Document:

Exhibit 10.5

 

 

 

 

FUND ADMINISTRATION AND ACCOUNTING
AGREEMENT

 

THIS AGREEMENT is
made as of September 1, 2020 by and between Wilshire wShares Enhanced Gold Trust, a Delaware statutory trust (the
“Trust”) and The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY
Mellon”).

 

W I T N E S S E T H :

 

WHEREAS, the Trust
desires to retain BNY Mellon to provide the services described herein, and BNY Mellon is willing to provide such services, all
as more fully set forth below;

 

NOW, THEREFORE, in
consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

 

		1.	Definitions.

 

Whenever used in this
Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

 

“1933 Act”
means the Securities Act of 1933, as amended.

 

“1934 Act”
means the Securities Exchange Act of 1934, as amended.

 

 

“Authorized
Person” shall mean each person, whether or not an officer or an employee of the Trust, duly authorized to execute this
Agreement and to give Instructions on behalf of the Trust as set forth in Exhibit B hereto and each Authorized Person’s scope
of authority may be limited by setting forth such limitation in a written document signed by both parties hereto. From time to
time the Trust may deliver a new Exhibit B to add or delete any person and BNY Mellon shall be entitled to rely on the last Exhibit
B actually received by BNY Mellon.

 

“BNY Mellon
Affiliate” shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.

 

“Confidential
Information” shall have the meaning given in Section 21 of this Agreement.

 

     

     

    

 

“Documents”
shall mean such documents as BNY Mellon may reasonably request from time to time, in connection with its provision of services
under this Agreement.

 

“Instructions”
shall mean Oral Instructions or written communications actually received by BNY Mellon by S.W.I.F.T., tested telex, letter, facsimile
transmission, electronic mail, or other method or system specified by BNY Mellon as available for use in connection with the services
hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

 

“Net Asset
Value” shall mean the value of the Trust, calculated in the manner described in the Trust’s Offering Materials.

 

“Offering
Materials” shall mean the Trust’s currently effective prospectus and most recently filed registration statement
with the SEC relating to shares of the Trust.

 

“Organizational
Documents” shall mean certified copies of the Trust’s certificate of trust, declaration of trust and trust agreement,
material contracts, Offering Materials, all SEC exemptive orders issued to the Trust, required filings or similar documents of
formation or organization, as applicable, delivered to and received by BNY Mellon.

 

“Oral Instructions”
shall mean oral instructions received by BNY Mellon under permissible circumstances specified by BNY Mellon, in its sole discretion,
as being from an Authorized Person or person believed in good faith by BNY Mellon to be an Authorized Person.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Laws” means the 1933 Act and the 1934 Act.

 

“Shares”
means the shares issued by the Trust which represent fractional undivided beneficial interests in and ownership of the Trust.

 

“Sponsor”
means Wilshire Phoenix Funds LLC, the sponsor of the Trust.

 

		2.	Appointment.

 

The Trust hereby appoints
BNY Mellon as its agent for the term of this Agreement to perform the services described herein. BNY Mellon hereby accepts such
appointment and agrees to

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perform the duties hereinafter set forth.

 

		3.	Representations and Warranties.

 

(a)       The
Trust hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, 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 the Trust and constitutes a valid and legally binding obligation
of the Trust, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization and other similar laws relating to or affecting creditors’ rights generally;

 

III.       The
Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires
such qualification.

 

IV.       It
is conducting its business in material compliance with all applicable laws and regulations, both state and federal, has made and
will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents
necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and
no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it
or affecting its property which would prohibit its execution or performance of this Agreement;

 

V.       The
method of valuation of assets of the Trust and the method of computing the Net Asset Value shall be as set forth in the Offering
Materials of the Trust. To the extent the Trust becomes aware that the performance of any services described in Schedule I attached
hereto by BNY Mellon in accordance with the then effective Offering Materials for the Trust would violate any applicable laws or
regulations, the Trust shall promptly notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate
values of the assets of the Trust, Net Asset Value or other

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computation, as the case may be, or, instruct
BNY Mellon in writing to value the assets of the Trust and/or compute Net Asset Value or other computations in a manner the Trust
specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation
by the Trust that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject
to confirmation by BNY Mellon as to its capacity to act in accordance with the foregoing;

 

VI.       Each
person named on Exhibit B hereto is duly authorized by the Trust to be an Authorized Person hereunder;

 

VII.       It
has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will disseminate to all market
participants, other than Authorized Participants (as defined in its Offering Materials), each calculation of Net Asset Value provided
by BNY hereunder to Authorized Participants at the time BNY Mellon provides such calculation to Authorized Participants; and

 

(b)       Without
limiting the provisions of Section 21 herein, the Trust shall treat as confidential the terms and conditions of this Agreement
and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners,
internal and external accountants, auditors, and counsel, (ii) for a summary description of this Agreement in the Offering Materials
with the prior written approval of BNY Mellon, (iii) to any other person when required by a court order or legal process, or (iv)
whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Trust shall instruct its employees,
regulators, examiners, internal and external accountants, auditors, and counsel who may be afforded access to such information
of the Trust’s obligations of confidentiality hereunder; and

 

(c)       The
Trust will promptly notify BNY Mellon in writing of any and all legal proceedings or securities investigations filed or commenced
against the Trust.

 

(d)       BNY
Mellon hereby represents and warrants, which representations and warranties shall be deemed to be continuing, 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 BNY Mellon and constitutes a valid and legally binding obligation
of BNY Mellon, enforceable

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in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting
creditors’ rights generally;

 

III.       It
is conducting its business in material compliance with all applicable laws and requirements, both state and federal, and has obtained
all regulatory licenses, approvals and consents necessary to provide the services hereunder and there is no statute, regulation,
rule, order, or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit
agreement, or other contract binding on it or affecting its property which would prohibit its execution or performance of this
Agreement; and

 

IV.       
It has in place and shall maintain physical, electronic and procedural safeguards reasonably designed to protect the availability,
security, confidentiality and integrity of, and to prevent unauthorized access to or use of, confidential information of the Trust.

 

		4.	Delivery of Documents.

 

The Trust shall promptly provide, deliver,
or cause to be delivered from time to time, to BNY Mellon the Trust’s Organizational Documents, a copy of any and all SEC
exemptive orders issued to the Trust, and Documents and other materials used in the distribution of the Shares and all amendments
thereto as may be necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not be deemed to have notice of any
information (other than information supplied by BNY Mellon) contained in such Organizational Documents, Documents or other materials
until they are actually received by BNY Mellon.

 

		5.	Duties and Obligations of BNY Mellon.

 

(a)       Subject
to the direction and control of the Trust and the provisions of this Agreement, BNY Mellon shall provide to the Trust the administrative
services and the valuation and computation services listed on Schedule I attached hereto, as it may be amended by the parties from
time to time.

 

(b)       In
performing hereunder, BNY Mellon shall provide, at its expense, office space, facilities, equipment and personnel.

 

(c)       BNY
Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Trust, distribution
of the Shares of the Trust,

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maintenance of the Trust’s financial
records or other services normally performed by the Trust’s counsel or independent auditors and the services provided by
BNY Mellon do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for
or on behalf of the Trust or any other person, and the Trust acknowledges that BNY Mellon does not provide public accounting or
auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those
specifically agreed to hereunder. The scope of services provided by BNY Mellon under this Agreement shall not be increased as a
result of new or revised regulatory or other requirements that may become applicable with respect to the Trust, unless the parties
hereto expressly agree in writing to any such increase in the scope of services.

 

(d)       The
Trust shall cause its officers, advisors, the Sponsor, distributor, independent accountants, current administrator (if any), transfer
agent, and any other service provider to cooperate with BNY Mellon and to provide BNY Mellon, upon request, with such information,
documents and advice relating to the Trust as is within the possession or knowledge of such persons, and which in the opinion of
BNY Mellon, is necessary in order to enable BNY Mellon to perform its duties hereunder. In connection with its duties hereunder,
BNY Mellon shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to the
accuracy, validity or propriety of any information, documents or advice provided to BNY Mellon by any of the aforementioned persons.
BNY Mellon shall not be liable for any loss, damage or expense resulting from or arising out of the failure of the Trust to cause
any information, documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless by the Trust when
acting in reliance upon such information, documents or advice relating to the Trust. All fees or costs charged by such persons
shall be borne by the Trust. In the event that any services performed by BNY Mellon hereunder rely, in whole or in part, upon information
obtained from a third party service utilized or subscribed to by BNY Mellon which BNY Mellon in its reasonable judgment deems reliable,
BNY Mellon shall not have any responsibility or liability for, under any duty to inquire into, or deemed to make any assurances
with respect to, the accuracy or completeness of such information.

 

(e)       Nothing
in this Agreement shall limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee thereof from acting for
or with any third parties, and providing services similar or identical to same or all of the services provided hereunder.

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(f)       The
Trust shall furnish BNY Mellon with any and all instructions, explanations, information, specifications and documentation deemed
necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula
for calculating the amounts and times of accrual of Trust liabilities and expenses, and the value of any securities lending related
collateral investment account(s). BNY Mellon shall not be required to include as Trust liabilities and expenses, nor as a reduction
of Net Asset Value, any accrual for any federal, state, or foreign income taxes unless the Trust shall have specified to BNY Mellon
in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce Net Asset Value. The
Trust shall also furnish BNY Mellon with bid, offer, or market values of securities if BNY Mellon notifies the Trust that same
are not available to BNY Mellon from a security pricing or similar service utilized, or subscribed to, by BNY Mellon which the
Trust directs BNY Mellon to utilize, and which BNY Mellon in its judgment deems reliable at the time such information is required
for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY Mellon with bid, offer, or market
values of securities and instruct BNY Mellon in Instructions to use such information in its calculations hereunder. BNY Mellon
shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing
or similar service. In no event shall BNY Mellon be required to determine, or have any obligations with respect to, whether a market
price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation,
those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the
Trust.

 

(g)       BNY
Mellon may apply to an Authorized Person of the Trust for Instructions with respect to any matter arising in connection with BNY
Mellon’s performance hereunder for the Trust, and BNY Mellon shall not be liable for any action taken or omitted to be taken
by it in good faith without gross negligence or willful misconduct in accordance with such Instructions. Such application for Instructions
may, at the option of BNY Mellon, set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with
respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY Mellon
shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application
on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY Mellon has received Instructions
from an

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Authorized Person in response to such
application specifying the action to be taken or omitted.

 

(h)       BNY
Mellon may consult with counsel to the Trust or its own external counsel, at the Trust’s expense, with respect to any matter
arising in connection with the services to be performed by BNY Mellon under this Agreement and shall be fully protected with respect
to anything done or omitted by it in good faith in accordance with the written advice or opinion of such counsel.

 

(i)       Notwithstanding
any other provision contained in this Agreement or Schedule I attached hereto, BNY Mellon shall have no duty or obligation with
respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Trust of: (i) the taxable
nature of any distribution or amount received or deemed received by, or payable to, the Trust, (ii) the taxable nature or effect
on the Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the
taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by the Trust to its shareholders;
or (iv) the effect under any federal, state, or foreign income tax laws of the Trust making or not making any distribution or dividend
payment, or any election with respect thereto. Further, BNY Mellon is not responsible for the identification of securities requiring
U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY Mellon is solely responsible
for processing such securities, as identified by the Trust or its Authorized Persons, in accordance with U.S. tax laws and regulations.

 

(j)       BNY
Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth
in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY Mellon in connection
with this Agreement.

 

(k)       BNY
Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy
and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it
by the Trust and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations,
information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts
or formula for calculating the amounts and times of accrual of Trust’s liabilities and expenses; the amounts receivable and
the

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amounts payable on the sale or purchase
of securities; and amounts receivable or amounts payable for the sale or redemption of the Shares effected by or on behalf of the
Trust. In the event BNY Mellon’s computations hereunder rely, in whole or in part, upon information, including, without limitation,
bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar
service utilized, or subscribed to, by BNY Mellon which the Trust directs BNY Mellon to utilize, and which BNY Mellon in its judgment
deems reliable, BNY Mellon shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with
respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY Mellon shall
not be required to inquire into any valuation of securities or other assets by the Trust or any third party described in this sub-section
(k) even though BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive
different valuations of the same or different securities of the same issuers.

 

(l)       BNY
Mellon, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether
any interest accruable to the Trust is or will be actually paid, but will accrue such interest until otherwise instructed by the
Trust.

 

(m)       BNY
Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption
or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance
of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY Mellon, mechanical
breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities, action
or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance
by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions
of the internet, firewalls, encryption systems or security devices caused by any of the above. Upon the occurrence of any such
delay or failure the Bank shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances.
Nor shall BNY Mellon be responsible for delays or failures to supply the information or services specified in this Agreement where
such delays or failures are caused by the failure of any person(s) other than BNY Mellon to supply any instructions, explanations,

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information, specifications or documentation
deemed necessary by BNY Mellon in the performance of its duties under this Agreement.

 

(n)       BNY
Mellon will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure
recovery of systems and applications used to provide the Services. Such plans shall cover the facilities, systems, applications
and employees that are critical to the provision of the Services, and will be tested at least annually to validate that the recovery
strategies, requirements and protocols are viable and sustainable.

 

		6.	Allocation of Expenses.

 

Except as otherwise
provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid
by the Trust, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest,
brokerage fees and commissions, insurance premiums, compensation and expenses of the Trust’s trustees, directors, officers
or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing
fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance,
redemption or repurchase of the Shares, fees and expenses incident to the registration or qualification under the Securities Laws,
state or other applicable securities laws of the Trust or its shares or membership interests, as applicable, costs (including printing
and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to the Trust’s shareholders
or members, as applicable, all expenses incidental to holding meetings of the Trust’s trustees, directors and shareholders,
and extraordinary expenses as may arise, including litigation affecting the Trust and legal obligations relating thereto for which
the Trust may have to indemnify its trustees, directors, officers, managers, and/or members, as may be applicable.

 

		7.	Reserved.

 

		8.	Regulatory Administration Services.

 

(a)       If
Schedule I contains a requirement for BNY Mellon to provide the Trust with compliance support services and/or Regulatory Administration
services, such services shall

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be provided pursuant to the terms of this
Section 8 (such services, collectively hereinafter referred to as the “Regulatory Support Services”).

 

(b)       Notwithstanding
anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY Mellon under this Agreement are administrative
in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for
or on behalf of the Trust or any other person.

 

(c)       All
work product produced by BNY Mellon in connection with its provision of Regulatory Support Services under this Agreement is subject
to review and approval by the Trust and by the Sponsor’s legal counsel. The Regulatory Support Services performed by BNY
Mellon under this Agreement will be at the request and direction of the Trust and/or its officers or other Authorized Persons,
as applicable. BNY Mellon disclaims liability to the Trust, and the Trust is solely responsible, for the selection, qualifications
and performance of the Trust’s officers or other Authorized Persons and the adequacy and effectiveness of the Trust’s
compliance program.

 

		9.	Standard of Care; Indemnification.

 

(a)       In
performing all of its duties and obligations hereunder, BNY Mellon shall exercise the standard of care and diligence that a professional
service provider would observe in the provision of the services rendered pursuant to this Agreement. Except as otherwise provided
herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any and all costs, expenses, losses, charges, damages,
liabilities or claims, including reasonable and documented attorneys’ and accountants’ fees and expenses (collectively,
“Losses”), incurred by or asserted against the Trust, except those Losses arising out of BNY Mellon’s own gross
negligence, bad faith or willful misconduct. In no event shall the Trust, BNY Mellon or any BNY Mellon Affiliate be liable for
any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement,
even if previously informed of the possibility of such damages and regardless of the form of action. BNY Mellon and any BNY Mellon
Affiliate shall not be liable for any Losses, resulting from, arising out of, or in connection with its performance hereunder,
including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the
Trust, unless such Losses arise out of the

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bad faith, gross negligence or willful
misconduct of BNY Mellon, nor shall BNY Mellon be liable for any Losses for delays caused by circumstances beyond the reasonable
control of BNY Mellon or any agent of BNY Mellon and which adversely affect the performance by BNY Mellon of its obligations and
duties hereunder or by any other agent of BNY Mellon, including without limitation strikes, work stoppages, acts of war or terrorism,
insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services. Upon the occurrence of any such delay or failure the Bank shall use
commercially reasonable efforts to resume performance as soon as practicable under the circumstances.

 

(b)       The
Trust agrees to indemnify BNY Mellon and any BNYM Affiliate (the “Indemnitees”) and agrees to hold the Indemnitees
harmless from and against any and all Losses sustained or incurred by or asserted against an Indemnitee by reason of or as a result
of any action taken or omitted to be taken by any Indemnitee or otherwise or in reliance upon (i) any law, act, regulation or interpretation
of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust’s Offering
Materials or Documents (excluding information provided by BNY Mellon), (iii) any Instructions, or (iv) any written opinion of legal
counsel for the Trust or BNY Mellon, or arising out of transactions or other activities of the Trust which occurred prior to the
commencement of this Agreement; provided however, that the Trust shall not indemnify any Indemnitee for any Losses arising out
of such Indemnitee’s own bad faith, gross negligence or willful misconduct in the performance of this Agreement. This indemnity
shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Without
limiting the generality of the foregoing, the Trust shall indemnify the Indemnitees against and save the Indemnitees harmless from
any loss, damage or expense, including reasonable and documented counsel fees and other costs and expenses of a defense against
any claim or liability, arising from any one or more of the following:

 

I.       Errors
in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied
to BNY Mellon by or on behalf of the Trust;

 

II.       Action
or inaction taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate pursuant to Instructions of the Trust or otherwise
without gross

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negligence, bad faith or willful misconduct;

 

III.       Any
action taken or omitted to be taken by BNY Mellon in good faith in accordance with the advice or opinion of counsel for the Trust
or its own counsel, provided that such written advice or opinion of counsel is obtained in accordance with Section 5(h);

 

IV.       Any
improper use by the Trust or its agents, distributor or Sponsor of any valuations or computations supplied by BNY Mellon pursuant
to this Agreement;

 

V.       The
method of valuation of the securities and the method of computing the Net Asset Value of the Trust and the Shares; or

 

VI.       Any
valuations of securities, other assets, or the Net Asset Value provided by the Trust.

 

(c)       Actions
taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate,
power of attorney, assignment, affidavit or other instrument believed by BNY Mellon in good faith to be from an Authorized Person,
or upon the opinion of legal counsel for the Trust or its own counsel, shall be conclusively presumed to have been taken or omitted
in good faith.

 

		10.	Compensation.

 

For the services provided
hereunder, the Trust agrees to pay BNY Mellon such compensation as is mutually agreed to in writing by the Trust and BNY Mellon
from time to time and such reasonable and documented out-of-pocket expenses (e.g., telecommunication charges, postage and
delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and
lodging costs) as are incurred by BNY Mellon in performing its duties hereunder; provided however that the prior written consent
of the Trust shall be required prior to the incurrence of any individual expenses greater than $500. Except as hereinafter set
forth, compensation shall be calculated and accrued daily and paid monthly. The Trust authorizes BNY Mellon to debit the Trust’s
custody account for all amounts due and payable hereunder. BNY Mellon shall deliver to the Trust invoices for all services rendered.
Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according
to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination
of this Agreement. For the

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purpose of determining compensation payable
to BNY Mellon, the Trust’s Net Asset Value shall be computed at the times and in the manner specified in the Trust’s
Offering Materials. The Trust agrees to pay the fees and reimbursable expenses set forth in this Section 10 within thirty (30)
days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate.

 

		11.	Records; Visits.

 

(a)       The
books and records pertaining to the Trust which are in the possession or under the control of BNY Mellon shall be the property
of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY Mellon’s
normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be promptly provided
by BNY Mellon to the Trust or to an Authorized Person, at the Trust’s expense. Upon termination of this Agreement, the parties
agree to cooperate in the provision of documents and performance of other actions necessary or desirable in order to facilitate
the succession of a new service provider. BNY Mellon will promptly deliver to the Trust or to any designated third party the Trust’s
books and records created and maintained by BNY Mellon as well as any books and records of the Trust maintained but not created
by BNY Mellon together with a certification that all such books and records created and maintained by BNY Mellon are accurate and
complete. Further, BNY Mellon agrees that if this Agreement terminates or expires at the end of a calendar quarter, BNY Mellon
will prepare, review and file the Form 10-K or 10-Q, as applicable, in accordance with and subject to the terms and conditions
of this Agreement.

 

(b)       BNY
Mellon shall keep all (i) books and records with respect to the Trust’s books of account, (ii) records of the Trust’s
transactions in securities and other assets, and (iii) other books and records as required pursuant to Section 31 of the Investment
Company Act of 1940, as amended, and rules thereunder, as if the Trust were subject to such requirements, and will maintain those
books and records of the Trust according to such requirements.

 

		12.	Term of Agreement.

 

(a)       This
Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until
11:59 PM on the date which is the third

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anniversary of such date (the “Initial Term”) and
shall automatically renew in accordance with Section 12(b) below unless otherwise terminated in accordance with this Agreement.

 

(b)       This
Agreement shall automatically renew for successive terms of one (1) year each (each, a “Renewal Term”), unless the
Trust or BNY Mellon gives written notice to the other party of its intent not to renew and such notice is received by the other
party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a “Non-Renewal
Notice”). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM (Eastern Time Zone)
on the last day of the Initial Term or Renewal Term, as applicable.

 

(c)       If
a party materially breaches this Agreement (a “Defaulting Party”) the other party (the “Non-Defaulting Party”)
may give written notice thereof to the Defaulting Party (“Breach Notice”), and if such material breach shall not have
been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement
by giving written notice of termination to the Defaulting Party (“Breach Termination Notice”), in which case this Agreement
shall terminate as of 11:59 PM (Eastern Time Zone) on the thirtieth (30th) day following the date the Breach Termination
Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the
Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute
a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting
Party.

 

(d)       Notwithstanding
any other provision of this Agreement, either party may in its sole discretion terminate this Agreement immediately by sending
notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding
under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party
commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official
for such party or any substantial part of its property or there is commenced against such party any such case or proceeding; (iii)
a party makes a general assignment for the benefit of creditors; or (iv) a party admits in any recorded medium, written, electronic
or otherwise, its inability to pay its debts as they come due. A termination right may be exercised under this Section 11(d) at
any

    -15- 

     

    

 

time after the occurrence of any of the foregoing events notwithstanding
that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed
as a waiver or other extinguishment of that right. Any exercise by a party of its termination right under this Section 11(d) shall
be without any prejudice to any other remedies or rights available to such party and shall not be subject to any fee or penalty,
whether monetary or equitable. Notwithstanding the provisions of Section 18, notice of termination under this Section 11(d) shall
be considered given and effective when given, not when received.

 

		13.	Amendment.

 

This Agreement may not be amended,
changed or modified in any manner except by a written agreement executed by BNY Mellon and the Trust.

 

		14.	Assignment; Subcontracting. 

 

(a)       This
Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable or delegable by either party without the written consent of the other party.

 

(b)       Notwithstanding
the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon Affiliate or transfer this Agreement in connection
with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives the Trust thirty
(30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of
services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement
in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to any BNY Mellon Affiliate with
respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement
but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of any of its liabilities hereunder;
(iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the performance
of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting,
hiring, engaging or outsourcing shall (A) require the prior written consent of the Trust, (B) limit BNY Mellon’s liability
such that BNY Mellon shall only be liable for failure to reasonably select

    -16- 

     

    

 

 

such unaffiliated third party,
and BNY Mellon shall have no liability for any acts or omissions to act of such unaffiliated third party, and (C) such unaffiliated
third party must agree to be liable to the Trust for any loss or expense arising out of, or in connection with, their gross negligence,
bad faith or willful misconduct; and (iv) BNY Mellon, in the course of providing certain additional services requested by the Trust,
including but not limited to, Typesetting services (“Vendor Eligible Services”) as further described in Schedule I,
may in its sole discretion, enter into an agreement or agreements with a financial printer, or electronic services provider (“Vendor”)
to provide BNY Mellon with the ability to generate certain reports or provide certain functionality. BNY Mellon shall not be obligated
to perform any of the Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such
services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY
Mellon will disclose the identity of the Vendor and the status of the contractual relationship, and the Trust is free to attempt
to contract directly with the Vendor for the provision of the Vendor Eligible Services.

 

(c)       As
compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the Trust will pay to BNY Mellon
such fees as may be agreed to in writing by the Trust and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor’s
fees. For the avoidance of doubt, BNY Mellon anticipates that the fees it charges hereunder will be more than the fees charged
to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY
Mellon pays to the Vendor as compensation for the additional services provided by BNY Mellon in the course of making the Vendor
Eligible Services available to the Trust.

 

		15.	Governing Law; Consent to Jurisdiction.

 

This Agreement
shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof.
The Trust hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with
any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that
in any jurisdiction the Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution,
attachment (before or after judgment) or other legal process, the Trust irrevocably agrees not to claim, and it hereby waives,
such immunity.

    -17- 

     

    

 

 

		16.	Severability.

 

In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any
provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.

 

		17.	No Waiver.

 

Each and every
right granted to either party hereunder or under any other document delivered hereunder or in connection herewith, or allowed it
by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise,
and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by such party of
any right preclude any other or future exercise thereof or the exercise of any other right.

 

		18.	Notices.

 

All notices, requests,
consents and other communications pursuant to this Agreement in writing shall be sent as follows:

 

if to the Trust, at

 

Wilshire wShares Enhanced
Gold Trust

c/o Wilshire Phoenix Funds
LLC

2 Park Avenue, 20th Floor

New York, New York 10016

Attention: Will Cai

Email: will@wilshirephoenix.com

 

if to BNY Mellon, at

 

The
Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Attention: ETF Operations

 

with a copy to:

 

The Bank of New York Mellon

240 Greenwich Street

    -18- 

     

    

 

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

 

or at such other place as may from time
to time be designated in writing. Notices hereunder shall be effective upon receipt.

 

		19.	Counterparts.

 

This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original; but such counterparts together shall constitute only one
instrument.

 

		20.	Reserved.

 

		21.	Confidentiality.

 

(a)       Each
party shall keep confidential any information relating to the other party’s business (including, without limitation, the
business of the Sponsor) (“Confidential Information”). Confidential Information shall include this Agreement and (a)
any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited
to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer
lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities
of the Trust or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific or technical information,
design, process, procedure, formula, index methodology, or improvement that is commercially valuable and secret in the sense that
its confidentiality affords the Trust or BNY Mellon a competitive advantage over its competitors; (c) all confidential or proprietary
concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions,
know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding
the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if
it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through
no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party’s
knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction;
(e) is requested or required to be disclosed by the receiving party

    -19- 

     

    

 

pursuant to a court order, subpoena, governmental or regulatory
agency request or law or regulation, provided, however, the party making such required disclosure shall first notify the other
party (to the extent permissible) and shall, if practicable, afford the other party a reasonable opportunity to seek confidential
treatment if it wishes to do so; (f) is relevant to the defense of any claim or cause of action asserted against the receiving
party; (g) is Trust information provided by BNY Mellon in connection with an independent third party compliance or other review;
(h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed
or obtained by the receiving party. The provisions of this Section 20 shall survive termination of this Agreement for a period
of one (1) year after such termination.

(b)       The
Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates
and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions
including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage,
compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more
affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust
consents to the disclosure of and authorizes BNY Mellon to disclose information regarding the Trust (“Customer-Related Data”)
to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to
such information and (ii) BNY Mellon may store the names and business contact information of the Trust’s employees and representatives
on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related
Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the
contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated
data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to
consent to the foregoing.

 

		22.	Non-Solicitation.

    -20- 

     

    

 

During the term of this Agreement and for
one (1) year thereafter, the Trust shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit
or recruit for employment or hire any of BNY Mellon’s employees, and the Trust shall cause the Trust’s sponsor and
any affiliates of the Trust to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit
for employment or hire any of BNY Mellon’s employees. To “knowingly” solicit, recruit or hire within the meaning
of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY Mellon employee
by the Trust, the Trust’s sponsor or an affiliate of the Trust if the BNY Mellon employee was identified by such entity solely
as a result of the BNY Mellon employee’s response to a general advertisement by such entity in a publication of trade or
industry interest or other similar general solicitation by such entity.

 

		23.	Liability of Sponsor. It is expressly understood and agreed by the parties 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 herein made by the Trust 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 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 you under
this Agreement or any other related document.

[Signature page follows.]

 

    -21- 

     

    

IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the latest date
set forth below.

 

	 	WILSHIRE wSHARES ENHANCED GOLD TRUST
	 	 
	 	By: Wilshire Phoenix Funds LLC, not in its individual
    capacity but solely as Sponsor
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	Date: 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	Date: 	 	 

 

 

    -22- 

     

    

 

EXHIBIT A

 p

I,              
[Name] ,                         of
[Trust Name]             , a [State] [corporation/trust] (the “Trust”),
do hereby certify that:

The following individuals serve
in the following positions with the Trust, and each has been duly elected or appointed to each such position and qualified therefor
in conformity with the Trust’s Organizational Documents, and the signatures set forth opposite their respective names are
their true and correct signatures. Each such person is designated as an Authorized Person under the Trust Administration and Accounting
Agreement, dated as of ___________________, 2020, between the Trust and The Bank of New York Mellon.

	Name	 	Position	 	Signature	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

     

     

    

SCHEDULE I

 

Schedule of Services

 

 

 

All services provided in this Schedule of Services are subject
to the review and approval of the Trust and accountants of the Trust, as may be applicable. The services included on this Schedule
of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”.

 

VALUATION AND COMPUTATION ACCOUNTING
SERVICES

 

BNY Mellon shall provide the following
valuation and computation accounting services for the Trust:

 

		§	Journalize investment, capital share and income and expense activities;

 

		§	Maintain individual ledgers for investment securities and other assets;

 

		§	Maintain historical tax lots for each security;

 

		§	Reconcile cash and investment balances of the Trust with the Trust’s custodian and provide
the Sponsor, as applicable, with the beginning cash balance available for investment purposes upon request;

 

		§	Calculate various contractual expenses;

 

		§	Calculate capital gains and losses;

 

		§	Calculate daily distribution rate per share;

 

		§	Determine net income;

 

		§	Obtain market quotes and currency exchange rates from pricing services approved by the Sponsor,
or if such quotes are unavailable, then obtain such prices from the Sponsor, and in either case, calculate the market value of
the Trust’s investments in accordance with the Trust's valuation policies or guidelines; provided, however, that BNY Mellon
shall not under any circumstances be under a duty to independently price or value any of the Trust's investments itself or to confirm
or validate any information or valuation provided by the Sponsor or any other pricing source, nor shall BNY Mellon have any liability
relating to inaccuracies or otherwise with respect to such information or valuations;

 

		§	Compute Net Asset Value in accordance with the Trust’s Offering Materials and valuation policy
and procedures;

 

•         Such Net Asset Value
reports and statements shall be provided to the Trust and to Authorized Participants on days when the exchange listing the Trust
is operating, in each case by such means as BNY Mellon and the Trust may agree upon from time to time.

 

		§	Transmit or make available a copy of the daily portfolio valuation to the Sponsor;

 

		§	Publish basket to NSCC on for each day on which trading occurs on the NYSE, if needed;

 

		§	Compute yields and portfolio average dollar-weighted maturity as applicable; and

 

		§	Compute portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

 

FINANCIAL REPORTING

 

BNY Mellon shall provide the following
financial reporting services for the Trust:

 

Prepare, circulate and maintain
the Trust’s financial reporting production calendar.

 

     

     

    

 

 

 

Prepare, Review and File Quarterly
Reports on Form 10-Q and Annual Reports on Form 10-K in accordance with U.S. GAAP and with deference to Sponsor preferences in
a timely fashion

 

		§	Statements of Financial Condition

 

		§	Schedules of Investments

 

		§	Statements of Operations

 

		§	Statements of Changes in Shareholders’ Equity

 

		§	Statements of Cash Flows

 

		§	Notes to Financial Statements

 

		§	Trust Combined Statements

 

Review/Prepare other financial
data included in the 10-Qs and 10-Ks.

 

Prepare Quarterly Reports on Form
10-Q for the Trust for each of the first three fiscal quarters of the Trust, and Annual Report on Form 10-K for the Trust’s
fiscal year, or as requested by the sponsor. The preparation of each Form 10-Q and 10-K includes facilitating delivery of the filing
to the printer, coordination of all printer and author edits, the review of printer drafts.

 

Upon review and approval of each form
10-K and 10-Q by the Sponsor’s Principal Financial Officer (or such person performing such functions), the Administrator
shall coordinate the edgarization and filing, or cause to be edgarized and filed, such reports with the SEC, including any applicable
executive officer certifications or other exhibits to such reports. The Administrator shall also coordinate with the printer a
file that can be uploaded to the Sponsor’s Website.

 

TRUST ADMINISTRATION SERVICES

 

BNY Mellon shall provide the following
Trust administration services for the Trust:

 

		§	Establish appropriate expense accruals and compute expense ratios, maintain expense files and coordinate
the payment of Trust approved invoices;

 

		§	Calculate Trust approved income and per share amounts required for periodic distributions to be
made by the Trust;

 

		§	Calculate total return information;

 

		§	Coordinate the Trust’s annual audit (including the services listed above under the heading
“Financial Reporting”);

 

		§	and

 

		§	If the chief executive officer or chief financial officer of the Trust is required to provide a
certification as part of the Trust’s Forms 10-Q or 10-K filings pursuant to regulations promulgated by the SEC under Section
302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters set forth in the aforementioned
certification. Such sub-certification is to be in such form and relating to such matters as agreed to by BNY Mellon in advance.
BNY Mellon shall be required to provide the sub-certification only during the term of the Agreement and only if it receives such
cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification
is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

     

     

    

 

 

 

 

IRS CIRCULAR 230 DISCLOSURE:

 

To
ensure compliance with requirements imposed by the Internal Revenue Service, BNY Mellon informs the Trust that any U.S. tax
advice contained in any communication from BNY Mellon to the Trust (including any future communications) is not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.Exhibit 10.6 

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

    	2 

    	 

    

 

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 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;

    	3 

    	 

    

 

(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

		(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.

    	4 

    	 

    

 

(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 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

    	5 

    	 

    

 

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 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.

    	6 

    	 

    

 

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, 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

    	7 

    	 

    

 

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.

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.

    	8 

    	 

    

 

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 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.

    	9 

    	 

    

 

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
	 	 	William Herrmann, Managing Partner

 

    	10 

     

    

 

 Exhibit A

 

[REDACTED]

 

     A-1

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