Document:

Exhibit 10.6.1

FIRST AMENDMENT TO

MARKETING AGENT AGREEMENT

 

This first amendment (the “Amendment”)
to the Marketing Agent Agreement (the “Agreement”) dated as of March 18, 2020 by and among United States Gold and Treasury
Investment Trust, a Delaware statutory trust (the “Trust”), which is sponsored by Wilshire Phoenix Funds LLC (the “Sponsor”),
and Foreside Fund services, LLC (“Foreside”) is entered into as of August 24, 2020 (the “Effective Date”).

WHEREAS, Trust and Foreside (the
“Parties”) desire to amend the Agreement to reflect a change of name for the Trust; and

WHEREAS, Section 13 of the Agreement
requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

		1.	Capitalized terms not otherwise defined herein shall have the meanings set forth in Agreement.

		2.	All references in the Agreement to the Trust being named United States Gold and Treasury Investment Trust are hereby deleted
and replaced by the new Trust name of: Wilshire wShares Enhanced Gold Trust.

		3.	Except as expressly amended hereby, all of the provisions of the Agreement
shall remain unamended and in full force and effect to the same extent as if fully set forth herein.

		4.	This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted under and in accordance
with, the laws of the State of New York.

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers,
as of the Effective Date.

	
        WILSHIRE wSHARES ENHANCED

        GOLD TRUST
	 	FORESIDE FUND SERVICES, LLC
	 	 	 
	By:	
        /s/ William Cai
	 	By:	
        /s/ Mark Fairbanks

	 	William Cai, Partner	 	 	Mark Fairbanks, Vice PresidentExhibit 10.7

 

 

TRANSFER
AGENCY AND SERVICE AGREEMENT

 

THIS AGREEMENT is made
as of the 1st day of September, 2020, by and between WILSHIRE wSHARES ENHANCED GOLD TRUST (the “Trust”) and THE BANK
OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal office and place of business
at 240 Greenwich Street, New York, New York 10286 (the “Bank”).

 

WHEREAS, the Trust will
ordinarily issue for purchase and redeem shares of the Trust (the “Shares”) only in aggregations of Shares known as
“Creation Units” (currently ___,000 shares) (each a “Creation Unit”) principally in cash;

 

WHEREAS, The Depository
Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee
(Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and

 

WHEREAS, the Trust desires
to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and
the Bank desires to accept such appointment;

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the parties hereto agree as follows:

 

		1.	Terms of Appointment; Duties of the Bank

 

1.1       Subject
to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to act as, and the Bank
agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust’s dividend disbursing agent.

 

1.2       Pursuant
to such appointment, the Bank agrees that it will perform the following services:

 

(a)       In
accordance with the terms and conditions of this Agreement and Form of Authorized Participant Agreement, a copy of which is attached
hereto as Exhibit A, the Bank shall:

 

(i)       Perform
and facilitate the performance of purchases and redemption of Creation Units;

 

(ii)       Prepare
and transmit by means of DTC’s book-entry system payments for dividends and distributions on or with respect to the Shares
declared by the Trust on behalf of the applicable Trust;

 

(iii)       Maintain
the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;

 

(iv)       Record
the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding, and,
based upon data provided to it by the Trust, the total number of authorized Shares. The Bank shall have no obligation, when recording
the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale
of such Shares, which functions shall be the sole responsibility of the Trust;

    	 

     

    

 

 

(v)       Prepare
and transmit to the Trust and the Trust’s administrator and to any applicable securities exchange (as specified to the Bank
by the Trust or its administrator) information with respect to purchases and redemptions of Shares;

 

(vi)       On
days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Trust’s marketing agent
(“Marketing Agent”) and the Trust’s administrator the number of outstanding Shares;

 

(vii)       On
days that the Trust may accept orders for purchases or redemptions (pursuant to the Participant Agreement), transmit to the Bank,
the Trust and DTC the amount of Shares purchased on such day;

 

(viii)       Confirm
to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

 

(ix)       Prepare
and deliver other reports, information and documents to DTC as DTC may reasonably request;

 

(x)       Extend
the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance
with policies and procedures of DTC for book-entry only securities;

 

(xi)       Distribute
or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units and dividends and distributions;

 

(xii)       Maintain
those books and records of the Trust specified by the Trust in Schedule A attached hereto;

 

(xiii)       Prepare
a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily
basis the net number of Shares either redeemed or purchased on such Business Day (for purposes of this Agreement, the term “Business
Day” shall mean any day other than a Saturday or a Sunday on which the New York Stock Exchange is scheduled to be open for
business) and, with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

 

(xiv)       Receive
from the Marketing Agent or from its agent purchase orders from Authorized Participants (as defined in the Authorized Participant
Agreement) for Creation Units received in good form and accepted by or on behalf of the Trust by the Marketing Agent, transmit
appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders issue
the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for the Trust;

 

(xv)       Receive
from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The Bank of New York Mellon
as custodian for the Trust, the Marketing Agent and/or other entities designated by the Trust, generate and transmit or cause to
be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the
same; transmit appropriate trade instructions to the National Securities Clearing Corporation, if

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applicable, and redeem the appropriate
number of Shares held in the account of the Shareholder; and

 

(xvi)       Confirm
the name, U.S taxpayer identification number and principal place of business of each Authorized Participant.

 

(b)       The
Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to enable the Bank to
carry out any of the duties set forth in items (i) through (xvi) above.

 

(c)       Except
as otherwise instructed by the Trust, the Bank shall process all transactions in the Trust in accordance with the policies and
procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to purchases
received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other
matters set forth in items (i) through (xvi) above as these policies and procedures are intended to address.

 

(d)       The
Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance of its
duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions and the payment
of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed appropriate by the Bank in
accordance with applicable law.

 

(e)       In
addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer
agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the
items set forth on Schedule A attached hereto, and performing such services identified in each Authorized Participant Agreement.

 

(f)       The
following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

 

(i)       Periodic
reports of the Trust required by the Securities Exchange Act of 1934, as amended, and rules thereunder;

 

(ii)       Trust
proxies, proxy statements and other proxy soliciting materials;

 

(iii)       Trust
prospectus and amendments and supplements thereto, including stickers;

 

(iv)       Other
communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request; and

 

(v)       The
Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

 

(g)       The
Bank shall keep all books and records relating to the services to be performed hereunder in the the form and manner required pursuant
to Section 31 of the Investment Company Act of 1940, as amended, and rules thereunder, as if the Trust was subject to such requirements.
All such books and records shall be the property of the Trust and will be

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preserved, maintained and made available
in accordance with the aforementioned requirements, and will be surrendered promptly to the Trust on and in accordance with its
request.

 

		2.	Fees and Expenses

 

2.1       The
Bank shall receive from the Trust such compensation for the Transfer Agent’s services provided pursuant to this Agreement
as may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed
monthly and shall, subject to Section 2.3 below, be due and payable upon receipt of the invoice. Upon the termination of this Agreement
before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion
which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

 

2.2       In
addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable and documented out-of-pocket
expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies,
records storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions
and reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized
Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the
consent of the Trust, will be reimbursed by the Trust. Notwithstanding the foregoing, in no event shall the Trust be responsible
for the reimbursement of any expenses that are incurred by the Bank as a result of the Bank’s gross negligence, willful misconduct
or breach of any of its representations.

 

2.3       The
Trust agrees to pay the fees and reimbursable expenses set forth in Sections 2.1 and 2.2 above within thirty (30) days following
the receipt of the respective billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends,
proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven
(7) days prior to the mailing date of such materials.

 

		3.	Representations and Warranties of the Bank

 

3.1       
The Bank represents and warrants to the Trust that:

 

(a)       It
is a banking company duly organized and existing and in good standing under the laws of the State of New York;

 

(b)       It
is duly qualified to carry on its business in the State of New York;

 

(c)       It
is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to
enter into, and perform its obligations under, this Agreement;

 

(d)       All
requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

 

(e)       It
has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations
under this Agreement;

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(f)       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;

 

(g)       It
possesses, and will maintain, all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory
authority or other party necessary for it to engage in the provision of the services contemplated by this Agreement; and

 

(h)       It
has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable
against it 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 and general principles of equity (whether considered
in a proceeding in equity or law).

 

		4.	Representations and Warranties of the Trust

 

4.1       The
Trust represents and warrants to the Bank that:

 

(a)       It
is duly organized and existing and in good standing under the laws of Delaware;

 

(b)       It
is empowered under applicable laws and by its Declaration of Trust (“Declaration of Trust”) to enter into and perform
this Agreement;

 

(c)       A
registration statement under the Securities Act of 1933, as amended, on behalf of the Trust has become effective (or will become
effective before services are to be provided under this Agreement), will remain effective, and appropriate state securities law
filings will have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale; and

 

(d)       It
has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable
against it 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 and general principles of equity (whether considered
in a proceeding in equity or law).

 

		5.	Indemnification

 

5.1       The
Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors, officers, employees and agents
harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation, those incurred
by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability (“Losses”) which may
be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank’s
actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the
Bank to have been duly authorized by the Trust or upon reasonable reliance of information or records given or made by the Trust;
except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement.

 

5.2       This
indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or an Authorized Participant Agreement.

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		6.	Standard of Care and Limitation of Liability

 

6.1       The
Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for
direct money damages caused by its own gross negligence or willful misconduct or that of its employees, or its breach of any of
its representations. The parties agree that any encoding or payment processing errors shall be governed by this standard of care,
and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article. In no event shall the Bank or the
Trust be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable.
For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank’s standard or care:

 

(a)       The
conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which
(i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust
or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar;

 

(b)       The
conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of the
Trust or instructions or requests on behalf of the Trust; or

 

(c)       The
offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or
the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order
or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state.

 

		7.	Concerning the Bank

 

7.1       The
Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust, and
shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents
or attorneys-in-fact, provided that the Bank acts in good faith and with reasonable care in the selection and retention of such
agents or attorneys-in-fact.

 

7.2       The
Bank may, without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate,
whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract,
agreement or understanding shall discharge Bank from its obligations hereunder.

 

7.3       The
Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed
by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions
by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees that the fact that
such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no
way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank. If the
Trust elects to transmit written instructions through an on-line communication system offered by the Bank, Trust’s use thereof
shall be subject to the terms and conditions contained in a separate written agreement between the parties.

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7.4       
The Bank shall establish and maintain a disaster recovery plan and back-up system satisfying the requirements of its regulators
(the “Disaster Recovery Plan and Back-Up System”). The Bank shall not be responsible or liable for any failure or delay
in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond
its control which are not a result of its gross negligence or willful misconduct, including without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of transportation,
computer (hardware or software) or communication services; labor disputes; acts of civil or military authority; governmental actions;
or inability to obtain labor, material, equipment or transportation, provided that the Bank has established and is maintaining
the Disaster Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established
and was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any such delay or failure the Bank shall
use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances.

 

7.5       The
Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth
in this Agreement and the Authorized Participant Agreements, and no covenant or obligation shall be implied against the Bank in
connection with this Agreement, except as set forth in this Agreement and the Authorized Participant Agreements.

 

7.6       At
any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to
any matter arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank, its agents, and
subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such instructions.
Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing
any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations under this Agreement
and the date on and/or after which such action shall be taken, and the Bank 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, the Bank has received written or oral instructions in response to such application
specifying the action to be taken or omitted. In connection with the foregoing, the Bank may consult with legal counsel of its
own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the
Bank pursuant to this Article or otherwise would, to the Bank’s knowledge, cause the Bank to take any action or omit to take
any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers.
In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal advice
it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct
contained in the instructions received from the Trust, the Bank may rely upon and follow the written legal advice without liability
hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.

 

7.7       The
Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed
by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents
or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar means authorized
by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof
from the Trust.

 

7.8       The
Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive
design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents,
copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the
Bank hereunder.

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Notwithstanding the foregoing, the parties
hereto acknowledge that (i) the Trust shall retain all ownership rights in Trust data residing on the Bank’s electronic system,
and (ii) Wilshire Phoenix Funds LLC, the Sponsor of the Trust (the “Sponsor”), shall retain all ownership in any formulas
and methodologies used in connection with the financial index created by the Sponsor for use by the Trust.

 

7.9       Notwithstanding
any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall not
be liable for:

 

(a)       The
legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith, or
the authority of the Trust to request such issuance, sale or transfer;

 

(b)       The
legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the
Trust to request such purchase;

 

(c)       The
legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock dividend;
or

 

(d)       The
legality of any recapitalization or readjustment of the Shares.

 

		8.	Providing of Documents by the Trust and Transfers of Shares

 

8.1       The
Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and all amendments thereto.

 

8.2       In
the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as Shareholder
upon receipt by the Bank of such documentation and assurances as it may reasonably require.

 

8.3       The
Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the Shareholder.

 

8.4       The
Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other change
in the total number of Shares authorized to be issued:

 

(a)       A
certified copy of the amendment to the Trust’s Declaration of Trust with respect to such increase, decrease or change; and

 

(b)       An
opinion of counsel for the Trust, in a form reasonably satisfactory to the Bank, with respect to (i) the validity of the Shares,
the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such
Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject
to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific
grounds therefor), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

 

8.5       Prior
to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in
the number of Shares outstanding, the Trust shall deliver to the Bank:

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(a)       A
certified copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance
or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required;
and

 

(b)       An
opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining
of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under
the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration,
that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore),
and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

 

8.6       The
Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data pertaining to the
business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement (including
this Agreement) shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors, accountants,
regulators, employees, agents, attorneys-in-fact or counsel to the extent necessary to perform its obligations under this Agreement
and to provide the services contemplated by this Agreement, except as may be, or may become requested or required by law, by regulatory
authority, administrative or judicial order or by rule. To the extent the Bank delegates any duties and responsibilities under
this Agreement to an agent or other subcontractor, such agent or subcontractor shall be subject to confidentiality terms consistent
with the terms of this Section 8.6. The foregoing confidentiality obligation shall not apply to any information to the extent:
(i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through
no wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party’s
knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction;
or (v) it has been or is independently developed or obtained by the receiving party without reference to the information provided
by the protected party.

 

8.7       In
case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable
commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The
Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it
may be held liable for the failure to exhibit the Shareholder records to such person.

 

		9.	Termination of Agreement

 

9.1       The
term of this Agreement shall be three years commencing upon the date hereof (the “Initial Term”) and shall automatically
renew for additional one-year terms (each a “Subsequent Term”) unless either party provides written notice of termination
at least ninety (90) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as provided
below:

 

(a)       Either
party hereto may terminate this Agreement prior to the expiration of the Initial Term or any Subsequent Term in the event the other
party breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations
under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching
party does not cure such violation within thirty (30) days of receipt of such notice.

 

(b)       Either
party hereto may 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

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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 the party any such case or proceeding; (iii) a
party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise,
any public communication or in any other public manner its inability to pay debts as they come due. Either party hereto may exercise
its termination right under this Section 9.1(b) at any 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.

 

9.2       Should
the Trust exercise its right to terminate this Agreement, all out-of-pocket expenses associated with the movement of records and
material will be borne by the Trust.

 

9.3       The
terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any
termination of this Agreement.

 

		10.	Reserved.

 

		11.	Assignment

 

11.1       Neither
this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other
party; provided, however, either party may assign this Agreement to a party controlling, controlled by or under common control
with it.

 

11.2       This
Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

 

		12.	Severability and Beneficiaries

 

12.1       In
case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the
Trust to pay is conditioned upon provision of services.

 

12.2 This Agreement is
solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as defined in the Authorized Participant
Agreement), the Marketing Agent, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary
of this Agreement.

 

		13.	Amendment

 

This Agreement may be amended
or modified by a written agreement executed by both parties.

 

		14.	New York Law to Apply

 

This Agreement shall be
construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof.
The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder. The Trust hereby irrevocably waives, to the fullest extent permitted by

    	10 

     

    

 

applicable law, any objection which it may
now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding
brought in such a court has been brought in an inconvenient forum. The Trust and the Bank each hereby irrevocably waives any and
all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

 

		15.	Merger of Agreement

 

This Agreement constitutes
the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether
oral or written.

 

		16.	Notices

 

All notices and other communications
as required or permitted hereunder shall be in writing and sent by first class mail, postage prepaid, addressed as follows or to
such other address or addresses of which the respective party shall have notified the other.

 

If to the Bank:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

 

with a copy to:

 

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept.
– Asset Servicing

 

If to the Trust: 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

 

		17.	Information Sharing

 

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 the Bank 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 consistent with the confidentiality
obligations contained in this Agreement with respect to such information and (ii) the Bank 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

    	11 

     

    

 

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.

 

		18.	Counterparts

 

This Agreement may be
executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute
one and the same instrument.

 

		19.	Liability of Sponsor

 

19.1       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.]

    	12 

     

    

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized
officers, 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:	 

 

    	13 

     

    

 

SCHEDULE A

 

Books And Records To Be Maintained By
The Bank

 

Source Documents requesting Creations
and Redemptions

Correspondence/AP Inquiries

Reconciliations, bank statements, copies
of canceled checks, cash proofs

Daily/Monthly reconciliation of outstanding
Shares between the Trust and DTC

Dividend Records

Year-end Statements and Tax Forms

 

    	14 

     

    

EXHIBIT A

 

Form of Authorized Participant Agreement

 

    	15 

     

    

EXHIBIT B

 

Terms and Conditions For On-line Communications
System

 

 

 

    	16

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