Document:

Exhibit 10.6

  [Certain identified information has been excluded from the exhibit because it is both not material and would likely cause competitive harm to the Trust if publicly disclosed.]

  

  

  MARKETING AGENT AGREEMENT

  

  

  

  

  THIS AGREEMENT is made and entered into as of this 18th day of March 2020 by and among United States Gold and Treasury Investment Trust, a Delaware statutory trust (the "Trust"
    or the "Client"), which is sponsored by Wilshire Phoenix Funds LLC, a Delaware limited liability company (the "Sponsor"), and Foreside Fund Services, LLC, a Delaware limited liability company ("Foreside").

  

  

  WHEREAS, the Sponsor will be registered with the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator, will be
    a member of the National Futures Association ("NFA"), and will be subject to the Commodity Exchange Act, as amended (the "CEA"), and all of the relevant rules and regulations promulgated thereunder (collectively, the "Commodities Rules")

    and will serve as the commodity pool operator of the Trust;

  

  

  WHEREAS, the Trust is a statutory trust organized under the laws of the State of Delaware;

  

  

  WHEREAS, the Client has filed with the U.S. Securities and Exchange Commission (the "SEC") a
    Registration Statement (including a Prospectus and Statement of Additional Information) for the Trust under the Securities Act of 1933, as amended (the "1933 Act") (collectively, "Registration Statement");

  

  

  WHEREAS, the Trust intends to create and redeem shares of beneficial interest in the Trust (the "Shares") only in creation unit
    aggregations ("Creation Unit") on a continuous basis, and list the Shares on one or more national securities exchanges;

  

  

  WHEREAS, Foreside 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 Client desires to retain Foreside to provide certain services in connection with the creation and redemption of Shares of the
    Trust; and

  

  

  WHEREAS, Foreside is willing to provide certain services for the Client on the terms and conditions hereinafter set forth.

  

  

  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:

  

  

  	1.	
          Definitions.

        

  

  

  Wherever they are used herein, the following terms have the following respective

  
    
      

  

  
  

  

  meanings:

  

  

  "Prospectus" means the Prospectus constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus and Statement of
    Additional Information may be amended or supplemented and filed with the SEC from time to time.

  

  

  "Registration Statement" means the registration statement 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.

  

  

  	2.	
          Duties of Foreside

        

  

  

  (a) Foreside shall
      use commercially reasonable efforts to provide the following services to the Trust with respect to the creation and redemption of Creation Units of the Trust:

  

  

  (i) Work with the Sponsor, the Trust, and the Transfer Agent to faciliate the execution of Authorized Participant Agreements;

  (ii) work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent;

  (iii)  maintain copies of confirmations of Creation Unit creation and redemption order acceptances;

  (iv) maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent;

  (v) make available copies of the Prospectus to Authorized Participants who have purchased Creation Units in accordance with the Authorized Participant Agreements;

  (vi)  use reasonable efforts to review and approve, prior to use, all Trust advertising, sales and marketing materials submitted to Foreside for review by the Client ("Marketing Materials") for compliance with applicable SEC and
      FINRA advertising rules, and file all such Marketing Materials required to be filed with FINRA.  Foreside agrees to furnish to the Trust or the Sponsor any comments provided by FINRA with respect to such materials;

  (vii) ensure that all direct requests by Authorized Participants for Prospectuses are fulfilled; and

  (viii) maintain records related to the foregoing and produce such records upon reasonable request from the Client or the Sponsor.

  (b) The services
      furnished by Foreside hereunder are not to be deemed exclusive and

  
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  Foreside shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

  

  

  	3.	
          Duties of the Client

        

  

  

  (a) The Client agrees to create, issue, and redeem Creation Units of the Trust in accordance with the procedures described in the Prospectus. Upon reasonable notice to Foreside and in accordance with the procedures described in the Prospectus, the
      Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

  (b) The Client agrees that it will take all actions necessary to register, and maintain the registration of, the Shares under the 1933 Act.

  (c) Foreside acknowledges and agrees that the Trust reserves the right to suspend sales and Foreside's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to Foreside, the Trust shall suspend
      Foreside's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

  (d) The Client shall arrange to provide the listing exchanges with copies of Prospectuses and product descriptions that are required to be provided by the Client to purchasers in the secondary market.

  (e) The Client will make it known that Prospectuses and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the Client.

  	4.	
          Representations, Warranties and Covenants of the Client.

        

  

  

  (a) The Client
      hereby represents and warrants to Foreside, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

  

  

  (i) it is duly
      organized and validly existing under the laws of the jurisdiction of its organization, and is and at all times will remain duly authorized to carry out its obligations as contemplated herein;

  

  

  (ii) the execution,
      delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action;

  

  

  (iii)  its entering
      into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Client is a party or by which it is bound;

  

  

  (iv) 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

  
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  regulatory approvals necessary to carry on its business as now conducted;

  

  

  (v)  the
      Registration Statement and the Trust's Prospectus have been prepared, and all marketing materials shall be prepared, in all materials respects, in conformity with the 1933 Act, the rules and regulations of the SEC, and any other applicable laws,
      rules, or regulations;

  

  

  (vi)  the
      Registration Statement and the Trust's Prospectus contain, and all marketing materials shall contain, all statements required to be stated therein in accordance with the 1933 Act and any other applicable laws, rules, and regulations;

  

  

  (vii) all statements
      of fact contained therein, or to be contained in all marketing materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, the
      Prospectus, nor any marketing materials shall include 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 the case of the Trust's Prospectus in light
      of the circumstances in which made, not misleading; and

  

  

  (viii) except as
      otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the Trust, as determined in the manner described in the Registration
      Statement and Prospectus.

  

  

  (b) The Client shall
      fully cooperate in the efforts of Foreside in the provision of the services.  In addition, the Client shall keep Foreside fully informed of its affairs as they relate to the Trust and shall provide to Foreside from time to time copies of all
      information that Foreside may reasonably request for use in connection with the provision of the Services.

  

  

  5. Representations, Warranties and Covenants of Foreside.  Foreside hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout the term of this
      Agreement, that:

  

  

  	

        	(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;

        

  

  

  	

        	(b)	
          this Agreement has been duly authorized, executed and delivered by Foreside and, when executed and delivered, will constitute a valid and legally binding obligation of Foreside, 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;

        

  

  

  	

        	(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; and

        

  
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        	(d)	
          it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

        

  	6.	
          Compensation.

        

  (a) Foreside shall be entitled to receive compensation from the Client related to its services hereunder or for additional services as may be agreed to between the parties, in accordance with Exhibit A attached hereto.

  (b) The Client shall bear the cost and expenses of: (i) the registration of Shares for sale under the 1933 Act; and (ii) the costs related to any filings required pursuant to the Commodities Rules, as applicable.

  (c) The payments to the Marketing Agent under this Agreement, when combined with selling commissions charged by other FINRA members and other payments that would constitute underwriting compensation as defined in FINRA Rule 2310, will not exceed
      ten percent (10%) of the aggregate dollar amount of the offering.  The Trust will advise the Marketing Agent if the payments described hereunder must be limited, when combined with selling commissions charged by other FINRA members and other payments
      that would constitute underwriting compensation as defined in FINRA Rule 2310, in order to comply with the ten percent (10%) limitation on total underwriters' compensation pursuant to FINRA Rule 2310.

  (d) The Trust shall provide to the Marketing Agent on an on-going basis information sufficient to enable Marketing Agent to ensure compliance with FINRA Rule 2310, including calculations of underwriting compensation and total offering and
      operating expenses.

  	7.	
          Indemnification.

        

  (a) The Client shall
      indemnify, defend and hold Foreside, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled Foreside within the meaning of Section 15 of the
      1933 Act (collectively, the "Foreside 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 Foreside Indemnitee may incur arising out of or relating to (i) Foreside's provision of services to
      the Trust in accordance with the terms and conditions of this Agreement; (ii) the Client's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Client's failure to comply in all material
      respects with any applicable laws, rules, or regulations; or (iv) any claim that the Prospectus, sales literature and advertising materials or other information filed or made public by the Client (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 provided, however, that the Client's obligation to indemnify any of the Foreside
      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 sales literature or other information
      filed or made public by the Client in reliance upon and in conformity with information

  
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  provided by Foreside to the Client in writing for use in such  Prospectus or any such advertising materials or sales literature.

  

  

  (b) Foreside shall
      indemnify, defend and hold the Client, its affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act
      (collectively, the "Client Indemnitees"), free and harmless from and against any and all Losses that any Client Indemnitee may incur arising out of or relating to (i) Foreside's breach of any of its obligations, representations, warranties or
      covenants contained in this Agreement; (ii) Foreside's failure to comply in all material respects with any applicable laws, rules, or regulations; or (iii) any claim that the Prospectus, sales 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 the Marketing Agent for use in such Prospectus, sales 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, except to the extent 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 7(a) or 7(b) above, without prior written notice to and consent from the indemnifying party, which consent
      shall not

  
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  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
    and does not admit fault.

  

  

  8. Limitations on Damages.  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.

  

  

  9. Force Majeure.  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, including,
      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.

  

  

  	10.	
          Duration and Termination.

        

  

  

  (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 (i) 30 days' written notice by the Client, or (ii) 90 days' written notice by Foreside.

  

  

  11. Confidentiality.  During the term of this Agreement, Foreside and the Client may have access to non-public confidential information relating to such matters as either party's (or the Sponsor's) business, trade
      secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information belonging to one of the parties (or the Sponsor) that is of
      value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, non-public or proprietary information that may be financial information,
      proposals and presentations, reports, forecasts, formulas, algorithms, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists;
      ownership information; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in
      the activities provided for in this Agreement.  The term "Confidential Information" does not include information which (i) becomes generally available to the public other than as a result of the receiving party's breach of this Agreement, (ii) was
      available to the receiving party on a non-confidential basis prior to its disclosure by the disclosing party, (iii) becomes available to the receiving party from a source other than the disclosing party not known by the receiving party to be bound by
      a confidentiality agreement with the disclosing party,

  
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  or (iv) is independently developed by the receiving party without the use of Confidential Information. The parties understand and agree that all Confidential Information shall be kept confidential by the
    other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the
    prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except  (i) as required in the course of this
    Agreement, (ii) as provided by the other party, (iii) as required by applicable law, rule, or regulation, or (iv) in response to (A) a routine self-regulatory examination or (B) a request for information directed at the receiving party; provided,
    however, that in the case of (iii), or (iv)(B), the receiving party will, unless otherwise requested by its regulators or prohibited by applicable law, provide the disclosing party with notice thereof as promptly as practicable under the circumstances
    (provided however that the receiving party shall incur no liability for its failure to provide such notice) so that disclosing party may seek a protective order or other appropriate remedy, and the receiving party shall provide reasonable cooperation
    to the disclosing party in its attempts to contest such disclosure.

  

  

  12. Notices.  Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed
      facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

  

  

  	
          (i)  To Foreside:

        	
          (ii)  If to the Client:

        
	
          Foreside Fund Services, LLC

          Attn:  Legal Department

          Three Canal Plaza, Suite 100

          Portland, ME  04101

          Telephone:  (207) 553-7110

          Facsimile:  (207) 553-7151

          Email: legal@foreside.com

           

          With a copy to:

          etp-services@foreside.com

           

        	
          United States Gold and Treasury Investment Trust

          c/o Wilshire Phoenix Funds LLC

          Address: 2 Park Avenue, 20th Floor

          Address: New York, New York 10016

          Attn: William Cai, Partner

          Telephone: (212) 485-8922

          Email: will@wilshirephoenix.com

        

  

  

  13. Modifications.  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 Foreside and the Client.

  

  

  14. Governing Law.  This Agreement shall be construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof.

  

  

  15. Assignment.  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.

  
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  16. Entire Agreement.  This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether
      oral or written.

  

  

  17. Survival.  The provisions of Sections 7, 8, 9, 11, 14, 17, and 19 of this Agreement shall survive any termination of this Agreement.

  

  

  18. Anti-Money Laundering.  Foreside represents and warrants 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.

  

  

  19. Miscellaneous.  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 Foreside and the Client 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 Foreside 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.

  

  

  20. Liability of Sponsor. It is expressly understood and agreed by Foreside that:

  

  

  (a) this Agreement
      is executed and delivered on behalf of the Client by the Sponsor, not individually or personally, but solely as Sponsor of the Client in the exercise of the powers and authority conferred and vested in it;

  

  

  (b) the
      representations, covenants, undertakings and agreements herein made on the part of the Client are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only
      the Client;

  

  

  (c) nothing herein
      contained shall be construed as creating any liability on the

  
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  Sponsor, individually or personally, to perform any covenant of the Client either expressed or implied contained herein, all such liability, if any, being expressly waived by the
    parties hereto and by any person claiming by, through or under the parties hereto; and

  

  

  (d) under no
      circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Client or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Client
      under this Agreement or any other related document.

  

  

  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.

  

  

  	 	
          FORESIDE FUND SERVICES, LLC

           

          

          By: /s/ Mark A. Fairbanks                                     

          

                 Mark A. Fairbanks, Vice President

           

          

          UNITED STATES GOLD AND TREASURY INVESTMENT TRUST

           

          

          By: Wilshire Phoenix Funds LLC, not in its individual capacity but solely as Sponsor

           

          

          By:  /s/ William Herrmann                                      

          

          Name/Title William Herrmann, Managing Partner

        

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
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  EXHIBIT A

  

  

  [REDACTED]

   

  

   

  

   

  

   

  

  

  

  A-1Exhibit 10.9

  

   

    

  

  

  
     [Certain identified information has been excluded from the exhibit because it is both not material and would likely cause
        competitive harm to the Trust if publicly disclosed.] 

    

    SPONSOR REPRESENTATIVE SERVICES AGREEMENT

    This SPONSOR REPRESENTATIVE SERVICES AGREEMENT (the “Agreement”) is made as of this 16th day of December 2020, by and among Exchange
      Traded Concepts, LLC, an Oklahoma limited liability company (the “Representative”), Wilshire wShares Enhanced Gold Trust, a Delaware trust (the “Trust”), and sponsored by
      Wilshire Phoenix Funds LLC, a Delaware limited liability company (the “Sponsor”).  The activities of the Trust are described in the Registration Statement on Form S-1 (File No. 333-235913) (the “Registration Statement”) relating to the public offer and sale of interests in the Trust.  Any defined terms used in the Agreement and not defined herein shall have the meanings ascribed to those terms in the
      Registration Statement.

    WITNESSETH

    WHEREAS, the Trust has been formed by the Sponsor as a passively-managed exchange traded vehicle designed to track the performance of the Sponsor’s Wilshire Gold Index (the “Index”), as described in the Registration Statement;

    WHEREAS, the Trust must undertake certain operational functions and seeks to appoint the Representative to undertake such services as described in this Agreement; and

    WHEREAS, the Representative is willing to furnish such services to the Trust.

    NOW, THEREFORE, the Parties hereto agree as follows:

    1. Duties of the Representative.

    
      	
              (a)

            	
              The Trust hereby appoints the Representative as the Trust’s agent and attorney-in-fact solely with respect to interacting with the Cash Custodian, the Gold Custodian, the Administrator,
                the Trustee, the Index Calculation Agent, and other third-party service providers to the Trust (each, a “Service Provider”) for the purpose of effecting monthly rebalances of the Trust assets on a
                Rebalance Date, and effecting Creations, Redemptions, sales and other transactions in Trust Interests and the Representative hereby accepts such appointment, subject to Section 1(b).  The Representative shall have the authority, on
                behalf of, and in the name of, the Trust, to the extent specified herein and described in the Registration Statement, to make purchases and sales of Physical Gold as needed in order to track the performance of the Index.

            

    

    
      	
              (b)

            	
              The Representative shall, bearing in mind the best interests of the Trust at all times, fully and faithfully discharge all of its obligations, duties and responsibilities pursuant to this
                Agreement with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person rendering services as an investment manager and familiar with such matters would use (the “Standard of Care”). The Representative shall act in conformity with the Trust Agreement, the Registration Statement, and the instructions and directions of the Trust.  The Representative’s directions from the Trust on each
                Rebalance Date and on any date on which the Representative is effecting Creation, Redemptions, and other transactions in the Trust interests shall be based on Index calculations and Trust holdings as communicated by the Index Calculation
                Agent and the Administrator to the Trust (the “Instructions”).  The Representative shall comply in all material respects with applicable laws (the “Laws”) in
                discharging its obligations in this Agreement.

            

    

    
      	
              (c)

            	
              The Assets of the Trust will be held by the Cash Custodian and the Gold Custodian, as the case may be.  The Representative is not authorized to have actual or constructive custody of any
                Assets of the Trust. In connection with any of the foregoing, the Representative is further authorized to transfer or tender for cash such Assets. In all such purchases, sales or trades, each of the Trust and the Sponsor authorizes the
                Representative to act for the Trust, and at its risk, and in its name and on its behalf, in the same manner and with the same force and effect as the Trust might or could do with respect to such purchases, sales or trades without prior
                consultation with the Sponsor or the Trust.

            

    

    
      
        

    

    
      	
              (d)

            	
              Subject to its obligations under this Agreement, including, but not limited to those in (f) below, the Representative shall not incur any liability for trading profits or losses resulting from any
                transactions executed by the Representative on behalf of the Trust, provided the Representative would not otherwise be liable to the Trust under the terms hereof. The Representative (i) agrees to act as the sole party retained by the Trust
                to execute transactions in the Trust’s Assets upon the terms and conditions and for the purposes set forth in this Agreement, and (ii) shall have sole authority and responsibility for directing purchases and sales of Physical Gold for the
                term of this Agreement pursuant to and in accordance with the Representative’s best judgment on each Rebalance Date and in connection with Creations and Redemptions in order to track the Index as described in the Registration Statement.

            

    

    
      	
              (e)

            	
              The Representative will place such orders with or through such custodians, brokers or dealers chosen by the Representative in accordance with any instructions as the Trust or the Sponsor may transmit to the
                Representative in writing from time to time, in conformity with all federal securities laws and subject to Section 1(f) hereof.  In connection with each Rebalance Date and regularly in connection with Creations, Redemptions, the
                Representative shall regularly instruct the Gold Custodian in order to ensure that the Trust’s Physical Gold is held, to the maximum extent possible, in allocated form.

            

    

    
      	
              (f)

            	
              In executing Trust transactions and selecting brokers or dealers, the Representative shall act in accordance with the Standard of Care and the policies and procedures set forth in the Registration Statement.
                In effecting any transaction, the Representative shall consider all factors that it deems relevant, including the ability to effect prompt and reliable executions at favorable prices; the operational efficiency with which transactions are
                effected; the financial strength, integrity and stability of the broker; and the competitiveness of commission rates in comparison with other brokers satisfying the Representative’s other selection criteria. It is understood that the costs
                of such services will not necessarily represent the lowest costs available and that the Representative is under no obligation to combine or arrange orders so as to obtain reduced charges.

            

    

    
      	
              (g)

            	
              The Representative shall keep the books and records relating to the Trust required to be maintained by the Representative under this Agreement and shall timely furnish to the Trustee and the Sponsor all
                information relating to the Representative and its key investment personnel providing services with respect to the Trust and the investment and the reinvestment of the Assets of the Trust. The Representative will submit periodic reports to
                the Trust and the Sponsor regarding the Representative’s activities under this agreement, no less than monthly, and as the Trustee and the Sponsor may otherwise reasonably request. The Representative agrees that all records that it
                maintains on behalf of the Trust are property of the Trust and the Representative will surrender promptly to the Trust any of such records upon the Trustee’s request; provided, however, that the Representative may retain a copy of such
                records.

            

    

    
      	
              (h)

            	
              The Trust and the Sponsor hereby authorizes the Representative to open accounts and execute documents in the name of, binding against and on behalf of the Trust for all purposes necessary or desirable in the
                Representative’s view to effectuate the Representative’s obligations under this Agreement and the Trust Agreement.  The Representative has authorized its employees identified on Schedule A to this Agreement (“Authorized Persons”) to act on the Representative’s behalf for this purpose.  The list of Authorized Persons may be amended from time to time by such Authorized Persons upon notice to the Trust and the Sponsor.

            

    

    2. Duties of the Trust.  The Trust shall continue to have
      responsibility for all services to be provided to the Trust pursuant to the Trust Agreement and shall oversee and review the Representative’s performance of its duties under this Agreement.

    3. Delivery of Documents.  The Trust has furnished the
      Representative with copies of each of the following documents: (i) the Trust Agreement, (ii) the Registration Statement, (iii) the Gold Custodian Agreement, (iv) the Cash Custodian Agreement, (v) any applicable policies and procedures of the Trust
      and (vi) any other documents deemed

    
      
        

    

     

    

    by the Representative to be necessary in the performance of its obligations under this Agreement. The Trust shall promptly furnish the Representative from time to time with copies of all amendments of or supplements to
      the foregoing. Until so provided, the Representative may continue to rely on those documents previously provided.  The Trust shall not, and shall not permit the Trust to use the Representative’s name or make representations regarding the
      Representative or its affiliates without prior written consent of the Representative, such consent not to be unreasonably withheld.

    4. Compensation to the Representative.  For the services to be
      provided by the Representative pursuant to this Agreement, the Sponsor on behalf of the Trust shall pay the Representative a Representative Fee, in the amounts and at times provided in Schedule B to this Agreement, which may be amended from time to
      time in writing by the Parties.

    5. Expenses.

    
      	
              (a)

            	
              The Representative will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for the Representative to perform its duties under this
                Agreement and administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Representative’s duties under this Agreement.

            

    

    
      	
              (b)

            	
              The Trust shall bear full responsibility for all of its costs and expenses related to its investments and operations as described in the Trust Agreement and the Registration Statement and, to the extent such
                expenses are paid initially by the Representative, shall reimburse the Representative for the same.

            

    

    6. Indemnification.

    
      	
              (a)

            	
              The Representative and the Representative’s members, managers, employees, agents, advisors,  affiliates, and certain other persons (the “Indemnified Parties”) shall not
                be liable to the Trust or the Sponsor for any Losses (defined below) arising out of (i) any trade errors, acts or omissions, or alleged acts or omissions, including, without limitation, any action or omission arising out of, related to or
                in connection with the Trust or any entity in which the Trust has an interest, any transaction or activity relating to the Trust or any entity in which it has an interest, any investment or proposed investment made or held, or to be made or
                held by the Trust, or arising out of this Agreement or any similar matter, in each case, unless such action or inaction has been ultimately determined by a court or governmental body of competent jurisdiction to constitute fraud, bad faith,
                gross negligence, willful default, or a violation of a material provision of this Agreement, including the Standard of Care, or (ii) any trade errors, acts or omission, or alleged acts or omissions of any broker or agent of any Indemnified
                Party, provided that the selection, engagement or retention of such broker or agent was made in accordance with the Standard of Care. Each of the Indemnified Parties may consult with counsel and accountants in respect of the Trust’s affairs
                and be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such counsel or accountants, provided that they shall have been selected with reasonable care.

            

    

    
      	
              (b)

            	
              The Trust shall indemnify and hold harmless each Indemnified Party from and against any loss, cost, damage or expense including, without limitation, any judgment, award, settlement, reasonable attorneys’ fees
                and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding, investigation or claim (“Losses”) suffered or sustained by an Indemnified Party by
                reason of (i) trade errors or any acts or omissions, alleged acts or omissions, including, without limitation, any action or omission or trade errors, arising out of, related to, or in connection with the Trust or any entity in which it has
                an interest, any investment or proposed investment made or held, or to be made or held by the Trust, or this Agreement or any similar matter, provided that such acts or omissions, alleged acts or omissions or trade errors upon which such
                actual or threatened action, proceeding or claim (a “Proceeding”) is based are not ultimately determined by a court or governmental body of competent jurisdiction to constitute fraud, bad faith, gross
                negligence, willful default, or a violation of a material provision of this Agreement, including the Standard of Care, or a material violation of the Trust Agreement by any Indemnified Party, or

            

    

    
      
        

    

    
      	
              

              

            	
              (ii) any trade errors, acts or omissions, or alleged acts or omissions, of any broker or agent of any Indemnified Party, provided that the selection, engagement or retention of such broker or agent was made
                with reasonable care. The Trust shall promptly reimburse any Indemnified Party reasonable attorneys’ fees and other costs and expenses as they are incurred and in advance of the final disposition of any Proceeding in connection with the
                defense of any such Proceeding that arises out of the foregoing whether or not the provisos of (i) or (ii) apply.  In the event that such an advancement and/or expense reimbursement is made by the Trust, the Indemnified Party shall agree
                (or if a party hereto, hereby agrees) to reimburse the Trust for such fees, costs and expenses to the extent that it shall be finally determined by non-appealable order of a court of competent jurisdiction that it was not entitled to
                indemnification under this Section 6(b).  The rights of indemnification provided in this Section 6(b) will be in addition to any rights to which such Indemnified Party may otherwise be entitled by contract or as a matter of law and
                shall extend to its successors and assigns.

            

    

    
      	
              (c)

            	
              The Sponsor shall indemnify and hold harmless the Indemnified Parties against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) by reason of or
                arising out of the Sponsor’s willful misfeasance, bad faith or gross negligence generally in the performance of its duties hereunder or its reckless disregard of its obligations and duties under this Agreement.

            

    

    
      	
              (d)

            	
              Notwithstanding anything to the contrary, Sections 6(a), 6(b) and 6(c) of this Agreement will not be construed so as to provide for the indemnification of an Indemnified Party for any
                liability (including liability under ERISA or U.S. federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), or the advancement to an Indemnified Party of fees and expenses, to the
                extent (but only to the extent) that such indemnification would be in violation of applicable law, but will be construed so as to effectuate the foregoing provisions to the fullest extent permitted by law.

            

    

    7. Other Activities.  The Representative is not required to devote
      its full time to the affairs of the Trust, but must devote such of its time to the business and affairs of the Trust as it may determine, in its discretion exercised in good faith, to be necessary to conduct the affairs of the Trust, as outlined in
      this Agreement, for the benefit of the Trust and the partners of the Trust. Subject to this limitation, the Representative, its partners and principals and their affiliates are not precluded from engaging in or owning an interest in other business
      ventures or investment activities of any kind.

    8. Representations and Warranties of Representative. The
      Representative represents and warrants to the Trust and the Sponsor as follows:

    
      	
              (a)

            	
              The Representative has all licenses and registrations necessary to perform the services contemplated by this Agreement;

            

    

    
      	
              (b)

            	
              The Representative will immediately notify the Trust of the occurrence of any event that would substantially impair the Representative’s ability to fulfill its commitment under this Agreement or disqualify
                the Representative from serving as Representative of the Trust;

            

    

    
      	
              (c)

            	
              The Representative will notify the Trust immediately upon detection of (i) any material failure to manage the Trust in accordance with the Trust’s stated investment objectives and policies or any applicable
                law; or (ii) any material breach of any of the Trust’s guidelines or procedures;

            

    

    
      	
              (d)

            	
              The Representative is fully authorized under all applicable law to enter into this Agreement and to perform the services described under this Agreement;

            

    

    
      	
              (e)

            	
              The Representative is a limited liability company duly organized and validly existing under the laws of the state of Oklahoma with the power to own and possess its assets and carry on its business as it is
                now being conducted; and

            

    

    
      
        

    

    
      	
              (f)

            	
              The Representative agrees to maintain an appropriate level of errors and omissions and professional liability insurance coverage.

            

    

    9. Representations and Warranties of the Trust and the Sponsor.
      The Trust and the Sponsor each represent and warrant to the Representative, on a continuous basis throughout the term of this Agreement that each of the Trust and the Sponsor, as applicable:

    
      	
              (a)

            	
              Will immediately notify the Representative of the occurrence of any event that would substantially impair its ability to fulfill its commitment under this Agreement or the Trust Agreement;

            

    

    
      	
              (b)

            	
              Will notify the Representative immediately upon detection of any material breach of any of the Trust’s or the Sponsor’s policies, guidelines or procedures;

            

    

    
      	
              (c)

            	
              Is fully authorized under all applicable law to enter into this Agreement;

            

    

    
      	
              (d)

            	
              The Trust is a Delaware statutory trust duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being
                conducted;

            

    

    
      	
              (e)

            	
              The Sponsor is a Delaware limited liability company duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is
                now being conducted;

            

    

    
      	
              (f)

            	
              The execution, delivery and performance by the Trust of this Agreement are within the Trust’s powers and have been duly authorized by all necessary action on the part of the Trust and the execution, delivery
                and performance by the Trust of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust Agreement, or (iii) any agreement, judgment, injunction, order, decree or
                other instrument binding upon the Trust;

            

    

    
      	
              (g)

            	
              This Agreement is a valid and binding agreement of the Trust and the Sponsor;

            

    

    
      	
              (h)

            	
              Within ninety (90) days after the Effective Date (as defined below) of this Agreement, the Sponsor agrees to use commercially reasonable efforts to obtain and maintain an appropriate level of errors and
                omissions and professional liability insurance coverage and shall provide the Representative with proof of such insurance coverage;

            

    

    
      	
              (i)

            	
              Reserved.

            

    

    
      	
              (j)

            	
              The Trust or the Sponsor, as applicable, shall promptly advise the Representative in writing of any investigation, examination (other than routine examinations provided, however, that all findings letters
                that identify material issues or compliance infractions shall be promptly disclosed to the Representative), complaint, disciplinary action or other proceeding involving the Trust or the Sponsor or any of its respective affiliates or any
                executive or professional employed by the Sub-Adviser, any Sub-Adviser or any of their respective affiliates relating to or affecting the Trust or the Sponsor’s ability to perform its respective duties, and operate and manage the Trust,
                which is commenced by the U.S. Securities Exchange Commission, or any other federal or state governmental, regulatory or self-regulatory or agency or organization, or any state Attorney General, or any foreign governmental, regulatory or
                self-regulatory agency or organization of any state in the United States or any international regulatory agency;

            

    

    
      	
              (k)

            	
              The Trust represents that it has and shall maintain anti-money laundering policies and procedures in compliance with applicable anti-money laundering legislation and regulations, including the anti-

            

    

    
      
        

    

    
      	
              

              

            	
              money laundering laws and regulations of the U.S. and international laws and regulations, as applicable, as amended from time to time;

            

    

    
      	
              (l)

            	
              The Trust and the Sponsor agree to comply with the requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934 and applicable federal securities laws and the respective rules
                and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of each of the
                Trust and Sponsor’s business (“Laws”);

            

    

    
      	
              (m)

            	
              The Trust is and will be excluded from the definition of “investment company” under the 1940 Act;

            

    

    
      	
              (n)

            	
              The Trust does not intend to accept investments that would cause the assets of the Trust that constitute “plan assets” within the meaning of the Employee Retirement Income Security Act of 1974, as amended,
                without the Trust notifying the Representative in advance that it intends to accept investments that will cause the Trust to exceed the 25% threshold of Plan Assets.

            

    

    10.          Acknowledgement.

    Each of the Sponsor and the Trust certifies and acknowledges to the Representative that it:

    
      	
              (a)

            	
              has fully disclosed to potential investors the fee provisions and other arrangements relating to the Trust’s account with the Representative and is satisfied that the potential investors have received
                sufficient information from the Representative to enable them to evaluate the terms of this Agreement;

            

    

    
      	
              (b)

            	
              fully understands the method of compensation provided herein and its associated risks; and

            

    

    
      	
              (c)

            	
              the Registration Statement, considered as a whole, and the Registration Statement considered on a stand-alone basis — but in each case excluding information provided by the Representative, if any— as provided
                to the Representative do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading
                and are otherwise in compliance with applicable Laws.

            

    

    11. Duration and Termination.

    
      	
              (a)

            	
              Duration.  This Agreement shall become effective when the Trust commences operations (the “Effective Date”) and will continue in full force so long as the Trust exists, unless sooner terminated in
                accordance with Section 11(b) below.

            

    

    
      	
              (b)

            	
              Termination. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time, without payment of any penalty:

            

    

    
      	
              (i)

            	
              By the Trust upon 60 days’ written notice to the Representative;

            

    

    
      	
              (ii)

            	
              By the Representative upon 60 days’ written notice to the Trust; or

            

    

    
      	
              (iii)

            	
              By the Representative or the Trust immediately, if for any reason other than a valid assignment under Section 13, the Sponsor is no longer the Sponsor of the Trust.

            

    

    The termination of this Agreement does not extinguish the obligations of the Trust or Sponsor for the payment of fees and expenses in respect of services rendered by the
      Representative prior to the effective date of such termination.

    
      
        

    

    

    

    

    

    12. Confidentiality.  Subject to the duty of the Trust and the
      Representative to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the Parties hereto shall treat as confidential all non-public information pertaining to the Trust and the actions of the
      Representative and the Trust in respect thereof (“Confidential Information”). It is understood that any information, recommendation or processes supplied or used by the Representative in connection with the
      performance of its obligations hereunder is to be regarded as confidential and for use only by the Sponsor, the Trust, or such persons as the Sponsor or Trust may designate in connection with the Trust.  It is also understood that any information
      supplied to the Representative in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Trust. The Representative shall maintain and enforce adequate security procedures with respect to
      all materials, records, documents and data relating to any of its responsibilities pursuant to this Agreement including all means for the effecting of transactions.  The Parties agree that information shall not be deemed confidential and the party,
      including its affiliates, consultants, service providers, directors, officers and shareholders (the “Receiving Party”) shall have no obligation to hold in confidence such information which (i) is, or
      subsequently becomes, legally and publicly available without breach of the Receiving Party of this Agreement; (ii) is rightfully obtained by the Receiving Party from a source other than the party disclosing the confidential information (the “Disclosing Party”) without any obligation of confidentiality, or is already known or in the possession of the Receiving Party before it is disclosed by the Disclosing Party, and the foregoing can be established by
      proper written evidence; (iii) is developed by or for the Receiving Party without use of the Confidential Information and such independent development can be established by proper written evidence; (iv) becomes available to the Receiving Party solely
      by lawful inspection or analysis of products offered for public sale; or (v) is transmitted by the Disclosing Party after receiving written notification from the Receiving Party that it does not desire to receive any further Confidential
      Information.  If the Receiving Party is obligated to disclose Confidential Information pursuant to a valid order issued by a court, government agency, regulatory or taxing authority of jurisdiction, the Receiving Party may disclose Confidential
      Information pursuant to such order, provided that the Receiving Party provides (a) prior written notice to the Disclosing Party of such obligation and (b) the opportunity to oppose such disclosure.

    13. Assignment.  No assignment of this Agreement by any Party may
      be made without consent of the other Parties, and any such assignment made without such consent shall be null and void for all purposes, except that consent shall not be unreasonably withheld should the Trust seek to admit an affiliate in accordance
      with the provisions of the Trust Agreement; provided, however, that such entity assumes the obligations of the Trust hereunder. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the Parties hereto, their
      successors and assigns.

    14. No Waiver.  No waiver of any provision of this Agreement shall
      be effective unless the same shall be in writing by the Party so waiving, and then such waiver shall be effective only in the specific instance and for the specific purpose for which given.  No failure to exercise and no delay in exercising, on the
      part of the Representative or the Trust, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof.

    15. Governing Law.  This Agreement shall be governed by the laws
      of the State of New York, without regard to conflict of law principles.

    16. Arbitration. Any dispute, claim or controversy arising out of
      or relating to this Agreement or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of this Agreement to arbitrate, will be determined by arbitration.  The location of
      the arbitration will be Walnut Creek, CA.  The arbitration will be administered by the Judicial Arbitration and Mediation Services (JAMS) pursuant to its Comprehensive Arbitration Rules and Procedures. Disputes will not be resolved in any other forum
      or venue.  The parties agree that any arbitration will be conducted by a sole arbitrator who is experienced in dispute resolution regarding the securities industry.  Pre-arbitration discovery will be limited to the greatest extent provided by the
      rules of JAMS, the arbitration award will not include factual findings or conclusions of law, and no punitive damages will be awarded.  Notwithstanding any other rules, no arbitration proceeding brought against the Trust will be consolidated with any
      other arbitration proceeding without the Trust’s consent.  Judgment may be entered upon any award granted in any arbitration in any court of competent jurisdiction in the county and state in which the Trust has its principal office at the time the
      award is rendered, or in any other court having jurisdiction.  The arbitrator will, in the award, allocate all of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party, against
      the party who did not prevail.  NOTICE: By becoming a party to this Agreement, each party is agreeing to have all disputes, claims, or controversies arising out of or relating to this Agreement decided by neutral binding arbitration, and is giving up
      any rights it might possess to have those matters litigated in a court or jury trial.  By becoming a party to this Agreement, each party is giving up its judicial rights to discovery and appeal except to the extent that they are specifically provided
      for under this Agreement.  If any party refuses to submit to arbitration after agreeing to this provision, that party may be compelled to arbitrate under federal or state law.  By becoming a party to this Agreement, each party confirms that its
      agreement to this arbitration provision is voluntary.

    
      
        

    

     

    

    17. Non-Disparagement.  No party will, at any time, whether during
      or after the termination of this Agreement, publish or otherwise transmit any disparaging or defamatory statements, whether written or oral, regarding either party, including each party’s affiliates, employees, products, operations, procedures,
      policies or services.  This Section 17 in no way restricts or prevents a party from providing truthful testimony concerning the parties hereto or as required by court order or other legal process.

    18. Independent Contractor.  For all purposes of this Agreement,
      the Representative is an independent contractor and not an employee or dependent agent of the Sponsor or the Trust. Nothing herein is to be construed as making the Sponsor or the Trust a partner or co-venturer with the Representative or any of its
      affiliates. Except as provided in this Agreement, the Representative has no authority to bind, obligate or represent the Sponsor or the Trust.

    19. Severability.  Should any part of this Agreement be held
      invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.  This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors.

    20. Counterparts.  This Agreement may be executed in one or more
      counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

    21. Notice.  Any notice, advice or report to be given pursuant to
      this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the Party giving notice to the other Party at the last address furnished by the other Party:

    

    

    	
            To the Representative at:

          	
            Exchange Traded Concepts, LLC

            10900 Hefner Pointe Drive

            Suite 401

            Oklahoma City, Oklahoma 73120

            Attention:  J. Garrett Stevens, CEO

              

          
	
            To the Trust at:

          	
            Delaware Trust Company

            251 Little Falls Drive

            Wilmington, DE 19808

            Attention: Corporate Trust Administration

          
	 	 
	
            With a copy to the Sponsor at:

          	
            Wilshire Phoenix Funds LLC

            2 Park Avenue, 20th Floor

            New York, NY 10016

            Attention: William Cai, Partner

          

    

    

    22. Amendment of Agreement.  This Agreement may be amended only by
      written agreement of the Trust, the Sponsor, and the Representative.

    23. Entire Agreement.  This Agreement embodies the entire
      agreement and understanding between the Parties hereto, and supersedes all prior agreements and understandings relating to this Agreement’s subject matter.  This Agreement may be executed in any number of counterparts, each of which shall be deemed
      to be an original, but such counterparts shall, together, constitute only one instrument.

    
      
        

    

     

    

    24. Headings.  The headings in the sections of this Agreement are
      inserted for convenience of reference only and will not constitute a part hereof.

    25. The Sponsor.  It is expressly understood and agreed that:

    
      	
              (a)

            	
              this Agreement is executed and delivered on behalf of the Trust by the Sponsor, not individually or personally, but solely as the Sponsor in the exercise of the powers and authority
                conferred and vested in it;

            

    

    
      	
              (b)

            	
              the representations, covenants, undertakings and agreements made by the Trust in this Agreement are made and intended not as personal representations, undertakings and agreements by the
                Sponsor but are made and intended for the purpose of binding only the Trust;

            

    

    
      	
              (c)

            	
              nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Trust either expressed or implied
                contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

            

    

    
      	
              (d)

            	
              under no circumstances shall the Sponsor be personally liable for the payment of any of the Trust’s indebtedness or expenses or be liable for the breach or failure of any obligation,
                duty, representation, warranty or covenant made or undertaken by the Trust under this Agreement.

            

    

    
      
        

    

    
      	

            	

            

    

    

    

    IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

    

    

    

     

    	TRUST: 

            	REPRESENTATIVE:
	 	 
	WILSHIRE wSHARES ENHANCED GOLD TRUST	
            EXCHANGE TRADED CONCEPTS, LLC

          
	 	 
	
             By:  Wilshire Phoenix Funds LLC, its Sponsor

          	 
	 	 
	
            By:  _______________________________

          	
            By: ________________________________

          
	
            Name: William Herrmann

          	
            Name: J. Garrett Stevens

          
	
            Title: Managing Partner

          	
            Title:  Chief Executive Officer

          

     

    

    

    

    

    

    SPONSOR:

    

    

    WILSHIRE PHOENIX FUNDS LLC

    	 	 
	
             

             

            By:  _______________________________

          	 

    Name: William Herrmann

    Title: Managing Partner

    
      
        

    

    

    

    SCHEDULE A

    J. Garrett Stevens

    Jay Baker

    Andrew Serowik

    Travis Trampe

    Todd Alberico

    Gabriel Tan

    
      
        

    

    

    

    SCHEDULE B

    

    

    [Redacted]

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