Document:

EX-10.4

 Exhibit 10.4 

Form of Index License Agreement 

by and between 
 Solactive AG 

Guiollettstr. 54 
 60325 Frankfurt
am Main 
 - hereinafter referred to as “Solactive” - 

and 
 WGC USA Asset Management
Company, LLC 
 685 Third Avenue, Suite 2702 

New York, NY 10075 
 - hereinafter
referred to as “Licensee” - 
 jointly referred to hereinafter as “Parties” - 

 Content 

					
		
	 § 1 Index Calculation
	  	 	3	  
		
	 § 2 Dissemination of Indices
	  	 	4	  
		
	 § 3 Rights in Indices and Index Prices
	  	 	4	  
		
	 § 4 Obligations of Parties regarding calculated Indices
	  	 	5	  
		
	 § 5 Issuer’s Statement
	  	 	5	  
		
	 § 6 Trade Mark Rights
	  	 	6	  
		
	 § 7 Obligations of Solactive
	  	 	7	  
		
	 § 8 Limitation of Liability
	  	 	7	  
		
	 § 9 Remuneration
	  	 	8	  
		
	 § 10 Taxes
	  	 	10	  
		
	 § 11 Term of agreement
	  	 	10	  
		
	 § 12 Termination of agreement
	  	 	11	  
		
	 § 13 Transfer of Solactive’ Rights and Obligations to a Third Party
	  	 	11	  
		
	 § 14 Transfer of Duties to Third Parties
	  	 	12	  
		
	 § 15 Confidentiality
	  	 	12	  
		
	 § 16 Contact
	  	 	13	  
		
	 § 17 Final Provisions
	  	 	14	  
		
	 Addendum 1 Order Schedule
	  	 	16	  
		
	 Addendum 2 CUSIP
	  	 	17	  
		
	 Addendum 3 SEDOL
	  	 	19	  

 § 1 Index Calculation; License Grant 

 

	 	1.	Subject to the provisions of this agreement Solactive will continually calculate the Indices set out in the relevant Order Schedule and will continually maintain and disseminate them from (and including), in each case,
the relevant Index calculation start date. 

  

	 	2.	Solactive shall use its best efforts to ensure that the Indices are calculated and maintained correctly. Solactive is responsible for any third-party fees related to its calculation and maintenance of the Indices,
including any such fees for Index Data (as defined below). 

  

	 	3.	Solactive shall also post the current Index composition (Index name, elements and weighting) of certain Indices on the Internet as the Parties may reasonably agreee. 

 

	 	4.	Solactive shall maintain the Indices in accordance with the Index guidelines. 

  

	 	5.	Solactive shall use the criteria for compiling and calculating the Indices, and the weighting and the calculation formula set out in the respective Index guidelines. 

 

	 	6.	Solactive is entitled to develop materials providing information on the Indices (“Materials”) for investors and other third parties and to publish such Materials on its websites also, subject to the reasonable
review and input from the Licensee, and in compliance with all applicable laws, rules, and regulations. 

  

	 	7.	If there should be unforeseeable circumstances which necessitate an extraordinary Index adjustment, Solactive shall prepare the adjustment taking account of the stipulations of the Index guideline. 

 

	 	8.	Notwithstanding the foregoing, Solactive shall not exercise its rights to post, publish, or otherwise distribute information described above to the extent such posting, publication, or other distribution would, or would
reasonably be expected to, undermine the Licensee’s exclusive rights granted hereunder, or subject the Licensee to potential liability. 

  

	 	9.	Solactive hereby grants to the Licensee, a non-transferable (except pursuant to §13), worldwide, exclusive right and license for Licensee to: 

 

	 	a.	use, reproduce and distribute the Indices, including any published methodology, Index guidelines, performance data, index levels, and any additional data/information identified on an applicable Order Schedule
(collectively “Index Data”), to create, issue, launch, and market the Licensee’s investment products, and authorize others to do so (such products, including those sponsored or advised by the Licensee, are collectively referred to
herein as“Investment Products”); 

  

	 	b.	 use and refer to Solactive’s applicable names, trademarks, and/or service marks (collectively the
“Solactive Marks”) as reasonably necessary to: (i) 

	 	
create, issue, launch, and market the Investment Products, including to identify and describe Solactive’s role with respect to the Indices, and/or (ii) otherwise to exercise its rights and
perform its obligations under this Agreement and the applicable Order Schedules; and 

  

	 	c.	use the applicable Indices (including the Index Data) to: (i) create derivative data from the applicable Indices and Index Data for use with the Investment Products (collectively “Derived Data”), and (ii)
publish the applicable Indices and Derived Data on Licensee’s website(s) relating to the applicable Investment Products. 

  

	 	d.	For clarity, the licenses granted in § 1(9) may be sublicensed by the Licensee to: (i) the Licensee’s affiliates, and (ii) the Licensee’s and/or its affiliates’ applicable third-party service
providers; provided however, that any such service providers are acting for the benefit of the Licensee and/or its affiliates. The licenses granted in § 1(9) shall be exclusive to the Licensee, meaning that neither Solactive nor any of its
affiliates shall create, issue, launch, or market any investment product or other financial instrument based on any of the Indices, and/or license any of the Indices to any affiliate or third party for the purpose of creating or issuing any
investment product or other financial instrument. Such exclusivity shall be perpetual, and shall survive expiration or termination of this agreement for any reason. Licensee’s exclusivity shall not be construed to limit
Solactive’s ability to license the Solactive Marks to third parties with respect to other Solactive indices (i.e., other than the Indices), and any products based on such other indices.

§ 2 Dissemination of Indices 
  

	 	1.	Solactive is entitled and obliged to include and distribute the Indices in a market data dissemination. Dissemination of the Indices entails the prices of the Indices (hereinafter “Index Prices”) and the name
of the Index. Solactive shall stipulate the technical format of Dissemination and may modify this as required at its own discretion without prior coordination with the Licensee. 

 

	 	2.	To the extent that Indices and the Index Prices of the Licensee which have been disseminated via price marketing activities are used by the contractual Parties to the Market Price Dissemination Agreements or third
parties in breach of the provisions of the Price Marketing Agreement for Vendors and Re-vendors this shall not give rise to any claims on the part of the Licensee against Solactive. If Solactive becomes aware of any abuse, it will however endeavour
to prohibit it as soon as possible. 

  

	 	3.	Any revenue obtained from the market price dissemination of the Indices and the Index Prices shall inure solely to Solactive. Solactive shall make such market price available on commercially reaonable terms to
third parties as Licensee may request. 

 § 3 Rights in Indices and Index Prices 

 

	1.	Except as expressly permitted herein, the Licensee may not disseminate Indices and Index Prices itself via Vendors or disseminate non-public information provided to it by Solactive internally or externally or grant
third parties access to such information. The Licensee is permitted to use and name the Indices in marketing materials and on its own website and to issue financial products, particularly exchange traded funds, linked to the Indices.

  

	2.	As far as commercially reasonable, the Licensee shall make the following statement at the beginning (or other placement in the Licensee’s reasonable judgment) of any written or electronic use of one of the Indices:
“Index calculated by Solactive AG”. This may take the form of a clearly marked footnote. 

  

	3.	At the request of Solactive the Licensee shall provide evidence that the afore-mentioned obligations have been fulfilled. 

§ 4 Obligations of Parties regarding calculated Indices 
  

	1.	As far as is possible and can reasonably be expected each Party shall provide the other on request with all information available to it on the Indices. This obligation to provide information is limited to information
and Index Data which are [publicly available]. In particular it does not include information and data which are classified as operating or business secrets of the Parties or for which one Party is obliged to observe confidentiality for other
reasons. 

  

	2.	The calculations of the Indices are generated automatically and only monitored by an employee of Solactive during the trading hours of the Stuttgart Stock Exchange (Baden-Württembergische Wertpapierbörse),
however at most between 09:00 a.m. to 8:00 p.m. CET. At all other times the calculations are generated automatically without being monitored by a Solactive employee. 

 

	3.	If Solactive notices that it has made an error in calculating the Index it shall notify the Licensee without undue delay through the usual information channels and, as far as necessary, shall notify the Licensee without
undue delay of any necessary corrections. 

 § 5 Issuer’s Statement 

 

	1.	 The Licensee’s regulatory and promotional materials shall under no circumstance give the impression that the
Investment Products issued are issued by Solactive. When relevant, these materials shall include the following text or at least material components thereof: “The financial instrument is not sponsored, promoted, sold or supported in any other
manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is
calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors
in the Index to third parties 

	 	
including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or
Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG
with regard to any investment in this financial instrument.” 

  

	2.	The Licensee and not Solactive is responsible for fulfilling the legal requirements concerning the accuracy and completeness of a securities prospectus for the Investment Products permitted hereunder; provided however,
that Solactive shall at all times reasonably cooperate with the Licensee’s fulfillment of these requirements, at no additional cost. 

§ 6 Trade Mark Rights 
  

	1.	The name of the Indices shall be as set forth in the applicable Order Schedule. The Licensee warrants that it is the owner of the trade marks specified in the relevant Order Schedule (collectively, the
“Licensee Marks”) or that is granted sufficient rights of use in the trade marks to implement this agreement including the right to grant rights to Solactive as provided for in this agreement. 

 

	2.	The Licensee hereby grants Solactive for the term of the agreement the non-exclusive and non-transferable right to use the Licensee Marks listed in the relevant Order Schedule subject to the provisions of this agreement
and to extend necessary to fulfil its obligations under this agreement. Solactive acknowledges and agrees that Licensee owns (and shall retain) all right, title, and interest in and to the Licensee Marks, and that any use of the Licensee Marks
by Solactive and any associated goodwill will inure solely to the Licensee’s benefit. Solactive will not itself (and will not permit any affiliate or any third party to) register any Licensee Mark or any confusingly similar marks or domain
names, or any variation or extension of them, anywhere in the world.

  

	3.	 Solactive agrees only to use the Licensee Marks listed in the relevant Order Schedule in their registered form,
and/or in the form set forth in the relevant Order Schedule. All items or materials bearing the Licensee Marks produced or distributed by Solactive, and any activities conducted by Solactive in connection with the Licensee Marks shall be
maintained at a level of quality reasonably acceptable to the Licensee, and Solactive shall use the Licensee Marks in compliance with all applicable laws, rules, and regulations, and standards of quality at least comparable to those of Licensee
immediately before the effective date of this agreement, as well as any other quality standards that Licensee may from time to time reasonably impose with respect to the display of and nature of activities associated with the Licensee
Marks. Any new use (i.e., any proposed use of the Licensee Marks that has not been previously approved by the Licensee) will require the Licensee’s prior written approval. Solactive shall submit any such request for approval in
writing to the Licensee at the contact information set forth in § 16 below. The Licensee shall have ten (10) business days after receiving all requested information to approve or reject the proposed use. If the proposed use is

	 	
neither approved nor rejected within such period, the proposed use shall be deemed rejected. Any subsequent use of the Licensee Marks that does not materially differ from a previously
approved use shall not require additional express approval by the Licensee. Once every year and at other times upon the Licensee’s request, Solactive shall deliver to the Licensee, representative samples of each item using the Licensee
Marks. If the Licensee reasonably determines that Solactive fails to maintain a consistent and appropriate level of quality in accordance with the terms of this agreement, then Licensee may request that Solactive take reasonable steps to remedy
any such deficiencies and Solactive shall promptly comply with such requests. 

  

	4.	As far as technically possible, Solactive shall post a license statement of the Licensee Marks listed in the relevant Order Schedule at the beginning of any written or electronic use. Unless specific circumstances make
a different procedure more appropriate the license statement shall take the form of the ® symbol and a footnote explaining that the trade mark is a registered trade mark of the Licensee or a
third party, as applicable. If a particular Index consists of trade marks which have different owners it is sufficient for the “®” symbol to be used once only at the end of the full
name provided that the footnote makes it clear that there is more than one trade mark owner. 

  

	5.	Subject to the last sentence of § 8(1), the Licensee shall indemnify, defend, and hold Solactive harmless against any claims which may be filed against Solactive by third parties with regard to Solactive’s use
of the Licensee Marks listed in the relevant Order Schedule in as far as these are used by Solactive in accordance with the provisions of this agreement and to the extent necessary to fulfil its obligations under this agreement. 

§ 7 Obligations of Solactive 
  

	1.	Solactive shall fulfil its contractual obligations, in particular calculation of the Indices with the care of a prudent businessman and dissemination of such indexes. Solactive shall only be liable for direct or
indirect losses particularly those arising from incorrect calculation and dissemination of the Indices as provided for under § 8. 

  

	2.	Subject to the last sentence of § 8(1), Solactive shall indemnify, defend, and hold the Licensee and its applicable affiliates and sublicensee harmless against any claims which may be filed against any of them by
third parties with regard to the use of the Indices, the Index Data, the Materials, and the Solactive Marks in as far as these are used by the Licensee (and its applicable affiliates and sublicensees) in accordance with the provisions of this
agreement. 

 § 8 Limitation of Liability 
  

	1.	 Solactive has unlimited liability for injury to life, body or health; and losses incurred by the Licensee caused
by intent. Neither Party shall be liable to the other Party for any losses to the other Party caused by simple negligence. The Parties agree that incorrect calculation by Solactive of the Index as a result of negligence shall merely constitute
simple negligence as opposed to gross negligence unless in an individual case the 

	 	
Licensee proves that the incorrect calculation was the result of gross negligence. Each Party’s (including its respective affiliates’) aggregate liability to the other Party or any
third party in connection with this agreement shall not exceed U.S. $400,000 (such amount, the “Aggregate Liability Cap”).

  

	2.	Nothing in this agreement excludes or limits Solactive’s liability to the extent that any applicable law precludes or prohibits any exclusion or limitation of liability. Except in connection with each Party’s
indemnification obligations hereunder (subject to the Aggregate Liability Cap), neither Party shall be liable to the other Party for any indirect or consequential damages, including, but not limited to, lost time, lost money, lost profits or
good-will, whether in contract, tort, strict liability or otherwise, and whether or not such damages are foreseen or unforeseen. 

  

	3.	Each Party’s claims for compensation shall be time barred after one year, except in the case of liability owing to intent. The limitation period shall begin at the end of the year in which the claim arose and the
Party bringing the claim gains knowledge of the circumstances giving rise to the claim or would have gained knowledge thereof had it not been committing gross negligence.

 

	4.	Neither Party shall be liable for losses incurred by the other Party owing to force majeure, unrest, war and natural occurrences or other events for which it is not responsible (e.g. strikes, lock-outs, disruption to
transport, orders issued by domestic and foreign authorities not caused by culpable conduct) or disruptions to technical installations such as the IT system which have not been caused by culpable conduct. Force majeure shall also include computer
viruses or attacks on IT systems by hackers provided that suitable precautionary measures have been taken and the Party claiming force majeure did not act in a culpable manner in making the virus or hacker attack possible. 

 

	5.	Each Party shall take all commercially reasonable steps to mitigate the losses and damages it incurs in relation to any claim or action which it brings against the other Party. A breach of this duty may lead to a
reduction of the claim for damages of the Party bringing the claim against the other Party. 

  

	6.	Except as may be covered by Solactive’s indemnification obligations in §7(2): (a) Solactive does not accept liability for losses of any type whatsoever caused to the Licensee or third parties in connection
with the issue, marketing, quoting, trade or advertising of the Investment Products issued by the Licensee, and (b) the Licensee indemnifies Solactive in this respect for any third party claims related to the Licensee’s Investment Products,
subject to the last sentence of § 8(1). 

 § 9 Remuneration 

 

	1.	[The Licensee shall pay remuneration in return for calculation, maintenance and dissemination of the Indices from (and including) the Index calculation start date set out in the applicable Order Schedule in
accordance with the remuneration schedule set out in the present Section 9 in conjunction with the applicable Order Schedule plus value added tax at the applicable statutory rate as provided for in § 10 below. For the purposes of
determining the remuneration, it does not matter whether the transactions are private placements or OTC which do not have an ISIN. 

	2.	In case of inflation in Europe, the fix remuneration will be adjusted annually depending on the 12 months average performance of the Harmonized Index of Consumer Prices (HICP) – All items of the Euro area,
published by Eurostat on a monthly basis on their website: http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/data/main_tables. The relevant month will be November which is published by Eurostat in December of each year. 

 

	3.	If agreed between the Parties, regular reporting to Solactive on the financial instruments issued will be necessary so that the remuneration can be calculated and billed. 

The issues shall be reported quarterly by the seventh trading day (according to the trading calendar of the Stuttgart Stock Exchange) of the
month following a quarter’s end (“Reporting Deadline”). 
 If the remuneration for an index is calculated on the basis
of the average assets under management, the average assets under management must be reported as well as the frame data of the financial instruments which refer to the corresponding Index. 

 

	4.	The agreed fixed remuneration will be charged annually in advance. In case a security has not been outstanding over an entire month, the remuneration is reduced respectively. 

 

	5.	The agreed variable remuneration will be charged per calendar quarter. Remuneration will be due for each calendar month for each Index. This remuneration shall be the product of 

 

	 	a)	the average assets under management of a financial instrument issued on the basis of the respective Index during the month and 

  

	 	b)	the remuneration per annum shown in the applicable Order Schedule in basis points divided by 12. 

In case a security has not been outstanding over an entire month, the remuneration is reduced respectively. 

Variable remuneration will be charged to the Licensee as soon as the data has been reported and evaluated. 

If the regular Reporting Deadline has expired and the Licensee has not submitted the outstanding report to Solactive by the end of the next
reporting deadline following the expired reporting deadline despite having been sent a reminder, Solactive may make a 

 
provisional estimate of the remuneration due at its due discretion using suitable criteria (such as data reported for the previous months) and charge this to the Licensee as an advance on the
actual amount due. This shall have no effect on the right to terminate without notice.]  
  

	6.	The Licensee shall pay remuneration to Solactive in the amount of an agreed fixed annual amount set out in the applicable Order Schedule in return for the licenses granted by Solactive hereunder, and Solactive’s
calculation, maintenance and dissemination of the Indices and performance of its other obligations hereunder. Solactive shall issue an invoice annually in advance for such fixed remuneration due. All invoices shall be due promptly upon
Licensee’s receipt. If the Licensee has not rendered payment within 30 days of receiving the invoice, default interest of two percentage points per annum above the respective base interest rate as announced by the Deutsche Bundesbank in the
Federal Gazette shall be due calculated as of delivery of the invoice, and Solactive is entitled to claim a lump sum amounting to 40 Euro. This shall have no effect on Solactive’ right to reimbursement of any default loss over and above this.

  

	7.	The Parties agree that there shall be no entitlement to remuneration over and above that set out in the applicable Order Schedule or to reimbursement of expenses or costs. 

§ 10 Taxes 
  

	1.	The Licensee shall pay any applicable value-added, sales, goods and services or similar taxes that Solactive might be required to charge and remit. The Licensee shall not be responsible for taxes payable by Solactive,
if and to the extent that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by Solactive. 

 

	2.	The Licensee shall make all payments to be made by it without deduction of any taxes, unless a tax deduction is required by law. If a tax deduction is required by law to be made by the Licensee, the amount of the
payment due from the Licensee shall be increased to an amount which (after making any tax deduction) leaves an amount equal to the payment which would have been due if no tax deduction had been required. 

 

	3.	The Parties will reasonably cooperate with each other to determine and minimize their respective tax liabilities. Solactive will cooperate with the Licensee’s reasonable requests for tax-related information and
documents. 

 § 11 Term of agreement 
  

	 	1.	This agreement takes effect when it has been signed by both Parties. 

  

	 	2.	This agreement shall remain in effect until terminated pursuant to § 12. 

 § 12 Termination of agreement 

 

	1.	This agreement may be terminated by either Party upon one year’s prior written notice to the other Party. 

  

	2.	Each party may also terminate this agreement without notice for good cause. Good cause shall be deemed present, in particular, if the other party to the agreement is in breach of material contractual obligations and if
such party does not put an end to the breach within a reasonable deadline set in writing despite a formal warning. Inter alia there is a breach of material contractual obligations if a third party asserts a right with regard to a trade mark which
falls under the subject of the agreement. Each Party shall report this to the other Party unrequested. 

  

	4.	Instead of terminating the entire agreement for good cause the Parties may also prohibit the calculation of individual Indices by way of partial termination, allowing the rest of the agreement to continue to apply.

  

	5.	Solactive has a special termination right allowing it to terminate this agreement in whole or in part upon no less than ninety (90) days’ prior written notice to the Licensee if the costs in one calendar quarter to
Solactive for necessary use of the data of the stock exchanges in connection with calculation of an Index increase to such an extent that they exceed the remuneration received by Solactive pursuant to § 10 in the same period for this
Index. All provisions of this agreement which expressly or by implication are intended to survive its expiration or termination will survive and continue to bind the Parties, including but not limited to the provisions regarding the
Parties’ ownership of their respective intellectual property (including trade marks), limitations of liability, indemnification obligations, and Licensee’s exclusive rights hereunder. 

 

	6.	Any termination declarations associated with this agreement shall be made in writing. 

 § 13 Transfer
of Rights and Obligations to a Third Party 
 At the request of a Party the other Party is obliged to consent to this agreement being transferred to a
third party; provided however, that any such third party shall agree in writing to be bound by the terms and conditions of this agreement. The obligation to consent shall not apply if there are cogent reasons associated with the identity of the
third party which preclude such consent and if such reasons make it unreasonable to expect the non-transferring Party to consent to such third parties assuming this agreement, even if the interests of the Party requesting the transfer are taken into
account. 
 § 14 Transfer of Duties to Third Parties 

Solactive may use third parties (reasonably acceptable to the Licensee) as vicarious agents; provided however, that Solactive shall remain responsible and
liable for the acts or omissions of any such third parties. This includes in particular companies which take decisions jointly with Solactive on the composition and amendments to the composition of the Indices. 

 § 15 Confidentiality 
  

	1.	The Parties shall use all matters, facts and information concerning the Parties (hereinafter “Confidential Information”) solely for the purposes described in this agreement and shall treat such Confidential
Information confidentially unless they are required to disclose it by statute. This applies in particular to the amount of remuneration due under this agreement and to the content of this agreement. The Parties shall impose this confidentiality
obligation on any vicarious agents, members of corporate bodies, employees or advisers who are given access to the Confidential Information. In so doing, the Parties shall ensure, to the extent admissible under employment law, that the
confidentiality obligation imposed on the employees shall continue to apply in the event that employees leave the services of a party under obligation during the term of this confidentiality obligation. If Confidential Information is disclosed to
third parties the other party shall be informed without undue delay. 

  

	2.	These confidentiality obligations shall apply for the term of this agreement and for a five-year period after it has ended or after complete fulfilment.

 

	3.	This confidentiality obligation shall not apply to such information which can be proved to have been 

  

	 	a)	known to the recipient prior to communication, 

  

	 	b)	publicly known at the time of communication, 

  

	 	c)	publicly known after its communication without the recipient being responsible for this, 

  

	 	d)	made available to the recipient by a third party by lawful means after communication and without restriction with respect to confidentiality or use, 

 

	 	e)	developed by the recipient independently prior to communication. 

 § 16 Contact 

Unless otherwise agreed in writing all communications or other notifications under this agreement shall be in English, and addressed as follows: 

Solactive: 
 Solactive AG 

Guiollettstr. 54 
 60325 Frankfurt am Main 

Germany 
 Attn. 

Mr Steffen Scheuble 
 Telephone: +49 69 719 160 20 

Fax: +49 69 719 160 25 
 E-Mail: scheuble@solactive.com 

Licensee: 
 WGC USA Asset Management Company, LLC 

685 Third Avenue, Suite 2702 
 New York, NY 10075 

USA 
 Attn. 

Telephone: 
 Fax:

E-mail: 

 § 17 Final Provisions 
  

	1.	The place of performance and fulfillment is the registered office of Solactive. 

  

	2.	This agreement shall be governed by the laws of the State of New York, USA without reference to or inclusion of the principles of choice of law or conflicts of law of that jurisdiction. It is the intent of the
Parties that the substantive law of the State of New York govern this agreement and not the law of any other jurisdiction incorporated through choice of law or conflicts of law principles. Each Party agrees that any legal action, proceeding,
controversy or claim between the Parties arising out of or relating to this agreement shall be brought and prosecuted only in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York in
and for the First Judicial Department and by execution of this Agreement, each Party hereto submits to the exclusive jurisdiction of such court (subject to removal to Federal court in accordance with applicable law in the case of any action
commenced in State court) and waives any objection it might have based upon improper venue or inconvenient forum. Each Party hereto hereby waives any right it may have in the future to a jury trial in connection with any legal action,
proceeding controversy or claim between the Parties arising out of or relating to this Agreement. 

  

	3.	If Licensee receives CUSIPs as part of this agreement, Addendum 2 applies. These terms are mandated by Standard & Poors and may not be altered by Licensee. 

 

	4.	If Licensee receives SEDOL codes as part of this agreement, Addendum 3 applies. These terms are mandated by London Stock Exchange and may not be altered by Licensee. 

 

	5.	Amendments to the agreement and collateral agreements must be in writing to be valid. This also applies to any agreement waiving or restricting the written form requirement pursuant to sentence 1. No oral collateral
agreements have been made. 

  

	6.	If an individual provision of this agreement should be or become invalid this shall not affect the validity of the other provisions. The invalid provision shall be replaced by a valid provision which as far as possible
shall reflect the economic intent of the invalid provision. The same shall apply if this agreement contains a lacuna. This shall be remedied by a clause which reflects the original intention of the Parties or what they would have intended had they
been aware of the lacuna. 

  

	7.	This agreement shall be read and construed, in respect of each Index, in conjunction with the relevant Order Schedule. In the case of any discrepancy between an Order Schedule and this agreement, the terms of the Order
Schedule will prevail. 

  

	8.	The Addenda named in this agreement constitute an integral part of it. 

 Addendum 1: Order Schedule 

Addendum 2: CUSIP 
 Addendum 3: SEDOL 

					
	 Frankfurt am Main, XX.XX.XXXX
	  		  	
XXX,                  
                                         
                

			
	  

Solactive AG
	  		  	  

WGC USA Asset Management Company, LLC

 Addendum 1 Order Schedule 

ORDER SCHEDULE 
 dated as
of xx xx xxxx 
 relating to the Index License Agreement dated as of xx xx xxx 

entered into between Solactive AG and WGC USA Asset Management Company, LLC 

(“Index License Agreement”). 

The terms and conditions of the Index License Agreement are hereby incorporated herein by reference. Therefore, this Order Schedule shall be read and
construed in accordance with, the Index License Agreement. Capitalized terms used but not otherwise defined in the present Order Schedule shall have the meanings ascribed to such terms in the Index License Agreement. In the event of a conflict
between the terms and conditions set forth in the Index License Agreement and in the present Order Schedule, the terms and conditions set forth in the present Order Schedule shall prevail. 

1. List of Indices covered by this Order Schedule and the respective Index calculation start date 

 

					
	 No.:
	  	 Name of Index
	  	 Index calculation start

date

		  	GLD® Long USD Gold Index	  	[TBD]

 2. Trade Marks of Licensee 
  

							
	 No.:
	  	 Trade Marks
	  	 Trade Mark

owner
	  	 Trade Mark registered

in

		  	[TBD]	  	[TBD]	  	[TBD]

 3. Table of remuneration 
  

									
	 No.:
	  	 Name of Index
	  	 Fixed

remuneration
 per annum
	  	 Variable

remuneration
 per annum in

basis points
	  	 Bloomberg

Cost /
 Vendor Fee

		  	GLD® Long USD Gold Index	  	[TBD]	  	N/A	  	N/A

  

					
	Sign for and on behalf of Solactive AG	 		 	 Sign for and on behalf of WGC USA Asset

            Management Company, LLC

			
	Frankfurt am Main, XXXX	 		 	XXXX,
                                         
        
			
	  
	 		 	  

 Addendum 2 CUSIP 

Licensee agrees that for the duration of this agreement and any license granted hereunder, it shall comply with the following terms: 

 

	 	a)	Licensee agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor’s CUSIP Service
Bureau (“CSB”) and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to Licensee in such materials or in any of the information contained therein. Any use by Licensee outside of
the clearing and settlement of transactions requires a license from the CSB, along with an associated fee based on usage. Licensee agrees that misappropriation or misuse of such materials will cause serious damage to CSB and ABA and that in such
event money damages may not constitute sufficient compensation to CSB and ABA; consequently, Licensee agrees that in the event of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief in addition to any other
legal or financial remedies to which CSB and ABA may be entitled; 

  

	 	b)	Licensee agrees that Licensee shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the
normal clearing and settlement of security transactions. Licensee further agrees that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master
file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM
Services and/or any other future services developed by the CSB; and 

  

	 	c)	NEITHER CSB, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE
PROVIDED TO LICENSEE ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CSB, ABA
NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE EXCEED THE FEE PAID BY LICENSEE FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH
CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL. 

 Licensee agrees that the foregoing terms and conditions shall survive any termination of its right of access to
the materials identified above. 
 ISIN Data. Licensee agrees that for the duration of this agreement and any perpetual license granted hereunder, it
shall comply with the following terms: Licensee shall have an appropriate license as necessary to obtain the applicable ISIN data. “ISIN” means International Securities Identifying Number. 

 Addendum 3 SEDOL 

Licensee agrees that for the duration of this agreement and any license granted hereunder, it shall comply with the following terms: 

Licensee may not reproduce and/or extract or re-distribute SEDOLs other than with the London Stock Exchange ́s prior written consent. Solactive will
advise London Stock Exchange if it becomes aware of any breach of that prohibition by Licensee. 
 Licensee is responsible of obtaining the relevant
licenses for reproduction and / or extraction or redistribution of the SEDOL codes contained within the files provided by Solactive AG to Licensee.EX-10.5

 Exhibit 10.5 
  

 
 FORM OF FUND ADMINISTRATION AND ACCOUNTING AGREEMENT 

THIS AGREEMENT is made as of             , 20     by and
between the World Currency Gold Trust (the “Trust”), a Delaware statutory trust organized in series, on behalf of each of its series (each, a “Fund” and collectively, the “Funds”) as listed on Exhibit A hereto (as such
Exhibit be amended from time to time) 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, on behalf of each Fund, 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 22 of this
Agreement. 
 “Documents” shall mean such other documents, including but not limited to, resolutions of the Sponsor
authorizing the execution, delivery and performance of this Agreement by the Trust, and opinions of outside counsel, as BNY Mellon may reasonably request from time to time, in connection with its provision of services under this Agreement.

“Gold” shall mean gold bullion meeting the requirements of London Good Delivery. 

“Index” shall mean the underlying index for each Fund. 

“Instructions” shall mean Oral Instructions or written communications actually received by BNY Mellon by S.W.I.F.T., tested
telex, letter, facsimile transmission, 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. 

“Investment Advisor” shall mean the entity identified by the Trust to BNY Mellon as the entity having investment
responsibility with respect to the Trust. 
 “LBMA” means The London Bullion Market Association. 

“London Good Delivery” shall have the meaning assigned in the “The Good Delivery Rules for Gold and Silver Bars”
published by the LBMA. 
 “Net Asset Value” shall mean the per share value of a Fund, calculated in the manner described in
the Funds’ Offering Materials. 
 “Offering Materials” shall mean the Funds’ currently effective prospectus and
most recently filed registration statement with the SEC relating to shares of the Funds. 
 “Organizational Documents”
shall mean certified copies of the Trust’s articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum of association,
limited liability company agreement, operating agreement, confidential offering memorandum, 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. 

  
 - 2 - 

 “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. 

“Reference Currency” shall mean each currency referenced in a Fund’s underlying Index. 

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

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

“Shares” means the shares of beneficial interest of any series or class of the Trust. 

“Sponsor” means the designated sponsor of the Trust, currently WGC USA Asset Management Company, LLC. 

 

	 	2.	Appointment. 

 The Trust, on behalf of each Fund, 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 perform the duties hereinafter set forth. 

 

	 	3.	Representations and Warranties. 

 (a) The Trust, on behalf of each Fund, 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 on behalf of each Fund and to perform its obligations hereunder; 

(ii) This Agreement has been duly authorized, executed and delivered by the Trust, on its own behalf and on behalf of each Fund, in
accordance with all requisite action and constitutes a valid and legally binding obligation of such Fund, enforceable in accordance with its terms; 

  
 - 3 - 

 (iii) It is conducting its business in 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; 
 (iv) The method of valuation of Gold and each Reference Currency and the method of computing the Net Asset Value shall
be as set forth in the Offering Materials of the Funds. To the extent the performance of any services described in Schedule I attached hereto by BNY Mellon in accordance with the then effective Offering Materials for the Funds would violate any
applicable laws or regulations, the Funds shall immediately so notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate values of Gold, each Reference Currency, net asset value or other computation, as the
case may be, or, instruct BNY Mellon in writing to value Gold and each Reference Currency and/or compute Net Asset Value or other computations in a manner each Fund specifies in writing, and either the furnishing of such values or the giving of such
instructions shall constitute a representation by such Fund 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; 
 (v) Each person named on Exhibit B hereto is duly authorized by the Trust to be an Authorized Person hereunder; 

(vi) 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 Prospectus and Statement of Additional Information), each calculation of net asset value provided by BNY hereunder to Authorized Participants at the time BNY Mellon provides such
calculation to Authorized Participants. 
 (b) BNY hereby represents and warrants to the Trust, 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 and authority to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

  
 - 4 - 

 (ii) This Agreement has been duly authorized, executed and delivered by BNY Mellon in accordance
with all requisite action and constitutes a valid and legally binding obligation of BNY Mellon, enforceable in accordance with its terms; 

(iii) It has, and will maintain, such backup, contingency and disaster recovery procedures as are required by its regulators. 

 

	 	4.	Delivery of Documents. 

 The Trust and each Fund 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 Shares and all amendments
thereto as may be reasonably 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 or contained in an Organizational Document or
Document previously delivered to 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
Sponsor and the provisions of this Agreement, BNY Mellon shall provide to each Fund the administrative services and the valuation and computation services listed on Schedule I attached hereto. 

(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 any Fund,
distribution of shares of any Fund, maintenance of any Fund’s financial records, other than those listed in Schedule I attached hereto, or other services normally performed by the Funds’ respective 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 Fund or any 

  
 - 5 - 

 
other person, and each Fund 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 Fund, unless the parties hereto expressly agree in writing to any such increase in the scope of services. 
 (d) The
Trust, on behalf of each Fund, shall cause its officers, advisors, sponsor, distributor, legal counsel, independent accountants, current administrator (if any), transfer agent, and any other service provider to cooperate with BNY Mellon and to
provide BNY Mellon, upon reasonable request, with such information, documents and advice relating to such Fund as is within the possession or knowledge of such persons, and which BNY Mellon reasonably believes 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 a Fund to cause any information,
documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless by each Fund when acting in good faith reliance upon such information, documents or advice relating to such Fund, provided that BNY has carried out its
duties in accordance with its standard of care as set forth herein. All fees or costs charged by such persons shall be borne by the appropriate Fund. 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 some or all of the services provided hereunder. 

(f) The Trust, on behalf of each Fund, shall furnish BNY Mellon with any and all 

  
 - 6 - 

 
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 Fund liabilities and expenses. BNY Mellon shall not be required to include as Fund liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal,
state, or foreign income taxes unless the Fund 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, on behalf of each Fund,
shall also furnish BNY Mellon with valuations for Gold and each Reference Currency if BNY Mellon notifies the Trust that same are not available to BNY Mellon from a pricing 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 Fund also may furnish BNY Mellon with valuations for Gold and
each Reference Currency 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
pricing 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 Fund. 

(g) BNY Mellon may apply to an Authorized Person of any Fund for Instructions with respect to any matter arising in connection with BNY
Mellon’s performance hereunder for such Fund, and in the absence of manifest error, BNY Mellon shall not be liable for any action taken or omitted to be taken by it in good faith without 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. Except as otherwise set forth herein, 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 Authorized Person in response to such application specifying the action to be taken or omitted.

  
 - 7 - 

 (h) BNY Mellon may consult with counsel to the Trust, and shall be fully protected with respect
to anything done or omitted by it provided that BNY Mellon acts in good faith and without negligence or willful misfeasance in carrying out such advice or opinion of such counsel to the Trust, and provided further that, any such action or omission
by BNY Mellon is consistent with BNY Mellon’s rights and responsibilities under this Agreement.
 (i) Notwithstanding any other
provision contained in this Agreement or Schedule I attached hereto, BNY Mellon shall have no duty or obligation to determine, or advise or notify any Fund of: (i) the taxable nature of any distribution or amount received or deemed received by, or
payable to, a Fund, (ii) the taxable nature or effect on a Fund 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 a Fund to its shareholders; or (iv) the effect under any federal, state, or foreign income tax laws of a Fund making or not making any distribution or dividend payment, or any election with respect thereto.

(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, except for those set forth herein, 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, on behalf of a Fund, 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 Gold; the amounts or formula for calculating the amounts and times of accrual of Funds’ or Series’
liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of Gold or any Reference Currency; and amounts receivable or amounts payable for the sale or redemption of Fund Shares effected by or on behalf of a
Fund. 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 Gold, Reference Currencies or other assets, or accruals of interest or
earnings thereon, from a 

  
 - 8 - 

 
pricing or similar service utilized, or subscribed to, by BNY Mellon which the Fund directs BNY Mellon to utilize, and which BNY Mellon in its reasonable 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 Gold, Reference Currencies or other assets by a Fund 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 Gold or Reference Currencies. 
 (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 a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund. 

(m) BNY Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or
loss of data) which occur 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. 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 or a BNY Mellon
Affiliate, to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY Mellon in the performance of its duties under this Agreement. Upon the occurrence of any such delay or failure BNY Mellon
shall use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances. 

  
 - 9 - 

	 	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 on behalf of each Fund, as appropriate, 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 such Fund’s Sponsor, 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 Fund shares or membership interests, as applicable, fees and
expenses incident to the registration or qualification under the Securities Laws, state or other applicable securities laws of each Fund 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 such Fund’s shareholders or members, as applicable, all expenses incidental to holding meetings of such Fund’s Sponsor, directors and shareholders, and
extraordinary expenses as may arise, including litigation affecting such Fund and legal obligations relating thereto for which the Fund may have to indemnify its sponsor, directors, officers, managers, and/or members, as may be
applicable. Except as otherwise provided herein and in the related fee schedule, as may be amended from time to time, BNY shall pay all of its costs and expenses arising or incurred in connection with its performance under this Agreement. 

 

	 	7.	Portfolio Compliance Services. 

 (a) If Schedule I contains a requirement for BNY Mellon
to provide each Fund with portfolio compliance services, such services shall be provided pursuant to the terms of this Section 7 (the “Portfolio Compliance Services”). The precise compliance review and testing services to be provided
shall be as mutually agreed between BNY Mellon and the Trust, on behalf of each Fund, and the results of BNY Mellon’s Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the “Compliance Summary
Report”) prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Trust. BNY Mellon shall have no responsibility or obligation to provide Portfolio Compliance
Services other that those services specifically listed in Schedule I. 

  
 - 10 - 

 (b) The Trust, on behalf of each Fund, will examine each Compliance Summary Report delivered to
it by BNY Mellon and notify BNY Mellon of any error, omission or discrepancy within ten (10) days of its receipt. The Trust agrees to notify BNY Mellon promptly in writing if it fails to receive any such Compliance Summary Report. In
addition, if the Trust learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Trust will notify BNY Mellon of such condition promptly after discovery thereof. 

(c) While BNY Mellon will endeavor to identify out-of-compliance conditions, BNY Mellon does not and could not for the fees charged, make any
guarantees, representations or warranties with respect to its ability to identify all such conditions. Provided BNY acted without negligence or wilful misfeasance, in the event of any errors or omissions in the performance of Portfolio
Compliance Services, a Fund’s sole and exclusive remedy and BNY Mellon’s sole liability shall be limited to re-performance by BNY Mellon of the Portfolio Compliance Services affected and in
connection therewith the correction of any error or omission, if practicable and the preparation of a corrected report, at no cost to the Fund. 
  

	 	8.	Regulatory Administration Services. 

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

  
 - 11 - 

 
Trust and by the Trust’s legal counsel. The Regulatory Support Services performed by BNY Mellon under this Agreement will be at the request and direction of the Trust. BNY Mellon
disclaims liability to the Fund, and the Fund is solely responsible, for the adequacy and effectiveness of the Fund’s compliance program. 
  

	 	9.	Standard of Care; Indemnification.  

 (a) [Except as otherwise provided herein, BNY
Mellon shall exercise reasonable care and diligence in carrying out all of its duties and obligations under this Agreement and BNY Mellon shall not be liable for any costs, expenses, damages, liabilities or claims (including reasonable
attorneys’ and accountants’ fees) incurred by the Trust, or the Trust on behalf of a Fund, except those costs, expenses, damages, liabilities or claims arising out of BNY Mellon’s own gross negligence, bad faith, willful misfeasance,
reckless disregard of its duties hereunder, or breach of any representation or warranty of BNY Mellon contained in this Agreement. In no event shall either party be liable to the other party or any third party for 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.] 

(b) Subject to the limitations set forth in Section 10 below, the Trust and/or each Fund, as applicable, shall indemnify and hold harmless
BNY Mellon from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Trust or a Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which are sustained or incurred
by or which may be asserted by a third party against BNY Mellon, by reason of or as a result of any action taken or omitted to be taken by BNY Mellon in good faith hereunder or in reliance upon (i) the Trust’s Offering Materials or Documents
(excluding information provided by BNY Mellon), (ii) any instructions of an officer of each Fund, or (iii) any opinion of legal counsel for each Fund pursuant to Section 5(i) of this Agreement, or arising out of transactions or other activities of
such Fund which occurred prior to the commencement of this Agreement. Provided, that no Fund shall indemnify BNY Mellon for costs, expenses, damages, liabilities or claims for which BNY Mellon is liable under preceding subsection
9(a). This indemnity shall be a continuing obligation of the Trust and each Fund, its successors and assigns, notwithstanding the termination of this Agreement. Without limiting the generality of the foregoing, the Trust

  
 - 12 - 

 
and/or each Fund, as applicable, shall indemnify BNY Mellon against and save BNY Mellon harmless from any loss, damage or expense, including reasonable 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 a Fund; 

(ii) Action or inaction taken or omitted to be taken by BNY Mellon pursuant to written or oral instructions of the Trust on behalf of the
Funds or otherwise carried out by BNY Mellon without negligence, bad faith, willful misfeasance or reckless disregard of its duties hereunder; 

(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 a Fund or its own counsel pursuant to Section 5(h) of this Agreement; 
 (iv) Any improper use by the Trust or a Fund or its agents,
distributor or investment advisor of any valuations or computations supplied by BNY Mellon pursuant to this Agreement; 
 (v) The method of
valuation and the method of computing each Fund’s net asset value to the extent such methods were instructed by a Fund or its agents, directly or by way of its Prospectus; or 

(vi) Any valuations or net asset value provided by a Fund. 

(vii) 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 a Fund or its own counsel, shall be conclusively presumed to
have been taken or omitted in good faith. 

  
 - 13 - 

	 	10.	Limitation of Liability. 

 BNY Mellon agrees that, pursuant to Section 3804(a) of the
Delaware Statutory Trust Act, the liabilities of each Fund shall be limited such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular
Fund shall be enforceable against the assets of that particular Fund only, and not against the assets of the Trust generally or the assets of any other Fund and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for,
or otherwise existing and relating to this Agreement with respect to the Trust generally and any other Fund shall be enforceable against the assets of such particular Fund. 
  

	 	11.	Compensation. 

 For the services provided hereunder, each Fund agrees to pay BNY Mellon
such compensation as is mutually agreed to in writing by each Fund and BNY Mellon from time to time and such reasonable 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. Except as hereinafter set forth, compensation shall be calculated and accrued daily
and paid monthly. Each Fund authorizes BNY Mellon to debit such Fund’s custody account for all amounts due and payable hereunder. BNY Mellon shall deliver to each Fund invoices for services rendered after debiting such Fund’s
custody account with an indication that payment has been made. 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 purpose of determining compensation payable to BNY Mellon, each Fund’s net asset value shall be computed at the times and in the
manner specified in the Fund’s Offering Materials.
  

	 	12.	Records; Visits. 

 (a) The books and records pertaining to the Trust and each Fund 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 provided by BNY Mellon to the Trust or to an Authorized Person, at the Trust’s expense. 

(b) BNY Mellon shall keep records relating to the services to be performed by BNY Mellon hereunder, in the form and manner to the extent
required by Section 31 of the Investment Company Act of 1940 and the rules thereunder (the “Rules”) as if the Trust was subject to such Rules, and all such books and records shall be property of the Trust, will be preserved, maintained and
made available to the Trust and will be surrendered promptly to the Trust on and in accordance with its request. 

  
 - 14 - 

	 	13.	Term of Agreement. 

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

(a) Either party hereto may terminate this Agreement in the event the other party breaches any material provision of this Agreement, 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 90 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 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 13(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. 

  
 - 15 - 

 (c) The Trust may terminate this Agreement at any time upon ninety (90) days’ prior written
notice in the event that the Sponsor determines to liquidate the Trust and terminate its registration with the Securities and Exchange Commission. 

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

(e) The terms of Sections 9 and 10 shall survive any termination of this Agreement. 

 

	 	14.	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 to be bound thereby, and authorized or approved by the Trust’s Sponsor. 
  

	 	15.	Assignment  

 (a) Neither this Agreement nor any rights or obligations hereunder may be
assigned by either party without the written consent of the other party. 
 (b) This Agreement shall inure to the benefit of and be binding
upon the parties and their respective permitted successors and assigns. 
 (c) Notwithstanding the foregoing: (i) 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; for the avoidance of doubt, BNY Mellon will be liable for any costs, expenses, damages, liabilities or claims incurred by the Trust and/or a Fund as a result
of the acts or failures to act by any BNY Mellon Affiliate to the extent that BNY Mellon itself would itself be liable for such acts or omissions under this Agreement had it performed or not performed the relevant act or omission itself; (ii) 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 require the prior written consent of the Trust; and (iii) BNY Mellon, in the course of providing certain additional 

  
 - 16 - 

 
services requested by a Fund, including but not limited to, Typesetting or eBoard Book 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 a Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services. 

(d) 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. 
  

	 	16.	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. Each Fund 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 any Fund 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, such Fund irrevocably agrees not to claim, and it hereby waives, such immunity. 
  

	 	17.	Severability. 

 In case any provision in or obligation under this Agreement shall be
invalid, illegal or 

  
 - 17 - 

 
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.
  

	 	18.	No Waiver. 

 Each and every right granted to BNY Mellon 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 BNY Mellon to exercise, and no delay in exercising, any right will
operate as a waiver thereof, nor will any single or partial exercise by BNY Mellon of any right preclude any other or future exercise thereof or the exercise of any other right. 

 

	 	19.	Notices. 

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

World Currency Gold Trust 
 c/o
WGC USA Asset Management Company, LLC 
 685 Third Avenue, 27th Floor 

New York, New York 10017, United States of America 

if to BNY Mellon, at 
 BNY Mellon

 2 Hanson Place 
 Brooklyn, NY
11217 
 Attention: ETF Operations 

with a copy to: 
 The Bank of New
York Mellon 
 One Wall Street 

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. 

  
 - 18 - 

	 	20.	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. 
  

	 	21.	Several Obligations. 

 The parties acknowledge that the obligations of the Funds
hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only. 
  

	 	22.	Confidentiality. 

 (a) Each party shall keep confidential any information relating to the
other party’s business (“Confidential Information”). Confidential Information shall include (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 a Fund or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the
sense that its confidentiality affords a Fund 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 pursuant to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense 

  
 - 19 - 

 
of any claim or cause of action asserted against the receiving party; (g) is Fund 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 22 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 Fund consents to the disclosure of and authorizes BNY Mellon to disclose information regarding the Fund (“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 Fund’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 Fund confirms that it
is authorized to consent to the foregoing. 
 [Signature page follows.] 

  
 - 20 - 

 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. 
  

			
	WORLD CURRENCY GOLD TRUST, ON BEHALF OF EACH FUND LISTED ON APPENDIX A
		
	By:	 	  

	Name:	 	  

		
	Title:	 	  

		
	Date:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Name:	 	  

		
	Title:	 	  

		
	Date:	 	

  
 - 21 - 

 EXHIBIT A 

Funds 
 Long Dollar Gold Trust 

 EXHIBIT B 

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

The following individuals serve in the following positions with the Trust, and each has been duly elected or appointed by the Trust 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 Fund Administration and Accounting Agreement dated as of             , 201    , 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 appropriate Fund officers, Fund counsel and accountants of each Fund, 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 each Fund: 

 

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

  

	 	•	 	Maintain individual ledgers for Fund assets; 

  

	 	•	 	Maintain certain financial books and records for each Fund, including creation and redemption books and records, Fund accounting records, and books and records regarding Gold transfers under the Funds’ Gold
Delivery Agreement; 

  

	 	•	 	Maintain historical tax lots for Fund assets; 

  

	 	•	 	Reconcile cash and investment balances of each Fund with the Fund’s custodian and provide each Fund’s 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 Gold quotes, Reference Currency quotes and currency exchange rates from pricing services approved by a Fund’s Sponsor, or if such quotes are unavailable, then obtain such prices from the Fund’s Sponsor,
and in either case, calculate the market value of each Fund’s investments in accordance with the Fund’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 Fund’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, calculated in the manner described in the Funds’ Offering Materials; 

  

	 	•	 	Such net asset value reports and statements shall be provided to the Fund at         p.m. New York time and to Authorized Participants at
        p.m. New York time, in each case by such means as BNY Mellon and the Fund may agree upon from time to time. 

  

	 	•	 	Transmit or make available a copy of the daily portfolio valuation to a Fund’s Sponsor; 

  

	 	•	 	Publish basket to NSCC on each day on which trading occurs on the applicable securities exchange where the Fund is traded; 

  

	 	•	 	Compute portfolio returns. 

 FINANCIAL REPORTING 

BNY Mellon shall provide the following financial reporting services for each Fund: 

 

	 	•	 	Financial Statement Preparation & Review 

  

	 	•	 	Prepare financial statements for each Fund; 

  

	 	•	 	Prepare the Fund’s periodic shareholder reports as required pursuant to the Securities Exchange Act of 1934 as requested by the Fund; 

 

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

  

	 	•	 	Typesetting Services 2 

  

	 	•	 	Create financial compositions for the applicable financial report and related EDGAR files; 

  

	 	•	 	Maintain country codes, industry class codes, security class codes and state codes; 

  

	 	•	 	Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports; 

  

	 	•	 	Create components that will specify the proper grouping and sorting for display of portfolio information; 

  

	 	•	 	Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter);

  

	 	•	 	Process, convert and load security and general ledger data; 

  

	 	•	 	Include data in financial reports provided from external parties to BNY Mellon which, includes, but is not limited to: Forms 10-Q, 10-K and S-1, shareholder letters, “Management Discussion and Analysis”
commentary, notes on performance, notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums; 

  

	 	•	 	Document publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files will be limited to one per the applicable financial report and unless mutually agreed to in writing between
BNY Mellon and a Fund, BNY Mellon will use the same layout for production data for every successive reporting period); 

  

	 	•	 	Generate financial reports using the Vendor’s capabilities which include the following: 

  

	 	•	 	front/back cover; 

  

	 	•	 	table of contents; 

  

	 	•	 	shareholder letter; 

  

	 	•	 	Management Discussion and Analysis commentary; 

  

	 	•	 	sector weighting graphs/tables; 

  

	 	•	 	disclosure of Fund expenses; 

  

	 	•	 	schedules of investments; 

  

	 	•	 	statement of net assets; 

  

	 	•	 	statements of assets and liabilities; 

  

	 	•	 	statements of operation; 

  

	 	•	 	statements of changes; 

  

	 	•	 	statements of cash flows; 

  
 - 3 - 

	 	•	 	financial highlights; 

  

	 	•	 	notes to financial statements; 

  

	 	•	 	report of independent registered public accounting firm; 

  

	 	•	 	tax information; and 

  

	 	•	 	additional Fund information as mutually agreed in writing between BNY Mellon and a Fund. 

  

	 	•	 	Unless mutually agreed in writing between BNY Mellon and a Fund, BNY Mellon will use the same layout and format for every successive reporting period for the typeset reports. At the request of a Fund and upon the
mutual written agreement of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to change format or layout of reports from time to time. 

TAX SERVICES 
 BNY Mellon shall
provide the following tax services for each Fund: 
  

	 	•	 	Tax Provision Preparation 

  

	 	•	 	Prepare fiscal year-end tax provision analysis; 

  

	 	•	 	Process tax adjustments on securities identified by a Fund that require such treatment; 

  

	 	•	 	Prepare ROCSOP adjusting entries; and 

  

	 	•	 	Prepare financial statement footnote disclosures. 

  

	 	•	 	Tax Distributions Calculations 

  

	 	•	 	Prepare calendar year tax distribution analysis; 

  

	 	•	 	Process tax adjustments on securities identified by a Fund that require such treatment; and 

  

	 	•	 	Prepare annual tax-based distribution estimate for each Fund. 

  

	 	•	 	Other Tax Services 

  

	 	•	 	Prepare for execution and filing, the federal and state income and excise tax returns; 

  

	 	•	 	Prepare year-end broker/dealer reporting and prepare fund distribution calculations disseminated to broker/dealers; and 

  

	 	•	 	Coordinate U.S.C. Title 26 Internal Revenue Code (“IRC”) §855 and excise tax distribution requirements. 

  

	 	•	 	Uncertain Tax Provisions 

  

	 	•	 	Documentation of all material tax positions taken by a Fund with respect to specified fiscal years and identified to BNY Mellon (“Tax Positions”); 

 

	 	•	 	Review of a Fund’s: (i) tax provision work papers, (ii) excise tax distribution work papers, (iii) income and excise tax returns, (iv) tax policies and procedures, and (v) Subchapter M compliance work papers;

  

	 	•	 	Determine as to whether or not Tax Positions have been consistently applied, and documentation of any inconsistencies; 

  
 - 4 - 

	 	•	 	Review relevant statutory authorities; 

  

	 	•	 	Review tax opinions and legal memoranda prepared by tax counsel or tax auditors to a Fund; 

  

	 	•	 	Review standard mutual fund industry practices, to the extent such practices are known to, or may reasonably be determined by, BNY Mellon; and 

 

	 	•	 	Delivery of a written report to the applicable Fund detailing such items. 

 FUND ADMINISTRATION SERVICES

 BNY Mellon shall provide the following fund administration services for each Fund: 

 

	 	•	 	In accordance with Instructions received from a Fund, and subject to portfolio limitations as provided by such Fund to BNY Mellon in writing from time to time, monitor Gold transfers under the Gold Delivery Agreement,
such Fund’s compliance, on a post-trade basis, with such portfolio limitations, provided that BNY Mellon maintains in the normal course of its business all data necessary to measure the Fund’s compliance; 

 

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

 

	 	•	 	Calculate Fund approved income and per share amounts required for periodic distributions to be made by the applicable Fund; 

  

	 	•	 	Calculate total return information; 

  

	 	•	 	Coordinate a Fund’s annual audit; 

  

	 	•	 	Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and 

  

	 	•	 	[Provide 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.] 

REGULATORY ADMINISTRATION SERVICES 

BNY Mellon shall provide the following regulatory administration services for each Fund: 

 

	 	•	 	Maintain a regulatory calendar for each Fund listing various SEC filing and approval deadlines; 

  
 - 5 - 

	 	•	 	Prepare and coordinate the filing of annual post-effective amendments to a Fund’s registration statement (not including the initial registration statement or related to the addition of one or more classes of shares
or series); 

  

	 	•	 	Assist the Fund in the handling of SEC examinations by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list; and 

 

	 	•	 	Assist in the preparation of notices of annual or special meetings of shareholders and proxy materials relating to such meetings. 

  
 - 6 -

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