Document:

Wilshire wShares Enhanced Gold Trust POS EX

Exhibit 10.5 

 

 

FUND
ADMINISTRATION AND ACCOUNTING AGREEMENT

 

THIS
AGREEMENT is made as of November 25th, 2020 (this “Agreement”) by and between Wilshire wShares Enhanced
Gold Trust, a Delaware statutory trust (the “Trust”) and The Bank of New York Mellon, a New York corporation
authorized to do a banking business (“BNY Mellon”).

 

W 
I  T  N  E  S  S  E  T  H
:

 

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

 

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

 

1.       Definitions.

 

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

 

“1933
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“1934
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“SEC”
means the United States Securities and Exchange Commission. “Securities Laws” means the 1933 Act and the 1934
Act.

 

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

 

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

 

2.             Appointment.

 

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

 

3.             Representations
and Warranties.

 

(a)           The
Trust hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, that:

 

I.           It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

II.          This
Agreement has been duly authorized, executed and delivered by the Trust and constitutes a valid and legally binding obligation
of the Trust, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization and other similar laws relating to or affecting creditors’ rights generally;

 

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

 

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

 

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V.             The
method of valuation of assets of the Trust and the method of computing the Net Asset Value shall be as set forth in the Offering
Materials of the Trust. To the extent the Trust becomes aware that the performance of any services described in Schedule I attached
hereto by BNY Mellon in accordance with the then effective Offering Materials for the Trust would violate any applicable laws
or regulations, the Trust shall promptly notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the
appropriate values of the assets of the Trust, Net Asset Value or other computation, as the case may be, or, instruct BNY Mellon
in writing to value the assets of the Trust and/or compute Net Asset Value or other computations in a manner the Trust specifies
in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the
Trust that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation
by BNY Mellon as to its capacity to act in accordance with the foregoing;

 

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

 

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

  

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

 

(c)           The
Trust will promptly notify BNY Mellon in writing of any and all material legal proceedings or securities investigations filed
or, to the extent it has actual knowledge thereof, commenced against the Trust.

 

(d)           BNY
Mellon hereby represents and warrants, which representations and warranties shall be deemed to be continuing, that:

 

I.              It
is duly organized and existing under the laws of the jurisdiction of its organization with full power to carry on its business
as now conducted, to enter into this Agreement, and to perform its obligations hereunder;

 

II.             This
Agreement has been duly authorized, executed and delivered by BNY Mellon and constitutes a valid and legally binding obligation
of BNY Mellon, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization and other similar laws relating to or affecting creditors’ rights generally;

 

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

  

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

 

4.             Delivery
of Documents.

 

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

 

5.             Duties
and Obligations of BNY Mellon.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(k)           BNY Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully
on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation
furnished to it by the Trust and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions,
explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities;
the amounts or formula for calculating the amounts and times of accrual of Trust’s liabilities and expenses; the amounts
receivable and the amounts payable on the sale or purchase of securities; and amounts receivable or amounts payable for the sale
or redemption of the Shares effected by or on behalf of the Trust. In the event BNY Mellon’s computations hereunder rely,
in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets,
or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY Mellon which
the Trust directs BNY Mellon to utilize, and which BNY Mellon in its judgment deems reliable, BNY Mellon shall not be responsible
for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information.
Without limiting the generality of the foregoing, BNY Mellon shall not be required to inquire into any valuation of securities
or other assets by the Trust or any third party described in this sub-section (k) even though BNY Mellon in performing services
similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different
securities of the same issuers.

  

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

 

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

 

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

 

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6.             Allocation
of Expenses.

 

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

 

7.             Reserved.

 

8.             Regulatory
Administration Services.

 

(a)           If
Schedule I contains a requirement for BNY Mellon to provide the Trust with compliance support services and/or Regulatory Administration
services, such services shall be provided pursuant to the terms of this Section 8 (such services, collectively hereinafter referred
to as the “Regulatory Support Services”).

 

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

 

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

  

9.             Standard
of Care; Indemnification.

 

(a)           In
performing all of its duties and obligations hereunder, BNY Mellon shall exercise the standard of care and diligence that a professional
service provider would observe in the provision of the services rendered pursuant to this Agreement. Except as otherwise provided
herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any and all costs, expenses, losses, charges, damages,
liabilities or claims, including reasonable and documented attorneys’ and accountants’ fees and expenses (collectively,
“Losses”), incurred by or asserted against the Trust, except those Losses arising out of BNY Mellon’s
own gross negligence, bad faith or willful misconduct. In no event shall the Trust, BNY Mellon or any BNY Mellon Affiliate be
liable for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection
with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY
Mellon and any BNY Mellon Affiliate shall not be liable for any Losses, resulting from, arising out of, or in connection with
its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other
information furnished by the Trust, unless such Losses arise out of the bad faith, gross negligence or willful misconduct of BNY
Mellon, nor shall BNY Mellon be liable for any Losses for delays caused by circumstances beyond the reasonable control of BNY
Mellon or any agent of BNY Mellon and which adversely affect the performance by BNY Mellon of its obligations and duties hereunder
or by any other agent of BNY Mellon, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection,
revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services. Upon the occurrence of any such delay or failure the Bank shall use commercially
reasonable efforts to resume performance as soon as practicable under the circumstances.

 

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

  

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

 

II.             Action
or inaction taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate pursuant to Instructions of the Trust or otherwise
without gross negligence, bad faith or willful misconduct;

 

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

 

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

 

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

 

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

 

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

 

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10.           Compensation.

 

For
the services provided hereunder, the Trust agrees to pay BNY Mellon such compensation as is mutually agreed to in writing by the
Trust and BNY Mellon from time to time and such reasonable and documented out-of-pocket expenses (e.g., telecommunication
charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and
transportation and lodging costs) as are incurred by BNY Mellon in performing its duties hereunder; provided however that the
prior written consent of the Trust shall be required prior to the incurrence of any individual expenses greater than $500. Except
as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. The Trust authorizes BNY Mellon
to debit the Trust’s custody account for all amounts due and payable hereunder. BNY Mellon shall deliver to the Trust invoices
for all services rendered. Upon termination of this Agreement before the end of any month, the compensation for such part of a
month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon
the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY Mellon, the Trust’s
Net Asset Value shall be computed at the times and in the manner specified in the Trust’s Offering Materials. The Trust
agrees to pay the fees and reimbursable expenses set forth in this Section 10 within thirty (30) days following the receipt of
the respective billing notice accompanied by supporting documentation, as appropriate.

 

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11.           Records;
Visits.

 

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

 

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

 

12.           Term
of Agreement.

 

(a)           This
Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until
11:59 PM on the date which is the third anniversary of such date (the “Initial Term”) and shall automatically
renew in accordance with Section 12(b) below unless otherwise terminated in accordance with this Agreement.

 

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

 

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

 

    - 19 - 

     

    

 

(d)           Notwithstanding
any other provision of this Agreement, either party may in its sole discretion terminate this Agreement immediately by sending
notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding
under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a
party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar
official for such party or any substantial part of its property or there is commenced against such party any such case or proceeding;
(iii) a party makes a general assignment for the benefit of creditors; or (iv) a party admits in any recorded medium, written,
electronic or otherwise, its inability to pay its debts as they come due. A termination right may be exercised under this Section
11(d) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing
prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that
right. Any exercise by a party of its termination right under this Section 11(d) shall be without any prejudice to any other remedies
or rights available to such party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding
the provisions of Section 18, notice of termination under this Section 11(d) shall be considered given and effective when given,
not when received.

  

13.           Amendment.

 

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

 

14.           Assignment;
Subcontracting.

 

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

 

    - 20 - 

     

    

 

(b)              
Notwithstanding the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon Affiliate or transfer
this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that
BNY Mellon gives the Trust thirty (30) days’ prior written notice of such assignment or transfer and such assignment or
transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee
agrees to be bound by all terms of this Agreement in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or
otherwise outsource to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services,
duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not
relieve BNY Mellon of any of its liabilities hereunder; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource
to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations
of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written
consent of the Trust, (B) limit BNY Mellon’s liability such that BNY Mellon shall only be liable for failure to reasonably
select such unaffiliated third party, and BNY Mellon shall have no liability for any acts or omissions to act of such unaffiliated
third party, and (C) such unaffiliated third party must agree to be liable to the Trust for any loss or expense arising out of,
or in connection with, their gross negligence, bad faith or willful misconduct; and (iv) BNY Mellon, in the course of providing
certain additional services requested by the Trust, including but not limited to, Typesetting services (“Vendor Eligible
Services”) as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with
a financial printer, or electronic services provider (“Vendor”) to provide BNY Mellon with the ability to generate
certain reports or provide certain functionality. BNY Mellon shall not be obligated to perform any of the Vendor Eligible Services
unless an agreement between BNY Mellon and the Vendor for the provision of such services is then currently in effect, and shall
only be liable for the failure to reasonably select the Vendor. Upon request, BNY Mellon will disclose the identity of the Vendor
and the status of the contractual relationship, and the Trust is free to attempt to contract directly with the Vendor for the
provision of the Vendor Eligible Services.

 

    - 21 - 

     

    

 

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

 

15.           Governing
Law; Consent to Jurisdiction.

 

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

 

16.           Severability.

 

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

 

    - 22 - 

     

    

 

17.           No
Waiver.

 

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

 

18.           Notices.

 

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

 

if
to the Trust, at

 

Wilshire
wShares Enhanced Gold Trust

c/o Wilshire Phoenix Funds LLC

2 Park Avenue, 20th Floor

New York, New York 10016

Attention: Will Cai

Email: funds@wilshirephoenix.com

 

if
to BNY Mellon, at

 

The
Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Attention: ETF Operations

 

with
a copy to:

 

The
Bank of New York Mellon

240 Greenwich Street

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.

 

    - 23 - 

     

    

 

19.           Counterparts.

 

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

 

20.           Reserved.

 

21.           Confidentiality.

 

(a)           Each
party shall keep confidential any information relating to the other party’s business (including, without limitation, the
business of the Sponsor) (“Confidential Information”). Confidential Information shall include this Agreement
and (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but
not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer
profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future
business activities of the Trust or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific
or technical information, design, process, procedure, formula, index methodology, or improvement that is commercially valuable
and secret in the sense that its confidentiality affords the Trust or BNY Mellon a competitive advantage over its competitors;
(c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object
code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything
designated as confidential. Notwithstanding the foregoing, information shall not be Confidential Information and shall not be
subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b)
is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third
party who, to the best of the receiving party’s knowledge, is not under a duty of confidentiality; (d) is released by the
protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant
to a court order, subpoena, governmental or regulatory agency request or law or regulation, provided, however, the party making
such required disclosure shall first notify the other party (to the extent permissible) and shall, if practicable, afford the
other party a reasonable opportunity to seek confidential treatment if it wishes to do so; (f) is relevant to the defense of any
claim or cause of action asserted against the receiving party; (g) is Trust information provided by BNY Mellon in connection with
an independent third party compliance or other review; (h) is released in connection with the provision of services under this
Agreement; or (i) has been or is independently developed or obtained by the receiving party. The provisions of this Section 20
shall survive termination of this Agreement for a period of one (1) year after such termination.

 

    - 24 - 

     

    

 

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

 

    - 25 - 

     

    

 

22.           Non-Solicitation.

 

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

 

23.           
Liability of Sponsor. It is expressly understood and agreed by the parties that:

 

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

 

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

 

    - 26 - 

     

    

 

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

 

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

 

[Signature
page follows.]

 

    - 27 - 

     

    

 

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

 

	 	WILSHIRE wSHARES ENHANCED
    GOLD TRUST
	 	 
	 	By: Wilshire Phoenix
    Funds LLC, not in its individual capacity but solely as Sponsor
	 	 
	 	By:	/s/
    William Herrmann
	 	Name: 	William Herrmann
	 	Title: 	Managing Partner
	 	Date: 	11/25/2020
	 	 
	 	 
	 	THE BANK OF NEW YORK
    MELLON
	 	 
	 	By:	/s/
    Elizabeth Stubenrauch
	 	Name: 	Elizabeth Stubenrauch
	 	Title: 	Relationship Manager
	 	Date: 	12/8/2020

 

    - 28 - 

     

    

 

 

EXHIBIT
A

 

I,
William Herrmann, of Wilshire wShares Enhanced Gold Trust, a Delaware Trust (the “Trust”), do hereby certify
that:

 

The
following individuals serve in the following positions with the Trust, and each has been duly elected or appointed to each such
position and qualified therefor in conformity with the Trust’s Organizational Documents, and the signatures set forth opposite
their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the
Fund Administration and Accounting Agreement, dated as of November 25, 2020, between the Trust and The Bank of New York Mellon.

 

	Name	 	Position	 	Signature
	 	 	 	 	 
	William
    Herrmann	 	Member	 	/s/
    William Herrmann
	 	 	 	 	 
	Will
    Cai	 	Member	 	/s/
    Will Cai
	 	 	 	 	 
	Alexander
    Chang	 	Member	 	/s/
    Alexander Chang

 

     

     

    

 

SCHEDULE
I

 

Schedule
of Services

 

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

 

VALUATION
AND COMPUTATION ACCOUNTING SERVICES

 

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

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

		●	Maintain
                                         individual ledgers for investment securities and other assets;

		●	Maintain
                                         historical tax lots for each security;

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

		●	Calculate
                                         various contractual expenses;

		●	Calculate
                                         capital gains and losses;

		●	Calculate
                                         daily distribution rate per share;

		●	Determine
                                         net income;

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

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

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

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

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

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

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

 

    - 3 -

     

    

 

 

FINANCIAL
REPORTING

 

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

 

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

 

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

 

		●	Statements
                                         of Financial Condition

		●	Schedules
                                         of Investments

		●	Statements
                                         of Operations

		●	Statements
                                         of Changes in Shareholders’ Equity

		●	Statements
                                         of Cash Flows

		●	Notes
                                         to Financial Statements

		●	Trust
                                         Combined Statements

 

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

 

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

 

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

 

TRUST
ADMINISTRATION SERVICES

 

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

 

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

 

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

 

		●	Calculate
                                         total return information;

 

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

 

    - 4 -

     

    

  

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

 

IRS
CIRCULAR 230 DISCLOSURE:

 

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

 

 

    - 5 -Wilshire wShares Enhanced Gold Trust POS EX

Exhibit 10.8

 

Execution Version

 

 

 

TRANSFER AGENCY AND SERVICE
AGREEMENT

 

THIS AGREEMENT is made
as of the 25th day of November, 2020, by and between WILSHIRE wSHARES ENHANCED GOLD TRUST (the “Trust”)
and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal office and place
of business at 240 Greenwich Street, New York, New York 10286 (the “Bank”).

 

WHEREAS, the Trust
will ordinarily issue for purchase and redeem shares of the Trust (the “Shares”) only in aggregations of Shares known
as “Creation Units” (currently 10,000 shares) (each a “Creation Unit”) principally in cash;

 

WHEREAS, The Depository
Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee
(Cede & Co.), will be the registered holder (the “Shareholder”) of all Shares; and WHEREAS, the Trust desires to
appoint the Bank as its transfer agent, and agent in connection with certain other activities, and the Bank desires to accept such
appointment;

 

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

 

		1.	Terms of Appointment; Duties of the Bank

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xiii)        
Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and
identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day (for purposes of this Agreement,
the term “Business Day” shall mean any day other than (i) a Saturday or a Sunday on which the New York Stock Exchange
is scheduled to be open for business, and, in respect of any action to be taken by the Trustee of the Trust, on which the Trustee
is scheduled to be open for business, or (ii) for purposes of the creation and redemption process, a day on which banking institutions
in the United Kingdom are authorized or permitted by law to close or a day on which the London gold market is closed; or (iii) a
day on which banking institutions in the United Kingdom are authorized or permitted to be open for less than a full day or the
London gold market is open for trading for less than a full day and transaction procedures required to be executed or completed
before the close of the day may not be so executed or completed;

 

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

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3 

     

    

 

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

 

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

 

		2.	Fees and Expenses

 

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

 

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

 

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

 

		3.	Representations and Warranties of the Bank

 

3.1           The Bank represents and warrants to the Trust that:

 

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

 

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

 

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

 

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

 

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

 

    4 

     

    

 

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

 

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

 

(h)           It has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable
against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization
and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered
in a proceeding in equity or law).

 

		4.	Representations and Warranties of the Trust

 

4.1           The Trust represents and warrants to the Bank that:

 

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

 

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

 

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

 

(d)           It has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable
against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization
and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered
in a proceeding in equity or law).

 

		5.	Indemnification

 

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

 

    5 

     

    

 

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

 

		6.	Standard of Care and Limitation of Liability

 

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

 

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

 

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

 

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

 

		7.	Concerning the Bank

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

    7 

     

    

 

7.8           The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats,
interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise,
patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided
by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that (i) the Trust shall retain all ownership
rights in Trust data residing on the Bank’s electronic system, and (ii) Wilshire Phoenix Funds LLC, the Sponsor of the Trust
(the “Sponsor”), shall retain all ownership in any formulas and methodologies used in connection with the financial
index created by the Sponsor for use by the Trust.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8 

     

    

 

8.5           Prior to the issuance of any additional Shares and prior to any reduction in the number of Shares outstanding, the Trust
shall deliver to the Bank:

 

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

 

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

 

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

 

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

 

		9.	Termination of Agreement

 

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

 

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

 

    9 

     

    

 

(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 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be
continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment
of that right.

 

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

 

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

 

		10.	Reserved.

 

		11.	Assignment

 

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

 

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

 

		12.	Severability and Beneficiaries

 

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

 

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

 

    10 

     

    

 

		13.	Amendment 

 

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

 

		14.	New York Law to Apply

 

This Agreement shall
be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof.
The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder. The Trust hereby irrevocably waives, to the fullest extent permitted by applicable law, any
objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim
that such proceeding brought in such a court has been brought in an inconvenient forum. The Trust and the Bank each hereby irrevocably
waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

 

		15.	Merger of Agreement

 

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

 

		16.	Notices

 

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

 

If to the Bank:

 

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

 

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

 

If to the Trust:

 

Wilshire wShares Enhanced Gold Trust

c/o Wilshire Phoenix Funds LLC

2 Park Avenue, 20th Floor

New York, New York 10016

Attention: Will Cai

Email: funds@wilshirephoenix.com

 

    11 

     

    

 

		17.	Information Sharing

 

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

 

		18.	Counterparts

 

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

 

		19.	Liability of Sponsor

 

19.1         
It is expressly understood and agreed by the parties that:

 

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

 

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

 

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

 

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

 

[Signature page follows.]

 

    12 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized
officers, as of the latest date set forth below.

 

	 	 	WILSHIRE wSHARES ENHANCED GOLD TRUST
	 	 	 
	 	 	By: Wilshire Phoenix Funds LLC, not in its individual capacity but solely as Sponsor 
	 	 	 
	 	 	By:	/s/ William Herrmann
	 	 	Name:	William Herrmann
	 	 	Title:	Managing Partner
	 	 	Date: 11/25/2020
	 	 	 
	 	 	THE BANK OF NEW YORK MELLON
	 	 	 
	 	 	By:	/s/ Elizabeth Stubenrauch
	 	 	Name:	Elizabeth Stubenrauch
	 	 	Title:	Relationship Manager
	 	 	Date: 12/8/2020

 

    13 

     

    

  

SCHEDULE A

 

Books And Records To Be Maintained
By The Bank

 

Source Documents requesting Creations and Redemptions Correspondence/AP
Inquiries Reconciliations, bank statements, copies of canceled checks, cash proofs Daily/Monthly reconciliation of outstanding
Shares between the Trust and DTC Dividend Records Year-end Statements and Tax Forms

 

    14 

     

    

 

EXHIBIT A

 

Form of Authorized Participant Agreement

 

    15 

     

    

 

EXHIBIT B

 

Terms and Conditions For On-line Communications
System

 

    16

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