and transfer agent, the Custodian, PINE Distributors LLC, the Fund's marketing agent (the "**Marketing Agent**"), U.S. Bank National Association ("**US Bank**"), the Fund's cash custodian (the "**Cash Custodian**"), or any of their respective affiliates. The Shares are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended. The Fund is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor.

The initial amount of Physical Gold required for deposit with the Fund to create Shares will be 100 Troy Ounces of Physical Gold per Basket, with each Troy Ounce equal to 31.103 grams (a "**Troy Ounce**"). The Initial Purchaser, acting as a statutory underwriter in connection with the initial purchase of Shares, will deposit Physical Gold for the purchase of at least one initial Basket of 10,000 Shares, as described in "PLAN OF DISTRIBUTION." The initial Basket(s) will be created at a per Basket price of 100 Troy Ounces of Physical Gold and a per Share price equal to 1/100<sup>th</sup> of the value of a Troy Ounce of gold on the purchase date. The value of a Troy Ounce of gold on the purchase date will be determined by the LBMA Gold Price PM, which is the afternoon session of the twice daily determination of the price of an ounce of gold which starts at 3:00 PM London, England time and is performed by participants in a physically settled, electronic and tradable auction administered by the ICE Benchmark Administration Limited. "LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, IS LICENSED TO ICE BENCHMARK ADMINISTRATION LIMITED (IBA) AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE, AND IS USED BY TEUCRIUM ASSET MANAGEMENT, LLC WITH PERMISSION UNDER LICENCE BY IBA. The Fund will receive all proceeds from the offering of the initial Baskets in Physical Gold in an amount equal to the full price for the initial Baskets. The Initial Purchaser may receive commissions/fees from shareholders who purchase Shares from the initial Basket through their commission/fee-based brokerage accounts. The price per Basket that will be paid in the future by the Authorized Participants may be different than the initial Basket price.

The date of this Prospectus is [ ], 2026.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | ii |
| PROSPECTUS SUMMARY | 1 |
| THE OFFERING | 5 |
| RISK FACTORS | 8 |
| USE OF PROCEEDS | 19 |
| THE GOLD INDUSTRY | 19 |
| THE STATE OF TEXAS | 26 |
| BUSINESS OF THE TRUST | 28 |
| CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS | 30 |
| FEDERAL INCOME TAX CONSEQUENCES | 35 |
| ERISA AND RELATED CONSIDERATIONS | 39 |
| PLAN OF DISTRIBUTION | 40 |
| THE TRUST AND THE FUND | 41 |
| DESCRIPTION OF THE SHARES | 46 |
| THE SPONSOR | 48 |
| THE TRUSTEE | 50 |
| THE CUSTODIAN | 52 |
| TEXAS PRECIOUS METALS | 56 |
| THE ADMINISTRATOR | 57 |
| THE TRANSFER AGENT | 58 |
| THE MARKETING AGENT | 59 |
| THE CASH CUSTODIAN | 60 |
| CONFLICTS OF INTEREST | 61 |
| FILINGS AND REPORTS | 62 |
| LEGAL MATTERS | 62 |
| EXPERTS | 62 |
| PRIVACY POLICY | 62 |
| WHERE YOU CAN FIND MORE INFORMATION | 63 |
| GLOSSARY | 64 |
| APPENDIX A |  |

---

This Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The Shares are not registered for public sale in any jurisdiction other than the United States.

i

------

**STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus includes statements which relate to future events or future performance. In some cases, you can identify such forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for gold and the Shares), the Trust's operations, the Sponsor's plans and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. See "RISK FACTORS." Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of the Shares. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

ii

------

**PROSPECTUS SUMMARY**

*This is only a summary of the prospectus (the* "***Prospectus***"*) and, while it contains material information about the Y'all Street Physical Gold ETF (the* "***Fund***"*) and its shares (the* "***Shares***"*), it does not contain or summarize all of the information about the Fund and the Shares contained in this Prospectus that is material and/or which may be important to you. You should read this entire Prospectus, including* "*RISK FACTORS*" *beginning on page 8, and the material incorporated by reference herein before making an investment decision about the Shares. Capitalized terms not defined in this section have the meaning set forth in the Glossary beginning on page 63 of this Prospectus.*

**Overview of the Fund and the Trust**

The Fund is a series of the Texas Precious Metals Trust (the "**Trust**"), a Delaware statutory trust formed on September 16, 2025. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act, and the Trust is currently organized into two separate series, the Y'all Street Physical Silver ETF and the Fund. The Trust is governed by the Amended and Restated Declaration of Trust and Trust Agreement, dated April 24, 2026 (the "**Trust Agreement**"), between Teucrium Asset Management, LLC (the "**Sponsor**") and Wilmington Trust, National Association (the "**Trustee**"), as well as a "**Sponsor Agreement**," dated April 27, 2026, between the Trust and the Sponsor. The Fund's objective is for the Shares to reflect the performance of the price of gold bullion less the expenses of the Fund's operations. Each Share represents a fractional undivided beneficial interest in the Fund's net assets. The Fund's assets consist principally of .995+ fine gold bars of various denominations from members of the current LBMA Good Delivery list ("**Physical Gold**") held on the Fund's behalf at Texas Precious Metals LLC (the "**Custodian**"), also known as "Texas Precious Metals Depository." The Fund intends to hold Physical Gold in the form of kilogram, 100 ounce and 400 ounce gold bars.

The Shares provide investors with the opportunity to access the gold market through a traditional brokerage account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use gold by investing in the Shares than by purchasing, holding and trading gold directly. The Fund is one of several exchange-traded products that seek to track the price of gold. Certain other financial products may gain exposure to gold through the use of derivatives that may be subject to counterparty and credit risks. The Fund does not hold or employ derivatives. Gold also is not subject to borrowing arrangements with third parties. Accordingly, the Fund's Physical Gold is not subject to counterparty or credit risks. The value of gold is reported on the Fund's website daily. See "BUSINESS OF THE FUND – The Fund's Guiding Principles."

Shares are issued by the Fund only in blocks of 10,000 Shares called "**Baskets**" in exchange for Physical Gold from certain registered broker-dealers or other securities market participants ("**Authorized Participants**"). See "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS" for requirements to qualify as an Authorized Participant. Baskets may be redeemed by the Fund in exchange for the amount of Physical Gold corresponding to their redemption value. The Fund issues and redeems Baskets on an ongoing basis at net asset value to Authorized Participants who have entered into a contract (the "**Authorized Participant Agreement**") with the Trust and the Sponsor. Individual Shares will not be redeemed by the Fund but are listed and trade on the Nasdaq Stock Market (the "**Exchange**") under the symbol "YSAU." The minimum order for the issuance, or creation, or redemption of Shares is generally one Basket; however, the Sponsor may, at its discretion, temporarily change the minimum order for the issuance or redemption of Shares to be up to four Baskets for as long as may be determined by the Sponsor. The minimum creation order will be same as the minimum redemption order. To meet its investment objective, the Fund is committed to its guiding principles. See "BUSINESS OF THE FUND – The Fund's Guiding Principles."

The material terms of the Trust are discussed in greater detail under the section "THE TRUST AND THE FUND." The Fund is not an investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and is not required to register with the Securities and Exchange Commission (the "**SEC**") thereunder. The Fund does not and will not hold or trade in commodities futures contracts regulated by the Commodity Exchange Act, as amended, (the "**Commodity Exchange Act**") as administered by the Commodity Futures Trading Commission (the "**CFTC**"). The Fund is not a commodity pool for purposes of the Commodity Exchange Act and neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust has no fixed termination date.

------

**The Sponsor**

The Sponsor is a Delaware limited liability company. ***The Shares are neither interests in nor obligations of, and are not guaranteed by, the Sponsor, its member(s), or any of its affiliates.***

The Sponsor arranged for the creation of the Trust and the Fund, the registration of the Shares for their public offering in the United States and the listing of the Shares on the Exchange. The Sponsor: (1) develops a marketing plan for the Fund on an ongoing basis; (2) prepares marketing materials regarding the Shares; (3) maintains the Fund's website; (4) may provide instructions for assaying gold, and other instructions relating to the custody of Physical Gold, as necessary; and (5) may request U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("**USBGFS**"), the Fund's administrator (the "**Administrator**"), to order audits of the Custodian (to the extent permitted under the Custody Agreement). The Sponsor has agreed to pay all operating expenses out of the Sponsor's Fee (except for interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of instruments held by the Fund, accrued deferred tax liability, and any extraordinary fees and expenses of the Fund which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses).

The Sponsor's officers, directors and employees, do not devote their time exclusively to the Trust. These persons are, or may in the future be, directors, officers or employees of other entities, which may compete with the Trust for their services. They could have a conflict between their responsibilities to the Trust and to those other entities. The Sponsor believes that it has sufficient personnel, time, and working capital to discharge its responsibilities in a fair manner and that these persons' conflicts should not impair their ability to provide services to the Trust. In addition, the Sponsor and Trustee may agree to amend the Trust Agreement or Sponsor Agreement, including to increase the Sponsor's Fee, without shareholder consent. Any amendment will become effective on a date to be determined by the Sponsor in its sole discretion. The Sponsor shall determine the contents, manner and time of notice of any material Trust Agreement amendment. Such notice may be provided on the Trust's website, prospectus supplement, post-effective amendment or through a current report on Form 8-K and/or in the Trust's annual or quarterly reports, in accordance with the Trust's obligation under the Securities Exchange Act of 1934 (the "**Exchange Act**"). If an amendment to the Trust Agreement or Sponsor Agreement imposes new fees and charges or increases existing fees or charges, including the Sponsor's Fee (except for taxes and other governmental charges, registration fees or other such expenses), or prejudices a substantial right of shareholders, it will become effective for outstanding Shares 30 days after notice of such amendment is given to registered owners. Shareholders that are not registered owners (which most shareholders will not be) may not receive specific notice of a fee increase other than through an amendment to the prospectus.

**The Trustee**

The Trustee, a national banking association, acts as the trustee of the Trust as required to create a Delaware statutory trust in accordance with the Trust Agreement and the Delaware Statutory Trust Act (the "**DSTA**"). See "THE TRUSTEE." The duties of the Trustee are only as expressly provided in the Trust Agreement and no implied duties (including fiduciary duties) are imposed on the Trustee.

**The Administrator**

The Administrator is generally responsible for the day-to-day administration and operation of the Fund, including: (1) valuing the Fund's Physical Gold and calculating the net asset value and net asset value per Share of the Fund; (2) supplying pricing information to the Sponsor for the Fund's website; and (3) receiving and reviewing reports on the custody of and transactions in Physical Gold from the Custodian and taking such other actions in connection with the custody of Physical Gold as the Sponsor instructs. The general role and responsibilities of the Administrator are discussed in greater detail under the section "THE ADMINISTRATOR."

**The Transfer Agent**

Pursuant to the Transfer Agency and Service Agreement between the Trust and USBGFS, the Fund's transfer agent (the "**Transfer Agent**") (the "**Transfer Agency and Service Agreement**"), the Transfer Agent serves as the Fund's transfer agent and agent in connection with certain other activities as provided under the Transfer Agency and Service Agreement. The Transfer Agent's responsibilities include: (1) receiving and processing orders from Authorized Participants for the creation and redemption of Baskets; and (2) coordinating the processing of orders from Authorized Participants with PINE Distributors LLC, the Fund's marketing agent (the "**Marketing Agent**"), the Trust, the Custodian, U.S. Bank National Association ("**US Bank**"), the Fund's cash custodian (the "**Cash Custodian**") and The Depository Trust Company ("**DTC**"). See "THE TRANSFER AGENT."

------

**The Marketing Agent**

The Marketing Agent's responsibilities include: (1) working with the Transfer Agent to review and accept or reject orders placed by Authorized Participants with the Transfer Agent; (2) reviewing and approving all sales and marketing materials for compliance with applicable laws, and filing such materials with the Financial Industry Regulatory Authority ("**FINRA**") as required by the Securities Act of 1933, as amended (the "**Securities Act**"), and the rules promulgated thereunder; and (3) facilitating arrangements between the Sponsor, the Transfer Agent and broker-dealers for the purchase and redemption of Baskets. All such sales and marketing materials must be approved, in writing, by the Marketing Agent prior to use.

**The Custodian**

The Custodian is responsible for the safekeeping of the Fund's Physical Gold and supplying inventory information to the Transfer Agent and the Sponsor. The Custodian also is responsible for facilitating the transfer of Physical Gold in and out of the Fund. The Custodian will deposit into the Fund's account Physical Gold received from an Authorized Participant in exchange for Baskets.

Unless otherwise agreed between the Sponsor and the Custodian, the Fund's Physical Gold must be held by the Custodian at its Shiner, Texas vault location ("**TPMD Shiner**") or its Hempstead, New York vault location ("**TPMD Hempstead**"). The Custodian maintains vaulting facilities in multiple locations, including Shiner, Texas and Hempstead, New York, and has sole discretion and responsibility for the custody, safekeeping, and movement of the Fund's Physical Gold among such facilities. In the ordinary course of business, and subject to operational, regulatory, security, and logistical considerations, the Custodian currently expects that the substantial majority of the Fund's Physical Gold will be held at TPMD Shiner, the Custodian's primary vaulting facility. However, to facilitate the timely settlement of creations and redemptions, including meeting T+1 delivery requirements and addressing transport latency between Texas and New York, the Custodian will also utilize TPMD Hempstead as a satellite facility. As a result, at any given time the Fund expects to hold a minority of its Physical Gold at TPMD Hempstead. At certain times, particularly during periods of heightened Fund volatility or increased speed or volume of creations and redemptions, the Fund may hold more than 25% of its Physical Gold at TPMD Hempstead. The Custodian may hold all or any portion of the Fund's Physical Gold at any authorized vaulting location on a temporary or longer-term basis, including due to transportation constraints, insurance limitations, labor disruptions, or other operational, regulatory, security, logistical, or external factors beyond the Custodian's reasonable control. No assurance can be given as to the percentage of the Fund's Physical Gold that will be held at any specific vaulting location at any time. The Fund's Physical Gold at both TPMD Shiner and TPMD Hempstead will be segregated and not be co-mingled with non-Fund metal and will instead be held in a different location in each vault.

The Custodian may provide instructions for assaying gold, and other instructions relating to the custody of Physical Gold, as necessary. The Fund's Physical Gold holdings are subject to periodic audits and, under the Custody Agreement, the Custodian has agreed to permit Physical Gold auditors access to its premises during normal business hours to examine the Physical Gold held for the Fund and such records as they reasonably require. See "THE CUSTODIAN."

**The Cash Custodian**

The Cash Custodian is the custodian of the cash held by the Fund. The Cash Custodian has entered into a Cash Custody Agreement in connection therewith.

**Fund Objectives**

The Fund's objective is for the Shares to reflect the performance of the price of gold bullion less the expenses of the Fund's operations. The price of gold bullion is determined using the '**LBMA Gold Price PM**,' which is the afternoon session of the twice daily determination of the price of a Troy Ounce which starts at 3:00 PM London, England time and is performed by participants in a physically settled, electronic and tradable auction administered by the Ice Benchmark Administration ("**IBA**"). The Fund is not actively managed. It does not engage in any activities designed to obtain a profit from, or to compensate investors for losses caused by, changes in the price of gold.

------

The Fund holds Physical Gold. The Fund receives Physical Gold deposited by Authorized Participants in exchange for the creation of Baskets and delivers Physical Gold to Authorized Participants in exchange for Baskets surrendered to it for redemption.

The Shares are intended to constitute a cost-efficient mechanism for investors to make an investment in gold. Although the Shares are not the exact equivalent of an investment in gold, they provide investors with an alternative that allows a level of participation in the gold market through the securities market. The Shares are:

● Listed and trade on the Exchange like other exchange-traded securities under the symbol "YSAU;"

● Easily accessible to investors through traditional brokerage accounts;

● Backed by Physical Gold held by the Custodian;

● Different from other financial products that gain exposure to gold in that other financial products may use derivatives to gain exposure to the price of gold;

● Different from other exchange-traded products that hold physical gold in that all of the gold is held in vault locations within the United States;

● Different from other exchange-traded products that hold physical gold in that none of the Fund's assets will consist of unallocated gold in a pool held by the Custodian; and

● Cost efficient because the expenses involved in an investment in gold are dispersed among all investors in the Shares.

**Summary Risk Factors**

An investment in the Fund involves significant risks and uncertainties described in the section below entitled "Risk Factors" and elsewhere in this Prospectus. Some of these risks include:

● Fluctuations in the value of Shares based upon the price of Physical Gold held by the Fund, which could create the potential for losses, regardless of the period of time that Shares are held;

● Substantial sales of gold by central banks, governmental agencies and multi-lateral institutions, which could adversely affect an investment in the Shares;

● The fact that the Fund does not actively trade gold to take advantage of short-term market fluctuations in the price of gold;

● The fact that each sale of Physical Gold by the Fund is a taxable event for investors;

● The fact that any gain recognized by a U.S. investor who or that is an individual, estate or trust attributable to a sale or exchange of Shares held for more than one year, or attributable to the Fund's sale of any Physical Gold that the investor is treated (through his, her or its ownership of Shares) as having held for more than one year, generally is subject to U.S. federal income tax at a maximum rate of 28%, rather than the lower maximum rates applicable to most other long-term capital gains such an investor recognizes;

● The fact that potential discrepancies in the calculation of the LBMA Gold Price PM, as well as any future changes to the LBMA Gold Price PM, could impact the value of Physical Gold held by the Fund and could have an adverse effect on the value of an investment in the Shares. 

**Principal Offices**

The principal office address and telephone number of both the Fund and the Sponsor is Three Main Street, Suite 215, Burlington, Vermont 05401 and (802) 540-0019. The Custodian is located at 50 CR 356, Shiner, Texas 77984.

**Emerging Growth Company Status**

The Trust is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"), and is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and reduced disclosure obligations that are not otherwise applicable to the Trust. In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Trust is choosing to "opt out" of such extended transition period, and as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

------

**THE OFFERING**

---

| | |
|:---|:---|
| Offering | The Shares represent units of fractional undivided beneficial interest in the net assets of the Fund. |
| Use of proceeds | Proceeds received by the Fund from the issuance and sale of Baskets consist of Physical Gold deposits. Such Physical Gold deposits are held at the Custodian on behalf of the Fund until (1) distributed to Authorized Participants in connection with redemptions of Baskets or (2) sold to pay Fund expenses and liabilities not assumed by the Sponsor or any Cash Amounts. See "THE TRUST AND THE FUND – Fund Expenses." |
| Exchange symbol | "YSAU" |
| CUSIP | 882664105 |
| Creation and Redemption<br> Authorized Participants | The Fund receives Physical Gold deposited with the Custodian only by Authorized Participants in exchange for the creation of Baskets, each equal to 10,000 Shares. The Fund delivers Physical Gold in exchange for Baskets surrendered to it for redemption by Authorized Participants. The Fund issues and redeems Baskets on a continuous basis only to Authorized Participants. Baskets are only issued or redeemed in exchange for an amount of Physical Gold determined by the Administrator on each day that the Exchange is open for regular trading, based on the combined net asset value of the Shares included in the Baskets being created or redeemed. No Shares are issued unless the Custodian confirms that the corresponding amount of Physical Gold has been transferred to the Fund. The minimum order for the issuance, or creation, or redemption of Shares is generally one Basket; however, the Sponsor may, at its discretion, temporarily change the minimum order for the issuance or redemption of Shares to be up to four Baskets for as long as may be determined by the Sponsor. The minimum creation order will be same as the minimum redemption order.<br>The initial amount of Physical Gold required for deposit with the Fund to create Shares for the period beginning with the formation of the Fund and ending on the first day of trading of the Shares on the Exchange will be 100 Troy Ounces of Physical Gold per Basket.<br>Fees are assessed in connection with the creation and redemption of Baskets by Authorized Participants. See "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS" for more details. |

---

------

---

| | |
|:---|:---|
| Net Asset Value | The net asset value of the Fund is the aggregate value of the Fund's assets less its liabilities (which include estimated accrued but unpaid fees and expenses). In determining the net asset value of the Fund, the Administrator values the Physical Gold held by the Fund on the basis of the LBMA Gold Price PM. The Administrator determines the net asset value of the Fund on each day the Exchange is open for regular trading, as promptly as practicable after 4:00 PM EST. If the LBMA Gold Price PM has not been announced by 4:00 PM EST on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the net asset value of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. The Administrator also determines the net asset value per Share, which equals the net asset value of the Fund, divided by the number of outstanding Shares.<br>See "THE TRUST AND THE FUND – Valuation of Physical Gold and Computation of Net Asset Value." |

---

---

| | |
|:---|:---|
| Fund Expenses | The Fund's only ordinary recurring expense is expected to be the Sponsor's Fee of 0.24% of the net asset value of the Fund. In exchange for the Sponsor's Fee, the Sponsor has agreed to assume the ordinary administrative and marketing expenses that the Fund is expected to incur. <br>The Sponsor's Fee will accrue daily at an annualized rate of 0.24% of the average daily net asset value of the Fund, paid monthly in arrears. From time to time, the Sponsor may waive all or a portion of the Sponsor's Fee at its discretion. The Sponsor is under no obligation to continue a waiver after the end of a stated period, and, if such waiver is not continued, the Sponsor's Fee will thereafter be paid in full. Presently, the Sponsor does not intend to waive any of its fees. See "THE TRUST AND THE FUND – Fund Expenses." |
| Tax Considerations | An investor will be treated, for U.S. federal tax purposes, as if it directly owns a *pro rata* share of the Fund's assets and directly receives that share of any Fund income and incurs that share of the Fund's expenses. Investors of the Fund will be subject to U.S. federal income tax on their allocable share of the Fund's taxable income, whether or not they receive cash distributions. Consequently, the sale of Physical Gold by the Fund, including the sale of Physical Gold to generate cash to pay its fees and expenses or any Cash Amounts, will be a taxable event for investors. See "U.S. FEDERAL INCOME TAX CONSEQUENCES-Taxation of U.S. Investors" and "ERISA AND RELATED CONSIDERATIONS." |

---

------

---

| | |
|:---|:---|
| Suspension of Issuance,<br> Transfers, Redemptions and<br> Taking Delivery | The Sponsor may suspend the delivery or registration of transfers of Shares, or may refuse a particular deposit or transfer at any time, if the Sponsor considers it advisable or necessary for any reason. Redemptions by Authorized Participants may and, at the direction of the Sponsor, shall, be generally suspended or particularly rejected by the Transfer Agent (1) during any period in which regular trading on the Exchange is suspended or restricted, or the Exchange is closed, or (2) during an emergency as a result of which delivery, disposal or evaluation of Physical Gold is not reasonably practicable. See "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS - Creation Procedures - Authorized Participants - Rejection of Purchase Orders" and "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS – Redemption Procedures – Authorized Participants – Suspension or Rejection of Redemption Orders." |
| Termination Events | The Trust will terminate and liquidate if certain events occur. See "THE TRUST AND THE FUND – Termination of the Trust." |
| Authorized Participants | Authorized Participants may create and redeem Baskets.<br>Each Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions; (2) be a participant in DTC; (3) have entered into an Authorized Participant Agreement with the Trust and the Sponsor, and (4) have established (i) a gold account with the Custodian, (ii) a gold account with Loomis International US, LLC ("**Loomis**"), at its Hempstead, New York vault location (**"Loomis Hempstead"**), or (iii) another arrangement for the delivery of gold to Loomis Hempstead. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets. The Authorized Participant Agreement also includes procedures for the delivery of Physical Gold to the Fund in connection with creations and the delivery of Physical Gold to Authorized Participants in connection with redemptions. A list of the current Authorized Participants can be obtained from the Transfer Agent or the Sponsor. |
| Clearance and Settlement | The Shares are issued in book-entry form only. The Shares will be evidenced by one or more global certificates that the Transfer Agent will issue to DTC. Transactions in Shares clear through the facilities of DTC. Investors may hold their Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC. |

---

------

**RISK FACTORS**

*Before making an investment decision, you should consider carefully the risks described below, as well as the other information included in this Prospectus.*

**<u>RISKS RELATED TO GOLD</u>**

***<u>The Value of Your Shares is Directly Related to the Price of Gold</u>***

**The value of your Shares fluctuates based upon the price of the Physical Gold held by the Fund. Fluctuations in the price of gold could materially adversely affect your investment in the Shares. This creates the potential for losses, regardless of the period of time that you hold the Shares.**

The Shares are intended to track the performance of the price of gold. The value of the Shares relates directly to the value of the Physical Gold owned by the Fund. Therefore, the value of the Shares will fluctuate with the price of gold. The price of gold has fluctuated widely over the past several years. This exposes your investment in Shares to potential losses. Several factors may affect the price of gold and, as a result, the value of the Shares, including the following:

● Global supply and demand, which is influenced by factors including: (1) forward selling by gold producers; (2) purchases made by gold producers to unwind gold hedge positions; (3) central bank purchases and sales; (4) production and cost levels in major gold-producing countries; and (5) new production projects;

● Global or regional political, economic or financial events and situations, especially those unexpected in nature;

● Investors' expectations regarding future inflation rates;

● Currency exchange rate volatility;

● Investment and trading activities of hedge funds and commodity funds;

● Interest rate volatility; and

● Other economic variables such as income growth, economic output, and monetary policies.

If gold markets continue to be subject to sharp fluctuations, this may result in potential losses if investors need to sell Shares at a time when the price of gold is lower than it was when the investors made the investment. Even if the investors are able to hold Shares for the long-term, the investors may never experience a profit, since gold markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations.

Investors should be advised that there is no assurance that gold will maintain its long-term value in terms of U.S. dollar value in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

***<u>There is No Guarantee that the High Trading Price of Gold is Sustained</u>***

**The international gold market has experienced historically high trading prices in recent years. Because there can be no assurance that this historically high trading price of gold is sustained, there could be significant decreases in the value of net assets and the net asset value of the Fund.**

Prices in the international gold market have reached historically high levels in recent years. However, the price of gold has also been volatile. For example, the annual return of gold ranged from 0.4% in 2022 to 67.4% in 2025, and annualized volatility during the period from 2022 to 2025 ranged from 12.93% to 18.31%. The price of gold going forward and, in turn, the future value of net assets of the Fund, may be dependent upon factors that include global gold supply and demand, investors' inflation expectations, exchange rate volatility and interest rate volatility. An adverse development with regard to one or more of these, or other factors, may lead to a decrease in gold bullion currency trading prices. A decline in prices of gold would decrease the value of net assets and the net asset value of the Fund.

------

***<u>The Value of the Physical Gold Held by the Fund May be Affected by Discrepancies or Future Changes to the LBMA Gold Price PM</u>***

The LBMA Gold Price is determined twice each business day (10:30 AM and 3:00 PM London time) by the participants in a physically settled, electronic and tradable auction administered by the IBA using a bidding process that determines the price of gold by matching buy and sell orders submitted by the participants for the applicable auction time. The net asset value of the Fund is determined each day the Shares' principal market, the Exchange, is open for regular trading, using the LBMA Gold Price PM. If the LBMA Gold Price PM has not been announced by 4:00 PM EST on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the net asset value of the Fund. The Fund, the Sponsor, the Trustee and the Administrator do not participate in establishing the LBMA Gold Price. Other trusts backed by gold also use the LBMA Gold Price to determine their asset value. The LBMA Gold Price replaced the London Gold Fix on March 20, 2015 and has become a widely used benchmark for daily gold prices.

In the event that the LBMA Gold Price PM does not prove to be an accurate benchmark, and the LBMA Gold Price PM varies materially from the price determined by other mechanisms, the net asset value of the Fund and the value of an investment in the Shares could be adversely impacted. Any future developments in the benchmark, to the extent they have a material impact on the LBMA Gold Price PM, could adversely impact the net asset value of the Fund and the value of an investment in the Shares. Further, the calculation of the LBMA Gold Price PM is not an exact process. Rather it is based upon a procedure of matching orders from participants in the auction process and their customers to sell gold with orders from participants in the auction process and their customers to buy gold at particular prices. The LBMA Gold Price PM does not therefore purport to reflect each buyer or seller of gold in the market, nor does it purport to set a definitive price for gold at which all orders for sale or purchase will take place on that particular day or time. All orders placed into the auction process by the participants will be executed on the basis of the price determined pursuant to the LBMA Gold Price PM auction process (provided that orders may be cancelled, increased or decreased while the auction is in progress). It is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the system to produce, an LBMA Gold Price PM on any given date.

***<u>The Value of Physical Gold in the Fund Is Limited by the Price of Gold Set by the LBMA</u>***

**Because Physical Gold in the Fund is valued using the price of gold set by the LBMA regardless of location and type of gold, the value of Physical Gold in the Fund is limited to the price of gold set by the LBMA multiplied by the 100% pure gold Troy Ounce (the** "**Fine Ounce**"**) content of the Physical Gold.**

Physical Gold in the Fund is valued using the price of gold set by the LBMA regardless of location or type of gold. The price of gold commonly quoted by the LBMA refers to the price per Troy Ounce of a gold bar meeting the London Good Delivery Standards (a "**London Bar**") in London. The "London Good Delivery Standards" are the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars set forth in "The Good Delivery Rules for Gold and Silver Bars" materials published by the LBMA. Any Physical Gold that is not a London Bar located in London may obtain a bid price when offered for sale that deviates from the price of gold set by the LBMA. This deviation could be caused by a variety of factors including: (1) the costs associated with the extra fabrication, minting and packaging required for Physical Gold in smaller denominations than a London Bar; (2) market demand from retail buyers for Physical Gold in denominations more manageable than a London Bar; (3) differences in liquidity for different denominations of Physical Gold depending on market location; and (4) increased shipping and handling costs relative to value for Physical Gold in smaller denominations than a London Bar. Nonetheless, the Fund values all Physical Gold at the price of gold set by the LBMA because it is the universally accepted reference price for gold. As a result, the value of Physical Gold in the Fund is limited to the price of gold set by the LBMA multiplied by the Fine Ounce content of the Physical Gold.

------

***<u>Governmental Actions May Affect the Price of Gold</u>***

**Future governmental decisions may have significant impact on the price of gold, which may result in a significant decrease or increase in the value of the net assets and the net asset value of the Fund.**

Generally, gold prices reflect the supply and demand of available gold. Governmental decisions, such as the executive order issued by the President of the United States in 1933 requiring all persons in the United States to deliver gold to the Federal Reserve or the abandonment of the gold standard by the United States in 1971, have been viewed as having a significant impact on the supply and demand of gold and the price of gold. Future governmental decisions may have an impact on the price of gold, and may result in a significant decrease or increase in the value of the net assets and the net asset value of the Fund.

***<u>An Investment in the Fund may be More Volatile than an Investment in a Diversified Portfolio</u>***

**Because the Fund invests only in Physical Gold, an investment in the Fund may be more volatile than an investment in a more broadly diversified portfolio.**

The Fund invests only in Physical Gold. As a result, the Fund's holding are not diversified. Accordingly, the Fund's net asset value may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. The price of gold can be volatile. Fluctuations in the price of gold are expected to have a direct impact on the value of the Shares.

***<u>Loss of or Damage to the Fund</u>***<u>'</u>***<u>s Physical Gold</u>***

**Physical Gold owned by the Fund may be subject to loss, damage, theft or restriction on access.**

There is a risk that part or all of the Fund's Physical Gold could be lost, damaged or stolen. Access to the Fund's Physical Gold could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Fund and, consequently, an investment in the Shares.

The Fund does not insure Physical Gold held by the Custodian. Consequently, if there is a loss of assets of the Fund through theft, destruction, fraud or otherwise, the Fund will need to rely on insurance carried by applicable third parties, if any, or on such third party's ability to satisfy any claims against it. If the Fund's Physical Gold is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Fund, the responsible party may not have the financial resources sufficient to satisfy the Fund's claim. For example, as to a particular event of loss, the only source of recovery for the Fund might be limited to the Custodian or other responsible third parties (*e.g.*, a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Fund. The Custodian maintains an all-risk coverage policy insured by the underwriters at Lloyd's of London. The Custodian's policy is subject to usual and customary exclusions, and losses could exceed those covered by such policy. Any loss of Physical Gold owned by the Fund, a claim for which is not fully satisfied, will result in a corresponding loss in net asset value, and it is reasonable to expect that such loss will also result in a decrease in the value at which the Shares are traded on the Exchange.

***<u>Recovery for Damage to the Fund</u>***<u>'</u>***<u>s Physical Gold May Be Limited</u>***

**In the event the Fund**'**s Physical Gold is lost, damaged, stolen or destroyed, recovery may be limited to the market value of the Physical Gold at the time the loss is discovered, which may negatively affect the value of net assets of the Fund.**

If there is a loss due to theft, loss, damage, destruction or fraud or otherwise with respect to the Fund's Physical Gold held by the Custodian and such loss is found to be the fault of the Custodian, the Fund may not be able to recover more than the market value of the Physical Gold at the time the loss is discovered. If the market value of the Physical Gold increases between the time the loss is discovered and the time the Fund receives payment for its loss and purchases Physical Gold to replace the losses, less Physical Gold will be acquired by the Fund and the value of the net assets of the Fund will be negatively affected.

------

**<u>RISKS RELATED TO THE SHARES</u>**

***<u>Sales of Gold in the Market Could Adversely Affect the Shares</u>***

**Substantial sales of gold by central banks, governmental agencies and multi-lateral institutions could adversely affect an investment in the Shares.**

Central banks, other governmental agencies and multi-lateral institutions buy, sell and hold gold as part of their reserve assets. This market sector holds a significant amount of gold, some of which is static, meaning that it is held in vaults and is not bought, sold, leased or swapped or otherwise available in the open market. In the event that future economic, political or social conditions or pressures require members of this sector to liquidate their gold assets all at once or in an uncoordinated manner, the demand for gold may not be sufficient to accommodate the sudden increase in the supply of gold to the market. Consequently, the price of gold may decline which may adversely affect an investment in the Shares.

***<u>The Shares May Trade at a Discount or a Premium</u>***

**The Fund**'**s Shares may trade at net asset value or at a price that is above or below net asset value. Any discount or premium in the trading price relative to the net asset value per share may widen as a result of the different trading hours of the Exchange and other exchanges.**

The Fund's Shares may trade at, above or below the net asset value per Share. The net asset value per Share will fluctuate with changes in the market value of Physical Gold owned by the Fund. The trading price of the Shares will fluctuate with changes in the net asset value per Share as well as market supply and demand. The amount of the discount or premium in the trading price relative to the net asset value per Share may be influenced by non-concurrent trading hours between the Exchange and major gold markets. While the Shares will trade on the Exchange until 4:00 PM EST, liquidity in the market for gold may be reduced after the close of the major world gold markets. As a result, during this time, trading spreads and the resulting discount or premium on the Shares may widen.

***<u>There May Not be an Active Trading Market for the Shares</u>***

**The lack of an active trading market or a halt in trading of the Shares may result in losses on investment at the time of disposition of the Shares.**

Although Shares are listed for trading on the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained. If an active public market for the Shares does not develop or continue, the market prices and liquidity of the Shares may be adversely affected. If an investor needs to sell Shares at a time when no active market for Shares exists, or there is a halt in trading of securities generally or of the Shares, this will most likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell them).

***<u>The Fund is Not Actively Managed</u>***

**The Fund does not actively trade gold to take advantage of short-term market fluctuations in the price of gold. An investment in the Fund will yield long-term gains only if the value of gold increases over time.**

The Fund does not actively manage the Physical Gold it holds. This means that the Fund does not sell gold at times when its price is high or acquire gold at low prices in the expectation of future price increases. It also means that the Fund does not make use of any of the hedging techniques available to professional gold investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Fund will adversely affect the value of your Shares.

------

***<u>The Fund May Suspend Redemptions of Baskets by Authorized Participants Which Could Affect the Market Price of the Shares</u>***

**There may be situations where the Fund suspends redemptions of Baskets by Authorized Participants. To the extent the value of gold declines, these delays may result in a decrease in the value of the Physical Gold received upon redemption by an Authorized Participant, as well as a reduction in liquidity for all investors in the secondary market.**

Although Shares are redeemable by Authorized Participants in exchange for the underlying amount of Physical Gold, redemptions by Authorized Participants may be suspended during any period while regular trading on the Exchange is suspended or restricted, or in which an emergency exists that makes it reasonably impracticable to deliver, dispose of, or evaluate Physical Gold. If any of these events occurs at the time of a redemption by an Authorized Participant, and the price of gold decreases before the redemption occurs, an Authorized Participant will sustain a loss with respect to the amount that it would have been able to obtain in exchange for the Physical Gold received from the Fund upon the redemption of its Shares, had the redemption taken place when it was originally intended to occur. As a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and the price an investor may receive upon sale.

***<u>The Withdrawal of an Authorized Participant and Substantial Redemptions by Authorized Participants May affect the Liquidity of the Shares</u>***

**The liquidity of the Shares also may be affected by substantial redemptions by Authorized Participants related to or independent of the withdrawal from participation of Authorized Participants.**

In the event that there are substantial redemptions of Shares or one or more Authorized Participants with a substantial interest in the Shares withdraws from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in investors incurring a loss on investment.

***<u>Concerns about the LBMA Gold Price PM May Impact the Price of Shares</u>***

**If concerns about the integrity or reliability of the LBMA Gold Price PM arise, even if eventually shown to be without merit, such concerns could adversely affect investor interest in gold and therefore adversely affect the price of gold and the value of an investment in the Shares.**

Because the net asset value of the Fund is determined using the LBMA Gold Price PM, discrepancies in, or manipulation of the calculation of the LBMA Gold Price PM could have an adverse impact on the value of an investment in the Shares. Furthermore, any concern about the integrity or reliability of the pricing mechanism could disrupt trading in gold and products using the LBMA Gold Price PM, such as the Shares. In addition, these concerns could potentially lead to changes in the manner in which the LBMA Gold Price PM is calculated and/or the discontinuance of the LBMA Gold Price PM altogether. Each of these factors could lead to less liquidity or greater price volatility for gold and products using the LBMA Gold Price PM, such as the Shares, or otherwise could have an adverse impact on the trading price of the Shares.

------

***<u>Competition From Other Methods of Investing in Gold</u>***

**An investment in the Shares may be adversely affected by competition from other methods of investing in gold.**

The Fund competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to the Fund. Market and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive to invest in other financial vehicles or to invest in gold directly, which could limit the market for and reduce the liquidity of the Shares.

***<u>Other Investment Vehicles May Cause a Decline in the Price of Gold</u>***

**The price of gold may be affected by the sale of Exchange Traded Vehicles (**"**ETVs**"**) tracking gold markets, which could negatively affect gold prices and the price and net asset value of the Shares.**

To the extent existing exchange traded funds ("**ETFs**") or other ETVs tracking gold markets represent a significant proportion of demand for gold, large redemptions of the securities of these ETFs or other ETVs could negatively affect gold prices and the price and net asset value of the Shares.

***<u>Financial Crises May Result in a Decline in the Price of Gold</u>***

**Crises may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares.**

The possibility of large-scale distress sales of gold in times of crisis may have a short-term negative impact on the price of gold and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed prices of gold largely due to forced sales and deleveraging from institutional investors such as hedge funds and pension funds. Crises in the future may impair gold's price performance which would, in turn, adversely affect an investment in the Shares.

***<u>Factors that May Cause a Decline in the Price of Gold</u>***

**Several factors may have the effect of causing a decline in the price of gold and a corresponding decline in the price of Shares, including:**

● A significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the Shares;

● A significant change in the attitude of speculators and investors towards gold. Should the speculative community take a negative view towards gold, it could cause a decline in world gold prices, negatively impacting the price of the Shares;

● A widening of interest rate differentials between the cost of money and the cost of gold could negatively affect the price of gold which, in turn, could negatively affect the price of the Shares; and

● A combination of rising money interest rates and a continuation of the current low cost of borrowing gold could improve the economics of selling gold forward. This could result in an increase in hedging by gold mining companies and short selling by speculative interests, which would negatively affect the price of gold. Under such circumstances, the price of the Shares would be similarly affected.

------

***<u>The Sale of Physical Gold by the Fund May Cause a Decline in the Value of the Shares</u>***

**The amount of Physical Gold represented by the Shares will continue to be reduced during the life of the Fund due to the sales of Physical Gold necessary to pay the Fund**'**s expenses irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of gold.**

Each outstanding Share represents a fractional, undivided interest in the Physical Gold held by the Fund. The Fund does not generate any income and regularly sells Physical Gold to pay for its ongoing expenses. Therefore, the amount of Physical Gold represented by each Share will gradually decline over time. This is also true with respect to Shares that are issued in exchange for additional deposits of Physical Gold into the Fund, as the amount of Physical Gold required to create Shares proportionately reflects the amount of Physical Gold represented by the Shares outstanding at the time of creation. Assuming a constant gold price, the trading price of the Shares is expected to gradually decline relative to the price of gold as the amount of Physical Gold represented by the Shares gradually declines.

Investors should be aware that the gradual decline in the amount of Physical Gold represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of gold.

***<u>The Fund</u>***<u>'</u>***<u>s Physical Gold May be Sold At Times of Low Gold Prices</u>***

**The sale of the Fund**'**s Physical Gold to pay expenses at a time of low gold prices could adversely affect the value of the Shares.**

Gold held by the Fund may be sold by the Fund to pay Fund expenses on an as-needed basis irrespective of then-current gold prices. The Fund is not actively managed, and no attempt will be made to buy or sell gold to protect against or to take advantage of fluctuations in the price of gold. Consequently, the Fund's Physical Gold may be sold at a time when the gold price is low, resulting in a negative effect on the value of the Shares.

***<u>Operational Problems May Cause a Decline in the Trading Price of the Shares</u>***

**The value of the Shares could decline if unanticipated operational or trading problems arise.**

There may be unanticipated problems or issues with respect to the mechanics of the Fund's operations and the trading of the Shares that could have a material adverse effect on an investment in the Shares. In addition, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor's past experience and qualifications may not be suitable for solving these problems or issues.

***<u>The Creation and Redemption Process May Result in a Decline in the Price of Shares</u>***

**If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares closely linked to the price of gold may not exist and, as a result, the price of the Shares may fall.**

If the processes of the creation and redemption of Shares by Authorized Participants (which depend on timely transfers of Physical Gold to and by the Custodian) encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying gold may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of gold and may fall.

***<u>Limited Investor Rights</u>***

**As an investor, you will not have the rights normally associated with ownership of Shares of other types of investment vehicles. For example, you will have extremely limited voting rights in comparison to those of shareholders in traditional operating companies.**

The Trust is a passive investment vehicle with no management, no board of directors and no audit committee. Thus, the Shares are not entitled to the same rights as Shares issued by a corporation operating a business enterprise with management and a board of directors. By acquiring Shares, you are not acquiring the right to elect directors, to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership of Shares, such as the right to bring "oppression" or "derivative" actions. You will only have the extremely limited rights described under "Description of the Shares."

------

***<u>Absence of 1940 Act and Commodity Exchange Act Protections</u>***

**Investors will not have the protections normally associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act.**

The Fund is not registered as an investment company under the 1940 Act and is not required to register thereunder. Consequently, investors do not have the regulatory protections provided to investors in investment companies. The Fund will not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act, as administered by the CFTC. Furthermore, the Fund is not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator, or a commodity trading advisor, in connection with the Shares. Therefore, investors will not have the regulatory protections provided to investors in instruments or commodity pools regulated by the Commodity Exchange Act.

***<u>Termination and Liquidation May Be Required</u>***

**The Fund may be required to terminate and liquidate at a time that is disadvantageous to investors.**

If the Fund is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous to investors, such as when gold prices are lower than the gold prices at the time when investors purchased their Shares. In such a case, the Fund's Physical Gold may be sold as part of the Fund's liquidation and the resulting proceeds distributed to investors is less than if gold prices were higher at the time of the sale.

**<u>RISKS RELATED TO THE CUSTODY OF GOLD</u>**

***<u>The Fund</u>***<u>'</u>***<u>s Ability to Recover Losses from the Custodian is Limited</u>***

**The limited liability of the Custodian under the agreement with the Trust and the Sponsor may impair the ability of the Fund to recover losses concerning its Physical Gold and any recovery may be limited, even in the event of fraud, to the market value of the Physical Gold at the time the fraud is discovered.**

The liability of the Custodian is limited under the Custody Agreement. Under the agreements between the Trust, the Sponsor and the Custodian that establish the Custody Account, the Custodian is liable only for losses that are the direct result of its own negligence, fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of the Physical Gold held in the Custody Account at the time such negligence, fraud or willful default is discovered by the Custodian or notified to the Custodian. In addition, under an account agreement between the Authorized Participant and the Custodian (the "**Authorized Participant Custody Agreement**"), the Custodian may not be contractually or otherwise liable for any losses suffered by any Authorized Participant or investor. Moreover, the terms of the Authorized Participant Custody Agreement may have other terms that may limit the recovery of the Authorized Participant's losses from the Custodian.

***<u>Investors Do Not Have the Right to Assert a Claim Against the Custodian</u>***

**Investors and Authorized Participants lack the right under the Custody Agreement to assert claims directly against the Custodian, which significantly limits their options for recourse.**

Neither the investors nor any Authorized Participant will have a right under the Custody Agreement to assert a claim of the Sponsor against the Custodian. Claims under the Custody Agreement may only be asserted by the Sponsor on behalf of the Fund.

***<u>A Failure by the Custodian to Exercise Due Care with Respect to Physical Gold Could Result in a Loss to the Fund</u>***

**The Fund will rely on the Custodian for the safekeeping of essentially all of the Fund**'**s Physical Gold. As a result, failure by the Custodian to exercise due care in the safekeeping of the Fund**'**s Physical Gold could result in a loss to the Fund.**

The Fund is reliant on the Custodian for the safekeeping of essentially all of the Fund's Physical Gold. The Fund is not liable for the acts or omissions of the Custodian. The Fund has no obligation to monitor the activities of the Custodian other than to receive and review reports prepared by the Custodian pursuant to the Custody Agreement. In addition, the ability to monitor the performance of the Custodian may be limited because under the Custody Agreement the Sponsor and any accountants or other inspectors selected by the Sponsor have only limited rights to visit the premises of the Custodian for the purpose of examining the Fund's Physical Gold and certain related records maintained by the Custodian. As a result of the above, any failure by the Custodian to exercise due care in the safekeeping of the Fund's Physical Gold may not be detectable or controllable by the Fund and could result in a loss to the Fund.

------

***<u>Baskets May Be Issued for More or Less Physical Gold than Required</u>***

**In issuing Baskets, the Transfer Agent will rely on certain information received from the Custodian which is subject to confirmation after the Transfer Agent has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of Physical Gold that is more or less than the amount of Physical Gold required to be deposited with the Fund.**

The Custodian's definitive records are prepared after the close of its business day. However, when issuing Baskets, the Transfer Agent will rely on information reporting the amount of Physical Gold credited to the Fund's accounts that it receives from the Custodian during the business day and which is subject to correction during the preparation of the Custodian's definitive records after the close of business. If the information relied upon by the Transfer Agent is incorrect, the amount of Physical Gold actually received by the Fund may be more or less than the amount required to be deposited for the issuance of Baskets.

***<u>Any Indemnification that the Fund is Required to Pay May Adversely Affect the Value of the Shares</u>***

**The value of the Shares are adversely affected if the Fund is required to indemnify the Sponsor, the Trustee or the Custodian as contemplated in the Trust Agreement and the Custody Agreement.**

Under the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Fund for any liability or expense it incurs without gross negligence, bad faith or willful misconduct on its part. Similarly, the Custody Agreement provides for indemnification of the Custodian by the Fund under certain circumstances. That means that it may be necessary to sell assets of the Fund to cover losses or liability suffered by the Sponsor, the Trustee or the Custodian. Any sale of that kind would reduce the net asset value of the Fund and the value of the Shares.

***<u>Custodian Is Not Subject to Specific Governmental Regulatory Supervision</u>***

**The gold custody operations of the Custodian are not subject to specific governmental regulatory supervision.**

The Custodian is responsible for the safekeeping of the Fund's Physical Gold. Accordingly, the Fund is dependent on the Custodian to comply with the best practices of the LBMA and to implement satisfactory internal controls for its gold custody operations in order to keep the Fund's Physical Gold secure.

***<u>The Fund May Deem Physical Gold Delivered and Issue Shares Before Receiving Such Physical Gold, Which Could Result in Losses If the Physical Gold is Lost or Damaged in Transit.</u>***

**In connection with the creation of Baskets, the Fund may treat Physical Gold as delivered, and issue Shares, based on the Authorized Participant's representations before the Custodian has taken physical possession of such Physical Gold; as a result, any loss, theft, or damage to the Physical Gold while in transit could result in a loss to the Fund.**

In connection with the creation of Baskets, the Fund may deem Physical Gold to be delivered by an Authorized Participant prior to the Custodian taking physical possession of such Physical Gold. The Fund will treat Physical Gold as delivered, and issue Shares to the Authorized Participant, upon receipt and acceptance of a list from the Authorized Participant identifying the Physical Gold bars to be transferred to the Fund's Custody Account, even if such Physical Gold remains in transit and has not yet been received by the Custodian.

As a result, the Fund is exposed to the risk that such Physical Gold may be lost, stolen, damaged or destroyed while in transit due to events such as theft, natural disasters, accidents or other unforeseen circumstances, whether such transfer occurs within a single facility or between facilities. If any such event occurs after the Fund has deemed the Physical Gold delivered and issued Shares in exchange therefore, the Fund may bear the risk of loss with respect to such Physical Gold.

Although Physical Gold may be transferred within the same vault facility or, in certain cases, shipped between facilities using reputable carriers, and may be insured, there can be no assurance that any insurance will be sufficient to cover the full value of the Physical Gold or that claims will be paid in a timely manner. Any loss of, or delay in receiving, Physical Gold that has been deemed delivered could result in the Fund holding fewer assets than reflected in its NAV, disrupt the creation and redemption process and have a material adverse effect on the Fund's operations, NAV and the value of the Shares.

*<u>**Authorized Participants May Fail to Deliver Physical Gold and/or any Cash Amounts As Represented, Which Could Result in Losses To The Fund.**</u>*

**The Fund relies on Authorized Participants in connection with the creation of Baskets and may issue Shares based on their representations; if an Authorized Participant fails to deliver the required Physical Gold and/or any Cash Amount, the Fund could suffer a loss.**

The Fund relies on Authorized Participants to deliver Physical Gold and/or any Cash Amounts in connection with the creation of Baskets. The Fund will issue Shares to Authorized Participants upon receipt and acceptance of a list from Authorized Participants identifying the Physical Gold bars to be transferred to the Fund's Custody Account and the Cash Amount, if any, to be paid to the Fund. If an Authorized Participant were to fail to deliver the specified Physical Gold and/or any Cash Amount, deliver Physical Gold that does not meet applicable specifications or otherwise act in a way that is fraudulent, deceptive or inconsistent with its obligations, the Fund could suffer a loss.

In addition, an Authorized Participant may fail to deliver Physical Gold and/or any Cash Amount as expected due to insolvency, bankruptcy, operational failures, liquidity constraints, settlement errors or other financial or operational difficulties. In such circumstances, the Fund may have limited remedies, and any contractual rights or indemnities may be insufficient or difficult to enforce, particularly in the case of an Authorized Participant's insolvency or bankruptcy.

If the Fund issues Shares in reliance on an Authorized Participant's representations and the corresponding Physical Gold and/or any Cash Amount is not delivered in full, the Fund may experience a shortfall in Physical Gold and/or cash holdings, which could result in the Fund holding fewer assets than reflected in its NAV. This could adversely affect the Fund's operations, disrupt the creation and redemption process, and have a material adverse effect on the Fund's NAV and the value of the Shares.

------

**<u>GENERAL RISK</u>**

***<u>The Fund</u>***<u>'</u>***<u>s Service Providers May Not Carry Adequate Insurance</u>***

**The Trustee, the Cash Custodian, the Transfer Agent, the Marketing Agent, the Sponsor, the Authorized Participants, the Exchange, and the Fund**'**s other service providers and counterparties (the** "**Service Providers**"**) engaged by the Fund may not carry adequate insurance to cover claims against them by the Fund, which could adversely affect the value of net assets of the Fund.**

The Trustee, Transfer Agent, Cash Custodian, Administrator, Marketing Agent and other Service Providers engaged by the Fund maintain such insurance as they deem adequate with respect to their respective businesses. Investors cannot be assured that any of the aforementioned parties will maintain any insurance with respect to the Fund's assets held or the services that such parties provide to the Fund and, if they maintain insurance, that such insurance is sufficient to satisfy any losses incurred by them in respect of their relationship with the Fund.

Accordingly, the Fund will have to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred by the Fund in connection with such arrangements.

***<u>The Sponsor And Its Management Have Limited History Of Operating Investment Vehicles Like The Fund</u>***

The past performances of the Sponsor's management in other investment vehicles are no indication of their ability to manage an investment vehicle such as the Fund. If the experience of the Sponsor and its management is inadequate or unsuitable to manage an investment vehicle such as the Fund, the operations of the Fund may be adversely affected.

Furthermore, the Sponsor is currently engaged in the management of other investment vehicles which could divert their attention and resources. If the Sponsor were to experience difficulties in the management of such other investment vehicles that damaged the Sponsor or its reputation, it could have an adverse impact on the Sponsor's ability to continue to serve as Sponsor for the Trust.

***<u>Uncertainty Regarding the Effects of the Russia-Ukraine and Middle East Conflicts</u>***

**The Fund as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities.** 

Geopolitical events, including the conflict in the Middle East, the continuation of the war in Ukraine and other hostilities could disrupt and potentially impact the business activities of the Sponsor and its service providers and have an adverse effect on the Fund.

On October 7, 2023, militants from Gaza attacked Israeli towns, killed Israeli civilians and soldiers and took hostages. In response to the attack, Israel declared war against Hamas, attacking Hamas and Islamic targets in Gaza. The conflict escalated over the past year, with Israel fighting adversaries across the Middle East, including Hezbollah in Lebanon and the Houthis in Yemen and Iran. On October 9, 2025, Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas, however there have been subsequent claims of breaches on both sides. The responses of countries and political bodies to these events, the larger overarching tensions and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict, along with any global political fallout and implications including sanctions, collateral war damage, and a potential expansion of the conflict, could disturb the gold market.

In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. On March 7, 2022, in response to the Russian hostilities in the Ukraine, LBMA suspended six Russian refiners; as a result, new production by such refiners were no longer being accepted as "Good Delivery" by the LBMA. The bars these refiners previously produced will still be considered Good Delivery, consistent with past suspensions of refiners by the LBMA. However, fewer suppliers to the LBMA may lead to a lower supply of Good Delivery gold and further volatility in the price of gold.

Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the United Kingdom ("**UK**") passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, U.S. regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and European Union regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022. On August 3, 2022, Switzerland announced sanctions that ban buying, importing or transporting gold and gold products from Russia, as well as services in connection with said gold and gold products. Although it is not possible to predict the impact that these sanctions may have, such sanctions could impact the operations of the Fund and its service providers and could significantly harm the value of the Fund's Shares.

The responses of countries and political bodies to Russia's actions, the larger overarching tensions, and Ukraine's military response and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict in Ukraine, along with global political fallout and implications including sanctions, collateral war damage, and a potential expansion of the conflict beyond Ukraine's borders, could disturb the gold market.

------

***<u>Information System Disruptions Could Adversely Affect the Fund</u>***<u>'</u>***<u>s Record Keeping and Operations</u>***

**The Fund relies on the information and technology systems of the Service Providers, each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity attacks or other disruptions, which in turn could have a material adverse effect on the Fund.**

The Fund and the Service Providers are susceptible to operational, information security and related cybersecurity risks both directly and through their own service providers. Cyber incidents can result from deliberate attacks or unintentional events. They include, but are not limited to, gaining unauthorized access to systems, corrupting or destroying data, and causing operational disruption. Geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing.

Cybersecurity incidents may cause disruptions and impact business operations. They may result in any of the following: financial losses (including loss or theft of Fund assets), interference with the Fund's ability to calculate its net asset value, disclosure of confidential information, impediments to trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of the Fund or the Service Providers to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and other legal and compliance costs. In addition, cyber incidents may render records of Fund assets and transactions, shareholder ownership of the Shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. The Fund may incur substantial costs in order to resolve or prevent cyber incidents.

***<u>Conflicts of Interest May Exist</u>***

**Potential conflicts of interest may arise among the Sponsor or its affiliates and the Fund.**

Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Fund and its shareholders, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Fund and its shareholders. As an example, the Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with the Fund.

**The Fund has not requested a ruling from the Internal Revenue Service (**"**IRS**"**) regarding the tax treatment of the Fund.** 

Neither Sponsor nor Trustee has requested a ruling from the IRS regarding the tax status of the Fund. If the IRS were to determine (and be sustained in that determination) that the Fund is not a "grantor trust" for U.S. federal income tax purposes, the Fund could be subject to more complex and costly tax reporting requirements that could reduce the amount of cash available for distribution to shareholders. Specifically, if the Fund were not treated as a grantor trust for U.S. federal income tax purposes, the Fund should be treated as a partnership for such purposes. As a partnership, the Fund's tax reporting requirements would be more complex and costly to implement and maintain, and its distributions to shareholders could be reduced as a result.

**Shareholders could incur a tax liability without an associated distribution of the Fund.**

In the normal course of operations it is possible that the Fund could incur a taxable gain in connection with the sale of Physical Gold that is otherwise not associated with a distribution. The Fund expects to sell Physical Gold to facilitate the creation and redemption of Baskets and to pay expenses. The Fund expects to periodically sell Physical Gold to maintain a portion of its assets in cash, in accordance with procedures adopted by the Sponsor, for use in connection with creation and redemption transactions, as described below under "CREATION AND REDEMPTION OF SHARES – Delivery of Required Deposit." In the event that this occurs, shareholders may be subject to tax due to the grantor trust status of the Fund even though there is not a corresponding distribution from the Fund.

------

**USE OF PROCEEDS**

Proceeds received by the Fund from the issuance and sale of Baskets consist of Physical Gold deposits. Such Physical Gold deposits are held by the Custodian on behalf of the Fund until (1) distributed to Authorized Participants in connection with redemptions of Baskets or (2) sold to pay Fund expenses and liabilities not assumed by the Sponsor or Cash Amounts. See "THE TRUST AND THE FUND– Fund Expenses."

**THE GOLD INDUSTRY**

**Overview**

Gold has played a central role in human civilization for thousands of years. From its early use in jewelry and ornamentation to its later function as a medium of exchange and store of value, gold has influenced trade, monetary systems, and economic development across cultures and eras. Its physical properties—scarcity, durability, malleability, and resistance to corrosion—have made gold uniquely suited to these roles.

Today, gold continues to serve as both a widely used commodity and a monetary asset held by governments, institutions, and private investors worldwide. It remains a component of official reserves, a primary material in jewelry fabrication, a key input in certain industrial and technology applications, and a recognized store of value across economic cycles. Through 2024 and 2025, gold experienced one of the most pronounced bull markets in its history, with the LBMA Gold Price reaching a series of new all-time highs.

**Brief History of Gold**

From its original use in jewelry and decorative arts to its later role as a standard trading medium and store of value, gold has in many ways shaped the course of human history. It has been associated with countless wars, underpinned voyages of exploration, inspired artistic creations, and has been instrumental in the development of the world's economies and exchange systems. Today, gold continues to be valued worldwide for its lustrous beauty, scarcity and durability. It remains a key component of many countries' official reserves and retains its importance within jewelry making.

***Early History of Gold***

Because of its luster, beauty, and scarcity, gold became prominent in early civilizations, which placed a high value on the metal. As such, gold became a key component in jewelry and decorations. The history of gold jewelry stretches back thousands of years: archaeologists have found elaborate gold art objects and jewelry dating back to around 3000 B.C., and gold was used to adorn rulers in Ancient Egypt by approximately 2500 B.C.

Along with its aesthetic attributes and scarcity, gold exhibits desirable physical characteristics as a trading medium: significant malleability and durability. Gold played a role as a store of value even before it was widely accepted as money, and gold-to-silver value ratios are documented in records from numerous ancient civilizations.

***Gold*'*s History as a Monetary Asset***

As gold extraction and processing developed, its unique attributes became more apparent. Gold is relatively easy to work with—it is often discovered in a virtually pure and workable state, making it possible to be melted, processed, and formed into standardized shapes. As a unit of value, gold therefore displays high levels of portability and measurability. Moreover, as compared to other perishable commodities that have historically been used as mediums of exchange (such as cattle, furs and tobacco), gold is much more durable; in addition to its malleability, gold is resistant to corrosion and tarnish, allowing gold to retain a relatively stable physical form over long periods.

***Condensed Chronology of the Use of Gold as a Monetary Asset***

Around 1500 B.C., the shekel, a coin containing both gold and silver, became a standard unit of measure in parts of the Middle East. By approximately 600 B.C., Greek city-states had begun to mint gold coins for trade, and by approximately 560 B.C., the first coins made purely from gold are believed to have circulated in the Kingdom of Lydia (in what is today western Turkey). Lydian metallurgists were able to separate gold from silver, and Croesus, the King of Lydia at the time, is generally credited with issuing the world's first bi-metallic coinage with both gold and silver coins.

Around 50 B.C., the Roman Empire began to issue a gold coin called the aureus. In 1344, England issued its first widely-circulated gold coinage under King Edward III, including the gold florin (also known as the double leopard), which was soon replaced by the more enduring gold noble. The U.S. introduced its first gold coin in 1787. The Gold Standard Act, passed in 1900, established gold as the standard for redeeming paper money in the United States. The Federal Reserve Act of 1913 required that Federal Reserve Notes be backed by gold equal to at least 40% of their value. In 1944, the Bretton Woods agreement, signed by representatives of 44 nations, established a gold exchange standard that obligated each member country to maintain the exchange rate of its currency within a fixed value in terms of gold. On August 15, 1971, President Richard Nixon terminated the convertibility of the U.S. dollar into gold, ending the Bretton Woods system.

------

**Gold Supply and Demand**

***Gold Demand***

Today, gold is used as both a commodity and a store of value. The first category includes gold jewelry and gold that has been manufactured into industrial and technology products. The second category includes gold reserves held by the official sector and private investors. According to the World Gold Council, total annual gold demand (including over-the-counter ("**OTC**") investment) reached a record 4,974 tonnes in 2024 (approximately 159.9 million Troy Ounces), with a total value of US$382 billion.

**Jewelry Demand**

Jewelry demand has historically accounted for the largest single component of total gold demand. The World Gold Council estimates that, as of year-end 2024, the cumulative above-ground stock of gold totaled approximately 216,265 tonnes (approximately 6.95 billion Troy Ounces), of which approximately 45% (97,149 tonnes) was held as jewelry.

The motivation behind gold jewelry demand differs across regions. In developed markets, gold jewelry is purchased primarily for adornment, while in many developing markets gold jewelry also functions as a store of value. India, China and the Middle East are the largest gold jewelry markets by volume; gold jewelry in these regions is generally of higher purity and the price more closely reflects the underlying value of gold than in many developed markets.

Gold jewelry demand totaled 1,877 tonnes in 2024 (approximately 60.3 million Troy Ounces), an 11% decline from 2023, as record-high gold prices weighed on volume despite a 9% increase in spending value to US$144 billion. As a proportion of total annual gold demand, jewelry represented approximately 38% in 2024, down from earlier periods when it routinely exceeded 50%.

**Industrial and Technology Demand**

In addition to its application in jewelry, gold has been widely used in manufacturing and medical treatment. The World Gold Council reports that technology demand (which includes electronics, dental, and other industrial applications) was approximately 326 tonnes in 2024, a 7% year-over-year increase, driven in significant part by the continued growth of artificial intelligence applications and related infrastructure. Demand for gold used in electronics manufacturing has historically accounted for the majority of industrial demand, in large part due to gold's high electrical conductivity and natural resistance to corrosion. Gold is also used for industrial decoration, such as gold plating and coating.

Gold has long been used for medical and dental purposes. Its biocompatibility, malleability and resistance to bacterial colonization make it a well-suited material for various biomedical applications. Dental use has historically been the primary medical application; other medical uses include gold wires used in heart procedures and gold-plated stents to support blood vessels. Demand for gold from this sector has been relatively stable to slightly declining in recent years.

**Investment Demand**

The World Gold Council estimates that, as of year-end 2024, approximately 48,634 tonnes of gold (approximately 1.56 billion Troy Ounces, or about 22% of the total above-ground stock) was held in the form of bars, coins and gold-backed exchange-traded funds. An additional approximately 37,755 tonnes (approximately 17%) was held by central banks and other official sector institutions.

Central banks and supranational organizations (such as the International Monetary Fund (the "**IMF**") and the Bank for International Settlements) hold gold as part of their reserve assets. Central banks affect the gold market through buying, selling and lending, as well as swaps and other derivative activities.

------

Gold is also held by private sector participants as a store of value and a means of investment. Unlike equities, bonds and most currencies, physical gold does not run the risk of issuer default or mismanagement and is not a liability of any government or corporation. Many investors view gold as a portfolio diversifier and potential hedge against inflation and certain forms of macroeconomic and geopolitical risk.

In recent years, investment demand has been one of the most powerful drivers of the gold market:

• **Bar and coin demand.** Bar and coin demand totaled 1,186 tonnes in 2024 (approximately 38.1 million Troy Ounces), broadly in line with 2023.

• **Gold-backed ETFs.** After three consecutive years of net outflows, global physically-backed gold ETF holdings stabilized in 2024 with essentially flat net flows. In 2025, gold ETFs experienced global net inflows.

• **Central bank purchases.** Central banks have been substantial net purchasers of gold for more than a decade. In 2024, central banks bought a net 1,045 tonnes (approximately 33.6 million Troy Ounces), the third consecutive year of central bank purchases exceeding 1,000 tonnes. In 2025, central banks continued the trend with net inflows for the fourth consecutive year.

***Sources of Gold Supply***

Sources of gold supply include mine production, secondary supply from recycled gold and, historically, official sector sales (which have been net negative—i.e., the official sector has been a net buyer—since 2010).

**Mine Production**

The largest portion of gold supply comes from mine production, including gold produced from primary deposits and from secondary deposits where gold is mined as a by-product of other metals. According to the World Gold Council, total above-ground gold stocks of approximately 216,265 tonnes (approximately 6.95 billion Troy Ounces) at year-end 2024 represent all the recorded gold ever mined in human history. To illustrate the relative scarcity of gold, the World Gold Council estimates that, if every Ounce of this gold were placed together, the resulting cube of pure gold would measure approximately 22 meters on each side.

Gold is produced from mines on every continent except Antarctica (where mining is restricted under the Antarctic Treaty System). South Africa was historically the world's largest gold-producing country; at its peak in the early 1970s, South Africa accounted for over 70% of global production. Over the past four decades, however, South African output has declined considerably while other countries have substantially expanded gold mining. According to the World Gold Council, global mine production reached approximately 3,661 tonnes in 2024 (approximately 117.7 million Troy Ounces). China, Russia and Australia are currently the world's largest gold-producing countries; other notable producing countries include Canada, the United States, Ghana, Mexico, Uzbekistan and Peru. According to the U.S. Geological Survey, U.S. domestic gold mine production was estimated at approximately 160 tonnes in 2024, with Nevada accounting for roughly 70% of total domestic production.

**Recycled Gold**

Recycled gold (often referred to as "scrap gold") is the second-largest source of gold supply. Because gold is virtually indestructible, it can be recovered from recycled jewelry and industrial products, then melted, refined, and recast into bullion bars for resale. Supplies emanating from recycled gold are predominantly sourced from recycled jewelry.

Recycled gold supply is highly sensitive to gold prices and economic conditions. Recycled supply reached an elevated level of approximately 1,370 tonnes in 2024 (approximately 44.0 million Troy Ounces), an 11% year-over-year increase, the highest level since 2012, supported by record gold prices.

**Official Sector Activity**

According to the World Gold Council, approximately 17% of total above-ground gold stock is held by the official sector. From 1989 through 2007, official sector annual sales generally outstripped purchases, meaning the official sector was, on a net basis, a seller of gold to the private sector during that period.

In September 1999, the European Central Bank and 14 other European central banks signed the first Central Bank Gold Agreement (the "**CBGA**"). Under the CBGA, signatory institutions agreed to limit aggregate gold sales over the following five-year period. The CBGA was renewed three times—in 2004, 2009, and 2014—with each successive agreement generally moving toward less stringent terms. In 2019, the European Central Bank and 21 other signatory central banks announced that the CBGA would not be renewed upon its expiry in September 2019, citing the maturation of the gold market and the fact that signatories had not engaged in significant gold sales for nearly a decade.

------

Since 2010, the official sector has been a net purchaser of gold on an annual basis. Central banks of major emerging economies, including the People's Bank of China, the National Bank of Poland, the Reserve Bank of India, the Central Bank of the Russian Federation, the Central Bank of Turkey and the National Bank of Kazakhstan, have substantially increased their gold reserves over this period. Central bank net purchases in 2024 (1,045 tonnes). The National Bank of Poland was the largest central bank buyer in 2024.

In September 2009, the IMF Executive Board approved the sale of 403.3 tonnes (12.97 million Troy Ounces) of gold, approximately one-eighth of the IMF's total holdings, to help boost its lending resources. The IMF completed this gold sales program in December 2010.

**The Gold Market and Price Movement**

Global gold trade consists primarily of the OTC market, exchange-traded futures and options markets, and exchange-traded products such as gold-backed ETFs.

***OTC Market***

The OTC market accounts for the largest share of global gold trading volume. It operates on a near-continuous basis during global business days and provides a flexible market in terms of quote sizes, prices, delivery destinations and other factors. Standard trade sizes typically range between 5,000 and 10,000 Troy Ounces, although wholesale transactions can be substantially larger.

OTC market participants include LBMA market-making members and a range of other market participants. The principal centers of OTC gold trading are London, New York, Zurich, Singapore, Hong Kong and Shanghai. Market participants include jewelry manufacturers, mining companies, central banks, investors, refiners and speculators. Liquidity in the OTC market varies during the day, with the most liquid time periods generally occurring in New York business-day mornings, when trading hours in European time zones overlap with trading hours in the United States.

The London bullion market is the largest wholesale OTC market for gold and is overseen by the LBMA, which acts as the principal point of contacti between the market and its regulators and which administers the Good Delivery List for refined gold and silver bars. Gold bars traded in the London market must meet the LBMA's Good Delivery specifications. The LBMA Gold Price, which is set twice each business day through an electronic auction administered by the IBA, serves as the principal benchmark price for gold worldwide.

***Futures and Options Exchanges***

Major exchanges for gold futures and options trading include the Commodity Exchange, Inc. ("**COMEX**") (a subsidiary of the Chicago Mercantile Exchange, Inc. ("**CME**")), the Shanghai Futures Exchange, the Multi Commodity Exchange of India, the Osaka Exchange, a subsidiary of Japan Exchange Group, Inc., the Dubai Gold & Commodities Exchange, ICE Futures U.S., the Borsa Istanbul, the Korea Exchange and the Bursa Malaysia. Gold futures and options trade on these exchanges in standardized transaction sizes and delivery dates. Only a small portion of gold futures contracts result in physical delivery; the majority of positions are closed prior to expiration or rolled into later contracts.

------

COMEX is the largest gold futures and options exchange. In 2007, the CME merged with the Chicago Board of Trade to form the Chicago Mercantile Exchange Group (the "**CME Group**"), and in 2008 CME Group acquired NYMEX (and its COMEX division). According to CME Group, COMEX gold futures (the "GC" contract, representing 100 Troy Ounces of gold) traded the equivalent of approximately 27 million Troy Ounces of gold daily on average in recent periods, making COMEX the most liquid gold futures venue globally.

According to the World Gold Council, average daily global gold trading volumes (across OTC, exchanges and gold ETFs) reached new highs during 2025 amid record-breaking price activity.

**Gold in Financial Portfolios**

Since 2001, gold has experienced multiple cycles of appreciation and consolidation. Over long periods, gold has at times delivered returns that compare favorably with major equity benchmarks, while exhibiting distinct risk characteristics.

Gold has historically demonstrated lower correlation to equities than many traditional asset classes, particularly during periods of financial stress, elevated inflation, or negative real interest rates. This behavior has supported its role as a portfolio diversifier for many investors. The combination of sustained central-bank purchases, record-setting investment flows into physically-backed gold products, and persistent geopolitical and macroeconomic uncertainty has supported gold's role in global financial systems through 2024 and 2025. Past performance, however, is not necessarily indicative of future results, and gold prices may experience significant volatility, including sharp declines.

***Historical Movements in the Gold Price***

According to the World Gold Council, the LBMA Gold Price reached a series of new all-time highs throughout 2024 and 2025. The following chart illustrates the historical movements in the price of gold for the period from January 1970 to January 2026 measured in U.S. dollar per ounce.

![chart01g.jpg](chart01g.jpg)

------

***Volatility***

The price of Gold has historically exhibited meaningful volatility, particularly during periods of macroeconomic stress, geopolitical disruption, or sharp shifts in monetary policy. Investors should note that gold can experience significant price declines as well as appreciation; for example, gold experienced a multi-year drawdown after its 2011 peak before resuming an upward trend in subsequent years. Past performance is not a guarantee or indicator of future results. The following chart illustrates the annualized standard deviation in the price of gold for the period from January 1976 to January 2026.

![chart02g.jpg](chart02g.jpg)

------

**THE STATE OF TEXAS**

**Early Development and Economic Foundations**

Before European contact, the region now known as Texas supported a wide range of Indigenous societies, including the Caddo in the east, the Karankawa along the Gulf Coast, and the Apache and Comanche on the Great Plains. Spanish explorers arrived in the 1500s and, by the early 1700s, Spain had established missions and presidios across the territory, including Mission San Antonio de Valero, later known as the Alamo, in 1718.

Following Mexico's independence from Spain in 1821, Texas became part of the Mexican state of Coahuila y Tejas. Seeking to populate its northern frontier, Mexico granted land to settlers under the empresario system, leading to an influx of Anglo-American immigrants led by Stephen F. Austin. The resulting demographic and cultural tensions, coupled with disputes over slavery and governance, culminated in the Texas Revolution of 1835–1836. The decisive victory at San Jacinto secured independence and established the Republic of Texas, which remained sovereign until its annexation by the United States in 1845.

Throughout the 19th century, Texas's economy was largely agricultural. Cotton dominated as the primary export, supported by enslaved labor before the Civil War and sharecropping afterward. Ranching and the expansion of railroads opened vast areas for settlement and trade, linking Texas markets to the rest of the country. The arrival of major rail lines, such as the Houston & Texas Central and the Texas & Pacific, positioned cities like Dallas and Fort Worth as commercial centers for agricultural products, livestock, and banking. By the late 1800s, Texas had transitioned from a frontier society to a developing state with growing trade networks, regional industries and financial institutions.

**Industrialization and the Petroleum Era (1900**–**1945)**

The discovery of oil at Spindletop near Beaumont in 1901 marked a turning point in the economic trajectory of Texas. The event ushered in the modern petroleum industry, drawing capital investment, skilled labor and infrastructure that transformed the state's economy. Oil discoveries throughout East and West Texas led to rapid urbanization and industrialization.

Houston and Dallas–Fort Worth ("**DFW**") emerged as commercial and financial centers supporting this growth. Banking, insurance and trade expanded to finance oil exploration, refining, and distribution. Revenue from mineral wealth contributed to public education through the creation of the Permanent University Fund, which remains one of the largest endowments supporting public higher education in the United States.

During the Great Depression, Texas diversified its economy further through federal infrastructure projects and agricultural modernization. World War II accelerated industrialization as the state became a national center for military training, shipbuilding and petroleum refining. By 1945, Texas had firmly shifted from an agricultural economy to an industrial one, with a skilled workforce, urban population centers and established capital markets.

**Postwar Expansion and Urbanization (1945**–**1980)**

In the decades following World War II, Texas underwent sustained population and economic growth. Energy production remained the foundation of the state's economy, but new industries in petrochemicals, construction and manufacturing emerged alongside it. The development of the Gulf Coast petrochemical corridor and the expansion of the Port of Houston made the region a global leader in refining and industrial output.

Population growth paralleled industrial expansion. Texas's population grew from roughly 7.7 million in 1950 to more than 14 million by 1980, with more than four-fifths of residents living in urban areas by the end of the period. Houston, Dallas, San Antonio and Austin became the dominant metropolitan centers of economic activity.

During this era, the financial services industry began to mature, providing the capital and credit that supported large-scale industrial growth. Texas banks financed energy exploration, real estate development and public infrastructure. The state's pro-business policies, low taxes and expanding labor pool attracted corporate investment. However, the economy's heavy reliance on oil and gas also made it vulnerable to global energy market fluctuations, a reality that would become clear in the following decade.

------

**Diversification and Financial Growth (1980**–**Present)**

During the early 1980s, oil bust marked one of the most challenging economic periods in Texas history. Crude prices collapsed from over $35 per barrel in 1981 to below $15 by 1986, leading to widespread layoffs, bank failures and a sharp contraction in real estate values. This downturn forced a fundamental restructuring of the Texas economy. Policymakers and business leaders emphasized diversification to reduce dependence on energy revenues and attract new industries in finance, technology, and services.

One of the most notable developments during this period was the emergence of Austin as a center for technology and innovation. Beginning with the establishment of the Microelectronics and Computer Technology Corporation (MCC) in 1983 and SEMATECH in 1988, Austin attracted major technology firms such as IBM, Motorola, AMD, and later Samsung and Dell. This ecosystem transformed the region into "Silicon Hills," a leading hub for semiconductor manufacturing, software development and digital media. By the early 2000s, Austin's technology sector accounted for more than 15% of local employment and contributed significantly to state GDP growth.

In North Texas, the DFW region evolved into one of the largest corporate and financial centers in the United States. Following the deregulation of the banking sector in the late 1980s, DFW attracted national and global financial institutions drawn to Texas's business climate and cost advantages. The region became home to major employers such as JPMorgan Chase, Charles Schwab and Goldman Sachs, and hosts more Fortune 500 headquarters than any U.S. metro outside New York. Corporate relocations, including Toyota North America, Caterpillar and McKesson, have further established DFW as a major financial and business hub.

Houston retained its global position as the energy capital of the world while broadening into adjacent sectors such as healthcare, logistics and international trade. The Texas Medical Center grew into the world's largest medical complex, and the Port of Houston became the largest export port in the United States by tonnage. The city also benefited from technological advances in hydraulic fracturing and horizontal drilling, which revitalized the energy industry and drove record production in the 2010s. Despite cyclical price shocks, Houston's economy has demonstrated increasing resilience due to this diversification.

Throughout the 21st century, Texas has experienced consistent population and employment growth, supported by domestic migration and international investment. From 2000 to 2025, the state's population increased from approximately 20 million to over 30 million, and its gross domestic product expanded from roughly $745 billion to more than $2.7 trillion.

**Contemporary Economy and Financial Leadership**

Texas today represents one of the largest and most diversified state economies in the United States. The state's business environment, characterized by the absence of a personal income tax, moderate regulation and significant infrastructure investment, has continued to attract corporations from across the country and abroad.

By 2024, Texas led all states in both exports and corporate relocations. Total goods exports reached approximately $455 billion, accounting for nearly one-fifth of total U.S. exports. Major export categories include petroleum products, chemicals, semiconductors and machinery, reflecting both the state's industrial base and its high-tech manufacturing capacity.

Texas is also home to more Fortune 500 company headquarters than any other state, surpassing both California and New York. These include global corporations in energy, finance and technology such as ExxonMobil, AT&T, Tesla, Oracle and Hewlett Packard Enterprise. This corporate density has contributed to the expansion of professional services, capital markets and banking activity across the state.

The financial services sector has become Texas's largest contributor to gross state product, exceeding both manufacturing and energy. Texas's expanding capital markets ecosystem further illustrates the state's emergence as a major center for financial innovation and access to U.S. capital markets.

As of 2025, Texas is home to more than 50 Fortune 500 companies, and approximately one in ten U.S. public companies are headquartered in the state. With a gross state product exceeding $2.7 trillion, Texas represents the eighth-largest economy in the world. Texas's economy is larger than the economy of Canada, Australia and Russia. For 23 consecutive years, *Chief Executive Magazine* has ranked Texas as the "#1 State for Business.<sup>4</sup>" Texas also employs more finance professionals than any other state, including New York, and has received the Governor's Cup for the most new and expanded corporate facility projects nationwide for 13 consecutive years. Additionally, Texas is home to over 3.5 million small businesses.

------

<sup>4</sup>Source: Chief Executive Magazine, "Best & Worst States for Business 2025" (Apr. 2025).

------

**BUSINESS OF THE FUND**

The activities of the Fund are limited to: (1) issuing Baskets in exchange for the Physical Gold deposited by Authorized Participants with the Custodian for safekeeping; (2) delivering Physical Gold in exchange for Baskets surrendered by Authorized Participants for redemption; and (3) selling Physical Gold as necessary to cover the Sponsor's Fee and Fund expenses, if any, not assumed by the Sponsor and other liabilities, as well as to cover any Cash Amount in connection with creation and redemption transactions.

The Fund is not actively managed. It will not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of gold.

**Fund Objectives**

The Trust was formed on September 16, 2025 under Delaware law pursuant to the Trust Agreement. The Fund's objective is for the Shares to reflect the performance of the price of gold bullion less the expenses of the Fund's operations. An investment in Physical Gold may require expensive and sometimes complicated arrangements in connection with the transportation, holding and insurance of the Physical Gold. The Fund provides investors with a convenient and cost-efficient way to buy and hold physical gold through an exchange traded security. Although owning Shares is not the exact equivalent of an investment in gold, such Shares provide investors with an alternative that allows a level of participation in the gold market through the securities market.

**The Fund**'**s Guiding Principles**

To meet its objective for the Shares to reflect the performance of the price of gold bullion, less the expenses of the Fund's operations, the Sponsor has structured the Fund along the following principles:

*Holding Physical Gold.* To allow investors to invest in gold through the Shares, the Fund holds Physical Gold.

*Maintaining Physical Gold.* The Fund will hold its Physical Gold in the Fund's account with the Custodian. The Fund's account will be used to hold the individually identified bars of Physical Gold deposited with the Fund. The Physical Gold is held in a segregated fashion in the name of the Fund, in a different location within the Custodian's vaults and not commingled with non-Fund metal or other depositor funds or assets. The Fund has full title to the Physical Gold with the Custodian holding it on the Fund's behalf. Each investor owns a pro-rata share of the Fund, and as such holds pro-rata ownership of the Fund's assets corresponding to the number of Shares held. The Fund's holdings and their value, based on the LBMA Gold Price PM, are reported on the Fund's website each business day. Credits or debits to the Fund's holdings will be affected by the physical movements of Physical Gold to or from the Fund's holdings. The Fund's holdings are subject to periodic audits.

*Minimizing Cash Holdings*. The Fund is committed to minimizing the use of cash, keeping essentially all assets of the Fund in Physical Gold. The Fund expects to maintain a limited amount of cash in connection with payment of the Sponsor's Fee or any Cash Amount. Please see the section titled "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS" below for a discussion of the use of cash in the creation and redemption process. The Fund will maintain an amount of cash that the Sponsor deems sufficient for these purposes, in accordance with policies and procedures adopted by the Sponsor. The Fund generally expects that it will not hold cash in excess of the value of a kilogram bar of gold.

*Transactions with Authorized Participants.* By allowing Authorized Participants to directly issue and redeem Baskets with the Fund, Authorized Participants may be able to take advantage of price discrepancies between the Fund's underlying Physical Gold holdings and the value of the Shares. As a result of this incentive provided to Authorized Participants, the value of the Shares may reflect the performance of the price of gold.

------

The Shares offer an investment that is:

*Easily Accessible and Relatively Cost Efficient*. Investors can access the gold market through a traditional brokerage account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use gold by using the Shares instead of using the traditional means of purchasing, trading and holding gold. Transaction costs related to the Shares may also be lower than those associated with the purchase, storage and insurance of gold.

*Exchange Traded and Transparent.* The Shares will trade on the Exchange under the symbol "YSAU," and will provide investors with an efficient means to implement various investment strategies. Upon effectiveness of the registration statement, of which this Prospectus is a part, the Shares will be eligible for margin accounts. The Fund will not hold or employ any derivatives and the Shares will be backed by the assets of the Fund. Furthermore, the value of the Fund's holdings will be reported on the Fund's website daily.

*Minimal Credit Risk*. The Shares represent an interest in Physical Gold owned by the Fund and held in physical custody at the Custodian. Physical Gold of the Fund is not subject to borrowing arrangements with third parties. The Fund's Physical Gold is not subject to counterparty or credit risks. The Physical Gold is allocated to the Fund's account and held in the Fund's name by the Custodian. This contrasts with other financial products that gain exposure to gold through the use of derivatives that may be subject to counterparty and credit risks.

**Secondary Market Trading**

The Shares may trade in the secondary market on the Exchange at prices that are lower or higher relative to their net asset value per Share. The amount of the discount or premium in the trading price relative to the net asset value per Share may be influenced by non-concurrent trading hours between the Exchange and the COMEX, London and Zurich. While the Shares will trade on the Exchange until 4:00 PM EST, liquidity in the global gold market may be reduced after the close of the major world gold markets, including London, Zurich and COMEX, usually at 1:30 PM EST. As a result, during this time, trading spreads and the resulting premium or discount on the Shares may widen.

**Legal Proceedings**

The Fund is aware of no existing or pending legal proceedings against it, nor is it involved as a plaintiff in any proceeding or pending litigation.

------

**CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS**

The Fund issues and redeems Baskets equal to a block of 10,000 Shares. The Fund issues and redeems Baskets only to Authorized Participants. The creation and redemption of Baskets will only be made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of Physical Gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined Troy Ounces represented by the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. The minimum order for the issuance, or creation, or redemption of Shares is generally one Basket; however, the Sponsor may, at its discretion, temporarily change the minimum order for the issuance or redemption of Shares to be up to four Baskets for as long as may be determined by the Sponsor. The minimum creation order will be same as the minimum redemption order.

Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, (3) have entered into an Authorized Participant Agreement with the Trust and the Sponsor, and (4) have established (i) a gold account with the Custodian, (ii) a gold account with Loomis Hempstead, or (iii) another arrangement for the delivery of gold to Loomis Hempstead. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the Physical Gold required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Transfer Agent and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. The Sponsor will charge the Authorized Participant an additional fee of 0.01% of the amount created (a "**Delivery Fee**") in connection with the delivery of Physical Gold for a creation to TPMD Hempstead. This Delivery Fee will cover a portion of the shipping cost that the Fund will incur to ship the majority of the Physical Gold to TPMD Shiner, as described below in the section of this Prospectus titled "The Custodian – Description of the Custody Agreement." Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below.

Authorized Participants who make deposits with the Fund in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Fund, and no such person has any obligation or responsibility to the Sponsor or the Fund to effect any sale or resale of Shares.

Authorized Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act, as described in "Plan of Distribution."

Certain Authorized Participants are expected to have the facility to participate directly in the gold bullion market and the gold futures market. In some cases, an Authorized Participant may from time to time acquire gold from or sell gold to its affiliated gold trading desk, which may profit in these instances. Each Authorized Participant will be registered as a broker-dealer under the Exchange Act and regulated by FINRA or will be exempt from being or otherwise will not be required to be so regulated or registered, and will be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants will be regulated under federal and state banking laws and regulations. Each Authorized Participant will have its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date of this Prospectus, Wells Fargo Securities, LLC has signed an Authorized Participant Agreement with the Trust and the Sponsor and, upon the effectiveness of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets should contact the Sponsor or the Transfer Agent to obtain the contact information for the Authorized Participants.

------

When an Authorized Participant creates a Basket, Physical Gold is delivered to the Fund at TPMD Hempstead, and credited to the Fund's Custody Account. The Authorized Participant will provide the Fund with a list of the bars of Physical Gold they wish to deliver in accordance with the timeline mentioned below. Once the list of bars of Physical Gold has been approved by the Custodian, the Physical Gold is credited to the Fund's Custody Account and the Fund bears the risk of loss. Once Physical Gold has been released by the Custodian for delivery to an Authorized Participant, the Authorized Participant bears the risk of loss.

Under the Authorized Participant Agreement, the Sponsor has agreed to indemnify Authorized Participants against certain liabilities, including liabilities under the Securities Act.

The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail, each of which is attached as an exhibit to the registration statement of which this Prospectus is a part. See "WHERE YOU CAN FIND MORE INFORMATION" for information about where you can obtain the registration statement.

**Creation Procedures - Authorized Participants**

On any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Baskets. For purposes of processing both creation and redemption orders, a "business day" means any day other than a day: (1) when the Exchange is closed for regular trading; (2) when banks are authorized to close in the United States; or (3) when banks in the United States are not open for a full business day and the order or other transaction requires the execution or completion of procedures which cannot be executed or completed by the close of the business day. Purchase orders must be placed by 12:00 PM EST. The day on which the Transfer Agent receives a valid purchase order is the purchase order date.

By placing a purchase order, an Authorized Participant agrees to deposit Physical Gold with the Fund, as described below. Prior to the delivery of Baskets for a purchase order, the Authorized Participant also must have wired to the Transfer Agent the amount of the non-refundable $500 transaction fee due for the purchase order and an amount equal to all taxes, governmental charges and fees payable in connection with such deposit, the transfer of Physical Gold and the issuance and delivery of Shares. Additionally, the Sponsor will charge the Authorized Participant a Delivery Fee. This Delivery Fee will cover a portion of the shipping cost that the Fund will incur to ship the majority of the Physical Gold to TPMD Shiner. Authorized Participants must deliver Physical Gold to TPMD Hempstead unless the Authorized Participant requests delivery to TPMD Shiner in writing and receives written confirmation from the Sponsor that such request has been approved.

*Determination of Required Deposits*

The required deposit of Physical Gold from an Authorized Participant will consist of a credit to the Trust's Custody Account representing the amount of Physical Gold evidenced by the number of Baskets being created. The amount of Physical Gold attributable to a Basket (the "Basket Deposit") is determined by dividing the number of Troy Ounces of Physical Gold held by the Fund by the number of Baskets outstanding, as adjusted for the amount of Physical Gold constituting estimated accrued but unpaid fees and expenses of the Fund, as of the opening of business on the purchase order date. The number of Baskets outstanding is determined by dividing the number of Shares outstanding by 10,000 (or other number of Shares in a Basket for such business day).

Authorized Participants are permitted to deliver Physical Gold in denominations of 400 ounce, 100 ounce and kilogram bars of Physical Gold ("**Eligible Bars**"). Fractions of a Troy Ounce of Physical Gold smaller than 0.001 of a Troy Ounce which are included in the Basket Deposit are disregarded in the foregoing calculation. All questions as to the composition of a Basket Deposit will be finally determined by the Administrator. The Administrator's determination of the Physical Gold constituting a Basket shall be final and binding on all persons interested in the Fund.

------

*Delivery of Required Deposits*

An Authorized Participant who places a purchase order is responsible for delivering Physical Gold to the Custodian in the amount of the required Physical Gold deposit, providing the Fund with a list of the Physical Gold bars to be transferred to the Fund's Custody Account. The list of Physical Gold bars to be transferred to the Fund's Custody Account shall be provided to the Fund by 2:00 PM EST on the purchase order date. The Authorized Participant shall bear the expense of delivering the Physical Gold to the Fund's Custody Account. The Custodian will consider the transfer of Physical Gold to be final when the list of gold bars included in the Basket Deposit has been provided by the Authorized Participant and approved by the Custodian. At that point, the gold is credited to the Fund's Custody Account and responsibility for the safekeeping of the Physical Gold deposit rests with the Custodian and, as between the Fund and the Authorized Participant, the Fund bears the risk of loss of the Physical Gold. No Shares are issued unless and until the Custodian has informed the Transfer Agent that the corresponding amount of Physical Gold has been transferred to the Fund's account. If the Custodian has notified the Transfer Agent and the Sponsor that it is unable to accept the Physical Gold in connection with a particular purchase order or generally, the Transfer Agent will, unless otherwise instructed by the Sponsor, reject the particular purchase order as well as any other subsequent purchase orders on the same business day. Upon transfer of the Physical Gold deposit amount to the Fund's Custody Account, the Transfer Agent will direct DTC to credit the number of Baskets ordered to the Authorized Participant's DTC account.

A Basket Deposit will not likely consist of only Eligible Bars, but it will consist of a fraction of a gold bar in addition to a number of Eligible Bars. Therefore, to facilitate the creation of Baskets, an Authorized Participant who must provide a fraction of a gold bar may over-credit or under-credit the Custody Account with a number of Eligible Bars, by no more than the lesser of 5% of the value of the Basket Deposit or 105oz of Physical Gold, and the difference will be settled by a cash payment of the Cash Amount from the Fund to the Authorized Participant or a cash payment of the Cash Amount from the Authorized Participant to the Fund, respectively. In this way, any Physical Gold deposited with the Custody Account in excess of the Basket Deposit will never be included in the calculation of the Fund's NAV at the end of each business day. See "Valuation of Physical Gold and Computation of Net Asset Value," below. The Fund will reimburse the Authorized Participant using cash on hand, in accordance with procedures adopted by the Sponsor. The Fund intends to maintain an amount of cash to reimburse the Authorized Participant for Physical Gold deposited in excess of the value of the Basket Deposit. The Sponsor on behalf of the Trust will cause gold to be purchased or sold through dealers, including Texas Precious Metals, in OTC transactions to maintain a cash position to settle any Cash Amount in connection with the creation of Shares.

*Suspension of Purchase Orders*

The Sponsor may, in its discretion, suspend the right of purchase, or postpone the purchase settlement date or reject a particular purchase order (1) for any period during which the Exchange, the New York Stock Exchange, any of the exchanges of the CME Group (including CME, COMEX, CBOT and NYMEX) or other exchange material to the valuation or operation of the Fund is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Physical Gold is not reasonably practicable or (3) for such other period as the Sponsor determines to be necessary for the protection of shareholders. None of the Transfer Agent, the Sponsor, or the Custodian will be liable for the rejection of any purchase order or Physical Gold deposit.

*Rejection of Purchase Orders*

The Sponsor or its designee has the absolute right, but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:

● the purchase order or Basket Deposit is not in proper form;

● it would not be in the best interest of the shareholders of the Fund;

● the acceptance of the purchase order or the Basket Deposit would have adverse tax consequences to the Fund or its shareholders;

● the acceptance or receipt of which could, in the opinion of counsel to the Sponsor, be unlawful; or

● circumstances outside the control of the Sponsor or its designee make it, for all practical purposes, not feasible to process Baskets.

**Redemption Procedures** – **Authorized Participants**

The procedures by which an Authorized Participant can redeem one or more Baskets will mirror the procedures for the creation of Baskets. On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must be placed no later than 12:00 PM EST on each business day the Exchange is open for regular trading. A redemption order so received is effective on the date it is received in satisfactory form by the Transfer Agent. The redemption procedures allow only Authorized Participants to redeem Baskets. An investor may not redeem Baskets other than through an Authorized Participant.

By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed to the Fund through DTC's book-entry system no later than 9:00 AM EST the next business day following the effective date of the redemption order. By 4:00 PM EST that same day, upon confirmation of receipt of the Baskets to be redeemed, the Custodian, after receiving appropriate instructions from the Authorized Participant and the Transfer Agent, will transfer the Physical Gold to either (i) the Authorized Participant's account with the Custodian at the TPMD Hempstead vault location, (ii) the Authorized Participant's account with Loomis Hempstead, if applicable, or (iii) another custodian that uses the Loomis Hempstead vault, with which custodian the Authorized Participant has arranged for the delivery of the gold. Delivery of Physical Gold will be made to one of these locations selected by the Authorized Participant, except that if the vault at TPMD Hempstead does not contain enough Physical Gold in the Custody Account to satisfy the redemption request in full, the Authorized Participant will be notified and will be required to take delivery in the vault at TPMD Shiner. In that case, the Fund will permit such Authorized Participant to cancel its redemption order within one hour following such notification, notwithstanding the 12:00 PM EST order cutoff time, provided that such cancellation occurs prior to the close of regular trading (4:00 PM EST) on the Exchange. The TPMD Hempstead vault is the default delivery location for all redemption orders unless the Authorized Participant requests delivery to another available vault location. If the Authorized Participant requests that the Physical Gold be transferred in the vault at TPMD Shiner, the Authorized Participant must make such request and receive written confirmation from the Sponsor that the request has been accepted prior to submitting the Baskets to be redeemed.

Prior to the delivery of the Baskets to be redeemed for the redemption order, the Authorized Participant must also have wired to the Transfer Agent the non-refundable $500 transaction fee due for the redemption order.

------

*Determination of Redemption Distribution*

The redemption distribution from the Fund will consist of a credit to the redeeming Authorized Participant's account representing the amount of the Physical Gold held by the Fund evidenced by the number of Baskets being redeemed. The redemption Basket Deposit is determined by dividing the number of Troy Ounces of Physical Gold held by the Fund by the number of Baskets outstanding, as adjusted for the amount of Physical Gold constituting estimated accrued but unpaid fees and expenses of the Fund, as of the opening of business on the date of the redemption order. The number of Baskets outstanding is determined by dividing the number of Shares outstanding by 10,000 (or other number of Shares in a Basket for such business day). Fractions of a Troy Ounce included in the redemption Basket Deposit smaller than 0.001 of a Troy Ounce are disregarded. Authorized Participants may request a specific composition of Eligible Bars for the redemption distribution, but the Sponsor retains discretion regarding the composition of Eligible Bars to be delivered. Redemption distributions will be subject to the deduction of any applicable tax, fees or other governmental charge that may be due, as well as any charges or fees in connection with the transfer of Physical Gold and the issuance and delivery of Shares.

*Delivery of Redemption Distribution*

The redemption distribution due from the Fund is transferred to the Authorized Participant by 4:00 PM EST on the next business day following the redemption order date if, by 9:00 AM EST on such next business day, the Transfer Agent's DTC account has been credited with the Baskets to be redeemed. The Custodian will arrange for the redemption amount in Physical Gold to be transferred from the Custody Account to the Authorized Participant's account at its vault of choice, as described above.

A redemption Basket Deposit to be provided to an Authorized Participant will not likely consist of only Eligible Bars, but rather will consist of a fraction of a gold bar in addition to a number of Eligible Bars. Therefore, the Fund may transfer to an Authorized Participant a number of Eligible Bars with a value that differs from the value of the Basket Deposit by no more than the lesser of 5% or 105oz of Physical Gold, in accordance with procedures adopted by the Sponsor. The difference will be settled by a cash payment of the Cash Amount from the Fund to the Authorized Participant or a cash payment of the Cash Amount from the Authorized Participant to the Fund, respectively. In this way, the delivery of Physical Gold that exceeds the value of the Basket Deposit will not result in the dilution of a shareholder's interest in the Fund. The Fund will credit the Authorized Participant's DTC account for the amount of any such Cash Amount. The Fund will pay cash to the Authorized Participant using cash on hand, in accordance with procedures adopted by the Sponsor. The Fund intends to maintain an amount of cash to pay the Authorized Participant for any difference between the value of the Physical Gold provided to an Authorized Participant and the value of the Basket Deposit. See "Valuation of Physical Gold and Computation of Net Asset Value," below. If the Fund is holding insufficient cash to settle this Cash Amount with respect to a particular redemption transaction, the Fund will be required to sell Physical Gold to generate the needed cash, and the redemption may not settle on the next business day following the effective date of the redemption order, upon the express agreement by the Fund and the Authorized Participant. The Sponsor on behalf of the Trust will cause gold to be purchased or sold through dealers, including Texas Precious Metals, in OTC transactions to maintain a cash position to settle any Cash Amount in connection with the redemption of Shares.

*Suspension or Rejection of Redemption Orders*

The Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date or reject a particular redemption order (1) for any period during which the Exchange, the New York Stock Exchange, any of the exchanges of the CME Group (including CME, COMEX, CBOT and NYMEX) or other exchange material to the valuation or operation of the Fund is closed, or when trading in gold is suspended or restricted on such exchanges, other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which satisfying the redemption distribution is not reasonably practicable or (3) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. Neither the Sponsor nor the Transfer Agent will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Sponsor or its designee will reject a redemption order if (i) the Sponsor determines the order is not in proper form as described in the Authorized Participant Agreement, (ii) the fulfillment of the order, in the opinion of its counsel, might be unlawful or (iii) circumstances outside the control of the Sponsor or its designee, make it, for all practical purposes, not feasible to process.

------

**Creation and Redemption Transaction Fee**

To compensate the Transfer Agent for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Transfer Agent of $500 per order to create or redeem Baskets. An order may include multiple Baskets. The transaction fee may be reduced, increased or otherwise changed by the Transfer Agent with the consent of the Sponsor.

**Creation Delivery Fee**

In connection with the delivery of Physical Gold for a creation to TPMD Hempstead, the Authorized Participant will be charged a fee of 0.01% of the value of the Shares being created. This Delivery Fee will cover a portion of the shipping cost that the Fund will incur to ship the majority of the Physical Gold to TPMD Shiner.

**Tax Responsibility**

Authorized Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or other governmental charge applicable to the creation or redemption of Baskets – and delivery and receipt of Physical Gold pursuant thereto – regardless of whether such tax or charge is imposed directly on the Authorized Participant. By placing a purchase order or redemption order, an Authorized Participant agrees to indemnify the Sponsor, the Transfer Agent and the Fund if any of them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.

------

**FEDERAL INCOME TAX CONSEQUENCES**

This section summarizes the material U.S. federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a "U.S. Investor" (as defined below) and certain U.S. federal tax consequences that may apply to the purchase, ownership and disposition of Shares by a "non-U.S. Investor" (as defined below). The following discussion represents, insofar as it describes conclusions regarding U.S. federal tax law and subject to the limitations and qualifications described therein, the opinion of Eversheds Sutherland (US) LLP, special U.S. federal income tax counsel to the Sponsor. The discussion is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), final and temporary Treasury regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change at any time. No assurance can be given that future legislation, regulations, court decisions and/or administrative pronouncements will not significantly change applicable law and materially affect the conclusions expressed herein, and any such change, even though made after an investor has invested in the Fund, could be applied retroactively. The Fund has not sought any ruling from the IRS with respect to the statements made and the conclusions reached in the following discussion, and there can be no assurance that the IRS will agree with such statements and conclusions.

This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to an investor in light of its particular circumstances or to an investor subject to special rules including, without limitation: banks, thrift institutions and certain other financial institutions; insurance companies; tax-exempt organizations; brokers and dealers in securities or currencies; regulated investment companies, real estate investment trusts, or other financial conduit (or shareholders of such entity); certain securities traders; persons holding Shares as a position in a "hedging," "straddle," "conversion" or "constructive sale" transaction (as those terms are defined in the authorities mentioned above); qualified pension and profit-sharing plans, individual retirement accounts ("**IRAs**"), and certain other tax-deferred accounts; certain former citizens or long-term residents of the United States; persons whose "functional currency" is not the U.S. dollar; persons subject to the alternative minimum tax; foreign investors (except as specifically provided under "Income Taxation of Non-U.S. Investors" below) and other investors with special circumstances - may be subject to special rules not discussed below. This discussion also does not address the U.S. federal income tax consequences to beneficial owners of the Shares subject to the special tax accounting rules under Section 451(b) of the Code. In addition, the following discussion applies only to investors who will hold Shares as "capital assets" (as defined in section 1221 of the Code). Moreover, the effects of other U.S. federal tax laws (such as estate and gift tax laws) and any applicable state, local or non-U.S. tax laws are not discussed.

***Purchasers of Shares are urged to consult their own tax advisers with respect to all U.S. federal, state, local and non-U.S. tax law considerations potentially applicable to their investment in Shares.***

For purposes of this discussion, a "U.S. Investor" is an investor that is a beneficial owner of a Share who is for U.S. federal income tax purposes:

● A citizen or individual resident of the United States;

● A corporation (or other entity treated as a corporation) that is created or organized in the United States or under the laws of the United States or any state thereof or the District of Columbia;

● An estate, the income of which is subject to U.S. federal income tax regardless of its source; or;

● A trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more persons described in any of the three preceding clauses have the authority to control all substantial decisions of the trust; or (ii) the trust has made a valid election under applicable Treasury regulations to continue to be treated as a domestic trust.

A "Non-U.S. Investor" is a beneficial owner of a Share who is neither a U.S. Investor nor a partnership for U.S. federal income tax purposes.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds any Shares, the U.S. federal income tax treatment of a partner of the partnership generally will depend upon the status of the partner, the activities of the partnership and certain determinations made at the partner level. Partnerships holding Shares, and persons holding interests in such partnerships, should each consult their own tax advisors as to the consequences of investing in the Shares in their individual circumstances.

------

**Taxation of the Fund**

The Sponsor will treat the Fund as a "grantor trust" for U.S. federal tax purposes. As a result, the Fund itself will not be subject to U.S. federal income tax. Instead, the Fund's income and expenses will "flow through" to its investors, and the Administrator will report the Fund's income, gains, losses and deductions to the IRS on that basis. There can be no assurance that the IRS will agree with the Sponsor's treatment of the Fund as a grantor trust for U.S. federal income tax purposes, and it is possible that the IRS or another tax authority could assert a position contrary thereto and that a court could sustain that contrary position. Neither the Sponsor nor the Administrator will request a ruling from the IRS with respect to the classification or treatment of the Fund for U.S. federal tax purposes. If the IRS were to assert successfully that the Fund is not a "grantor trust," the Fund would be classified as a partnership for U.S. federal income tax purposes.

The following discussion assumes that the Fund will be classified as a grantor trust for U.S. federal income tax purposes.

**Taxation of U.S. Investors**

A U.S. Investor will be treated, for U.S. federal tax purposes, as if it directly owns a *pro rata* share of the Fund's assets and directly receives that share of any Fund income and incurs that share of the Fund's expenses. In the case of a U.S. Investor that purchases Shares for cash, its initial tax basis in its *pro rata* share of the assets held in the Fund at the time it acquires its Shares will be equal to its cost of acquiring the Shares. In the case of a U.S. Investor that acquires its Shares as part of the creation of a Basket, the delivery of Physical Gold to the Fund in exchange for a *pro rata* share of the underlying Physical Gold the Fund holds at the time it acquires its Shares will not be a taxable event to the U.S. Investor, and the U.S. Investor's tax basis in and holding period for that share of the Fund's Physical Gold will be the same as its tax basis in and holding period for the Physical Gold delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of an investor's Shares are acquired on the same date and at the same price per Share. Investors that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis in and holding period for the underlying Physical Gold represented by such Shares.

If the Fund sells Physical Gold, for example to generate cash to pay its fees or expenses, a U.S. Investor will recognize gain or loss in an amount equal to the difference between (1) the U.S. Investor's *pro rata* share of the amount the Fund realizes on the sale and (2) the U.S. Investor's tax basis in its *pro rata* share of the Physical Gold that was sold. Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the investor has a holding period in its Shares of longer than one year. A U.S. Investor's tax basis in its share of any Physical Gold sold by the Fund generally will be determined by multiplying the U.S. Investor's total basis in its share of all the Physical Gold held in the Fund immediately prior to the sale by a fraction, the numerator of which is the amount of Physical Gold sold and the denominator of which is the total amount of all the Physical Gold so held immediately prior to the sale. After any such sale, a U.S. Investor's tax basis in its *pro rata* share of the Physical Gold remaining in the Fund will be equal to its tax basis in its share of the total amount of the Physical Gold held in the Fund immediately prior to the sale, less the portion of that basis allocable to its share of the Physical Gold that was sold.

On the sale of some or all of its Shares, a U.S. Investor will be treated as having sold the part of its *pro rata* share of the Physical Gold held in the Fund at the time of the sale that is attributable to the Shares sold. Accordingly, the U.S. Investor generally will recognize gain or loss on the sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares and (2) the U.S. Investor's tax basis in that attributable part, as determined in the manner described in the preceding paragraph.

------

If a U.S. Investor redeems some or all of its Shares in exchange for the underlying Physical Gold represented by the redeemed Shares, the exchange will generally not be a taxable event for the U.S. Investor (except as noted below with respect to any Cash Amount). In addition, if an investor acquires its Shares as part of the creation of a Basket by delivering to the Fund Physical Gold in specified denominations, the subsequent redemption of its Shares for Physical Gold delivered by the Fund in different denominations (*e.g.*, Physical Gold in one kilogram, 100 Troy Ounce or 400 Troy Ounce denominations, etc.) will not constitute a taxable event, provided that the amount of Physical Gold received on the redemption contains the equivalent metallic content of the Physical Gold delivered on the creation, less amounts accrued or sold to pay the Fund's expenses and other charges. A U.S. Investor's tax basis in the Physical Gold received on a redemption generally will be the same as the U.S. Investor's tax basis in the portion of its *pro rata* share of the Physical Gold held in the Fund immediately prior to the redemption that is attributable to the redeemed Shares. A U.S. Investor's holding period with respect to the Physical Gold received on a redemption should include the period during which the U.S. Investor held the redeemed Shares. A subsequent sale of the Physical Gold received by the U.S. Investor will be a taxable event, unless a nonrecognition provision of the Code applies to such sale.

If a U.S. Investor is entitled to any Cash Amounts on the redemption of some or all of its Shares, the U.S. Investor will be treated as having sold the portion of its *pro rata* share of the Physical Gold held in the Fund equal in value to the Cash Amount.

A U.S. Investor's tax basis in its *pro rata* share of the Physical Gold held in the Fund immediately after any sale or redemption of less than all of the U.S. Investor's Shares generally will equal (1) its tax basis in its share of the total amount of the Physical Gold held in the Fund immediately prior to the sale or redemption less (2) the portion of such basis that is taken into account in determining the amount of gain or loss the investor recognizes on the sale or, in the case of a redemption, is treated as the basis in the Physical Gold received by the investor in the redemption.

**Maximum 28% Long-Term Capital Gains Tax Rate for U.S. Investors Who Are Individuals**

Gains recognized by an individual, estate or trust (each referred to below as an "individual" unless the context requires otherwise) from the sale of "collectibles," which term includes Physical Gold, held for more than one year are subject to U.S. federal income tax at a maximum rate of 28% rather than the lower maximum rates applicable to most other long-term capital gains individuals recognize. For these purposes, gain an individual recognizes on the sale of an interest in a "grantor trust" that holds collectibles (such as the Fund) is treated as gain recognized on the sale of the collectibles, to the extent the gain is attributable to unrealized appreciation in value of the collectibles. Therefore, any gain recognized by an individual U.S. Investor attributable to a sale or exchange of Shares held for more than one year, or attributable to the Fund's sale of any Physical Gold that the investor is treated (through his, her or its ownership of Shares) as having held for more than one year, generally will be subject to U.S. federal income tax at a maximum rate of 28%. The tax rates for capital gains recognized on the sale of assets held by an individual U.S. Investor for one year or less, or by a taxpayer other than an individual, are generally the same as those at which ordinary income is taxed.

**3.8% Tax on Net Investment Income**

An individual is required to pay a 3.8% surtax on the lesser of (1) the excess of the individual's "modified adjusted gross income" over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or (2) the individual's "net investment income," which generally includes dividends, interest, and net gains from the disposition of investment property. This surtax is in addition to any other taxes due on that income. U.S. Investors should consult their own tax advisers regarding the effect, if any, this provision may have on their investment in Shares.

------

**Brokerage Fees and Fund Expenses**

Any brokerage or other transaction fee incurred by an investor in purchasing Shares will be included in the investor's tax basis in the Fund's underlying assets. Similarly, any brokerage fee incurred by an investor in selling Shares will reduce the amount the investor realizes with respect to the sale.

Investors will be required to recognize the full amount of gain or loss on a sale of Physical Gold by the Fund (as discussed above), even though some or all of the sale proceeds are used by the Fund to pay Fund expenses. An investor may deduct its respective pro rata share of each expense incurred by the Fund to the same extent as if it directly incurred the expense. Investors who are individuals, however, may be required to treat some or all of the expenses of the Fund as miscellaneous itemized deductions, which are currently not deductible. Prospective investors should consult their own tax advisors regarding the U.S. federal income tax consequences of holding Shares in light of their particular circumstances.

**Income Taxation of Non-U.S. Investors**

A Non-U.S. Investor generally will not be subject to U.S. federal income tax with respect to gain recognized on the sale or other disposition of Shares, or on the sale of Physical Gold by the Fund, unless (1) the Non-U.S. Investor is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition and the gain is treated as being from U.S. sources or (2) the gain is effectively connected with the conduct by the Non-U.S. Investor of a trade or business in the United States and certain other conditions are met. Non-U.S. Investors are advised to consult their own tax advisers as to the tax consequences, under the laws of any Non-U.S. jurisdiction to which they are subject, of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.

**U.S. Information Reporting and Withholding**

To the extent required by applicable regulations, the Sponsor will file certain information returns with the IRS, will make information available that will enable brokers and custodians through which investors hold Shares to prepare and file certain information returns with the IRS, and will provide certain tax-related information to investors, in each case in connection with the Fund. To the extent required by applicable regulations, each investor will be provided with information regarding its allocable portion of the Fund's annual income, deductions, gains and losses (if any).

A U.S. Investor may be subject to U.S. federal backup withholding, at the rate of 24%, in certain circumstances unless it provides its taxpayer identification number to its broker and complies with certain certification procedures. A Non-U.S. Investor may have to comply with certification procedures to establish that it is not a United States person (as that term is defined in the Code), and some Non-U.S. Investors will be required to meet certain information reporting or certification requirements imposed by the Foreign Account Tax Compliance Act to avoid withholding. Backup withholding is not an additional tax, and taxpayers may use amounts withheld as a credit against their U.S. federal income tax liability or may claim a refund if they timely provide certain information to the IRS.

**Certain State and Local Taxation Matters**

Prospective investors should consider, in addition to the U.S. federal income tax consequences described, potential state and local tax considerations in investing in the Shares. These considerations arise under various taxing schemes, which include taxes imposed on entities treated as partnerships for U.S. federal income tax purposes, withholding on the distributive share of a nonresident partner, franchise and capital taxes, gross income taxes, net income taxes, value added taxes, and gross receipts taxes.

State and local tax laws often differ from U.S. federal income tax laws with respect to the treatment of specific items of income, gain, loss, deduction and credit for state net income tax purposes. For investors that are taxed as entities for state or local tax income tax purposes, the taxable nexus, income, and apportionment factors of a Fund may flow through to the investor and such flow-through may disproportionately impact the taxability of the investor in one or more jurisdictions relative to that investor's distributive share from the Fund. For investors that are individuals, the taxable nexus and apportioned income of a Fund will generally flow through to the investor and the investor's distributive share of the taxable income or loss of the Fund generally will be required to be included in determining its reportable income for state and local income tax purposes in the jurisdiction in which the investor is a resident.

The Fund may have a taxable nexus with one or more jurisdictions that will subject an investor to tax (and require an investor to file a state and local tax return with the jurisdiction in respect to the investor's share of the income derived from that business). A prospective investor should consult its tax advisor with respect to the availability of a credit for such tax in the jurisdiction(s) in which the investor is resident.

------

**ERISA AND RELATED CONSIDERATIONS**

The Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), and section 4975 of the Code impose certain requirements on employee benefit plans and certain other plans and arrangements, including IRAs and individual retirement annuities, Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans, accounts, annuities or arrangements are invested, that are subject to ERISA or the Code, respectively (each a "**Plan**," and collectively, the "**Plans**"), and on persons who are fiduciaries with respect to the investment of assets treated as "plan assets" of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA.

Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of Code section 4975 but may be subject to substantially similar rules under state or other federal law. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in Shares.

In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the "Risk Factors" discussed above and whether such investment is consistent with its fiduciary responsibilities, including (1) whether the fiduciary has the authority to make the investment under the appropriate governing Plan instrument, (2) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a "party in interest" or "disqualified person," (3) the Plan's funding objectives, and (4) whether under the general fiduciary standards of investment prudence and diversification such investment is appropriate for the Plan, taking into account the Plan's overall investment policy, the composition of its investment portfolio and its need for sufficient liquidity to pay benefits when due.

------

**PLAN OF DISTRIBUTION**

The Fund issues Shares in Baskets only to Authorized Participants in exchange for deposits of Physical Gold on a continuous basis. As of the date of this Prospectus, the Trust has agreements with the following Authorized Participants with respect to the Fund: Wells Fargo Securities, LLC. The Fund will not issue fractions of a Basket to Authorized Participants. Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Fund, a "distribution," as such term is used in the Securities Act, will be occurring. The Initial Purchaser is a statutory underwriter under Section 2(a)(11) of the Securities Act. Subsequent Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities will result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act. For example, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Fund, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. A determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter.

The Initial Purchaser will purchase the initial Baskets. The Initial Purchaser intends to reoffer the initial Baskets at a per Share offering price that will vary, depending on, among other factors, the market price of gold and the trading price of the Shares on the Exchange. The Initial Purchaser will not receive from the Trust, the Sponsor, the Trustee or any of their affiliates a fee or other compensation in connection with the sale of the Shares. The Trust will not bear any expenses in connection with the offering or sale of the initial Baskets.

Investors that purchase Shares through a commission/fee-based brokerage account may pay commissions/fees charged by the brokerage account. Investors should review the terms of their brokerage accounts for details on applicable charges.

Dealers that are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(3)(C) of the Securities Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the Securities Act.

The Sponsor intends to qualify the Shares in states selected by the Sponsor and that sales be made through broker-dealers who are members of FINRA or will be exempt from being or otherwise will not be required to be so regulated or registered. Investors intending to create or redeem Baskets through Authorized Participants in transactions not involving a broker-dealer registered in such investors' state of domicile or residence should consult their legal advisor regarding applicable broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.

The Sponsor and the Marketing Agent are parties to a Marketing Agent Agreement (the "**Marketing Agent Agreement**"), pursuant to which the Marketing Agent provides assistance in the marketing of the Shares, including participating in the development and preparation of marketing materials and additional web presence for the Fund. The Marketing Agent's compensation for such services is based on the average daily net assets of the Fund during a calendar quarter not attributable to Shares held by the Sponsor or its affiliates (the "**Third Party Assets**") and is capped at an amount equal to 10% of the gross proceeds to the Fund from sale of the Shares. Any fees payable to the Marketing Agent are payable by the Sponsor from the Sponsor's Fee. The Fund will not incur additional financial or other performance obligations pursuant to the Marketing Agent Agreement.

The offering Baskets are being made in compliance with FINRA Conduct Rule 2310. Authorized Participants will not receive from the Fund or the Sponsor any compensation in connection with an offering of the Shares. Accordingly, there is, and will be, no payment of underwriting compensation in connection with such offering of Shares in excess of 10% of the gross proceeds of the offering.

------

**THE TRUST AND THE FUND**

**The Trust**

The Trust was formed as a Delaware statutory trust, organized into separate series, on September 16, 2025. The Trust is a passive investment vehicle with no management, no board of directors and no audit committee. The Trust is governed by the Trust Agreement between the Sponsor and the Trustee. The Trust Agreement sets out the rights of the shareholders and the rights and obligations of the Trust and Trustee. Delaware State law governs the Trust Agreement. The following is a summary of material provisions of the Trust Agreement. It is qualified by reference to the entire Trust Agreement, which is filed as an exhibit to the registration statement of which this Prospectus is a part.

**The Fund**'**s Strategies**

The assets of the Fund consist primarily of Physical Gold held at the Custodian on behalf of the Fund. Physical Gold is delivered to the Fund and distributed by the Fund in connection with the creation and redemption of Baskets by Authorized Participants. Physical Gold may be purchased by the Fund for cash management purposes. Physical Gold will be sold by the Fund: (1) to pay the expenses of the Fund not assumed by the Sponsor; (2) to pay any Cash Amounts owed to Authorized Participants; and (3) if the Fund terminates and liquidates its assets. Physical Gold will be delivered or sold as otherwise required by law or regulation. The sale of Physical Gold by the Fund, including the sale of Physical Gold to generate cash to pay its fees and expenses or any Cash Amounts, may be a taxable event for investors. See "U.S. FEDERAL INCOME TAX CONSEQUENCES – Taxation of U.S. Investors."

The Fund is not registered as an investment company under the 1940 Act and is not required to register under such act. The Fund will not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act, as administered by the CFTC. The Fund is not a commodity pool for purposes of the Commodity Exchange Act and neither the Sponsor, nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the Shares.

The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Fund or the distribution by the Fund of the amount of Physical Gold represented by the Baskets being created or redeemed. The total amount of Physical Gold required for the creation of Baskets will be based on the combined net assets of the Fund represented by the number of Baskets being created or redeemed. The initial amount of Physical Gold required for deposit with the Fund to create Shares is 100 Troy Ounces of Physical Gold per Basket. The number of Troy Ounces of Physical Gold required to create a Basket or to be delivered upon a redemption of a Basket will gradually decrease over time. This is because the Shares comprising a Basket will represent a decreasing amount of Physical Gold due to the issuance of Shares or the delivery or sale of the Fund's Physical Gold to pay the Sponsor's Fee and the Fund's expenses not assumed by the Sponsor.

The Fund has no fixed termination date.

**The Fund**'**s Gold**

The Physical Gold owned by the Fund will be comprised of .995+ fine gold bars of various denominations from members of the current LBMA Good Delivery List. Physical Gold is the only gold held by the Fund. The Fund intends to hold Physical Gold in the form of kilogram, 100 ounce and 400 ounce gold bars. The bars are measured by the number of Troy Ounces of gold contained in the bar, regardless of the bar's gross weight.

------

**Fund Expenses**

The Fund's only ordinary recurring expense is expected to be the remuneration due to the Sponsor of 0.24% of the net asset value of the Fund. In exchange for the Sponsor's Fee, the Sponsor has agreed to assume all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, each of the administrator fees, custodian fees, transfer agent fees, trustee fees, applicable license fees, fees and expenses related to public trading of the Shares on the securities exchange (including registration, marketing, legal and audit fees and expenses), insurance costs, legal expenses, audit fees, regulatory and compliance fees, including any fees for or relating to the registration of the Shares with the SEC, printing and mailing costs and costs of maintaining the Fund's website. The routine ordinary expenses assumed by the Sponsor on behalf of the Fund are not subject to any caps. The Sponsor also will pay the costs of the Fund's organization and the initial sale of the Shares, including applicable SEC registration fees.

The Sponsor is not assuming interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of instruments held by the Fund, accrued deferred tax liability, and any extraordinary fees and expenses of a Fund which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and amount. The Fund will sell Physical Gold in such quantity and at such times as may be necessary to permit payment in cash of the Fund's extraordinary expenses and other Fund expenses and liabilities not assumed by the Sponsor, if any. The Fund is authorized to sell such Physical Gold at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Fund's holdings of assets other than Physical Gold. Accordingly, the amount of Physical Gold to be sold will vary from time to time depending on the level of the Fund's expenses. The Fund may also purchase or sell Physical Gold in order to maintain a cash position to settle any Cash Amount in connection with the creation or redemption of Shares, as described above in the section titled "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS." Cash held by the Cash Custodian pending payment of the Fund's expenses will not bear any interest.

The Sponsor on behalf of the Fund will cause gold to be purchased or sold through dealers, including Texas Precious Metals, in OTC transactions through which the Sponsor may reasonably expect to obtain a favorable price and good execution of orders. The Sponsor on behalf of the Fund may enter into agreements with dealers, in addition to Texas Precious Metals, prior to the purchase or sale of any gold through dealers in OTC transactions. The Sponsor may consider the market price expected to be obtained by such dealer and the ability of the dealer to conduct the sale of gold with a minimal impact on the market price of gold. The Sponsor may offset the importance of one factor against the remaining factors. The Sponsor and the Fund shall not be liable for loss incurred by reason of any purchase or sale. See "U.S. Federal Income Tax Consequences — Taxation of U.S. Investors" for information on the tax treatment of gold sales. The purchase and sale of gold has transaction costs, including the bid-ask spread along with the operational costs from the labor and overhead involved in calculating, executing, monitoring, and accounting for transactions in the gold markets and related cash movements. The Fund will assume any transaction costs related to the purchase or sale of gold.

From time to time, the Sponsor may waive all or a portion of the Sponsor's Fee at its discretion. The Sponsor is under no obligation to continue a waiver after the end of a stated period, and, if such waiver is not continued, the Sponsor's Fee will thereafter be paid in full. Presently, the Sponsor does not intend to waive any of its fees.

The Sponsor on behalf of the Fund will also cause the sale of the Fund's Physical Gold if the sale is required by applicable law or regulation or sell the Fund's Physical Gold in connection with the termination and liquidation of the Fund. On and after termination of the Fund, the Sponsor will wind up the business and affairs of the Fund and deliver Fund Property upon surrender and cancellation of Shares. The Sponsor will not accept any purchase order or redemption order after the date of dissolution. If any Shares remain outstanding after the date of dissolution of the Fund, the Sponsor thereafter will (i) discontinue the registration of transfer of Shares; (ii) continue to collect distributions pertaining to Fund Property and hold proceeds thereof uninvested, without liability for interest; and (iii) pay the Fund's expenses and may sell Fund Property as necessary to meet those expenses. After the dissolution of the Fund, the Sponsor will sell or otherwise liquidate the Fund Property then held and after deducting any fees, expenses, taxes or other governmental charges payable by the Fund and any expenses for the account of DTC of such Shares and any applicable taxes or other governmental charges, promptly distribute the net proceeds from such sale to DTC. The Trustee and the Sponsor shall not be liable for any loss or depreciation resulting from any sale or other disposition of property made pursuant to the Sponsor's instruction or otherwise made in good faith. The proceeds of the liquidation of the Fund's assets are expected to be distributed in cash. Shareholders are not entitled to any of the Fund's underlying Physical Gold holdings upon the dissolution of the Fund. Cash held by the Administrator or the Cash Custodian pending payment of the Fund's expenses will not bear any interest.

------

**Valuation of Physical Gold and Computation of Net Asset Value**

The Administrator values the Physical Gold held by the Fund and determines the net asset value of the Fund on each day the Exchange is open for regular trading, as promptly as practicable after 4:00 PM EST. If the LBMA Gold Price PM has not been announced by 4:00 PM EST on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the net asset value of the Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. In the event the Administrator and the Sponsor determine that such price is not an appropriate basis for valuation of the Fund's Physical Gold, they will identify an alternative basis for such valuation to be employed by the Administrator. In determining an alternative basis for such valuation, the Administrator and the Sponsor may consider such criteria as observable market-based inputs, including market quotations and/or trading platforms on which gold is traded. While we believe that the LBMA Gold Price is an appropriate indicator of the value of gold, there are other indicators that are available that could be different than the LBMA Gold Price. The use of such an alternative indicator could result in materially different fair value pricing of the Physical Gold in the Fund which could result in different market adjustments or redemption value adjustments of our outstanding redeemable Shares. In the event of a material change, the Sponsor will notify shareholders in a prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly reports, as applicable.

Once the value of the Physical Gold has been determined, the Administrator subtracts all estimated accrued fees, expenses and other liabilities of the Fund from the total value of the Physical Gold and all other assets of the Fund (other than any amounts credited to the Fund's reserve account, if established). The resulting figure is the net asset value of the Fund. The Administrator determines the net asset value per Share by dividing the net asset value of the Fund by the number of Shares outstanding as of the close of trading on the Exchange.

The Administrator's estimation of accrued but unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the Fund, and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The Sponsor and the investors may rely on any evaluation or determination of any amount made by the Administrator, and, except for any determination by the Sponsor as to the price to be used to evaluate Physical Gold, the Sponsor will have no responsibility for the evaluation's accuracy. The determinations the Administrator makes will be made in good faith upon the basis of, and the Administrator will not be liable for any errors contained in, information reasonably available to it. The Administrator will not be liable to the Sponsor, Authorized Participants, the investors or any other person for errors in judgment. However, the preceding liability exclusion will not protect the Administrator against any liability resulting from bad faith or gross negligence in the performance of its duties.

**Impact of Fund Expenses on the Fund**'**s Net Asset Value**

The net asset value of the Fund is used to compute the Sponsor's Fee, and the Administrator will subtract from the net asset value of the Fund the amount of accrued Sponsor's Fee. Should the need arise for the Fund to sell Physical Gold for expenses the Sponsor does not pay, the purchase price received as consideration for such sales will be the Fund's sole source of funds to cover its liabilities. The Fund does not engage in any activity designed to derive a profit from changes in the price of gold. Physical Gold not needed to redeem Baskets, or to cover the Fund expenses not assumed by the Sponsor, is held in physical form by the Custodian. As a result of the potential sales of Physical Gold to pay in cash the Fund expenses (including the Sponsor's Fee and other expenses not assumed by the Sponsor), the net asset value of the Fund and, correspondingly, the fractional amount of Physical Gold represented by each Share will decrease over the life of the Fund. New deposits of Physical Gold, received in exchange for additional new Baskets issued by the Fund, will not reverse this trend.

------

**Termination of the Trust and the Fund**

The Sponsor may terminate the Trust or the Fund at any time for any reason in its sole discretion, however, notwithstanding the foregoing, if the Trust or the Fund fails to qualify for treatment or ceases to be treated as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, the Sponsor will evaluate whether it is advisable and the best interest of the shareholders to terminate the Trust or the Fund as a result of such tax treatment or change in tax treatment, reorganize the Fund into a new series of the Trust or continue the Trust and the Fund without further action. Where practicable, the Sponsor will give written notice of the termination of the Trust or the Fund, specifying the anticipated date of termination, to applicable shareholders at least thirty (30) days prior thereto. The Sponsor will, within a reasonable time after such termination, sell all of the Fund's Physical Gold not already distributed to Authorized Participants redeeming Baskets, if any, in such a manner so as to effectuate orderly sales and a minimal market impact.

When selling Physical Gold, the Sponsor will follow the same protocols it follows when selling Physical Gold in connection with redemptions of Baskets and payment of Fund expenses. The Sponsor, on behalf of the Trust, will cause gold to be sold through dealers, including Texas Precious Metals (as defined below), in OTC transactions through which the Sponsor may reasonably expect to obtain a favorable price and good execution of orders. The final NAV will reflect any difference between the LBMA Gold Price PM utilized in calculating NAV on the liquidation date and the price, whether higher or lower, at which the Fund actually sells the Physical Gold.

The Sponsor may suspend its sales of the Fund's Physical Gold upon the occurrence of unusual or unforeseen circumstances and will not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made. Upon the surrender of all Shares, the payment of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees) and the completion of the sale of Physical Gold for cash by the Fund, the Trustee will instruct the delivery of cash to the shareholders of the Fund as of the liquidation date.

Upon termination of the Trust, following completion of winding up of its operations by the Sponsor, the Trustee, upon written directions and at the expense of the Sponsor, shall cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with applicable Delaware law.

**Amendments**

The Trust Agreement can be amended by the Sponsor in its sole discretion and without the shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by Sponsor in its sole discretion.

**Governing Law**

The Trust Agreement, and the rights of the Sponsor, the Trustee, DTC (as registered owner of the Trust's global certificates for Shares) and the shareholders under the Trust Agreement, are governed by the laws of the State of Delaware, except for causes of action related to violations of U.S. federal or state securities laws. The Trust Agreement and its provisions shall prevail over any contrary or limiting statutory or common law of the State of Delaware, other than the DSTA. The Trust Agreement does not contain an exclusive forum provision.

------

**Fiscal Year**

The fiscal year of the Fund is April 1 to March 31 . The Sponsor may select an alternate fiscal year. The first fiscal year of the Fund will end on March 31, 2027.

**Not a Regulated Commodity Pool**

The Fund does not trade in gold futures contracts on COMEX or on any other futures exchange. Because the Fund does not trade in gold futures contracts on any futures exchange, the Fund is not regulated by the CFTC under the Commodity Exchange Act as a "commodity pool," and is not operated by a CFTC-regulated commodity pool operator. Investors in the Fund do not receive the regulatory protections afforded to investors in regulated commodity pools, nor may COMEX or any futures exchange enforce its rules with respect to the Fund's activities. In addition, investors in the Fund do not benefit from the protections afforded to investors in gold futures contracts on regulated futures exchanges.

**Other Methods of Investing in Gold**

The Fund competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to the Fund.

**Licenses**

THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR Y'ALL STREET PHYSICAL GOLD ETF.

LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINISTRATION IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE PM, AND THE TRADE MARKS LBMA GOLD PRICE AND ICE BENCHMARK ADMINISTRATION, ARE USED BY TEUCRIUM ASSET MANAGEMENT, LLC WITH PERMISSION UNDER LICENCE BY IBA.

IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH RESPECT TO Y'ALL STREET PHYSICAL GOLD ETF. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FOR MISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA GOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.

------

**DESCRIPTION OF THE SHARES**

The Fund is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Fund will create Shares in Baskets, each equal to a block of 10,000 Shares, only upon the order of an Authorized Participant. The Shares represent units of fractional undivided beneficial interest in the net assets of the Fund and have no par value. The minimum order for the issuance, or creation, or redemption of Shares is generally one Basket; however, the Sponsor may, at its discretion, temporarily change the minimum order for the issuance or redemption of Shares to be up to four Baskets for as long as may be determined by the Sponsor. The minimum creation order will be same as the minimum redemption order. The Shares of the Fund are expected to be listed for trading, subject to notice of issuance, on the Exchange under the symbol "YSAU." The Fund's Shares may be bought and sold on the Exchange like any other exchange-listed security.

Investors may obtain gold pricing information based on the spot price for a Troy Ounce from various financial information service providers. Current spot prices also are generally available with bid/ask spreads from gold bullion dealers. In addition, the Fund's website (yallstreetetfs.com) will provide pricing information for gold spot prices and the Shares. Market prices for the Shares will be available from a variety of sources including brokerage firms, information websites and other information service providers. The net asset value of the Fund will be published by the Sponsor on each day that the Exchange is open for regular trading and will be posted on the Fund's website.

Any creation and issuance of Shares above the amount registered on the registration statement of which this Prospectus is a part will require the registration of such additional Shares.

**Description of Limited Rights**

The Shares do not represent a traditional investment and you should not view them as similar to "shares" of a corporation operating a business enterprise with management and a board of directors. As an investor, you will not have the statutory rights normally associated with the ownership of shares of a corporation, including, for example, the right to bring "oppression" or "derivative" actions. See "DESCRIPTION OF THE SHARES - Limitations on the Right to Bring Derivative Actions" below. All Shares are of the same class with equal rights and privileges. Each Share is transferable, fully paid and non-assessable and entitles the holder to vote on the limited matters upon which investors may vote under the Trust Agreement. The Shares are entitled to be redeemed or exchanged for Physical Gold as described in this Prospectus. The Shares do not entitle their holders to any conversion or pre-emptive rights or redemption rights for single Shares.

**Redemption of Shares in Exchange for Physical Gold**

The Shares may be redeemed by or through an Authorized Participant in Baskets. See "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS" for details.

**Distributions**

Shareholders generally will not receive regular distributions of the net income and capital gains earned by the Fund. If the Fund is terminated and liquidated, the Sponsor will distribute to the investors any amounts remaining after the satisfaction of all outstanding liabilities of the Fund and the establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor shall determine. See "THE TRUST AND THE FUND – Termination of the Trust." Investors of record on the record date fixed by the Sponsor for a distribution will be entitled to receive their *pro rata* portion of any distribution.

**Voting Rights**

Except as required under applicable Federal law or under the rules or regulations of the Exchange, shareholders shall have no voting rights hereunder or under the DSTA (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the DSTA default voting rights are provided to holders of beneficial interests). The shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that Federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit shareholders' right to vote on any specific matter, the shareholders' right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the shareholders. Nothing set forth in the Trust Agreement shall be construed so as to constitute the shareholders from time to time as partners or members of an association; nor shall any shareholder ever be liable to any third person by reason of any action taken by the parties to the Trust Agreement, or for any other cause whatsoever.

------

**Book-Entry Form**

Individual certificates will not be issued for the Shares. Instead, one or more global certificates will be deposited by the Transfer Agent with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates will evidence all of the Shares outstanding at any time. Under the Trust Agreement, investors may only hold Shares through (1) participants in DTC such as banks, brokers, dealers and trust companies ("**DTC Participants**"); (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ("**Indirect Participants**"); and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Investors who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.

DTC may decide to discontinue providing its service with respect to Baskets and/or the Shares by giving notice to the Transfer Agent and the Sponsor. Under such circumstances, the Sponsor will find a replacement DTC to perform its functions at a comparable cost or, if a replacement is unavailable, the Sponsor will terminate the Fund.

The rights of the investors generally must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of DTC. Because the Shares can only be held in book-entry form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial intermediary through which they hold the Shares to receive the benefits and exercise the rights described in this section. Investors should consult with their broker or financial institution to find out about procedures and requirements for securities held in book-entry form through DTC.

**Share Splits**

If the Sponsor believes that the per Share price in the secondary market for Shares has fallen outside a desirable trading price range, the Sponsor may declare a split or reverse split in the number of Shares outstanding and make a corresponding change in the number of Shares constituting a Basket.

**Limitations on the Right to Bring Derivative Actions**

Pursuant to the terms of the Trust Agreement, shareholders' statutory right under Delaware law to bring a derivative action is restricted. Under Delaware law, a shareholder may only bring a derivative action if the shareholder is a shareholder at the time the action is brought and either (i) was a shareholder at the time of the transaction at issue or (ii) acquired the status of shareholder by operation of law or the Trust's governing instrument from a person who was a shareholder at the time of the transaction at issue, and the Sponsor shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that the Sponsor receives remuneration for its service as the Sponsor of the Trust or an employee or officer of the Sponsor receives remuneration for his or her service as a trustee or director of one or more investment companies that are under common management with or otherwise affiliated with the Trust. Additionally, the Trust Agreement includes conditions that require (1) a shareholder or shareholders to make a pre-suit demand upon the Sponsor to bring the subject action unless an effort to cause the Sponsor to bring such an action is not likely to succeed (a demand on the Sponsor shall only be deemed not likely to succeed and therefore excused if the Sponsor has a personal financial interest in the transaction at issue) and (2) shareholders eligible to bring a derivative action under the DSTA who hold at least 10% of the outstanding Shares of the Trust, or 10% of the outstanding Shares of the Fund to which such action relates, must join in a request for the Sponsor to commence such action. This provision applies to any derivative actions brought in the name of the Trust other than claims under the federal securities laws to the extent its application is found to violate the federal securities laws.

------

**THE SPONSOR**

The Sponsor, Teucrium Asset Management, LLC, is a Delaware limited liability company. The principal office of the Sponsor and the Trust are located at Three Main Street, Suite 215, Burlington, Vermont 05401. The Sponsor and its management have limited history of operating investment vehicles like the Fund.

**The Sponsor**'**s Role**

The Sponsor: (1) will select the Trustee, Administrator, Transfer Agent, Custodian, Cash Custodian, Marketing Agent and any other Trust Service Providers; (2) will negotiate various agreements and fees for the Fund; (3) will maintain the Fund's web site; and (4) will perform such other services as the Sponsor believes that the Fund may require.

The Fund is managed and controlled by the Sponsor pursuant to the terms of the Trust Agreement and the Sponsor Agreement. The Sponsor arranged for the creation of the Fund, the registration of the Shares for their public offering in the United States and the listing of the Shares on the Exchange. The Sponsor also paid the costs of the Fund's organization and the initial sale of the Shares, including applicable SEC registration fees. In exchange for the Sponsor's Fee, the Sponsor has agreed to assume to pay all of the routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, the following administrative and marketing expenses incurred by the Fund: each of the Trustee's, Administrator's, Custodian's, Cash Custodian's, Transfer Agent's and Marketing Agent's monthly fee and out-of-pocket expenses and expenses reimbursable in connection with such service provider's respective agreement; the marketing support fees and expenses; exchange listing fees; SEC registration fees; printing and mailing costs; maintenance expenses for the Fund's website; audit fees and expenses; and routine legal expenses. The routine ordinary expenses assumed by the Sponsor on behalf of the Fund are not subject to any caps. The Sponsor is not responsible for interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of instruments held by the Fund, accrued deferred tax liability, and any extraordinary fees and expenses of a Fund which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses.

While the Sponsor will not exercise day-to-day oversight over the Fund's service providers, the Sponsor will engage the Transfer Agent, the Marketing Agent, the Administrator, the Custodian and the Cash Custodian to assist in implementing the creation and redemption process for the Fund.

**Liability and Indemnification**

The Sponsor will not be under any liability to the Fund, the Trust, the Trustee or any shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Physical Gold or other assets held in trust hereunder; provided, however, that this provision will not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee's counsel or by any other person for any matters arising hereunder. The Sponsor will in no event be deemed to have assumed or incurred any liability, duty, or obligation to any shareholder or to the Trustee other than as expressly provided for herein. The Trust will not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

In addition, as described in the Trust Agreement, (i) whenever a conflict of interest exists or arises between the Sponsor or any of its affiliates, on the one hand, and the Trust, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor will act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Sponsor will resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor will not constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

------

The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a "**Sponsor Indemnified Party**") will be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement may be payable in advance. The Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**Key Personnel of the Trust and the Sponsor**

The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or executive officers of the Sponsor, perform certain functions with respect to the Trust and the Fund that, if the Trust had directors or executive officers, would typically be performed by them.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position(s) Held with**<br> **the Trust and the**<br> **Sponsor** | **Length of Time**<br> **Served** | **Principal Occupation(s)** <br> **During Past Five Years** |
| Sal Gilbertie, 65 | President, Chief Executive Officer, Chief Investment Officer, Secretary | Since inception in 2025 | President, Chief Executive Officer, Chief Investment Officer, Secretary, Principal, Branch Manager and Associated Person, Teucrium Trading, LLC (Jan. 2010 – present); Officer, Principal and Associated Person, Teucrium Investment Advisors, LLC (March 2022 – present) |
| Cory Mullen-Rusin, 38 | Chief Financial Officer, Chief Accounting Officer (2025 – present) | Since inception in 2025 | Chief Financial Officer, Chief Accounting Officer, Teucrium Trading, LLC (Sept. 2018 – present); Officer and Principal, Teucrium Investment Advisors, LLC (March 2022 – present), Chief Compliance Officer (Sept. 2018-Dec 2025) |
| Springer Harris, 37 | Chief Operating Officer | Since inception in 2025 | Chief Operating Officer, Director of Operations, Teucrium Trading, LLC (May 2011 – Present); Principal, Officer, NFA Associated Member, Associated Person and Swap Associated Person of Teucrium Investment Advisors LLC (March 2022 – present) |

---

**The Sponsor**'**s Fee**

The Sponsor's Fee accrues daily and is paid monthly in arrears at an annualized rate equal to 0.24% of the net asset value of the Fund. The Fund must pay the Sponsor's Fee in cash.

**Successor Sponsors**

If the Sponsor is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property is appointed, or a trustee or liquidator or any public officer takes charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Trustee may terminate and liquidate the Trust and distribute its remaining assets. The Trustee has no obligation to appoint a successor sponsor or to assume the duties of the Sponsor and neither will have any liability to any person because the Trust is or is not terminated as described in "THE TRUST AND THE FUND — Termination of the Trust" above. The dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate the Trust Agreement insofar as the duties and obligations of the Trustee are concerned.

------

**THE TRUSTEE**

The sole Trustee of the Trust is Wilmington Trust, National Association, a national banking association. The Trustee's principal offices are located at 1100 North Market Street, Wilmington, Delaware 19890. The Trustee is unaffiliated with the Sponsor. The Trustee's duties and liabilities with respect to the offering of Shares and the management of the Trust are limited to its express obligations under the Trust Agreement. The Trustee has not participated in the preparation of this offering document and shall have no responsibility or liability for the contents herein.

**The Trustee**'**s Role**

The Trustee is the trustee of the Trust for the sole and limited purpose of fulfilling the requirements of the DSTA. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the DSTA. Under the Trust Agreement, the Sponsor has the exclusive management and control of all aspects of the activities of the Trust.

**General Duty of Care of Trustee**

Under the Trust Agreement the Trustee shall have no liability other than for its own willful misconduct or gross negligence. For limitations of the fiduciary duties of the Trustee, see the limitations on liability set forth in "THE TRUSTEE — Limitation on Trustee's Liability and Indemnification."

**Limitation on Trustee**'**s Liability and Indemnification**

The Trustee shall not be liable for the default or misconduct of the Trust, the Sponsor, the Administrator, the Custodian, any shareholder or any other person under the Trust Agreement or any other agreement to which the Trust is a signatory or bound (a "**Transaction Document**") or otherwise, nor shall the Trustee be liable for any delay in the performance or failure to perform its duties if such failure is a result of another party failing to perform their responsibilities, and the Trustee shall not be liable for any acts or omissions of the Sponsor, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust, and the Trustee may assume performance by the Trust, the Sponsor, the Administrator, the Custodian, any shareholder or any other person under the Trust Agreement or under any Transaction Document. In particular, but not by way of limitation:

● the Trustee shall not be liable for any error of judgment made in good faith, except to the extent such error of judgment constitutes gross negligence on its part;

● the Trustee is not required to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers under the Trust Agreement, if the Trustee has reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

● under no circumstances shall the Trustee be liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust or any series of the Trust, including the Fund;

● the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document;

● the Trustee will not incur any liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties;

● the Trustee shall be entitled to rely on and shall not be liable for any action taken or omitted to be taken by the Trustee in accordance with the advice of counsel or other professionals retained or consulted by the Trustee;

------

● in the exercise or administration of the Trust under the Trust Agreement, the Trustee (a) may act directly or through agents, custodians, nominees or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents, custodians, nominees or attorneys if such agents, custodians, nominees or attorneys shall have been selected by the Trustee in good faith and with due care; and (b) at the expense of the Trust may consult with counsel, accountants, experts and other skilled persons to be selected by it in good faith and with due care and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants, experts or other skilled persons, all of which action or inaction shall be deemed to be duly authorized;

● in no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and

● the Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder.

The Sponsor agrees, whether or not any of the transactions contemplated hereby shall be consummated, to assume liability for, and does hereby indemnify, protect, save and keep harmless, the Trustee (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, shareholders, employees, agents and servants (the "**Indemnified Parties**") from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section), claims, actions, suits, costs, expenses or disbursements (including customary and documented legal fees and expenses and legal fees and expenses incurred pursuant to enforcement of said indemnification rights) of any kind and nature whatsoever (collectively, "**Expenses**"), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of any of the Indemnified Parties, as finally determined by any court of competent jurisdiction without possibility of appeal. To the extent not paid by the Sponsor within 30 days, the Trust shall be additionally liable for such amounts. The obligations of the Sponsor and the Trust to indemnify the Indemnified Parties as provided herein shall survive the termination of the Trust Agreement.

**Resignation, Discharge or Removal of Trustee; Successor Trustees**

The Trustee may resign at any time by giving sixty (60) days' written notice to the Sponsor; provided, however, that said resignation of the Trustee shall not be effective until such time as a successor Trustee has accepted appointment as Trustee of the Trust. The Trustee may be removed at any time by the Sponsor upon sixty (60) days' written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor Trustee has accepted such appointment.

Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the DSTA. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within sixty (60) days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.

------

**THE CUSTODIAN**

Texas Precious Metals LLC serves as the Custodian for the Fund. The Custodian's office is located at 50 CR 356 Shiner, TX 77984.

**The Custodian**'**s Role**

The Custodian is responsible for holding the Fund's Physical Gold as well as receiving or dispersing Physical Gold on behalf of the Fund. Unless otherwise agreed between the Sponsor and the Custodian, Physical Gold must be held by the Custodian at TPMD Shiner or TPMD Hempstead. The Custodian will facilitate the transfer of Physical Gold in and out of the Fund between the Authorized Participant's account at its vault facility and the Fund's Custody Account.

The Custodian will provide the Administrator with daily reports detailing the Physical Gold transfers in and out of the Fund's account and identifying the specific Physical Gold bars held in the Fund's account.

The Custodian's fees and expenses are to be paid by the Sponsor. The Sponsor, on behalf of the Fund, has entered into the Custody Agreement with the Custodian, under which the Custodian maintains the Fund's account.

Under the Trust Agreement, the Sponsor is responsible for appointing accountants or other inspectors to monitor the accounts and operations of the Custodian and any successor custodian or additional custodian and for enforcing the obligations of each such custodian as is necessary to protect the Fund and the rights and interests of the investors. Under the Custody Agreement, the Custodian has agreed to permit Physical Gold auditors access to its premises during normal business hours to examine the Physical Gold held for the Fund and such records as they reasonably require. The Administrator has no obligation to monitor the activities of the Custodian other than to receive and review such reports of the Physical Gold held for the Fund by such Custodian and of transactions in Physical Gold held for the account of the Fund made by such Custodian pursuant to the Custody Agreement.

**Location of Gold; Inspection of Gold**

Physical Gold held for the Custody Account is held at the Custodian's Shiner, Texas vault location or at its Hempstead, New York vault location.

The Custodian's principal business office is located at 50 CR 356 Shiner, TX 77984. The Custodian's vault at TPMD Shiner is a specialized facility outfitted with bullet resistant doors, man traps, truck traps, biometric access, body scanners, 24/7 surveillance, and multiple layers of concentric protection. Facility operators employ best practices such as dual controls, segregation of duties, chain of custody monitoring, and 5S methodology. Facility alarms are tied directly to local and county law enforcement situated within one mile of the depository. The TPMD Shiner secure depository and vault have met the stringent Trust Service Criteria (TSC) for security set forth by the American Institute of Certified Public Accountants (AICPA) in order to achieve SOC 2 certification.

The TPMD Hempstead vault location is leased by the Custodian from Loomis at Loomis Hempstead. Loomis operates high-security vault facilities in major financial centers worldwide. The Loomis Hempstead vault facilities are equipped with state-of-the-art security technology, 24/7 surveillance, motion detectors and reinforced vaults.

------

The Custodian has informed the Sponsor that the Fund's precious metals held in the Shiner, Texas vaulting locations are insured on an all-risks basis against physical loss and damage, including theft, fire, and flood, for the full replacement value. The insurance coverage is provided by the underwriters at Lloyd's of London, leading insurers of specialized assets. Coverage is subject to certain usual and customary exclusions.

The Physical Gold held for the Trust at the Custodian's facility in Hempstead, New York is insured under the insurance policy of Loomis Hempstead. Loomis Hempstead is an institutional-grade commercial vaulting platform operated by an established precious-metals custody and logistics provider that maintains insurance in support of its custodial obligations with respect to bullion in its custody, on terms and conditions it considers appropriate. Such insurance is subject to customary terms, conditions, limitations and exclusions, may not be available in all circumstances, and may not be sufficient to cover the full value of the Trust's bullion or all potential losses. The Trust is not a beneficiary of any such insurance and has no right to control the existence, scope or amount of that coverage. In addition to the insurance at Loomis Hempstead, the Custodian holds a contingency insurance policy that covers its metal at TPMD Hempstead.

Under the Custody Agreement, the Custodian will allow the Sponsor and its Physical Gold auditors access to its premises during normal business hours, to examine the Physical Gold and such records as they may reasonably require to perform their respective duties with regard to investors in Shares. The Sponsor agrees that any such access shall be subject to execution of a confidentiality agreement and agreement to the Custodian's security procedures, and any such audit shall be at the Fund's expense.

Under the Custody Agreement, the Custodian will allow the Sponsor and the Fund's independent public accountant, Cohen & Company, Ltd., access to its premises upon reasonable notice during normal business hours, to examine the physical gold and such records as they may reasonably require to perform their respective duties with regard to investors in Shares. The Sponsor agrees that any such access shall be subject to execution of a confidentiality agreement and agreement to the Custodian's security procedures, and any such audit shall be at the Fund's expense.

Physical Gold may be temporarily held for the Fund's Custody Account by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults located in the United States or in other locations. Where the Physical Gold is held for the Custody Account by any sub-custodian, the Custodian agrees to use commercially reasonable efforts to promptly arrange for the delivery of any such Physical Gold held on behalf of the Fund to the TPMD Shiner vault premises at the Custodian's own cost and risk.

**Description of the Custody Agreement**

The Sponsor has entered into the Custody Agreement with the Custodian on the Fund's behalf. The Custody Agreement establishes the Fund's Custody Account with the Custodian and defines the Custodian's responsibilities to the Fund.

*Reports*

The Custodian will provide the Administrator with a daily report each business day identifying (1) the credits and debits of Physical Gold to the Fund's Custody Account and (2) sufficient information to identify each bar of Physical Gold held in the Custody Account. The Custodian will provide the Administrator with such report by 3:30 PM EST each business day.

------

*Transfers into the Custody Account*

A transfer of Physical Gold into the Custody Account may be made by transferring Physical Gold from an Authorized Participant in connection with a creation order. A transfer of Physical Gold from an Authorized Participant's account to the Custody Account is considered final when the Custodian approves the list of Physical Gold bars to be transferred, as provided by the Authorized Participant. In a reasonable time frame, the Physical Gold will be physically moved to the segregated location identified for the Fund. The Physical Gold used for the creation Basket Deposit will be transferred to the TPMD Hempstead vault. Any Physical Gold transferred in the TPMD Hempstead vault into the Custody Account will be transferred to the TPMD Shiner vault location at the discretion of the Custodian. As previously discussed, a Delivery Fee will be assessed on Authorized Participants in connection with the delivery of Physical Gold to the Custody Account at the TPMD Hempstead vault.

*Transfers from the Custody Account*

The Custodian will arrange for the transfer of Physical Gold from the Fund's Custody Account only in accordance with the Transfer Agent's instructions to the Custodian. A transfer of Physical Gold from the Custody Account may only be made (1) by transferring Physical Gold to an Authorized Participant, or (2) delivery of gold to such location as the Sponsor directs, at the Fund's expense and risk, or (3) by transfer to an account maintained by the Custodian or a third party in connection with other transfers permitted under the Trust Agreement. Transfers made pursuant to clauses (2) and (3) are anticipated to be made only on an exceptional basis, with transfers under clause (3) to include transfers made in connection with a sale of gold to pay the Sponsor's Fee and any extraordinary expenses of the Fund not paid by the Sponsor, transfers made in connection with a sale of gold to raise cash to settle a Cash Amount, as described above in the section titled "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS" or on the liquidation of the Trust. Any Physical Gold will be in a form that complies with the rules, regulations, practices and customs of the LBMA or any applicable regulatory body that apply to such Physical Gold or in such other form as may be agreed between the Sponsor and the Custodian, and, unless specifically selected by the Sponsor, in all cases will comprise one or more whole Physical Gold bars selected by the Custodian.

*Right to Refuse Transfers or Amend Transfer Procedures*

The Custodian may refuse to accept instructions to transfer Physical Gold to or from the Custody Account if, in the Custodian's opinion, they are or may be contrary to the rules, regulations, practices and customs of the LBMA or contrary to any applicable law. The Custodian may amend the procedures for transferring Physical Gold to or from the Custody Account or impose such additional procedures in relation to the transfer of Physical Gold to or from the Custody Account as the Custodian may from time to time consider necessary due to a change in rules of the LBMA or a banking or regulatory association governing the Custodian. The Custodian will, whenever practical, notify the Transfer Agent and the Sponsor within a commercially reasonable time before the Custodian amends these procedures or imposes additional ones.

*Exclusion of Liability*

The Custodian will use reasonable care in the performance of its duties under the Custody Agreement and will only be responsible for any loss or damage suffered by the Fund as a direct result of any negligence, fraud or willful default in the performance of its duties. In the case where Physical Gold is lost or damaged, the Custodian's liability under the Custody Agreement is further limited to the amount of the Physical Gold lost or damaged at the time such negligence, fraud or willful default is either discovered by the Custodian or notified to the Custodian by the Transfer Agent.

------

*Indemnity*

The Sponsor will, solely out of and to the extent of the Fund's assets, indemnify and keep indemnified the Custodian (on an after-tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than value added taxes and expenses assumed by the Sponsor) that the Custodian may suffer or incur directly or indirectly in connection with the Custody Agreement, except to the extent that such sums are due directly to the Custodian's negligence, willful default or fraud.

*Force Majeure*

The Custodian will not be liable for any delay in performance or any non-performance of any of its obligations under the Custody Agreement by reason of any cause beyond its reasonable control, including acts of God, war or terrorism or other breakdowns or acts set forth in the Custody Agreement.

*Termination*

The Sponsor may terminate the Custody Agreement (i) by giving the Custodian not less than 30 business days' prior written notice, or (ii) immediately by written notice to the Custodian in the event of the presentation of a winding up order, bankruptcy or analogous event in relation to the Custodian. The Custodian may terminate the Custody Agreement (i) by giving not less than 120 business days' prior written notice to the Sponsor, or (ii) immediately by written notice in the event of the presentation of a winding up order, bankruptcy or analogous event in relation to the Sponsor.

If arrangements acceptable to the Custodian for redelivery of the balance in the Custody Account are not made, the Custodian may continue to hold the Fund's Physical Gold and charge for its fees and expenses payable under the Custody Agreement, and, after six (6) months from the termination date, the Custodian may sell the Fund's Physical Gold and account to the Sponsor for the proceeds.

*Governing Law*

The Custody Agreement is governed by the laws of the State of Texas. The Sponsor, the Trust and the Custodian each consent to the non-exclusive jurisdiction of the courts of the State of Texas. Such consent is not required for any person to assert a claim of Texas jurisdiction over the Sponsor or the Custodian.

------

**TEXAS PRECIOUS METALS**

Texas Precious Metals is responsible for providing the Sponsor and Marketing Agent with research and analysis for use in the operation and marketing of the Fund. The Sponsor and Y'all Street Asset Management, LLC, a wholly-owned subsidiary of Texas Precious Metals (together, "**Texas Precious Metals**"), have entered into one or more agreements that set forth certain terms and conditions applicable to the marketing, promotion, and ongoing operation of the Fund, as well the respective rights in profits and obligations for expenses (the "**Platform Agreement**"). From the Sponsor's Fee paid to the Sponsor by the Fund, the Sponsor retains a management fee, in addition to paying the operational costs for the Fund. Following the deduction of such costs from the Sponsor's Fee, Texas Precious Metals receives the resulting profits. If the Sponsor's Fee is not sufficient to cover the Fund's operating expenses, including amounts to be retained by the Sponsor, Texas Precious Metals will pay the shortfall.

Texas Precious Metals is a widely known and recognized company in the precious metals industry and an LBMA affiliate member. Aside from being one of the top precious metals dealers, Texas Precious Metals is known for having an entirely accredited vaulting and logistics center in Texas. Texas Precious Metals has obtained a SOC 2 Level 1 report issued by an independent auditor covering controls relevant to its custody operations. Texas Precious Metals has no responsibility for the investment or management of the Fund's portfolio or for the overall performance or operation of the Fund.

------

**THE ADMINISTRATOR**

USBGFS serves as the Administrator. The Administrator's office is located at 615 East Michigan Street, Milwaukee, WI, 53202. Information regarding creation and redemption Basket composition, net asset value of the Fund, transaction fees for the creation and redemption of Baskets and the names of the parties that have executed an Authorized Participant Agreement may be obtained from the Administrator.

**The Administrator**'**s Role**

The Administrator is generally responsible for the day-to-day administration of the Fund, including keeping the Fund's operational records. The Administrator's principal responsibilities include: (1) valuing the Fund's Physical Gold and calculating the net asset value per Share of the Fund; (2) supplying pricing information to the Sponsor for the Fund's website; and (3) receiving and reviewing reports on the custody of and transactions in Physical Gold from the Custodian, and taking such other actions in connection with the custody of Physical Gold as the Sponsor instructs and (4) accounting and other fund administrative services. The Administrator shall, with respect to directing the Custodian, act in accordance with the instructions of the Sponsor.

The Administrator intends to regularly communicate with the Sponsor in connection with the administration of the Fund. The Administrator, along with the Sponsor, will liaise with the Fund's legal, accounting and other professional service providers as needed. The Administrator will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC on behalf of the Fund. The Administrator's monthly fees and out-of-pocket expenses will be paid by the Sponsor. Affiliates of the Administrator may from time to time act as Authorized Participants or purchase or sell Physical Gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

The Administrator will keep proper books of registration and transfer of Shares at its office located in Milwaukee, Wisconsin or such office as it may subsequently designate. These books and records are open to inspection by any person who establishes to the Administrator's satisfaction that such person is a shareholder at all reasonable times during the usual business hours of the Sponsor. The Administrator will keep a copy of the Trust Agreement on file in its office which will be available for inspection on reasonable advance notice at all reasonable times during its usual business hours by any shareholder.

The Fund Administration Agreement (the "**Administration Agreement**") and the Fund Accounting Agreement (the "**Accounting Agreement**") will each be in effect for an initial term of three (3) years from the commencement of the Fund's operation, the first date on which the Administrator is entitled to receive fees under the agreements. The Administration Agreement and Accounting Agreement automatically renew for additional one (1) year periods thereafter, unless terminated by the Fund or the Administrator on at least 90 days' prior written notice, or such shorter notice period as is mutually agreed upon by the parties.

**Limitation on Administrator**'**s Liability**

Neither the Administrator nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, the Fund, the Sponsor or any other service provider to the Trust or the Fund, or any employee of the foregoing; or for any loss suffered by the Trust, the Fund, or any third party in connection with the performance of the Administrator's duties under the Administration Agreement or the Accounting Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Administrator's reasonable control, except a loss arising out of or relating to the Administrator's refusal or failure to comply with the terms of the Administration Agreement or the Accounting Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under the Administration Agreement or the Accounting Agreement.

**Indemnification of the Administrator**

Under the Administration Agreement and the Accounting Agreement, the Trust shall indemnify and hold harmless the Administrator from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) the Administrator may sustain or incur or that may be asserted against the Administrator by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to the Administrator by any duly authorized officer of the Trust or the Sponsor, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to the Administrator's refusal or failure to comply with the terms of the Administration Agreement or the Accounting Agreement or from its bad faith, gross negligence, reckless disregard, or willful misconduct in the performance of its duties under the Administration Agreement or Accounting Agreement.

The Administrator has entered into agreements with various data service providers to provide data services that may include, without limitation, index returns and pricing information (collectively, the "**Data**") to facilitate the services provided by the Administrator to the Fund. The Trust agrees to indemnify and hold harmless the Administrator, its information providers, and any other third party involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred, arising in and any manner out of the Trust's or any third party's use of, or inability to use, the Data or any material breach by the Trust of any provision contained in the Administration Agreement or Accounting Agreement regarding the Data.

**Governing Law**

The Administration Agreement and Accounting Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Wisconsin.

------

**THE TRANSFER AGENT**

USBGFS serves as the Transfer Agent. The Transfer Agent's office is located at 615 East Michigan Street, Milwaukee, WI, 53202. The Transfer Agent, among other things, provides transfer agent services with respect to the creation and redemption of Baskets by Authorized Participants, the issuance and redemption of Shares, the payment, if any, of distributions with respect to the Shares, the recording of the issuance of the Shares and the maintaining of certain records therewith.

**The Transfer Agent**'**s Role**

The Transfer Agent's responsibilities include: (1) receiving and processing orders from Authorized Participants for the creation and redemption of Baskets; and (2) coordinating the processing of orders from Authorized Participants with the Marketing Agent, the Custodian, the Cash Custodian and the DTC.

The Transfer Agent's fees and expenses are to be paid by the Sponsor pursuant to the terms of the Transfer Agency and Service Agreement.

The Transfer Agency and Service Agreement will be in effect for an initial term of three (3) years from the commencement of the Fund's operations, the first date on which the Transfer Agent is entitled to receive fees under the Transfer Agency and Service Agreement. The Transfer Agency and Service Agreement automatically renews for additional one (1) year periods thereafter, unless terminated by the Fund or the Transfer Agent on at least 90 days' prior written notice, or such shorter notice period as is mutually agreed upon by the parties.

**Limitation on Transfer Agent**'**s Liability**

Neither the Transfer Agent nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, the Fund, the Sponsor or any other service provider to the Trust or the Fund, or any employee of the foregoing; or for any loss suffered by the Trust, the Fund, or any third party in connection with the Transfer Agent's duties under the Transfer Agency and Service Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Transfer Agent's reasonable control, except a loss arising out of or relating to the Transfer Agent's refusal or failure to comply with the terms of the Transfer Agency and Service Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under the Transfer Agency and Service Agreement.

**Indemnification of the Transfer Agent**

If the Transfer Agent has exercised reasonable care in the performance of its duties under the Transfer Agency and Service Agreement, the Trust shall indemnify and hold harmless the Transfer Agent and its affiliates and suppliers from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Transfer Agent or its affiliates and suppliers may sustain or incur or that may be asserted against the Transfer Agent or its affiliates and suppliers by any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to the Transfer Agent by any duly authorized officer of the Trust, or (Y) the Data, or any information, service, report, analysis or publication derived therefrom, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to the Transfer Agent's refusal or failure to comply with the terms of the Transfer Agency and Service Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence or willful misconduct in the performance of its duties under the Transfer Agency and Service Agreement.

**Governing Law**

The Transfer Agency and Service Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Wisconsin.

------

**THE MARKETING AGENT**

PINE Distributors LLC, a Delaware limited liability company registered as a broker-dealer under the Exchange Act and a member of FINRA, serves as the Marketing Agent. The Marketing Agent's principal office is located at 501 S. Cherry Street, Suite 610, Denver, CO 80264.

**The Marketing Agent**'**s Role**

The Marketing Agent's responsibilities shall include: (1) working with the Transfer Agent to review and accept or reject orders placed by Authorized Participants with the Transfer Agent; (2) reviewing and approving all sales and marketing materials for compliance with applicable laws, and filing such materials with FINRA as required by the Securities Act, and the rules promulgated thereunder, and (3) facilitating arrangements between the Sponsor, the Transfer Agent and broker-dealers for the purchase and redemption of Baskets. All such sales and marketing materials must be approved, in writing, by the Marketing Agent prior to use.

The Marketing Agent will generally make it known in the brokerage community that prospectuses and product descriptions are available, including by (i) advising the Exchange on behalf of its member firms of the same, (ii) making such disclosure in all marketing and advertising materials prepared and/or filed by the Marketing Agent with FINRA, and (iii) as may otherwise be required by the SEC. The Marketing Agent shall not bear any costs associated with printing prospectuses and all other such materials.

The Marketing Agent Agreement shall be effective from the commencement of the Fund's operations, and unless terminated as provided therein, shall continue for two (2) years from its effective date, and thereafter from year to year, unless terminated.

**Resignation, Discharge or Removal of Marketing Agent**

The Marketing Agent Agreement may be terminated by either party upon no less than sixty (60) days' written notice by either party.

**Limitation on Marketing Agent**'**s Liability**

The Marketing Agent will not be liable for any delay in performance or for the non-performance of any of its obligations under the Marketing Agent Agreement by reason of causes beyond its reasonable control, including acts of God, war or terrorism. The Marketing Agent will not be liable for any indirect, consequential, punitive or special damages, with the exception of losses arising out of breaches of the Marketing Agent Agreement's confidentiality provision or arising out of the Marketing Agent's gross negligence, willful misconduct, or intentional wrongdoing, regardless of the form of action and whether or not any such damages were known to the Marketing Agent.

**Indemnification of Marketing Agent**

The Fund agrees to indemnify and hold harmless the Marketing Agent, its affiliates and each of their respective directors, officers, employees, agents and any person who controls the Marketing Agent within the meaning of Section 15 of the Securities Act against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i) any claim that the registration statement, prospectus, product description, shareholder reports, sales literature and advertisements specifically approved by the Fund and Sponsor or other information filed or made public by the Fund (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the prospectus and product description, in light of the circumstances under which they were made) not misleading (ii) the breach by the Fund of any obligation, representation or warranty contained in the Marketing Agent Agreement; or (iii) the Fund's failure to comply in any material respect with applicable securities laws.

**Governing Law**

The Marketing Agent Agreement shall be governed by the laws of the state of Delaware.

------

**THE CASH CUSTODIAN**

US Bank serves as the Cash Custodian. The Cash Custodian has a trust office at 615 East Michigan Street, Milwaukee, WI, 53202. The Cash Custodian is subject to supervision by the Board of Governors of the Federal Reserve System.

**The Cash Custodian**'**s Role**

The Cash Custodian is responsible for holding the Fund's cash as well as receiving and dispensing cash on behalf of the Fund in connection with the payment of Fund expenses or Cash Amounts.

The Cash Custodian's fees and expenses are to be paid by the Sponsor. The Cash Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell Physical Gold or Shares for their own account, as an agent for their customers and for accounts over which they exercise investment discretion. The Sponsor, on behalf of the Fund, has entered into the Cash Custody Agreement with the Cash Custodian, under which the Cash Custodian maintains the Fund's cash account.

The Cash Custody Agreement will be in effect for an initial term of three (3) years from the commencement of the Fund's operations, the first date on which the Cash Custodian is entitled to receive fees under the Cash Custody Agreement. The Cash Custody Agreement automatically renews for additional one (1) year periods thereafter, unless terminated by the Fund or the Cash Custodian on at least 90 days' prior written notice, or such shorter notice period as is mutually agreed upon by the parties.

**Limitation on Cash Custodian**'**s Liability**

The Cash Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with its duties under the Cash Custody Agreement, except a loss arising out of or relating to the Cash Custodian's (or a sub-Cash Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-cash custody agreement) or from its (or a sub-Cash Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under the Cash Custody Agreement (or any sub-cash custody agreement). The Cash Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Cash Custodian shall promptly notify the Trust of any action taken or omitted by the Cash Custodian pursuant to advice of counsel.

**Indemnification of Cash Custodian**

The Trust shall indemnify and hold harmless the Cash Custodian, any sub-Cash Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Trust Indemnified Party" and collectively, the "Trust Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Trust Indemnified Party may sustain or incur or that may be asserted against a Trust Indemnified Party by any person arising directly or indirectly (i) from the fact that securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Trust Indemnified Party (a) at the request or direction of or in reliance on the advice of the Trust, or (b) upon written instructions from an Authorized Person, (c) for processing any transaction using Straight Through Processing (as defined in the Cash Custody Agreement), or (d) processing any transaction subsequently determined to be fraudulent by the Trust or Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-cash custody agreement, provided that a Trust Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of the Cash Custody Agreement (or any sub-cash custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under the Cash Custody Agreement (or any sub-cash custody agreement).

**Governing Law**

The Cash Custody Agreement is governed by Minnesota law.

------

**CONFLICTS OF INTEREST**

There are present and potential future conflicts of interest in the Trust's structure and operation you should consider before you purchase Shares. The Sponsor may use this notice of conflicts as a defense against any claim or other proceeding made.

The Sponsor's officers and employees do not devote their time exclusively to the Fund. Notwithstanding obligations and expectations related to the management of the Sponsor, the Sponsor's principals, officers and employees may be directors, officers or employees of other entities, and may manage assets of other entities, including other pooled investment vehicles, through the Sponsor or otherwise. As a result, the officers and employees could have a conflict between responsibilities to the Fund on the one hand and to those other entities on the other.

The Sponsor, its officers and employees, as well as their affiliates (collectively, "**Affiliated Parties**") may engage in long or short transactions in Physical Gold in their personal accounts (subject to certain internal employee trading policies and procedures), and in doing so may take positions opposite to those held by the Fund or may compete with the Fund for positions in the marketplace.

Records of trading by Affiliated Parties will not be available for inspection by shareholders. Because Affiliated Parties may trade Physical Gold for their own accounts at the same time as the Fund, prospective shareholders should be aware that such persons may take positions in Physical Gold which are opposite, or ahead of, the positions taken for the Fund. Affiliated Parties will not engage in the Basket creation and redemption process, or act as counterparties to the Fund in Physical Gold transactions.

The Sponsor has sole current authority to manage the investments and operations of the Fund, and this may allow it to act in a way that furthers its own interests which may create a conflict with your best interests, including the authority of the Sponsor to allocate expenses to and between the client funds. Shareholders have very limited voting rights with respect to the Fund, which will limit their ability to influence matters such as amendments to the Trust Agreement, changes in the Fund's basic investment policies, or dissolution of the Fund or the Trust.

The Sponsor serves as the sponsor to other pooled investment vehicles and may in the future serve as the sponsor or investment adviser to other pooled investment vehicles. The Sponsor may have a conflict to the extent that its trading decisions for the Fund may be influenced by the effect they would have on the other funds it manages. In addition, the Sponsor may be required to indemnify the officers and directors of the other funds, if the need for indemnification arises. This potential indemnification will cause the Sponsor's assets to decrease. If the Sponsor's other sources of income are not sufficient to compensate for the indemnification, it could cease operations, which could in turn result in Fund losses and/or termination of the Fund.

If the Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Fund, it shall have no duty to offer such opportunity to the Fund. The Sponsor will not be liable to the Fund or the shareholders for breach of any fiduciary or other duty if the Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity to the Fund and is not required to share income or profits derived from such business ventures with the Fund.

The Platform Agreement between the Sponsor and Texas Precious Metals requires the engagement of Texas Precious Metals as the Custodian for the Fund. Therefore, the Sponsor's discretion in selecting the Fund's custodian is limited. While the Sponsor believes that the Custodian is fully capable of providing a high level of service to the Fund, the limitations of the Platform Agreement may result in the engagement of Texas Precious Metals as the Fund's custodian even if, in the Sponsor's judgment, other alternatives may better serve the Fund.

Texas Precious Metals serves as a dealer through which the Fund may purchase or sell gold in OTC transactions in order to pay Fund expenses or maintain a cash position to settle any Cash Amount in connection with the creation or redemption of Shares, as described above in the section titled "CREATION AND REDEMPTION OF SHARES BY AUTHORIZED PARTICIPANTS". Because of the relationship between the Sponsor and Texas Precious Metals through the Platform Agreement, the Sponsor has an incentive to engage Texas Precious Metals as a dealer for the Fund. In connection with this conflict of interest, shareholders should understand that Texas Precious Metals, as with all dealers, receives compensation from commissions, bid/ask spreads and various fees from gold transactions effected for the Fund. Therefore, when acting as principal, Texas Precious Metals may have an incentive to favor its own interests and the interests of its affiliates over the Fund's interests. Trading platforms or counterparties not used by Texas Precious Metals may offer better prices and/or lower costs than the platforms or counterparties used to execute the Fund's orders.

------

**FILINGS AND REPORTS**

After the end of each fiscal year, the Sponsor will cause to be prepared an annual report for the Fund containing audited financial statements. The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information which the Sponsor determines shall be included. The annual report shall be filed with the SEC and shall be distributed to such persons and in such manner, as shall be required by applicable laws, rules and regulations.

The Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws and any other securities and blue sky laws of the U.S. or any other jurisdiction as the Sponsor may select. The Sponsor will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will assist and support the Sponsor in the preparation of such reports.

The Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.

**LEGAL MATTERS**

The validity of the Shares has been passed on for the Sponsor by Eversheds Sutherland (US) LLP, which, as special U.S. federal income tax counsel to the Sponsor, has also rendered an opinion regarding the material U.S. federal income tax consequences relating to the Shares.

**EXPERTS**

The financial statements incorporated in this Prospectus have been audited by Cohen & Company Ltd., an independent registered public accounting firm.

**PRIVACY POLICY**

The Fund and the Sponsor may collect or have access to certain nonpublic personal information about current and former investors. Nonpublic personal information may include information received from investors, such as an investor's name, social security number and address, as well as information received from brokerage firms about investor holdings and transactions in Shares.

The Fund and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In general, the Fund and the Sponsor restrict access to the nonpublic personal information they collect about investors to those of their and their affiliates' employees and service providers who need access to such information to provide products and services to investors.

The Fund and the Sponsor maintain safeguards that comply with federal law to protect investors' nonpublic personal information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of investors' records and information, (2) protect against any anticipated threats or hazards to the security or integrity of investors' records and information, and (3) protect against unauthorized access to or use of investors' records or information that could result in substantial harm or inconvenience to any investor. Third-party service providers with whom the Fund and the Sponsor share nonpublic personal information about investors must agree to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically, electronically and procedurally.

A copy of the Sponsor's current Privacy Policy, which is applicable to the Fund, is provided to investors annually and is also available at www.teucrium.com.

------

**WHERE YOU CAN FIND MORE INFORMATION**

Until [ ] (25 calendar days after the offering date) all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a Prospectus. This is in addition to the dealers' obligation to deliver a Prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

This Prospectus is a part of a registration statement on Form S-1 filed by the Sponsor with the SEC under the Securities Act. As permitted by the rules and regulations of the SEC, this Prospectus does not contain all of the information contained in the registration statement and the exhibits and schedules thereto. For further information about the Fund and about the securities offered hereby, you should consult the registration statement and the exhibits and schedules thereto. You should be aware that statements contained in this Prospectus concerning the provisions of any documents filed as an exhibit to the registration statement or otherwise filed with the SEC are not necessarily complete, and in each instance reference is made to the copy of such document as so filed.

The Fund is subject to the informational requirements of the Exchange Act and the Sponsor, on behalf of the Fund, will file quarterly and annual reports and other information with the SEC. The reports and other information can be inspected at the public reference facilities of the SEC located at 100 F Street, NE, Washington, DC 20549 and online at www.sec.gov. You may also obtain copies of such material from the public reference facilities of the SEC at 100 F Street, NE, Washington, DC 20549, at prescribed rates. You may obtain more information concerning the operation of the public reference facilities of the SEC by calling the SEC at 1-800-SEC-0330 or visiting online at <u>www.sec.gov</u>.

To make shareholder inquiries, for more detailed information on the Fund, or to request any of the documents incorporated by reference in this Prospectus free of charge, please:

Call: (877) 376-0082

Monday through Friday

8:00 a.m. – 8:00 p.m. (ET)

---

| | |
|:---|:---|
| Write: | Texas Precious Metals Trust<br> Three Main Street, Suite 215<br> Burlington, VT 05401 |

---

Visit: yallstreetetfs.com

------

**GLOSSARY**

In this Prospectus, each of the following terms has its respective meaning set forth below:

"Authorized Participant" – A person that, at the time of submitting to the Transfer Agent an order to purchase, or an order to redeem, one or more Baskets (1) is a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions; (2) is a participant in DTC; (3) has entered into an Authorized Participant Agreement, and (4) have established (i) a gold account with the Custodian, (ii) a gold account with Loomis at Loomis Hempstead, or (iii) another arrangement for the delivery of gold to Loomis Hempstead.

"Authorized Participant Agreement" – An agreement among the Transfer Agent, the Sponsor and an Authorized Participant that authorizes the Authorized Participant to submit purchase orders to acquire Baskets and redemption orders to redeem Baskets under the Trust Agreement.

"Basket" – A block of 10,000 shares, except that the Sponsor may from time to time increase or decrease the number of shares comprising a Basket.

"Book Entry System" – The commercial book-entry system operated by the Federal Reserve Bank.

"Business Day" or "business day" – Any day other than a day: (1) when the Exchange is closed for regular trading; (2) when banks are authorized to close in the United States; or (3) when banks in the United States are not open for a full business day and the order or other transaction requires the execution or completion of procedures which cannot be executed or completed by the close of the business day.

"Cash Amount" – The difference between the value of the Physical Gold received from, or delivered to, Authorized Participants in connection with a creation or redemption transaction, respectively, and the value of the Basket Deposit. This difference can be a positive or negative value.

"CFTC" – The Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States.

"Clearing Agency" – Any clearing agency or similar system other than the Book Entry System or DTC.

"Code" – The Internal Revenue Code of 1986, as amended.

"Commodity Exchange Act" – The Commodity Exchange Act of 1936, as amended.

"Custodian" – Texas Precious Metals LLC and any substitute or additional custodian of the Trust's assets appointed by the Sponsor as provided in the Trust Agreement.

"Custody Account" – The account with the Custodian in the name of the Fund, relating to the custody of the Fund's gold holdings.

"Custody Agreement" – The Agreement between the Sponsor and the Custodian relating to the custody of the Fund's gold holdings.

"DTC" – The Depository Trust Company, a limited purpose trust company organized under New York State law, a member of the United States Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act.

"DTC Participant" – A participant in DTC, such as a bank, broker-dealer or trust company.

"ERISA" – The Employee Retirement Income Security Act of 1974, as amended.

"Exchange" – The Nasdaq Stock Market, the exchange on which the shares are principally traded, as specified from time to time by the Sponsor.

------

"Exchange Act" – The Securities Exchange Act of 1934, as amended.

"Fine Ounce" – A Troy Ounce of 100% pure gold. Fine Ounces are determined, as to Physical Gold, by multiplying the gross weight in Troy Ounces by the fineness, expressed as a fraction of the fine metal content in parts per 1000.

"FINRA" – The Financial Industry Regulatory Authority.

"FSA" – The Financial Services Authority, an independent non-governmental body that exercises statutory regulatory power under the FSM Act.

"FSM Act" – The United Kingdom Financial Services and Markets Act 2000.

"Fund Property" – The gold that the Custodian credits to the Fund's Custody Account in accordance with the Custody Agreement, all other property held by the Custodian for the account of the Fund and any cash or other property that is received by the Transfer Agent in respect thereof or that is otherwise being held by or for the Fund under the Trust Agreement.

"Gold" or "gold" means physical gold.

"Indirect Participant" – A person that, by clearing securities through, or maintaining a custodial relationship with, a DTC participant, either directly or indirectly, has access to the DTC clearing system.

"IRA" – Individual retirement account.

"LBMA" – The London Bullion Market Association, a trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the London bullion market, or its successor. The LBMA acts as the principal point of contact between the London bullion market and its regulators. A primary function of the LBMA is its involvement in the promotion of refining standards by maintenance of the "London Good Delivery Lists," which are the lists of LBMA accredited melters and assayers of gold. Further, the LBMA coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation. The major participating members of the LBMA are regulated by the FSA in the United Kingdom under the FSM Act.

"LBMA Gold Price AM" – The morning session of the twice daily determination of the price of a Troy Ounce, which starts at 10:30 AM London, England, time and is performed by participants in a physically settled, electronic and tradable auction administered by IBA.

"LBMA Gold Price PM" – The afternoon session of the twice daily determination of the price of a Troy Ounce, which starts at 3:00 PM London, England, time and is performed by participants in a physically settled, electronic and tradable auction administered by IBA.

"LBMA Good Delivery List"—The list of refiners whose bars have been accredited by the LBMA as meeting the standards for trading on the global over-the-counter market.

"London Bar" – A gold bar meeting the London Good Delivery Standards. Also known as a London Good Delivery Bar.

"London Good Delivery Standards" – The specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars set forth in "The Good Delivery Rules for Gold and Silver Bars" published by the LBMA.

"NYSE" – New York Stock Exchange.

"OTC" or "over-the-counter" – The global over-the-counter market for the trading of gold that consists of transactions in spot, forwards, and options and other derivatives.

"Physical Gold" – The physical gold bullion the Fund holds or may hold, consisting of .995+ fine gold bars of various denominations from members of the current LBMA Good Delivery List.

"Plans" – Employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or section 4975 of the Code.

------

"Securities Act" – The Securities Act of 1933, as amended.

"Shares" – Units of fractional undivided beneficial interest in the Fund, which are issued by the Fund and named "Y'all Street Physical Gold ETF."

"Sponsor" – Teucrium Asset Management, LLC, a Delaware limited liability company, or its successor.

"Sponsor's Fee" – The fee to compensate the Sponsor for its services as sponsor of the Fund, including its assumption of all of the routine operational, administrative and other ordinary expenses of the Fund, excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of instruments held by the Fund, accrued deferred tax liability, and any extraordinary fees and expenses of a Fund which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses.

"Troy Ounce" – One troy ounce, equal to 31.103 grams (1.0971428 ounces avoirdupois). "Avoirdupois" is system of weights used in the United States and Great Britain for goods other than precious metals, gems and drugs. In that system, a pound consists of 16 ounces and an ounce consists of 16 drams.

"Trust" – Texas Precious Metals Trust, a Delaware statutory trust.

"Trust Agreement" – The Amended and Restated Declaration of Trust and Trust Agreement, dated April 24, 2026, between the Sponsor and the Trustee under which the Trust is formed and which sets forth the rights and duties of the Sponsor, the Trustee and the Custodian.

"Trustee" – Wilmington Trust, National Association, not in its individual capacity but solely as Trustee.

"1940 Act" – The Investment Company Act of 1940, as amended.

------

**Texas Precious Metals Trust**

**Table of Contents**

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm | F-2 |
| Statements of Assets and Liabilities  | F-3 |
| Notes to Financial Statements | F-4 |

---

------

![cc02.jpg](cc02.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Sponsor of

Texas Precious Metals Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities of Y'all Street Physical Gold ETF and Y'all Street Physical Silver ETF (the "Funds"), each a series of Texas Precious Metals Trust (the "Trust"), as of May 7, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of May 7, 2026, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of cash and precious metals owned as of May 7, 2026, by correspondence with the custodians. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2026.

![cc01.jpg](cc01.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 13, 2026

![cc03.jpg](cc03.jpg)

------

**Statements of Assets and Liabilities**

As of May 7, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Y'all Street Physical**  | **Y'all Street Physical**  | **Texas Precious**  |
|  | **Gold ETF** | **Silver ETF** | **Metals Trust (Combined)** |
| **Assets:** |  |  |  |
| Cash | $— | $— | $— |
| **Total Assets** | $**—** | $**—** | $**—** |
| **Liabilities:** |  |  |  |
| **Total Liabilities** | $**—** | $**—** | $**—** |
| **Commitments and Contingent Liabilities (Note 3)** |  |  |  |
| **Net Assets** | $**—** | $**—** | $**—** |
| Shares Outstanding |  |  |  |
| (par value $0.00 per share; unlimited number of shares authorized) |  |  |  |
| **Net Asset Value Per Share** | **N/A** | **N/A** | **N/A** |

---

*See accompanying notes to financial statements.*

------

**Notes to Financial Statement**s

*May 7, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;**1. Organization**

Texas Precious Metals Trust (the "Trust") is a Delaware statutory trust organized as a series trust, formed on September 16, 2025 under the name "Teucrium Commodity Trust 2." On September 22, 2025, a Certificate of Amendment to the Certificate of Trust was filed with the Secretary of State of the State of Delaware to change the name of the Trust to "Texas Precious Metals Trust." The Trust is governed by the Declaration of Trust and Trust Agreement, dated as of September 16, 2025 (the "Trust Agreement"), between Teucrium Asset Management, LLC (the "Sponsor") and Wilmington Trust, National Association (the "Trustee").

The Trust is currently organized into two separate series: the Y'all Street Physical Gold ETF (the "Gold Fund") and the Y'all Street Physical Silver ETF (the "Silver Fund," and together with the Gold Fund, the "Funds"). These financial statements relate to the Trust and each of the Funds.

Each Fund's investment objective is for its shares (the "Shares") to reflect the performance of the price of the applicable precious metal, less the expenses of that Fund's operations. The Gold Fund's assets, when operational, will consist principally of .995+ fine physical gold bars of various denominations from members of the current London Bullion Market Association ("LBMA") Good Delivery List ("Physical Gold"). The Silver Fund's assets, when operational, will consist principally of .999+ fine silver bars of various denominations from members of the current LBMA Good Delivery List ("Physical Silver," and together with Physical Gold, the "Physical Metals"). The Physical Metals are held on the applicable Fund's behalf at Texas Precious Metals LLC (the "Custodian"), also known as the Texas Precious Metals Depository, and each Fund's cash is held at U.S. Bank National Association, the Funds' cash custodian (the "Cash Custodian").

Neither Fund is actively managed. Neither Fund will hold or trade in commodity futures contracts regulated by the Commodity Exchange Act, as amended (the "Commodity Exchange Act"), as administered by the Commodity Futures Trading Commission (the "CFTC"). Neither Fund is a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the Shares of either Fund. Neither Fund is registered as an investment company under the Investment Company Act of 1940, as amended, and neither is required to register thereunder.

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("USBGFS") serves as each Fund's administrator (the "Administrator") and transfer agent (the "Transfer Agent"). U.S. Bank National Association serves as the Cash Custodian. PINE Distributors LLC serves as each Fund's marketing agent (the "Marketing Agent"). The Shares of the Gold Fund and the Silver Fund are intended to be listed on Nasdaq Stock Market (the "Exchange") under the symbols "YSAU" and "YSAG," respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**2. Pre-Operational Status**

As of May 7, 2026, each Fund is in a pre-operational state. Neither Fund has commenced investment operations, issued or sold any Shares, received any deposits of Physical Metals or cash, or holds any assets. Accordingly, the Statements of Assets and Liabilities reflect zero total assets, zero total liabilities, and zero net assets for each Fund. No net asset value per Share is presented for either Fund because there has been no cash movement and no Shares have been issued.

Each Fund's administrative account with the Administrator and each Fund's cash custody account with the Cash Custodian are open and active as of May 7, 2026. As of such date, the balance of each Fund's cash custody account is $0. No funds have been deposited into, withdrawn from, or otherwise transacted through either cash custody account. The existence of these open accounts does not give rise to any asset or liability of either Fund recognizable under accounting principles generally accepted in the United States of America ("U.S. GAAP") as of the date of this financial statement.

Each Fund will commence operations upon the issuance of its first block of 10,000 Shares called a "Basket" to a registered broker-dealer or other securities market participant that has entered into an Authorized Participant Agreement with the Trust and the Sponsor (an "Authorized Participant") in accordance with Section 2.08 of the Trust Agreement, at which time that Fund will begin to hold its Physical Metal and cash and will begin to accrue the management fee owed to the Sponsor in exchange for its services to that Fund (the "Sponsor's Fee").

&nbsp;&nbsp;&nbsp;&nbsp;**3. Significant Accounting Policies**

***Basis of Presentation***

The financial statements of the Funds have been prepared in accordance with U.S. GAAP. Each Fund is an investment company within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies, and as such follows the accounting and reporting guidance contained therein. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

***Cash***

Cash, when held, will consist of amounts on deposit with the Cash Custodian. As of May 7, 2026, neither Fund held any cash.

------

***Federal Income Taxes***

Each Fund is intended to be treated as a "grantor trust" for U.S. federal income tax purposes. As such, neither Fund will be subject to U.S. federal income tax. Rather, each beneficial owner of Shares of a Fund will be treated as directly owning its pro rata share of that Fund's assets and as directly receiving its pro rata share of that Fund's income and as directly incurring its pro rata share of that Fund's expenses. As grantor trusts, the Funds themselves do not record a provision for federal, state or local income taxes. As of May 7, 2026, neither Fund had any shareholders, income, or expenses.

***Creations and Redemptions of Shares***

Pursuant to Section 2.08 of the Trust Agreement, Shares are issued by each Fund only in Baskets, and only to Authorized Participants, in exchange for the requisite amount of the applicable Physical Metal and/or cash deposited with the Custodian or Cash Custodian, as applicable, on behalf of that Fund. Similarly, pursuant to Section 2.10 of the Trust Agreement, Shares may be redeemed only in Baskets and only to Authorized Participants in exchange for the requisite amount of the applicable Physical Metal and/or cash. As of May 7, 2026, no Baskets of either Fund had been issued or redeemed.

***Commitments and Contingent Liabilities***

In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote. There were no commitments or contingencies required to be disclosed as of the date of the financial statement.

***New Accounting Pronouncements***

The Sponsor has reviewed accounting pronouncements issued during the period from formation of the Funds through May 7, 2026, and has determined that no such pronouncement, either adopted or yet to be adopted, would have a material effect on either Fund's financial statement.

***Valuation of Physical Metals and Computation of Net Asset Value***

The Administrator values the Physical Metals held by each Fund and determines the net asset value of each Fund on each day the Exchange is open for regular trading, as promptly as practicable after 4:00 PM ET. The Gold Fund's Physical Gold is valued using the LBMA Gold Price PM, and the Silver Fund's Physical Silver is valued using the LBMA Silver Price. If no applicable LBMA price is announced on a particular evaluation day or if such price has not been announced by [4:00 PM] EST on a particular evaluation day, the next most recent applicable LBMA price (in the case of the Gold Fund, the LBMA Gold Price AM or PM) is used in the determination of the net asset value of the applicable Fund, unless the Administrator, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. In the event the Administrator and the Sponsor determine that such price is not an appropriate basis for valuation of a Fund's Physical Metal, they will identify an alternative basis for such valuation to be employed by the Administrator. In determining an alternative basis for such valuation, the Administrator and the Sponsor may consider such criteria as observable market-based inputs, including market quotations and/or trading platforms on which the applicable metal is traded. While we believe that the LBMA Gold Price and the LBMA Silver Price are appropriate indicators of the value of gold and silver, respectively, there are other indicators that are available that could be different than such LBMA prices. The use of such an alternative indicator could result in materially different fair value pricing of the Physical Metals in a Fund which could result in different market adjustments or redemption value adjustments of that Fund's outstanding redeemable Shares. In the event of a material change, the Sponsor will notify shareholders in a prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly reports, as applicable.

The Physical Gold and Physical Silver held by the Gold Fund and the Silver Fund, respectively, are classified as Level 2 within the fair value hierarchy established under ASC 820, as their fair values are determined using observable market-based inputs (the LBMA Gold Price PM and the LBMA Silver Price) rather than quoted prices in active markets for identical assets

Once the value of a Fund's Physical Metal has been determined, the Administrator subtracts all estimated accrued fees, expenses and other liabilities of that Fund from the total value of that Fund's Physical Metal and all other assets of that Fund (other than any amounts credited to that Fund's reserve account, if established). The resulting figure is the net asset value of that Fund. The Administrator determines the net asset value per Share of each Fund by dividing the net asset value of that Fund by the number of Shares of that Fund outstanding as of the close of trading on the Exchange.

The Administrator's estimation of accrued but unpaid fees, expenses and liabilities will be conclusive upon all persons interested in the applicable Fund, and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The Sponsor and the investors may rely on any evaluation or determination of any amount made by the Administrator, and, except for any determination by the Sponsor as to the price to be used to evaluate the Physical Metals, the Sponsor will have no responsibility for the evaluation's accuracy. The determinations the Administrator makes will be made in good faith upon the basis of, and the Administrator will not be liable for any errors contained in, information reasonably available to it. The Administrator will not be liable to the Sponsor, Authorized Participants, the investors or any other person for errors in judgment. However, the preceding liability exclusion will not protect the Administrator against any liability resulting from bad faith or gross negligence in the performance of its duties.

------

&nbsp;&nbsp;&nbsp;&nbsp;**4. Related Party Transactions and Sponsor's Fee**

Teucrium Asset Management, LLC serves as the Sponsor of the Trust and each Fund. Pursuant to the Trust Agreement and a Sponsor Agreement, dated April 27, 2026, between the Trust and the Sponsor, the Sponsor will be entitled to receive the Sponsor's Fee from each Fund, which will accrue daily at an annualized rate of 0.24% of the average daily net asset value of the Gold Fund and 0.39% of the average daily net asset value of the Silver Fund, in each case payable monthly in arrears beginning upon the commencement of operations of that Fund. From time to time, the Sponsor may waive all or a portion of the Sponsor's Fee for either Fund at its discretion. As of May 7, 2026, the Funds had not yet commenced operations, and accordingly, no Sponsor's Fee was accrued or paid by either Fund.

In exchange for the Sponsor's Fee, the Sponsor has contractually agreed to assume all of the routine operational, administrative and other ordinary expenses of each Fund, excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of instruments held by a Fund, accrued deferred tax liability, and any extraordinary fees and expenses of a Fund which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Sponsor has also paid all expenses incurred in connection with the organization of the Trust and the Funds and the initial offering of the Shares of each Fund. Such organization and offering expenses have been borne directly by the Sponsor, have not been charged to either Fund, and are not reflected as expenses or liabilities in this financial statement.

The Trust Agreement does not require, or contemplate, any capital contribution by the Sponsor to the Trust or to either Fund. The Sponsor's economic relationship with each Fund consists solely of (i) the receipt of the Sponsor's Fee in exchange for the services and expense assumption described above and (ii) any indemnification rights provided under the Trust Agreement. Accordingly, no Sponsor capital contribution, paid-in capital from the Sponsor, or related party receivable or payable with the Sponsor is reflected in either Fund's Statement of Assets and Liabilities as of May 7, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**5. Subsequent Events**

The Sponsor has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

------

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 13.**&nbsp;&nbsp;&nbsp;&nbsp; ***Other Expenses of Issuance and Distribution***

Set forth below is an estimate (except as indicated) of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant in connection with the issuance and distribution of the Shares pursuant to the prospectus contained in this registration statement.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee (actual) | $-<sup>(1)</sup> |
| Auditor's fees and expenses | $10000 |
| Legal fees and expenses | $100000 |
| Printing expenses | $5000 |
| Miscellaneous expenses | $2500 |
| Total | $117500 |

---

------

(1) Applicable registration fees have been deferred in accordance with Rules 456(d) and 457(u) under the Securities Act and will be paid on an annual net basis no later than 90 days after the end of each fiscal year and are therefore not estimable at this time.

**Item 14.**&nbsp;&nbsp;&nbsp;&nbsp; ***Indemnification of Directors and Officers***

The Trust Agreement provides that the Sponsor shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting on behalf of or performing services for the Trust, and has determined, in good faith, that such course of conduct was in the best interests of the Trust, and such liability or loss was not the result of gross negligence, willful misconduct, or a breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the Trust estate. All rights to indemnification permitted by the Trust Agreement and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or against the Sponsor.

Notwithstanding the foregoing, the Sponsor shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made.

The Trust shall not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is prohibited by the Trust Agreement.

Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under the Trust Agreement.

------

For purposes of the indemnification provisions of the Trust Agreement, the term "Sponsor" includes, in addition to the Sponsor, any other covered person performing services on behalf of the Trust and acting within the scope of the Sponsor's authority as set forth in the Trust Agreement.

In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any shareholder's (or assignee's) obligations or liabilities unrelated to the business of the Trust, such shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys' and accountants' fees.

**Item 15.**&nbsp;&nbsp;&nbsp;&nbsp; ***Recent Sales of Unregistered Securities***

None.

**Item 16.**&nbsp;&nbsp;&nbsp;&nbsp; ***Exhibits and Financial Statement Schedules***

*(a)*&nbsp;&nbsp;&nbsp;&nbsp;*Exhibits*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Amended and Restated Declaration of Trust and Trust Agreement of the Registrant.\*](ex_958457.htm) |
| 3.2 | [Certificate of Trust of the Registrant. (1)](http://www.sec.gov/Archives/edgar/data/2087989/000143774925029822/ex_864019.htm) |
| 3.3 | [Certificate of Amendment to Certificate of Trust. (1)](http://www.sec.gov/Archives/edgar/data/2087989/000143774925029822/ex_864020.htm) |
| 5.1 | [Opinion of Eversheds Sutherland (US) LLP relating to the legality of the Shares.\*](ex_958459.htm) |
| 8.1 | [Opinion of Eversheds Sutherland (US) LLP with respect to federal income tax consequences.\*](ex_958458.htm) |
| 10.1 | [Form of Authorized Participant Agreement.\*](ex_958453.htm) |
| 10.2 | [Marketing Agent Agreement.\*](ex_959960.htm) |
| 10.3 | [Custody Agreement.\*](ex_961003.htm) |
| 10.4 | [Fund Administration Servicing Agreement.\*](ex_958455.htm) |
| 10.5 | [Fund Accounting Servicing Agreement.\*](ex_958456.htm) |
| 10.6 | [Transfer Agent Servicing Agreement.\*](ex_958454.htm) |
| 10.7 | [Cash Custody Agreement.\*](ex_958451.htm) |
| 10.8 | [Sponsor Agreement\*](ex_958452.htm) |
| 23.1 | Consent of Eversheds Sutherland (US) LLP. (included in Exhibits [5.1](ex_958459.htm) and [8.1](ex_958458.htm)) |
| 23.2 | [Consent of Independent Registered Public Accounting Firm.\*](ex_961809.htm) |
| 107 | [Calculation of Filing Fees Table (1)](http://www.sec.gov/Archives/edgar/data/2087989/000143774925029822/ex_864021.htm) |

---

------

1 Previously filed as like-numbered exhibits to Registrant's Registration Statement on Form S-1 (333-290494), filed on September 24, 2025 and incorporated by reference herein.

\*&nbsp;&nbsp;&nbsp;&nbsp; Filed herein.

*(b)*&nbsp;&nbsp;&nbsp;&nbsp;*Financial Statement Schedules*

The financial statement schedules are either not applicable or the required information is included in the financial statements and footnotes related thereto.

------

**Item 17.**&nbsp;&nbsp;&nbsp;&nbsp; ***Undertakings***

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; *Provided, however,* that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i) If the registrant is subject to Rule 430C (§230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (§230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (§230.424 of this chapter);

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

------

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this amended Registration Statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Burlington, state of Vermont, on May 13, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; By: | Teucrium Asset Management, LLC, Sponsor |
| &nbsp;&nbsp;&nbsp; By | /s/ Sal Gilbertie |
|  | President |
|  | Chief Executive Officer |
|  | Chief Investment Officer |
|  | Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in the capacities and on the dates indicated. The document may be executed by signatories hereto on any number of counterparts, all of which shall constitute one and the same instrument. The undersigned members and officers of Teucrium Asset Management, LLC, the sponsor of Texas Precious Metals Trust, hereby constitute and appoint Sal Gilbertie, Cory Mullen-Rusin and Springer Harris, each of them with full power to act with full power of substitution and resubstitution, our true and lawful attorneys-in-fact with full power to execute in our name and behalf in the capacities indicated below this Registration Statement on Form S-1 and any and all amendments thereto, including post-effective amendments to this Registration Statement and to sign any and all additional registration statements relating to the same offering of securities as this Registration Statement that are filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission and thereby ratify and confirm that such attorneys-in-fact, or any of them, or their substitutes shall lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Sal Gilbertie | Chief Executive Officer | May 13, 2026 |
|  | President |  |
|  | Chief Investment Officer |  |
|  | Secretary |  |
| **Signature** | **Title** | **Date** |
| /s/ Cory Mullen-Rusin | Chief Financial Officer | May 13, 2026 |
|  | Chief Accounting Officer |  |
| **Signature** | **Title** | **Date** |
| /s/ Springer Harris | Chief Operating Officer | May 13, 2026 |

---

## Exhibit 3.1

**Exhibit 3.1**

***CONFIDENTIAL***

**AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT**

**OF**

**TEXAS PRECIOUS METALS TRUST**<br> **(formerly known as Teucrium Commodity Trust 2)**

**DATED AS OF April 24, 2026**

------

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| ARTICLE I NAME, PURPOSE AND DEFINITIONS | ARTICLE I NAME, PURPOSE AND DEFINITIONS | 1 |
| Section 1.01 | Name | 1 |
| Section 1.02 | Purpose | 1 |
| Section 1.03 | Definitions | 2 |
| Section 1.04 | Grantor Trust | 5 |
| ARTICLE II SERIES AND SHARES | ARTICLE II SERIES AND SHARES | 6 |
| Section 2.01 | Division of Beneficial Interest; Establishment of Series and Classes | 6 |
| Section 2.02 | Ownership of Shares | 6 |
| Section 2.03 | Transfer of Shares | 7 |
| Section 2.04 | Investments in a Series or Class | 7 |
| Section 2.05 | Status of Shares and Limitation of Personal Liability | 8 |
| Section 2.06 | Designation and Rights of Shares | 8 |
| Section 2.07 | Fixing of Record Date | 11 |
| Section 2.08 | Creations and Issuance of Creation Baskets | 11 |
| Section 2.09 | Requirements for Deposits | 12 |
| Section 2.10 | Redemption of Creation Baskets | 12 |
| ARTICLE III TRUSTEE | ARTICLE III TRUSTEE | 12 |
| Section 3.01 | Term; Resignation | 12 |
| Section 3.02 | Duties | 13 |
| Section 3.03 | Compensation and Expenses of the Trustee | 13 |
| Section 3.04 | Limitation of Liability of Trustee | 13 |
| Section 3.05 | Indemnification | 18 |
| Section 3.06 | Successor Trustee | 18 |
| Section 3.07 | Merger or Consolidation of Trustee | 18 |
| ARTICLE IV THE SPONSOR | ARTICLE IV THE SPONSOR | 19 |
| Section 4.01 | Management of the Trust | 19 |
| Section 4.02 | Authority of Sponsor | 19 |
| Section 4.03 | Obligations of Sponsor | 20 |
| Section 4.04 | Compensation of the Sponsor | 21 |
| Section 4.05 | Liability of Sponsor and Indemnification | 21 |
| ARTICLE V BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST | ARTICLE V BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST | 22 |
| Section 5.01 | Books of Account | 22 |
| Section 5.02 | Certificate of Trust | 23 |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE VI AMENDMENT OF DECLARATION OF TRUST | ARTICLE VI AMENDMENT OF DECLARATION OF TRUST | 23 |
| ARTICLE VII TERM |  | 23 |
| ARTICLE VIII TERMINATION/REORGANIZATION | ARTICLE VIII TERMINATION/REORGANIZATION | 23 |
| Section 8.01 | Termination of the Trust or any Series | 23 |
| Section 8.02 | Merger and Consolidation of Trust or Series | 24 |
| Section 8.03 | Dissolution of Sponsor Not to Terminate Trust | 25 |
| ARTICLE IX MISCELLANEOUS PROVISIONS | ARTICLE IX MISCELLANEOUS PROVISIONS | 25 |
| Section 9.01 | Certain Matters Relating to Shareholders | 25 |
| Section 9.02 | Delaware Law to Govern | 28 |
| Section 9.03 | Provisions in Conflict with Law or Regulations | 28 |
| Section 9.04 | Notices | 29 |
| Section 9.05 | Headings | 29 |
| Section 9.06 | Derivative Actions. | 29 |
| Section 9.07 | Corporate Transparency Act. | 30 |
| Section 9.08 | Counterparts | 30 |

---

ii

------

**TEXAS PRECIOUS METALS TRUST**

**AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT**

WHEREAS, Teucrium Asset Management, LLC and Wilmington Trust, National Association formed the Trust, and the series therein listed in Schedule A, on September 16, 2025, as a statutory trust organized, pursuant to the Delaware Act and entered into a Declaration of Trust and Trust Agreement dated as of September 16, 2025 (as amended, the "Original Agreement and Declaration of Trust");

WHEREAS, a Certificate of Amendment to the Certificate of Trust was executed and filed with the Secretary of State of the State of Delaware on September 22, 2025, to change the name of the Trust from "Teucrium Commodity Trust 2" to "Texas Precious Metals Trust"; and

WHEREAS, the parties hereto desire to amend and restate the Original Agreement and Declaration of Trust in its entirety to reflect the Trust's name change and make certain other changes as set forth herein.

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Original Agreement and Declaration of Trust in its entirety and agrees as follows:

**ARTICLE I**<br>**PURPOSE AND DEFINITIONS**

<u>Section 1.01</u> <u>Name</u>. This trust continued hereby shall be known as the "Texas Precious Metals Trust." The Sponsor shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Sponsor of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any change in name of the Trust or any Series of the Trust (as defined in ‎Article I, ‎Section 1.03) shall not require the approval of the Shareholders but shall have the status of an amendment to this Declaration of Trust.

<u>Section 1.02</u> <u>Purpose</u>. The purpose of the Trust is to provide Shareholders of each Series with direct or indirect exposure to commodities and/or commodity interests, including but not limited to Series that provide the economic effect of holding Metal (for example, Gold and Silver), and to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to that purpose or for which a Delaware statutory trust may be organized. It is the intention of the parties hereto that the Trust shall be a statutory trust organized in series, under the Delaware Act and that this Declaration of Trust and each Designation shall constitute the governing instrument of the Trust. The Sponsor intends for each Series to be operated and treated for U.S. federal income tax purposes as a "grantor trust" described in sections 671-679 of the Code. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that has elected to be treated as a "grantor trust" described in sections 671-679 of the Code. All provisions in this Declaration of Trust are intended to be construed such that the Trust or any Series thereof does not lose its status as a "grantor trust." The Trust shall be entitled to exercise all of the powers, rights and privileges granted to, or conferred upon, a statutory trust formed under the laws of the State of Delaware, now or hereafter in force; however, neither the Trust, Sponsor nor the Trustee (nor any agent of any such person) shall be authorized or empowered to do anything that would cause the Trust or a series of the Trust to fail to qualify as a "grantor trust" for U.S. federal income tax purposes.

------

<u>Section 1.03</u> <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

(a) "Administrator" means any Person from time to time engaged to perform administration services for the Trust and each Series pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust and such Series and authority delegated by the Sponsor. The initial Administrator for the Trust and each Series as of the date hereof shall be **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services**, a Wisconsin limited liability company.

(b) "Affiliate" shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person.

(c) "Business Day" shall mean, with respect to a Series, any day other than a day: (1) when the exchange on which the Shares are principally traded is closed for regular trading; or (2) when banks are authorized to close in the United States or the State of Delaware; or (3) when banks in the United States or the State of Delaware are not open for a full business day and the order or other transaction requires the execution or completion of procedures which cannot be executed or completed by the close of the business day.

(d) "Certificate of Trust" means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Act as amended or restated from time to time.

(e) "Class" shall mean each class, if any, of Shares of the Trust or of a Series of the Trust established and designated under and in accordance with the provisions of ‎Article II hereof.

(f) "Code" means the Internal Revenue Code of 1986, as amended.

(g) "Control" and/or "Controlled" mean that the specified party, directly or indirectly, has the power to direct or cause the direction of the management and policies of an entity through the ownership of voting securities, by contract or otherwise.

(h) "Creation Basket" shall mean a block of 10,000 Shares or more or such other amount as established from time to time by the Sponsor. Multiple blocks are called "Creation Baskets."

------

(i) "Custodian" means, with respect to any Series, an entity designated to act as custodian of the Metal or cash of such Series pursuant to a written agreement with the Trust or Sponsor on behalf of such Series. The initial Custodian of the Metal for each Series as of the date hereof shall be Texas Precious Metals LLC.

(j) "Custody Agreement" means a written agreement entered into by the Trust or Sponsor with a Custodian providing for the deposit, safekeeping or delivery of the applicable Metal and/or cash held by a Series and related services.

(k) "Declaration of Trust" shall mean this Amended and Restated Agreement and Declaration of Trust and Trust Agreement, as amended or restated from time to time.

(l) "Delaware Act" shall mean the Delaware Statutory Trust Act (12 *Del.* C. § 3801 et *seq.),* as such statute may be amended or interpreted from time to time, and any legislative enactment which may replace or supersede such Act.

(m) "DTC" shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC will act as the securities depository for the Shares.

(n) "DTC Participant" shall mean a participant in DTC, such as a bank, broker, dealer or trust company.

(o) "Exchange" means the primary exchange or other securities market on which the Shares of a Series are listed for trading.

(p) "Expenses" shall have the meaning assigned to such term in Section 3.05 herein.

(q) "Fund Administration Servicing Agreement" shall mean the fund administration servicing agreement entered into by the Sponsor on behalf of the Trust with the Administrator, as the same may be amended, restated, supplemented or otherwise modified from time to time.

(r) "General Assets" shall have the meaning assigned to such term in Section 2.07(a) herein.

(s) "Gold" or "gold" means physical gold.

(t) "Indemnified Person" shall have the meaning assigned to such term in Section 3.05 herein.

(u) "Metal" means any and all of gold, silver or any other physical commodity held by a Fund, in each case in physical form.

------

(v) "Participant" means a Person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a DTC Participant, (3) has in effect a valid Participant Agreement and (4) has established one or more accounts for the storage and maintenance of Metal, as set forth in the Prospectus of the applicable Series. Only Participants may place orders to create or redeem one or more Creation Baskets.

(w) "Participant Agreement" shall mean an agreement entered into by each Participant with respect to a Series which provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the applicable Metal and/or cash, if any, required for such creations and redemptions.

(x) "Person" means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign.

(y) "Prospectus" shall have the meaning assigned to such term in Section 4.02(d) herein.

(z) "Redemption Order" shall have the meaning assigned to such term in Section 2.11(a) herein.

(aa) "Registration Statement" means the registration statement of the Trust with respect to a Series as filed with the SEC and declared effective thereby, or becoming automatically effective, as applicable, as the same may at any time and from time to time be amended or supplemented.

(bb) "Responsible Officer" means with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of such Person, as applicable, customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of the Trust.

(cc) "SEC" means the U.S. Securities and Exchange Commission.

(dd) "Series" or "Fund" refers to each Series of the Trust established and designated under or in accordance with the provisions of Article II.

(ee) "Shareholder" means a record owner of at least one outstanding Share.

(ff) "Share" shall mean an equal proportionate unit of beneficial interest into which the beneficial interest of each Series shall be divided. "Shares" includes fractions of Shares as well as whole Shares. Shares may be certificated or uncertificated.

(gg) "Silver" or "silver" means physical silver.

------

(hh) "Sponsor" means Teucrium Asset Management, LLC, or any entity into which it may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of its business as sponsor of the Trust, or any successor Sponsor designated as such by operation of law or any successor Sponsor appointed as herein provided.

(ii) "Sponsor Agreement" means an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor's compensation for its services as Sponsor of the Trust.

(jj) "Sponsor Indemnified Party" shall have the meaning assigned to such term in Section 4.05(c) herein.

(kk) "Transaction Documents" means this Declaration of Trust, any Custody Agreement, the Participant Agreement, the Sponsor Agreement, the Fund Administration Servicing Agreement and any other document to which the Trust is a signatory or is bound.

(ll) "Trust" refers to the Delaware statutory trust established under the Declaration of Trust and organized in series formed under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on September 16, 2025, inclusive of each and every Series established as part of the Trust hereunder now or in the future.

(mm) "Trust Property" means the property of the Trust and, specifically, the Metal or cash owned or held by or for the account of the Trust or any Series.

(nn) "Trustee" refers to Wilmington Trust, National Association, a national banking association or any successor Trustee designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust.

<u>Section 1.04</u> <u>Grantor Trust</u>. Nothing in this Declaration of Trust, any Custody Agreement, the Sponsor Agreement or otherwise shall be construed to give the Trustee or Sponsor the power to vary the investment of the Shareholders (within the meaning of Treasury Regulation section 301.7701-4(c) under the Code or any similar or successor provision of the regulations under the Code), nor shall the Sponsor give the Trustee or the Administrator any direction that would vary the investment of the Shareholders. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust or Series thereof to qualify as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee's, Administrator's or Sponsor's responsibility for the administration of the Trust in accordance with this Declaration of Trust.

------

**ARTICLE II**<br>**SERIES AND SHARES**

<u>Section 2.01</u> Without limiting the authority of the Sponsor set forth in Section 2.02 to establish and designate any further series, the following initial series (or Funds) have been established and designated:

Y'all Street Physical Gold ETF

Y'all Street Physical Silver ETF

The provisions of this Article II shall be applicable to each of the above-designated Funds and any further Fund that may from time to time be established and designated by the Sponsor as provided in Section 2.02; provided, however, that such provisions may be amended, varied or abrogated by the Sponsor with respect to any Fund created after the initial formation of the Trust in this Trust Agreement or any other written instrument creating such additional Fund.

<u>Section 2.02</u> <u>Division of Beneficial Interest; Establishment of Series and Classes</u>. The beneficial interests in the Trust shall at all times be divided into an unlimited number of Shares. The Sponsor may authorize the creation of separate Series of the Trust and the division of Shares into separate Series (which may be referred to herein as "**Funds**") and the division of Series into separate Classes of Shares. The number of Series and Classes as may be established from time to time, is unlimited. The different Series and Classes shall be established and designated, and the variations in the relative rights and preferences as among the different Series and Classes shall be fixed and determined by the Sponsor pursuant to a written instrument that shall be deemed part of, and incorporated into, this Declaration of Trust (each, a "**Designation**"). The Sponsor shall provide a copy of each Designation to the Trustee at Trustee's request. If no separate Series or Classes shall be established, the Shares shall have the rights, powers and duties provided for herein, and all references to Series and Classes shall be construed (as the context may require) to refer to Series of the Trust and Classes of the Series to which they relate. All provisions herein relating to the Trust shall apply equally to each Series and/or Class of the Trust, except as the context otherwise requires. Pursuant to Section 3804 of the Delaware Act, the debts, liabilities, obligations, costs, charges, reserves and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to this Declaration of Trust or is hereafter authorized and existing pursuant to this Declaration of Trust, shall be enforceable against the assets associated with such Series only and not against the assets of the Trust generally or any other Series thereof, and, except as otherwise provided in this Declaration of Trust, none of the debts, liabilities, obligations, costs, charges, reserves and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series.

All Shares issued hereunder shall, to the fullest extent permitted by applicable law, be fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the same Series or Class with respect to assets of such Series or Class. All distributions, if any, shall be made ratably among all Shareholders of a Series or Class from the assets held with respect to such Series or Class according to the number of Shares of such Series or Class held of record by such Shareholders on the record date determined by the Sponsor for any distribution or on the date of termination of the Trust, Series or Class, as the case may be. Except as otherwise provided by the Sponsor, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Every Shareholder, by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of this Declaration of Trust.

------

The Sponsor shall have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders of any Series or Class (i) to establish and designate and to change in any manner any Series or Class and to fix such preferences, voting powers, rights, duties and privileges of each Series or Class as the Sponsor may from time to time determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to any existing Series or Class and may be limited to specified property or obligations of the Trust or gains and losses associated with specified property or obligations of the Trust, (ii) to divide the beneficial interest in each Series or Class into an unlimited amount of Shares, with or without par value, as the Sponsor shall determine, (iii) to issue Shares without limitation as to number (including fractional Shares), to such Persons and for such amount of consideration, at such time or times and on such terms as the Sponsor may deem appropriate, (iv) to divide or combine the Shares or any Series or Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Series or Class in the assets held with respect to that Series or Class, (v) to classify or reclassify any issued Shares of any Series or Class into shares of one or more Series or Classes, and (vi) to take such other action with respect to the Shares as the Sponsor may deem desirable. The Sponsor shall provide written notice to the Trustee of the creation of any Series or Fund, any material changes with respect to any Series or Fund and the termination of any Series or Fund.

<u>Section 2.03</u> <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained by the Sponsor separately for the Shares of each Series and Class, as applicable. All beneficial interests in the Trust and any Series or Fund shall be uncertificated and shall be reflected solely in the books and records of the Trust unless otherwise determined by the Sponsor. No certificates certifying the ownership of Shares shall be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make such rules as it considers appropriate for the issuance of Share certificates, transfer of Shares of each Series or Class and similar matters. The record books of the Trust as kept by the Sponsor on behalf of the Trust, or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series and Class and as to the number of Shares of each Series and Class held from time to time by each.

<u>Section 2.04</u> <u>Transfer of Shares</u>. Except as otherwise provided by the Sponsor, Shares shall be transferable on the books of the Trust only by the record holder thereof or by their duly authorized agent upon delivery to the Sponsor, the Trust's transfer or similar agent or other Person designated by the Sponsor of a duly executed instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further requirements specified by the Sponsor, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the holder of such Shares for all purposes hereunder.

------

<u>Section 2.05</u> <u>Investments in a Series or Class</u>. Investments in each Series or Class may be accepted by the Trust from such Persons, at such times and on such terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder's account in the form of full and fractional Shares of the Trust, in such Series and Class as the purchaser shall select, at the net asset value per Share next determined for such Series after receipt of the investment; provided, however, that the Sponsor may, in its sole discretion, impose a sales charge, transaction fee or other charges upon investments in a Series or Class or place such other restrictions on investments in a Series or Class as the Sponsor, in its sole discretion, deems appropriate.

<u>Section 2.06</u> <u>Status of Shares and Limitation of Personal Liability</u>. The ownership of the Trust Property and the right to conduct the business of the Trust and each Series or Class described herein are vested exclusively in the Sponsor [and by delegation from the Sponsor, the Administrator] as provided for herein. The Shareholders of a Series or Class shall have no interest therein other than the beneficial interest in such Series or Class conferred by their Shares, and they shall have no right to call for any partition or division of any Trust Property, including the property of any Series, rights or interests of the Trust or a Series or Class, nor can they be called upon to share or assume any losses of the Trust or a Series or Class, or, subject to the right of the Sponsor to charge certain expenses directly to Shareholders, suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased a Share, shall become a Shareholder of the Series or Class whose Share or Shares it has purchased and shall be held to have expressly assented and agreed to be bound by the terms hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the Trust or a Series or Class shall not operate to terminate the Trust or such Series or Class, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or such Series or Class, or the Sponsor, but entitles such representative only to the rights of such Shareholder under this Declaration of Trust. Ownership of Shares shall not constitute the Shareholders as partners except for all U.S. federal, state and local tax purposes. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Declaration of Trust or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder of a Series or Class shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust or any Series. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law.

------

<u>Section 2.07</u> <u>Designation and Rights of Shares</u>. Each Series shall be separate and distinct from any other Series and Class as designated by the Sponsor. Separate and distinct records on the books of the Trust shall be maintained by the Sponsor for each Series. The assets and liabilities belonging to any such Series shall be held and accounted for separately from the assets and liabilities of the Trust or any other Series. Shares of each Series or Class, unless otherwise provided in the resolution establishing such Series or Class, shall have the following relative rights and preferences:

(a) <u>Assets Held with Respect to a Particular Series</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series, including distributions paid by, and reinvested in such Series together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series for all purposes, subject only to the rights of creditors of such Series, and shall be so recorded by the Sponsor upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as assets held with respect to any particular Series (collectively "**General Assets**"), the Sponsor shall allocate such General Assets to, between or among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable, and any General Assets as allocated to a particular Series shall be held with respect to that Series and shall no longer constitute General Assets. Each such allocation by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all purposes. Separate and distinct records shall be maintained for each Series and Class by the Sponsor and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and General Assets of the Trust not allocated to such Series.

(b) <u>Liabilities Held with Respect to a Particular Series</u>. The assets of the Trust held with respect to each particular Series shall be charged against the liabilities of the Trust held with respect to that Series and all expenses, costs, charges and reserves attributable to that Series, and any general liabilities of the Trust which are not readily identifiable as being held with respect to any particular Series shall be allocated and charged by the Sponsor to and among any one or more of the Series or Classes in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable; provided, however, that within a Series and solely on a contractual basis, the Sponsor shall have the right to assess specific Series liabilities, expenses, costs, charges and reserves against a particular Class or Classes of such Series. The liabilities, expenses, costs, charges, and reserves so charged to a Series are herein referred to as "liabilities held with respect to" that Series. Any liabilities, debts, obligations, expenses, costs, charges and reserves of the Trust that are not readily identifiable as being liabilities held with respect to any particular Series (collectively "General Liabilities") shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all purposes. All Persons who have extended credit which has been allocated to a particular Series, or who have a claim or contract which has been allocated to any particular Series, shall look, and shall be required by contract to look, exclusively to the assets of that particular Series for payment of such credit, claim, or contract, and not any other Series or the Trust as a whole. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and contract providers, each creditor, claimant and contract provider will be deemed nevertheless to have impliedly agreed to such limitation.

------

Subject to the right of the Sponsor in its discretion to allocate General Liabilities as provided herein, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to this Declaration of Trust or is hereafter authorized and existing pursuant to this Declaration of Trust, shall be enforceable against the assets held with respect to such particular Series only, and not against the assets of any other Series or the General Assets of the Trust and none of the General Liabilities of the Trust or the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any other Series thereof shall be enforceable against the assets held with respect to such particular Series. Notice of this limitation on liabilities between and among Series is set forth in the Certificate of Trust, and by giving such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Act relating to limitations on liabilities between and among Series (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) are applicable to the Trust and each Series. Notice of this limitation on liabilities between and among Series shall also be set forth in each document to which the Trust or the Trust with respect to any Series is a party.

(c) <u>Dividends, Distributions, Redemptions, and Repurchases</u>. Notwithstanding any other provisions of this Declaration of Trust, no distribution including, without limitation, any distribution paid upon termination of the Trust or paid on or in respect to any Series, nor any redemption or repurchase of the Shares of any Series, shall be effected by the Trust other than from the assets held with respect to such Series, nor, except as specifically provided in Section 2.06, shall any Shareholder of any particular Series, otherwise have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

(d) <u>Votin</u>g. Except as provided by ‎Section 9.01(c), Shareholders shall have no voting rights hereunder or under the Delaware Act except as the Sponsor shall consider desirable and so authorize in its sole discretion. To the extent that the Sponsor authorizes a vote of Shareholders, all Shares of the Trust entitled to vote on a matter shall vote without differentiation between the separate Series or Class on a one vote per each Share (including fractional votes for fractional shares) basis; provided, however, if a matter to be voted on affects only the interests of some but not all Series or Classes of Shareholders or as otherwise required by applicable law, then only the Shareholders of such affected Series or Classes shall be entitled to vote on the matter, separately by Series or Class and on the same one vote per each Share (including fractional votes for fractional shares) basis.

(e) <u>Equalit</u>y. All the Shares of each particular Series shall represent an equal proportionate undivided interest in the assets held with respect to that Series (subject to the liabilities held with respect to that Series), and each Share of any particular Series or Class shall be equal to each other Share of that Series or Class.

(f) <u>Fractions</u>. Any fractional Share of a Series or Class shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust all to the extent set forth herein.

------

(g) <u>Exchan</u>g<u>e Privile</u>ge. The Sponsor shall have the authority to provide that the holders of Shares of any Series or Class shall have the right to exchange said Shares for Shares of one or more other Series or Class of Shares, in accordance with such requirements and procedures as may be established by the Sponsor.

<u>Section 2.08</u> <u>Fixing of Record Date</u>. Whenever any distribution will be made, or whenever the Trust receives notice of any solicitation of proxies or consents from Shareholders, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect of any matter, the Sponsor shall fix a record date for the determination of the Shareholders who shall be (i) entitled to receive such distribution or the net proceeds of the sale thereof, (ii) entitled to give such proxies or consents in respect of any such solicitation, (iii) entitled to receive Shares of a Series or Class as a result of any such split, reverse split or other change and (iv) entitled to act in respect of any other matter for which the record date was set. Subject to applicable law and this Declaration of Trust, Sponsor shall have sole discretion to fix such record date.

<u>Section 2.09</u> <u>Creations and Issuance of Creation Baskets</u>.

(a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Participant, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Trust is unlimited.

(i) On any Business Day, a Participant may submit a request to create one or more Creation Baskets (such request by a Participant, a "**Purchase Order**") in the manner provided in the Participant Agreement. Purchase Orders will be processed only from Participants with respect to which a Participant Agreement is in full force and effect.

(ii) Any Purchase Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement.

(b) After accepting a Participant's Purchase Order, the Sponsor (or its delegate or agent) will issue and deliver (or will cause to be issued and delivered) Creation Baskets to fill a Participant's Purchase Order in the manner provided in the Participant Agreement, but only if the Sponsor (or its delegate or agent) has received (A) the non-refundable transaction fee or other fees due for such Purchase Order, unless such fees have been waived by the Sponsor in its sole discretion, and (B) notice that, for the account of the Trust on behalf of a Series, the requisite amount of the applicable Metal and/or cash based on the number of Creation Baskets associated with the Participant's Purchase Order has been received. Upon issuing a Creation Basket pursuant to a Purchase Order of a Participant, the Sponsor (or its delegate or agent) will deposit the Creation Basket with DTC in accordance with DTC's customary procedures, for credit to the account of the Participant that placed the Purchase Order.

------

(c) The procedures set forth in this Section 2.09 may be changed from time-to-time at the sole discretion of the Sponsor.

<u>Section 2.10</u> <u>Requirements for Deposits</u>. The Sponsor shall accept delivery of the Metal and/or cash by such means as the Sponsor in its sole discretion, from time to time, may determine to be acceptable for the Trust on behalf of a Series.

<u>Section 2.11</u> <u>Redemption of Creation Baskets</u>.

(a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Participant, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the redemption of Creation Baskets.

(i) On any Business Day, a Participant may submit a request to redeem one or more Creation Baskets standing to the credit of the Participant on the records of DTC in kind (such request, a "Redemption Order") in the manner provided in the Participant Agreement. Redemption Orders will be processed only from Participants with respect to which a Participant Agreement is in full force and effect.

(ii) Any Redemption Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement.

(iii) After accepting a Participant's Redemption Order, the Sponsor (or its delegate or agent) will deliver (or cause to be delivered) the redemption distribution to fill a Participant's Redemption Order in the manner provided in the Participant Agreement, but only if the Sponsor (or its delegate or agent) has received (A) the non-refundable transaction or other fees due for such Redemption Order unless waived by the Sponsor in its sole discretion, and (B) notice that the Fund's account at DTC has been credited with all Shares comprising the Creation Baskets being tendered for redemption.

(b) The procedures set forth in this Section 2.11 may be changed from time-to-time at the sole discretion of the Sponsor.

**ARTICLE III**<br>**TRUSTEE**

<u>Section 3.01</u> <u>Term; Resignation</u>.

(a) The Trustee shall be appointed by the Sponsor and shall serve for the duration of the Trust or until the earlier of (i) the effective date of the Trustee's resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor.

(b) The Trustee may resign at any time by giving sixty (60) days' written notice to the Sponsor; provided, however, that said resignation of the Trustee shall not be effective until such time as a successor Trustee has been appointed by the Sponsor and has accepted appointment as Trustee of the Trust. The Trustee may be removed at any time by the Sponsor upon sixty (60) days' written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor Trustee has been appointed by the Sponsor and has accepted such appointment.

------

(c) If a successor Trustee has not been appointed within sixty (60) days of the resignation or removal of the Trustee, the Trustee may, at the expense of the Trust or the Sponsor, petition a court of competent jurisdiction to appoint such successor Trustee.

<u>Section 3.02</u> <u>Duties</u>. Notwithstanding any other provision of this Declaration of Trust to the contrary, the Trustee is appointed to serve as trustee of the Trust in the State of Delaware for the sole and limited purpose of satisfying the requirement of Section 3807(a) of the Delaware Act that the Trust have at least one trustee with a principal place of business in Delaware. The duty and authority to manage the business and affairs of the Trust is hereby vested in the Sponsor, which duty and authority the Sponsor may delegate to the Administrator or other agents or managers as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Act, and it is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor or its delegates. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Act. The Trustee shall have no duty to know or inquire as to the performance or nonperformance of any provision of any agreement, instrument, or document. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the foregoing. The Trustee shall not have any implied rights, duties (including fiduciary duties arising at law or in equity), obligations and liabilities with respect to the business and affairs of the Trust, the beneficial owners thereof or any other Person, pursuant to this Declaration of Trust or any other document, and it is hereby understood and agreed by the other parties hereto that such duties are hereby eliminated and replaced with the express duties provided herein. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Act.

<u>Section 3.03</u> <u>Compensation and Expenses of the Trustee</u>. The Trustee (or any successor Trustee) shall be entitled to receive compensation from the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in writing by the Trustee and the Sponsor. Subject to prior written notification and approval of the Sponsor, which shall not be unreasonably withheld, the Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section 3.03, provided that no such fees shall be payable to the extent that they are incurred as a result of the Trustee's gross negligence or willful misconduct.

<u>Section 3.04</u> The Trustee shall not be liable for the default or misconduct of the Trust, the Sponsor, any Administrator, any Custodian, any Shareholder or any other Person hereunder or under any Transaction Document or otherwise, nor shall the Trustee be liable for any delay in the performance or failure to perform its duties if such failure is a result of another party failing to perform their responsibilities, and the Trustee shall not be liable for any acts or omissions of the Sponsor, any Administrator, any Custodian, any Shareholder or any other Person, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor, the Trust, any Administrator, any Custodian, any Shareholder or any other Person , and the Trustee may assume performance by the Trust, the Sponsor, any Administrator, any Custodian, any Shareholder or any other Person hereunder or under any Transaction Document. In particular, but not by way of limitation:

(a) the Trustee shall not be liable for any error of judgment made in good faith, except to the extent such error of judgment constitutes gross negligence on its part;

------

(b) no provision in this Declaration of Trust shall require the Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

(c) under no circumstances shall the Trustee be liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust or any Series;

(d) the Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Declaration of Trust or for the due execution hereof by the Sponsor or for the value of the Trust Property;

(e) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document;

(f) the Trustee may conclusively rely on and shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

(g) the Trustee shall be entitled to rely on and shall not be liable for any action taken or omitted to be taken by the Trustee in accordance with the advice of counsel or other professionals retained or consulted by the Trustee;

(h) in the exercise or administration of the Trust hereunder, the Trustee (i) at the expense of the Trust may act directly or through agents, custodians, nominees, or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default, conduct or misconduct of such agents, custodians, nominees or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith; and (ii) at the expense of the Trust may consult with counsel, accountants, experts and other skilled persons to be selected by it in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants, experts or other skilled persons, all of which action or inaction shall be deemed to be duly authorized;

------

(i) except as expressly provided in this Section 3.04, in accepting and performing the Trust hereby created, the Trustee acts solely as Trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by this Declaration of Trust shall look only to the Trust's property for payment or satisfaction thereof;

(j) in no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

(k) the Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder;

(l) the permissive rights of the Trustee to act under this Declaration of Trust shall not be construed as a duty and, with respect to such permissive rights, the Trustee shall not be answerable for other than its gross negligence or willful misconduct, and the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Declaration of Trust at the request or direction of the Sponsor, pursuant to the provisions of this Declaration of Trust, unless advanced necessary costs and the Trustee is offered security or indemnity (satisfactory to the Trustee in its sole and absolute discretion) against the costs, expenses and liabilities which may be incurred by it in compliance with such request or direction;

(m) the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Declaration of Trust arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; pandemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility;

(n) whenever the Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Declaration of Trust or is unsure as to the application of any provision of this Declaration of Trust or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Declaration of Trust permits any determination by the Trustee or is silent or is incomplete as to the course of action that the Trustee is required to take with respect to a particular set of facts, the Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Sponsor, requesting instruction, and to the extent the Trustee acts in good faith in accordance with any written instruction of the Sponsor received, the Trustee shall not be liable on account of such action to any Person. If the Trustee shall not have received appropriate written instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action as it may deem to be in the best interests of the Shareholders, and shall have no liability to any Person for such action or inaction;

------

(o) the Trustee shall not be required to take any action or refrain from taking action under this Declaration of Trust if the Trustee has reasonably determined, or has been advised by counsel, that such action is likely to result in personal liability on the part of the Trustee, or is contrary to the terms hereof or is otherwise contrary to applicable law;

(p) the Trustee shall not be under any duty to succeed to, assume or otherwise perform any of the duties of the Sponsor, any Administrator, the Custodian, or to appoint a successor or replacement in the event of their resignation or removal, or to remove and replace the Sponsor, any Administrator, the Custodian, in the event of a default, breach or failure of performance on the part of such Persons with respect to its duties and obligations under the terms of the Transaction Documents;

(q) the Trustee shall have no duty or responsibility to cause the Trust to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its business;

(r) the Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such fact or event is received by a Responsible Officer of the Trustee and such notice references the fact or event. Absent written notice in accordance with this Section, the Trustee may conclusively assume that no such fact or event has occurred. The Trustee shall have no duty to inquire into, investigate or take any action to determine whether any event (including any default, event of default or breach representation or warranty) has in fact occurred and shall have no duty to make any determination as to the materiality or effect of any fact, matter or event (including any default, event of default or breach of representation or warranty), or, to make any demand or claim for repurchase of any part of the Trust Property;

(s) the Trustee shall have no responsibility for (1) preparing, filing or recording any financing or continuation statement or amendment in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it or the Trust hereunder or under any Transaction Document, (2) any Trust licensing or qualifications to do business, (3) tax filings, (4) monitoring or enforcing the satisfaction of any risk retention requirements or (5) preparing, executing or filing any Securities Exchange Commission filing for the Trust or to record this Declaration of Trust or any Transaction Document;

(t) prior to taking or refraining from taking any action hereunder, the Trustee shall be entitled to request, receive, rely upon and act in accordance with, officer's certificates or opinions of counsel provided at the expense of the party requesting the Trustee to take such action or inaction and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such officer's certificates and opinions of counsel;

------

(u) The Trustee shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument or document other than this Declaration of Trust, whether or not an original or a copy of such agreement has been provided to the Trustee;

(v) The Trustee shall have no duty to know or inquire as to the performance or nonperformance of any provision of any agreement, instrument or document other than this Declaration of Trust;

(w) In the event that any Trust Property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Trust Property, the Trustee is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction. In the event that the Trustee obeys or complies with any such writ, order or decree it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated;

(x) If any conflict, disagreement or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Declaration of Trust, or the Trustee is in doubt as to the action to be taken hereunder, the Trustee may, at its option, after sending written notice of the same to the Sponsor and the Shareholders, refuse to act until such time as it (a) receives a final non-appealable order of a court of competent jurisdiction directing delivery of the Trust Property or (b) receives a written instruction, executed by each of the parties involved in such disagreement or dispute, in a form reasonably acceptable to the Trustee, directing delivery of the Trust Property. The Trustee will be entitled to act on any such written instruction or final, non-appealable order of a court of competent jurisdiction without further question, inquiry or consent. The Trustee may file an interpleader action in a state or federal court, and upon the filing thereof, the Trustee will be relieved of all liability as to the Trust Property and will be entitled to recover reasonable and documented out-of-pocket attorneys' fees, expenses and other costs incurred in commencing and maintaining any such interpleader action;

(y) The Trustee shall have no responsibilities as to the validity, sufficiency, value, genuineness, ownership or transferability of the Trust Property, written instructions, or any other documents in connection therewith, and will not be regarded as making nor be required to make, any representations thereto;

(z) The Trustee shall have no obligation to give, execute, deliver, file, record, authorize or obtain any financing statements, amendments, continuation statements, notices, instruments, documents, agreements, consents or other papers as shall be necessary to (i) create, preserve, perfect or validate the security interest granted under this Declaration of Trust or (ii) enable any party to exercise and enforce its rights under this Declaration of Trust with respect to any such pledge and security interest. In addition, the Trustee shall have no responsibility or liability (i) in connection with the acts or omissions of the Sponsor in respect of the foregoing or (ii) for or with respect to the legality, validity and enforceability of any security interest created under this Declaration of Trust or the perfection and priority of such security interest; and

------

(aa) the Trustee shall have no duty to prepare or file any Federal or state tax report or return with respect to any funds held pursuant to this Declaration of Trust or any income earned thereon.

<u>Section 3.05</u> <u>Indemnification</u>. The Sponsor agrees, whether or not any of the transactions contemplated hereby shall be consummated, to assume liability for, and does hereby indemnify, protect, save and keep harmless, the Trustee (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, shareholders, employees, agents and servants (the "Indemnified Parties") from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section), claims, actions, suits, costs, expenses or disbursements (including customary and documented legal fees and expenses and legal fees and expenses incurred pursuant to enforcement of said indemnification rights) of any kind and nature whatsoever (collectively, "Expenses"), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of any of the Indemnified Parties, as finally determined by any court of competent jurisdiction without possibility of appeal. Any amounts payable to an Indemnified Party under this Section 3.05 may be payable in advance. To the extent not paid by the Sponsor within 30 days, the Trust shall be additionally liable for such amounts. The obligations of the Sponsor and the Trust to indemnify the Indemnified Parties as provided herein shall survive the termination of this Declaration of Trust and the resignation or removal of the Trustee.

<u>Section 3.06</u> <u>Successor Trustee</u>. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Act. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees, expenses and indemnification due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under this Declaration of Trust, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within sixty (60) days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.

<u>Section 3.07</u> <u>Merger or Consolidation of Trustee</u>.

(a) Any entity (i) into which the Trustee may be merged or consolidated, (ii) that may result from any merger, conversion or consolidation to which the Trustee shall be a party, or (iii) that may succeed to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such entity shall be eligible pursuant to the Delaware Act, without the execution or filing of any instrument or any further act on the part of any of the parties hereto.

------

(b) Upon the happening of any of the events described in Section 3.06 or 3.07(a) with respect to the Trustee, the successor Trustee shall, to the extent required by Delaware law, cause an amendment to the Trust's certificate of trust to be filed with the Secretary of State of the State of Delaware, in accordance with the provisions of Section 3810 of the Delaware Act, indicating the change with respect to such Trustee's identity.

**ARTICLE IV**<br>**THE SPONSOR**

<u>Section 4.01</u> <u>Management of the Trust</u>. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Act, the Trust shall be managed by the Sponsor and the conduct of the Trust's business shall be controlled and conducted solely by the Sponsor in its sole discretion in accordance with this Declaration of Trust. Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Sponsor except as limited, restricted or prohibited by the express provisions of this Declaration of Trust (e.g., see Section 1.04). The enumeration of any specific power in this Declaration of Trust shall not be construed as limiting the aforesaid or any other power.

<u>Section 4.02</u> <u>Authority of Sponsor</u>. In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Declaration of Trust, and except as limited, restricted or prohibited by the express provisions of this Declaration of Trust (e.g., see Sections 1.02 and 1.04) or the Delaware Act, the Sponsor shall have and may exercise on behalf of the Trust and each Series, all powers and rights the Sponsor, in its sole discretion, deems necessary, proper, convenient or advisable to effectuate and carry out the purposes, activities and objectives of the Trust and each Series, which shall include, without limitation, the following:

(a) To enter into, execute, deliver and maintain, and to cause the Trust and each Series to perform its obligations under, contracts, agreements (including, but not limited to insurance agreements), the Transaction Documents and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust activities and administration, and the activities and administration of each Series, including, but not limited to contracts with third parties for services; provided, however, that such services may be performed by an Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are commercially reasonable;

(b) To establish, maintain, deposit into, and/or otherwise draw upon accounts on behalf of the Trust or each Series with appropriate custodial, banking or other institutions, and execute and/or accept any instrument or agreement incidental to the Trust's or a Series' business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Sponsor in the Sponsor's name shall be deemed executed and accepted on behalf of the Trust or a Series, as applicable, by the Sponsor;

------

(c) To deposit, withdraw, pay, retain and distribute Metal, and/or cash and Trust Property, or any portion thereof, in any manner consistent with the provisions of this Declaration of Trust;

(d) To supervise the preparation and filing of the Registration Statement and the Trust's prospectus (the "Prospectus") and to execute the Registration Statement on behalf of the Trust;

(e) To pay or authorize the payment of distributions to the Shareholders and pay or authorize the payment of the expenses of the Trust and each Series;

(f) To hold, distribute or dispose of property of the Trust or any Series; to sell property of the Trust or any Series as may be necessary to permitted payment of any fees or expenses of the Trust or any Series; and to subscribe for, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, or otherwise deal in such property in connection with the creation, issuance, and redemption of Creation Baskets, in connection with the liquidation of the Trust or any Series, or to comply with any applicable law or regulation, and to do any and all acts and things for the maintenance, preservation, and protection of such property;

(g) To exercise powers and right of subscription or otherwise with respect to the ownership of property of the Trust or any Series;

(h) To hold Metal or cash or property in a form not indicating that it is property of the Trust or any Series, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise or to authorize the custodian or a subcustodian or a nominee or nominees to deposit the same in a securities depository;

(i) To litigate, compromise, arbitrate, settle or otherwise adjust claims in favor of or against the Trust or a Series, or any matter in controversy, including but not limited to claims for taxes; and

(j) To contract with any Person(s) appointing such Person(s), including any Affiliate, to provide services to the Trust or any Series, including without limitation, accountants, administrators, auditors, exchanges and over-the-counter ("OTC") counterparties, market participants, custodians, index providers, transfer agents, shareholder servicing agents, marketing agents, or other agents for the Trust or any Series.

(k) To enter into the Sponsor Agreement on terms and conditions acceptable to the Sponsor.

<u>Section 4.03</u> <u>Obligations of Sponsor</u>. In addition to the obligations expressly provided by the Delaware Act or this Declaration of Trust, the Sponsor shall:

(a) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and each Series thereof and for the conduct of the business of the Trust and each Series in all appropriate jurisdictions;

------

(b) Retain independent public accountants to audit the accounts of the Trust and each Series;

(c) Employ attorneys to represent the Trust and each Series;

(d) Select the Trust's or any Series' Trustee, administrator, transfer agent, custodian, Metal delivery provider(s), index provider, OTC counterparties, market participant counterparties, marketing agent(s), and any other service provider(s) and cause the Trust or such Series to enter into contracts with such service provider(s);

(e) Oversee the operation of the service providers of the Trust and each Series in connection with their dealings with the Trust and each Series.

The Sponsor shall be entitled to delegate its obligations under this Declaration of Trust and applicable law to third parties, including any Affiliate thereof, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate was made in accordance with Section 4.02(a) hereof. An agreement pursuant to which an Affiliate is to perform services for the Trust shall be terminable by the Trust without penalty upon discovery of acts of fraud or willful malfeasance of the Affiliate in performing its duties thereunder.

<u>Section 4.04</u> <u>Compensation of the Sponsor</u>. The Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth in the Sponsor Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor's obligations hereunder.

<u>Section 4.05</u> <u>Liability of Sponsor and Indemnification</u>.

(a) The Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to this Declaration of Trust, or for errors in judgment or for depreciation or loss incurred by reason of the sale of the applicable Metal or other assets held in trust hereunder; provided, however, that this provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee's counsel or by any other Person for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for herein. The Trust shall not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

------

(b) Unless otherwise expressly provided herein:

(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the other hand; or

(ii) whenever this Declaration of Trust or any other agreement contemplated herein or therein provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Declaration of Trust or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

(c) The Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "Sponsor Indemnified Party") shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Declaration of Trust. Any amounts payable to a Sponsor Indemnified Party under this Section 4.05 may be payable in advance. The Sponsor shall not be under any obligation to appear in, prosecute or defend any legal action which in its opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of this Declaration of Trust and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties as provided herein shall survive the termination of this Declaration of Trust.

**ARTICLE V**<br>**BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST**

<u>Section 5.01</u> <u>Books of Account</u>. Proper books of account for each Series shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Series' business as are required by the Securities Act of 1933, as amended, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust, the Administrator or any other service provider engaged by the Sponsor to perform such service.

------

<u>Section 5.02</u> <u>Certificate of Trust</u>. Except as otherwise provided in the Delaware Act or this Declaration of Trust, the Sponsor shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Shareholder; however, such Certificate of Trust shall be maintained at the principal office of the Trustee as set forth in Section 9.04 and shall be available for inspection and copying by the Shareholders in accordance with this Declaration of Trust. Notwithstanding any other provision in this Declaration of Trust, a Shareholder shall be entitled to receive a copy of this Declaration of Trust from the Sponsor upon request but shall have no other information rights with respect to the Trust, any Series or Class.

**ARTICLE VI**<br>**AMENDMENT OF DECLARATION OF TRUST**

Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, and the Trustee may amend or otherwise supplement this Declaration of Trust by making an amendment, a Declaration of Trust supplemental hereto, or an amended and restated declaration of trust. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by Sponsor in its sole discretion. Any amendment, restatement, waiver or modification which affects the rights, duties, liabilities or immunities of the Trustee shall require the Trustee's written consent. All fees, costs and expenses (including reasonable attorneys' fees, costs and expenses) incurred by the Trustee in connection with any amendment, modification or supplement shall be payable by the Sponsor.

**ARTICLE VII**<br>**TERM**

The term for which the Trust and each Series shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided by law.

**ARTICLE VIII**<br>**TERMINATION/REORGANIZATION**

<u>Section 8.01</u> <u>Termination of the Trust or any Series</u>.

(a) The Sponsor may terminate the Trust or any Series at any time for any reason in its sole discretion, however, notwithstanding the foregoing, if the Trust (or a Series as the case may be) fails to qualify for treatment or ceases to be treated as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, the Sponsor will evaluate whether it is advisable and the best interest of the Shareholders to terminate the Trust or any Series thereof as a result of such tax treatment or change in tax treatment, reorganize a Series into a new Series of the Trust or continue the Trust and Series without further action.

------

(b) Written notice of termination with respect to the Trust or a Series, specifying the anticipated date of termination and the anticipated period during which the assets of the Trust or such Series will be liquidated, generally shall be given by the Sponsor to the Trustee and to Shareholders of the Trust or Series, as applicable, at least thirty (30) days prior to termination of the Trust or such Series. Within a reasonable period of time after such termination the Sponsor shall, subject to any applicable provisions of law, sell all of the Metal not already distributed to Participants redeeming Creation Baskets, as provided herein, if any, in such a manner so as to effectuate orderly sales and a minimal market impact, and may thereafter hold the net proceeds of any such sale, together with any other cash then held by it under this Declaration of Trust, uninvested and without liability for interest, for the pro rata benefit of the beneficial owners of Shares that had not theretofore been redeemed. The Sponsor shall not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions of this Section 8.01. The Sponsor may suspend its sales of Metal upon the occurrence of unusual or unforeseen circumstances, including, but not limited to, a suspension in trading of the applicable Metal or similar market event. Upon receipt of proceeds from the sale of the last of the applicable Metal held by a Series hereunder, the Sponsor shall comply fully with Section 3808(g) with respect to each Series on a Series-by-Series basis and in connection therewith and at such time as permitted thereby shall:

(i) pay to the Trustee any fees, expenses and indemnification due and owing the Trustee and pay to itself individually, jointly and severally, from the Series an amount equal to the sum of (1) any compensation due it for extraordinary or other services, (2) any advances made but not yet repaid and (3) reimbursement of any other disbursements as provided herein;

(ii) deduct from the Series any amounts which it, in its sole discretion, shall deem necessary or appropriate to pay on behalf of the Series any applicable taxes or other governmental charges that may be payable by the Series and any other contingent or future liabilities of the Series;

(iii) distribute each Shareholder's interest in the remaining assets of the Series in which it holds Shares on a pro rata basis; and

(iv) disseminate to each Shareholder a final statement as of the date of the computation of the amount distributable to the Shareholders.

(c) After having fully complied with Section 3808(g) on a Series-by-Series basis, the Sponsor shall fully comply with Section 3808(e) of the Delaware Act with respect to the Trust.

(d) Upon completion of the winding up of all Series and the Trust as provided in Sections 8.01(b) and (c), the Trustee, upon written direction from the Sponsor and at the expense of the Sponsor, shall cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with the Delaware Act.

<u>Section 8.02</u> <u>Merger and Consolidation of Trust or Series</u>. The Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially all of its assets to, another Series of the Trust or another series of another trust or company; (iii) the Shares of a class of a Series to be converted into another class of the same Series; (iv) the Shares of the Trust or any Series to be converted into beneficial interests in another statutory trust (or series thereof); or (v) the Shares of the Trust or any Series to be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law.

------

For the avoidance of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i) – (v) above without any vote or other action of the Shareholders hereunder or under the Delaware Act.

<u>Section 8.03</u> <u>Dissolution of Sponsor Not to Terminate Trust</u>. The dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not cause the dissolution of the Trust or terminate this Declaration of Trust.

**ARTICLE IX**<br>**MISCELLANEOUS PROVISIONS**

<u>Section 9.01</u> <u>Certain Matters Relating to Shareholders</u>.

(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be an undivided beneficial owner of the Trust or the Series to which its Shares related, subject to the terms and conditions of this Declaration of Trust. Upon issuance as provided herein, Shares shall be fully paid and non-assessable.

(b) The death or incapacity of any Shareholder shall not operate to terminate this Declaration of Trust or the Trust, nor entitle such Shareholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Shareholder expressly waives any right such Shareholder may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trust or Sponsor at any time to account, in any manner other than as expressly provided in this Declaration of Trust, in respect of the Metal or moneys from time to time received, held and applied by the Sponsor hereunder.

(c) Except as required under applicable Federal law or under the rules or regulations of an Exchange, Shareholders shall have no voting rights hereunder or under the Delaware Act (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Act default voting rights are provided to holders of beneficial interests.) The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders' right to vote on any specific matter, the Shareholders' right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders. Nothing set forth in this Declaration of Trust shall be construed so as to constitute the Shareholders from time to time as partners or members of an association; nor shall any Shareholder ever be liable to any third person by reason of any action taken by the parties to this Declaration of Trust, or for any other cause whatsoever.

------

(d) Meetings of the Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or by this Declaration of Trust. A meeting of Shareholders shall be held at any place designated by the Sponsor. All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not less than seven nor more than one hundred and twenty days before the date of the meeting in the manner determined by the Sponsor. The notice shall specify: (i) the place, date and hour of the meeting; and (ii) the general nature of the business to be transacted. Any Shareholders' meeting, whether or not a quorum is present, may be adjourned from time to time by the Sponsor or by the vote of a majority of the Shares present, whether in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be given of the adjourned meeting unless a new record date is fixed or unless the adjournment is for more than sixty days from the date set for the original meeting, in which case the Sponsor shall set a new record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting. The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit, a proxy ballot containing the voting instructions of such Shareholder, in person or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media; provided, however, that the Sponsor may limit or delineate the types of media and methods by which a Shareholder may submit voting instructions. On any matter, any Shareholder may vote part of the Shares in favor of the proposal and refrain from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder's approving vote is with respect to all Shares that the Shareholder is entitled to vote on such proposal. Except when a larger quorum is required by applicable law or by this Declaration of Trust, the presence (in person or by ballot) of thirty-three and one-third percent (33⅓%) of the Shares entitled to vote shall constitute a quorum at a Shareholders' meeting. Any meeting of Shareholders may be adjourned consistent with the provisions of this Section 9.01(d), whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the meeting shall decide any question, except when a different vote is required by any provision of this Declaration of Trust or by applicable law. Any action that may be taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Declaration of Trust or federal law), or holding a majority (or such larger proportion as aforesaid) of the Shares of the Trust or such Series, as applicable, entitled to vote separately on the matter, consent to the action in writing or by other electronic means (such as via telephone or the internet) and such written consent or a record of such electronic consent is filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

(e) For the purpose of determining the Shareholders of the Trust or any Series who are entitled to vote or act at any meeting or any adjournment thereof, the Sponsor may from time to time fix a date, which shall be not more than one hundred twenty (120) days before the date of any meeting of Shareholders of the Trust or such Series, as applicable, as the record date for determining the Shareholders having the right to notice of and to vote at such meeting and any adjournment thereof.

------

(f) Any Shareholder may waive notice, which waiver may be submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver of notice need not specify either the business to be transacted or the purpose of any meeting of Shareholders. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened, and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made at the beginning of the meeting. Nothing contained in this ‎Section 9.01 shall diminish the limitation on the liability of the Trust to the extent set forth in ‎Section 2.06 hereof.

(g) Every person entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the Shareholder's name is placed on the proxy (whether by manual signature, typewriting, telephonic or internet transmission or otherwise) by the Shareholder or the Shareholder's attorney-in-fact. A validly authorized proxy which does not state that it is irrevocable shall continue in full force and effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance at the meeting and voting in person by, the person executing that proxy; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the Trust before the vote pursuant to that proxy is counted; provided however, that no proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy.

(h) Except as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Shareholder shall be liable for claims against, or debts of the Trust or the applicable Series in excess of his capital contribution and his share of the applicable Series property and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder's Participant Agreement delivered in connection with his purchase of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Series shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable to repay such amount.

(i) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor shall give notice to the effect that the same was executed or made by or on behalf of the Trust or the applicable Series and that the obligations of such instrument are not binding upon any Shareholder individually but are binding only upon the assets and property of the applicable Series, and no resort shall be had to the Shareholders' personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Declaration of Trust and may contain any further recital which the Sponsor deems appropriate, but the omission thereof shall not operate to bind any Shareholder individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking.

------

<u>Section 9.02</u> <u>Delaware Law to Govern; Jurisdiction; Waiver of Jury Trial</u>. The validity and construction of this Declaration of Trust and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; <u>provided</u>, <u>however</u>, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 9.02, and provided further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Series, the Trustee, the Sponsor, the Shareholders or this Declaration of Trust any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof; (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Declaration of Trust. Section 3540 of Title 12 of the Delaware Act shall not apply to the Trust. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. The parties hereby (i) irrevocably submit to the exclusive jurisdiction of any federal or state court sitting in Wilmington, Delaware, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient forum or do not have jurisdiction over any party. Each of the parties hereto hereby waives the right to trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Declaration of Trust.

<u>Section 9.03</u> <u>Provisions in Conflict with Law or Regulations</u>.

(a) The provisions of this Declaration of Trust are severable, and if the Sponsor shall determine, with the advice of counsel, that any of such provisions is in conflict with the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

------

(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

<u>Section 9.04</u> <u>Notices</u>. All notices and other communications under this agreement shall be in writing in English, signed by the party giving it, and shall be deemed given, if to the Trustee or the Sponsor, when delivered personally, on the next Business Day after delivery to a recognized overnight courier, or mailed first class (postage prepaid), or when sent by electronic transmission (including e-mail or such other electronic transmission as the parties may from time to time agree), at the following addresses or numbers (or to such other address or number as a party may have specified by notice given to the other parties pursuant to this provision):

If to the Sponsor, to: Teucrium Asset Management, LLC<br> Attn: Sal Gilbertie<br> Three Main Street, Suite 215<br> Burlington, VT 05401<br> Email: sal.gilbertie@teucrium.com

with a copy to: Eversheds Sutherland (US) LLP<br> Attn: Eric Simanek, Esq.<br> 700 Sixth Street NW<br> Washington, DC 20001<br> Email: ericsimanek@eversheds-sutherland.us

If to the Trustee, to: Wilmington Trust, National Association<br> Attn: Amy M. Kohr<br> 1100 N Market St<br> Wilmington, DE 19801<br> Email: akohr@wilmingtontrust.com

Any notice to be given to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated by DTC for delivery to Shareholders.

<u>Section 9.05</u> <u>Headings</u>. The headings used in this Declaration of Trust have been inserted for convenience and shall not modify, define, limit or expand the express provisions of this Declaration of Trust.

<u>Section 9.06</u> <u>Derivative Actions</u>. In addition to the requirements set forth in Section 3816 of the Delaware Act, to the fullest extent permitted by law, a Shareholder or Shareholders may bring a derivative action on behalf of the Trust only if the following conditions are met:<u> </u>

(a) The Shareholder or Shareholders must make a pre-suit demand upon the Sponsor to bring the subject action unless an effort to cause the Sponsor to bring such an action is not likely to succeed. For purposes of this ‎Section 9.06, a demand on the Sponsor shall only be deemed not likely to succeed and therefore excused if the Sponsor has a personal financial interest in the transaction at issue, and the Sponsor shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that the Sponsor receives remuneration for its service as the Sponsor of the Trust or an employee or officer of the Sponsor receives remuneration for his or her service as a trustee or director of one or more investment companies that are under common management with or otherwise affiliated with the Trust.

------

(b) Unless a demand is not required under paragraph ‎(a) of this ‎Section 9.06, Shareholders eligible to bring such derivative action under the Delaware Act who hold at least 10% of the outstanding Shares of the Trust, or 10% of the outstanding Shares of the Series or Class to which such action relates, shall join in the request for the Sponsor to commence such action; and

(c) Unless a demand is not required under paragraph ‎(a) of this ‎Section 9.06, the Sponsor must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Sponsor shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Sponsor determines not to bring such action.

(d) In addition to all suits, claims or other actions (collectively, "**claims**") that under applicable law must be brought as derivative claims, each Shareholder of the Trust or any Series or Class thereof agrees that any claim that affects all Shareholders of a Series or Class equally, that is, proportionately based on their number of Shares in such Series or Class, must be brought as a derivative claim subject to this ‎Section 9.06 irrespective of whether such claim involves a violation of the Shareholders' rights under this Declaration of Trust or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim.

(e) Notwithstanding the foregoing, however, if a provision of this ‎Section 9.06 is found to violate the U.S. federal securities laws, then such provision shall not apply to any claims asserted under such U.S. federal securities law.

<u>Section 9.07</u> <u>Corporate Transparency Act</u>. The Corporate Transparency Act (31 U.S.C. § 5336) and its implementing regulations (collectively, the "**CTA**"), may require the Trust to file reports with Financial Crimes Enforcement Network. It shall be Sponsor's duty and not the Trustee's duty to prepare such filings, cause the Trust to make such filings, and to cause the Trust to comply with its obligations under the CTA, if any.

<u>Section 9.08</u> <u>Counterparts</u>. This Declaration of Trust may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

<u>Section 9.09</u> <u>Entire Agreement</u>. This Declaration of Trust and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements and understandings, oral or written.

<u>Section 9.10</u> <u>Severability</u>. In case any provision in this Declaration of Trust shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

------

<u>Section 9.11</u> <u>Direction</u>. The Trustee is hereby directed to execute this Declaration of Trust and the Sponsor confirms that all conditions precedent under the Initial Declaration have been satisfied.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Agreement and Declaration of Trust to be duly executed and delivered as of April 24, 2026.

---

| | |
|:---|:---|
| Teucrium Asset Management, LLC, as Sponsor | Teucrium Asset Management, LLC, as Sponsor |
| By: | /s/ Sal Gilbertie |
| Name: Sal Gilbertie | Name: Sal Gilbertie |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| Wilmington Trust, National Association,<br> as Trustee | Wilmington Trust, National Association,<br> as Trustee |
| By: | /s/ Amy M. Kohr |
| Name: Amy M. Kohr | Name: Amy M. Kohr |
| Title: Assistant Vice President | Title: Assistant Vice President |

---

[*Signature Page - Amended and Restated Agreement and Declaration of Trust of Texas Precious Metals Trust*]

------

**SCHEDULE A**

● Y'all Street Physical Gold ETF

● Y'all Street Physical Silver ETF

## Exhibit 5.1

**Exhibit 5.1**

![eslogo01.jpg](eslogo01.jpg)<br>

May 13, 2026

Texas Precious Metals Trust

c/o Teucrium Trading, LLC

Three Main Street, Suite 215

Burlington, VT 05401

Re: Registration Statement on Form S-1

Ladies and Gentlemen:

This opinion is furnished to you in connection with a Registration Statement on Form S-1 (the "Registration Statement"), filed by Texas Precious Metals Trust, a Delaware statutory trust organized in series (the "Trust"), with the Securities and Exchange Commission (the "Commission") for the purpose of registering with the Commission under the Securities Act of 1933, as amended (the "Securities Act"), beneficial interests (the "Shares") in a series of the Trust designated as Y'all Street Physical Gold ETF (the "Fund"), as specified in the Registration Statement.

We are acting as counsel for the Trust and its Sponsor, Teucrium Trading, LLC (the "Sponsor"), in connection with the issue and sale by the Trust of the Shares. We have examined (a) the Registration Statement and the prospectus (the "Prospectus"), which forms a part of the Registration Statement, in the form being filed with the Commission, (b) the Certificate of Trust of the Trust, as filed with the office of the Secretary of State of the State of Delaware (the "Secretary of State") on September 16, 2025 (the "Certificate of Trust"), (c) the Certificate of Amendment to Certificate of Trust of the Trust, as filed with the office of the Secretary of State on September 22, 2025 (the "Certificate of Amendment"), (d) the Trust's Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement") in effect on the date of this opinion letter, (e) a Certificate of Good Standing for the Trust, dated May 8, 2026, obtained from the Secretary of State, (f) resolutions of the Sponsor acting on behalf of the Trust relating to the authorization, issuance, offer and sale of the Shares pursuant to the Registration Statement, and (g) such other documents and records, and such matters of law, as in our judgment were necessary or appropriate to enable us to render the opinions expressed below.

In rendering the opinions expressed below, we have assumed, without any independent investigation or verification (a) the genuineness of all signatures on documents submitted to us for examination, (b) the legal capacity of natural persons, (c) the authenticity of all documents submitted to us as originals and the conformity to the authentic original documents of all documents submitted to us as copies and the authenticity of the originals of such copied documents and (d) that all certificates issued by public officials have been properly issued and that such certificates remain accurate on the date of this letter.

As to certain matters of fact relevant to the opinion in this opinion letter, we have relied with your approval upon certificates of public officials, upon certificates of officers of the Sponsor on behalf of the Trust and upon such other certificates as we deemed appropriate. We have not independently established the facts, or in the case of certificates of public officials, the other statements, so relied upon.

This opinion letter is limited to Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act"). We express no opinion with respect to any other laws of the State of Delaware or the laws of any other jurisdiction. Without limiting the preceding sentence, we express no opinion as to any state securities or broker-dealer laws or regulations thereunder relating to the offer, issuance and sale of the Shares. This opinion letter has been prepared, and should be interpreted, in accordance with customary practice followed in the preparation of opinion letters by lawyers who regularly give, and such customary practice followed by lawyers who on behalf of their clients regularly advise opinion recipients regarding, opinion letters of this kind.

Eversheds Sutherland (US) LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.

------

---

| | |
|:---|:---|
| ![eslogo01.jpg](eslogo01.jpg) | Texas Precious Metals Trust<br> May 13, 2026<br> Page 2 |

---

Based upon and subject to the foregoing, we are of the opinion that when (i) Shares have been offered and sold as described in the Registration Statement, the Prospectus and the Trust Agreement and (ii) such Shares have been delivered to the purchasers thereof and the agreed consideration has been fully paid at the time of such delivery by such purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Shares will be validly issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the purchasers of such Shares will have no obligation to make payments to the Trust or its creditors or contributions to the Trust or its creditors solely by reason of the purchasers' ownership of such Shares.

This opinion letter is limited to the matters expressly set forth herein, and no opinion may be inferred beyond those expressly stated. Our opinions expressed herein are as of the date hereof, and we have no obligation to update this letter or to advise you of any changes in applicable law or any other matters that may come to our attention after the date hereof.

This opinion is rendered to you in connection with the filing of the Registration Statement. This opinion may not be relied upon for any other purpose, or furnished to, quoted or relied upon by any other person, firm or corporation for any purpose, without our prior written consent, except that (A) this opinion may be furnished or quoted to judicial or regulatory authorities having jurisdiction over you, and (B) this opinion may be relied upon by purchasers and holders of the Shares currently entitled to rely on it pursuant to applicable provisions of federal securities law.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the reference to our firm under the caption "Legal Matters" in the Prospectus. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or under the rules and regulations of the Commission promulgated thereunder.

Respectfully submitted,<br>/s/ Eversheds Sutherland (US) LLP<br>Eversheds Sutherland (US) LLP<br>

## Exhibit 8.1

**Exhibit 8.1**

---

| | |
|:---|:---|
| ![eslogo01.jpg](eslogo01.jpg) | **Eversheds Sutherland (US) LLP**<br> 700 Sixth Street, NW, Suite 700<br> Washington, DC 20001-3980<br> D: +1 202.383.0952<br> F: +1 202.637.3593<br> briantschosik@<br> eversheds-sutherland.com |

---

May 13, 2026

Teucrium Asset Management, LLC

Three Main Street, Suite 215

Burlington, VT 05401

---

| | |
|:---|:---|
| **Re:** | **Registration Statement on Form S-1 to be filed with the SEC on or about May 13, 2026 with respect to The Y**'**all Street Physical Gold ETF** |

---

Ladies and Gentleman:

We have acted as tax counsel for Teucrium Asset Management, LLC, a Delaware limited liability company, with respect to certain legal matters in connection with the offer and sale of units (the "<u>Shares</u>") of fractional undivided beneficial interest in the net assets of The Y'all Street Physical Gold ETF (the "<u>Fund</u>"), a series of the Texas Precious Metals Trust, a Delaware statutory trust (the "<u>Trust</u>"). We have also participated in the preparation of the Fund's Registration Statement on Form S-1 (the "<u>Registration Statement</u>") to which this opinion letter is an exhibit. In connection therewith, we have participated in the preparation of the discussion set forth under the caption "Federal Income Tax Consequences" (the "<u>Discussion</u>") in the Registration Statement.

In rendering our opinions, we have considered the representation letter dated May 13, 2026, pursuant to which the Trust has made representations with respect to certain factual matters (the "<u>Representation Letter</u>"), and we have relied upon the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), the regulations promulgated thereunder (the "<u>Regulations</u>"), rulings and other judicial decisions regarding the Code and the Regulations by the courts, and administrative interpretations of the Code and the Regulations by the Internal Revenue Service ("<u>IRS</u>"), all as they exist as of the date hereof. The Code, Regulations, rulings and judicial decisions by the courts, and IRS administrative interpretations are subject to change at any time and, in some circumstances, with retroactive effect.

In addition, in rendering our opinions, we have assumed the accuracy of the factual matters described in the Registration Statement, the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.

Based on the foregoing, the Discussion, to the extent that it describes conclusions as to U.S. federal income tax law and subject to the qualifications and assumptions stated in the Discussion, the limitations and qualifications set forth herein, and the representations in the Representation Letter, expresses our opinion as to material U.S. federal income tax consequences of the ownership and disposition of a Share of the Fund. The United States federal income tax consequences of the ownership and disposition of a Share of the Fund by a holder will depend upon that holder's particular situation, and we express no opinion as to the completeness of the Discussion as applied to any particular holder.

This opinion letter is limited to the matters specifically set forth herein, and no opinions are intended to be implied or may be inferred beyond those expressly stated herein. Our opinions are rendered as of the date hereof and we assume no obligation to update or supplement these opinions or any matter related to these opinions to reflect any change of fact, circumstances, or law after the date hereof.

Eversheds Sutherland (US) LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.

------

Furthermore, our opinions are not binding on the IRS or a court. In addition, we must note that our opinions represent merely our best legal judgment on the matters presented and that others may disagree with our conclusions herein. There can be no assurance that the IRS will not take a contrary position or that a court would agree with our opinions if litigated.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to our firm—Eversheds Sutherland (US) LLP—and these opinions contained in the Discussion. In giving this consent, we do not admit that we are "experts" under the Securities Act of 1933, as amended, or under the rules and regulations of the Securities and Exchange Commission relating thereto, with respect to any part of the Registration Statement.

Very truly yours,<br>/s/ Eversheds Sutherland (US) LLP<br>Eversheds Sutherland (US) LLP<br>

## Exhibit 10.1

**Exhibit 10.1**

**FORM OF**

**PARTICIPANT AGREEMENT**

This Participant Agreement (the "**Agreement**"), dated as of the Effective Date on the signature page to this Agreement, is entered into by and among [ ] (the "**Authorized Participant**"), the Texas Precious Metals Trust (the "**Trust**"), organized into separate series as set forth on Exhibit A attached hereto (each a "**Fund**" and, collectively, the "**Funds**"), and Teucrium Asset Management, LLC, a Delaware limited liability company, as sponsor of the Trust (the "**Sponsor**"), and is subject to acceptance by U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services, as Transfer Agent of the Trust (the "**Transfer Agent**").

**SUMMARY**

As provided in the Trust's Amended and Restated Declaration of Trust (the "**Trust Agreement**") as currently in effect and described in the Registration Statement (defined below), units of fractional undivided beneficial interest in and ownership of the Trust (the "**Shares**") may be created or redeemed in aggregations (each aggregation, a "**Basket**") as specified in the Registration Statement, and restated in Exhibit D hereto, only in transactions with an authorized participant who, at the time of the transaction, shall have signed and entered into an effective Agreement with the Trust. Baskets are offered only pursuant to the registration statement of the respective Fund on Form S-1, as amended (Registration Nos. 333-290493 and 333-290494, as applicable), as declared effective by the Securities and Exchange Commission ("**SEC**") and as the same may be amended from time to time thereafter or any successor registration statement in respect of Shares of the applicable Fund (collectively, the "**Registration Statement**") together with the prospectus of the Trust in the form filed with the SEC under Rule 424(b) under the Securities Act of 1933, as amended (the "**1933 Act**"), after the effectiveness of the Registration Statement as supplemented from time to time or any free writing prospectus as defined in Rule 405 of the 1933 Act (a "**FWP**") prepared by, for or on behalf of the Sponsor and the Trust and intended for general distribution (each Fund's current prospectus collectively, together with the Fund's Statement of Additional Information incorporated therein, the "**Prospectus**") included therein. Under the Trust Agreement, the Sponsor is authorized to issue Baskets to, and redeem Baskets from, authorized participants, only through the facilities of The Depository Trust Company ("**DTC**" or the "**Depository**"), or a successor depository, and only in exchange for an amount of the physical metal held by the applicable Fund (the "**Metal**") or cash that is transferred between the Authorized Participant and the Fund (collectively, the "**Deposit Property**"). This Agreement sets forth the specific procedures by which the Authorized Participant may create or redeem Baskets.

Capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement or the Authorized Participant Procedures Handbook as separately provided and as may be amended from time to time (the "**AP Procedures**"). To the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. To the extent there is a conflict between any provision of this Agreement and the provisions of the Registration Statement, the Registration Statement shall control; provided, however, that any updates to the Registration Statement that would impact the Transfer Agent's obligations with respect to Orders can only be effectuated by amending this Agreement.

------

Nothing in this Agreement shall obligate the Authorized Participant to create or redeem one or more Baskets of Shares or to sell or offer to sell Shares.

To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows:

Section 1. **Order Placement**. To place orders to create or redeem one or more Baskets, the Authorized Participant must follow the procedures for creation and redemption referred to in Section 3 of this Agreement, the AP Procedures and/or the Creation and Redemption Procedures, as each may be amended, modified or supplemented from time to time with notice to the Authorized Participant.

Section 2. **Status of Authorized Participant**. The Authorized Participant represents and warrants and covenants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant is a participant of DTC (as such a participant, a "**DTC Participant**"). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt notice to the Sponsor and the Transfer Agent of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant has established one or more accounts for the storage and maintenance of Metal, as set forth in the applicable Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless Section 2(d) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "**1934 Act**"), and is a member in good standing of the Financial Industry Regulatory Authority ("**FINRA**"), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires**.** The Authorized Participant shall maintain any such registrations, qualifications and membership in good standing, or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. The Authorized Participant shall comply with all applicable United States federal laws and all applicable rules of the SEC, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with FINRA's Constitution and By-Laws and the Conduct Rules of FINRA (the "**FINRA Conduct Rules**"), if it is a FINRA member, and shall not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Authorized Participant understands and acknowledges that the proposed method by which Baskets will be created and traded may raise certain issues under applicable securities laws. For example, because new Shares can be created and issued on an ongoing basis, depending upon the facts and circumstances, at any point during the life of the Trust, a "distribution," as such term is defined in Regulation M promulgated under the 1934 Act, may be occurring. The Authorized Participant is cautioned that, depending on the circumstances and under certain possible interpretations of applicable law, some of its activities may be deemed participation in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant should review the "Plan of Distribution" section of the Registration Statement and consult with its own counsel in connection with entering into this Agreement and submitting an order for the creation of Basket(s).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Participant shall (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the 1933 Act, and the regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the FINRA Conduct Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The anti-money laundering program ("**AML Program**") of the Authorized Participant is maintained in compliance with all applicable federal laws, rules and regulations, including the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended ("**USA Patriot Act**"), U.S. Bank Secrecy Act, as amended ("**BSA**"), the U.S. Money Laundering Control Act of 1986, as amended, and applicable rules and regulations promulgated by the SEC, FINRA, and the U.S. Treasury Financial Crimes Enforcement Network ("**FinCEN**") in connection therewith (together, "**AML Laws**"), and that its AML Program, at a minimum, (i) complies with applicable law, (ii) designates a compliance officer to administer and oversee the AML Program, (iii) provides ongoing employee training, (iv) includes an independent audit function to test the effectiveness of the AML Program, (v) establishes internal policies, procedures, and controls that are tailored to its particular business, (vi) includes a customer identification program consistent with the rules under Section 326 of the USA Patriot Act, and procedures for verifying the beneficial ownership of legal entity customers, (vii) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, (viii) provides for screening all new and existing customers and counterparties against suspicious activity reports, (ix) provides for screening all new and existing customers and counterparties against the United States Department of the Treasury's Office of Foreign Assets Control ("**OFAC**") list and any other government list that is or becomes required under the USA Patriot Act, and (xi) complies with applicable recordkeeping and record retention requirements, and allows for appropriate regulators to examine its anti-money laundering books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Authorized Participant has formed a reasonable belief as to the identities of and has conducted all necessary due diligence with respect to its customers and any counterparties from whom it obtained the cash being transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Authorized Participant does not know or have any reason to suspect, based on reasonable inquiry, that any part of the Metal or cash being transferred was derived from, or associated with, unlawful or criminal activities. The Authorized Participant, and its owners and controllers, are not (a) the target of any economic, financial or trade sanctions or embargoes, export controls or other restrictive measures imposed by, or on any list of prohibited individuals or entities enacted or promulgated by, the United States of America (including those administered by OFAC), the European Union, any member state of the European Union, the United Kingdom or the United Nations (the "**Sanctions**"), or (b) located, organized or resident in a country or territory with which dealings are broadly restricted, embargoed or prohibited by any Sanctions (as of the date hereof, Crimea, Cuba, Iran, North Korea and Syria, and certain other territories) (any such country, territory, entity or individual described in this subsection (i), a "**Sanctioned Party**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Authorized Participant does not know or have any reason to suspect that (a) any part of the Metal or cash it is transferring (if applicable) is or will be derived from, held for the benefit of, or related in any way to transactions with or on behalf of, any Sanctioned Party, and (b) any Sanctioned Party has or will have any legal or beneficial interest in the Authorized Participant or such cash. The Authorized Participant is in material compliance, and has instituted reasonable policies and procedures to comply, with Sanctions laws and regulations and prevent transactions with Sanctioned Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Authorized Participant hereby represents, covenants and warrants that it has all requisite authority, whether arising under applicable federal or state law, the rules and regulations of any self-regulatory organization to which it is subject, or its certificate of incorporation, formation or limited liability company operating agreement or other organizational document, as the case may be, to enter into this Agreement and to discharge the duties and obligations apportioned to it in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Authorized Participant hereby represents, covenants and warrants that there are no actions, grievances, proceedings (including, without limitation, arbitration proceedings), orders, investigations, inquiries or claims pending, or to the Authorized Participant's knowledge, threatened against or affecting it or any employee (in his or her capacity as such), that would affect the Authorized Participant's ability to fulfill its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Authorized Participant, does conduct and intends to continue to conduct its business in material compliance with all applicable laws and regulations, and has obtained all regulatory licenses, approvals, authorizations and consents necessary to carry on its business as now conducted, including, without limitation, any money transmitter license or license to engage in virtual currency business activity that it is required to obtain under any state laws to which the Authorized Participant is subject, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) In connection with each Purchase Order (as defined below), the Authorized Participant will have the right and authority to transfer to the applicable Fund the corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant sub-custodian in accordance with the AP Procedures or the Creation and Redemption Procedures, as applicable, the Fund will acquire good and unencumbered title to such Deposit Property, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability restrictions, whether arising by operation of law or otherwise. The Transfer Agent is under no duty to verify that any asset has been delivered to the Custodian as consideration for the issuance of a Creation Unit, or the value, quantity, or quality thereof, and shall be entitled to conclusively rely, without investigation, on confirmation from the Custodian that all necessary assets have been delivered to the Custodian sufficient for the issuance of a Creation Unit. In the event that the full value of the required Deposit Property, determined in accordance with the Creation and Redemption Procedures (as defined below), is not delivered to the Custodian, the Authorized Participant shall make payment to the applicable Fund equal to 100% of the replacement cost shortfall. The Authorized Participant will be responsible for reimbursing the Fund for all costs associated with replacing the shortfall in Deposit Property.

------

Section 3. **Orders**. (a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Trust Agreement, this Agreement, the Registration Statement, the "**Creation and Redemption Procedures**" contained in Exhibit C, and the AP Procedures. Each party shall comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the AP Procedures and the Authorized Participant may reasonably request that it be provided with copies or transcripts of such recordings. The Sponsor and the Transfer Agent may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the AP Procedures, and the Authorized Participant shall comply with such procedures of which it has reasonable prior notice in accordance with this Agreement. Any notice of additional or other procedures relating to the manner of creating or redeeming Baskets shall be provided simultaneously to all authorized participants. Revised procedures shall not apply retroactively to orders submitted prior to such change in procedure, unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to create or redeem a Basket (an "**Order**") may not be revoked by the Authorized Participant after its delivery to and acceptance by the Sponsor. Notwithstanding the foregoing, the Sponsor and the Transfer Agent on behalf of the Trust each agrees to undertake commercially reasonable efforts to accommodate requests by the Authorized Participant to cancel any Order to create Shares ("**Purchase Order**") or Order to redeem Shares ("**Redemption Order**") before the Order Cut-Off Time. In the event that the Sponsor and/or Transfer Agent cancels a Purchase Order or Redemption Order at the Authorized Participant's request, the Authorized Participant agrees to bear reasonable exchange or processing fees, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor may, in its discretion, suspend the right of purchase, or postpone the applicable purchase settlement date, (i) for any period during which the applicable Fund's listing exchange (the "**Exchange**"), the New York Stock Exchange, any of the exchanges of the CME Group (including CME, COMEX, CBOT and NYMEX) or other exchange material to the valuation or operation of the Fund is closed, or when trading is suspended or restricted on such exchanges in the applicable metal, other than customary weekend or holiday closings, or trading of Shares on the Exchange is suspended or restricted, (ii) for any period during which an emergency exists as a result of which the fulfillment of a purchase order is not reasonably practicable, or (iii) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Sponsor, or its designee, shall also have the absolute right, but shall have no obligation, to reject any Purchase Order if the Sponsor or its designee determines that: (i) the Purchase Order is not to be in proper form; (ii) acceptance of the Purchase Order would not be in the best interest of the beneficial owners; (iii) acceptance of the Purchase order would have adverse tax consequences to the applicable Fund or to the beneficial owners; (iv) the acceptance or receipt of the Purchase Order could, in the opinion of counsel to the Sponsor, be unlawful; or (v) if circumstances outside the control of the Sponsor, or its designee, make it for all practical purposes not feasible to process creations of Baskets. The Sponsor shall not be liable to any person by reason of the rejection of any Purchase Order.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sponsor, or its designee, shall reject any Redemption Order (i) the Sponsor determines not to be in proper form, (ii) the fulfillment of the Redemption Order, in the opinion of Sponsor's counsel, would be illegal under applicable laws and regulations, or (iii) if circumstances outside the control of the Sponsor, or its designee, make it, for all practical purposes, not feasible to process. The Sponsor, or its designee, shall have no liability to any person for rejecting a Redemption Order in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sponsor may, in its discretion, suspend the right of redemption, or postpone the applicable redemption settlement date, (i) for any period during which the Exchange, the New York Stock Exchange, any of the exchanges of the CME Group (including CME, COMEX, CBOT and NYMEX) or other exchange material to the valuation or operation of the Fund is closed, or when trading is suspended or restricted on such exchanges in the applicable Metal, other than customary weekend or holiday closings, or trading of Shares on the Exchange is suspended or restricted, (ii) as a result of which the redemption distribution is not reasonably practicable, or (iii) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting any other provisions herein, in the event the Sponsor intends to prevent or prohibit creations or redemptions, it will do so by a disclosure made to all authorized participants simultaneously.

Section 4. **Fees**. In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the Authorized Participant agrees to pay a transaction fee prescribed in the Trust Agreement and/or the Registration Statement (as applicable) (a "**Transaction Fee**") with respect to such creation or redemption prior to the delivery of Shares by the Trust to the Authorized Participant (in a creation) or the delivery of Metal or cash by the Trust to the Authorized Participant (in a redemption). In addition to any fees agreed upon between the Trust and the Transfer Agent for transfer agency services pursuant to such servicing agreement between Transfer Agent and Trust, the Transaction Fee may be designed to compensate the Transfer Agent for services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs, including the costs of the applicable Fund's custodian to transport the Metal to its storage facilities. The Transaction Fee may be adjusted from time to time as set forth in the Trust Agreement and/or the Registration Statement (as applicable) provided, however, that the Authorized Participant shall be notified of any change in the Transaction Fee in advance of any such change. As described in the Creation and Redemption Procedures, the Authorized Participant agrees to pay an additional processing charge if the Authorized Participant fails to timely deliver the Baskets. The Sponsor agrees that no change to the Transaction Fee shall be applied to orders placed by the Authorized Participant unless the Authorized Participant has had advance notice of the change to the Transaction Fee (at least as soon as notice has been provided to any other authorized participant) or the change to the Transaction Fee has been disclosed in the prospectus. In no event will any change to the Transaction Fee be applied retroactively.

------

Section 5. **Authorized Persons**. (a) Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized Participant shall deliver to the Sponsor and the Transfer Agent, duly certified as appropriate by its secretary or other duly authorized person, a certificate in the form of Exhibit B setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an "**Authorized Person**"). The Sponsor and the Transfer Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Sponsor and the Transfer Agent receive a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of such fact to the Sponsor and the Transfer Agent and such notice shall be effective upon receipt by Sponsor and the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Authorized Participant may be processed through a third-party platform (the "Order Entry System") selected by the Transfer Agent. The Authorized Participant and its Authorized Persons must establish their own login credentials with the Order Entry System for placing Orders electronically, and the Authorized Participant is solely responsible for restricting access to such credentials to prevent persons other than Authorized Persons from using the Order Entry System to place or modify Orders. Authorized Persons must provide relevant login credentials and be listed as a duly authorized person of Authorized Participant on the most recent certificate in the form of Exhibit B to be properly authenticated and to place or modify Orders electronically or telephonically. If the Authorized Participant has set up a unique personal identification number ("PIN Number") with the Order Entry System, any changes made to the Authorized Participant's trade desk settings shall require Authorized Participant's PIN Number for authentication. The Authorized Participant and each Authorized Person shall keep Authorized Participant's PIN Number and all Authorized Person login credentials confidential and only those Authorized Persons shall submit instructions on behalf of the Authorized Participant to the Funds, Transfer Agent, and Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Transfer Agent and Sponsor shall not have any obligation to verify instructions and Orders given by properly authenticated Authorized Persons per paragraph (b) of this section and shall assume that all instructions and Orders issued to it by a properly authenticated Authorized Person have been properly placed, unless the Transfer Agent and Sponsor have actual knowledge to the contrary because they received from the Authorized Participant written notice as set forth in paragraph (a) of this section that such person is no longer authorized to act on behalf of Authorized Participant. The Authorized Participant agrees that none of the Sponsor, the Transfer Agent, or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for Losses (as defined below) incurred by the Authorized Participant as a result of the unauthorized use of an Authorized Person's Order Entry System login credentials. The Authorized Participant further agrees that none of the Sponsor, the Transfer Agent, or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for Losses incurred by the Authorized Participant as a result of the unauthorized use of a Authorized Participant's PIN Number, unless the Transfer Agent, Sponsor, and the Funds previously received from Authorized Participant written notice to revoke such Authorized Person's authority as set forth in paragraph (a) of this section. This paragraph (c) shall survive the termination of this Agreement.

------

Section 6. **Redemption**. The Authorized Participant represents and warrants, as of the close of business on any business day, that it shall not obtain an Order Number (as described in the AP Procedures) from the Transfer Agent for the purpose of redeeming a Basket unless (i) it or its customer, as the case may be, owns (within the meaning of Rule 200 of Regulation SHO) or has a reasonable basis to believe that it can acquire the Basket of Shares for delivery to the Transfer Agent on or prior to the redemption settlement date or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) if such Baskets submitted for redemption have been loaned or pledged to another party or are the subject of a repurchase agreement, securities lending agreement or any other arrangement, there are no restrictions which would preclude the delivery of such Baskets to the Transfer Agent on the redemption settlement date.

Section 7. **Role of Authorized Participant**. (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant shall be deemed to be an independent contractor and shall have no authority to act as agent for the Trust, the Sponsor or the Transfer Agent in any matter or in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant will make commercially reasonable efforts to make itself and its employees available, upon reasonable request, during normal business hours to consult with the Sponsor or their designees concerning the performance of the Authorized Participant's responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this Agreement for the benefit of any customer or any other DTC Participant, or any other beneficial owner, the Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Trust Agreement or Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon reasonable request by the Sponsor, the Authorized Participant will, subject to any limitations, privacy obligations or other obligations arising under federal or state laws or other obligations it may have to its customers, provide the Sponsor written notice indicating the number of Shares that the Authorized Participant may hold as record holder and the number of such Shares that it holds for the benefit of other broker-dealers that clear and settle transactions in Shares through the Authorized Participant, in each case as of the date of such request, with respect to the Trust. In addition, the Authorized Participant agrees, upon request of the Sponsor, and subject to applicable laws, rules and regulations, to transmit to its account holders who are beneficial owners of Shares, such written materials received from the Sponsor (including notices, annual reports, disclosure or other informational or tax materials and any amendments or supplements thereto and other communications) as may be required to be transmitted to beneficial owners pursuant to the Trust Agreement or applicable law, provided that the expenses associated with such transmissions shall be borne by the Sponsor in accordance with usual custom and practice in respect of such communications. The Sponsor agrees that the names, addresses and other information concerning the Authorized Participant's customers are and shall remain the sole property of the Authorized Participant and the Sponsor, the Trust or any of their respective affiliates shall not use such names, addresses or other information for any purpose except to the extent strictly necessary to comply with applicable law and regulation. Notwithstanding the foregoing, such names, addresses or other information shall not be deemed to be the sole property of the Authorized Participant if it is obtained by the Sponsor or the Trust (i) from a source not known by it to be under any obligation of confidentiality to the Authorized Participant, (ii) which was, is or hereafter becomes part of the public domain without any violation of this Agreement on the part of the Trust or the Sponsor, (iii) the names and address and other information are that of Shareholders of the Trust and were independently compiled as a result thereof.

------

Section 8. **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant hereby indemnifies and holds harmless the Trust, a Fund, the Trustee, the Sponsor, the Transfer Agent, the Trust's Cash Custodian and Custodian and their respective direct or indirect affiliates (as defined below) and their respective directors, trustees, Sponsors, partners, members, managers, officers, employees and agents (each, an "**AP Indemnified Party**") from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys' fees and the reasonable costs of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any material breach by the Authorized Participant of any provisions of this Agreement, including its representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws and the rules and regulations of self-regulatory organizations, to the extent relating to its role as an authorized participant hereunder, except the Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was caused by the Authorized Participant's reasonable reliance on instructions given or representations made by one or more AP Indemnified Parties that provided such instructions or representations and the Authorized Participant did not know that such reliance would cause it not to be in compliance with such applicable laws; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the AP Procedures or the Creation and Redemption Procedures, as applicable, reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant, except to the extent that such instructions were provided by a person whom the Authorized Participant duly informed the Transfer Agent and the Sponsor was no longer an Authorized Person prior to the time of such instructions in accordance with Section 5 of this Agreement; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the Trust's Registration Statement made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing material and sales literature described in Section 12(b) hereof or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Sponsor or the Trust in materials furnished by the Sponsor or the Trust to the Authorized Participant, or, was made or included by the Authorized Participant at the written direction of the Sponsor or the Trust or is based upon any omission or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading**.** The Authorized Participant shall not have any obligation to indemnify the AP Indemnified Party for any damages to the extent arising out of mistakes or errors in data provided to the Authorized Participant by an AP Indemnified Party, mistakes or errors by, or out of interruptions or delays of communications with the AP Indemnified Parties who are service providers to the Trust, or extreme weather, a Force Majeure Event or other similar event outside the control of the Authorized Participant. The Authorized Participant shall not be liable under the indemnity contained in this Section with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any liability that it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of the indemnity agreement contained in this Section and shall only release it from such liability under this Section to the extent it has been materially prejudiced by such failure to receive notice.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a "**Sponsor Indemnified Party**") from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys' fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any material breach by the Sponsor of any provision of this Agreement that relates to the Sponsor including a breach of any representation, warranty, covenant or agreement herein; (ii) any representations provided by the Sponsor herein relating to this Agreement, the Registration Statement, the prospectus or the issuance or distribution of Shares that is false or misleading in any material respect or omits material information necessary to make the statement contained therein complete; (iii) any failure on the part of the Sponsor to perform any obligation of the Sponsor set forth in this Agreement; (iv) any failure by the Sponsor to comply with applicable laws in connection with this Agreement and the offer, sale, creation, redemption and marketing of the Shares, including rules and regulations of self-regulatory organizations; (v) actions of such Sponsor Indemnified Party taken in reasonable reliance upon any instructions issued or representations reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given by or on behalf of the Sponsor; (vi) any (1) representation by the Sponsor, its employees or its agents or other representatives about the Trust, the Shares or any affiliated person of Trust that is not consistent with the Trust's then-current Registration Statement made in connection with the offer or the solicitation of an offer to buy or sell Shares or applicable prospectus, and (2) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally declared effective by the SEC or in any amendment thereof or applicable prospectus, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (vii) any untrue statement or alleged untrue statement of a material fact, or omission or alleged omission of a material fact, made in any Marketing Materials prepared by or for the Sponsor or Trust and/or furnished to the Authorized Participant by the Sponsor or the Trust or any agent on behalf of the Sponsor or the Trust, or any disclosure provided by the Sponsor to the Authorized Participant for inclusion in Marketing Materials prepared by the Authorized Participant.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no case is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent). Notwithstanding the foregoing, failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party, defendant or defendants in the suit. If the indemnifying party assumes the defense of any such suit and retains counsel, the indemnified party shall bear the fees and expenses of any additional counsel that it retains. If the indemnifying party does not assume the defense of such suit, or if the indemnified party has been advised by counsel that it may have available defenses or claims that are not available to or conflict with those available to indemnifying party, the indemnifying party will reimburse the indemnified party for the reasonable fees and expenses of the counsel that such indemnified party retains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 8 shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of or in connection with any gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Sponsor Indemnified Party, as the case may be. The term "**affiliate**" in this Section 8 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity agreements contained in this Section 8 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, managers, directors, officers, employees or any person who controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement**.** The Sponsor, for itself and on behalf of the Trust, Sponsor Indemnified Party, and the Authorized Participant agree promptly to notify, to the extent practicable and legally permissible, each other of the commencement of any action, suit or proceeding against it or any AP Indemnified Party or Sponsor Indemnified Party, as the case may be, relating to this Agreement and, in the case of the Sponsor, against any of the Sponsor's officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement.

------

Section 9. **Limitation of Liability**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Limitation of Liability**. Other than in connection with a material misstatement or omission of a material fact in the Registration Statement, in the absence of gross negligence, bad faith or willful misconduct, neither the Sponsor, whether acting on its own behalf or on behalf of the Trust, nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. In the absence of gross negligence, bad faith or willful misconduct, the Transfer Agent shall not be liable to the Sponsor, whether acting on its own behalf or on behalf of the Trust, or to the Authorized Participant or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to it by the Sponsor, the Authorized Participant or any other person or out of any interruption or delay in the electronic means of communications used by it. Subject to the foregoing, any references to the Transfer Agent or the Trust's custodian herein shall not be deemed to imply, nor have such parties agreed, to undertake any obligations under this Agreement nor made any representations or warranties under this Agreement and none of such parties shall be required to advance, expend or risk its own funds or otherwise incur, become exposed to or be responsible for any loss, liability, damages, costs or expenses hereunder or in connection herewith regardless of form of action or legal theory including, without limitation, any type of special, indirect or consequential loss or damage of any kind whatsoever. Notwithstanding the foregoing, the Transfer Agent shall not be liable for any error of judgment made in good faith unless it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment. In no event shall the Sponsor, Transfer Agent or Authorized Participant be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation. In no event shall the Transfer Agent be liable for losses incurred by the Authorized Participant as a result of unauthorized use of any Authorized Person's login credentials or the Authorized Participant's PIN Number. In no event shall the Sponsor, Transfer Agent or Authorized Participant be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profit), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. Neither the Sponsor nor the Transfer Agent shall be liable to the Authorized Participant or to any other person for any damages arising out of mistakes or errors in data provided to the Sponsor or the Transfer Agent by a third party, or out of interruptions or delays of electronic means of communications with the Sponsor or the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Trust Liability**. It is expressly acknowledged and agreed that (i) the obligations of the Trust hereunder shall not be binding upon any shareholder, Trustee, officer, employee or agent of the Trust or the Sponsor, personally, and (ii) the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust shall be enforceable against the assets of the Trust only, and not against the assets of any other trust sponsored by the Sponsor, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to any other trust shall be enforceable against the assets of the Trust. This Agreement has been duly authorized, executed and delivered by the Trust and neither such authorization nor such execution and delivery shall be deemed to have been made by any of them individually or to impose any liability on any of them personally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Fund Liability**. In accordance with the Trust Agreement, the Authorized Participant agrees and consents to look solely to the assets of a particular Fund in controversy for payment in respect of any claim against or obligation of such Fund. A Fund's assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Tax Liability**. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, it is expressly acknowledged and agreed to by the parties that Transfer Agent shall take on no liability for its reliance on confirmation from the Custodian that all necessary assets have been delivered to the Custodian by the Authorized Participant in accordance with the Prospectus and the Creation and Redemption Procedures sufficient for the issuance of a Creation Unit hereunder.

Section 10. **Acknowledgment**. The Authorized Participant acknowledges receipt of (i) a copy of the Trust Agreement and (ii) the current Registration Statement.

Section 11. **Effectiveness and Termination**. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the Effective Date set forth on the signature page, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a) hereof; (ii) upon notice to the Authorized Participant or the Sponsor in the event of a breach by the Authorized Participant or the Sponsor of this Agreement or the procedures described or incorporated herein; (iii) immediately in the circumstances described in Section 17(j) hereof; or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement.

Section 12. **Marketing Materials; Representations Regarding Shares; Identification in Registration Statement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant represents, warrants and covenants that (i) without the written consent of the Sponsor, the Authorized Participant shall not make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (A) in the then-current Registration Statement, (B) in printed information approved by the Sponsor as information supplemental to such Registration Statement, (C) in the applicable prospectus or (D) in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor (each of (B) and (C) referred to herein as "Marketing Materials"), or (D) in other information and materials filed by the Trust with the SEC or made available on any website controlled by the Sponsor or the Trust, and (ii) the Authorized Participant shall not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person or a Fund that are not consistent with the Fund's then current Registration Statement. The foregoing shall not apply to (i) written materials of any kind which relate to asset allocation or strategic or economic matters that generally mention a Fund without recommending or describing the Fund; (ii) materials prepared and used for the Authorized Participant's internal use only; (iii) brokerage communications prepared by the Authorized Participant in the normal course of its business; and (iv) research reports as described in Section 12(b) of this Agreement ((i) through (iv) of this Section 12(a) are hereinafter referred to as "**Excluded Materials**"). Copies of the then current Registration Statement and any such printed supplemental information or amendments thereto will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Authorized Participant may, without the written approval of the Sponsor, prepare and circulate in the regular course of its business, Excluded Material, research reports, institutional communications (as such term in defined in FINRA Rule 2210 or any successor rule), correspondence (as such term is defined in FINRA Rule 2210 or any successor rule) marketing material, sales literature that includes information, opinions or recommendations relating to the Shares other similar materials that include information, opinions or recommendations relating to Shares (i) for public dissemination, provided that such research reports, marketing material or sales literature comply with all applicable laws, rules and regulations; and (ii) for internal use by the Authorized Participant. The Authorized Participant shall file all such Excluded Materials, research reports, marketing material and sales literature related to the Shares with FINRA to the extent required by the FINRA Conduct Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the then-current Registration Statement, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format ("**PDF**") via electronic mail to [●], in printable form, in lieu of delivering the Registration Statement in paper form. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Registration Statement in PDF instead of in paper form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sponsor, on its own behalf and on behalf of the Trust, agrees, for as long as this Agreement is effective, not to identify or name the Authorized Participant in any Marketing Materials for a Fund without the prior written consent of the Authorized Participant, which consent shall not be unreasonably be withheld, conditioned or delayed**.** The Authorized Participant hereby consents to be named as an authorized participant of one or more Funds in the Registration Statement. If the Authorized Participant agrees to be identified in any of such documents, upon the termination of this Agreement, (i) the Sponsor shall remove such identification from the Registration Statement in the amendment of either the Registration Statement or a supplement to the Registration Statement, as applicable, next occurring after the date of the termination of this Agreement and (ii) the Sponsor shall promptly update the applicable Fund's website to remove any identification of the Authorized Participant as an authorized participant of the Fund. Notwithstanding the foregoing the Sponsor may, without the prior written consent of the Authorized Participant, disclose whether the Authorized Participant acts as an authorized participant for a Fund in the Registration Statement and as otherwise necessary to comply with applicable laws, regulatory requests and rules of securities exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as required by court order or requested by any regulatory or self-regulatory authority of competent jurisdiction, the Sponsor agrees that it will not, without prior written consent of the Authorized Participant, use in advertising or publicity the name of the Authorized Participant or any affiliate of the Authorized Participant, any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Authorized Participant or any of its affiliates or represent, directly or indirectly, that any product or any service provided or distributed by the Trust or the Sponsor has been approved or endorsed by the Authorized Participant or any of its affiliates or that the Authorized Participant acts as underwriter, distributor or selling group member with respect to the Shares. This provision shall survive termination or expiration of this Agreement.

------

Section 13. **Certain Representations, Warranties and Covenants of the Sponsor**. The Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that (i) it has taken all actions necessary to execute this Agreement; (ii) the person(s) executing this Agreement on its behalf has been duly authorized to do so; (iii) the Registration Statement conforms in all material respects to the requirements of the 1933 Act and the rules and regulations of the SEC thereunder and do not and will not, as of the applicable effective date as to the Registration Statement and any amendment thereto and as of the applicable filing date as to the prospectus and any amendment or supplement thereto, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (iv) the sale and distribution of the Shares as contemplated herein will not conflict with or result in a breach or violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust or the Sponsor, and (v) no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency is required for the issuance of the Shares, except registration of the Shares under the 1933 Act, which has occurred and is in effect for the Shares; (vi) the Registration Statement has been declared effective by the SEC under the 1933 Act, and the SEC has not issued any stop order or other order or notice preventing or suspending the use of the Registration Statement or the prospectus, and no proceedings for such purpose have been instituted, are pending or, to the best of its knowledge, are being contemplated or threatened by the SEC; (vii) the Shares, when issued and delivered against payment of consideration, as provided in this Agreement, will be validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (viii) prior to the launch of a Fund, the Fund's Shares have been approved for listing on the applicable Exchange; and (ix) all Marketing Materials prepared by the Trust, the Sponsor or any of their agents on their behalf, or to be prepared by any of them in the future and provided to the Authorized Participant in connection with the offer and sale of Shares, comply with applicable law, including without limitation, as applicable, the provisions of the 1933 Act, FINRA's marketing rules, and the rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the making of any change in the Registration Statement so that the Registration Statement would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, will promptly coordinate with the Trust to amend such Registration Statement so that it is complete and accurate in all material respects and complies with applicable law and furnish, at the expense of the applicable Fund, to the Authorized Participant promptly such amendments or supplements to such Registration Statement as may be necessary to reflect any such change.

------

Section 14. **Third Party Beneficiaries**. Each AP Indemnified Party or Sponsor Indemnified Party, as applicable, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a "**Third Party Beneficiary**") and may proceed directly against the Authorized Participant or Sponsor, as applicable (including by bringing proceedings against the Authorized Participant or Sponsor, as applicable, in its own name) to enforce any obligation of the Authorized Participant or Sponsor under this Agreement which directly or indirectly benefits such Third Party Beneficiary.

Section 15. **Force Majeure**. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes, but is not limited to, any Act of God or war or terrorism, any breakdown, disruption, outage, malfunction or failure of transmission in connection with or other unavailability of any Internet, data center, power, wire, communication or computer (software or hardware) facilities, services, networks, equipment or programs beyond its reasonable control, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason to perform its obligations (each, a "**Force Majeure Event**").

Section 16. **Ambiguous Instructions**. If a creation Order Form or a redemption Order Form otherwise in good form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, it is the duty of the Authorized Participant to confirm the Order is correct in the Order Entry System and to make any necessary changes within the order window.

Section 17. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Amendment and Modification**. This Agreement may not be amended except by a writing signed by all the parties hereto. This Agreement is intended to, and shall apply to, each of the current and future Funds of the Trust, such that no amendment shall be required in the event that the Trust creates new Funds or terminates existing Funds, provided, however, that notice shall be provided to the Authorized Participant of such creation or termination of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver of Compliance**. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notices**. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, electronic mail, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy by regular mail, postage prepaid. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Sponsor and, if applicable, the Transfer Agent. All notices shall be directed to the address or telephone or facsimile numbers or electronic mail addresses indicated below the signature line of the parties on the signature page hereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Successors and Assigns**. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Assignment**. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Sponsor may delegate its obligations hereunder by notice to the Authorized Participant, provided however that the Sponsor shall remain liable for any such delegated obligations hereunder as if performed by Sponsor itself. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee or Sponsor at such time such successor qualifies as a successor trustee or Sponsor under the terms of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Governing Law; Consent to Jurisdiction**. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of New York State or the Southern District of New York of U.S. federal courts, in either case, located in the borough of Manhattan in New York City in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for more than one such counterpart executed and delivered by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Interpretation**. The section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Entire Agreement**. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to be a party to the Trust Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Severance**. If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, **provided**, **however**, **that** if a party to this Agreement determines in its reasonable judgment that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, then the party shall notify the other party to this Agreement of such determination, whereupon this Agreement shall immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **No Strict Construction**. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Survival**. Section 8 (*Indemnification*), Section 9(a) (*Limitation of Liability*), Section 14 (*Third Party Beneficiaries*), Section 17(f) (*Governing Law; Consent to Jurisdiction*), and this Section 17(l) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Other Usages**. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) "including" means "including, but not limited to."

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the Authorized Participant and the Sponsor, on behalf of itself and the Trust, have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date set forth below.

EFFECTIVE DATE: ________

**Texas Precious Metals Trust**

By: Teucrium Asset Management, LLC, as Sponsor

By:<u> </u>

Name:

Title:

**Teucrium Asset Management, LLC**

By:<u> </u>

Name:

Title:

**[AUTHORIZED PARTICIPANT]**

By:<u> </u>

Name:

Title:

ACCEPTED BY:

**U.S. Bancorp Fund Services, LLC, as Transfer Agent**

By:<u> </u>

Name:

Title:

------

**EXHIBIT A**

**FUNDS**

Y'all Street Physical Gold ETF

Y'all Street Physical Silver ETF

------

**EXHIBIT B**

**AUTHORIZED PERSONS**

The following individuals are Authorized Persons (each an "**Authorized Person**") authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Participant Agreement by and among [insert parties].

The Authorized Persons named herein shall be *in addition* to any current Authorized Persons.

 ,  <br> Participant Name NSCC #

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>NAME</u>**<u>(1)</u> | **<u>TITLE</u>**<u>(1)</u> | **<u>SIGNATURE</u>**<u>(1)</u> | **<u>TELEPHONE</u>** <br> **<u>NUMBER</u>**<u>(1)</u> | **<u>E-MAIL</u>** <br> **<u>ADDRESS</u>**<u>(1)</u> | **User** <br> **Location** <br> **(Country)** | **<u>PERMISSION</u>** <u>(2)</u>**<u>\*</u>** |

---

\*Permissions:

RO- Read-Only (Allows users to see account information and run reports, but not place trades)

ET - Execute Trades (Allows user to place trades directly on to Fund Connect)

____________________

(1) Required information.

(2) Required information to use the Web Order Site.

------

Signed on behalf of the Authorized Participant:

By: _________________________________

Name: _________________________________

Title: _________________________________

<u>Date:</u> 

------

**EXHIBIT C**

**TEXAS PRECIOUS METALS TRUST**

**CREATION AND REDEMPTION PROCEDURES**

**Introduction**

These Creation and Redemption Procedures detail the procedures for placing and processing Purchase Orders and Redemption Orders in Creation Units. All Orders must be made in accordance with terms and procedures set forth herein, as may be amended from time to time in accordance with the terms of the Participant Agreement. Definitions used in these Creation and Redemption Procedures can be found in the Glossary in Appendix A.

**Purchase of Creation Units** 

A Fund will offer, issue and sell Shares only in Creation Unit Aggregations of 10,000 Shares, or such other amount of Shares as designated in the Fund's Prospectus, through US Bank on a continuous basis, without a sales load, based on their NAV per Share next determined after receipt of a Purchase Order on any Business Day. All transactions described herein are conducted on a Delivery Versus Payment ("DVP") basis, which is the procedure in which the buyer's payment for securities is due at the time of delivery. Security delivery and payment are simultaneous.

*Determination of Required Payment*

The total payment required to create each Creation Unit is the value of the Creation Unit on the purchase order date plus the applicable transaction fees. The Metal may be delivered only in the denominations set forth in the applicable Fund's Prospectus, if any.

*Delivery of Metal*

Creation Units for a Fund will normally be exchanged only for Metal. Creation Units are sold at their NAV, plus a transaction fee.

An Authorized Participant who places a purchase order is responsible for debiting Metal from its account with the Custodian in the amount of the required Metal deposit, providing the Fund with a list of the specifically identified units of Metal to be transferred to the Fund's Custody Account and causing the required Metal deposit to be transferred to the Custodian by a date and time enumerated in the applicable Fund's Prospectus. The Metal portion of the Creation proceeds shall be delivered to the vault location specified in the applicable Fund's Prospectus. **The Authorized Participant shall bear the expense of delivering the Metal to the Fund**'**s Custody Account.** The Custodian will consider the transfer of Metal to be final when the list of the units to be transferred has been provided by the Authorized Participant and approved by the Custodian; provided, however, that the enumerated units are delivered physically to the Custodian in a commercially reasonable time.

------

If the Custodian does not receive the Metal by the designated date and time, such order may be charged interest for delayed settlement or cancelled. In the event a purchase order is cancelled by the Authorized Participant, the Authorized Participant will be responsible for reimbursing the Fund for all reasonable, documented costs associated with cancelling the order. At its sole discretion, the Sponsor may agree to a delivery date other than T+1. Additional fees may apply for special settlement. The Creation Unit will be delivered to the Authorized Participant upon the Custodian's receipt of the purchase amount.

An Authorized Participant may, at its discretion, deliver an amount of Metal that is more or less than the total payment required for the Creation Units being created. Such difference may not exceed (i) 5% of the aggregate value of the Creation Order, or (ii) the value of an amount of Metal specified in the applicable Fund's Prospectus, whichever is less. If an Authorized Participant delivers an amount of Metal with a value greater than the Creation Order, the Fund will deliver to the Authorized Participant an amount of cash equal to the difference, along with the Creation Units of Shares. If an Authorized Participant delivers an amount of Metal with a value less than the Creation Order, the Authorized Participant shall deliver to an account designated by the Fund an amount of cash equal to the difference, along with the amount of Metal. Cash required for settlement will typically be transferred through: (1) the Continuous Net Settlement (the "CNS") clearing process of NSCC, as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC. If the Fund is holding insufficient cash to settle this cash payment with respect to a particular creation transaction, the creation may not settle on the next business day following the effective date of the creation order, upon the express agreement by the Fund and the Authorized Participant.

*Eligibility*

To be eligible to place a Purchase Order with US Bank, an AP must (i) be a DTC Participant and (ii) have established one or more accounts for the storage and maintenance of Metal, as set forth in the applicable Fund's Prospectus.

*Cut-Off Time for Purchase Orders*

US Bank must receive all Purchase Orders to purchase Creation Unit Aggregations no later than the time designated in the applicable Fund's Prospectus.

If Purchase Orders are received by the Fund's identified Cut-off Time and are accepted by US Bank, the Purchase Order will be processed based on the NAV of the Fund as next determined. The date on which a Purchase Order to purchase Creation Unit Aggregations is placed is referred to as the "Transmittal Date." An AP placing orders for Creation Unit Aggregations of the Fund should afford sufficient time to permit proper submission of the order to US Bank prior to the identified Cut-off Time on the Transmittal Date. Purchase Orders received after the Cut-off Time will be processed the next Business Day.

------

*Transaction Fees*

A fixed Variable Transaction Fee may be charged for each Creation Unit created, as determined by the Sponsor and disclosed in the applicable Fund's Prospectus. In addition, a Delivery Fee, as disclosed in the applicable Fund's Prospectus, may be assessed where the Metal in the Metal in the Deposit Property is deposited in a vault location other than the Shiner, Texas vault of Texas Precious Metals LLC.

*Receipt of Purchase Order*

A Purchase Order is deemed received by US Bank on the Transmittal Date if (i) such order is received by US Bank not later than the specified Cut-off Time on such Transmittal Date; and (ii) all other applicable procedures set forth in the AP Procedures are properly followed. The Trust reserves the right to reject a Purchase Order for the reasons set forth in the Prospectus, which are specified below.

Once the Trust has received and accepted a Purchase Order, upon next determination of the NAV of the Shares, US Bank will confirm the issuance of a Creation Unit of Shares, against receipt of payment, at such NAV. Payment will be deemed received when the Metal has been transferred to the applicable Fund's Custody Account. The transfer of Metal is considered to be final when the list of Metal units included in the Deposit Property has been provided by the Authorized Participant and approved by the Custodian. Upon the issuance of a Creation Unit of Shares, US Bank will transmit a confirmation of acceptance to the AP that placed the Purchase Order.

*Delivery of Creation Units*

Creation Units of Shares are issued when the Custodian has informed the Transfer Agent that the corresponding amount of Metal has been transferred to the Fund's Custody Account. The transfer of Metal is considered to be final when the list of Metal units included in the Deposit Property has been provided by the Authorized Participant and approved by the Custodian.

*Settlement*

Purchase Orders for the Trust normally settle on a T+1 basis. At its sole discretion, the Sponsor may require a settlement cycle shorter than T+1.

*Suspension or Rejection of Purchase Orders*

In respect of the Trust, the Sponsor may, in its discretion, suspend the right to purchase, or postpone the purchase settlement date: (i) for any period during which the applicable Fund's listing exchange (the "**Exchange**"), the New York Stock Exchange, any of the exchanges of the CME Group (including CME, COMEX, CBOT and NYMEX) or other exchange material to the valuation or operation of the Fund is closed, or when trading is suspended or restricted on such exchanges in the applicable metal, other than customary weekend or holiday closings, or trading of Shares on the Exchange is suspended or restricted, (ii) for any period during which an emergency exists as a result of which the fulfillment of a purchase order is not reasonably practicable, or (iii) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

------

The Sponsor also may reject a purchase order if:

● the Purchase Order is not to be in proper form;

● acceptance of the Purchase Order would not be in the best interest of the beneficial owners;

● acceptance of the Purchase order would have adverse tax consequences to the applicable Fund or to the beneficial owners;

● the acceptance or receipt of the Purchase Order could, in the opinion of counsel to the Sponsor, be unlawful; or

● if circumstances outside the control of the Sponsor, or its designee, make it for all practical purposes not feasible to process creations of Baskets

None of the Sponsor, the Administrator or the Custodian will be liable for the suspension or rejection of any purchase order.

**Redemption of Shares**

Shares of a Fund may be redeemed only in Creation Unit Aggregations of a specified number of a minimum of 10,000 Shares, or such other amount of Shares as designated in the applicable Fund's Prospectus, through US Bank on a continuous basis, without a sales load, at their NAV next determined after receipt of a Redemption Order on any Business Day. The Trust will not redeem Shares in amounts less than the Creation Unit Aggregation.

By placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC's book-entry system to the Trust not later than the date and time designated in the applicable Fund's Prospectus. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant must wire to the Custodian the non-refundable transaction fee due for the redemption order or any proceeds due will be reduced by the amount of the fee payable. At its sole discretion, the Sponsor may agree to a delivery date other than T+1. Additional fees may apply for special settlement.

*Determination of Redemption Proceeds*

The redemption proceeds for a Creation Unit of a Fund will normally consist solely of an amount of Metal.

The redemption proceeds from a Fund consist of an amount of Metal equal to the NAV of the number of Creation Unit(s) of the applicable Fund requested in the Authorized Participant's redemption order as of the time of the calculation of the Fund's NAV on the redemption order date, less transaction fees.

------

*Delivery of Redemption Proceeds*

The redemption proceeds due from a Fund are delivered to the Authorized Participant by 4:00 PM EST, on the first Business Day immediately following the redemption order date if, by the date and time designated in the applicable Fund's Prospectus, the Fund's DTC account has been credited with the Creation Units to be redeemed. The Fund should be credited through: (1) the CNS clearing process of NSCC, as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a DVP basis. If the Fund's DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption order may be cancelled. The Authorized Participant will be responsible for reimbursing the Fund for all reasonable, documented costs associated with cancelling the order.

The Metal portion of the redemption proceeds will be delivered to a vault location designated in the applicable Fund's Prospectus, unless the Authorized Participant requests delivery to another available vault location. The Fund's Custodian may limit the available vault locations to which Metal may be delivered; any such limits on vault locations to which Metal may be delivered shall be enumerated in the applicable Fund's Prospectus. In the event that an AP elects not to accept delivery of Metal at an available vault location, the AP may cancel the applicable Redemption Order in the timeframe and pursuant to the terms enumerated in the applicable Fund's Prospectus. The Authorized Participant will be responsible for reimbursing the Fund for all reasonable, documented costs associated with cancelling the order.

If the Authorized Participant requests that the Metal be transferred to the Authorized Participant's account at TPMD Shiner, the Authorized Participant must make such request in writing (including by email) and receive written confirmation from the Sponsor that the request has been accepted prior to submitting the Creation Units to be redeemed.

The Sponsor is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund's DTC account by the date and time designated in the applicable Fund's Prospectus if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC's book-entry system on such terms as the Sponsor may determine from time to time.

A Fund may, at the Sponsor's discretion, deliver an amount of Metal that is more or less than the total payment required for the Creation Units being redeemed. Such difference may not exceed (i) 5% of the aggregate value of the Creation Order, or (ii) the value of an amount of Metal specified in the applicable Fund's Prospectus, whichever is less. If a Fund delivers an amount of Metal with a value less than the Creation Order, the Fund will deliver to the Authorized Participant an amount of cash equal to the difference, along with the Metal. If a Fund delivers an amount of Metal with a value greater than the Creation Order, the Authorized Participant shall deliver to an account designated by the Fund an amount of cash equal to the difference, along with the Shares being redeemed. Cash required for settlement will typically be transferred through: (1) the Continuous Net Settlement (the "CNS") clearing process of NSCC, as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC. If the Fund is holding insufficient cash to settle this cash payment with respect to a particular redemption transaction, the redemption may not settle on the next business day following the effective date of the redemption order, upon the express agreement by the Fund and the Authorized Participant.

------

*Eligibility*

To be eligible to place Redemption Orders with US Bank, an AP must (i) be a DTC Participant and (ii) have established one or more accounts for the storage and maintenance of Metal, as set forth in the applicable Fund's Prospectus.

*Cut-Off Time for Redemption Orders*

US Bank must receive all Redemption Orders to redeem Creation Unit Aggregations no later than the time designated in the applicable Fund's Prospectus.

If Redemption Orders are received by the Fund's identified Cut-off Time and are accepted by US Bank, the Redemption Order will be processed based on the NAV of the Fund as next determined on such date. The date on which a Redemption Order to redeem Creation Unit Aggregations is placed is referred to as the "Transmittal Date." An AP placing a Redemption Order for Creation Unit Aggregations of the Fund should afford sufficient time to permit proper submission of the order to US Bank prior to the identified Cut-off Time on the Transmittal Date. Requests received after the Cut-off Time will be processed the next Business Day.

*Transaction Fee*

A fixed Transaction Fee may be charged for each Creation Unit redeemed, as determined by the Sponsor and disclosed in the applicable Fund's Prospectus.

*Settlement*

Redemption Orders customarily settle on a T+1 basis. Redemption Orders which may settle earlier than T+1 may be subject to a charge, which shall be calculated as determined by the Trust or Sponsor**.**

*Suspension or Rejection of Redemption Orders*

In respect of the Trust, the Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the Exchange, the New York Stock Exchange, any of the exchanges of the CME Group (including CME, COMEX, CBOT and NYMEX) or other exchange material to the valuation or operation of the Fund is closed, or when trading is suspended or restricted on such exchanges in the applicable Metal, other than customary weekend or holiday closings, or trading of Shares on the Exchange is suspended or restricted, (2) as a result of which the redemption distribution is not reasonably practicable, or (3) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

------

The Sponsor will reject a redemption order if (i) the Sponsor determines not to be in proper form, (ii) the fulfillment of the Redemption Order, in the opinion of Sponsor's counsel, would be illegal under applicable laws and regulations, or (iii) if circumstances outside the control of the Sponsor, or its designee, make it, for all practical purposes, not feasible to process.

**APPENDIX A GLOSSARY OF TERMS**

"Administrator" means U.S. Bancorp Fund Services, LLC

"AP" means Authorized Participant.

"AP Procedures" means the Authorized Participant Procedures Handbook, as supplemented or amended from time to time.

"Business Day" means any day other than a day: (1) when the applicable Fund's listing exchange is closed for regular trading; (2) when banks are authorized to close in the United States; or (3) when banks in the United States are not open for a full business day and the order or other transaction requires the execution or completion of procedures which cannot be executed or completed by the close of the business day.

"Cash" shall mean same day funds in United States dollars.

"Creation" means the act of creating a Creation Unit Aggregation.

"Creation Unit" and "Creation Unit Aggregation" mean an aggregation of a specified number of Shares of a Fund as stated in the Prospectus.

"Custodian" means the Trust's custodian, Texas Precious Metals LLC.

"Custody Account" means the account with the Custodian in the name of the Fund, relating to the storage of the Fund's Metal holdings.

"Cut-off Time" means the time that a Purchase Order must be transmitted to US Bank to be deemed received. All times are Eastern Time.

"Deposit Property" means an amount of the Metal and, potentially, cash that is transferred between an Authorized Participant and a Fund in payment for the purchase or redemption of Creation Unit Aggregations.

"DTC" means The Depository Trust Company.

"DTC Participant" refers to a participant in the facilities of the Depository Trust Company. "DVP" means Delivery Versus Payment, as defined by DTC.

"Metal" means any and all of gold, silver or any other physical commodity held by a Fund, in each case in physical form.

------

"NAV" means net asset value for the Shares.

"Orders" means any order to purchase or redeem Creation Unit Aggregations.

"Prospectus" means the Fund's then current prospectus and statement of additional information included in its effective registration statement, as supplemented or amended from time to time.

"Purchase Orders" refers to the action of placing and processing orders to purchase Creation Unit Aggregations.

"Redemption Orders" refers to the action of placing and processing orders to redeem Creation Unit Aggregations.

"Shares" means the shares represented in a Creation Unit Aggregation.

"Sponsor" means the Trust's sponsor, Teucrium Asset Management, LLC.

TPMD Shiner means the Custodian's vault premises in Shiner, Texas.

"Transaction Fee" is a fixed dollar fee charged for each Creation Unit regardless of the number of Creations per Business Day for an AP.

"Transfer Agent" means US. Bancorp Fund Services, LLC.

"Transmittal Date" means the date on which a Purchase Order to purchase Creation Unit Aggregations is placed.

"US Bank" means U.S. Bancorp Fund Services, LLC.

------

**EXHIBIT D**

**CREATION AND REDEMPTION BASKETS**

**SHARE REQUIREMENTS, FEES** 

**AND ORDER CUTOFF TIMES**

**Effective [ ], 2026**

Any information in this Exhibit D may be adjusted from time to time as set forth in the Prospectus without amending this Exhibit D.

The size of the Basket for each Fund is set forth in the Prospectus for each Fund. For the Y'all Street Physical Gold ETF ("YSAU") and Y'all Street Physical Silver ETF ("YSAG") Baskets are 10,000 shares.

The amount of the "Transaction Fee" provided for in Section 4 of this Agreement for each Fund is set forth in the Prospectus for each Fund. As of the date referenced above, the Transaction Fees are as set forth below:

---

| | |
|:---|:---|
| **YSAU and YSAG (10,000 units per basket)** | **YSAU and YSAG (10,000 units per basket)** |
| Creation Fee | $500 per order |
| Redemption Fee | $500 per order |
| Delivery Fee\* | 0.01% of the dollar value of the Fund shares created |

---

\* The "Deliver Fee" is charged to an Authorized Participant that purchases creation Baskets in the event that the Metal in the Deposit Property is deposited in a vault location other than the Shiner, Texas vault of Texas Precious Metals LLC.

As of the date of this agreement, the Order Cutoff Time for the Y'all Street Physical Gold ETF ("YSAU") and Y'all Street Physical Silver ETF ("YSAG") is 12:00 p.m. (EST).

There are a minimum number of baskets and associated shares specified for each Fund. Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket. As of the date above, the minimum levels are as follows:

YSAU: 50,000 shares representing 5 baskets

YSAG: 50,000 shares representing 5 baskets

## Exhibit 10.2

**Exhibit 10.2**

**MARKETING AGENT AGREEMENT**

This Marketing Agent Agreement (the "<u>Agreement</u>") is effective this __ day of _______ 2026, and made by and between Texas Precious Metals Trust, a Delaware statutory Trust (the "<u>Trust</u>") having its principal place of business at Three Main Street, Suite 215, Burlington VT 05401 and PINE Distributors LLC, a Delaware limited liability company (the "<u>Distributor</u>").

**RECITALS**

WHEREAS, the Trust filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement for the Trust under the Securities Act of 1933, as amended (the "1933 Act");

WHEREAS, the Trust intends to create and redeem shares of beneficial interest in one or more series of the Trust (the "Shares") only in creation unit aggregations ("Creation Unit") on a continuous basis, and list the Shares of each series on one or more national securities exchanges;

WHEREAS, Marketing Agent is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, the Trust desires to retain Marketing Agent to provide certain services to the Trust with respect to the series listed on Exhibit A hereto; and

WHEREAS, Marketing Agent is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.

**AGREEMENT**

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Services</u>** 

Marketing Agent agrees to serve as the marketing agent of the Trust on the terms and for the period set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Definitions</u>** 

Wherever they are used herein, the following terms have the following respective meanings:

"<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of one or more series of the Trust under the 1933 Act as each such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

"<u>Registration Statement</u>" means the registration statement for a particular Trust series most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect;

All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Duties of Marketing Agent</u>** 

Marketing Agent shall use commercially reasonable efforts to provide the following services to the Trust:

(a) at the request of the Trust, Marketing Agent shall assist the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Creation Units of each series of the Trust;

(b) at the request of the Trust, Marketing Agent shall assist the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Creation Units of each series of the Trust;

(c) make available copies of the Prospectus to Authorized Participants who have purchased that series' Creation Units in accordance with the Authorized Participant Agreements;

(d) maintain copies of confirmations of Creation Unit creation and redemption order acceptances on a series-by-series basis and produce such copies upon reasonable request from the Trust;

(e) make available copies of the Prospectus to Authorized Participants who have purchased that series' Creation Units in accordance with the Authorized Participant Agreements;

(f) maintain telephonic, electronic mail and/or access to direct computer communications links with the Trust's transfer agent ("Transfer Agent");

(g) review and approve, prior to use, all Trust marketing materials submitted to Marketing Agent for review by the Trust ("Marketing Materials") for compliance with applicable SEC and FINRA advertising rules, and file all such Marketing Materials required to be filed with FINRA. Marketing Agent agrees to furnish to the Trust any comments provided by FINRA with respect to such Marketing Materials;

(h) ensure that all direct requests by Authorized Participants for Prospectuses are fulfilled;

(i) work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent. The Trust acknowledges that Marketing Agent shall not be obligated to approve any certain number of orders for Creation Units; and

(j) the services furnished by Marketing Agent hereunder are not to be deemed exclusive and Marketing Agent shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Duties of the Trust</u>** 

(a) The Trust agrees to create, issue, and redeem Creation Units of series of the Trust in accordance with the procedures described in the applicable Prospectus. Upon reasonable notice to Marketing Agent, and in accordance with the procedures described in the applicable Prospectus, the Trust reserves the right to reject any order for Creation Units for the relevant series or to stop all receipts of such orders at any time.

(b) The Trust shall deliver to Marketing Agent copies of the following documents: (i) the current Prospectus for each series of the Trust that has commenced operations; (ii) any relevant policies and procedures adopted by the Trust or its service providers that are applicable to the services provided by Marketing Agent; and (iii) any other documents, materials or information that Marketing Agent shall reasonably request to enable it to perform its duties pursuant to this Agreement.

------

(c) The Trust shall thereafter deliver to Marketing Agent as soon as is reasonably practical any and all amendments to the documents required to be delivered under this Section.

(d) The Trust shall arrange to provide the listing exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions that are required to be provided by the Trust to purchasers in the secondary market.

(e) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Representations, Warranties and Covenants of the Trust</u>** 

(a) The Trust hereby represents and warrants to Marketing Agent, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: (i) it is duly organized and in good standing under the laws of its jurisdiction of organization; (ii) this Agreement has been duly authorized, executed and delivered by the Trust and, when executed and delivered, will constitute a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; (iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; (iv) the Trust's Registration Statement and the Trust's Prospectuses, and marketing and promotional literature have been prepared, in all material respects, in conformity with the applicable requirements of the 1933 Act and SEC rules and regulations; (vii) the Trust's Registration Statement (including its statement of additional information) and Prospectuses do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to Marketing Agent pursuant to this Agreement shall be true and correct in all material respects; and (viii) all marketing or promotional literature shall contain all statements required to be stated therein in accordance with the 1933 Act and SEC rules and regulations; and do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; (ix) all necessary approvals, authorizations, consents, or orders of or filings with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Trust in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, and any necessary qualification under the securities or blue-sky laws of the various jurisdictions in which the Shares are being offered.

(b) The Trust shall reasonably cooperate in the efforts of the Marketing Agent in the provision of the services. In addition, the Trust shall keep Marketing Agent reasonably informed of its affairs as they relate to the Trust and shall provide to Marketing Agent from time-to-time copies of all information that Marketing Agent may reasonably request for use in connection with the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Representations, Warranties and Covenants of Marketing Agent</u>** 

Marketing Agent hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: (i) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; (ii) this Agreement has been duly authorized, executed and delivered by Marketing Agent and, when executed and delivered, will constitute a valid and legally binding obligation of Marketing Agent, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; (iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; and (iv) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Compensation</u>** 

Marketing Agent shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by Marketing Agent pursuant to this Agreement. Any such compensation or reimbursement of expenses shall be paid or reimbursed by a sponsor of the Trust pursuant to an Agreement between such sponsor and Marketing Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>Indemnification</u>** 

(a) The Trust shall indemnify, defend and hold Marketing Agent, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled Marketing Agent within the meaning of Section 15 of the 1933 Act (collectively, the "Marketing Agent Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Marketing Agent Indemnitee may incur arising out of or relating to (i) the Trust's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations; or (iii) any claim that the Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust's obligation to indemnify any of the Marketing Agent Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials or marketing literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by Marketing Agent to the Trust, in writing, for use in such Prospectus or any such advertising materials or marketing literature.

(b) Marketing Agent shall indemnify, defend and hold the Trust, its affiliates, and each of their respective directors, managers, officers, employees, representatives, and any person who controls or previously controlled the Trust within the meaning of Section 15 of the 1933 Act (collectively, the "Trust Indemnitees"), free and harmless from and against any and all Losses that any Trust Indemnitee may incur under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) Marketing Agent's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) Marketing Agent's failure to comply in all material respects with any applicable laws, rules, or regulations; or (iii) any claim that the Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust by Marketing Agent, in writing, for use in such Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust.

------

(c) In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

(d) Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

(e) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 8(a) or 8(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 8 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>Limitations on Damages</u>** 

With the exception for losses arising out of breaches of this Agreement's confidentiality provision or arising out of a Party's gross negligence, willful misconduct, or intentional wrongdoing, neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>Force Majeure</u>** 

Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, which may include, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities, and the other party shall have no right to terminate this Agreement in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**  **<u>Duration and Termination</u>** 

(a) This Agreement shall become effective as of the date first set forth above. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods.

(b) Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, upon no less than sixty (60) days' written notice by either party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>Confidentiality</u>** 

(a) Definition of Confidential Information: "Confidential Information" shall encompass all non-public, proprietary, or secret information and data that one party ("Disclosing Party") provides to the other party ("Receiving Party"), which holds tangible or intangible value, and the unauthorized disclosure of which could inflict adverse effects or competitive disadvantages. Such information may pertain to, but not be limited to: business strategies, trade secrets, systems, operational procedures, manuals, products, contractual documents, personnel details, client data, financial details, intellectual property, technological developments, market and sales intel, customer databases, business plans, potential business ventures, and all information developed collaboratively during the Agreement, whether verbally, visually, electronically, or in written form.

(b) Exceptions to Confidential Information: Information shall not be deemed Confidential Information if it: (i) becomes public knowledge without fault on the part of the Receiving Party; (ii) was in the possession of the Receiving Party without restriction in relation to disclosure before its receipt from the Disclosing Party; (iii) is independently developed by the Receiving Party without direct use of, or reference to, the Disclosing Party's Confidential Information; or (iv) is rightfully obtained from a third party not in a confidential relationship with the Disclosing Party and without similar restriction on disclosure.

(c) Obligations of Non-Disclosure and Non-Use: Each party agrees to: (a) protect and preserve the confidential and proprietary nature of the Confidential Information of the other party with the same degree of care as it uses to protect its own confidential information, but in no event with less than a reasonable standard of care; (b) refrain from using Confidential Information of the other party for any purpose other than those expressly outlined within this Agreement; and (c) restrict disclosure of the Confidential Information to employees, agents, or third parties as necessary and only for the disclosed purpose, ensuring such entities are under similar non-disclosure obligations.

(d) Regulatory Disclosure: If a Receiving Party becomes legally compelled to disclose any Confidential Information (through court order, governmental requirement, or any legal procedure), the Receiving Party shall, if permitted: (a) promptly notify the Disclosing Party, allowing it to seek a protective order or other appropriate remedy; and (b) disclose only the portion of Confidential Information that it is legally required to, ensuring that confidential status is asserted where applicable. Additionally, a Receiving Party may disclose Confidential Information of the Disclosing Party to a governmental agency or regulatory authority with jurisdiction over it in response to a routine examination by such regulatory (including self-regulatory) authority or governmental agency.

(e) Duration of Confidentiality Obligation: Each Receiving Party shall maintain the confidentiality and refrain from use of the Confidential Information for a period of two years following the termination or expiration of this Agreement, unless a longer duration is stipulated by applicable law or agreed upon by both parties.

(f) Return or Destruction of Confidential Information: Upon termination of this Agreement, or upon the Disclosing Party's written request, the Receiving Party shall promptly, at the Disclosing Party's discretion, return or destroy all copies of the Confidential Information and certify in writing its compliance with this provision. Notwithstanding the foregoing, a Receiving Party may retain copies of the Confidential Information to the extent required to comply with applicable legal, regulatory, or internal compliance requirements and/or that is stored as part of its routine data backup and archival processes. All such retained Confidential Information shall remain subject to this Confidentiality provision.

------

(g) Information Security: Both parties shall implement and maintain commercially reasonable information security policies and procedures to safeguard the confidentiality, integrity, and accessibility of the Confidential Information, adhering to applicable data protection and privacy laws and regulations.

(h) Remedies: Both parties acknowledge that any unauthorized disclosure or use of Confidential Information may cause irreparable harm to the Disclosing Party, for which monetary damages may be inadequate, and thus, the Disclosing Party may seek injunctive relief, in addition to any other rights and remedies it may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**  **<u>Notice</u>** 

Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by electronic mail, or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until modified by Marketing Agent or the Trust, as the case may be. Notice shall be given to each party at the following address, as amended from time to time:

---

| | |
|:---|:---|
| (i) **If to the Marketing Agent:** | (ii) **If to the Trust:** |
| PINE Distributors LLC<br> 501 S. Cherry Street, Suite 310<br> Denver, CO 80264<br> Attn: Distribution Services<br> Telephone: 720-651-8092<br> Email: bdcompliance@pineadvisorsolutions.com | Texas Precious Metals Trust<br> Attn: Cory Mullen-Rusin<br> Three Main Street, Suite 215<br> Burlington, VT 05401<br> Telephone: 802-540-0019<br> Email: cory.mullenrusin@teucrium.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**  **<u>Transfer Agent</u>** 

Marketing Agent and the Trust agree that in the course of Marketing Agent's services that Marketing Agent may need information from time to time from the Transfer Agent (identified below). The Trust shall promptly notify Marketing Agent in writing of any changes to the Transfer Agent or its contact information.

U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.**  **<u>Modifications</u>** 

The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by Marketing Agent and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.**  **<u>Governing Law</u>** 

This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.**  **<u>Assignment</u>** 

This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties' representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not be construed to be an assignment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.**  **<u>Survival</u>** 

The provisions of Sections 8, 9, 12, 15, 18, 20 and 21 of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.**  **<u>Anti-Money Laundering</u>** 

Marketing Agent and Trust both represent and warrant to the other that it has, and shall maintain, an anti-money laundering program ("AML Program") that, at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records.

---

| | |
|:---|:---|
| **20** | **<u>Miscellaneous</u>** |

---

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both Marketing Agent and the Trust and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document. Nothing herein contained shall prevent Marketing Agent from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.**  **<u>Entire Agreement</u>** 

This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereto, and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

*[SIGNATURE PAGE FOLLOWS]*

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| PINE Distributors LLC | Texas Precious Metals Trust |
| By: | By: |
| Name: Mark Fairbanks | Name: Cory Mullen-Rusin |
| Title: President | Title: Chief Financial Officer |
| Date: | Date: |

---

------

<u>EXHIBIT A</u>

Y'all Street Physical Gold ETF

Y'all Street Physical Silver ETF

## Exhibit 10.3

**Exhibit 10.3**

**TEXAS PRECIOUS METALS, LLC**

**and**

**TEUCRIUM ASSET MANAGEMENT, LLC**

**solely in its capacity as sponsor of the Texas Precious Metals Trust**

**and not individually**

**and**

**TEXAS PRECIOUS METALS TRUST**

**______________________________**

**CUSTODY AGREEMENT**

**______________________________**

**THIS CUSTODY AGREEMENT** (this "**Agreement**") is made with effect on and from May 8, 2026

**BETWEEN**

&nbsp;&nbsp;&nbsp;&nbsp;(1) **Texas Precious Metals, LLC (** the "**Custodian**" or "**we** "), a Texas limited liability company doing business as Texas Precious Metals Depository, whose principal office is at 50 County Road 356, Shiner, Texas 77984;

&nbsp;&nbsp;&nbsp;&nbsp;(2) **Texas Precious Metals Trust**, a Delaware statutory trust organized under the laws of the State of Delaware, whose principal office is at c/o Teucrium Trading, LLC, Three Main Street, Suite 215, Burlington, VT 05401 (the "**Trust** "), for itself and on behalf of each of its series listed on Exhibit A to this Agreement (as amended from time to time) (each a "**Fund** "); and

&nbsp;&nbsp;&nbsp;&nbsp;(3) **Teucrium Asset Management, LLC**, a Delaware limited liability company, the sponsor of the Funds ()"**Sponsor**" and, together with the Trust, "**you** ").

**INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares may be issued by a Fund against delivery of Precious Metals made by way of payment for the issue of such Shares. The Sponsor has agreed that Precious Metals delivered to a Fund on subscription for Shares will be paid into the applicable Fund's Account.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Trust has agreed that certain Accounts will be established, and that the Sponsor will have the sole right to give instructions for the making of any payments out of a Fund's Account.

**IT IS AGREED AS FOLLOWS**

&nbsp;&nbsp;&nbsp;&nbsp;1. **INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Definitions**: Words and expressions defined in the Prospectus, unless otherwise defined herein, have the same meanings when used in this Agreement. In addition, in this Agreement, unless there is anything in the subject or context inconsistent therewith, the following expressions shall have the following meanings:

**"Account**" means, with respect to a Fund, the account maintained for the Fund by the Custodian pursuant to this Agreement, or another account maintained for the Fund by a successor Custodian on an allocated basis, as the case may be;

**"Account Balance**" means, in relation to an Account, the specific Precious Metals held for you by us as from time to time identified (whether by bar serial numbers or otherwise) in, and recorded on, that Account.

**"Authorized Participant**" means a person that, at the time of submitting an order to purchase, or an order to redeem, one or more Baskets, (i) is a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (ii) is a DTC Participant, (iii) has in effect a valid Authorized Participant Agreement and (iv) has established an account for applicable Precious Metal at one of the enumerated Approved Locations (as defined below);

**"Authorized Participant Agreement**" means an agreement among the Sponsor, the Trust and an Authorized Participant that authorizes the Authorized Participant to submit Purchase Orders to acquire Baskets and Redemption Orders to redeem Baskets under the Trust Agreement;

**"Authorized Signatory**" means, in relation to any person, an individual who is duly empowered to bind such person and whose authority is evidenced by a resolution of the board of directors (or any other appropriate means of authorization) of such person;

**"Availability Date**" means the Business Day on which you wish us to credit to a Fund's Account Precious Metal from a Third Party Account.;

**"Basket**" means 10,000 Shares, except that the Sponsor may from time to time increase or decrease the number of Shares comprising a Basket;

**"Business Day**" means any day other than a day: (1) when the exchange on which the Shares are principally traded is closed for regular trading; or (2) when banks are authorized to close in the United States; or (3) when banks in the United States are not open for a full business day and the order or other transaction requires the execution or completion of procedures which cannot be executed or completed by the close of the business day;

**"Depositor**" means a party that, pursuant to the provisions of the Trust Agreement, delivers Precious Metal to Custodian for deposit into an Account.

**"Depository**" means The Depository Trust Company and any other successor depository of Shares selected by the Sponsor as provided in the Trust Agreement;

**"DTC Participant**" means a person that, pursuant to The Depository Trust Company's governing documents, is entitled to deposit securities with The Depository Trust Company in its capacity as a "participant";

**"LBMA**" means The London Bullion Market Association or its successors.

**"Point of Delivery**" means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery of Precious Metal;

**"Precious Metal**" means any and all of gold, silver or any other physical commodity held pursuant to this agreement, in each case in physical form, as noted on the attached <u>Schedule A</u>;

**"Procedures**" means the Authorized Participant Procedures Handbook, which constitute a part of the Form of Participant Agreement, as amended, superseded or supplemented from time to time in compliance with the provisions hereof and thereof.

**"Purchase Order**" means the order an Authorized Participant wishing to acquire one or more Baskets must place with the Transfer Agent;

**"Redemption Form**" means a notice in the form prescribed from time to time by the Trust requesting Redemption of Shares;

**"Redemption Order**" means the order an Authorized Participant wishing to redeem one or more Baskets must place with the Transfer Agent;

**"Rules**" means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as to good delivery) and such other regulatory authority or body applicable to the activities contemplated by this Agreement, including the activities of any Sub-Custodian;

**"Shareholder**" means the beneficial owner of one or more Shares;

**"Share**" means a unit of fractional undivided beneficial interest in a Fund which is issued by the Fund and created pursuant to and constituted by the Trust Agreement;

**"Sponsor**" means Teucrium Asset Management, LLC, a Delaware limited liability company, or its successor;

**"Sub-Custodian**" means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by us to perform any of our obligations and/or duties under this Agreement, including the custody and safekeeping of Precious Metals.

**"Transfer Agent**" means U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services, which serves as transfer agent for the Trust, or its successor;

**"Trust Agreement**" means the Amended and Restated Declaration of Trust and Trust Agreement of the Texas Precious Metals Trust dated on or about April 24, 2026, as amended from time to time, between Teucrium Asset Management, LLC, as Sponsor, and Wilmington Trust, National Association, as Trustee;

**"Withdrawal Date**" means the Business Day on which a Fund wishes a withdrawal of Physical Precious Metals from the Account to take place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Headings**: The headings in this Agreement do not affect its interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Singular and Plural**: References in this Agreement to the singular include the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;2. **ACCOUNTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Permitted Warehouse Locations** *.* Subject to the terms of this Agreement, the Custodian shall be permitted to hold Precious Metal at any vault location set forth on Schedule A (as such Schedule may be amended from time to time) (each an "**Approved Location** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Opening Fund Accounts**: With respect to each Fund, we shall open and maintain one or more Accounts in respect of each Precious Metal which you ask us, and we agree, to hold for you on an allocated basis on the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Deposits and Withdrawals**: An Account shall evidence and record deposits and withdrawals of Precious Metals made pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Denomination of Accounts**: The Precious Metals recorded in Accounts shall be denominated as follows: in the case of gold, in fine troy ounces of gold (to three decimal places); in the case of silver, in gross troy ounces of silver (to at least three decimal places); and, in the case of any other metal, in such denomination as is provided for in the Rules or, if there is no such provision, such denomination as may be agreed between us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Reports**: At the end of each Business Day, the Custodian shall furnish the Sponsor with an activity statement and a summary of all transfers to or from each Fund Account on the day following such transfers. In addition, each Business Day the Custodian shall furnish the Sponsor with a detailed statement of the Precious Metals held by the Custodian and any Sub-Custodians for the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Discrepancies**: If a material error or discrepancy is noted by you on any report provided pursuant to Clause 2.5 above in relation to any activity or balances, you will promptly notify us in writing so that we may investigate and resolve any such material error or discrepancy as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Reversal of Entries**: We at all times reserve the right, without prior notice to you, to reverse any provisional or erroneous entries to an Account with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made, but shall notify you in writing as soon as reasonably practicable of any such reversals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Provision of Information**: The Custodian agrees that it will forthwith notify the Sponsor in writing of any encumbrance of which it is aware is or is purported to have been created over or in respect of an Account or any of the amounts standing to the credit thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 **Access**: The Custodian will allow, and will ensure that any Sub-Custodian that the Custodian appoints allows, the Sponsor and their Precious Metal auditors access to its premises during normal business hours to examine the Physical Precious Metals and such records as they may reasonably require to perform their respective duties with regard to investors in Shares. The Sponsor agrees that any such access shall be subject to execution of a confidentiality agreement and agreement to the Custodian's security procedures, and any such audit shall be at the applicable Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;3. **TRANSFERS INTO AN ACCOUNT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Procedure**: We will credit to your Account the amount of Precious Metal transferred from a Depositor for credit to your Account. By 9:00 a.m. (Eastern time) on the Availability Date, you will provide to us an inventory, identifying the amounts of Precious Metal according to the customs and practices for trading in the particular Precious Metal (the "**Metal Inventory** "), regarding each amount of Precious Metal that you are expecting to be credited to your Account from a AP Account, and the identity of the Participant Account from which such credit will be made. If, on any Business Day, an Authorized Participant's instruction to us to transfer Precious Metal to your Account is revoked, we shall send you a notification by email identifying such Authorized Participant by the close of that Business Day. When by reference to your notifications and instructions to us we reasonably believe an amount of Precious Metal has been credited to your Account in error, we will notify you promptly and, pending our joint resolution of the error, will treat such amount as not being subject to the standing instruction in Clause 4.8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will consider the transfer of Precious Metal to be final when the Metal Inventory has been provided by the Depositor and approved by us by providing notice of such approval by any method of transmission set forth in Clause 13 or by such other means (if any) as we may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Custodian shall accept Precious Metal delivered by or on behalf of a Depositor at the Approved Location selected by such Depositor. Custodian will carefully undertake a visual inspection of such Precious Metal and all supporting documentation and reject such Precious Metal if it concludes that such Precious Metal or the supporting documentation is in any way patently sub-standard or anomalous, according to the standards that are customary for the trading of the particular Precious Metal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Custodian shall not be obligated to complete the transfer of any Precious Metal delivered to it for deposit into the Account unless Custodian is reasonably satisfied that the Depositor thereof (or a person on its behalf) has paid all fees owed to Custodian in respect of the delivery of such Precious Metal (including, without limitation, any fees hereunder and under the Procedures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Right to Refuse Precious Metal Amend Procedure**: We may refuse to accept Precious Metal and amend the procedures in relation to the deposit of Precious Metal or impose such additional procedures in relation to the deposit of Precious Metal as we may from time to time consider appropriate to comply with the Rules and ensure the safekeeping of such Precious Metal. We will notify you of any such amendment or additional procedures, in accordance with Clause 13 of this Agreement, within a commercially reasonable amount of time before we amend our procedures, and in so doing we shall consider your needs to communicate any such change to investors and others. Any such refusal to accept Precious Metal will be promptly notified to you, in accordance with Clause 13 of this Agreement, and will (unless otherwise specified) take effect immediately upon your receipt of such notification.

&nbsp;&nbsp;&nbsp;&nbsp;4. **TRANSFERS FROM AN ACCOUNT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Release of Precious Metal.** Precious Metal will be made available for collection at a vault at the Custodian's address or other Approved Location, or at the vault of a Sub-Custodian at which the Precious Metal is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Procedure**: The Sponsor may at any time give instructions to the Custodian for the withdrawal of Precious Metal standing to the credit of a Fund's Account as provided for in this Agreement, provided that **  a withdrawal may be made only by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer to an AP Account relating to the same kind of Precious Metal and having the same denomination as that to which the applicable Account relates when Shares are to be redeemed by an Authorized Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery of Precious Metal to such location as the Sponsor directs, at the applicable Fund's expense and risk; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer to an account maintained by the Custodian or a third party in connection with other transfers permitted under the Trust Agreement.

The Sponsor anticipates exercising its rights under <u>Clauses 4.2(b)</u> and <u>(c)</u> on an exceptional basis only. Any Precious Metal made available to the relevant person (as instructed by the Sponsor) pursuant to <u>Clauses 4.2(b)</u> and <u>(c)</u> will be in a form which complies with the Rules or in such other form as may be agreed between the Sponsor and the Custodian the amount of which will not exceed the amount of Precious Metal the Sponsor has instructed the Custodian to debit. To the extent that the Sponsor is authorized to sell Precious Metal under the Trust Agreement, the Custodian may, but is not required to, purchase such Precious Metal; provided that the purchase price for such Precious Metal shall be the prevailing market value at the time of the sale, as determined in a commercially reasonable manner using the same reference price for the Precious Metal that is used for calculating the applicable Fund's daily net asset value. The Sponsor's instruction to sell Precious Metal may be an instruction to sell such amount of Precious Metal as necessary to produce a specified amount of United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Notice Requirements**: A confirmation from the Transfer Agent to the Custodian, given through such authenticated method as may be agreed by the parties or in writing, that a valid Redemption Form has been lodged for Shares shall be deemed an instruction given under <u>Clause 4.2,</u> unless otherwise notified in writing by the Sponsor. Any other notice relating to a withdrawal of Precious Metal must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Right to Amend Procedure:** We may amend the procedure for the withdrawal of Precious Metal from a Fund's Account or impose such additional procedures as we may from time to time consider appropriate to comply with the Rules and ensure the safekeeping of the Precious Metal. Any such amendments or additional procedures will be promptly notified to you in accordance with Clause 13 of this Agreement within a commercially reasonable amount of time before we amend our procedures, and in so doing we shall consider your needs to communicate any such change to investors and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Specification of Precious Metal**: The Custodian may specify the serial numbers of the bars, or other units of Precious Metal as are customarily used for accounting of the applicable Precious Metal, to be withdrawn once it receives instructions to effect a withdrawal of Precious Metal pursuant to Clause 4.2. The Custodian is entitled to select the units of Precious Metal to be made available for any such withdrawal, provided, however, that to the extent the Sponsor specifically identifies units of Precious Metal to be so selected, the Custodian will take reasonable efforts to select such Precious Metal as specified by the Sponsor. The Custodian may require more than one Business Days prior notice in the event that the Sponsor does identify specific units to be withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Delivery Obligations**: Unless otherwise instructed by the Sponsor on behalf of the Trust or the relevant person, the Custodian shall make any transportation and insurance arrangements in respect of delivery of Precious Metal in accordance with its usual practice. Where instructions are given, the Custodian shall use all reasonable efforts to comply with the same. The Custodian shall not be obliged to effect any requested delivery if, in its reasonable opinion, this would cause the Custodian or its agents to be in breach of the Rules or other applicable law, court order or regulation; the costs incurred would be excessive or delivery is impracticable for any reason. All insurance and transportation costs shall be for the account of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Risk**: Where there is a shipment from the Custodian of Precious Metal, all right, title and risk in and to such Precious Metal shall pass at the Point of Delivery to the relevant person for whose account the Precious Metal is being delivered.

&nbsp;&nbsp;&nbsp;&nbsp;5. **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Giving of Instructions**: Only the Sponsor shall have the right to give instructions in respect of an Account. The Sponsor shall notify the Custodian in writing of the names of the people who are authorized to give instructions on the Sponsor's behalf. Until the Custodian receives written notice to the contrary, the Custodian is entitled to assume that any of those people have full and unrestricted power to give instructions on the Trust's behalf. The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have such authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Instructions**: All transfers into and out of a Fund's Account(s) shall be made upon receipt of, and in accordance with, instructions given (or appearing to be given) by you to us. Such instructions may be given by any method of transmission set forth in Clause 13 or by such other means (if any) as we may agree from time to time. Unless otherwise agreed, any such instruction or communication shall be effective if given by written means. We may assume that any electronic instructions provided in accordance with Clause 5.1 above have been validly given on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Account Not to be Overdrawn**: A Fund's Account may not at any time have a debit balance thereon, and no instruction shall be valid to the extent that the effect thereof would be for an Account to have a debit balance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Amendments**: Once given, instructions continue in full force and effect until they are cancelled, amended or superseded. Notice of amendment shall have effect only after actual receipt by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Unclear or Ambiguous Instructions**: If, in the Custodian's opinion, any instructions are unclear or ambiguous, the Custodian shall use reasonable endeavors (taking into account any relevant time constraints) to obtain clarification of those instructions from the Sponsor and, failing that, the Custodian may in its absolute discretion and without any liability on its part, act upon what the Custodian believes in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to the Custodian's reasonable satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **Refusal to Execute**: The Custodian will, where practicable, refuse to execute instructions if in the Custodian's opinion they are or may be contrary to the Rules or any applicable law. In such circumstance, the Custodian shall notify the Sponsor of such refusal and the reasons therefore.

&nbsp;&nbsp;&nbsp;&nbsp;6. **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Disclosure to Others**: Subject to Clause 6.2, each of the Sponsor and the Custodian shall respect the confidentiality of information acquired under this Agreement and will not, without the other party's consent, disclose to any other person any transaction or other information acquired about the other party, its business or the Trust under this Agreement, in the event such other party has made clear, at or before the time such information is provided, that such information is being provided on a confidential basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Permitted Disclosures**: Each party accepts that from time to time, the other party may be required by law or the Rules, or requested by a government department or agency, fiscal body or regulatory or listing authority or as otherwise necessary in conducting the Trust's business, to disclose information acquired under this Agreement. In addition, the disclosure of such information may be required by a party's auditors, by its legal or other advisors, by a company which is in the same group of companies as a party (*i.e*., a subsidiary or holding company of a party), or by the Sponsor, or any beneficiary of the trusts constituted by the Trust Agreement. Each party irrevocably authorizes such persons to make such disclosures without further reference to such party.

&nbsp;&nbsp;&nbsp;&nbsp;7. **CUSTODY SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Appointment**: You hereby appoint us to act as custodian of the Precious Metals delivered to us in accordance with this Agreement and in accordance with any Rules and laws which apply to us or to any Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Segregation of Precious Metals**: We will segregate the Precious Metals to be contained in a Fund's Account from any Precious Metal which we own or which we hold for our other clients, and we will require each Sub-Custodian to segregate the Precious Metals comprising an Account from any Precious Metals which it owns or which it holds for its other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Ownership of Precious Metals**: We will identify in our books that the Precious Metals comprising the Account Balance belong to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Location of Precious Metals**: Unless otherwise agreed between the parties, Precious Metal must be held by the Custodian at its Shiner, Texas vault premises. If the parties agree that Precious Metal may be held at other Applicable Locations or at the vaults of a Sub-Custodian, as specified in Schedule A attached hereto, the Custodian agrees that it shall use commercially reasonable efforts promptly to transport any Precious Metal held for the Trust to its Shiner, Texas vault location at the Custodian's cost and risk. The Custodian agrees that all delivery and packing shall be in accordance with the Rules and good market practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Records:** **  We will maintain adequate records identifying the Precious Metals as belonging to you. Such records shall include, with respect to the Account(s), journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Precious Metal (including adequate information to uniquely identify each bar of Precious Metal received in or delivered from an Account and the person from whom each bar was delivered).

&nbsp;&nbsp;&nbsp;&nbsp;8. **SUB-CUSTODIANS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Sub-Custodians**: We may appoint Sub-Custodians to perform any of our duties under this Agreement, including the custody and safekeeping of Precious Metals comprising the Account Balance. We will use reasonable care in the appointment of any Sub-Custodian. Precious Metal held by a Sub-Custodian shall be kept in our account at such Sub-Custodian, and we will separately identify on our books Precious Metal that is so held on your behalf. Our account with each such Sub-Custodian will be subject only to our instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Notice**: We will provide you with the name and address of any Sub-Custodian of Precious Metals comprising the Account Balance along with any other information which you may reasonably require concerning the appointment of the Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;9. **REPRESENTATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Each Party represents and warrants to the other, on a continuing basis that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly constituted and validly existing under the laws of its jurisdiction of constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the persons entering into this Agreement on its behalf have been duly authorized to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Agreement and the obligations created under it constitute legal and valid obligations which are binding upon such party, as applicable, and are enforceable against it in accordance with the terms of this Agreement (subject to applicable principles of equity) and do not and will not violate the terms of the Rules, any applicable laws, or any order, charge or agreement by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 In addition to (and without limitation of) the representations and warranties given by you in Clause 9.1, you represent and warrant to us, on a continuing basis, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if you are holding any Precious Metal on behalf of a third party, you have full power and authority from your client to enter into and implement this Agreement in respect of such Precious Metal, and we are entitled to deal only with you as if you were the ultimate beneficial owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither the signing, delivery or performance of this Agreement, nor any instruction given hereunder, will contravene, constitute a default under, or cause to be exceeded, any of the following, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Rules, or any other law or agreement by which you, us or any relevant client for whom you hold Precious Metal are bound or affected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rights of any third parties in relation to you or the Precious Metal held hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 In addition to (and without limitation of) the representations and warranties given by us in Clause 9.1, we represent and warrant to you, on a continuing basis, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Precious Metals held with us pursuant to this Agreement will be subject to reasonable care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we will provide financial and material event disclosure about our operations as necessary to ensure the safekeeping of the Precious Metals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) we retain insurance coverage with respect to each facility holding Precious Metals pursuant to this Agreement to cover any custody-related losses incurred by our customers, including a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;10. **FEES AND EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Fees**: You will pay us such fees as we from time to time agree with you as set out in Schedule A attached hereto. We reserve the right to amend the fee structure from time to time with your prior written consent. Details of changes to the charges (including transfer, clearing and safekeeping charges) will be advised to you by us in writing no less than 30 days before becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Expenses**: You agree to pay us all reasonable costs, charges and expenses (including any relevant taxes, duties, and legal fees) incurred and documented by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with any Account (including without limitation any delivery, collection or costs of vault facilities) promptly following receipt of notice relating thereto. You shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto ()"**Taxes** "), with respect to any Account maintained by us pursuant to this Agreement or any deposits or withdrawals related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Credit Balances**: No interest or other amount will be paid by us on any credit balance on an Account unless otherwise agreed between us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Debit Balances**: You are not entitled to overdraw an Account, and we shall not carry out any instruction from you where to do so would, in our opinion, cause any Account to have a negative balance.

&nbsp;&nbsp;&nbsp;&nbsp;11. **SCOPE OF RESPONSIBILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Standard of Care**: Custodian will exercise the standard of care and diligence that a professional custodian would observe in these affairs, taking into account the prevailing rules, practices, procedures and circumstances in the relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Acceptance of Responsibility**: Upon the physical transfer of Precious Metal into an Account, in accordance with Clause 3.1, above, Custodian shall, as between the Custodian and the applicable Fund, be responsible for any loss, damage or destruction of the Precious Metal, including, for the avoidance of doubt, any Precious Metal listed in a Metal Inventory before it is delivered to an Approved Location or Precious Metal that is otherwise not located at an Approved Location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Loss Events**: In the event of loss, damage, or destruction of any Precious Metal in an Account, the parties to this Agreement shall promptly and diligently assist each other to establish the identity of the Precious Metal lost, damaged, or destroyed and shall take any and all reasonable actions as may be necessary to ensure the maximum amount of salvage at a minimum cost. Sponsor shall provide sworn statements and other documents, books, records, and accounts as requested by Custodian to support the amount of Precious Metal lost, damaged, or destroyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After receipt from Sponsor of notice of loss in accordance with Custodian's policies and procedures, and subject to the terms and conditions of this Agreement, Custodian, at its sole discretion, shall either: (1) make payment to the applicable Fund equal to 100% of the replacement cost (the "**Loss Value**") of that Precious Metal lost, damaged, or destroyed; or (2) replace the Precious Metal lost, damaged, or destroyed with new items of the same type, year, fineness, and form (or as close thereto as reasonably possible). In the event Sponsor opposes the replacement of Precious Metal and can reasonably demonstrate that the proposed replacement items have a lower market value than the Precious Metal lost, damaged, or destroyed, Custodian shall compensate the applicable Fund under option 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Custodian's sole liability for lost, damaged, or destroyed Precious Metals shall not exceed the Loss Value of such items as of the date of loss. Custodian shall not be liable in any way for any other damages, including consequential, indirect, incidental, special, punitive, or exemplary damages of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 **No Duty or Obligation**: We are under no duty or obligation to make or take, or require any Sub-Custodian to make or take, any special arrangements or precautions beyond those required by the Rules and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 **Insurance:** The Custodian (or one of its affiliates) shall make such insurance arrangements from time to time in connection with the Custodian's custodial obligations under this Agreement as the Custodian considers appropriate and will be responsible for all costs, fees and expenses (including any relevant taxes) in relation to any such insurance policy or policies. Upon reasonable prior written notice, in connection with the preparation of the initial registration statement under the Securities Act covering any Shares and to facilitate the Sponsor's continuing oversight of the Custodian, the Custodian will allow its insurance to be reviewed by the Sponsor. The Custodian also will allow the Sponsor to review such insurance in connection with any amendment to that initial registration statement and from time to time, in each case upon reasonable prior written notice to the Custodian. Any permission to review the Custodian's insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review is subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 **Force Majeure**: We shall not be liable to you for any delay in performance, or for the non-performance of, any of our obligations under this Agreement by reason of any cause beyond our reasonable control. This includes any breakdown, malfunction or failure of, or in connection with, any communication, computer, transmission, clearing or settlement facilities, industrial action, acts and regulations of any governmental or supra national bodies or authorities, or the rules of any relevant regulatory or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 **Indemnity**: The Sponsor shall, solely out of and to the extent of the applicable Fund's assets, indemnify and keep indemnified the Custodian (on an after-tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than value added taxes and expenses assumed by the Sponsor) that the Custodian may suffer or incur directly or indirectly in connection with this Agreement, except to the extent that such sums are due directly to the Custodian's negligence, fraud, bad faith, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 **No Liens**: We will not create any right, charge, security interest, lien or claim against the Precious Metal, except those in our favor arising under this Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any Precious Metal except pursuant to your instructions. Notwithstanding the foregoing sentence, we will not create any right, charge, security interest, lien or claim against the Precious Metal with respect to the payment or non-payment by the Sponsor of our fees pursuant to Clause 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 **Limitation of Liability**: This Agreement is executed by or on behalf of the Trust with respect to each Fund and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of a Fund individually but are binding only upon each Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of any other Fund. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund shall be enforceable against the assets of that Fund only, and not against the assets of any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to any other Fund shall be enforceable against the assets of that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;12. **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Method**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may terminate this Agreement with respect to a Fund (i) by giving not less than thirty (30) Business Days written notice to us, or (ii) immediately by written notice to us in the event of the presentation of a winding up order, bankruptcy or analogous event in relation to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We may terminate this Agreement with respect to a Fund (i) by giving not less than one-hundred and twenty (120) Business Days written notice to you, or (ii) immediately by written notice in the event of the presentation of a winding up order, bankruptcy or analogous event in relation to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Any notice given by you under Clause 12.1 must specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which the termination will take effect (the "**Termination Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the person to whom each applicable Account Balance is to be delivered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other necessary arrangements for the delivery of the Account Balance to you or to your order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **Change in Sponsor**: If there is any change in the identity of the Sponsor in accordance with the Trust Agreement, then the Custodian, the Sponsor and the Trust shall, subject to the last sentence of this Clause 12.3, execute such documents and shall take such actions as the new Sponsor and the Sponsor may reasonably require for the purpose of vesting in the new r Sponsor the rights and obligations of the outgoing Sponsor, and releasing the outgoing Sponsor from its future obligations under this Agreement. The Custodian's obligations under this Clause 12.3 shall be conditioned on the Custodian having conducted prompt, reasonable and proportionate due diligence to the Custodian's reasonable satisfaction on any such new Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 **Redelivery Arrangements**: If you do not make arrangements acceptable to us for the delivery of the applicable Account Balance to you or to your order, we may continue to hold the Precious Metals constituting such Account Balance, in which case we will continue to charge the fees and expenses payable under Clause 10. If you have not made arrangements acceptable to us for the delivery of the applicable Account Balance within 6 months of the Termination Date, we will be entitled to close each applicable Account and sell the Precious Metals constituting each applicable Account Balance (at such time and on such markets as we consider appropriate) and account to you for the proceeds after deducting any amounts due to us under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 **Existing Rights**: Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed.

&nbsp;&nbsp;&nbsp;&nbsp;13. **NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 **Form**: Any notice or other communication under or in connection with this Agreement may be given in writing or as otherwise specified below. References to writing includes an electronic transmission in a form permitted by Clause 13.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 **Method of Transmission**: Any notice or other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including fax, email and SWIFT) or such other electronic transmission as the parties to this Agreement may from time to time agree, to the party due to receive the notice or communication, at its address, number or destination set out below, or to such other address, number or destination specified by that party by written notice to the other:

If to us: Texas Precious Metals Depository<br> 50 County Road 356<br> Shiner, Texas 77984<br> Email: notices@texasdepository.com

If to Sponsor: Teucrium Asset Management, LLC

c/o Teucrium Trading, LLC<br> Three Main Street, Suite 215<br> Burlington, VT 05401<br> Email: springer.harris@teucrium.com

If to the Trust: Texas Precious Metals Trust<br> c/o Teucrium Trading, LLC<br> Three Main Street, Suite 215<br> Burlington, VT 05401<br> Email: springer.harris@teucrium.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 **Deemed Receipt of Notice**: A notice or other communication under or in connection with this Agreement will be deemed received only if actually received or delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 **Recording of Calls**: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by you as evidence of the orders or instructions given. In the event of inconsistency between the written notice and oral orders or instructions, the terms of the written notice shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;14. **GENERAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 **No Advice**: Our duties and obligations under this Agreement do not include providing you with investment advice. In asking us to open and maintain the Accounts, you do so in reliance upon your own judgement and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or withdrawals from, an Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 **Rights and Remedies**: Our rights under this Agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Precious Metals contained in Fund Accounts and any lien or other rights we may have to set-off, combine or consolidate any of your accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 **Business Day**: If an obligation of a party to this Agreement would otherwise be due to be performed on a day which is not a Business Day in respect of the relevant Account, such obligation shall be due to be performed on the next succeeding Business Day in respect of that Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 **Assignment**: This Agreement is for the benefit of and binding upon us both and our respective successors and assigns. Save as expressly provided herein, no party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement unless the other party otherwise agrees in writing, except that consent is not required where the Custodian assigns, transfers or encumbers any right or obligation under this Agreement to its affiliate. This clause shall not restrict the Custodian's power to merge or consolidate with any party, or to dispose of all or part of its custody business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 **Amendments**: Unless otherwise specified in this Agreement, any amendment to this Agreement must be agreed in writing and be signed by us both. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 **Partial Invalidity**: If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 **Liability**: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be excluded or limited (e.g. liability for personal injury or death caused by negligence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 **Entire Agreement**: This document represents the entire agreement, and supersedes any previous agreements between us relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 **Counterparts**: This Agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;15. **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **Governing Law**: This Agreement is governed by the laws of the State of Texas. The Sponsor, the Trust and the Custodian each consents to the non-exclusive jurisdiction of the courts of the State of Texas. Such consent is not required for any person to assert a claim of Texas jurisdiction over the Sponsor or the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Subject to the conditions and exceptions noted below, and to the extent not inconsistent with applicable law, in the event of any dispute pertaining to this Agreement, the parties agree to submit the dispute to arbitration in the State of Delaware in accordance with the auspices and rules of the American Arbitration Association ("AAA"), provided that the AAA accepts jurisdiction. The parties understand that such arbitration shall be final and binding, and that by agreeing to arbitration, the parties are waiving their respective rights to seek remedies in court, including the right to a jury trial.

------

---

| |
|:---|
| **EXECUTED** by the Parties<br> Signed on behalf of<br> **The Texas Precious Metals, LLC**<br> by:<br> Signature: /s/ Tarek Saab <br> Name: Tarek Saab <br> Title: CEO  |
| Signed on behalf of<br> **Texas Precious Metals Trust**<br> by: Teucrium Asset Management, LLC,<br> not in its individual capacity, but solely as Sponsor<br> Signature: /s/ Springer Harris <br> Name: Springer Harris <br> Title: COO  |
| Signed on behalf of<br> **Teucrium Asset Management, LLC**<br> Signature: /s/ Sal Gilbertie <br> Name: Sal Gilbertie <br> Title: CEO  |

---

------

**Exhibit A**

**FUNDS**

**Y**'**all Street Physical Gold ETF**

**Y**'**all Street Physical Silver ETF** 

------

**Schedule A**

**FUND INFORMATION**

**As of May 8, 2026**

---

| | |
|:---|:---|
| **FUND** | **Y**'**all Street Physical Gold ETF** |
| **Precious Metal** | Gold |
| **Applicable Locations** | Shiner, TX vault of Texas Precious Metals Depository ("TPMD Shiner")<br> Hempstead, NY vault of Loomis International US, LLC ("TPMD Hempstead") |
| **Custody Fee Rate** (expressed as a percentage of the Fund's average daily net assets) | [ ]% |

---

---

| | |
|:---|:---|
| **FUND** | **Y**'**all Street Physical Silver ETF** |
| **Precious Metal** | Silver |
| **Applicable Locations** | TPMD Shiner<br> TPMD Hempstead |
| **Custody Fee Rate (expressed as a percentage of the Fund**'**s average daily net assets)** | [ ]% |

---

## Exhibit 10.4

**Exhibit 10.4**

**FUND ADMINISTRATION SERVICING AGREEMENT** 

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services"), and **TEXAS PRECIOUS METALS TRUST**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement on Form S-1 or Form S-3, as applicable (each a "Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"); and

WHEREAS, the Trust desires to retain Fund Services to provide fund administration services to each Fund listed on **<u>Exhibit A</u>** attached hereto (as amended from time to time) the services described herein, all as more fully set forth below;

WHEREAS, the Trust desires to retain Fund Services to provide to each Fund the fund administration services described herein, all as more fully set below;

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of Fund Services as Administrator** 

The Trust hereby appoints Fund Services as administrator of the Trust on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Services and Duties of Fund Services** 

Fund Services shall provide the following administration services to the Trust with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Act as liaison among Fund service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Supply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Non-investment-related statistical and research data as requested.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Audits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the independent auditors, and facilitate the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory audits, provide requested information to the SEC, other regulatory agencies, or the Trust to assist the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Keep the Trust's governing documents, including its charter, bylaws and minutes, but only to the extent such documents are provided to Fund Services by the Trust or its representatives for safe keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Financial Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Supervise the Fund's custodian and fund accountants in the maintenance of the Fund's general ledger and in the preparation of the Fund's financial statements, including oversight of expense accruals and payments, and the declaration and payment of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prepare financial statements, which include, without limitation, the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Tax Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide the Fund's independent accountant with financial information as requested for tax reporting purposes pertaining to the Fund and available to Fund Services as required in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prepare and File Forms 1099-NEC as requested

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Optional Tax Services:

If the Fund so chooses the following optional tax services are available. These services are in addition to the Standard Services defined in Section C above and are not part of the annual fees set out in Exhibit B. Fees will be determined based on level of complexity and required effort involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Preparation of annual taxable income calculations and supporting workpapers for the review by the Fund's independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A**. Fund Services has entered into agreements with various data service providers (each, a "Data Provider"), including, without limitation, MSCI index data services ("MSCI"), Standard & Poor Financial Services LLC ("S&P"), Morningstar, Broadridge, FTSE, and ICE to provide data services that may include, without limitation, index returns and pricing information (collectively, the "Data") to facilitate the services provided by Fund Services to each Fund. These Data Providers have required Fund Services to include certain provisions regarding the use of the Data in this Agreement attached hereto as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Fund. The Trust acknowledges and agrees that certain Data Providers may also require the Trust or one or more Funds to enter into an agreement directly with the Data Provider for the use of that Data Provider's Data. The provisions in <u>Exhibit C</u> shall not have any effect upon the standard of care and liability Fund Services has set forth in Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** The Trust agrees to indemnify and hold harmless Fund Services, its information providers, and any other third party involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred, arising in and any manner out of the Trust's or any third party's use of, or inability to use, the Data or any breach by the Trust of any provision contained in this Agreement regarding the Data. The immediately preceding sentence shall not have any effect upon the standard of care and liability of Fund Services as set forth in Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation** 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). Fund Services shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by Fund Services in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to Fund Services shall only be paid out of the assets and property of the particular Fund involved.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All records of the Trust provided to Fund Services by the Trust or by a prior service provider of the Trust are accurate and complete and Fund Services is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund Services hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

------

(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Neither Fund Services nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any Fund, the adviser or any other service provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered by the Trust, a Fund, or any third party in connection with Fund Services' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Fund Services' reasonable control, except a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless Fund Services and its affiliates and suppliers from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that Fund Services or its affiliates and suppliers may sustain or incur or that may be asserted against Fund Services or its affiliates and suppliers by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to Fund Services by any duly authorized officer of the Fund, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund Services" shall include Fund Services' directors, officers and employees.

------

Fund Services shall indemnify and hold the Trust harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services' refusal or failure to comply with the terms of this Agreement, or from Fund Services' bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); or (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Fund Services' premises and operating capabilities at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors at its own expense.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In conjunction with the tax services provided to the Fund by Fund Services hereunder, Fund Services shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor thereof. Any information provided by Fund Services to a Fund for income tax reporting purposes with respect to any item of income, gain, loss, or credit will be performed solely in Fund Services' administrative capacity. Fund Services shall not be required to determine, and shall not take any position with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has been satisfied with respect to any income tax item. Each Fund, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by Fund Services, and any supporting documents thereto, in connection with the tax reporting services provided to each Fund by Fund Services. Fund Services shall not be liable for the provision or omission of any tax advice with respect to any information provided by Fund Services to a Fund. The tax information provided by Fund Services shall be pertinent to the data and information made available to Fund Services, and is neither derived from nor construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Data Necessary to Perform Services** 

The Trust or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Trust. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

Further, Fund Services will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information of Fund Services, all non-public information relative to Fund Services (including, without limitation, information regarding Fund Services' pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by Fund Services, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund Services. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from Fund Services, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of Fund Services as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) Fund Services shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Records** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust has and retains primary responsibility for all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, U.S. Commodity Futures Trading Commission, National Futures Association, the securities exchange on which any Shares are listed and the policies and limitations of the Fund relating to its portfolio investments as set forth in its registration statement . Fund Services' services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust shall immediately notify Fund Services if the investment strategy of any Fund materially changes or deviates from the investment strategy disclosed in the current Prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective as of the last date written on the signature page and will continue in effect for a period of three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject to Section 12, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund Services may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service of such Funds or the Trust would cause Fund Services or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Funds or the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Funds or the Trust would reflect unfavorably upon Fund Services' reputation, provided that in such event Fund Services shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition such Funds or the Trust to a successor service provider.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with converting services to successor service provider;

c. all documented fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider; <br> all miscellaneous costs associated with a.-c. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Fund Services' duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services, Fund Services will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that Fund Services is obligated under applicable law, regulation, or rule to continue following the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied by the authorization or approval of the Trust's Sponsor.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Invalidity** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Legal-Related Services** 

Nothing in this Agreement shall be deemed to appoint Fund Services or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of Fund Services or its affiliates (whether relating to the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of Fund Services and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by Fund Services and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and Fund Services (or any employee of Fund Services or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

Notice to the Trust shall be sent to:

Texas Precious Metals Trust

Three Main Street, Suite 215

Burlington, Vermont, 05401

Attn: Springer Harris, Chief Operating Officer

Email: springer.harris@teucrium.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **No Third Party Rights** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**[SIGNATURES ON THE FOLLOWING PAGE]**

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **TEXAS PRECIOUS METALS TRUST** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

------

**Exhibit A**

**to the Fund Administration Servicing Agreement**

Separate Series of Texas Precious Metals Trust

**<u>Name of Series</u>**

Y'all Street Physical Gold ETF

Y'all Street Physical Silver ETF

------

**Exhibit B** 

**Fund Administration Servicing Agreement Fee Schedule**

Base Fee for Accounting, Administration, & Account Services

The following reflects the greater of the basis point fee or annual minimum where Teucrium Investment Advisors, LLC ("Adviser") acts as investment adviser to the fund(s) in Texas Precious Metals Trust (the "Trust")

---

| | |
|:---|:---|
| **Annual Minimum per Fund**¹ | **Basis Points on Trust AUM**¹ |
| $[\*\*\*] for Funds | [\*\*\*] on the first $[\*\*\*] |
|  | [\*\*\*] on the balance |

---

**Base Fee for ETF Services**

---

| | |
|:---|:---|
| <u>Annual Fee per fund</u> |  |
| ETF Order Management | $[\*\*\*] per fund |
| ETF Transfer Agency | $[\*\*\*] per order (Create or Redeem) |
| <u>Optional Services</u> |  |
| ETF Stock Splits | $[\*\*\*] |
| ETF Liquidation | $[\*\*\*] |
| ETF Slippage Calculations | $[\*\*\*]/Fund/Year |

---

See **APPENDIX A** for Services and Associated Fees in addition to the Base Fee

See **APPENDIX B** for OPTIONAL Supplemental Services and Associated Fees Base Fee for Custody Services

------

Appendix A - Accounting, Administration, Transfer Agent & Account Services (in addition to the Base Fee)

Pricing Services

For daily pricing of each securities (estimated 252 pricing days annually)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Listed Instruments and rates which may include but are not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Lower Tier Cost Fixed Income Instruments which may include but are not limited to: Domestic Corporates, Governments and Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Higher Tier Cost Fixed Income Instruments which may include but are not limited to: CMO and Asset Backed Securities Money Market Instruments, Foreign Corporates, Governments and Agency Bonds, and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;■ Intraday money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Month Manual Security Pricing (>25 per day)

&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative Instruments are generally charged at the following rates:

● $[\*\*\*] - Interest Rate Swaps, Foreign Currency Swaps

● $[\*\*\*] - Swaptions

● $[\*\*\*] - Credit Default Swaps

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Corporate Action, Factor Services and ETF income projection service Charges (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Foreign Equity Security per Month for corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Domestic Equity Security per Month for corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per CMO and Asset Backed Security per Month/ $[\*\*\*] for ETF Funds for factor services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Mortgage-Backed Security per Month/ no charge for ETF Funds for factor services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Fixed Income Security per Month for ETF funds only for ETF income projection

Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance) (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per security per month for fund administrative

------

Index Service Fees (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P Global, Dow Jones, CBOE, and HFRI Indexes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund additional fee for creation of a blended index, in addition to Tier index fees.

*Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fees. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.*

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per trust for each U.S. Bank service selected (administration, accounting, transfer agent, custodian) - CCO support annual fee

*Chief Compliance Officer Support Fee includes the following services:*

&nbsp;&nbsp;&nbsp;&nbsp;■ Access to the CCO Portal including business line Critical Procedures, Compliance Controls, Testing of Controls, Annual U.S. Bank Global Fund Services CCO Review, SOC/ SSAE audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly 38a-1 certifications to the CCO regarding any changes to critical policies, procedures and controls and compliance events as required under Rule 38a-1 of the Investment Company Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual client conference which includes CCO roundtable discussions

NOTE: the CCO Support team does NOT serve as the Fund CCO

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

Fees are calculated pro rata and billed monthly

------

Appendix B - Supplemental Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)

10Q/10K Servicing ('33 Act funds)

&nbsp;&nbsp;&nbsp;&nbsp;■ Support - $[\*\*\*] per fund per year - Provide financial data for inclusion in the Fund's 10-Q / 10-K filings.

Daily Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per fund per year - Base fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per fund group - Setup

Controlled Foreign Corporation (CFC)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] plus U.S. Bank Fee Schedule

C- Corp Administrative Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] plus 1940 Act C-Corp - U.S. Bank Fee Schedule

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] plus 1933 Act C-Corp - U.S. Bank Fee Schedule

Equity & Fixed Income Attribution Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

Fees for Special Situations:

&nbsp;&nbsp;&nbsp;&nbsp;■ Fee will be assessed.

Customized delivery of data:

&nbsp;&nbsp;&nbsp;&nbsp;■ TBD

Optional Tax Services

The Base Fee includes the following core tax services: M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two). Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per year - Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per additional estimate - Additional Capital Gain Dividend Estimates - (First two included in core services)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per additional return - State tax returns - (First two included in core services)

------

Tax Reporting - C-Corporations

***Federal Tax Returns***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis)

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Federal and State extensions (If Applicable) - Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] Per estimate - Prepare provision estimates

***State Tax Returns***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per state return - Prepare state income tax returns for funds and blocker entities

● $[\*\*\*] per state return - Sign state income tax returns

Assist in filing state income tax returns - Included with preparation of returns

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per fund - State tax notice consultative support and resolution

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from Sponsor meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

Fees are calculated pro rata and billed monthly

------

**Exhibit C**

**Fund Administration Servicing Agreement**

REQUIRED PROVISIONS OF DATA SERVICE PROVIDERS

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust shall will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without limitation, the Trust's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time, terminate Fund Services' right to receive and/or use the Data.

&nbsp;&nbsp;&nbsp;&nbsp;● The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements between the Data Providers and Fund Services with respect to the provision of the Data, entitled to enforce all provisions of such agreement relating to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;● THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. FUND SERVICES, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). FUND SERVICES, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;● THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL FUND SERVICES, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF FUND SERVICES, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

## Exhibit 10.5

**Exhibit 10.5**

**FUND ACCOUNTING SERVICING AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Trust Services**, a Wisconsin limited liability company ("USBFS"), and **TEXAS PRECIOUS METALS TRUST**, a Delaware statutory trust] (the "Trust") for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement on Form S-1 or Form S-3, as applicable (each a "Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"); and

WHEREAS, the Trust desires to retain USBFS to provide to the each Fund the fund accounting services described herein, all as more fully set below.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of USBFS as Trust Accountant**

The Trust hereby appoints USBFS as fund accountant of the Trust for the term of this Agreement to perform the services and duties described herein. USBFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Services and Duties of USBFS**

USBFS shall provide the following accounting services to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For each valuation date, obtain prices from a pricing source approved by the Trust and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Trust shall approve, in good faith, procedures for determining the fair value for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each accounting period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) On a daily basis, reconcile portfolio holdings and cash of the Trust with the Fund's custodian and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Transmit a copy of the portfolio valuation to the Trust daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Review the impact of current day's activity on a per share basis, and review changes in market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For each valuation date, calculate the expense accrual amounts as directed by the Trust as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process and record payments for Trust expenses upon receipt of written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Account for Trust expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBFS and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Trust Valuation and Financial Reporting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account for Trust creation and redemption activity and other Trust share activity as reported by the Fund's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Determine net investment income (earnings) for the Trust as of each valuation date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintain a general ledger and other accounts, books, and financial records for the Trust in the form as agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine the net asset value of the Trust according to the accounting policies and procedures set forth in the Fund's current prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Trust operations at such time as required by the nature and characteristics of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Communicate to the Trust, at an agreed upon time, the per share net asset value for each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Provide the daily net asset value per share ("NAV") and holdings data to third-party reporting agencies as determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Create and transmit NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain accounting records for the investment portfolio of the Trust to support the tax reporting required under the Internal Revenue Code of 1986, as amended (the "Code"), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain tax lot detail for the Funds' investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance Control Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Support reporting to regulatory bodies and support financial statement preparation by making the Fund's accounting records available to the Trust, the U.S. Securities and Exchange Commission (the "SEC"), National Futures Association (the "NFA"), the Commodity Futures Trading Commission (the "CFTC") and other applicable regulatory bodies and the independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Trust in connection with any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Act") or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to change Trust Services' standard of care as set forth herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Cooperate with the Trust's independent accountants and take all reasonable action in the performance of its obligations under this Agreement to ensure that the necessary information is made available to such accountants for the expression of their opinion on the Fund's financial statements without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The valuation information and evaluations being provided to the Trust by USBFS pursuant hereto (collectively, the "Data") are being licensed, not sold, to the Trust. The Trust has a limited license to use the Data only for purposes necessary to valuing the Trust's assets and reporting to regulatory bodies (the "License"). The Trust does not have any license nor right to use the Data for purposes beyond the intentions of this Agreement including, but not limited to, resale to other users or use to create any type of historical database. The License is non-transferable and not sub-licensable. The Trust's right to use the Data cannot be passed to or shared with any other entity.

The Trust acknowledges the proprietary rights that USBFS and its suppliers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS may stop supplying some or all Data to the Trust if Trust Services' suppliers terminate any agreement to provide Data to USBFS. Also, USBFS may stop supplying some or all Data to the Trust if USBFS reasonably believes that the Trust is using the Data in violation of the License, or breaching their duties of confidentiality provided for hereunder, or if any of Trust Services' suppliers demand that the Data be withheld from the Trust. USBFS will provide notice to the Trust of any termination of provision of Data as soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Pricing of Securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. For each valuation date, USBFS shall obtain prices from a pricing source recommended by USBFS and approved by the Trust and apply those prices to the portfolio positions of the Trust. For those securities where market quotations are not readily available, the Trust shall approve, in good faith, procedures for determining the fair value for such securities.

------

If the Trust desires to provide a price that varies from the price provided by the pricing source, the Trust shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Trust will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the event that the Trust, at any time receive Data containing evaluations, rather than market quotations, for certain securities or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method, including those used by USBFS and its suppliers, may consistently generate approximations that correspond to actual "traded" prices of the securities; (ii) methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Trust acknowledges that there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications; and (iii) the Trust assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by USBFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS shall not have any obligation to verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Trust, any of their affiliates, or any third party source. Notwithstanding anything else in this Agreement to the contrary, USBFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Trust, any of their affiliates, or any third party source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Changes in Accounting Procedures** 

Any action by the Trust that affects accounting practices and procedures of the Trust under this Agreement shall be effective upon written receipt of notice and acceptance by USBFS.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Changes in Equipment, Systems, Etc.** 

USBFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such changes do not adversely affect the services provided to the Trust under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Compensation** 

USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on **<u>Exhibit B</u>** hereto (as amended from time to time). USBFS shall also be compensated for such miscelaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by USBFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBFS in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBFS shall only be paid out of the assets and property of the particular Trust involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations and Warranties** 

A. The Trust hereby represents and warrants to USBFS, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A registration statement under the Securities Act of 1933, as amended, will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All records of the Trust provided to USBGFS by the Trust or by a prior service provider of the Trust are accurate and complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS shall exercise reasonable care in the performance of its duties under this Agreement. Neither USBFS nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any Trust, the adviser or any other service provider to the Trust or a Trust, or any employee of the foregoing; or for any loss suffered by the Trust, a Trust, or any third party in connection with Trust Services' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Trust Services' reasonable control, except a loss arising out of or relating to Trust Services' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if USBFS has exercised reasonable care in the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless USBFS and its affiliates and suppliers from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that USBFS or its affiliates and suppliers may sustain or incur or that may be asserted against USBFS or its affiliates and suppliers by any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to USBFS by any duly authorized officer of the Trust, as approved by the Sponsor of the Trust, or (Y) the Data, or any information, service, report, analysis or publication derived therefrom, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Trust Services' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "USBFS" shall include Trust Services' directors, officers and employees.

The Trust acknowledges that the Data are intended for use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed judgments concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

------

USBFS shall indemnify and hold the Trust harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by USBFS as a result of Trust Services' refusal or failure to comply with the terms of this Agreement, or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

In the event of a mechanical breakdown or power supplies beyond its control, USBFS shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS. USBFS agrees that it shall, at all times, have reasonable contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Trust Services' premises and operating capabilities at any time during regular business hours of USBFS, upon reasonable notice to USBFS. Moreover, USBFS shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement.

Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense.

In no case shall any party be liable to another for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply; or (iii) any claim that arose more than one year prior to the institution of suit therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 9 shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If USBFS is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve USBFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Notification of Error** 

The Trust will notify USBFS of any discrepancy between USBFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by USBFS to the Trust; (ii) three business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three business days after receiving notice from any shareholder regarding any such discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Data Necessary to Perform Services** 

The Trust or its agent shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where USBFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Trust. Records and other information which have become known to the public through no wrongful act of USBFS or any of its employees, agents or representatives, and information that was already in the possession of USBFS prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

------

Further, USBFS will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, USBFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information of USBFS, all non-public information relative to USBFS (including, without limitation, the Data and information regarding Trust Services' pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by USBFS, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the USBFS. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from USBFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of USBFS as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) USBFS shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Records** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Compliance with Laws** 

The Trust has and retains primary responsibility for all compliance matters relating to the Trust, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, CFTC, NFA, the securities exchange on which any Shares are listed and the policies and limitations of the Trust relating to its portfolio investments as set forth in its registration statement. Trust Services' services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective as of the date written above and will continue in effect for a period of three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject to Section 16, this Agreement may be terminated by either party (in whole or with respect to one or more Trust) upon giving 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS may terminate this Agreement immediately (in whole or with respect to one or more Trust) if the continued service of such Trust or the Trust would cause USBFS or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Trust or the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Trust or the Trust would reflect unfavorably upon Trust Services' reputation, provided that in such event USBFS shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition such Trust or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Agreement may not be amended or modified in any manner except by written agreement executed by USBFS and the Trust, and authorized or approved by the Trust's Sponsor.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Trust Services' duties or responsibilities hereunder is designated by the Trust by written notice to USBFS, USBFS will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Trust Services' personnel in the establishment of books, records and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBFS is obligated under applicable law, regulation, or rule to continue following the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Trust) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Trust subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Trust following the liquidation of such Trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all documented miscellaneous costs associated with a. to c. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBFS, or by USBFS without the written consent of the Trust accompanied by the authorization or approval of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account, of another party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Services Not Exclusive** 

Nothing in this Agreement shall limit or restrict USBFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Invalidity** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBFS shall be sent to:

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

------

and notice to the Trust shall be sent to:

Texas Precious Metals Trust

Three Main Street, Suite 215

Burlington, VT, 05401

Attn: Springer Harris, Chief Operating Officer

Email: springer.harris@teucrium.com

**24. Multiple Originals**

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**[SIGNATURES ON THE FOLLOWING PAGE]**

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**TEXAS PRECIOUS METALS TRUST**

By:___________________________

Name:________________________

Title:_________________________

Date:______________________________

**U.S. BANCORP FUND SERVICES, LLC**

By:________________________________

Name: ____________________________

Title: ____________________________

Date:______________________________

------

**<u>EXHIBIT A</u>**

**to the Fund Accounting Servicing Agreement**

Separate Series of Texas Precious Metals Trust

---

| |
|:---|
| **<u>N</u><u>ame of Series</u>** |
| Y'all Street Physical Gold ETF<br> Y'all Street Physical Silver ETF |

---

------

**<u>EXHIBIT B</u>**

**to the Fund Accounting Servicing Agreement**

**Fee Schedule**

Base Fee for Accounting, Administration, & Account Services

The following reflects the greater of the basis point fee or annual minimum where Teucrium Asset Management, LLC ("Adviser") acts as investment adviser to the fund(s) in Texas Precious Metals Trust (the "Trust")

[\*\*\*][\*\*\*] on the first [\*\*\*][\*\*\*] on the balance

**Base Fee for ETF Services**

<u>Annual Fee per fund</u>

ETF Order Management[\*\*\*]

ETF Transfer Agency[\*\*\*]

<u>Optional Services</u>

ETF Stock Splits[\*\*\*]

ETF Liquidation[\*\*\*]

ETF Slippage Calculations[\*\*\*]

See **APPENDIX A** for Services and Associated Fees in addition to the Base Fee

See **APPENDIX B** for OPTIONAL Supplemental Services and Associated Fees Base Fee for Custody Services

------

Appendix A - Accounting, Administration, Transfer Agent & Account Services (in addition to the Base Fee)

Pricing Services

For daily pricing of each securities (estimated 252 pricing days annually)

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Listed Instruments and rates which may include but are not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Lower Tier Cost Fixed Income Instruments which may include but are not limited to: Domestic Corporates, Governments and Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Higher Tier Cost Fixed Income Instruments which may include but are not limited to: CMO and Asset Backed Securities Money Market Instruments, Foreign Corporates, Governments and Agency Bonds, and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;■ Intraday money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per Month Manual Security Pricing (>25 per day)

&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative Instruments are generally charged at the following rates:

● [\*\*\*] - Interest Rate Swaps, Foreign Currency Swaps

● [\*\*\*] - Swaptions

● [\*\*\*] - Credit Default Swaps

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Corporate Action, Factor Services and ETF income projection service Charges (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per Foreign Equity Security per Month for corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per Domestic Equity Security per Month for corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per CMO and Asset Backed Security per Month/ [\*\*\*] for ETF Funds for factor services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per Mortgage-Backed Security per Month/ no charge for ETF Funds for factor services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per Fixed Income Security per Month for ETF funds only for ETF income projection

Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance) (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per security per month for fund administrative

------

Index Service Fees (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P Global, Dow Jones, CBOE, and HFRI Indexes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per month per fund additional fee for creation of a blended index, in addition to Tier index fees. <u> </u> 

*Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fees. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.*

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per trust for each U.S. Bank service selected (administration, accounting, transfer agent, custodian) - CCO support annual fee

*Chief Compliance Officer Support Fee includes the following services:*

&nbsp;&nbsp;&nbsp;&nbsp;■ Access to the CCO Portal including business line Critical Procedures, Compliance Controls, Testing of Controls, Annual U.S. Bank Global Fund Services CCO Review, SOC/ SSAE audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly 38a-1 certifications to the CCO regarding any changes to critical policies, procedures and controls and compliance events as required under Rule 38a-1 of the Investment Company Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual client conference which includes CCO roundtable discussions

NOTE: the CCO Support team does NOT serve as the Fund CCO

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

Fees are calculated pro rata and billed monthly

------

Appendix B - Supplemental Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)

10Q/10K Servicing ('33 Act funds)

&nbsp;&nbsp;&nbsp;&nbsp;■ Support - [\*\*\*] per fund per year - Provide financial data for inclusion in the Fund's 10-Q / 10-K filings.

Daily Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per fund per year - Base fee

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per fund group - Setup

Controlled Foreign Corporation (CFC)

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] plus U.S. Bank Fee Schedule

C- Corp Administrative Services

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] plus 1940 Act C-Corp - U.S. Bank Fee Schedule

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] plus 1933 Act C-Corp - U.S. Bank Fee Schedule

Equity & Fixed Income Attribution Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

Fees for Special Situations:

&nbsp;&nbsp;&nbsp;&nbsp;■ Fee will be assessed.

Customized delivery of data:

&nbsp;&nbsp;&nbsp;&nbsp;■ TBD

Optional Tax Services

The Base Fee includes the following core tax services: M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two). Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per year - Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs)

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per additional estimate - Additional Capital Gain Dividend Estimates - (First two included in core services)

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*]State tax returns - (First two included in core services)

------

Tax Reporting - C-Corporations

***Federal Tax Returns***

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*]Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis)

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Federal and State extensions (If Applicable) - Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*]Prepare provision estimates

***State Tax Returns***

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*]Prepare state income tax returns for funds and blocker entities

● [\*\*\*]Sign state income tax returns

Assist in filing state income tax returns - Included with preparation of returns

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*]State tax notice consultative support and resolution

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from sponsor meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

Fees are calculated pro rata and billed monthly

## Exhibit 10.6

**Exhibit 10.6**

**TRANSFER AGENT SERVICING AGREEMENT** 

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services"), and **TEXAS PRECIOUS METALS TRUST**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund" or an "ETF Series").

WHEREAS, the Trust intends to issue in respect of its portfolios listed on Exhibit A attached hereto (each a "Fund" or an "ETF Series") an exchange-traded class of shares known as "ETF Shares" for each ETF Series. The ETF Shares shall be created in bundles called "Creation Units." Each Fund shall create and redeem ETF Shares only in Creation Units principally in kind for portfolio securities of the particular ETF Series ("Deposit Securities"), as more fully described in the current prospectus and statement of additional information of each Fund, included in the Fund's registration statement on Form S-1, and as authorized under the Order of Exemption filed with the Securities and Exchange Commission. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with the PINE Distributors LLC, acting on behalf of the Trust, shall be authorized to create and redeem ETF Shares in Creation Units from the Trust. The Trust wishes to engage Fund Services to perform certain services on behalf of the Trust with respect to the creation and redemption of ETF Shares, as the Trust's agent, namely: to provide transfer agent services for ETF Shares of each ETF Series; to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation) with respect to the settlement of trade orders with Authorized Participants; and to provide custody services under the terms of the Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for ETF Shares and the redemption of ETF Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each ETF Series;

WHEREAS, each Fund will ordinarily issue for purchase and redeem shares of the Fund (the "Shares) only in aggregations of Shares known as Creation Units (currently 25,000 shares) principally in kind or in cash;

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), will be the registered owner (the "Shareholder") of all Shares; and

WHEREAS, the Trust desires to retain Fund Services as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities to each series of the Trust listed on Exhibit A attached hereto (as amended from time to time) (each a "Fund" and collectively the "Funds").

------

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Fund Services as Transfer Agent**

The Trust hereby appoints Fund Services as transfer agent of the Trust on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

**2. Services and Duties of Fund Services**

Fund Services shall provide the following transfer agent and dividend disbursing agent services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Perform and facilitate the performance of purchases and redemption of Creation Units;

pursuant to such orders that Fund Services as the Index Receipt Agent shall receive from PINE Distributors LLC ("Distributor") and pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Funds, Fund Services shall transfer appropriate trade instructions to the Funds' custodian, U.S. Bank N.A. ("Custodian"), pursuant to that such purchase orders register the appropriate number of book entry only the Funds' Units in the name of The Depository Trust Company ("DTC") or its nominee as a unit holder (each an "Authorized Participant") of the Funds and deliver the Basket of Units of the Funds and pursuant to that such redemption orders redeem the appropriate number of the Funds' Units that are delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Units from the account of the Authorized Participant on the register of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Prepare and transmit by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. On behalf of the Funds, Fund Services shall issue the Funds' Units in Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to receive. Beneficial ownership of the Funds' Units shall be shown on the records of DTC and DTC Participants and not on any records maintained by the Fund Services. In issuing the Funds' Units through DTC to an Authorized Participant, Fund Services shall be entitled to rely upon the latest Instructions that are received from the Distributor concerning the issuance and delivery of such Units for settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Fund Services shall not issue on behalf of the Funds any of the Funds' Units where it has received an Instruction from the Funds or the Distributor or written notification from any federal or state authority that the sale of the Funds' Units has been suspended or discontinued, and Fund Services shall be entitled to rely upon such Instructions or written notification;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Funds' Units may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant Agreement and Fund Services shall duly process all redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Fund Services will act only upon Instruction from the Funds in addressing any failure in the delivery of cash, treasuries and/or Units in connection with the issuance and redemption of the Funds' Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding, and, based upon data provided to it by the Trust, the total number of authorized Shares. Fund Services shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Prepare and transmit to the Trust and the Trust's administrator and to any applicable securities exchange (as specified to Fund Services by the Trust) information with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to Fund Services and the Trust the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. On days that the Trust may accept orders for purchases or redemptions (pursuant to the Participant Agreement), transmit to Fund Services, the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Maintain those books and records of the Trust specified by the Trust and agreed upon by Fund Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such business day and with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Fund Services shall record the issuance of the Funds' Creation Baskets and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of 1934, as amended, a record of the total number of the Funds' Creation Baskets that are authorized, issued and outstanding based upon data provided to Fund Services by the Funds. Fund Services shall also provide the Funds on a regular basis with the total number of the Funds' Units authorized, issued and outstanding; provided however that Fund Services shall not be responsible for monitoring the issuance of such Units or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Units.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Subject to and in accordance with Section 9 of the Agreement, Fund Services shall create and maintain such books and record which the Trust or Fund Services is, or may be, required to create and maintain in accordance with all laws, rules, and regulations applicable to Fund Services as Transfer Agent. Fund Services agrees to make all books and records available for inspection and use by the Trust or by the SEC at reasonable times, and to otherwise keep confidential. Fund Services shall maintain such books and records for at least six years or for such other period of time as Fund Services and Trust may mutually agree or as required by all applicable laws, rules, and regulations. Fund Services further agrees that all such books and records shall be the property of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Upon reasonable notice by the Trust, Fund Services shall make available during regular business hours all records and other data created and maintained by Fund Services as Transfer Agent for reasonable audit and inspections by the Trust, any person retained by the Trust or any shareholder.

**4. Anti-Money Laundering and Red Flag Identity Theft Prevention Programs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust acknowledges that it had an opportunity to review and consider the written procedures provided by Fund Services describing various processes used by Fund Services which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity (collectively, the "Procedures"). Further, the Trust has determined that the Procedures, as part of the Trust's overall anti-money laundering program and identity theft prevention program responsibilities, are reasonably designed to help: (i) prevent the Trust from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing regulations thereunder (together "AML Rules").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Based on this determination, the Trust hereby instructs and directs Fund Services to implement the Procedures, as applicable, on the Trust's behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by Fund Services and any such amended Procedures will be provided to the Trust. Should the Trust desire that Fund Services perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached fee schedule.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Trust acknowledges and agrees that although it is directing Fund Services to implement the Procedures on its behalf, Fund Services is implementing the Procedures as a service provider to the Trust and the Trust is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Trust further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Trust. The Trust has had the opportunity to discuss the Procedures with Fund Services, and the Trust understands and agrees which portions of the Procedures may not be implemented on behalf of the Trust. Without limitation of the foregoing, Fund Services shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Trust and the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Trust hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and relating to Fund Services' implementation of the Procedures, on behalf of the Trust, as they may request, and (ii) permit such federal regulators to inspect Fund Services' implementation of the Procedures on behalf of the Trust.

**5. Compensation**

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on **<u>Exhibit B</u>** attached hereto (as amended from time to time). Fund Services shall be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by Fund Services in performing its duties hereunder. Fund Services shall also be compensated for any increases in costs due to the adoption of any new or amended industry, regulatory or other applicable rules. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid, if any. Notwithstanding anything to the contrary, amounts owed by the Trust to Fund Services shall only be paid out of assets and property of the particular Fund involved.

------

**6. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A registration statement under the 1933 Act, as amended, has been made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) All records of the Trust (including, without limitation, all shareholder and account records) provided to Fund Services by the Trust or by a prior transfer agent of the Trust are accurate and complete and Fund Services is entitled to rely on all such records in the form provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund Services hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) It is a registered transfer agent under the Exchange Act.

**7. Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Neither Fund Services nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any Fund, the adviser or any other service provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered by the Trust, a Fund, or any third party in connection with Fund Services' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Fund Services' reasonable control, except a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless Fund Services and its affiliates and suppliers from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that Fund Services or its affiliates and suppliers may sustain or incur or that may be asserted against Fund Services or its affiliates and suppliers by any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to Fund Services by any duly authorized officer of the Trust, as approved by the Sponsor of the Trust, or (Y) the Data, or any information, service, report, analysis or publication derived therefrom, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund Services" shall include Fund Services' directors, officers and employees.

------

Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect Fund Services' premises and operating capabilities at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such other capacity.

**8. Data Necessary to Perform Services**

The Trust or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

**9. Proprietary and Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Trust. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph. Further, Fund Services will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information of Fund Services, all non-public information relative to Fund Services (including, without limitation, the Data and information regarding Fund Services' pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by Fund Services, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund Services. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from Fund Services, shall not be subject to this paragraph.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of Fund Services as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) Fund Services shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**10. Records**

------

**11. Compliance with Laws**

The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1933 Act, CFTC, NFA, NYSE, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement of additional information. Fund Services' services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance.

**12. Term of Agreement; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective as of the date written above and will continue in effect for a period of three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject to Section 16, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund Services may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service of such Funds or the Trust would cause Fund Services or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Funds or the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Funds or the Trust would reflect unfavorably upon Fund Services' reputation, provided that in such event Fund Services shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition such Funds or the Trust to a successor service provider.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.

This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Trust's Sponsor.

**13. Early Termination** 

In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all documented fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all miscellaneous costs associated with a. to c. above.

**14. Duties in the Event of Termination**

In the event that, in connection with the termination of this Agreement, a successor to any of Fund SBFS' duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services, Fund Services will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust.

**15. Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust.

------

**16. Governing Law**

This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the Securities and Exchange Commission thereunder.

**17. No Agency Relationship**

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**18. Services Not Exclusive**

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**19. Invalidity**

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**20. Notices**

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

------

and notice to the Trust shall be sent to:

Texas Precious Metals Trust

Three Main Street, Suite 215

Burlington, Vermont, 05401

Attn: Springer Harris, Chief Operating Officer

Email: springer.harris@teucrium.com

**21. Multiple Originals**

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**[SIGNATURES ON THE FOLLOWING PAGE]**

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**TEXAS PRECIOUS METALS TRUST**

By:___________________________

Name:________________________

Title:_________________________

Date:_________________________

**U.S. BANCORP FUND SERVICES, LLC**

By:___________________________

Name:________________________

Title:_________________________

Date:_________________________

------

**Exhibit A** 

**to the Transfer Agent Servicing Agreement**

Separate Series of Texas Precious Metals Trust

**<u>Name of Series</u>**

Y'all Street Physical Gold ETF <br> Y'all Street Physical Silver ETF

------

**Exhibit B to the Transfer Agent Servicing Agreement**

Base Fee for Accounting, Administration, & Account Services

The following reflects the greater of the basis point fee or annual minimum Teucrium Asset Management, LLC ("Adviser") acts as investment adviser to the fund(s) in Texas Precious Metals Trust (the "Trust")

---

| | |
|:---|:---|
| **Annual Minimum per Fund**¹ | **Basis Points on Trust AUM**¹ |
| $[\*\*\*] for Funds | [\*\*\*] on the first $[\*\*\*] |
|  | [\*\*\*] on the balance |

---

**Base Fee for ETF Services**

---

| | |
|:---|:---|
| <u>Annual Fee per fund</u> |  |
| ETF Order Management | $[\*\*\*] per fund |
| ETF Transfer Agency | $[\*\*\*] per order (Create or Redeem) |
| <u>Optional Services</u> |  |
| ETF Stock Splits | $[\*\*\*] |
| ETF Liquidation | $[\*\*\*] |
| ETF Slippage Calculations | $[\*\*\*]/Fund/Year |

---

See **APPENDIX A** for Services and Associated Fees in addition to the Base Fee

See **APPENDIX B** for OPTIONAL Supplemental Services and Associated Fees Base Fee for Custody Services

------

Appendix A - Accounting, Administration, Transfer Agent & Account Services (in addition to the Base Fee)

Pricing Services

For daily pricing of each securities (estimated 252 pricing days annually)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Listed Instruments and rates which may include but are not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Lower Tier Cost Fixed Income Instruments which may include but are not limited to: Domestic Corporates, Governments and Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Higher Tier Cost Fixed Income Instruments which may include but are not limited to: CMO and Asset Backed Securities Money Market Instruments, Foreign Corporates, Governments and Agency Bonds, and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;■ Intraday money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Month Manual Security Pricing (>25 per day)

&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative Instruments are generally charged at the following rates:

● $[\*\*\*] - Interest Rate Swaps, Foreign Currency Swaps

● $[\*\*\*] - Swaptions

● $[\*\*\*] - Credit Default Swaps

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional swap set up fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Corporate Action, Factor Services and ETF income projection service Charges (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Foreign Equity Security per Month for corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Domestic Equity Security per Month for corporate actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per CMO and Asset Backed Security per Month/ $[\*\*\*] for ETF Funds for factor services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Mortgage-Backed Security per Month/ no charge for ETF Funds for factor services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per Fixed Income Security per Month for ETF funds only for ETF income projection

Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance) (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per security per month for fund administrative

------

Index Service Fees (effective 04/01/24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P Global, Dow Jones, CBOE, and HFRI Indexes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per month per fund additional fee for creation of a blended index, in addition to Tier index fees. <u> </u> 

*Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fees. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.*

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per trust for each U.S. Bank service selected (administration, accounting, transfer agent, custodian) - CCO support annual fee

*Chief Compliance Officer Support Fee includes the following services:*

&nbsp;&nbsp;&nbsp;&nbsp;■ Access to the CCO Portal including business line Critical Procedures, Compliance Controls, Testing of Controls, Annual U.S. Bank Global Fund Services CCO Review, SOC/ SSAE audits of business lines

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly 38a-1 certifications to the CCO regarding any changes to critical policies, procedures and controls and compliance events as required under Rule 38a-1 of the Investment Company Act

&nbsp;&nbsp;&nbsp;&nbsp;■ Quarterly CCO teleconferences and other periodic events and webinars

&nbsp;&nbsp;&nbsp;&nbsp;■ CCO forums held periodically throughout the year in major cities

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual client conference which includes CCO roundtable discussions

NOTE: the CCO Support team does NOT serve as the Fund CCO

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

Fees are calculated pro rata and billed monthly

------

Appendix B - Supplemental Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)

10Q/10K Servicing ('33 Act funds)

&nbsp;&nbsp;&nbsp;&nbsp;■ Support - $[\*\*\*] per fund per year - Provide financial data for inclusion in the Fund's 10-Q / 10-K filings.

Daily Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per fund per year - Base fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per fund group - Setup

Controlled Foreign Corporation (CFC)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] plus U.S. Bank Fee Schedule

C- Corp Administrative Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] plus 1940 Act C-Corp - U.S. Bank Fee Schedule

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] plus 1933 Act C-Corp - U.S. Bank Fee Schedule

Equity & Fixed Income Attribution Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees are dependent upon portfolio makeup, services required, and benchmark requirements.

Fees for Special Situations:

&nbsp;&nbsp;&nbsp;&nbsp;■ Fee will be assessed.

Customized delivery of data:

&nbsp;&nbsp;&nbsp;&nbsp;■ TBD

Optional Tax Services

The Base Fee includes the following core tax services: M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two). Additional services excluded from the Base Fee are:

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per year - Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per additional estimate - Additional Capital Gain Dividend Estimates - (First two included in core services)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per additional return - State tax returns - (First two included in core services)

------

Tax Reporting - C-Corporations

***Federal Tax Returns***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] - Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis)

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Federal and State extensions (If Applicable) - Included in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] Per estimate - Prepare provision estimates

***State Tax Returns***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per state return - Prepare state income tax returns for funds and blocker entities

● $[\*\*\*] per state return - Sign state income tax returns

Assist in filing state income tax returns - Included with preparation of returns

&nbsp;&nbsp;&nbsp;&nbsp;■ $[\*\*\*] per fund - State tax notice consultative support and resolution

***Optional ETF Services***

On a periodic basis; individuals will be allowed to place a redemption order directly with the funds as approved by the distributor and Global Fund Services. The fee assessed will be $[\*\*\*] per order place outside of the standard Order Taking process

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs (including GICS, MSCI, Lipper, etc.), postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, expenses related to and including travel to and from sponsor meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

Fees are calculated pro rata and billed monthly

## Exhibit 10.7

**Exhibit 10.7**

**CASH CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date written on the signature page below, by and between **TEXAS PRECIOUS METALS TRUST**, a Delaware statutory trust (the "Trust"), for itself and on behalf of each of its series listed on **<u>Exhibit A</u>** to this Agreement (as amended from time to time) (each a "Fund"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America (the "Custodian").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement on Form S-1 or Form S-3, as applicable (each a "Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"); and

WHEREAS, the Trust desires to retain the Custodian to act as custodian of the assets of each Fund, and to provide related services as provided herein, and the Custodian is willing to accept the obligations and duties related to that role; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 "<u>Authorized Person"</u> means any Officer or person who has been designated as such by written notice and named and delivered to the Custodian by the Trust, or if the Trust has notified the Custodian in writing that it has an authorized investment manager or other agent, delivered to the Custodian by the Trust or other agent of the Trust. Such Officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust or other agent of the Trust that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 "<u>Book-Entry System</u><u>"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 "<u>Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Trust computes the net asset value of Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 "<u>CFTC</u><u>"</u> shall mean the Commodity Futures Trading Commission.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 "<u>Foreign Securities"</u> means any of the Trust's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Trust's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 "<u>Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.02 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 "<u>IRS"</u> shall mean the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 "<u>FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 "<u>NFA"</u> shall mean the National Futures Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "<u>Officer"</u> shall mean the Principal Executive Officer, the President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Principal Financial Officer, the Treasurer, or any Assistant Treasurer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "<u>Securities</u><u>"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "<u>Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "<u>Shares"</u> shall mean, with respect to a Fund, the units of beneficial interest issued by the Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "<u>Straight Through Processing</u>" shall have the meaning assigned to it in Section 4.07 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"</u><u>Sub-Custodian</u><u>"</u> shall mean a bank or other financial institution (other than a Securities Depository) having a contract with the Custodian, which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from a Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 "<u>Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment</u>. The Trust hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Trust's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the Trust's bylaws, if any, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the current prospectuses of the Funds (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certification of the Chairman or the President and the Secretary of the Trust setting forth the names and signatures of the current Officers of the Trust and other Authorized Persons; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Notice of Appointment of Transfer Agent</u>. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Trust, except if the Trust appoints an affiliate of the Custodian to serve as transfer agent of the Trust, the Custodian hereby waives the Trust's obligation to provide such written notice.

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody and Cash Accounts</u>. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) any Securities Depository or (ii) Sub-Custodian or member of a Sub-Custodian's network to hold Securities and cash of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian or a member of its network) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians by the Trust, on behalf of its series, in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Trust and make the necessary determinations as to any such new Sub-Custodian's eligibility as a custodian under applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund's assets with a Sub-Custodian, the Custodian will determine that the Fund's assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Fund's assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At the end of each calendar quarter, the Custodian shall provide written reports notifying the Trust of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements. Such reports shall include an analysis of the custody risks associated with maintaining assets with any Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Trust that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian further warrants that the Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian who is a member of a Sub-Custodian's network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian or members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with a Securities Depository. The Custodian must promptly notify the Fund of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the Trust. In the event that extraordinary measures are required to collect such income, the Trust and Custodian shall consult as to the measures and as to the compensation and expenses of the Custodian relating to such measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Delivery of Assets to Custodian</u>. The Trust shall deliver, or cause to be delivered, to the Custodian all Fund Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by a Fund with respect to such Securities, cash or other assets owned by a Fund at any time during the period of this Agreement, and (ii) all cash received by a Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of a Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of the Funds kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of the Funds maintained in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities as belonging to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by a Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by a Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository in which Securities of the Funds are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Trust for any loss or damage to the Fund resulting from (i) the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct on the part of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities Depository. At its election, the Trust shall be subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made whole for any such loss or damage.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to its responsibilities under this Section 3.05, the Custodian hereby warrants to the Trust that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Trust, such reports as are available concerning the Custodian's internal accounting controls and financial strength, and (iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from a Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for a Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Trust and a bank which is a member of the Federal Reserve System or between the Trust and a primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the redemption price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian), which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purpose, but only upon receipt of Written Instructions, specifying the amount and purpose of such payment, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from a Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To an offeror's depository agent in connection with tender or other similar offers for Securities of the Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling the Securities, for examination in accordance with the "street delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Trust shall have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Trust, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper corporate purpose, but only upon receipt of Written Instructions, specifying the Securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Trust, the Custodian shall with respect to all Securities held for the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.04 below, collect on a timely basis all income and other payments to which a Fund is entitled either by law or pursuant to custom in the securities business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of a Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Trust at such time, in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR</u> <u>'</u> <u>s and Preferential Tax Treatment:</u> With respect to any ADRs you may purchase and own and which the Custodian custodies on your behalf, you understand that the holding of American Depository Receipts (" <u>ADRs</u> ") may require the disclosure of your beneficial ownership information (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and obtain for you the most preferential tax treatment. You acknowledge and consent to any and all disclosures or releases of beneficial information, described above, by the Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian from any liability for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Funds that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Funds may be registered in the name of a Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to foreign securities of a Fund that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Funds, including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as the Trust shall reasonably request and as shall reasonably assist the Trust in satisfying relevant rules and regulations of the CFTC, NFA, the 1934 Act or the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All such books and records maintained by the Custodian shall (i) be maintained in a form reasonably acceptable to the Trust for compliance with the rules and regulations of the CFTC, NFA and SEC, and (ii) be the property of the Trust and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Trust and employees or agents of the CFTC, NFA or the SEC, as required by law or as instructed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Trust with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Other Reports by Custodian</u>. As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of a Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

------

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for a Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for a Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to a Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate the settlement of a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via online portal, SWIFT, secure file transfer protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks and liabilities associated with instructions given to Custodian regarding any transactions eligible for Straight Through Processing and (2) understands that any non-repetitive wire instructions concerning cash or securities to be transferred out of Custodian or to a different entity will be deemed not eligible for Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back process in order to obtain further verification and/or additional authorized direction or other documentation as reasonably requested for verification purposes by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 <u>Foreign Exchange.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of instructions, which may include those related to the purchase or sale of Securities under this Agreement, Custodian, its affiliates or Sub-Custodian may facilitate the processing and settlement of foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fund (or its authorized investment advisor acting on its behalf) may elect to enter into foreign exchange transactions with third parties that are not affiliated with the Custodian, with Custodian (acting in the capacity of foreign exchange provider), an affiliate of Custodian, or with a Sub-Custodian. Where Fund (or its investment advisor) makes a request with respect to a foreign exchange transaction that does not direct execution away to an unaffiliated third-party provider, the Fund (or its investment advisor) is deemed to instruct Custodian, on Fund's behalf, to direct the execution of such foreign exchange transaction to Custodian. In its role as foreign exchange provider, Custodian does not serve as agent, trustee or fiduciary in handling or executing foreign exchange transactions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event Fund (or its investment advisor) and Custodian establish a foreign exchange relationship, additional documentation may be required. Any disclosures and agreements provided or made available by and/or executed with Custodian as foreign exchange provider from time to time, including, without limitation, any ISDA Master Agreement, including without limitation, termination rights and procedures set forth therein, shall prevail with respect to any foreign exchange transaction in the event of a conflict with the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian has no responsibility under this Agreement for the selection of counterparty, the channel or method of execution or the application of the executions rate with respect to any foreign exchange transaction. Foreign exchange markets are decentralized, and Custodian does not offer "best execution" with respect to any foreign exchange transaction. Fund likewise assumes market risk in the event it elects not to enter into foreign exchange contracts in order to hedge its foreign exchange risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fund represents with respect to any foreign exchange transaction that it (and its investment adviser, as applicable) possesses the requisite power and authority to enter into foreign exchange transactions and to take all related action in connection with the handling thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Fund acknowledges in connection with any foreign exchange transaction entered into between the Fund (or its investment advisor) and Custodian, affiliate or Sub-Custodian as the case may be, unless otherwise expressly agreed in writing, that such foreign exchange provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) act in a principal capacity and not as broker, agent or fiduciary to Fund or to its investment advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) price such foreign exchange transaction in a manner that reflects internal and proprietary pricing policies, which may include amounts that reflect services provided, risks taken and costs incurred, including a reasonable return or profit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) endeavor in good faith to act in accordance with Fund (or its investment advisor's) written instructions. If dealing or settlement instructions are incomplete, inaccurate or are not provided in a timely manner, the Fund, and not the Custodian, affiliate or Sub-Custodian, is responsible for any resulting risk of loss related to delay or failure to perform.

------

**ARTICLE V.**

**SALE AND REDEMPTION OF FUND SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Transfer of Fund Assets</u>. From such funds or other property as may be available for the purpose in the relevant Fund Custody Account, the Custodian shall, upon receipt of Written Instructions specifying that the funds or securities are required to redeem one or more creation units of the Fund, deliver the funds or securities specified in such Written Instructions for payment to or through such bank or broker-dealer as the Written Instructions may designate. The Fund's transfer agent, as known to the Custodian in pursuant to Section 2.03, shall be an Authorized Person for purposes of this Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund and other Fund obligations set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for other proper corporate purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

------

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Overdrafts</u>. The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time)

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Representations and Warranties of the Trust</u>. The Trust hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s) to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that such instruction meets all applicable requirements hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Standard of Care</u>. The Custodian shall exercise commercially reasonable efforts of care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Trust of any action taken or omitted by the Custodian pursuant to advice of counsel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to a Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of the Funds and/or compute the value of the assets of the Funds. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's annual reports and any other reports required by the CFTC, NFA and SEC, and (ii) the fulfillment by the Trust of any other requirements of the CFTC, NFA and SEC.

**ARTICLE X.**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Indemnification by Trust</u>. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Trust Indemnified Party" and collectively, the "Trust Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Trust Indemnified Party may sustain or incur or that may be asserted against a Trust Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Trust Indemnified Party (a) at the request or direction of or in reliance on the advice of the Trust, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Trust or Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Trust Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Trust or any Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Trust Indemnified Party, the Trust shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Trust Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Trust Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Trust Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Trust Indemnified Party is not entitled to be indemnified by the Trust.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Trust, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connections with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor the Trust shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against a Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

------

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all non-public records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Trust if disclosure is permitted by applicable law, rule or regulation, (iii) when so requested in writing by the Trust or (iv) when such disclosure to an affiliate of Custodian is deemed appropriate solely for the purpose of identifying and evaluating any securities lending opportunities involving the Trust's assets pursuant to Custodian's securities lending program administered by such affiliate. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 Further, the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 The Trust agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Trust, provided that the Trust will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 13.03, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service of such Funds or the Trust would cause the Custodian or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, provided that in such event the Custodian shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition such Funds or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees:

a) All monthly fees through the life of the Agreement, including the

repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such Fund);

b) All miscellaneous fees associated with converting services to a successor service provider;

c) All documented fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;

d) All miscellaneous costs associated with a) through c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Trust, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Trust shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection cash and other property held by Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Funds held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

**ARTICLE XIV.** 

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Trust, on behalf of the subject Fund(s)is automatically opted-in to, and must affirmatively opt-out to stop receiving such service. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund(s) in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund(s) may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If a Fund has opted out, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund(s) (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund(s) hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

------

**ARTICLE XV.**

**MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1933 Act, the Commodity Exchange Act ("CEA"), the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement of additional information. The Custodian's services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance.

15.02 <u>ERISA.</u> The Custodian acknowledges that assets of a Fund may be subject to ERISA and Section 4975 of the IRC. Each Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to any Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to any Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or a Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

15.03 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Trust.

15.04 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the written consent of the Trust.

15.05 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the CEA or 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the CEA, 1933 Act or any rule or order of the CFTC, NFA or SEC thereunder.

------

15.06 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.07 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.08 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.09 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Trust shall be sent to:

Texas Precious Metals Trust

Three Main Street, Suite 215

Burlington, Vermont, 05401

Attn: Springer Harris, Chief Operating Officer

Email: springer.harris@teucrium.com

15.10 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

------

15.11 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.12 <u>References to Custodian</u>. The Trust shall not circulate any printed matter which contains any reference to Custodian without the prior written approval of Custodian, excepting printed matter contained in the Prospectus or statement of additional information for a Fund and such other printed matter as merely identifies Custodian as custodian for a Fund. The Trust shall submit printed matter requiring approval to Custodian in draft form, allowing sufficient time for review by Custodian and its counsel prior to any deadline for printing.

15.13 <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Trust specifically requires Custodian to NOT release Trust**'**s name and address to requesting companies by indicating such** "**NO**" **election in Exhibit C hereto, Custodian is required by law to disclose Trust**'**s name and address and will treat the Trust as consenting** "**YES**" **to disclosure of this information**.

**[SIGNATURES ON THE FOLLOWING PAGE]**

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

**TEXAS PRECIOUS METALS TRUST**

By:________________________________

Name:_____________________________

Title:______________________________

Date:______________________________

**U.S. BANK NATIONAL ASSOCIATION** 

By:________________________________

Name: _____________________________

Title: ________________________________

Date:______________________________

------

**<u>EXHIBIT A</u>**

**to the Custody Agreement**

Separate Series of Texas Precious Metals Trust

---

| |
|:---|
| <u>N</u><u>ame of Series</u> |
| Y'all Street Physical Gold ETF<br> Y'all Street Physical Silver ETF |

---

------

**<u>EXHIBIT B</u>**

**to the Custody Agreement**

**Fee Schedule**

Base Fee for Custody Services

The following reflects the greater of the basis point fee or annual minimum where Teucrium Asset Management, LLC acts as investment adviser to the fund(s) in the same registered investment company.

---

| | |
|:---|:---|
| **Annual Minimum per Fund**¹ | **Basis Points on Trust AUM**¹ |
| [\*\*\*] per fund | [\*\*\*] bps on AUM |

---

See **APPENDIX C** for Services and Associated Fees in addition to Base Fee

See Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

¹ Subject to annual CPI increase - All Urban Consumers - U.S. City Average index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

Fees are calculated pro rata and billed monthly.

------

Appendix C - Custody Services in addition to the Base Fee

Portfolio Transaction Fees²

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Book entry DTC transaction, Federal Reserve transaction, principal paydown

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Repurchase agreement, reverse repurchase agreement, time deposit/CD or other Non-Depository transaction.

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Option/SWAPS/future contract written, exercised or expired

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Mutual fund trade, Margin Variation Wire and outbound Fed wire

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Physical security transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] - Check disbursement (waived if U.S. Bancorp is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

***Additional Services***

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional fees apply for global servicing. Fund of Fund expenses quoted separately.

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per custody sub - account per year (e.g., per sub -adviser, segregated account, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;■ Class Action Services - [\*\*\*] filing fee per class action per account, plus [\*\*\*] of gross proceeds, up to a maximum per recovery not to exceed [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;■ No charge for the initial conversion free receipt.

&nbsp;&nbsp;&nbsp;&nbsp;■ Charged to the account at [\*\*\*], unless a line of credit is in place - Overdrafts.

&nbsp;&nbsp;&nbsp;&nbsp;■ Third Party lending - Additional fees will apply

Fees are calculated pro rata and billed monthly

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., margin management services, securities lending services, compliance with new SEC rules liquidity risk management and reporting requirements).

² "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are not considered to be "Sponsor trades".

------

Additional Global Sub-Custodial Services Annual Fee Schedule

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Country | Safekeeping (BPS) | Transaction Fee | Country | Safekeeping (BPS) | Transaction Fee | Country | Safekeeping (BPS) | Transaction Fee |
| Argentina | [\*\*\*] | [\*\*\*] | Hong Kong | [\*\*\*] | [\*\*\*] | Poland | [\*\*\*] | [\*\*\*] |
| Australia | [\*\*\*] | [\*\*\*] | Hungary | [\*\*\*] | [\*\*\*] | Portugal | [\*\*\*] | [\*\*\*] |
| Austria | [\*\*\*] | [\*\*\*] | Iceland | [\*\*\*] | [\*\*\*] | Qatar | [\*\*\*] | [\*\*\*] |
| Bahrain | [\*\*\*] | [\*\*\*] | India | [\*\*\*] | [\*\*\*] | Romania | [\*\*\*] | [\*\*\*] |
| Bangladesh | [\*\*\*] | [\*\*\*] | Indonesia | [\*\*\*] | [\*\*\*] | Russia | [\*\*\*] | [\*\*\*] |
| Belgium | [\*\*\*] | [\*\*\*] | Ireland | [\*\*\*] | [\*\*\*] | Saudi Arabia | [\*\*\*] | [\*\*\*] |
| Bermuda | [\*\*\*] | [\*\*\*] | Israel | [\*\*\*] | [\*\*\*] | Serbia | [\*\*\*] | [\*\*\*] |
| Botswana | [\*\*\*] | [\*\*\*] | Italy | [\*\*\*] | [\*\*\*] | Singapore | [\*\*\*] | [\*\*\*] |
| Brazil | [\*\*\*] | [\*\*\*] | Japan | [\*\*\*] | [\*\*\*] | Slovakia | [\*\*\*] | [\*\*\*] |
| Bulgaria | [\*\*\*] | [\*\*\*] | Jordan | [\*\*\*] | [\*\*\*] | Slovenia | [\*\*\*] | [\*\*\*] |
| Canada | [\*\*\*] | [\*\*\*] | Kenya | [\*\*\*] | [\*\*\*] | South Africa | [\*\*\*] | [\*\*\*] |
| Chile | [\*\*\*] | [\*\*\*] | Kuwait | [\*\*\*] | [\*\*\*] | South Korea | [\*\*\*] | [\*\*\*] |
| China Connect | [\*\*\*] | [\*\*\*] | Latvia | [\*\*\*] | [\*\*\*] | Spain | [\*\*\*] | [\*\*\*] |
| China (B Shares) | [\*\*\*] | [\*\*\*] | Lithuania | [\*\*\*] | [\*\*\*] | Sri Lanka | [\*\*\*] | [\*\*\*] |
| Colombia | [\*\*\*] | [\*\*\*] | Luxembourg | [\*\*\*] | [\*\*\*] | Sweden | [\*\*\*] | [\*\*\*] |
| Costa Rica | [\*\*\*] | [\*\*\*] | Malaysia | [\*\*\*] | [\*\*\*] | Switzerland | [\*\*\*] | [\*\*\*] |
| Croatia | [\*\*\*] | [\*\*\*] | Malta | [\*\*\*] | [\*\*\*] | Tanzania | [\*\*\*] | [\*\*\*] |
| Cyprus | [\*\*\*] | [\*\*\*] | Mauritius | [\*\*\*] | [\*\*\*] | Taiwan | [\*\*\*] | [\*\*\*] |
| Czech Republic | [\*\*\*] | [\*\*\*] | Mexico | [\*\*\*] | [\*\*\*] | Thailand | [\*\*\*] | [\*\*\*] |
| Denmark | [\*\*\*] | [\*\*\*] | Morocco | [\*\*\*] | [\*\*\*] | Tunisia | [\*\*\*] | [\*\*\*] |
| Egypt | [\*\*\*] | [\*\*\*] | Namibia | [\*\*\*] | [\*\*\*] | Turkey | [\*\*\*] | [\*\*\*] |
| Estonia | [\*\*\*] | [\*\*\*] | Netherlands | [\*\*\*] | [\*\*\*] | UAE | [\*\*\*] | [\*\*\*] |
| Eswatini | [\*\*\*] | [\*\*\*] | New Zealand | [\*\*\*] | [\*\*\*] | Uganda | [\*\*\*] | [\*\*\*] |
| Euroclear (Eurobonds) | [\*\*\*] | [\*\*\*] | Nigeria | [\*\*\*] | [\*\*\*] | Ukraine | [\*\*\*] | [\*\*\*] |
| Euroclear (Non-Eurobonds) | Rates are available upon request | Rates are available upon request | Norway | [\*\*\*] | [\*\*\*] | United Kingdom | [\*\*\*] | [\*\*\*] |
| Finland | [\*\*\*] | [\*\*\*] | Oman | [\*\*\*] | [\*\*\*] | Uruguay | [\*\*\*] | [\*\*\*] |
| France | [\*\*\*] | [\*\*\*] | Pakistan | [\*\*\*] | [\*\*\*] | Vietnam | [\*\*\*] | [\*\*\*] |
| Germany | [\*\*\*] | [\*\*\*] | Panama | [\*\*\*] | [\*\*\*] | West African Economic Monetary Union (WAEMU)\*\* | [\*\*\*] | [\*\*\*] |
| Ghana | [\*\*\*] | [\*\*\*] | Peru | [\*\*\*] | [\*\*\*] | Zambia | [\*\*\*] | [\*\*\*] |
| Greece | [\*\*\*] | [\*\*\*] | Philippines | [\*\*\*] | [\*\*\*] | Zimbabwe | [\*\*\*] | [\*\*\*] |

---

\*Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network. \*\*Includes Ivory Coast, Mali, Niger, Burkina Faso, Senegal, Guinea Bissau, Togo and Benin.

------

Global Custody Base Fee

[\*\*\*] monthly base fee of per fund will apply. If no global assets are held within a given month, the monthly base charge will not apply for that month. "Safekeeping and transaction fees are assessed on security and currency transactions."

Plus: Global Custody Transaction Fees¹

Global Custody transaction fees associate with Sponsor Trades². (See schedule above)

&nbsp;&nbsp;&nbsp;&nbsp;■ A transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or exchange of a security

Global Safekeeping and Transaction Fees

(See schedule above)

Global Custody Tax Services:

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per annum - Global Filing

&nbsp;&nbsp;&nbsp;&nbsp;■ [\*\*\*] per annum - U.S. Domestic Filing (Only ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;■ Any client who does not elect for tax services (and does them themselves, would be charged an out of pocket expense per the normal process).

*Miscellaneous Expenses*

&nbsp;&nbsp;&nbsp;&nbsp;■ Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, tax reclaim fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, central securities depository fees, securities market regulator fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, SWIFT reporting and message fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;■ The client may also may be charged certain expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

Fees are calculated pro rata and billed monthly

¹"Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are not considered to be "Sponsor trades".

------

**<u>EXHIBIT C</u>**

**SHAREHOLDER COMMUNICATIONS ACT ELECTION**

**TEXAS PRECIOUS METALS TRUST**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.*

---

| | |
|:---|:---|
| ______ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

**TEXAS PRECIOUS METALS TRUST**

By: __________________________________

Title: ________________________________

Date: ________________________________

## Exhibit 10.8

**Exhibit 10.8**

**<u>SPONSOR AGREEMENT</u>**

**THIS SPONSOR AGREEMENT** (the "Agreement"), dated as of April 27, 2026, is made by and between Teucrium Asset Management, LLC, a Delaware limited liability company ("Sponsor"), and Texas Precious Metals Trust, a statutory trust organized under the laws of Delaware (the "Trust"), both for itself and on behalf of each of its series listed of Schedule A (each, a "Fund" and collectively, the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>The Funds.</u>** No Fund is an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") nor is any Fund required to register thereunder. No Fund is a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor. The Sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is not required to register thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Appointment.</u>** Pursuant to the terms of the Trust's Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement"), Sponsor was appointed to serve as sponsor for the Trust, with full powers and rights to effectuate and carry out the purposes, activities and objectives of the Trust. Sponsor has accepted such appointment and hereby agrees to render such services to each Fund on the terms and conditions set forth in this Agreement and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Duties.</u>** Sponsor will perform such duties for the Trust as set forth in Article IV of the Trust Agreement in accordance with Sponsor's best judgment and as outlined in the Trust's then-current prospectus included as part of a registration statement filed with the U.S. Securities and Exchange Commission ("SEC"). All of the actions taken on or prior to the date hereof by Sponsor, including, without limitation, all actions taken in connection with the organization and registration of the Trust and the execution of service provider agreements, be, and they hereby are, ratified, affirmed, approved and adopted in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Execution of Trust Documents.</u>** Pursuant to the terms of the Trust Agreement, the Sponsor is authorized to execute documents for and on behalf of the Trust. For the avoidance of doubt, when a specified officer of the Trust is required to execute, or executes, a document, including but not limited to filings required to be made with regulatory authorities such as the Securities and Exchange Commission, the following officers of the Sponsor (or persons performing similar functions, including in the event of a vacancy in one or more of the specified Sponsor's officer positions) shall be authorized to execute the document in the capacities indicated below:

---

| | |
|:---|:---|
| **Specified Trust Officer** | **Sponsor Officer Authorized to Execute Trust Document**<br> **in the Capacity of the Specified Trust Officer** |
| Principal Executive Officer / Chief Executive Officer / President | Chief Executive Officer / President |
| Principal Financial Officer / Chief Financial Officer | Chief Financial Officer / Treasurer |
| Principal Accounting Officer | Chief Financial Officer / Treasurer |
| Comptroller | Chief Financial Officer / Treasurer |
| Treasurer | Chief Financial Officer / Treasurer |
| Vice President | Any Sponsor officer |
| Secretary | Any Sponsor officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Reporting; Record Keeping.</u>** Sponsor will be available at reasonable times to discuss the activities of the Trust with the trustee or the administrator of the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing the activities of the Trust are intended solely for the benefit of the Trust, and the Trust agrees that it will not disseminate such reports to any other party (other than the Trust's service providers) without the prior consent of Sponsor, except as may be required by applicable law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as are required to be made or maintained by it in its capacity as Sponsor of the Trust.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Other Accounts.</u>** The Trust understands and acknowledges that Sponsor may act as sponsor for various persons other than the Trust. The Trust acknowledges that Sponsor may give advice and take action concerning other persons that may be the same as, similar to or different from the advice given, or the timing and nature of action taken, concerning the Trust. Except to the extent necessary to perform Sponsor's obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Sponsor</u>**<u>'</u>**<u>s Compensation.</u>** Each Fund shall pay to Sponsor a fee as described in Schedule A that is attached hereto and made a part hereof. Such fee shall be computed daily and paid not less than monthly in arrears by the applicable Fund. No other compensation is paid to the Sponsor by a Fund. Sponsor's compensation is paid in consideration of Sponsor's (i) services under this Agreement and the Trust Agreement and (ii) the payment by Sponsor of the Fund expenses described in paragraph 8 below. Notwithstanding any other provision to the contrary, the Funds' organizational and offering costs ("O&O Costs") shall be borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor hereby agrees not to seek reimbursement from or otherwise require any Fund or the Trust to assume any liability, duty or obligation in connection with any such O&O Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Ordinary Fees and Expenses.</u>** Sponsor shall be responsible for the payment of all of the routine operational, administrative and other ordinary expenses of a Fund, excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of instruments held by the Fund, accrued deferred tax liability, and any extraordinary fees and expenses of a Fund which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Liability and Indemnification.</u>** Sponsor will not be liable for losses to a Fund, and Sponsor shall be indemnified, to the extent provided in Section 4.05 of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Tax Filings.</u>** Except as described in any applicable filings with the SEC, Sponsor will not be responsible for making any tax credit or similar claim or any legal filing on the Trust's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Governing Law/Disputes.</u>** This Agreement is entered into in accordance with and shall be governed by the laws of the State of Delaware; provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining laws of the State of Delaware shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Termination.</u>** This Agreement may be terminated (i) by Sponsor at any time upon 30 days' prior written notice; or (ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing its duties hereunder. Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be affected by termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Assignment.</u>** This Agreement may be assigned by either party upon prior notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Notices.</u>** All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties at their respective addresses.

Sponsor shall comply with, and be entitled to act on, any instructions reasonably believed to be from an authorized representative of the Trust. Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority of the persons providing such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Severability.</u>** In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Integration; Amendment.</u>** This Agreement together with any other written agreements between the parties entered into concurrently with this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all previous oral or written negotiations, commitments and understandings related thereto. This Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one party of any obligation of the other hereunder shall be considered a waiver of any other obligation of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Further Assurances.</u>** Each party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Headings.</u>** The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Counterparts.</u>** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| Texas Precious Metals Trust | Texas Precious Metals Trust |
| By: Teucrium Asset Management, LLC, as Sponsor | By: Teucrium Asset Management, LLC, as Sponsor |
| By: | /s/ Sal Gilbertie |
| Name:  | Sal Gilbertie |
| Title: | Chief Executive Officer |
| Teucrium Asset Management, LLC | Teucrium Asset Management, LLC |
| By: | /s/ Sal Gilbertie |
| Name: | Sal Gilbertie |
| Title: | Chief Executive Officer |

---

Signature Page –Sponsor Agreement

------

**SCHEDULE A**

**to the**

**SPONSOR AGREEMENT**

**Dated April 27, 2026 between**

**Texas Precious Metals Trust**

**and**

**Teucrium Asset Management, LLC**

---

| | |
|:---|:---|
| **Fund** | **Fee Rate (expressed as a percentage of the Fund**'**s average daily net assets)** |
| Y'all Street Physical Gold ETF | 0.24% |
| Y'all Street Physical Silver ETF | 0.39% |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Pre-Effective Amendment to the Registration Statement on Form S-1 of our report dated May 13, 2026, relating to the financial statements of Y'all Street Physical Gold ETF and Y'all Street Physical Silver ETF, each a series of Texas Precious Metals Trust, as of May 7, 2026, and to the reference to our firm under the headings "The Custodian" and "Experts" in the Pre-Effective Amendment to the Registration Statement.

![picture1.jpg](picture1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 13, 2026